CoverToll Road Financial ModelExcel based model to check the financial viablity of toll road infrastructure development project(expressway,sea link bridge,underground tunnel...) and financial return for stake holders.It takes basic input like length of Toll Road,devlelopment cost per km,operation cost per km,vehicle growth,leaverage for project....and would then project the financial statements for concession period and construction period,cash flow to equity holders,IRR,NPV,Sensitivity Analysis on parameters like development cost,interest rate,vehicle growth,toll price..etc.

Table of ContentModelling Variables,Project Returns,Sensitivity AnalysisProjected Profit and Loss statementProjected Cash Flow statement,Project IRR,Project NPVProjected Balance Sheet statementLoan Schedule with details of all types of loan/bond including zero coupon bonds,subordinated debtEquity Schedule with details related to equity sponsors cash flows,IRR,NPV..Depreciation ScheduleRevenue DetailsExpenditure DetailsAssumptions of ModellingLimitations

ModellingVariablesItemValueUnitsRemarksInputDerived (can be changed)Auto calculatedCosting ParametersDevelopment Cost90Crores per KmCost estimate per km of developmentLength of Road60KmLength of Toll roadProject Cost5400CroresTotal cost would be equally spread across construction periodOperational Cost2Crores Per Km Per YearRevenue expenditure120Crores per yearPer year (from date it being operational)Capital ParametersDebt Ratio70.00%PercentageHow much of total funded by DebtCost of Equity15.00%PercentageExpected return from equity sponsorsInterest Rate10.00%PercentagePer Year on outstanding regular debt(other than sub-ordinated and zero coupon debt)Sub-ordinated Debt Interest Rate12.00%PercentageGreater than Regular interest rate as sponsors would not have first charge over cash flowZero Coupon Bond Rate12.00%PercentageGenerally greater than Regular debtSub-ordinated Debt Percentage20.00%PercentageHow much of total Debt would come from sub-ordinated DebtZero Coupon Debt Percentage30.00%PercentageHow much of total Debt would come from Zero Coupon Bond.Zero coupon bond would be used to delay interest and principle cash outflowZero Coupon Maturity Period10YearsTime after which Zero Coupon bond paid (After project operational)Moratorium Period5yearsTime for which no principal payment required after project operationalLoan Amortization Period20YearsPrinciple paymentWACC9.89%PercentageWeighted average cost of capital considering all type of debt and tax sheildConcession ParametersConstruction Period5yearsConcession Period25yearsBase Year2013yearRegulatory ParametersTax Rate30.00%PercentageGeneral Corporate Rate Depriciation MethodSLMSLM/WDMMethod to be used for modelling (Straight Line /Weighted Down)Assets Salvage Value20.00%PercentageSalavage value of assets after concession periodDepreciation rate3.20%PercentageCalculated based on Salavage value and Concession PeriodRevenue ParametersBase Toll price1.2INR (Currency)per KmToll price72INR (Currency)per PCUBase vehicle200000PCUPassenger Car Unit,Includes all types of vehicle (commercial vehicle converted to PCU)Vehicle Growth6.00%PercentagePer year growth of PCUDisplay Advertisement15CroreAlong Toll RoadAdvertisement Growth6.00%PercentagePer year growthAdditional Revenue from other agencies5CroreFor using infrastructurePrice esclation8.00%PercentagePer year(Would be applicable to all revenue and cost items)Project ReturnsProject IRR15.87%PercentageIRR based on project cash flows (revenue - expenditure- taxes - capex) and terminal valueProject NPV5330.01CroresNPV based on project cash flows (revenue - expenditure- taxes - capex) and terminal value discounted by WACCEquity Sponsor IRR18.65%PercentageIRR based on equity cash flows (investments - dividend) and terminal value Equity Sponsor NPV887.21CroresNPV based on equity cash flows (investments - dividend) and terminal value discounted at Cost of equitySensitivity AnalysisImpact of Interest Rate and Development Cost on IRR for equity SponsorChange Interest Rate % and Development Cost based on requirement,it would automatically populate Equity sponsor IRR.All data inside would turn red which would be less than cost of equityEquity IRRDevelopment Cost (In Crores)18.65%708090100110120130140Interest Rate(In %)8.00%22.92%21.16%19.66%18.39%17.30%16.34%15.52%14.79%9.00%22.44%20.66%19.16%17.90%16.82%15.91%15.11%14.40%10.00%21.94%20.14%18.65%17.42%16.38%15.50%14.72%14.01%11.00%21.39%19.60%18.16%16.97%15.95%15.07%14.28%13.61%12.00%20.84%19.09%17.69%16.54%15.52%14.64%13.85%13.19%13.00%20.28%18.60%17.22%16.05%15.05%14.14%13.41%12.73%14.00%19.76%18.10%16.75%15.55%14.49%13.69%12.94%12.23%15.00%19.24%17.61%16.21%14.99%14.03%13.20%12.43%11.69%

Impact of vehicle Growth and Base estimate of Vehicle on IRR for equity SponsorChange Base Vehicle and its growth based on requirement,it would automatically populate Equity sponsor IRR.All data inside would turn red which would be less than cost of equityEquity IRRVehicle Growth (in %)18.65%4.00%5.00%6.00%7.00%8.00%9.00%10.00%11.00%Base Vehicle(PCU's)120,0009.99%11.56%13.00%14.31%15.55%16.79%18.04%19.25%140,00011.64%13.10%14.44%15.78%17.07%18.33%19.58%20.81%160,00013.16%14.56%15.91%17.23%18.52%19.80%21.03%22.23%180,00014.57%15.94%17.29%18.62%19.92%21.17%22.39%23.57%200,00015.91%17.29%18.65%19.97%21.25%22.48%23.68%24.84%220,00017.25%18.63%19.98%21.28%22.53%23.73%24.91%26.05%240,00018.58%19.95%21.27%22.54%23.76%24.94%26.10%27.22%260,00019.86%21.21%22.49%23.73%24.93%26.09%27.23%28.33%

Impact of concession period and base toll price on IRR for equity SponsorChange base toll price and concession period (Max 30 -construction period) based on requirement,it would automatically populate Equity sponsor IRR.All data inside would turn red which would be less than cost of equity or could not be calculatedEquity IRRConcession Period (in years)18.65%1012141618202224Base Toll Price(CurrencyINR)0.80-8.58%-13.92%-6.36%2.54%7.42%10.18%12.01%13.39%0.90-1.92%-1.70%1.04%5.64%9.31%11.70%13.40%14.67%1.001.58%2.30%4.37%7.98%11.12%13.22%14.75%15.89%1.104.01%4.86%6.87%9.99%12.74%14.64%16.03%17.08%1.205.92%6.95%8.95%11.78%14.25%15.99%17.27%18.25%1.307.56%8.78%10.81%13.45%15.70%17.30%18.49%19.39%1.408.98%10.41%12.51%14.99%17.07%18.56%19.66%20.50%1.5010.27%11.92%14.10%16.45%18.38%19.76%20.79%21.57%

P&LProjected Profit and Loss Statement2013201420152016201720182019202020212022202320242025202620272028202920302031203220332034203520362037203820392040204120422043-5-4-3-2-1012345678910111213141516171819202122232425Revenue00000545.6624.27888714.324541824817.3808218801935.32941820041070.32431953271224.83121870421401.67263189191604.07954992681835.7505673682100.91957202382404.43323435372751.8397156533149.49021936183604.65524503814125.65767378534722.02512215645404.66435442836186.06094709977080.5078619228104.36711318529276.369321059810617.956636625512153.675318515113911.625150415Expenditure00000120129.6139.968151.16544163.2586752176.319369216190.4249187533205.6589122535222.1116252338239.8805552525259.0709996727279.7966796466302.1804140183326.3548471397352.4632349109380.6602937038411.1131172001444.0021665761479.5223399022517.8841270944559.3148572619604.0600458429652.3848495103704.5756374711760.9416884688EBITDA00000425.6494.67888574.356541824666.2153818801772.0707430004894.00495031671034.40629995091196.01371963841381.9679246931595.87001211551841.8485723512124.63655470712449.65930163482823.1353722223252.19201012723744.99738008154310.91200495644960.66218785225706.53860719756562.62373482767545.05225592328672.30927521699965.571787115211449.09968104413150.6834619462Depreciation00000192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666EBIT00000232.8870937334301.9659737334381.6436355574473.5024756135579.3578367337701.2920440501841.69339368431003.30081337181189.25501842631403.15710584891649.13566608441931.92364844052256.94639536822630.42246595543059.47910386053552.28447381494118.19909868974767.94928158555513.82570093096369.9108285617352.33934965668479.59636895039772.858880848511256.386774777412957.9705556795Interest00000346.0388424998346.0388424998346.0388424998346.0388424998346.0388424998346.0388424998328.7369003748311.4349582499294.1330161249276.83107399991274.13384607441256.83190394941239.52996182441222.22801969941204.9260775744173.0194212499155.7174791249138.4155369999121.1135948749103.8116527586.50971062569.207768551.90582637534.6038842517.301942125EBT00000-113.1517487665-44.072868766535.6047930575127.4636331137233.3189942339355.2532015503512.9564933094691.8658551219895.12200230151126.326031849375.00182001675.09174449111017.41643354381408.1944462561854.55302628613379.2650525653962.48161956484629.53374458565392.7121060566266.09917581117265.82963903178410.38860045039720.953054473611221.782890527412940.6686135545Tax000000010.681437917338.239089934169.9956982702106.5759604651153.8869479928207.5597565366268.5366006904337.8978095547112.500546003202.5275233473305.2249300631422.4583338768556.36590788581013.77951576951188.74448586941388.86012337571617.81363181681879.82975274332179.74889170952523.11658013512916.28591634213366.53486715823882.2005840664PAT00000-113.1517487665-44.072868766524.923355140389.2245431796163.3232959637248.6772410852359.0695453166484.3060985853626.585401611788.4282222943262.501274007472.5642211438712.1915034806985.73611237921298.18711840032365.48553679552773.73713369543240.67362120993774.89847423924386.26942306785086.08074732225887.27202031526804.66713813157855.24802336929058.4680294882Accumulated Loss00000-113.1517487665-157.2246175329-132.3012623927-43.0767192131000000000000000000000Provision for Principle Payment0000000000163.4139160416163.4139160416163.4139160416163.4139160416163.4139160416390.2139160416390.2139160416390.2139160416390.2139160416390.2139160416163.4139160416163.4139160416163.4139160416163.4139160416163.4139160416163.4139160416163.4139160416163.4139160416163.4139160416163.4139160416Dividend000000000120.2465767506248.6772410852359.0695453166484.3060985853626.585401611788.428222294365.000264232275.0632113688514.6904937057788.23510260421100.68610862532365.48553679552773.73713369543240.67362120993774.89847423924386.26942306785086.08074732225887.27202031526804.66713813157855.24802336929058.4680294882Transfer to Reserves00000-113.1517487665-44.072868766524.923355140389.224543179643.076719213100000197.501009775197.501009775197.501009775197.501009775197.5010097750000000000Accumulated Reserves losses/Profit00000-113.1517487665-157.2246175329-132.3012623927-43.0767192131000000197.501009775395.00201955592.5030293249790.0040390999987.5050488749987.5050488749987.5050488749987.5050488749987.5050488749987.5050488749987.5050488749987.5050488749987.5050488749987.5050488749987.5050488749

CFProjected Cash Flow statement2013201420152016201720182019202020212022202320242025202620272028202920302031203220332034203520362037203820392040204120422043-5-4-3-2-1012345678910111213141516171819202122232425Opening Balance00000079.5611575002228.2011950003445.8374564072727.7749058534963.5645313331992.86352155811022.16251178321051.46150200821080.76049223321110.05948245821110.05948245821110.05948245821110.05948245821110.05948245821110.05948245821139.35847268331168.65746290831197.95645313331227.25544335831256.55443358341285.85342380841315.15241403341344.45140425841373.7503944835Cash InflowsRevenue00000545.6624.27888714.324541824817.3808218801935.32941820041070.32431953271224.83121870421401.67263189191604.07954992681835.7505673682100.91957202382404.43323435372751.8397156533149.49021936183604.65524503814125.65767378534722.02512215645404.66435442836186.06094709977080.5078619228104.36711318529276.369321059810617.956636625512153.675318515113911.625150415Debt7567567567567560000000000000000000000000Equity3243243243243240000000000000000000000000Total Cash Inflow10801080108010801080545.6624.27888714.324541824817.3808218801935.32941820041070.32431953271224.83121870421401.67263189191604.07954992681835.7505673682100.91957202382404.43323435372751.8397156533149.49021936183604.65524503814125.65767378534722.02512215645404.66435442836186.06094709977080.5078619228104.36711318529276.369321059810617.956636625512153.675318515113911.625150415

Cash OutflowExpenditure00000120129.6139.968151.16544163.2586752176.319369216190.4249187533205.6589122535222.1116252338239.8805552525259.0709996727279.7966796466302.1804140183326.3548471397352.4632349109380.6602937038411.1131172001444.0021665761479.5223399022517.8841270944559.3148572619604.0600458429652.3848495103704.5756374711760.9416884688Interest00000346.0388424998346.0388424998346.0388424998346.0388424998346.0388424998346.0388424998328.7369003748311.4349582499294.1330161249276.83107399991274.13384607441256.83190394941239.52996182441222.22801969941204.9260775744173.0194212499155.7174791249138.4155369999121.1135948749103.8116527586.50971062569.207768551.90582637534.6038842517.301942125Capex108010801080108010800000000000000000000000000Principal Repayment0000000000163.4139160416163.4139160416163.4139160416163.4139160416163.4139160416390.2139160416390.2139160416390.2139160416390.2139160416390.2139160416163.4139160416163.4139160416163.4139160416163.4139160416163.4139160416163.4139160416163.4139160416163.4139160416163.4139160416163.4139160416Dividend000000000120.2465767506248.6772410852359.0695453166484.3060985853626.585401611788.428222294365.000264232275.0632113688514.6904937057788.23510260421100.68610862532365.48553679552773.73713369543240.67362120993774.89847423924386.26942306785086.08074732225887.27202031526804.66713813157855.24802336929058.4680294882Tax000000010.681437917338.239089934169.9956982702106.5759604651153.8869479928207.5597565366268.5366006904337.8978095547112.500546003202.5275233473305.2249300631422.4583338768556.36590788581013.77951576951188.74448586941388.86012337571617.81363181681879.82975274332179.74889170952523.11658013512916.28591634213366.53486715823882.2005840664Total Cash Outflow10801080108010801080466.0388424998475.6388424998496.6882804171535.4433724339699.53979272061041.02532930771195.53222847921372.37364166691574.78055970181806.4515771432100.91957202382404.43323435372751.8397156533149.49021936183604.65524503814096.35868356034692.72613193145375.36536420326156.76195687477051.2088716978075.06812296029247.070330834810588.657646400412124.376328290113882.3261601899

Net Cash Flow0000079.5611575002148.6400375002217.6362614069281.9374494462235.789625479729.29899022529.29899022529.29899022529.29899022529.2989902250000029.29899022529.29899022529.29899022529.29899022529.29899022529.29899022529.29899022529.29899022529.29899022529.298990225

Closing Balance0000079.5611575002228.2011950003445.8374564072727.7749058534963.5645313331992.86352155811022.16251178321051.46150200821080.76049223321110.05948245821110.05948245821110.05948245821110.05948245821110.05948245821110.05948245821139.35847268331168.65746290831197.95645313331227.25544335831256.55443358341285.85342380841315.15241403341344.45140425841373.75039448351403.0493847085

Project Cash Flows-1080-1080-1080-1080-1080425.6494.67888563.6751039067627.976291946702.0750447302787.4289898516880.5193519581988.45396310181113.43132400251257.97220256081729.3480263481922.10903135982144.43437157162400.67703834522695.82610224132731.2178643123122.16751908693571.80206447654088.72497538074682.79398208435365.30336421386149.19269508187049.28587077318082.56481388589268.48287787982607.5050488749

Project IRR15.87%Project NPV5330.0110813503

BSProjected Balance Sheet2013201420152016201720182019202020212022202320242025202620272028202920302031203220332034203520362037203820392040204120422043-5-4-3-2-1012345678910111213141516171819202122232425Equity324648972129616201620162016201620162016201620162016201620162016201620162016201620162016201620162016201620162016201620Reserves00000-113.1517487665-157.2246175329-132.3012623927-43.0767192131000000197.501009775395.00201955592.5030293249790.0040390999987.5050488749987.5050488749987.5050488749987.5050488749987.5050488749987.5050488749987.5050488749987.5050488749987.5050488749987.5050488749987.5050488749Loans7561567.9442441.789283384.13239364402.2783208324402.2783208324402.2783208324402.2783208324402.2783208324402.2783208324238.86440479044075.45048874883912.03657270723748.62265666563585.2087406243194.99482458242804.78090854082414.56699249922024.35307645761634.1391604161470.72524437441307.31132833281143.8974122912980.4834962496817.069580208653.6556641664490.2417481248326.8278320832163.41391604160Total Liablities10802215.9443413.789284680.13239366022.2783208325909.12657206555865.05370329915889.97705843945979.20160161896022.2783208325858.86440479045695.45048874885532.03657270725368.62265666565205.2087406245012.49583435744819.78292809084627.07002182414434.35711555754241.64420929094078.23029324933914.81637720773751.40246116613587.98854512453424.57462908293261.16071304133097.74679699972934.33288095812770.91896491652607.5050488749

Fixed Assets10802215.9443413.789284680.13239366022.2783208325829.56541456545636.85250829885444.13960203215251.42669576555058.71378949894866.00088323234673.28797696564480.5750706994287.86216443244095.14925816583902.43635189913709.72344563253517.01053936593324.29763309933131.58472683262938.8718205662746.15891429942553.44600803282360.73310176622168.02019549951975.30728923291782.59438296631589.88147669961397.1685704331204.4556641664Cash Balance0000079.5611575002228.2011950003445.8374564072727.7749058534963.5645313331992.86352155811022.16251178321051.46150200821080.76049223321110.05948245821110.05948245821110.05948245821110.05948245821110.05948245821110.05948245821139.35847268331168.65746290831197.95645313331227.25544335831256.55443358341285.85342380841315.15241403341344.45140425841373.75039448351403.0493847085Total Assets10802215.9443413.789284680.13239366022.2783208325909.12657206555865.05370329915889.97705843945979.20160161896022.2783208325858.86440479045695.45048874885532.03657270725368.62265666565205.2087406245012.49583435744819.78292809084627.07002182414434.35711555754241.64420929094078.23029324933914.81637720773751.40246116613587.98854512453424.57462908293261.16071304133097.74679699972934.33288095812770.91896491652607.5050488749

Gap(To Check Error)000000000000000000000000000000Assets to transfer at end of concession perid2607.5050488749

Loan ScheduleLoan Schedule2013201420152016201720182019202020212022202320242025202620272028202920302031203220332034203520362037203820392040204120422043-5-4-3-2-1012345678910111213141516171819202122232425Total New Debt Issue7567567567567560000000000000000000000000Outstanding Debt7561567.9442441.789283384.13239364402.2783208324402.2783208324402.2783208324402.2783208324402.2783208324402.2783208324238.86440479044075.45048874883912.03657270723748.62265666563585.2087406243194.99482458242804.78090854082414.56699249922024.35307645761634.1391604161470.72524437441307.31132833281143.8974122912980.4834962496817.069580208653.6556641664490.2417481248326.8278320832163.41391604160Accumulated Interest(Regular + Subordinated)055.944117.84528186.3431136262.1459272320000000000000000000000000Total Interest Paid00000346.0388424998346.0388424998346.0388424998346.0388424998346.0388424998346.0388424998328.7369003748311.4349582499294.1330161249276.83107399991274.13384607441256.83190394941239.52996182441222.22801969941204.9260775744173.0194212499155.7174791249138.4155369999121.1135948749103.8116527586.50971062569.207768551.90582637534.6038842517.301942125Loan Principal payment0000000000163.4139160416163.4139160416163.4139160416163.4139160416163.4139160416390.2139160416390.2139160416390.2139160416390.2139160416390.2139160416163.4139160416163.4139160416163.4139160416163.4139160416163.4139160416163.4139160416163.4139160416163.4139160416163.4139160416163.4139160416New Regular Debt3783783783783780000000000000000000000000Outstanding Regular Debt378793.81251.181754.2982307.72782307.72782307.72782307.72782307.72782307.72782192.341412076.955021961.568631846.182241730.795851615.409461500.023071384.636681269.250291153.86391038.47751923.09112807.70473692.31834576.93195461.54556346.15917230.77278115.386390Accumulated Regular Debt Interest037.879.38125.118175.42980000000000000000000000000Regular Debt Interest Paid00000230.77278230.77278230.77278230.77278230.77278230.77278219.234141207.695502196.156863184.618224173.079585161.540946150.002307138.463668126.925029115.38639103.84775192.30911280.77047369.23183457.69319546.15455634.61591723.07727811.538639Regular Debt Principle Payment0000000000115.38639115.38639115.38639115.38639115.38639115.38639115.38639115.38639115.38639115.38639115.38639115.38639115.38639115.38639115.38639115.38639115.38639115.38639115.38639115.38639New Subordinated Debt Issue151.2151.2151.2151.2151.20000000000000000000000000Outstanding Subordinated Debt151.2320.544510.20928722.6343936960.550520832960.550520832960.550520832960.550520832960.550520832960.550520832912.5229947904864.4954687488816.4679427072768.4404166656720.412890624672.3853645824624.3578385408576.3303124992528.3027864576480.275260416432.2477343744384.2202083328336.1926822912288.1651562496240.137630208192.1101041664144.082578124896.055052083248.0275260416-0Accumulated Subordinated Debt Interest018.14438.4652861.225113686.7161272320000000000000000000000000Subordinated Debt Interest Paid00000115.2660624998115.2660624998115.2660624998115.2660624998115.2660624998115.2660624998109.5027593748103.739456249997.976153124992.212849999986.449546874980.686243749974.922940624969.159637499963.396334374957.633031249951.869728124946.106424999940.343121874934.5798187528.81651562523.053212517.28990937511.526606255.763303125Subordinated Debt Principle Payment000000000048.027526041648.027526041648.027526041648.027526041648.027526041648.027526041648.027526041648.027526041648.027526041648.027526041648.027526041648.027526041648.027526041648.027526041648.027526041648.027526041648.027526041648.027526041648.027526041648.0275260416New Zero Coupon Debt Issue226.8226.8226.8226.8226.80000000000000000000000000Outstanding Zero Coupon Debt226.8453.6680.4907.211341134113411341134113411341134113411341134907.2680.4453.6226.800000000000Zero Coupon Bond Interest Paid0000000000000001014.60471419951014.60471419951014.60471419951014.60471419951014.60471419950000000000Zero Coupon Principle Payment000000000000000226.8226.8226.8226.8226.80000000000Outstanding Regular Debt(For Principle Payment)2307.7278Outstanding Subordinate Debt(For Principle Payment)960.550520832

Equity ScheduleEquity Schedule ,Equity Cash flow,IRR and NPV calculations2013201420152016201720182019202020212022202320242025202620272028202920302031203220332034203520362037203820392040204120422043-5-4-3-2-1012345678910111213141516171819202122232425New Equity3243243243243240000000000000000000000000Total Equity324648972129616201620162016201620162016201620162016201620162016201620162016201620162016201620162016201620162016201620Equity Sponsor Cash FlowDividend000000000120.2465767506248.6772410852359.0695453166484.3060985853626.585401611788.428222294365.000264232275.0632113688514.6904937057788.23510260421100.68610862532365.48553679552773.73713369543240.67362120993774.89847423924386.26942306785086.08074732225887.27202031526804.66713813157855.24802336929058.4680294882Equity Investments3243243243243240000000000000000000000000Equity Holder Cash Fow-324-324-324-324-3240000120.2465767506248.6772410852359.0695453166484.3060985853626.585401611788.428222294365.000264232275.0632113688514.6904937057788.23510260421100.68610862532365.48553679552773.73713369543240.67362120993774.89847423924386.26942306785086.08074732225887.27202031526804.66713813157855.24802336929058.46802948822607.5050488749Equity Sponsor IRR19%Equity Sponsor NPV887.21

Depreciation ScheduleDepericiation Schedule2013201420152016201720182019202020212022202320242025202620272028202920302031203220332034203520362037203820392040204120422043-5-4-3-2-1012345678910111213141516171819202122232425New Investment108010801080108010800000000000000000000000000Interest Capitalized055.944117.84528186.3431136262.1459272320000000000000000000000000Fixed Asset10802215.9443413.789284680.13239366022.2783208325829.56541456545636.85250829885444.13960203215251.42669576555058.71378949894866.00088323234673.28797696564480.5750706994287.86216443244095.14925816583902.43635189913709.72344563253517.01053936593324.29763309933131.58472683262938.8718205662746.15891429942553.44600803282360.73310176622168.02019549951975.30728923291782.59438296631589.88147669961397.1685704331204.4556641664Depreciation00000192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666192.7129062666Accumulated Depreciation00000192.7129062666385.4258125332578.1387187999770.8516250665963.56453133311156.27743759971348.99034386641541.7032501331734.41615639961927.12906266622119.84196893292312.55487519952505.26778146612697.98068773272890.69359399943083.4065002663276.11940653263468.83231279923661.54521906593854.25812533254046.97103159914239.68393786574432.39684413244625.1097503994817.8226566656Final Fixed Asset Value(Before operational)6022.278320832

RevenueRevenue Details2013201420152016201720182019202020212022202320242025202620272028202920302031203220332034203520362037203820392040204120422043-5-4-3-2-1012345678910111213141516171819202122232425Toll00000525.6601.70688688.834036224788.5772046692902.76318390531033.48329293481183.13167375181354.44914011111550.57337559911775.09640038592032.13035916182326.38283516842663.24306970083048.88066619353490.35858665833995.76251000644574.34892145535236.7146452825994.99092591896863.06561199197856.83751260848994.507584434110296.912282660111787.905181189313494.793851425515448.840001112Display Advertisement000001517.17219.658505622.505057210925.76378949529.494386213933.765173337738.65437043744.251523276250.659143846657.994587875666.392204276.005795368287.011434537599.6106902585114.0343182079130.5464874845149.4496188722171.0899236849195.8637446345224.2248148575256.6925680489293.8616519024336.4128190979385.1253953032440.8915525431Other Income0000055.45.8326.298566.80244487.3466403847.93437161478.56912134399.25465105149.995023135510.794624986411.658194985312.590850584113.598118630814.685968121315.86084557117.129713216718.50009027419.980097495921.578505295623.304785719225.169168576827.182702062929.35731822831.705903686234.2423759811Revenue Item 4Revenue Item 5Revenue Item 6Revenue Item 7Revenue Item 8Revenue Item 9Total Revenue00000545.6624.27888714.324541824817.3808218801935.32941820041070.32431953271224.83121870421401.67263189191604.07954992681835.7505673682100.91957202382404.43323435372751.8397156533149.49021936183604.65524503814125.65767378534722.02512215645404.66435442836186.06094709977080.5078619228104.36711318529276.369321059810617.956636625512153.675318515113911.625150415

ExpenditureExpenditure Details2013201420152016201720182019202020212022202320242025202620272028202920302031203220332034203520362037203820392040204120422043-5-4-3-2-1012345678910111213141516171819202122232425O&M00000120129.6139.968151.16544163.2586752176.319369216190.4249187533205.6589122535222.1116252338239.8805552525259.0709996727279.7966796466302.1804140183326.3548471397352.4632349109380.6602937038411.1131172001444.0021665761479.5223399022517.8841270944559.3148572619604.0600458429652.3848495103704.5756374711760.9416884688Expenditure Item 2Expenditure Item 3Expenditure Item 4Total Expenditure00000120129.6139.968151.16544163.2586752176.319369216190.4249187533205.6589122535222.1116252338239.8805552525259.0709996727279.7966796466302.1804140183326.3548471397352.4632349109380.6602937038411.1131172001444.0021665761479.5223399022517.8841270944559.3148572619604.0600458429652.3848495103704.5756374711760.9416884688

AssumptionsModelling Assumptions1All Assets would be transferred at book value at end of concession period and same would be used while calculating IRR and NPV2All Interest incurred during construction period would get accumulated and debt amount would increase accordingly3All Interest incurred during construction period would be capitalized.Would be considered for fixed assets and their depreciation4Each type of Debt(Regular,Sub-ordinated,Zero coupon) would be raised in given proprotion in each period of construction5Zero Coupon bonds interest during construction period would not be capitalized6Subordinated Debt would be supplied by Equity Holders of project7Dividend would be declared only when all earlier incurred losses get recovered8In order to maximize Dividend amount,it is taken as PAT + Depreciation - Priniciple Payment9Terminal value(Assets value at end of concession period) would be realized after a year when concession period end to calculate NPV,IRR10Tax would be calculated on positive EBT(Earning before tax) at given tax rate.Offsetting of earlier incurred losses would not be considered while computing tax. 11All data in Crores otherwise mentioned

LimitationsLimitations1Concession period should be less than or equal to 30 years less of construction period years (For e.g if construction period is 2 years then maximum concession period could be 28 years ,if construction period is 10 years then maximum concession period could be 20 years only)2Construction period should be atleast 1 year with maximum limit of 10 years3The cases where construction period + concession period is less than 30,only details till concession period should be used other can be safely ignored.As of now this model does not blank or mark zero to additional irrelevant years information.(For e.g if construction period is 5 years ,concession period is 15 years,Base year is 2013 then data till year 2032 should be referred)4All data to be input in model is assumed to be positive except for growth parameters.No explicit check has been put in place to restrict negative values