GROUP A

SENSITIVITIES
Item

Unit

Base Case

INFLATION
Annual Rate

CAPEX
Costi overrun

Sensitivity

New Amount

2.00%

0.00%

2.00%

0.00%

0.00%

0.00% Do not change in business game

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

100
60

0.00%
0.00%

100 Do not change in business game

60 Do not change in business game

60

0.00%

60 Do not change in business game

%
uro ('000)

0.50%
1,549

0.00%
0.00%

0.50% Do not change in business game

1549 Do not change in business game

5.00%

0.00%

5.00% Do not change in business game

130

0.00%

130 Do not change in business game

60

0.00%

0.50%
2,066
100.00%
5.00%

0.00%
0.00%
0.00%
0.00%

0.50%
2,066
100.00%
5.00%

Opex due to Water Production

1 Adduction Level
1. Personnel
Staff
Annul Cost
2. Water System Opex
Annul Cost
3. Maintenance
Capex percentage
4. Other Services
5. General Expenses
Maitenance and Personnel %

Euro/'000mc

2 Adduction Level
1. Personnel
Staff
2. Water System Opex
Annul Cost
3. Maintenance
Capex percentage
4. Other Services
First Year
5. General Expenses

60 Do not change in business game

Do not change in business game
Do not change in business game
Do not change in business game
Do not change in business game

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

uro ('000)
uro ('000)
uro ('000)

Power plant opex

Energy Autority Fee
Water Autority Fee

1,350
5,000
5,000

0.00%
0.00%
0.00%

1350 Do not change in business game

5000
5000

Working Capital
-60
-30
0
30
60
90

Water Revenues Receivables

Energy Revenues Receivables

days
days

60
60

60
60

Average opex payment time (no personnel)

Average Exiting Water System payment time
Average Autority Water fee payment time
Average Power Plant opex payment time

days
days
days
days

60
60
60
60

60
60
60
60

PUBLIC GRANT
3%

1st Section
55.00%

0.00%

55.00%

55.00%

0.00%

55.00%

Percentage

12.00%

0.00%

12.00%

Interest
Base Rate
Spread
Annual Interest Expense

4.00%
1.50%
5.50%

0.00%
0.00%
0.00%

4.00%
1.50%
5.50%

Financial fee
Commitment fee
Arrangement Fee

0.70%
1.00%

0.00%
0.00%

0.70%
1.00%

Percentage
3%

2st Section
Percentage

FINANCING
Equity

Senior Facility

VAT Facility
Interest
Spread

0.80%

0.00%

0.80%

Financial fee
Underwriting Fee

1.00%

0.00%

1.00%

Spread Applied
Commitment fee
Up front fee

1.50%
0.50%
0.00%

0.00%
0.00%
0.00%

1.50%
0.50%
0.00%

1.00%

0.00%

1.00%

Public Grant Facility

Debt Service Reserve Account

Interest Income
Senior Facility Repayment Profile
Year
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026

Percentage

New Profile
0.0%
4.4%
5.2%
5.0%
6.0%
6.2%
5.1%
5.4%
6.6%
6.6%
7.4%
7.2%
8.2%
8.2%
9.5%
9.2%

Ok

0.0%
4.4%
5.2%
5.0%
6.0%
6.2%
5.1%
5.4%
6.6%
6.6%
7.4%
7.2%
8.2%
8.2%
9.5%
9.2%
Ok

ASSUMPTIONS SHEET
Fonte

Unit

CURRENCY

keuro

Lire
Euro

Lit/mil.
uro ('000)

TIMING
Starting date
Ending date
Concession Maturity
Operation Date Maturity

LIRE
EURO

Year

1-Jan-06
31-Dec-40
35.0

Year

30.0

INFLATION
Annual Rate

2.0%

CONSTRUCTION PERIOD
Year

Maturity

5.0

1st Section
Starting date
Ending date
Maturity 1st Sestion

1-Jan-06
31-Dec-08
3.0

2nd Section
Starting date
Ending date
Total Maturity

Year

1-Jan-06
31-Dec-10
5.0

CAPEX 1
Doubling YYYY
Potable water System YYY
TOTAL

keuro
keuro
keuro
keuro

260,687
134,551
143,332
538,571

Design and other costs

keuro

64,445

Expropriation

keuro

11,653

keuro

614,669

CAPEX 2
Doubling XXX
Acquedotto del xxxx Potabile
TOTAL

keuro

80,417
91,414
259,548
431,380

Design and other costs

keuro

51,352

keuro

23,337

TOTAL CAPEX 2nd Section

keuro

506,068

Total Capex

keuro

1,120,737

keuro
keuro
keuro
keuro
keuro
keuro
keuro
keuro

2,981
1,663
3,385
1,888
3,843
2,144
4,363
2,434

CAPEX
1st Section

TOTAL CAPEX 1st Section

2nd Section

Expropriation

LIFE CYCLE COSTS

Progr.
9
11
13
15
17
19
21
23

148824039.xls.ms_office

Year
2014
2016
2018
2020
2022
2024
2026
2028

BOZZA
Asspt.

25
27
29
31
33
35
Total

2030
2032
2034
2036
2038
2040

keuro
keuro
keuro
keuro
keuro
keuro
keuro
keuro

DEPRECIATION
1st Section
Starting date
2nd Section
Starting date
VAT
Grant Rate
Capex Rate
Opex Rate
Concession fee Rate
Water revenues Rate
Energy revenues Rate
Average payment by VAT Authority
VAT Reimbursement starting date
VAT Reimbursement ending date

4,954
2,763
5,624
3,137
6,385
3,562
49,127

1-Jan-09
1-Jan-11

%
%
%
%
%
%
Year

VAT FACILITY
Amuount

10%
20%
20%
10%
10%
20%
2
1-Jan-08
31-Dec-13

96,099

Availability
Starting date
Ending date

Year

6
1-Jan-06
31-Dec-11

Repayment Period
Starting date
Ending date

Year

2
1-Jan-12
31-Dec-13

Total Maturity

Year

Interest
Base Rate
Margin
Annual Interest Rate
Escalated interest
Annual Depreciation Rate
Withholding Tax

3.00%
1.00%
4.00%
6,643
3.33%
0.25%

Financial fee
Commitment fee
Arrangement fee

0.50%
1.00%

OPERATING PHASE
1-Jan-09

Starting Date
Non potable Water already supplied
Tariff 31-12-2003
Tariff 31-12-2009

Mln mc/year
Euro
Euro

209
0
0

Potable Water already supplied

Tariff 31-12-2003
Tariff 31-12-2009

Mln mc/year
Euro
Euro

123
200
225

Existing Water System Opex

keuro

1 Adduction Level
Starting date
Ending date
Total water supplied

Mln mc/year

2,500

1-Jan-09
31-Dec-10
120

Revenues
Non potable water

148824039.xls.ms_office

BOZZA
Asspt.

supplied water added

Tariff 31-12-2003
Tariff 31-12-2009

Mln mc/year
Euro/'000mc
Euro/'000mc

30
100
113

Potable water
supplied water added
Tariff 31-12-2003
Tariff 31-12-2009

Mln mc/year
Euro/'000mc
Euro/'000mc

90
300
338

Opex
1. Personnel
Staff
Annul Cost

keuro

2. Water System Opex

Annul Cost

Euro/'000mc

3. Maintenance
Capex percentage

4. Other Services

keuro

5. General Expenses
Maitenance and Personnel %

100
60

60

0.5%
1,549

5.0%

2 Adduction Level
Starting date
Ending date
Total water supplied

Mln mc/year

1-Jan-11
31-Dec-40
210

Revenues
Non potable water
supplied water added
Tariff 2009

Mln mc/year
Euro/'000mc

40
113

Potable water
supplied water added
Tariff 2009

Mln mc/anno
Euro/'000mc

170
338

Opex
1. Personnel
Staff
Annul Cost

keuro

2. Water System Opex

Annul Cost

Euro/'000mc

3. Maintenance
Capex percentage

4. Other Services

keuro

5. General Expenses
Maitenance and Personnel %

130
60.48

60

0.5%
2,066

5.0%

ENERGY SALE
Tariff annual Escalation
1 Escalation

%
anno

1.5%
2010

Start-up year
Start-up capacity

2009
80%

Tariff 1
Tariff 31-12-2003
Tariff 31-12-2009

uro ('000)/GWh
uro ('000)/GWh

Energy sold

GWh/year

57
62
32.78

Tariff 2

148824039.xls.ms_office

BOZZA
Asspt.

Tariff 31-12-2003
Tariff 31-12-2009

uro ('000)/GWh
uro ('000)/GWh

Energy sold

GWh/year

63
69
73

Green Certificate
Tariff 31-12-2009

uro ('000)/GWh

Energy sold
Green Certificate starting date
Green Certificate maturity
Green Certificate ending date

GWh/year
year

82
106.11
1-Jan-09
8
31-Dec-16

Power plant opex

keuro

1,350

Energy Autority Fee

keuro

5,000

Water Autority Fee

keuro

5,000

%_
%

33.0%
4.25%

Average water receipts time

Average energy receipts time

gg.
gg.

60
60

Average opex payment time (no personnel)

Average Exiting Water System payment time
Average Autority Water fee payment time
Average Power Plant opex payment time

gg.
gg.
gg.
gg.

60
60
60
60

TAXATION
Corporation Tax Rate
IRAP Rate
WORKING CAPITAL

PUBBLIC GRANT
Amount
Drawdown modality
1st Section
TOTAL CAPEX 1st Section
%
1 Section Grant amount
2nd Section
TOTAL CAPEX 2nd Section
%
2 Section Grant amount

keuro

616,405
Public Installments

keuro

614,669
55%
338,068

keuro

keuro
keuro

506,068
55%
278,338

EQUITY
Amount
Drawdown modality
% of financial deficit

keuro

133,382
Pro-quota
12.00%

keuro

361,729
14.92

SENIOR FACILITY
Amount
Average Loan Life
Availability
Starting date
Ending date
Repayment Period
Starting date
Ending date
Interest
Base Rate
Margin
Annual Interest Rate
Capitalised interest

148824039.xls.ms_office

Year

Year

6
1-Jan-06
31-Dec-11
15
1-Jan-12
31-Dec-26
tasso variabile

4.00%
1.50%
5.50%
25,232

BOZZA
Asspt.

Annual Depreciation Rate

Withholding Tax

3.33%
0.25%

Financial fee
Commitment fee
Arrangement fee

0.70%
1.00%

GUARANTEE FACILITIES
FALSE Pubblic Grant
Starting date
Ending date
Margin
Commitment fee
Up front fee
VAT Reibursement
Law minimun maturity
Starting date
Ending date
Margin
Up front fee
Annual Depreciation Rate

REVOLVING

1-Jan-06
1-Jan-11
1.50%
0.50%
0.00%

Year

3
1-Jan-08
31-Dec-16
0.80%
1.00%
3.33%

DEBT SERVICE RESERVE ACCOUNT

% cash to Reserve
Payment
Constitution Date
Release Date
Interest Income
LEGAL RESERVE
% Earning
Limit (20% Equity )

keuro

5.00%
26,676

DSCR
Min
Max
Average

esclusione grace period

1.48
1.57
1.51

LLCR
Min
Max
Average

1.51
1.60
1.53

IRR
Project
Equity
PA index

148824039.xls.ms_office

100.00%
Defined
31-Dec-12
31-Dec-26
1.00%

9.54%
12.47%
3.24%

BOZZA
Asspt.

SENIOR LOAN REPAYMENT PROFILE

Average Loan Life

148824039.xls.ms_office

14.92

Year

% Repayment

Repayment

ADSCR

2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030

0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
4.4%
5.2%
5.0%
6.0%
6.2%
5.1%
5.4%
6.6%
6.6%
7.4%
7.2%
8.2%
8.2%
9.5%
9.2%
0.0%
0.0%
0.0%
0.0%

0
0
0
0
0
0
(15,812)
(18,930)
(18,207)
(21,615)
(22,338)
(18,359)
(19,625)
(23,966)
(23,785)
(26,679)
(25,955)
(29,573)
(29,573)
(34,199)
(33,114)
0
0
0
0

0.00
0.00
0.00
0.00
0.00
0.00
1.57
1.48
1.50
1.50
1.49
1.54
1.50
1.48
1.50
1.50
1.50
1.53
1.55
1.50
1.51
0.00
0.00
0.00
0.00

BOZZA
Asspt.

SUMMARY SHEET
CAPEX

CAPEX ANALYSIS

1st Section
CAPEX 1
Doubling YYYY
Potable water System YYY

keuro
keuro
keuro

260,687
134,551
143,332

22.3%
11.5%

Design and other costs

keuro

64,445

5.5%

Expropriation

keuro

11,653

1.0%

keuro

614,669

52.5%

TOTAL CAPEX 1st Section

2nd Section
CAPEX 2

1,000,000

800,000

600,000

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
TOTAL CAPEX 2nd Section

keuro
keuro

23,337
506,068

2.0%
43.3%

200,000

Total Capex

keuro

1,120,737

95.8%

1st Section

400,000

Life Cycle Cost

keuro

49,127

4.2%

Total INVESTIMENTI

keuro

1,169,864

100.0%

WATER REVENUES
Existing Water System

keuro

1,200,000

2006

2007

2008

2009

72,376

312,404

609,342

614,669

13,376

132,062

282,552

434,255

506,068

325,781

741,404

897,221

1,048,924

1,120,737

2nd Section

6,277

Total Capex

78,653

2010
614,669

2011
614,669

ENERGY REVENUES
Water supplied
(mln mc./year)

Tariff 31-12-2003
(euro/'000mc)

TARIFF

Tariff 2009

('000
Euro/GWh)

Energy Sold (GWh)

Potable Water already supplied

123

200

Tariff 1

62

Non potable Water already supplied

209

Tariff 2

69

32.78
73.33

Green Certificate

82

106.11

1 Adduction Level

Potable
Non potable

Water supplied
(mln mc./year)
90
30

Tariff 31-12-2003
(euro/'000mc)
300
100

2 Adduction Level

Potable
Non potable

148824039.xls.ms_office

Water supplied
(mln mc./year)
170
40

Tariff 31-12-2003
(euro/'000mc)
300
100

BOZZA
Summary

SOURCE AND USES

Equity

USES

Year

CAPEX
1st Section
2nd Section
Total Capex

keuro
keuro
keuro

614,669
506,068
1,120,737

43.6%
35.9%
79.6%

Financial fee
Capitalised interest
DSRA
Change in Working Capital

keuro
keuro
keuro
keuro

5,723
111,814
19,039
2,877

0.4%
7.9%
1.4%
0.2%

1stralcio

VAT (2006-2011)

keuro

148,269

10.5%

TOTAL USES

keuro

1,408,459

100.0%

2006
2007
2008
2009
2010
2011

12.00%
12.00%
12.00%
12.00%
12.00%
12.00%

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

Loan
SENIOR FACILITY
VAT FACILITY
Total Loan

keuro
keuro
keuro

361,729
22,370
384,099

25.7%
1.6%
27.3%

Cash during construction

PUBBLIC GRANT
EQUITY

keuro
keuro
keuro

148,674
616,405
133,382

10.6%
43.8%
9.5%

VAT Reibursement (al 31-12-2011)

keuro

125,899

8.9%

TOTAL SOURCE

keuro

1,408,459

100.0%

Equity/Debt Ratio
2 stralcio
14%
12%
13%
10%
11%
10%

23%
24%
25%
28%
33%
35%

USES
DSRA
1%

VAT (2006-2011)
11%

Capitalised interest
8%
CAPEX
80%

costi finanziari
2%

SOURCE

148824039.xls.ms_office

Annual Capex

% of financial deficit

Variazione WC
1%

SOURCES
VAT Reibursement (al 31-122011)
9%

SENIOR FACILITY
26%

EQUITY
9%

PUBBLIC GRANT
44%

VAT FACILITY
2%

Cash during construction

10%

BOZZA
Summary

SENIOR FACILITY

Average Loan Life

Amount

keuro

361,729

VAT FACILITY

Availability
Starting date
Ending date

Year

6
1-Jan-06
31-Dec-11

Availability
Starting date
Ending date

Year

6.00
1-Jan-06
31-Dec-11

Repayment Period
Starting date
Ending date

Year

15
1-Jan-12
31-Dec-26

Repayment Period
Ending date

Year

2.00
31-Dec-13

14.92

Annual Interest Rate

Withholding Tax

5.5
keuro

96,099

Interest
Withholding Tax

5.50%
0.25%

Outstanding Loans

Average Loan Life

Amuount

4.00%
0.25%

keuro

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

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

226,844

202,878

179,093

152,414

126,458

96,886

67,313

33,114

VAT Loan

11,405

47,238

96,099

78,661

35,997

22,370

4,769

Financial Ratios
Year

DSCR

LLCR

2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031

1.57
1.48
1.50
1.50
1.49
1.54
1.50
1.48
1.50
1.50
1.50
1.53
1.55
1.50
1.51
0.00
0.00
0.00
0.00
0.00

1.53
1.52
1.52
1.52
1.52
1.52
1.52
1.51
1.53
1.53
1.54
1.53
1.54
1.52
1.60
0.00
0.00
0.00
0.00
0.00

2032

0.00

0.00

1.48
1.57
1.51

1.51
1.60
1.53

Min
Max
Average

RATIOS
Project IRR
Concession Maturity
Final Maturity
Project IRR
TIR Azionisti
Durata della concessione (gestione)
Scadenza
IRR azionisti

148824039.xls.ms_office

Year

Year

30
31-Dec-40
9.54%

Equity IRR
Concession Maturity
Final Maturity
Equity IRR

Year

30
31-Dec-40
12.47%

12.63%

30
31-Dec-40
12.47%

BOZZA
Summary

Sources-Uses Analysis
Starting
Ending
Year
Progr.

1-Jan-06
31-Dec-06
2006
1

1-Jan-07
31-Dec-07
2007
2

1-Jan-08
31-Dec-08
2008
3

1-Jan-09
31-Dec-09
2009
4

1-Jan-10
31-Dec-10
2010
5

1-Jan-11
31-Dec-11
2011
6

1-Jan-12
31-Dec-12
2012
7

1-Jan-13
31-Dec-13
2013
8

1-Jan-14
31-Dec-14
2014
9

1-Jan-15
31-Dec-15
2015
10

1-Jan-16
31-Dec-16
2016
11

1-Jan-17
31-Dec-17
2017
12

1-Jan-18
31-Dec-18
2018
13

1-Jan-19
31-Dec-19
2019
14

1-Jan-20
31-Dec-20
2020
15

1-Jan-21
31-Dec-21
2021
16

1-Jan-22
31-Dec-22
2022
17

1-Jan-23
31-Dec-23
2023
18

1-Jan-24
31-Dec-24
2024
19

Period
USES
CAPEX
Capitalised interest
Cash
DSRA
TOTAL USES

keuro
keuro
keuro
keuro
keuro

78,653
10,314
0
0
88,967

247,127
9,102
0
0
256,230

415,624
21,637
0
0
437,261

155,817
25,367
0
0
181,183

151,703
25,574
0
0
177,277

71,813
25,542
0
19,039
116,395

0
20,846
20,714
0
41,561

0
19,148
18,417
0
37,565

2,981
17,736
17,873
0
38,590

0
16,497
19,064
0
35,561

1,663
15,199
18,540
0
35,402

0
14,061
17,500
0
31,561

3,385
13,016
16,392
0
32,793

0
11,817
17,103
0
28,920

1,888
10,504
17,175
0
29,567

0
9,116
17,894
0
27,010

3,843
7,669
16,692
0
28,204

0
6,142
18,849
0
24,991

2,144
4,515
18,831
0
25,490

SOURCE
Self-financing
Equity
Grant
Debt (reimbursment)
TOTAL SOURCES

keuro
keuro
keuro
keuro
keuro

0
10,676
43,259
35,032
88,967
ok

0
30,748
135,920
89,562
256,230
ok

(0)
52,471
228,593
156,197
437,261
ok

48,906
15,873
85,699
30,705
181,183
ok

39,867
16,489
83,437
37,484
177,277
ok

57,024
7,125
39,497
12,749
116,395
ok

57,372
0
0
(15,812)
41,561
ok

56,495
0
0
(18,930)
37,565
ok

56,797
0
0
(18,207)
38,590
ok

57,175
0
0
(21,615)
35,561
ok

57,741
0
0
(22,338)
35,402
ok

49,920
0
0
(18,359)
31,561
ok

52,418
0
0
(19,625)
32,793
ok

52,886
0
0
(23,966)
28,920
ok

53,352
0
0
(23,785)
29,567
ok

53,689
0
0
(26,679)
27,010
ok

54,159
0
0
(25,955)
28,204
ok

54,563
0
0
(29,573)
24,991
ok

55,063
0
0
(29,573)
25,490
ok

148824039.xls.ms_office

BOZZA
S&U

Sources-Uses Analysis
Starting
Ending
Year
Progr.

1-Jan-25
31-Dec-25
2025
20

1-Jan-26
31-Dec-26
2026
21

1-Jan-27
31-Dec-27
2027
22

1-Jan-28
31-Dec-28
2028
23

1-Jan-29
31-Dec-29
2029
24

1-Jan-30
31-Dec-30
2030
25

1-Jan-31
31-Dec-31
2031
26

1-Jan-32
31-Dec-32
2032
27

1-Jan-33
31-Dec-33
2033
28

1-Jan-34
31-Dec-34
2034
29

1-Jan-35
31-Dec-35
2035
30

1-Jan-36
31-Dec-36
2036
31

1-Jan-37
31-Dec-37
2037
32

1-Jan-38
31-Dec-38
2038
33

1-Jan-39
31-Dec-39
2039
34

1-Jan-40
31-Dec-40
2040
35

Period
USES
CAPEX
Capitalised interest
Cash
DSRA
TOTAL USES

keuro
keuro
keuro
keuro
keuro

0
2,762
18,398
0
21,160

4,363
911
17,404
0
22,678

0
0
56,134
0
56,134

2,434
0
54,571
0
57,005

0
0
57,901
0
57,901

4,954
0
54,065
0
59,018

0
0
60,043
0
60,043

2,763
0
58,537
0
61,300

0
0
62,243
0
62,243

5,624
0
57,811
0
63,435

0
0
64,476
0
64,476

3,137
0
62,780
0
65,918

0
0
66,895
0
66,895

6,385
0
61,935
0
68,320

0
0
69,445
0
69,445

3,562
0
68,161
0
71,723

SOURCE
Self-financing
Equity
Grant
Debt (reimbursment)
TOTAL SOURCES

keuro
keuro
keuro
keuro
keuro

55,359
0
0
(34,199)
21,160
ok

55,791
0
0
(33,114)
22,678
ok

56,134
0
0
0
56,134
ok

57,005
0
0
0
57,005
ok

57,901
0
0
0
57,901
ok

59,018
0
0
0
59,018
ok

60,043
0
0
0
60,043
ok

61,300
0
0
0
61,300
ok

62,243
0
0
0
62,243
ok

63,435
0
0
0
63,435
ok

64,476
0
0
0
64,476
ok

65,918
0
0
0
65,918
ok

66,895
0
0
0
66,895
ok

68,320
0
0
0
68,320
ok

69,445
0
0
0
69,445
ok

71,723
0
0
0
71,723
ok

148824039.xls.ms_office

BOZZA
S&U

CAPEX ANALYSIS

Year
Progr.
CAPEX

1-Jan-06
31-Dec-06

1-Jan-07
31-Dec-07

1-Jan-08
31-Dec-08

1-Jan-09
31-Dec-09

1-Jan-10
31-Dec-10

1-Jan-11
31-Dec-11

1-Jan-12
31-Dec-12

1-Jan-13
31-Dec-13

1-Jan-14
31-Dec-14

1-Jan-15
31-Dec-15

1-Jan-16
31-Dec-16

1-Jan-17
31-Dec-17

1-Jan-18
31-Dec-18

1-Jan-19
31-Dec-19

1-Jan-20
31-Dec-20

2006
1

2007
2

2008
3

2009
4

2010
5

2011
6

2012
7

2013
8

2014
9

2015
10

2016
11

2017
12

2018
13

2019
14

2020
15

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

614,669

72,376

240,028

296,938

5,327

27,338

TOTAL CAPEX 1st Section

2nd Section
CAPEX 2

keuro

0%

80,417

26,277

26,802

Doubling XXX

keuro

0%

91,414

26,775

27,311

27,857

9,472

Potable Water System XXX

keuro

0%

259,548

76,021

77,542

79,093

26,892

Design and other costs

keuro

0%

51,352

6,277

1,048

9,717

13,065

13,134

8,111

Expropriation

keuro

0%

23,337

6,051

6,172

6,296

4,817

506,068

6,277

7,099

118,686

150,490

151,703

71,813

1,120,737

78,653

247,127

415,624

155,817

151,703

71,813

keuro

1,120,737

78,653

247,127

415,624

155,817

151,703

71,813

xxxx yyyy

keuro

Doubling YYYY

keuro

Potable water System YYY

TOTAL CAPEX 2nd Section

Total Capex
Total Capex

6,269

896

9,555

806

keuro

13,784
-

Total Life Cycle Cost

keuro

49,127

Total Capex

keuro

1,169,864

78,653

247,127

415,624

155,817

151,703

71,813

896

559

806

559

1,075

894

1,075

894

1.07

1.11

1.14

1.18

1.22

1.26

1.30

2,981

1,663

3,385

1,888

2,981

1,663

3,385

1,888

Life Cycle Cost

Escalation Factor

148824039.xls.ms_office

BOZZA
Capex

CAPEX ANALYSIS

Year
Progr.
CAPEX

1-Jan-21
31-Dec-21

1-Jan-22
31-Dec-22

1-Jan-23
31-Dec-23

1-Jan-24
31-Dec-24

1-Jan-25
31-Dec-25

1-Jan-26
31-Dec-26

1-Jan-27
31-Dec-27

1-Jan-28
31-Dec-28

1-Jan-29
31-Dec-29

1-Jan-30
31-Dec-30

1-Jan-31
31-Dec-31

1-Jan-32
31-Dec-32

1-Jan-33
31-Dec-33

1-Jan-34
31-Dec-34

1-Jan-35
31-Dec-35

1-Jan-36
31-Dec-36

1-Jan-37
31-Dec-37

1-Jan-38
31-Dec-38

1-Jan-39
31-Dec-39

1-Jan-40
31-Dec-40

2021
16

2022
17

2023
18

2024
19

2025
20

2026
21

2027
22

2028
23

2029
24

2030
25

2031
26

2032
27

2033
28

2034
29

2035
30

2036
31

2037
32

2038
33

2039
34

2040
35

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

xxxx yyyy

keuro

896

Doubling YYYY

keuro

806

Potable water System YYY

keuro

896

559

806

1,075

894

896

559

806

1,075

894

896

559

806

1,075

894

896

559

806

559

1,075

894

1,075

894

Life Cycle Cost

Escalation Factor

1.34

1.38

1.43

1.47

1.52

1.57

1.62

1.67

1.73

1.78

1.84

1.90

1.96

2.03

2.09

2.16

2.23

2.30

2.37

2.45

Total Life Cycle Cost

keuro

3,843

2,144

4,363

2,434

4,954

2,763

5,624

3,137

6,385

3,562

Total Capex

keuro

3,843

2,144

4,363

2,434

4,954

2,763

5,624

3,137

6,385

3,562

148824039.xls.ms_office

BOZZA
Capex

CAPEX ANALYSIS

Moltiplicatore

Year
Escalation Factor 2003

2006
6.12%

2007
8.24%

2008
10.41%

2009
12.62%

2010
14.87%

2011
17.17%

95,566
7,878
40%
103,444

119,457
12,433
50%
131,890

238,914
21,773

Total

st

1 Section
CAPEX 1
Escalation (2%)
SAL %
Total

keuro
keuro

238,914
21,773

keuro

260,687

23,891
1,462
10%
25,353

Doubling YYYY
Escalation (2%)
SAL %
Total

keuro
keuro

123,313
11,238
100%
134,551

12,331
755
10%
13,086

49,325
4,066
40%
53,391

61,657
6,417
50%
68,074

123,313
11,238

Potable water System YYY

Escalation (2%)
SAL %
Total

keuro
keuro

131,361
11,971
100%
143,332

13,136
804
10%
13,940

52,545
4,331
40%
56,876

65,681
6,836
50%
72,517

131,361
11,971
-

Design and other costs

Escalation (2%)
SAL %
Total

keuro
keuro

59,231
5,214
100%
64,445

14,521
889
25%
15,409

19,991
1,648
34%
21,638

19,990
2,081
34%
22,071

4,730
597
8%
5,327

Expropriation
Escalation (2%)
SAL %
Total

keuro
keuro
keuro

10,807
846
100%
11,653

4,323
265
40%
4,588

4,323
356
40%
4,679

2,161
225
20%
2,386

Total Capex

keuro

563,626

6.12%
68,202

8.24%
221,749

10.41%
268,946

keuro

Escalation (2%)
st

TOTAL CAPEX 1 Section

keuro

keuro

134,551

143,332
59,231
5,214

64,445
10,807
846

12.62%
4,730

11,653

563,626

keuro

51,043

4,174

18,279

27,992

597

51,043

keuro

614,669

72,376

240,028

296,938

5,327

614,669

Year
Escalation Factor 2003
nd

260,687

2006
6.12%

2007
8.24%

2008
10.41%

2009
12.62%

2010
14.87%

2011
17.17%

69,999
10,418
100%
80,417

0%
-

0%
-

0%
-

23,333
2,944
33%
26,277

23,333
3,469
33%
26,802

23,333
4,005
33%
27,338

69,999
10,418

80,837
10,577
100%
91,414

0%
-

0%
-

24,251
2,524
30%
26,775

24,251
3,060
30%
27,311

24,251
3,606
30%
27,857

8,084
1,388
10%
9,472

80,837
10,577

229,517
30,031
100%
259,548

0%
-

0%
-

68,855
7,166
30%
76,021

68,855
8,687
30%
77,542

68,855
10,238
30%
79,093

22,952
3,940
10%
26,892

229,517
30,031

45,642
5,710
100%
51,352

5,915
362
13%
6,277

968
80
2%
1,048

8,801
916
19%
9,717

11,601
1,464
25%
13,065

11,434
1,700
25%
13,134

6,923
1,188
15%
8,111

45,642
5,710

0%
-

5,591
461
27%
6,051

5,591
582
27%
6,172

5,591
705
27%
6,296

4,194
624
20%
4,817

0%
-

Total

Section
CAPEX 2
Escalation (2%)
%
Total

keuro
keuro

Doubling XXX
Escalation (2%)
%
Total

keuro
keuro

Potable Water System XXX

Escalation (2%)
%
Total

keuro
keuro

Design and other costs

Escalation (2%)
%
Total

keuro
keuro

Expropriation
Escalation (2%)
%
Total

keuro
keuro
keuro

20,965
2,372
100%
23,337

Total Capex
Escalation (2%)

keuro
keuro

446,960
59,108

5,915
362

6,559
541

107,498
11,188

133,631
16,859

132,067
19,636

61,292
10,521

446,960
59,108

TOTAL CAPEX 2nd Section

keuro

506,068

6,277

7,099

118,686

150,490

151,703

71,813

506,068

keuro

keuro

keuro

keuro

Summary
Year

2004

2005

2006

2007

2008

2009

80,417

91,414

259,548

51,352
20,965
2,372
23,337

Total

1st Section
%

keuro

72,376
11.8%

240,028
39.1%

296,938
48.3%

5,327
0.9%

0.0%

0.0%

614,669
100%

2nd Section
%

keuro

6,277
1.2%

7,099
1.4%

118,686
23.5%

150,490
29.7%

151,703
30.0%

71,813
14.2%

506,068
100%

Total Capex
%
% accrued

keuro

78,653
7.0%
7.0%

247,128
22.1%
29.1%

415,624
37.1%
66.2%

155,817
13.9%
80.1%

151,703
13.5%
93.6%

71,813
6.4%
100.0%

1,120,738
100%

148824039.xls.ms_office

BOZZA Capex Analisys

ENERGY REVENUES

Year
Progr.
Annual Escalation

1-Jan-06
31-Dec-06

1-Jan-07
31-Dec-07

1-Jan-08
31-Dec-08

1-Jan-09
31-Dec-09

1-Jan-10
31-Dec-10

1-Jan-11
31-Dec-11

1-Jan-12
31-Dec-12

1-Jan-13
31-Dec-13

1-Jan-14
31-Dec-14

1-Jan-15
31-Dec-15

1-Jan-16
31-Dec-16

1-Jan-17
31-Dec-17

1-Jan-18
31-Dec-18

1-Jan-19
31-Dec-19

1-Jan-20
31-Dec-20

1-Jan-21
31-Dec-21

1-Jan-22
31-Dec-22

1-Jan-23
31-Dec-23

1-Jan-24
31-Dec-24

1-Jan-25
31-Dec-25

2006
0
0.0%

2007
0
0.0%

2008
0
0.0%

2009
0
0.0%

2010
1
1.5%

2011
2
1.5%

2012
3
1.5%

2013
4
1.5%

2014
5
1.5%

2015
6
1.5%

2016
7
1.5%

2017
8
1.5%

2018
9
1.5%

2019
10
1.5%

2020
11
1.5%

2021
12
1.5%

2022
13
1.5%

2023
14
1.5%

2024
15
1.5%

2025
16
1.5%

Tariff 1
Energy
Tariff 1
Tariff 1 Revenues

GWh/year
uro ('000)/GWh
keuro

26.23
62.3
1,635

32.78
63.26
2,074

32.78
64.21
2,105

32.78
65.17
2,137

32.78
66.15
2,169

32.78
67.14
2,201

32.78
68.15
2,234

32.78
69.17
2,268

32.78
70.21
2,302

32.78
71.26
2,336

32.78
72.33
2,371

32.78
73.42
2,407

32.78
74.52
2,443

32.78
75.64
2,480

32.78
76.77
2,517

32.78
77.92
2,555

32.78
79.09
2,593

Tariff 2
Energy
Tariff 2
Tariff 2 Revenues

GWh/year
uro ('000)/GWh
keuro

58.66
68.89
4,041

73.33
69.92
5,127

73.33
70.97
5,204

73.33
72.03
5,282

73.33
73.11
5,361

73.33
74.21
5,442

73.33
75.32
5,523

73.33
76.45
5,606

73.33
77.60
5,690

73.33
78.76
5,776

73.33
79.95
5,862

73.33
81.15
5,950

73.33
82.36
6,039

73.33
83.60
6,130

73.33
84.85
6,222

73.33
86.12
6,315

73.33
87.42
6,410

Green Certificate
Energy
Green Certificate
Green Certificate Revenues

GWh/year
uro ('000)/GWh
keuro

84.89
82.00
6,961

106.11
83.23
8,832

106.11
84.48
8,964

106.11
85.75
9,099

106.11
87.03
9,235

106.11
88.34
9,374

106.11
89.66
9,514

106.11
91.01
9,657

TOTAL ENERGY REVENUES

keuro

12,637

16,033

16,273

16,517

16,765

17,016

17,272

17,531

7,992

8,112

8,234

8,357

8,482

8,610

8,739

8,870

9,003

148824039.xls.ms_office

BOZZA
148824039.xls.ms_office

ENERGY REVENUES

Year
Progr.
Annual Escalation

1-Jan-26
31-Dec-26

1-Jan-27
31-Dec-27

1-Jan-28
31-Dec-28

1-Jan-29
31-Dec-29

1-Jan-30
31-Dec-30

1-Jan-31
31-Dec-31

1-Jan-32
31-Dec-32

1-Jan-33
31-Dec-33

1-Jan-34
31-Dec-34

1-Jan-35
31-Dec-35

1-Jan-36
31-Dec-36

1-Jan-37
31-Dec-37

1-Jan-38
31-Dec-38

1-Jan-39
31-Dec-39

1-Jan-40
31-Dec-40

2026
17
1.5%

2027
18
1.5%

2028
19
1.5%

2029
20
1.5%

2030
21
1.5%

2031
22
1.5%

2032
23
1.5%

2033
24
1.5%

2034
25
1.5%

2035
26
1.5%

2036
27
1.5%

2037
28
1.5%

2038
29
1.5%

2039
30
1.5%

2040
31
1.5%

Tariff 1
Energy
Tariff 1
Tariff 1 Revenues

GWh/year
uro ('000)/GWh
keuro

32.78
80.28
2,632

32.78
81.48
2,671

32.78
82.70
2,711

32.78
83.94
2,752

32.78
85.20
2,793

32.78
86.48
2,835

32.78
87.78
2,878

32.78
89.10
2,921

32.78
90.43
2,965

32.78
91.79
3,009

32.78
93.17
3,054

32.78
94.56
3,100

32.78
95.98
3,147

32.78
97.42
3,194

32.78
98.88
3,242

Tariff 2
Energy
Tariff 2
Tariff 2 Revenues

GWh/year
uro ('000)/GWh
keuro

73.33
88.73
6,506

73.33
90.06
6,604

73.33
91.41
6,703

73.33
92.78
6,803

73.33
94.17
6,905

73.33
95.58
7,009

73.33
97.02
7,114

73.33
98.47
7,221

73.33
99.95
7,329

73.33
101.45
7,439

73.33
102.97
7,551

73.33
104.52
7,664

73.33
106.08
7,779

73.33
107.68
7,896

73.33
109.29
8,014

Green Certificate
Energy
Green Certificate
Green Certificate Revenues

GWh/year
uro ('000)/GWh
keuro

TOTAL ENERGY REVENUES

keuro

9,138

9,275

9,414

9,555

9,699

9,844

9,992

10,142

10,294

10,448

10,605

10,764

10,926

11,089

11,256

148824039.xls.ms_office

BOZZA
148824039.xls.ms_office

WATER REVENUES

Year
Progr.
Annual Inflation rate

1-Jan-06
31-Dec-06

1-Jan-07
31-Dec-07

1-Jan-08
31-Dec-08

1-Jan-09
31-Dec-09

1-Jan-10
31-Dec-10

1-Jan-11
31-Dec-11

1-Jan-12
31-Dec-12

1-Jan-13
31-Dec-13

1-Jan-14
31-Dec-14

1-Jan-15
31-Dec-15

1-Jan-16
31-Dec-16

1-Jan-17
31-Dec-17

1-Jan-18
31-Dec-18

1-Jan-19
31-Dec-19

1-Jan-20
31-Dec-20

1-Jan-21
31-Dec-21

1-Jan-22
31-Dec-22

1-Jan-23
31-Dec-23

1-Jan-24
31-Dec-24

1-Jan-25
31-Dec-25

2006
0
0.0%

2007
0
0.0%

2008
0
0.0%

2009
0
0.0%

2010
1
2.0%

2011
2
2.0%

2012
3
2.0%

2013
4
2.0%

2014
5
2.0%

2015
6
2.0%

2016
7
2.0%

2017
8
2.0%

2018
9
2.0%

2019
10
2.0%

2020
11
2.0%

2021
12
2.0%

2022
13
2.0%

2023
14
2.0%

2024
15
2.0%

2025
16
2.0%

249

Water supplied
Total Non potable water

Mln mc/year

239

239

249

249

249

249

249

249

249

249

249

249

249

249

249

249

Total Potable water

Mln mc/year

213

213

293

293

293

293

293

293

293

293

293

293

293

293

293

293

293

Mln mc/year

452

452

542

542

542

542

542

542

542

542

542

542

542

542

542

542

542

Total

Additional Non potable water

Mln mc/year

30

30

40

40

40

40

40

40

40

40

40

40

40

40

40

40

40

Tariff

uro

113

115

117

120

122

124

127

129

132

135

137

140

143

146

149

152

155

Additional Non potable water revenues

keuro

3,378

3,446

4,687

4,780

4,876

4,973

5,073

5,174

5,278

5,383

5,491

5,601

5,713

5,827

5,944

6,063

6,184

Additional Potable water

Mln mc/year

90

90

170

170

170

170

170

170

170

170

170

170

170

170

170

170

Tariff

uro

338

345

351

359

366

373

380

388

396

404

412

420

428

437

446

455

464

Additional Potable water revenues

keuro

30,406

31,015

59,755

60,950

62,169

63,412

64,680

65,974

67,293

68,639

70,012

71,412

72,841

74,297

75,783

77,299

78,845

Non potable Water already supplied

Tariff
Non potable Water already supplied revenues

Mln mc/year
uro
keuro

209
-

209
-

209
-

209
-

209
-

209
-

209
-

209
-

209
-

209
-

209
-

209
-

209
-

209
-

209
-

209
-

209
-

Potable Water already supplied

Tariff
Potable Water already supplied revenues

Mln mc/year
uro
keuro

123
225
27,704

123
230
28,258

123
234
28,823

123
239
29,399

123
244
29,987

123
249
30,587

123
254
31,199

123
259
31,823

123
264
32,459

123
269
33,108

123
275
33,771

123
280
34,446

123
286
35,135

123
291
35,838

123
297
36,554

123
303
37,285

123
309
38,031

TOTAL WATER REVENUES

keuro

61,488

62,718

93,264

95,129

97,032

98,973

100,952

102,971

105,031

107,131

109,274

111,459

113,688

115,962

118,281

120,647

123,060

148824039.xls.ms_office

170

BOZZA
148824039.xls.ms_office

WATER REVENUES

Year
Progr.
Annual Inflation rate

1-Jan-26
31-Dec-26

1-Jan-27
31-Dec-27

1-Jan-28
31-Dec-28

1-Jan-29
31-Dec-29

1-Jan-30
31-Dec-30

1-Jan-31
31-Dec-31

1-Jan-32
31-Dec-32

1-Jan-33
31-Dec-33

1-Jan-34
31-Dec-34

1-Jan-35
31-Dec-35

1-Jan-36
31-Dec-36

1-Jan-37
31-Dec-37

1-Jan-38
31-Dec-38

1-Jan-39
31-Dec-39

1-Jan-40
31-Dec-40

2026
17
2.0%

2027
18
2.0%

2028
19
2.0%

2029
20
2.0%

2030
21
2.0%

2031
22
2.0%

2032
23
2.0%

2033
24
2.0%

2034
25
2.0%

2035
26
2.0%

2036
27
2.0%

2037
28
2.0%

2038
29
2.0%

2039
30
2.0%

2040
31
2.0%

249

Water supplied
Total Non potable water

Mln mc/year

249

249

249

249

249

249

249

249

249

249

249

249

249

249

Total Potable water

Mln mc/year

293

293

293

293

293

293

293

293

293

293

293

293

293

293

293

Mln mc/year

542

542

542

542

542

542

542

542

542

542

542

542

542

542

542

Total

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

40

40

40

40

40

40

40

40

40

40

40

40

40

40

40

158

161

164

167

171

174

178

181

185

188

192

196

200

204

208

6,308

6,434

6,562

6,694

6,828

6,964

7,103

7,245

7,390

7,538

7,689

7,843

8,000

8,160

8,323

170

170

170

170

170

170

170

170

170

170

170

170

170

170

170

473

483

492

502

512

522

533

543

554

565

577

588

600

612

624

80,422

82,030

83,671

85,344

87,051

88,792

90,568

92,379

94,227

96,112

98,034

99,994

101,994

104,034

106,115

Non potable Water already supplied

Tariff
Non potable Water already supplied revenues

Mln mc/year
uro
keuro

209
-

209
-

209
-

209
-

209
-

209
-

209
-

209
-

209
-

209
-

209
-

209
-

209
-

209
-

209
-

Potable Water already supplied

Tariff
Potable Water already supplied revenues

Mln mc/year
uro
keuro

123
315
38,792

123
322
39,568

123
328
40,359

123
335
41,166

123
341
41,989

123
348
42,829

123
355
43,686

123
362
44,559

123
370
45,451

123
377
46,360

123
384
47,287

123
392
48,233

123
400
49,197

123
408
50,181

123
416
51,185

TOTAL WATER REVENUES

keuro

125,521

128,032

130,592

133,204

135,868

138,586

141,357

144,184

147,068

150,009

153,010

156,070

159,191

162,375

165,623

148824039.xls.ms_office

BOZZA
148824039.xls.ms_office

LIFE CYCLE COSTS

9
2,014

10
2,015

11
2,016

12
2,017

13
2,018

1st Section
xxxx yyyy
895,536
Doubling YYYY
805,983
Potable water System YYY 1,074,644

895,536
805,983
1,074,644

2nd Section
Doubling XXX
Potable Water System XXX

559,030
894,447

Total

2,776,163

1,453,477

2,776,163

cost increase for wear and tear 1,2%

1.012
2,809,477
1.06

1.02
1.08

1.04
1,506,433
1.10

1.05
1.13

1.06
2,946,779
1.15

2,981,439

1,663,223

3,384,922

Sum
Increase for revaluing by mc 2%
Life Cycle Cost

14
2,019

15
2,020

16
2,021

17
2,022

18
2,023

19
2,024

20
2,025

895,536
805,983
1,074,644

21
2,026

22
2,027

23
2,028

24
2,029

895,536
805,983
1,074,644

559,030
894,447

559,030
894,447

559,030
894,447

1,453,477

2,776,163

1,453,477

2,776,163

1,453,477

1.07
1.17

1.09
1,580,053
1.20

1.10
1.22

1.11
3,090,791
1.24

1.13
1.27

1.14
1,657,272
1.29

1.15
1.32

1.17
3,241,840
1.35

1.18
1.37

1.20
1,738,264
1.40

1.21
1.43

1,888,310

3,843,010

2,143,858

4,363,090

2,433,990

25
2,030

26
2,031

27
2,032

28
2,033

895,536
805,983
1,074,644

29
2,034

30
2,035

31
2,036

32
2,037

895,536
805,983
1,074,644

33
2,038

34
2,039

35
2,040

895,536
805,983
1,074,644

559,030
894,447

559,030
894,447

559,030
894,447

2,776,163

1,453,477

2,776,163

1,453,477

2,776,163

1,453,477

1.22
3,400,272
1.46

1.24
1.49

1.25
1,823,215
1.52

1.27
1.55

1.28
3,566,447
1.58

1.30
1.61

1.32
1,912,317
1.64

1.33
1.67

1.35
3,740,742
1.71

1.36
1.74

1.38
2,005,774
1.78

4,953,554

2,763,386

5,623,927

3,137,359

6,385,022

3,561,943

36
2,041

37
2,042
2 Stralcio

1.40

1.41

1.81

1.85

Total
49,127,035

Personale
21

importo annuo Total

60,480
1,270,080

Total

21

60,480

1,270,080

1 Stralcio

61

60,480

3,689,280

VAT SHEET

Year
Progr.

1-Jan-06
31-Dec-06

1-Jan-07
31-Dec-07

1-Jan-08
31-Dec-08

1-Jan-09
31-Dec-09

1-Jan-10
31-Dec-10

1-Jan-11
31-Dec-11

1-Jan-12
31-Dec-12

1-Jan-13
31-Dec-13

1-Jan-14
31-Dec-14

1-Jan-15
31-Dec-15

1-Jan-16
31-Dec-16

1-Jan-17
31-Dec-17

1-Jan-18
31-Dec-18

1-Jan-19
31-Dec-19

1-Jan-20
31-Dec-20

1-Jan-21
31-Dec-21

1-Jan-22
31-Dec-22

1-Jan-23
31-Dec-23

1-Jan-24
31-Dec-24

1-Jan-25
31-Dec-25

2006
1

2007
2

2008
3

2009
4

2010
5

2011
6

2012
7

2013
8

2014
9

2015
10

2016
11

2017
12

2018
13

2019
14

2020
15

2021
16

2022
17

2023
18

2024
19

2025
20

5,071
2,617
2,788
918
11,393

20,689
10,678
11,375
2,146
44,888

26,378
18,970
29,708
1,712
76,767

5,255
5,462
15,508
1,259
27,485

5,360
5,571
15,819
963
27,714

5,468
1,894
5,378
12,740

VAT Deficit
CAPEX 1
CAPEX 2
Doubling YYYY
Potable water System YYY
Expropriation
VAT CAPEX

keuro
keuro
keuro
keuro
keuro
keuro

Design 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)

2,478
2,000
(6,149)
(2,527)
(4,198)

3,043
2,040
(6,272)
(3,207)
(4,396)

4,856
2,081
(9,326)
(3,255)
(5,644)

4,953
2,122
(9,513)
(3,303)
(5,741)

5,053
2,165
(9,703)
(3,353)
(5,839)

5,154
2,208
(9,897)
(3,403)
(5,939)

5,257
2,252
(10,095)
(3,454)
(6,041)

5,362
2,297
(10,297)
(3,506)
(6,144)

5,469
2,343
(10,503)
(1,598)
(4,289)

5,578
2,390
(10,713)
(1,622)
(4,367)

5,690
2,438
(10,927)
(1,647)
(4,446)

5,804
2,487
(11,146)
(1,671)
(4,527)

5,920
2,536
(11,369)
(1,696)
(4,609)

6,038
2,587
(11,596)
(1,722)
(4,693)

6,159
2,639
(11,828)
(1,748)
(4,778)

6,282
2,692
(12,065)
(1,774)
(4,865)

6,408
2,746
(12,306)
(1,801)
(4,953)

Operating VAT
Grant Rate
Concession fee Rate
Water revenues Rate
Energy revenues Rate
Operating VAT position

keuro
keuro
keuro
keuro
keuro

VAT Receivables/(Payable)

VAT Reimbursement/(Cost)
Average payment by VAT Authority
VAT Reimbursement/(Cost)

Year
keuro

11,405

35,833

60,265

18,395

17,601

4,769

(5,741 )

(5,839 )

(5,939 )

(6,041 )

(6,144 )

(4,289 )

(4,367 )

(4,446 )

(4,527 )

(4,609 )

(4,693 )

(4,778 )

(4,865 )

(4,953 )

2
0

11,405

35,833

60,265

18,395

17,601

4,769

(5,741 )

(5,839 )

(5,939 )

(6,041 )

(6,144 )

(4,289 )

(4,367 )

(4,446 )

(4,527 )

(4,609 )

(4,693 )

(4,778 )

1-Jan-06
31-Dec-06

1-Jan-07
31-Dec-07

1-Jan-08
31-Dec-08

1-Jan-09
31-Dec-09

1-Jan-10
31-Dec-10

1-Jan-11
31-Dec-11

1-Jan-12
31-Dec-12

1-Jan-13
31-Dec-13

1-Jan-14
31-Dec-14

1-Jan-15
31-Dec-15

1-Jan-16
31-Dec-16

1-Jan-17
31-Dec-17

1-Jan-18
31-Dec-18

1-Jan-19
31-Dec-19

1-Jan-20
31-Dec-20

1-Jan-21
31-Dec-21

1-Jan-22
31-Dec-22

1-Jan-23
31-Dec-23

1-Jan-24
31-Dec-24

1-Jan-25
31-Dec-25

2006
1

2007
2

2008
3

2009
4

2010
5

2011
6

2012
7

2013
8

2014
9

2015
10

2016
11

2017
12

2018
13

2019
14

2020
15

2021
16

2022
17

2023
18

2024
19

2025
20

VAT FACILITY

Year
Progr.
Initial Outstanding

keuro

11,405

47,238

96,099

78,661

35,997

22,370

4,769

VAT Facility drawdown

keuro

11,405

35,833

60,265

18,395

17,601

4,769

VAT Facility Repayment

Final Outstanding

keuro
keuro

0
11,405

0
47,238

(11,405)
96,099

(35,833)
78,661

(60,265)
35,997

(18,395)
22,370

(17,601)
4,769

(4,769)
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

Average Outstanding
Undrawn Capital

keuro
keuro

5,702
90,397

29,321
66,777

71,669
24,430

87,380
8,719

57,329
38,770

29,183
0

13,570
0

2,385
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

228
29

1,173
90

2,867
151

3,495
46

2,293
44

1,167
0

543
0

95
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

keuro

257
257
0

1,262
1,262
0

3,017
3,017
0

3,541
0
3,541

2,337
0
2,337

1,167
0
1,167

543
0
543

95
0
95

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

452
961

334
0

122
0

44
0

194
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

Total Financial Fee

keuro
keuro
keuro
keuro

1,413

334

122

44

194

VAT Receivables
VAT Reibursement
VAT Position period
VAT Position accrued

keuro
keuro
keuro
keuro

11,405
0
11,405
11,405

35,833
0
35,833
47,238

60,265
11,405
48,861
96,099

18,395
35,833
(17,438)
78,661

17,601
60,265
(42,664)
35,997

4,769
18,395
(13,626)
22,370

0
17,601
(17,601)
4,769

0
4,769
(4,769)
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

Interest
Withholding Tax
Interest
Capitalised
to P&L
Financial fee
Commitment fee
Arranging fee

148824039.xls.ms_office

keuro
keuro

BOZZA
VAT

VAT SHEET
1-Jan-26
31-Dec-26

1-Jan-27
31-Dec-27

1-Jan-28
31-Dec-28

1-Jan-29
31-Dec-29

1-Jan-30
31-Dec-30

1-Jan-31
31-Dec-31

1-Jan-32
31-Dec-32

1-Jan-33
31-Dec-33

1-Jan-34
31-Dec-34

1-Jan-35
31-Dec-35

1-Jan-36
31-Dec-36

1-Jan-37
31-Dec-37

1-Jan-38
31-Dec-38

1-Jan-39
31-Dec-39

1-Jan-40
31-Dec-40

2026
21

2027
22

2028
23

2029
24

2030
25

2031
26

2032
27

2033
28

2034
29

2035
30

2036
31

2037
32

2038
33

2039
34

2040
35

CAPEX 1
CAPEX 2
Doubling YYYY
Potable water System YYY
Expropriation
VAT CAPEX

Design and other costs

Operating VAT
Grant Rate
Concession fee Rate
Water revenues Rate
Energy revenues Rate
Operating VAT position

6,536
2,800
(12,552)
(1,828)
(5,043)

6,667
2,856
(12,803)
(1,855)
(5,135)

6,800
2,914
(13,059)
(1,883)
(5,228)

6,936
2,972
(13,320)
(1,911)
(5,324)

7,075
3,031
(13,587)
(1,940)
(5,420)

7,216
3,092
(13,859)
(1,969)
(5,519)

7,361
3,154
(14,136)
(1,998)
(5,620)

7,508
3,217
(14,418)
(2,028)
(5,722)

7,658
3,281
(14,707)
(2,059)
(5,826)

7,811
3,347
(15,001)
(2,090)
(5,933)

7,967
3,414
(15,301)
(2,121)
(6,041)

8,127
3,482
(15,607)
(2,153)
(6,151)

8,289
3,552
(15,919)
(2,185)
(6,263)

8,455
3,623
(16,238)
(2,218)
(6,378)

8,624
3,695
(16,562)
(2,251)
(6,494)

VAT Receivables/(Payable)

(5,043 )

(5,135 )

(5,228 )

(5,324 )

(5,420 )

(5,519 )

(5,620 )

(5,722 )

(5,826 )

(5,933 )

(6,041 )

(6,151 )

(6,263 )

(6,378 )

(6,494 )

VAT Reimbursement/(Cost)
Average payment by VAT Authority
VAT Reimbursement/(Cost)

(4,865 )

(4,953 )

(5,043 )

(5,135 )

(5,228 )

(5,324 )

(5,420 )

(5,519 )

(5,620 )

(5,722 )

(5,826 )

(5,933 )

(6,041 )

(6,151 )

(6,263 )

1-Jan-26
31-Dec-26

1-Jan-27
31-Dec-27

1-Jan-28
31-Dec-28

1-Jan-29
31-Dec-29

1-Jan-30
31-Dec-30

1-Jan-31
31-Dec-31

1-Jan-32
31-Dec-32

1-Jan-33
31-Dec-33

1-Jan-34
31-Dec-34

1-Jan-35
31-Dec-35

1-Jan-36
31-Dec-36

1-Jan-37
31-Dec-37

1-Jan-38
31-Dec-38

1-Jan-39
31-Dec-39

1-Jan-40
31-Dec-40

2026
21

2027
22

2028
23

2029
24

2030
25

2031
26

2032
27

2033
28

2034
29

2035
30

2036
31

2037
32

2038
33

2039
34

2040
35

Initial Outstanding

VAT Facility drawdown

VAT Facility Repayment

Final Outstanding

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

Average Outstanding
Undrawn Capital

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

Interest
Withholding Tax

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

Interest
Capitalised
to P&L

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

Financial fee
Commitment fee
Arranging fee

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

Total Financial Fee

VAT Receivables
VAT Reibursement
VAT Position period
VAT Position accrued

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

Year
Progr.
VAT Deficit

GRANT VAT

VAT FACILITY

Year
Progr.

148824039.xls.ms_office

BOZZA
VAT

DEPRECIATION SHEET
Total
keuro
keuro
keuro
keuro
keuro
keuro

260,687
134,551
143,332
64,445
11,653
614,669

8,146
4,205
4,479
2,014
364
19,208

2nd Section
CAPEX 2
Doubling XXX
Potable Water System XXX
Design and other costs
Expropriation
TOTAL CAPEX 2nd Section

keuro
keuro
keuro
keuro
keuro
keuro

80,417
91,414
259,548
51,352
23,337
506,068

2,681
3,047
8,652
1,712
778
16,869

Total Capex

keuro

1,120,737

36,077

Life Cycle Cost

Year
2014
2016
2014
2020
2022
2024
2026
2028
2030
2032
2034
2036
2038
2040

keuro
keuro
keuro
keuro
keuro
keuro
keuro
keuro
keuro
keuro
keuro
keuro
keuro
keuro
keuro

Total
LIFE CYCLE COSTS

1,794
3,630
2,010
4,051
4,458
2,418
4,687
2,353
-

Total
2,981
1,663
3,385
1,888
3,843
2,144
4,363
2,434
4,954
2,763
5,624
3,137
6,385
3,562

Starting date
1-Jan-09

Depr. Maturity
32.0

1-Jan-11

30.0

Starting date
Depr. Maturity
1-Jan-15
26.0
1-Jan-17
24.0
1-Jan-15
26.0
1-Jan-21
20.0
1-Jan-23
18.0
1-Jan-25
16.0
1-Jan-27
14.0
1-Jan-29
12.0
1-Jan-31
10.0
1-Jan-33
8.0
1-Jan-35
6.0
1-Jan-37
4.0
1-Jan-39
2.0
1-Jan-40
1.0

115
69
130
94
214
134
312
203
495
345
937
784
3,193
3,562

49,127
keuro

Year
Progr.

2,867
1,594

Annual Depr.

1st Section
CAPEX 1
Doubling YYYY
Potable water System YYY
Design and other costs
Expropriation
TOTAL CAPEX 1st Section

1,169,864

1-Jan-06
31-Dec-06

1-Jan-07
31-Dec-07

1-Jan-08
31-Dec-08

1-Jan-09
31-Dec-09

1-Jan-10
31-Dec-10

1-Jan-11
31-Dec-11

1-Jan-12
31-Dec-12

1-Jan-13
31-Dec-13

1-Jan-14
31-Dec-14

1-Jan-15
31-Dec-15

1-Jan-16
31-Dec-16

1-Jan-17
31-Dec-17

1-Jan-18
31-Dec-18

1-Jan-19
31-Dec-19

1-Jan-20
31-Dec-20

1-Jan-21
31-Dec-21

1-Jan-22
31-Dec-22

1-Jan-23
31-Dec-23

1-Jan-24
31-Dec-24

1-Jan-25
31-Dec-25

1-Jan-26
31-Dec-26

1-Jan-27
31-Dec-27

1-Jan-28
31-Dec-28

2006
1

2007
2

2008
3

2009
4

2010
5

2011
6

2012
7

2013
8

2014
9

2015
10

2016
11

2017
12

2018
13

2019
14

2020
15

2021
16

2022
17

2023
18

2024
19

2025
20

2026
21

2027
22

2028
23

1st Section
CAPEX 1
Doubling YYYY
Potable water System YYY
Design and other costs
Expropriation
TOTAL CAPEX 1st Section

keuro
keuro
keuro
keuro
keuro
keuro

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

2nd Section
CAPEX 2
Doubling XXX
Potable Water System XXX
Design and other costs
Expropriation
TOTAL CAPEX 2nd Section

keuro
keuro
keuro
keuro
keuro
keuro

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

Total Capex

keuro

19,208

19,208

36,077

36,077

36,077

36,077

36,077

36,077

36,077

36,077

36,077

36,077

36,077

36,077

36,077

36,077

36,077

36,077

36,077

36,077

keuro
keuro

115
130
245

115
130
245

115
69
130
314

115
69
130
314

115
69
130
314

115
69
130
314

115
69
130
94
409

115
69
130
94
409

115
69
130
94
214
622

115
69
130
94
214
622

115
69
130
94
214
134
756

115
69
130
94
214
134
756

115
69
130
94
214
134
312
1,068

115
69
130
94
214
134
312
1,068

Life Cycle Cost

2014
2016
2014
2020
2022
2024
2026
2028
2030
2032
2034
2036
2038
2040
0
Total

keuro

VAT Facility Interest and Financial fee

Senior Facility Interest and Financial fee
Oneri finanziari linee per firma

keuro
keuro
keuro

221
841
330

221
841
330

221
841
330

221
841
330

221
841
330

221
841
330

221
841
330

221
841
330

221
841
330

221
841
330

221
841
330

221
841
330

221
841
330

221
841
330

221
841
330

221
841
330

221
841
330

221
841
330

Total Depreciation

keuro

19,208

19,208

37,470

37,470

37,470

37,470

37,715

37,715

37,784

37,784

37,784

37,784

37,878

37,878

38,092

38,092

38,226

38,226

38,538

38,538

148824039.xls.ms_office

keuro
keuro
keuro
keuro
keuro
keuro
keuro
keuro
keuro
keuro

BOZZA
Depreciation

Grants deferred Liabilities

Starting
Ending

Year
Progr.

1-Jan-06
31-Dec-06

1-Jan-07
31-Dec-07

1-Jan-08
31-Dec-08

1-Jan-09
31-Dec-09

1-Jan-10
31-Dec-10

1-Jan-11
31-Dec-11

1-Jan-12
31-Dec-12

1-Jan-13
31-Dec-13

1-Jan-14
31-Dec-14

1-Jan-15
31-Dec-15

1-Jan-16
31-Dec-16

1-Jan-17
31-Dec-17

1-Jan-18
31-Dec-18

1-Jan-19
31-Dec-19

1-Jan-20
31-Dec-20

1-Jan-21
31-Dec-21

1-Jan-22
31-Dec-22

1-Jan-23
31-Dec-23

1-Jan-24
31-Dec-24

1-Jan-25
31-Dec-25

1-Jan-26
31-Dec-26

1-Jan-27
31-Dec-27

1-Jan-28
31-Dec-28

2006
1

2007
2

2008
3

2009
4

2010
5

2011
6

2012
7

2013
8

2014
9

2015
10

2016
11

2017
12

2018
13

2019
14

2020
15

2021
16

2022
17

2023
18

2024
19

2025
20

2026
21

2027
22

2028
23
-

1st Section

keuro

338,068

2nd Section

keuro

278,338

Grants deferred Liabilities 1 Section

keuro

10,565

10,565

10,565

10,565

10,565

10,565

10,565

10,565

10,565

10,565

10,565

10,565

10,565

10,565

10,565

10,565

10,565

10,565

10,565

10,565

Grants deferred Liabilities 2 Section

keuro

9,278

9,278

9,278

9,278

9,278

9,278

9,278

9,278

9,278

9,278

9,278

9,278

9,278

9,278

9,278

9,278

9,278

9,278

Total Grants deferred Liabilities

keuro

10,565

10,565

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

148824039.xls.ms_office

BOZZA
Depreciation

1-Jan-29
31-Dec-29

1-Jan-30
31-Dec-30

1-Jan-31
31-Dec-31

1-Jan-32
31-Dec-32

1-Jan-33
31-Dec-33

1-Jan-34
31-Dec-34

1-Jan-35
31-Dec-35

1-Jan-36
31-Dec-36

1-Jan-37
31-Dec-37

1-Jan-38
31-Dec-38

1-Jan-39
31-Dec-39

1-Jan-40
31-Dec-40

1-Jan-41
31-Dec-41

2029
24

2030
25

2031
26

2032
27

2033
28

2034
29

2035
30

2036
31

2037
32

2038
33

2039
34

2040
35

2041
36

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

8,146
4,205
4,479
2,014
364
19,208

0
0

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

2,681
3,047
8,652
1,712
778
16,869

0
0

36,077

36,077

36,077

36,077

36,077

36,077

36,077

36,077

36,077

36,077

36,077

36,077

115
69
130
94
214
134
312
203
1,271

115
69
130
94
214
134
312
203
1,271

115
69
130
94
214
134
312
203
495
1,766

115
69
130
94
214
134
312
203
495
1,766

115
69
130
94
214
134
312
203
495
345
2,111

115
69
130
94
214
134
312
203
495
345
2,111

115
69
130
94
214
134
312
203
495
345
937
3,049

115
69
130
94
214
134
312
203
495
345
937
3,049

115
69
130
94
214
134
312
203
495
345
937
784
3,833

115
69
130
94
214
134
312
203
495
345
937
784
3,833

115
69
130
94
214
134
312
203
495
345
937
784
3,193
7,026

115
69
130
94
214
134
312
203
495
345
937
784
3,193
3,562
10,587

0
0
0

221
841
330

221
841
330

221
841
330

221
841
330

221
841
330

221
841
330

221
841
330

221
841
330

221
841
330

221
841
330

221
841
330

221
841
330

0
0

38,740

38,740

39,236

39,236

39,581

39,581

40,519

40,519

41,303

41,303

44,495

48,057

148824039.xls.ms_office

BOZZA
Depreciation

1-Jan-29
31-Dec-29

1-Jan-30
31-Dec-30

1-Jan-31
31-Dec-31

1-Jan-32
31-Dec-32

1-Jan-33
31-Dec-33

1-Jan-34
31-Dec-34

1-Jan-35
31-Dec-35

1-Jan-36
31-Dec-36

1-Jan-37
31-Dec-37

1-Jan-38
31-Dec-38

1-Jan-39
31-Dec-39

1-Jan-40
31-Dec-40

1-Jan-41
31-Dec-41

2029
24

2030
25

2031
26

2032
27

2033
28

2034
29

2035
30

2036
31

2037
32

2038
33

2039
34

2040
35

2041
36

10,565

10,565

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

9,278

9,278

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

148824039.xls.ms_office

BOZZA
Depreciation

PUBBLIC GRANT SHEET

Year
Progr.
Public Installments

keuro

1st Section
TOTAL CAPEX 1st Section %
GRANT 1 section

keuro

2nd Section
TOTAL CAPEX 2nd Section %
GRANT 2 section

keuro

Total Grants

keuro

148824039.xls.ms_office

keuro

keuro

1-Jan-06
31-Dec-06

1-Jan-07
31-Dec-07

1-Jan-08
31-Dec-08

1-Jan-09
31-Dec-09

1-Jan-10
31-Dec-10

1-Jan-11
31-Dec-11

1-Jan-12
31-Dec-12

1-Jan-13
31-Dec-13

2006
1

2007
2

2008
3

2009
4

2010
5

2011
6

2012
7

2013
8

72,376
55%
39,807

240,028
55%
132,016

296,938
55%
163,316

5,327
55%
2,930

55%
-

55%
-

55%
-

55%
-

6,277
55%
3,452

7,099
55%
3,905

118,686
55%
65,277

150,490
55%
82,769

151,703
55%
83,437

71,813
55%
39,497

55%
-

55%
-

616,405

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%

BOZZA
Grant

OPEX SHEET

Year
Progr.
Annual Inflation rate

1-Jan-06
31-Dec-06
2006
1
2.0%

1-Jan-07
31-Dec-07
2007
2
2.0%

1-Jan-08
31-Dec-08
2008
3
2.0%

1-Jan-09
31-Dec-09
2009
4
2.0%

1-Jan-10
31-Dec-10
2010
5
2.0%

1-Jan-11
31-Dec-11
2011
6
2.0%

1-Jan-12
31-Dec-12
2012
7
2.0%

1-Jan-13
31-Dec-13
2013
8
2.0%

1-Jan-14
31-Dec-14
2014
9
2.0%

1-Jan-15
31-Dec-15
2015
10
2.0%

1-Jan-16
31-Dec-16
2016
11
2.0%

1-Jan-17
31-Dec-17
2017
12
2.0%

1-Jan-18
31-Dec-18
2018
13
2.0%

1-Jan-19
31-Dec-19
2019
14
2.0%

1-Jan-20
31-Dec-20
2020
15
2.0%

1-Jan-21
31-Dec-21
2021
16
2.0%

1-Jan-22
31-Dec-22
2022
17
2.0%

1-Jan-23
31-Dec-23
2023
18
2.0%

1-Jan-24
31-Dec-24
2024
19
2.0%

1-Jan-25
31-Dec-25
2025
20
2.0%

Water opex
Personnel

keuro

3,209

6,547

8,681

8,854

9,031

9,212

9,396

9,584

9,776

9,971

10,171

10,374

10,582

10,793

11,009

11,229

11,454

Maintenance Costs
Water System Opex
Maintenance
Other Services
Total Maintenance Costs

keuro
keuro
keuro
keuro

5,731
1,429
822
7,981

5,845
2,915
1,677
10,437

11,262
5,355
2,281
18,897

11,487
5,462
2,327
19,275

11,717
5,571
2,373
19,661

11,951
5,682
2,421
20,054

12,190
5,796
2,469
20,455

12,434
5,912
2,518
20,864

12,682
6,030
2,569
21,281

12,936
6,151
2,620
21,707

13,195
6,274
2,673
22,141

13,459
6,399
2,726
22,584

13,728
6,527
2,781
23,036

14,002
6,658
2,836
23,496

14,282
6,791
2,893
23,966

14,568
6,927
2,951
24,446

14,859
7,065
3,010
24,934

General Expenses

keuro

560

849

1,379

1,406

1,435

1,463

1,493

1,522

1,553

1,584

1,616

1,648

1,681

1,714

1,749

1,784

1,819

Existing Water System Opex

keuro

2,500

2,550

2,601

2,653

2,706

2,760

2,815

2,872

2,929

2,988

3,047

3,108

3,171

3,234

3,299

3,365

3,432

5,000

5,100

5,202

5,306

5,412

5,520

5,631

5,743

5,858

5,975

6,095

6,217

6,341

6,468

6,597

6,729

6,864

keuro

19,250

25,482

36,760

37,495

38,245

39,010

39,790

40,586

41,397

42,225

43,070

43,931

44,810

45,706

46,620

47,553

48,504

Power plant opex

keuro

1,350

1,377

1,405

1,433

1,461

1,491

1,520

1,551

1,582

1,613

1,646

1,679

1,712

1,746

1,781

1,817

1,853

Energy Autority Fee

keuro

5,000

5,100

5,202

5,306

5,412

5,520

5,631

5,743

5,858

5,975

6,095

6,217

6,341

6,468

6,597

6,729

6,864

Total Energy Opex

keuro

6,350

6,477

6,607

6,739

6,873

7,011

7,151

7,294

7,440

7,589

7,741

7,895

8,053

8,214

8,379

8,546

8,717

Total Opex

keuro

25,600

31,959

43,366

44,234

45,118

46,021

46,941

47,880

48,838

49,814

50,811

51,827

52,863

53,921

54,999

56,099

57,221

Water Autority Fee

Total Water Opex
Energy Opex

148824039.xls.ms_office

BOZZA
Opex

OPEX SHEET
1-Jan-26
31-Dec-26
2026
21
2.0%

Year
Progr.
Annual Inflation rate

1-Jan-27
31-Dec-27
2027
22
2.0%

1-Jan-28
31-Dec-28
2028
23
2.0%

1-Jan-29
31-Dec-29
2029
24
2.0%

1-Jan-30
31-Dec-30
2030
25
2.0%

1-Jan-31
31-Dec-31
2031
26
2.0%

1-Jan-32
31-Dec-32
2032
27
2.0%

1-Jan-33
31-Dec-33
2033
28
2.0%

1-Jan-34
31-Dec-34
2034
29
2.0%

1-Jan-35
31-Dec-35
2035
30
2.0%

1-Jan-36
31-Dec-36
2036
31
2.0%

1-Jan-37
31-Dec-37
2037
32
2.0%

1-Jan-38
31-Dec-38
2038
33
2.0%

1-Jan-39
31-Dec-39
2039
34
2.0%

1-Jan-40
31-Dec-40
2040
35
2.0%

Water opex
Personnel

keuro

11,683

11,917

12,155

12,398

12,646

12,899

13,157

13,420

13,689

13,962

14,242

14,526

14,817

15,113

15,416

Maintenance Costs
Water System Opex
Maintenance
Other Services
Total Maintenance Costs

keuro
keuro
keuro
keuro

15,157
7,206
3,070
25,433

15,460
7,351
3,131
25,942

15,769
7,498
3,194
26,461

16,084
7,648
3,258
26,990

16,406
7,801
3,323
27,530

16,734
7,957
3,389
28,080

17,069
8,116
3,457
28,642

17,410
8,278
3,526
29,215

17,758
8,444
3,597
29,799

18,114
8,612
3,669
30,395

18,476
8,785
3,742
31,003

18,845
8,960
3,817
31,623

19,222
9,140
3,893
32,255

19,607
9,322
3,971
32,900

19,999
9,509
4,051
33,558

General Expenses

keuro

1,856

1,893

1,931

1,969

2,009

2,049

2,090

2,132

2,174

2,218

2,262

2,307

2,354

2,401

2,449

Existing Water System Opex

keuro

3,501

3,571

3,642

3,715

3,789

3,865

3,942

4,021

4,102

4,184

4,267

4,353

4,440

4,528

4,619

7,001

7,141

7,284

7,430

7,578

7,730

7,884

8,042

8,203

8,367

8,534

8,705

8,879

9,057

9,238

keuro

49,474

50,463

51,473

52,502

53,552

54,623

55,716

56,830

57,966

59,126

60,308

61,515

62,745

64,000

65,280

Power plant opex

keuro

1,890

1,928

1,967

2,006

2,046

2,087

2,129

2,171

2,215

2,259

2,304

2,350

2,397

2,445

2,494

Energy Autority Fee

keuro

7,001

7,141

7,284

7,430

7,578

7,730

7,884

8,042

8,203

8,367

8,534

8,705

8,879

9,057

9,238

Total Energy Opex

keuro

8,892

9,069

9,251

9,436

9,624

9,817

10,013

10,214

10,418

10,626

10,839

11,056

11,277

11,502

11,732

Total Opex

keuro

58,365

59,533

60,723

61,938

63,177

64,440

65,729

67,043

68,384

69,752

71,147

72,570

74,021

75,502

77,012

Water Autority Fee

Total Water Opex
Energy Opex

148824039.xls.ms_office

BOZZA
Opex

PROFIT & LOSS

Starting
Ending

Year
Progr.
Annual Inflation Rate

1-Jan-06
31-Dec-06

1-Jan-07
31-Dec-07

1-Jan-08
31-Dec-08

1-Jan-09
31-Dec-09

1-Jan-10
31-Dec-10

1-Jan-11
31-Dec-11

1-Jan-12
31-Dec-12

1-Jan-13
31-Dec-13

1-Jan-14
31-Dec-14

1-Jan-15
31-Dec-15

1-Jan-16
31-Dec-16

1-Jan-17
31-Dec-17

1-Jan-18
31-Dec-18

1-Jan-19
31-Dec-19

1-Jan-20
31-Dec-20

1-Jan-21
31-Dec-21

1-Jan-22
31-Dec-22

1-Jan-23
31-Dec-23

1-Jan-24
31-Dec-24

2006
1
0.0%

2007
2
0.0%

2008
3
0.0%

2009
4
0.0%

2010
5
2.0%

2011
6
2.0%

2012
7
2.0%

2013
8
2.0%

2014
9
2.0%

2015
10
2.0%

2016
11
2.0%

2017
12
2.0%

2018
13
2.0%

2019
14
2.0%

2020
15
2.0%

2021
16
2.0%

2022
17
2.0%

2023
18
2.0%

2024
19
2.0%

Revenues
Additional Non potable water revenues

keuro

3,378

3,446

4,687

4,780

4,876

4,973

5,073

5,174

5,278

5,383

5,491

5,601

5,713

5,827

5,944

6,063

Additional Potable water revenues

keuro

58,110

59,272

88,577

90,349

92,156

93,999

95,879

97,797

99,753

101,748

103,783

105,858

107,975

110,135

112,338

114,584

Energy Revenues

keuro

12,637

16,033

16,273

16,517

16,765

17,016

17,272

17,531

7,992

8,112

8,234

8,357

8,482

8,610

8,739

8,870

Total Reveunes

keuro

74,125

78,751

109,537

111,647

113,797

115,989

118,224

120,502

113,023

115,243

117,507

119,816

122,171

124,572

127,020

129,517

Opex
Personnel

keuro

(3,209)

(6,547)

(8,681)

(8,854)

(9,031)

(9,212)

(9,396)

(9,584)

(9,776)

(9,971)

(10,171)

(10,374)

(10,582)

(10,793)

(11,009)

(11,229)

Maintenance Costs
Water System Opex
Maintenance
Other Services
Total Maintenance Costs

keuro
keuro
keuro
keuro

0
0
0
0

0
0
0
0

(5,731)
(1,429)
(822)
(7,981)

(5,845)
(2,915)
(1,677)
(10,437)

(11,262)
(5,355)
(2,281)
(18,897)

(11,487)
(5,462)
(2,327)
(19,275)

(11,717)
(5,571)
(2,373)
(19,661)

(11,951)
(5,682)
(2,421)
(20,054)

(12,190)
(5,796)
(2,469)
(20,455)

(12,434)
(5,912)
(2,518)
(20,864)

(12,682)
(6,030)
(2,569)
(21,281)

(12,936)
(6,151)
(2,620)
(21,707)

(13,195)
(6,274)
(2,673)
(22,141)

(13,459)
(6,399)
(2,726)
(22,584)

(13,728)
(6,527)
(2,781)
(23,036)

(14,002)
(6,658)
(2,836)
(23,496)

(14,282)
(6,791)
(2,893)
(23,966)

(14,568)
(6,927)
(2,951)
(24,446)

General Expenses

keuro

(560)

(849)

(1,379)

(1,406)

(1,435)

(1,463)

(1,493)

(1,522)

(1,553)

(1,584)

(1,616)

(1,648)

(1,681)

(1,714)

(1,749)

(1,784)

Existing Water System Opex

keuro

(2,500)

(2,550)

(2,601)

(2,653)

(2,706)

(2,760)

(2,815)

(2,872)

(2,929)

(2,988)

(3,047)

(3,108)

(3,171)

(3,234)

(3,299)

(3,365)

Power plant opex

Energy Autority Fee
Water Autority Fee

keuro
keuro
keuro

0
0
0

0
0
0

0
0
0

(1,350)
(5,000)
(5,000)

(1,377)
(5,100)
(5,100)

(1,405)
(5,202)
(5,202)

(1,433)
(5,306)
(5,306)

(1,461)
(5,412)
(5,412)

(1,491)
(5,520)
(5,520)

(1,520)
(5,631)
(5,631)

(1,551)
(5,743)
(5,743)

(1,582)
(5,858)
(5,858)

(1,613)
(5,975)
(5,975)

(1,646)
(6,095)
(6,095)

(1,679)
(6,217)
(6,217)

(1,712)
(6,341)
(6,341)

(1,746)
(6,468)
(6,468)

(1,781)
(6,597)
(6,597)

(1,817)
(6,729)
(6,729)

Total Opex

keuro

(25,600)

(31,959)

(43,366)

(44,234)

(45,118)

(46,021)

(46,941)

(47,880)

(48,838)

(49,814)

(50,811)

(51,827)

(52,863)

(53,921)

(54,999)

(56,099)

EBITDA

keuro

48,525

46,791

66,171

67,413

68,679

69,968

71,283

72,622

64,185

65,429

66,697

67,989

69,307

70,651

72,021

73,418

Depreciation

keuro

(19,208)

(19,208)

(37,470)

(37,470)

(37,470)

(37,470)

(37,715)

(37,715)

(37,784)

(37,784)

(37,784)

(37,784)

(37,878)

(37,878)

(38,092)

(38,092)

EBIT

keuro

29,317

27,583

28,701

29,943

31,209

32,498

33,568

34,907

26,401

27,645

28,913

30,205

31,429

32,773

33,929

35,326

VAT Facility
Senior Facility
Guarantee Fcility
Interest Income
Total Financial (Cost)/Revenues

keuro
keuro
keuro
keuro

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

(3,541)
(16,365)
(5,089)
0
(24,995)

(2,337)
(18,257)
(4,629)
0
(25,223)

(1,167)
(19,608)
(4,767)
0
(25,542)

(543)
(19,460)
(843)
190
(20,656)

(95)
(18,505)
(548)
190
(18,958)

0
(17,484)
(253)
180
(17,556)

0
(16,389)
(109)
191
(16,307)

0
(15,180)
(19)
188
(15,011)

0
(14,061)
0
162
(13,899)

0
(13,016)
0
163
(12,853)

0
(11,817)
0
179
(11,638)

0
(10,504)
0
171
(10,333)

0
(9,116)
0
179
(8,937)

0
(7,669)
0
168
(7,501)

0
(6,142)
0
179
(5,963)

0
(4,515)
0
170
(4,345)

Grants deferred Liabilities

keuro

10,565

10,565

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

EBT

keuro

14,886

12,925

23,001

29,130

32,093

34,785

37,104

39,738

32,345

34,634

37,117

39,715

42,334

45,114

47,808

50,823

IRAP
Corporation Tax (IRES)

keuro
keuro

0
0

0
(0)

0
(0)

(1,926)
(4,912)

(1,710)
(4,265)

(2,443)
(7,590)

(2,489)
(9,613)

(2,535)
(10,591)

(2,582)
(11,479)

(2,630)
(12,244)

(2,679)
(13,114)

(2,312)
(10,674)

(2,357)
(11,429)

(2,402)
(12,249)

(2,449)
(13,106)

(2,496)
(13,970)

(2,544)
(14,888)

(2,593)
(15,777)

(2,643)
(16,772)

EARNING

keuro

8,048

6,949

12,967

17,028

18,967

20,723

22,229

23,946

19,359

20,848

22,466

24,161

25,868

27,683

29,439

31,409

0
0

Financial (Cost)/Revenues

148824039.xls.ms_office

BOZZA
P&L

PROFIT & LOSS

Starting
Ending

Year
Progr.
Annual Inflation Rate

1-Jan-25
31-Dec-25

1-Jan-26
31-Dec-26

1-Jan-27
31-Dec-27

1-Jan-28
31-Dec-28

1-Jan-29
31-Dec-29

1-Jan-30
31-Dec-30

1-Jan-31
31-Dec-31

1-Jan-32
31-Dec-32

1-Jan-33
31-Dec-33

1-Jan-34
31-Dec-34

1-Jan-35
31-Dec-35

1-Jan-36
31-Dec-36

1-Jan-37
31-Dec-37

1-Jan-38
31-Dec-38

1-Jan-39
31-Dec-39

1-Jan-40
31-Dec-40

2025
20
2.0%

2026
21
2.0%

2027
22
2.0%

2028
23
2.0%

2029
24
2.0%

2030
25
2.0%

2031
26
2.0%

2032
27
2.0%

2033
28
2.0%

2034
29
2.0%

2035
30
2.0%

2036
31
2.0%

2037
32
2.0%

2038
33
2.0%

2039
34
2.0%

2040
35
2.0%

Revenues
Additional Non potable water revenues

keuro

6,184

6,308

6,434

6,562

6,694

6,828

6,964

7,103

7,245

7,390

7,538

7,689

7,843

8,000

8,160

8,323

Additional Potable water revenues

keuro

116,876

119,214

121,598

124,030

126,510

129,041

131,621

134,254

136,939

139,678

142,471

145,321

148,227

151,192

154,215

157,300

Energy Revenues

keuro

9,003

9,138

9,275

9,414

9,555

9,699

9,844

9,992

10,142

10,294

10,448

10,605

10,764

10,926

11,089

11,256

Total Reveunes

keuro

132,063

134,659

137,307

140,006

142,759

145,567

148,430

151,349

154,326

157,362

160,458

163,615

166,834

170,117

173,464

176,878

Opex
Personnel

keuro

(11,454)

(11,683)

(11,917)

(12,155)

(12,398)

(12,646)

(12,899)

(13,157)

(13,420)

(13,689)

(13,962)

(14,242)

(14,526)

(14,817)

(15,113)

(15,416)

Maintenance Costs
Water System Opex
Maintenance
Other Services
Total Maintenance Costs

keuro
keuro
keuro
keuro

(14,859)
(7,065)
(3,010)
(24,934)

(15,157)
(7,206)
(3,070)
(25,433)

(15,460)
(7,351)
(3,131)
(25,942)

(15,769)
(7,498)
(3,194)
(26,461)

(16,084)
(7,648)
(3,258)
(26,990)

(16,406)
(7,801)
(3,323)
(27,530)

(16,734)
(7,957)
(3,389)
(28,080)

(17,069)
(8,116)
(3,457)
(28,642)

(17,410)
(8,278)
(3,526)
(29,215)

(17,758)
(8,444)
(3,597)
(29,799)

(18,114)
(8,612)
(3,669)
(30,395)

(18,476)
(8,785)
(3,742)
(31,003)

(18,845)
(8,960)
(3,817)
(31,623)

(19,222)
(9,140)
(3,893)
(32,255)

(19,607)
(9,322)
(3,971)
(32,900)

(19,999)
(9,509)
(4,051)
(33,558)

General Expenses

keuro

(1,819)

(1,856)

(1,893)

(1,931)

(1,969)

(2,009)

(2,049)

(2,090)

(2,132)

(2,174)

(2,218)

(2,262)

(2,307)

(2,354)

(2,401)

(2,449)

Existing Water System Opex

keuro

(3,432)

(3,501)

(3,571)

(3,642)

(3,715)

(3,789)

(3,865)

(3,942)

(4,021)

(4,102)

(4,184)

(4,267)

(4,353)

(4,440)

(4,528)

(4,619)

Power plant opex

Energy Autority Fee
Water Autority Fee

keuro
keuro
keuro

(1,853)
(6,864)
(6,864)

(1,890)
(7,001)
(7,001)

(1,928)
(7,141)
(7,141)

(1,967)
(7,284)
(7,284)

(2,006)
(7,430)
(7,430)

(2,046)
(7,578)
(7,578)

(2,087)
(7,730)
(7,730)

(2,129)
(7,884)
(7,884)

(2,171)
(8,042)
(8,042)

(2,215)
(8,203)
(8,203)

(2,259)
(8,367)
(8,367)

(2,304)
(8,534)
(8,534)

(2,350)
(8,705)
(8,705)

(2,397)
(8,879)
(8,879)

(2,445)
(9,057)
(9,057)

(2,494)
(9,238)
(9,238)

Total Opex

keuro

(57,221)

(58,365)

(59,533)

(60,723)

(61,938)

(63,177)

(64,440)

(65,729)

(67,043)

(68,384)

(69,752)

(71,147)

(72,570)

(74,021)

(75,502)

(77,012)

EBITDA

keuro

74,842

76,294

77,774

79,283

80,822

82,390

83,990

85,620

87,283

88,978

90,706

92,468

94,264

96,095

97,963

99,866

Depreciation

keuro

(38,226)

(38,226)

(38,538)

(38,538)

(38,740)

(38,740)

(39,236)

(39,236)

(39,581)

(39,581)

(40,519)

(40,519)

(41,303)

(41,303)

(44,495)

(48,057)

EBIT

keuro

36,616

38,068

39,236

40,745

42,081

43,650

44,754

46,384

47,701

49,396

50,187

51,949

52,961

54,792

53,467

51,809

VAT Facility
Senior Facility
Guarantee Fcility
Interest Income
Total Financial (Cost)/Revenues

keuro
keuro
keuro
keuro

0
(2,762)
0
185
(2,577)

0
(911)
0
170
(741)

0
(0)
0
0
(0)

0
(0)
0
0
(0)

0
(0)
0
0
(0)

0
(0)
0
0
(0)

0
(0)
0
0
(0)

0
(0)
0
79
79

0
(0)
0
252
252

0
(0)
0
454
454

0
(0)
0
602
602

0
(0)
0
812
812

0
(0)
0
995
995

0
(0)
0
1,213
1,213

0
(0)
0
1,371
1,371

0
(0)
0
1,614
1,614

Grants deferred Liabilities

keuro

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

19,843

EBT

keuro

53,882

57,170

59,079

60,588

61,924

63,492

64,596

66,306

67,796

69,693

70,632

72,604

73,798

75,848

74,681

73,266

IRAP
Corporation Tax (IRES)

keuro
keuro

(2,694)
(17,781)

(2,746)
(18,866)

(2,799)
(19,496)

(2,853)
(19,994)

(2,908)
(20,435)

(2,964)
(20,952)

(3,021)
(21,317)

(3,080)
(21,881)

(3,139)
(22,373)

(3,200)
(22,999)

(3,262)
(23,308)

(3,325)
(23,959)

(3,389)
(24,353)

(3,454)
(25,030)

(3,521)
(24,645)

(3,589)
(24,178)

EARNING

keuro

33,407

35,558

36,784

37,741

38,581

39,576

40,258

41,346

42,284

43,495

44,062

45,320

46,056

47,364

46,515

45,499

Financial (Cost)/Revenues

148824039.xls.ms_office

BOZZA
P&L

IRPEG
PBT

- -

0 0

0 0

4,912 14,886

4,265 12,925

7,590
23,001

0
Losses carried forward
Prior losses
Taxable income
Utilized losses

0
0
-

0
0
-

14,886
14,886
-

12,925
12,925
-

23,001
23,001
-

2006

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42

2007
-

2008
-

2009
-

2010
-

2011
-

43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
Perdite precedenti
Perdite tot. Da riportare

9,613 29,130

10,591 32,093

11,479 34,785

12,244 37,104

13,114 39,738

10,674 32,345

11,429 34,634

12,249 37,117

13,106
39,715

29,130
29,130
-

32,093
32,093
-

34,785
34,785
-

37,104
37,104
-

39,738
39,738
-

32,345
32,345
-

34,634
34,634
-

37,117
37,117
-

39,715
39,715
-

2012
-

2013
-

2014
-

2015
-

2016
-

2017
-

2018
-

2019
-

2020
-

13,970 42,334

14,888 45,114

15,777 47,808

16,772 50,823

17,781 53,882

18,866 57,170

19,496 59,079

19,994 60,588

20,435
61,924

42,334
42,334
-

45,114
45,114
-

47,808
47,808
-

50,823
50,823
-

53,882
53,882
-

57,170
57,170
-

59,079
59,079
-

60,588
60,588
-

61,924
61,924
-

2021
-

2022
-

2023
-

2024
-

2025
-

2026
-

2027
-

2028
-

2029
-

20,952 63,492

21,317 64,596

21,881 66,306

22,373 67,796

22,999 69,693

23,308 70,632

23,959 72,604

24,353 73,798

25,030
75,848

63,492
63,492
-

64,596
64,596
-

66,306
66,306
-

67,796
67,796
-

69,693
69,693
-

70,632
70,632
-

72,604
72,604
-

73,798
73,798
-

75,848
75,848
-

2030
-

2031
-

2032
-

2033
-

2034
-

2035
-

2036
-

2037
-

2038
-

24,645 74,681

24,178 73,266

533
1,614

74,681
74,681
-

73,266
73,266
-

1,614
1,614
-

2039
-

2040
-

2041
-

TAX STATEMENT
Starting
Ending
Year
Progr.

1-Jan-06
31-Dec-06
2006
1

Corporation Tax (IRES)

EBT

keuro
keuro

IRAP Base

1-Jan-07
31-Dec-07
2007
2
0
0

1-Jan-08
31-Dec-08
2008
3

1-Jan-09
31-Dec-09
2009
4

1-Jan-10
31-Dec-10
2010
5

1-Jan-11
31-Dec-11
2011
6

1-Jan-12
31-Dec-12
2012
7

1-Jan-13
31-Dec-13
2013
8

1-Jan-14
31-Dec-14
2014
9

1-Jan-15
31-Dec-15
2015
10

1-Jan-16
31-Dec-16
2016
11

1-Jan-17
31-Dec-17
2017
12

1-Jan-18
31-Dec-18
2018
13

1-Jan-19
31-Dec-19
2019
14

1-Jan-20
31-Dec-20
2020
15

1-Jan-21
31-Dec-21
2021
16

1-Jan-22
31-Dec-22
2022
17

1-Jan-23
31-Dec-23
2023
18

1-Jan-24
31-Dec-24
2024
19

1-Jan-25
31-Dec-25
2025
20

0
0

4,912
14,886

4,265
12,925

7,590
23,001

9,613
29,130

10,591
32,093

11,479
34,785

12,244
37,104

13,114
39,738

10,674
32,345

11,429
34,634

12,249
37,117

13,106
39,715

13,970
42,334

14,888
45,114

15,777
47,808

16,772
50,823

17,781
53,882
63,388

45,316

40,245

57,490

58,559

59,647

60,756

61,886

63,038

54,409

55,457

56,526

57,615

58,726

59,858

61,012

62,188

IRAP

1,926

1,710

2,443

2,489

2,535

2,582

2,630

2,679

2,312

2,357

2,402

2,449

2,496

2,544

2,593

2,643

2,694

Total Tax

6,838

5,976

10,034

12,102

13,126

14,061

14,874

15,793

12,986

13,786

14,651

15,555

16,466

17,432

18,370

19,415

20,475

Total Tax paid

6,838

5,976

10,034

12,102

13,126

14,061

14,874

15,793

12,986

13,786

14,651

15,555

16,466

17,432

18,370

19,415

0
0
0
0

0
0
0
0

0
0
(0)
0

6,838
5,976
(6,838)
5,976

5,976
10,034
(5,976)
10,034

10,034
12,102
(10,034)
12,102

12,102
13,126
(12,102)
13,126

13,126
14,061
(13,126)
14,061

14,061
14,874
(14,061)
14,874

14,874
15,793
(14,874)
15,793

15,793
12,986
(15,793)
12,986

12,986
13,786
(12,986)
13,786

13,786
14,651
(13,786)
14,651

14,651
15,555
(14,651)
15,555

15,555
16,466
(15,555)
16,466

16,466
17,432
(16,466)
17,432

17,432
18,370
(17,432)
18,370

18,370
19,415
(18,370)
19,415

19,415
20,475
(19,415)
20,475

4.25%

Tax Fund
Starting Period
Accrual
Release
Ending Period

keuro
keuro
keuro
keuro

0
6,838
(0)
6,838

TAX STATEMENT
Starting
Ending
Year
Progr.

1-Jan-26
31-Dec-26
2026
21

Corporation Tax (IRES)

EBT

keuro
keuro

1-Jan-27
31-Dec-27
2027
22

1-Jan-28
31-Dec-28
2028
23

1-Jan-29
31-Dec-29
2029
24

1-Jan-30
31-Dec-30
2030
25

1-Jan-31
31-Dec-31
2031
26

1-Jan-32
31-Dec-32
2032
27

1-Jan-33
31-Dec-33
2033
28

1-Jan-34
31-Dec-34
2034
29

1-Jan-35
31-Dec-35
2035
30

1-Jan-36
31-Dec-36
2036
31

1-Jan-37
31-Dec-37
2037
32

1-Jan-38
31-Dec-38
2038
33

1-Jan-39
31-Dec-39
2039
34

1-Jan-40
31-Dec-40
2040
35

18,866
57,170

19,496
59,079

19,994
60,588

20,435
61,924

20,952
63,492

21,317
64,596

21,881
66,306

22,373
67,796

22,999
69,693

23,308
70,632

23,959
72,604

24,353
73,798

25,030
75,848

24,645
74,681

24,178
73,266

64,611

65,857

67,128

68,423

69,744

71,091

72,463

73,862

75,289

76,743

78,226

79,737

81,278

82,849

84,451

2,746

2,799

2,853

2,908

2,964

3,021

3,080

3,139

3,200

3,262

3,325

3,389

3,454

3,521

3,589

Total Tax

21,612

22,295

22,847

23,343

23,917

24,338

24,961

25,512

26,199

26,570

27,284

27,742

28,484

28,166

27,767

Total Tax paid

20,475

21,612

22,295

22,847

23,343

23,917

24,338

24,961

25,512

26,199

26,570

27,284

27,742

28,484

28,166

20,475
21,612
(20,475)
21,612

21,612
22,295
(21,612)
22,295

22,295
22,847
(22,295)
22,847

22,847
23,343
(22,847)
23,343

23,343
23,917
(23,343)
23,917

23,917
24,338
(23,917)
24,338

24,338
24,961
(24,338)
24,961

24,961
25,512
(24,961)
25,512

25,512
26,199
(25,512)
26,199

26,199
26,570
(26,199)
26,570

26,570
27,284
(26,570)
27,284

27,284
27,742
(27,284)
27,742

27,742
28,484
(27,742)
28,484

28,484
28,166
(28,484)
28,166

28,166
27,767
(28,166)
27,767

IRAP Base
4.25%
IRAP

Tax Fund
Starting Period
Accrual
Release
Ending Period

keuro
keuro
keuro
keuro

WORKING CAPITAL SHEET

1-Jan-06
31-Dec-06
2006
1

1-Jan-07
31-Dec-07
2007
2

1-Jan-08
31-Dec-08
2008
3

1-Jan-09
31-Dec-09
2009
4

1-Jan-10
31-Dec-10
2010
5

1-Jan-11
31-Dec-11
2011
6

1-Jan-12
31-Dec-12
2012
7

1-Jan-13
31-Dec-13
2013
8

1-Jan-14
31-Dec-14
2014
9

1-Jan-15
31-Dec-15
2015
10

1-Jan-16
31-Dec-16
2016
11

1-Jan-17
31-Dec-17
2017
12

1-Jan-18
31-Dec-18
2018
13

1-Jan-19
31-Dec-19
2019
14

1-Jan-20
31-Dec-20
2020
15

1-Jan-21
31-Dec-21
2021
16

1-Jan-22
31-Dec-22
2022
17

1-Jan-23
31-Dec-23
2023
18

1-Jan-24
31-Dec-24
2024
19

1-Jan-25
31-Dec-25
2025
20

Additional Non potable water revenues keuro

Non potable water receivables
keuro

Additional Potable water revenues

Potable water receivables

keuro
keuro

58,110
9,579

59,272
9,770

88,577
14,601

90,349
14,852

92,156
15,191

93,999
15,494

95,879
15,804

97,797
16,076

99,753
16,443

101,748
16,772

103,783
17,107

105,858
17,401

107,975
17,798

110,135
18,154

112,338
18,517

114,584
18,836

116,876
19,265

Energy Revenues
Energy Receivables

keuro
keuro

12,637
2,083

16,033
2,643

16,273
2,682

16,517
2,715

16,765
2,763

17,016
2,805

17,272
2,847

17,531
2,882

7,992
1,317

8,112
1,337

8,234
1,357

8,357
1,374

8,482
1,398

8,610
1,419

8,739
1,440

8,870
1,458

9,003
1,484

keuro

11,662

12,413

17,283

17,567

17,954

18,299

18,651

18,958

17,760

18,109

18,464

18,775

19,196

19,573

19,958

20,294

20,749

Maintenance Costs
Maintenance Costs Payable

keuro
keuro

7,981
1,316

10,437
1,720

18,897
3,115

19,275
3,169

19,661
3,241

20,054
3,306

20,455
3,372

20,864
3,430

21,281
3,508

21,707
3,578

22,141
3,650

22,584
3,712

23,036
3,797

23,496
3,873

23,966
3,950

24,446
4,018

24,934
4,110

General Expenses
General Expenses Payable

keuro
keuro

560
92

849
140

1,379
227

1,406
231

1,435
236

1,463
241

1,493
246

1,522
250

1,553
256

1,584
261

1,616
266

1,648
271

1,681
277

1,714
283

1,749
288

1,784
293

1,819
300

Existing Water System Opex

Existing Water System Opex Payable

keuro
keuro

2,500
412

2,550
420

2,601
429

2,653
436

2,706
446

2,760
455

2,815
464

2,872
472

2,929
483

2,988
492

3,047
502

3,108
511

3,171
523

3,234
533

3,299
544

3,365
553

3,432
566

Power plant opex

Power plant opex Payable

keuro
keuro

1,350
223

1,377
227

1,405
232

1,433
236

1,461
241

1,491
246

1,520
251

1,551
255

1,582
261

1,613
266

1,646
271

1,679
276

1,712
282

1,746
288

1,781
294

1,817
299

1,853
305

Total Commercial Payable

keuro

12,042

12,708

14,406

14,683

14,988

15,288

15,594

15,894

16,224

16,548

16,879

17,204

17,561

17,913

18,271

18,622

19,009

Working Capital

keuro

- -

381 -

295

2,877

2,884

2,966

3,011

3,057

3,064

1,536

1,560

1,585

1,571

1,635

1,661

1,687

1,672

1,740

Net Variation in WC

keuro

- -

381

86

3,171

82

45

46

1,528

24

14

64

26

15

69

Year
Progr.
Commercial Receivables

Total Commercial Receivables

Commercial Payable

148824039.xls.ms_office

7 -

25 -

26 -

BOZZA
Work_cap

WORKING CAPITAL SHEET

Year
Progr.

1-Jan-26
31-Dec-26
2026
21

1-Jan-27
31-Dec-27
2027
22

1-Jan-28
31-Dec-28
2028
23

1-Jan-29
31-Dec-29
2029
24

1-Jan-30
31-Dec-30
2030
25

1-Jan-31
31-Dec-31
2031
26

1-Jan-32
31-Dec-32
2032
27

1-Jan-33
31-Dec-33
2033
28

1-Jan-34
31-Dec-34
2034
29

1-Jan-35
31-Dec-35
2035
30

1-Jan-36
31-Dec-36
2036
31

1-Jan-37
31-Dec-37
2037
32

1-Jan-38
31-Dec-38
2038
33

1-Jan-39
31-Dec-39
2039
34

1-Jan-40
31-Dec-40
2040
35

Commercial Receivables
Additional Non potable water revenues keuro
Non potable water receivables
keuro
Additional Potable water revenues
Potable water receivables

keuro
keuro

119,214
19,651

121,598
20,044

124,030
20,388

126,510
20,853

129,041
21,270

131,621
21,696

134,254
22,069

136,939
22,572

139,678
23,024

142,471
23,484

145,321
23,888

148,227
24,433

151,192
24,922

154,215
25,420

157,300
25,858

Energy Revenues
Energy Receivables

keuro
keuro

9,138
1,506

9,275
1,529

9,414
1,548

9,555
1,575

9,699
1,599

9,844
1,623

9,992
1,642

10,142
1,672

10,294
1,697

10,448
1,722

10,605
1,743

10,764
1,774

10,926
1,801

11,089
1,828

11,256
1,850

keuro

21,157

21,572

21,936

22,428

22,869

23,319

23,712

24,244

24,721

25,207

25,632

26,207

26,723

27,248

27,708

Maintenance Costs
Maintenance Costs Payable

keuro
keuro

25,433
4,192

25,942
4,276

26,461
4,350

26,990
4,449

27,530
4,538

28,080
4,629

28,642
4,708

29,215
4,816

29,799
4,912

30,395
5,010

31,003
5,096

31,623
5,213

32,255
5,317

32,900
5,423

33,558
5,516

General Expenses
General Expenses Payable

keuro
keuro

1,856
306

1,893
312

1,931
317

1,969
325

2,009
331

2,049
338

2,090
344

2,132
351

2,174
358

2,218
366

2,262
372

2,307
380

2,354
388

2,401
396

2,449
403

Existing Water System Opex

Existing Water System Opex Payable

keuro
keuro

3,501
577

3,571
589

3,642
599

3,715
612

3,789
625

3,865
637

3,942
648

4,021
663

4,102
676

4,184
690

4,267
701

4,353
717

4,440
732

4,528
746

4,619
759

Power plant opex

Power plant opex Payable

keuro
keuro

1,890
312

1,928
318

1,967
323

2,006
331

2,046
337

2,087
344

2,129
350

2,171
358

2,215
365

2,259
372

2,304
379

2,350
387

2,397
395

2,445
403

2,494
410

Total Commercial Payable

keuro

19,389

19,777

20,157

20,576

20,987

21,407

21,819

22,272

22,718

23,172

23,617

24,108

24,590

25,082

25,564

Working Capital

keuro

1,768

1,795

1,779

1,852

1,882

1,911

1,893

1,972

2,003

2,035

2,014

2,099

2,132

2,166

2,144

Net Variation in WC

keuro

27

17

74

29

18

79

31

20

85

33

Total Commercial Receivables

Commercial Payable

148824039.xls.ms_office

28 -

30 -

32 -

34 -

22

BOZZA
Work_cap

CASH FLOW STATEMENT

Year
Progr.

1-Jan-06
31-Dec-06
2006
1

1-Jan-07
31-Dec-07
2007
2

1-Jan-08
31-Dec-08
2008
3

1-Jan-09
31-Dec-09
2009
4

1-Jan-10
31-Dec-10
2010
5

1-Jan-11
31-Dec-11
2011
6

1-Jan-12
31-Dec-12
2012
7

1-Jan-13
31-Dec-13
2013
8

1-Jan-14
31-Dec-14
2014
9

1-Jan-15
31-Dec-15
2015
10

1-Jan-16
31-Dec-16
2016
11

1-Jan-17
31-Dec-17
2017
12

1-Jan-18
31-Dec-18
2018
13

1-Jan-19
31-Dec-19
2019
14

1-Jan-20
31-Dec-20
2020
15

1-Jan-21
31-Dec-21
2021
16

1-Jan-22
31-Dec-22
2022
17

1-Jan-23
31-Dec-23
2023
18

1-Jan-24
31-Dec-24
2024
19

1-Jan-25
31-Dec-25
2025
20

1-Jan-26
31-Dec-26
2026
21

0
0

74,125
(25,600)

78,751
(31,959)

109,537
(43,366)

111,647
(44,234)

113,797
(45,118)

115,989
(46,021)

118,224
(46,941)

120,502
(47,880)

113,023
(48,838)

115,243
(49,814)

117,507
(50,811)

119,816
(51,827)

122,171
(52,863)

124,572
(53,921)

127,020
(54,999)

129,517
(56,099)

132,063
(57,221)

134,659
(58,365)

Total Reveunes
Total Opex

keuro
keuro

0
0

0
0

EBITDA

keuro

48,525

46,791

66,171

67,413

68,679

69,968

71,283

72,622

64,185

65,429

66,697

67,989

69,307

70,651

72,021

73,418

74,842

76,294

Total Tax paid

keuro

(0)

(0)

(6,838)

(5,976)

(10,034)

(12,102)

(13,126)

(14,061)

(14,874)

(15,793)

(12,986)

(13,786)

(14,651)

(15,555)

(16,466)

(17,432)

(18,370)

(19,415)

(20,475)

OPERATING CASH FLOW (Gross)

keuro

(0)

48,525

39,953

60,195

57,379

56,577

56,843

57,222

57,747

48,392

52,443

52,910

53,339

53,753

54,185

54,589

55,048

55,427

55,819

Total Capex

keuro

(78,653)

(247,127)

(415,624)

(155,817)

(151,703)

(71,813)

(2,981)

(1,663)

(3,385)

(1,888)

(3,843)

(2,144)

(4,363)

Net Variation in WC

keuro

381

(86)

(3,171)

(7)

(82)

(45)

(46)

(7)

1,528

(24)

(25)

14

(64)

(26)

(26)

15

(69)

(27)

DSRA Constitution

keuro

(19,039)

OPERATING CASH FLOW (Net)

keuro

(78,653)

(247,127)

(415,624)

(106,910)

(111,836)

(33,829)

57,372

56,495

53,816

57,175

56,077

49,920

49,033

52,886

51,464

53,689

50,316

54,563

52,919

55,359

51,428

keuro

10,676
12%
43,259
-55%
53,935

30,748
12%
135,920
-55%
166,668

52,471
12%
228,593
-55%
281,064

15,873
12%
85,699
-80%
101,572

16,489
12%
83,437
-75%
99,926

7,125
12%
39,497
-117%
46,622

0
0%
0

0
0%
0

0
0%
0

0
0%
0

0
0%
0

0
0%
0

0
0%
0

0
0%
0

0
0%
0

0
0%
0

0
0%
0

0
0%
0

0
0%
0

0
0%
0

0
0%
0

(24,718)

(80,460)

(134,559)

(5,338)

(11,910)

12,793

57,372

56,495

53,816

57,175

56,077

49,920

49,033

52,886

51,464

53,689

50,316

54,563

52,919

55,359

51,428

EQUITY and GRANT

Equity
Pro-quota
Public Grants
Quota SAL
TOTAL EQUITY and GRANT

keuro

FINANCIAL CASH FLOW (gross)

Interest and Financial Costs

Senior Facility Interest and Financial fee

keuro

(6,389)

(6,023)

(12,334)

(16,693)

(18,414)

(19,608)

(19,460)

(18,505)

(17,484)

(16,389)

(15,180)

(14,061)

(13,016)

(11,817)

(10,504)

(9,116)

(7,669)

(6,142)

(4,515)

(2,762)

(911)

VAT Facility Interest and Financial fee

keuro

(1,670)

(1,596)

(3,140)

(3,585)

(2,531)

(1,167)

(543)

(95)

Oneri finanziari linee per firma

keuro

(2,255)

(1,483)

(6,164)

(5,089)

(4,629)

(4,767)

(843)

(548)

(253)

(109)

(19)

keuro

(10,314)

(9,102)

(21,637)

(25,367)

(25,574)

(25,542)

(20,846)

(19,148)

(17,736)

(16,497)

(15,199)

(14,061)

(13,016)

(11,817)

(10,504)

(9,116)

(7,669)

(6,142)

(4,515)

(2,762)

(911)

Drawdown

keuro

35,032

89,562

156,197

30,705

37,484

12,749

Repayment

keuro

(15,812)

(18,930)

(18,207)

(21,615)

(22,338)

(18,359)

(19,625)

(23,966)

(23,785)

(26,679)

(25,955)

(29,573)

(29,573)

(34,199)

(33,114)

Cash Flow available for DSRA

keuro

20,714

18,417

17,873

19,064

18,540

17,500

16,392

17,103

17,175

17,894

16,692

18,849

18,831

18,398

17,404

Target level

keuro

19,039

17,971

19,056

18,769

16,210

16,321

17,892

17,145

17,898

16,812

17,857

17,044

18,480

17,012

DSRA starting period

Cash to DSRA
Interest Income
Cash to release
DSRA ending period

keuro
keuro
keuro
keuro
keuro

0
0
0
(0)
0

0
0
0
(0)
0

0
0
0
(0)
0

0
0
0
(0)
0

0
0
0
(0)
0

0
0
0
(0)
19,039

19,039
20,714
190
(20,905)
19,039

19,039
18,417
190
(19,675)
17,971

17,971
17,873
180
(16,968)
19,056

19,056
19,064
191
(19,542)
18,769

18,769
18,540
188
(21,287)
16,210

16,210
17,500
162
(17,552)
16,321

16,321
16,392
163
(14,984)
17,892

17,892
17,103
179
(18,029)
17,145

17,145
17,175
171
(16,593)
17,898

17,898
17,894
179
(19,158)
16,812

16,812
16,692
168
(15,815)
17,857

17,857
18,849
179
(19,841)
17,044

17,044
18,831
170
(17,565)
18,480

18,480
18,398
185
(20,051)
17,012

17,012
17,404
170
(34,586)
0

Cash Flow available for Equity

keuro

20,905

19,675

16,968

19,542

21,287

17,552

14,984

18,029

16,593

19,158

15,815

19,841

17,565

20,051

34,586

Dividend

keuro

(0)

(0)

(0)

(0)

(0)

(20,905)

(19,675)

(16,968)

(19,542)

(21,287)

(17,552)

(14,984)

(18,029)

(16,593)

(19,158)

(15,815)

(19,841)

(17,565)

(20,051)

(34,586)

Free Cash Flow

Interest Income

keuro
keuro

(0)

(0)

(0)

Cash Flow

keuro

(0)

Total Interest and Financial Costs

SENIOR FACILITY

DSRA

148824039.xls.ms_office

BOZZA
Cash Flow

CASH FLOW STATEMENT

Year
Progr.

1-Jan-27
31-Dec-27
2027
22

1-Jan-28
31-Dec-28
2028
23

1-Jan-29
31-Dec-29
2029
24

1-Jan-30
31-Dec-30
2030
25

1-Jan-31
31-Dec-31
2031
26

1-Jan-32
31-Dec-32
2032
27

1-Jan-33
31-Dec-33
2033
28

1-Jan-34
31-Dec-34
2034
29

1-Jan-35
31-Dec-35
2035
30

1-Jan-36
31-Dec-36
2036
31

1-Jan-37
31-Dec-37
2037
32

1-Jan-38
31-Dec-38
2038
33

1-Jan-39
31-Dec-39
2039
34

1-Jan-40
31-Dec-40
2040
35

137,307
(59,533)

140,006
(60,723)

142,759
(61,938)

145,567
(63,177)

148,430
(64,440)

151,349
(65,729)

154,326
(67,043)

157,362
(68,384)

160,458
(69,752)

163,615
(71,147)

166,834
(72,570)

170,117
(74,021)

173,464
(75,502)

176,878
(77,012)

Total Reveunes
Total Opex

keuro
keuro

EBITDA

keuro

77,774

79,283

80,822

82,390

83,990

85,620

87,283

88,978

90,706

92,468

94,264

96,095

97,963

99,866

Total Tax paid

keuro

(21,612)

(22,295)

(22,847)

(23,343)

(23,917)

(24,338)

(24,961)

(25,512)

(26,199)

(26,570)

(27,284)

(27,742)

(28,484)

(28,166)

OPERATING CASH FLOW (Gross)

keuro

56,162

56,988

57,975

59,047

60,073

61,282

62,322

63,466

64,507

65,898

66,980

68,353

69,478

71,701

Total Capex

keuro

(2,434)

(4,954)

(2,763)

(5,624)

(3,137)

(6,385)

(3,562)

Net Variation in WC

keuro

(28)

17

(74)

(29)

(30)

18

(79)

(31)

(32)

20

(85)

(33)

(34)

22

DSRA Constitution

keuro

OPERATING CASH FLOW (Net)

keuro

56,134

54,571

57,901

54,065

60,043

58,537

62,243

57,811

64,476

62,780

66,895

61,935

69,445

68,161

keuro

0
0%
0

0
0%
0

0
0%
0

0
0%
0

0
0%
0

0
0%
0

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

58,537

62,243

57,811

64,476

62,780

66,895

61,935

69,445

68,161

EQUITY and GRANT

Equity
Pro-quota
Public Grants
Quota SAL
TOTAL EQUITY and GRANT

keuro

FINANCIAL CASH FLOW (gross)

Interest and Financial Costs

Senior Facility Interest and Financial fee

keuro

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

VAT Facility Interest and Financial fee

keuro

Oneri finanziari linee per firma

keuro

keuro

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

Drawdown

keuro

Repayment

keuro

Cash Flow available for DSRA

keuro

56,134

54,571

57,901

54,065

60,043

58,537

62,243

57,811

64,476

62,780

66,895

61,935

69,445

68,161

Target level

keuro

DSRA starting period

Cash to DSRA
Interest Income
Cash to release
DSRA ending period

keuro
keuro
keuro
keuro
keuro

0
0
0
(0)
0

0
0
0
(0)
0

0
0
0
(0)
0

0
0
0
(0)
0

0
0
0
(0)
0

0
0
0
(0)
0

0
0
0
(0)
0

0
0
0
(0)
0

0
0
0
(0)
0

0
0
0
(0)
0

0
0
0
(0)
0

0
0
0
(0)
0

0
0
0
(0)
0

0
0
0
(0)
0

Cash Flow available for Equity

keuro

56,134

54,571

57,901

54,065

60,043

58,537

62,243

57,811

64,476

62,780

66,895

61,935

69,445

68,161

Dividend

keuro

(56,134)

(54,571)

(57,901)

(54,065)

(52,097)

(41,346)

(42,284)

(43,495)

(44,062)

(45,320)

(46,056)

(47,364)

(46,515)

(45,499)

Free Cash Flow

Interest Income

keuro
keuro

7,946

17,191

19,958

14,316

20,414

17,461

20,839

14,571

22,930

22,662

Cash Flow

keuro

7,946

25,137

45,096

59,412

79,826

97,286

118,125

132,696

155,626

178,288

Total Interest and Financial Costs

SENIOR FACILITY

DSRA

148824039.xls.ms_office

BOZZA
Cash Flow

Guarantees
1-Jan-06
31-Dec-06
2006

1-Jan-07
31-Dec-07
2007

1-Jan-08
31-Dec-08
2008

1-Jan-09
31-Dec-09
2009

1-Jan-10
31-Dec-10
2010

1-Jan-11
31-Dec-11
2011

1-Jan-12
31-Dec-12
2012

1-Jan-13
31-Dec-13
2013

1-Jan-14
31-Dec-14
2014

1-Jan-15
31-Dec-15
2015

1-Jan-16
31-Dec-16
2016

1-Jan-17
31-Dec-17
2017

1-Jan-18
31-Dec-18
2018

1-Jan-19
31-Dec-19
2019

1-Jan-20
31-Dec-20
2020

1-Jan-21
31-Dec-21
2021

1-Jan-22
31-Dec-22
2022

1-Jan-23
31-Dec-23
2023

1-Jan-24
31-Dec-24
2024

1-Jan-25
31-Dec-25
2025

135,920
132,016
3,905
179,179

228,593
163,316
65,277
407,772

85,699
2,930
82,769
493,471

83,437
0
83,437
576,908

39,497
0
39,497
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

Public Grant
1st Section
2nd Section
Public Grant accrued

keuro

keuro

43,259
39,807
3,452
43,259

VAT Reimbursement/(Cost)
VAT Reibursement/(Cost) accrued

keuro
keuro

0
0

0
0

11,405
11,405

35,833
47,238

60,265
107,504

18,395
125,899

17,601
143,500

4,769
148,269

0
148,269

0
148,269

0
148,269

0
148,269

0
148,269

0
148,269

0
148,269

0
148,269

0
148,269

0
148,269

0
148,269

0
148,269

Public Grant Guarantee Facility

Staritng Period
Accrual
FALSE
Release
Ending Period
Average outstanding

keuro
keuro
keuro
keuro
keuro

0
43,259
0
43,259
21,630

43,259
135,920
0
179,179
111,219

179,179
228,593
0
407,772
293,476

407,772
85,699
(338,068)
155,404
281,588

155,404
83,437
0
238,840
197,122

238,840
39,497
0
278,338
258,589

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

Margin
Commitment fee
Up front fee

keuro
keuro
keuro

(324)
(1,931)
0

(1,483)
0

(4,402)
(571)
0

(4,224)
(631)
0

(2,957)
(1,053)
0

(3,879)
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

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 Facility

Staritng Period
Accrual
Release
Ending Period

keuro
keuro
keuro
keuro

0
0
0
0

0
0
0
0

0
11,405
0
11,405

11,405
35,833
0
47,238

47,238
60,265
0
107,504

107,504
18,395
(11,405)
114,494

114,494
17,601
(35,833)
96,262

96,262
4,769
(60,265)
40,766

40,766
0
(18,395)
22,370

22,370
0
(17,601)
4,769

4,769
0
(4,769)
(0)

(0)
0
0
(0)

(0)
0
0
(0)

(0)
0
0
(0)

(0)
0
0
(0)

(0)
0
0
(0)

(0)
0
0
(0)

(0)
0
0
(0)

(0)
0
0
(0)

(0)
0
0
(0)

keuro

5,702

29,321

77,371

110,999

105,378

68,514

31,568

13,570

2,385

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

0
0

0
0

(46)
(1,145)

(235)
0

(619)
0

(888)
0

(843)
0

(548)
0

(253)
0

(109)
0

(19)
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

Average outstanding
Margin
Up front fee
Interest and Financial Costs

keuro

(1,191)

(235)

(619)

(888)

(843)

(548)

(253)

(109)

(19)

Guarantee Interest and Financial Costs

Capitalised
To P&L

keuro

(2,255)
(2,255)
0

(1,483)
(1,483)
0

(6,164)
(6,164)
0

(5,089)
0
(5,089)

(4,629)
0
(4,629)

(4,767)
0
(4,767)

(843)
0
(843)

(548)
0
(548)

(253)
0
(253)

(109)
0
(109)

(19)
0
(19)

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

148824039.xls.ms_office

BOZZA Guarantee fac

Guarantees
1-Jan-26
31-Dec-26
2026

1-Jan-27
31-Dec-27
2027

1-Jan-28
31-Dec-28
2028

1-Jan-29
31-Dec-29
2029

1-Jan-30
31-Dec-30
2030

1-Jan-31
31-Dec-31
2031

1-Jan-32
31-Dec-32
2032

1-Jan-33
31-Dec-33
2033

1-Jan-34
31-Dec-34
2034

1-Jan-35
31-Dec-35
2035

1-Jan-36
31-Dec-36
2036

1-Jan-37
31-Dec-37
2037

1-Jan-38
31-Dec-38
2038

1-Jan-39
31-Dec-39
2039

1-Jan-40
31-Dec-40
2040

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

0
0
0
616,405

Public Grant
1st Section
2nd Section
Public Grant accrued

keuro

keuro

0
0
0
616,405

VAT Reimbursement/(Cost)
VAT Reibursement/(Cost) accrued

keuro
keuro

0
148,269

0
148,269

0
148,269

0
148,269

0
148,269

0
148,269

0
148,269

0
148,269

0
148,269

0
148,269

0
148,269

0
148,269

0
148,269

0
148,269

0
148,269

Public Grant Guarantee Facility

Staritng Period
Accrual
Release
Ending Period
Average outstanding

keuro
keuro
keuro
keuro
keuro

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

Margin
Commitment fee
Up front fee

keuro
keuro
keuro

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

Interest and Financial Costs

keuro

VAT Guarantee Facility

Staritng Period
Accrual
Release
Ending Period

keuro
keuro
keuro
keuro

(0)
0
0
(0)

(0)
0
0
(0)

(0)
0
0
(0)

(0)
0
0
(0)

(0)
0
0
(0)

(0)
0
0
(0)

(0)
0
0
(0)

(0)
0
0
(0)

(0)
0
0
(0)

(0)
0
0
(0)

(0)
0
0
(0)

(0)
0
0
(0)

(0)
0
0
(0)

(0)
0
0
(0)

(0)
0
0
(0)

keuro

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

Average outstanding
Margin
Up front fee
Interest and Financial Costs

keuro

Guarantee Interest and Financial Costs

Capitalised
To P&L

keuro

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

148824039.xls.ms_office

BOZZA Guarantee fac

SENIOR FACILITY SHEET

Year
Progr.

1-Jan-06
31-Dec-06
2006
1

1-Jan-07
31-Dec-07
2007
2

1-Jan-08
31-Dec-08
2008
3

1-Jan-09
31-Dec-09
2009
4

1-Jan-10
31-Dec-10
2010
5

1-Jan-11
31-Dec-11
2011
6

1-Jan-12
31-Dec-12
2012
7

1-Jan-13
31-Dec-13
2013
8

1-Jan-14
31-Dec-14
2014
9

1-Jan-15
31-Dec-15
2015
10

1-Jan-16
31-Dec-16
2016
11

1-Jan-17
31-Dec-17
2017
12

1-Jan-18
31-Dec-18
2018
13

1-Jan-19
31-Dec-19
2019
14

1-Jan-20
31-Dec-20
2020
15

1-Jan-21
31-Dec-21
2021
16

1-Jan-22
31-Dec-22
2022
17

1-Jan-23
31-Dec-23
2023
18

1-Jan-24
31-Dec-24
2024
19

1-Jan-25
31-Dec-25
2025
20

(89,562)

(156,197)

(30,705)

(37,484)

(12,749)

36,526

37,347

36,079

40,678

40,878

35,860

36,017

41,069

40,960

44,573

42,647

48,421

48,404

52,597

SURPLUS/(DEFICIT) TO FINANCE

keuro

(35,032)

Amount

keuro

361,729

Initial Outstanding
Senior Facility Drawdown

keuro
keuro

0
35,032

35,032
89,562

124,594
156,197

280,791
30,705

311,495
37,484

348,980
12,749

361,729
0

345,917
0

326,987
0

308,781
0

287,166
0

264,828
0

246,469
0

226,844
0

202,878
0

179,093
0

152,414
0

126,458
0

96,886
0

67,313
0

10%

25%

43%

8%

10%

4%

Senior Facility Repayment

Final Outstanding

keuro
keuro

0
35,032

0
124,594

0
280,791

0
311,495

0
348,980

0
361,729

(15,812)
345,917

(18,930)
326,987

(18,207)
308,781

(21,615)
287,166

(22,338)
264,828

(18,359)
246,469

(19,625)
226,844

(23,966)
202,878

(23,785)
179,093

(26,679)
152,414

(25,955)
126,458

(29,573)
96,886

(29,573)
67,313

(34,199)
33,114

Financial Fees

keuro

3,617

Interests

keuro

2,772

6,023

12,334

16,693

18,414

19,608

19,460

18,505

17,484

16,389

15,180

14,061

13,016

11,817

10,504

9,116

7,669

6,142

4,515

2,762

148824039.xls.ms_office

BOZZA
Debt

SENIOR FACILITY SHEET

Year
Progr.

1-Jan-26
31-Dec-26
2026
21

1-Jan-27
31-Dec-27
2027
22

1-Jan-28
31-Dec-28
2028
23

1-Jan-29
31-Dec-29
2029
24

1-Jan-30
31-Dec-30
2030
25

1-Jan-31
31-Dec-31
2031
26

1-Jan-32
31-Dec-32
2032
27

1-Jan-33
31-Dec-33
2033
28

1-Jan-34
31-Dec-34
2034
29

1-Jan-35
31-Dec-35
2035
30

1-Jan-36
31-Dec-36
2036
31

1-Jan-37
31-Dec-37
2037
32

1-Jan-38
31-Dec-38
2038
33

1-Jan-39
31-Dec-39
2039
34

1-Jan-40
31-Dec-40
2040
35

50,518

56,134

54,571

57,901

54,065

60,043

58,537

62,243

57,811

64,476

62,780

66,895

61,935

69,445

68,161

SURPLUS/(DEFICIT) TO FINANCE

keuro

Amount

keuro

Initial Outstanding
Senior Facility Drawdown

keuro
keuro

33,114
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

Senior Facility Repayment

Final Outstanding

keuro
keuro

(33,114)
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

Financial Fees

keuro

Interests

keuro

911

148824039.xls.ms_office

BOZZA
Debt

EQUITY SHEET
Starting
Ending

1-Jan-06
31-Dec-06

1-Jan-07
31-Dec-07

1-Jan-08
31-Dec-08

1-Jan-09
31-Dec-09

1-Jan-10
31-Dec-10

1-Jan-11
31-Dec-11

1-Jan-12
31-Dec-12

1-Jan-13
31-Dec-13

1-Jan-14
31-Dec-14

1-Jan-15
31-Dec-15

1-Jan-16
31-Dec-16

1-Jan-17
31-Dec-17

1-Jan-18
31-Dec-18

1-Jan-19
31-Dec-19

1-Jan-20
31-Dec-20

1-Jan-21
31-Dec-21

1-Jan-22
31-Dec-22

1-Jan-23
31-Dec-23

1-Jan-24
31-Dec-24

Year
Progr.

2006
1

2007
2

2008
3

2009
4

2010
5

2011
6

2012
7

2013
8

2014
9

2015
10

2016
11

2017
12

2018
13

2019
14

2020
15

2021
16

2022
17

2023
18

2024
19

Installments Drawdown

keuro

1st Section
%
Equity injection

keuro
keuro
keuro

133,382
72,376
14%
9,824

240,028
12%
29,864

296,938
13%
37,488

5,327
10%
543

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

2nd Section
%
Equity injection
TOTAL EQUITY INJECTION

keuro
keuro
keuro
keuro

6,277
14%
852
10,676

7,099
12%
883
30,748

118,686
13%
14,984
52,471

150,490
10%
15,331
15,873

151,703
11%
16,489
16,489

71,813
10%
7,125
7,125

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

8.0%

23.1%

39.3%

11.9%

12.4%

5.3%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Starting
Ending

1-Jan-06
31-Dec-06

1-Jan-07

1-Jan-08
31-Dec-08

1-Jan-09
31-Dec-09

1-Jan-10
31-Dec-10

1-Jan-11
31-Dec-11

1-Jan-12
31-Dec-12

1-Jan-13
31-Dec-13

1-Jan-14
31-Dec-14

1-Jan-15
31-Dec-15

1-Jan-16
31-Dec-16

1-Jan-17
31-Dec-17

1-Jan-18
31-Dec-18

1-Jan-19
31-Dec-19

1-Jan-20
31-Dec-20

1-Jan-21
31-Dec-21

1-Jan-22
31-Dec-22

1-Jan-23
31-Dec-23

1-Jan-24
31-Dec-24

Year
Progr.

2006
1

2007
2

2008
3

2009
4

2010
5

2011
6

2012
7

2013
8

2014
9

2015
10

2016
11

2017
12

2018
13

2019
14

2020
15

2021
16

2022
17

2023
18

2024
19

EARNING
Initial Legal Reserve
Legal Reserve Accrual
Final Legal Reserve

keuro
keuro
keuro
keuro

0
0
0
0

0
0
0
0

0
0
0
0

8,048
0
402
402

6,949
402
347
750

12,967
750
648
1,398

17,028
1,398
851
2,250

18,967
2,250
948
3,198

20,723
3,198
1,036
4,234

22,229
4,234
1,111
5,346

23,946
5,346
1,197
6,543

19,359
6,543
968
7,511

20,848
7,511
1,042
8,553

22,466
8,553
1,123
9,677

24,161
9,677
1,208
10,885

25,868
10,885
1,293
12,178

27,683
12,178
1,384
13,562

29,439
13,562
1,472
15,034

31,409
15,034
1,570
16,604

EARNING

keuro

7,645

6,602

12,319

16,177

18,019

19,687

21,118

22,748

18,391

19,806

21,343

22,953

24,575

26,299

27,967

29,838

Earning to distribute
Cash available for dividend

keuro
keuro

0
0

0
0

0
0

7,645
0

6,602
0

12,319
0

16,177
20,905

18,019
19,675

19,687
16,968

21,118
19,542

22,748
21,287

18,391
17,552

19,806
14,984

21,343
18,029

22,953
16,593

24,575
19,158

26,299
15,815

27,967
19,841

29,838
17,565

Dividend Reserve
Starting Period
Contribution
Release
Ending Period

keuro
keuro
keuro
keuro

0
0
0
0

0
0
0
0

0
0
0
0

0
7,645
0
7,645

7,645
6,602
0
14,247

14,247
12,319
0
26,566

26,566
16,177
20,905
21,838

21,838
18,019
19,675
20,182

20,182
19,687
16,968
22,902

22,902
21,118
19,542
24,478

24,478
22,748
21,287
25,940

25,940
18,391
17,552
26,779

26,779
19,806
14,984
31,600

31,600
21,343
18,029
34,914

34,914
22,953
16,593
41,274

41,274
24,575
19,158
46,690

46,690
26,299
15,815
57,174

57,174
27,967
19,841
65,300

65,300
29,838
17,565
77,573

Dividend

keuro

20,905

19,675

16,968

19,542

21,287

17,552

14,984

18,029

16,593

19,158

15,815

19,841

17,565

Free Cash Flow

keuro

148824039.xls.ms_office

BOZZA
Equity

EQUITY SHEET
Starting
Ending

1-Jan-25
31-Dec-25

1-Jan-26
31-Dec-26

1-Jan-27
31-Dec-27

1-Jan-28
31-Dec-28

1-Jan-29
31-Dec-29

1-Jan-30
31-Dec-30

1-Jan-31
31-Dec-31

1-Jan-32
31-Dec-32

1-Jan-33
31-Dec-33

1-Jan-34
31-Dec-34

1-Jan-35
31-Dec-35

1-Jan-36
31-Dec-36

1-Jan-37
31-Dec-37

1-Jan-38
31-Dec-38

1-Jan-39
31-Dec-39

1-Jan-40
31-Dec-40

Year
Progr.

2025
20

2026
21

2027
22

2028
23

2029
24

2030
25

2031
26

2032
27

2033
28

2034
29

2035
30

2036
31

2037
32

2038
33

2039
34

2040
35

Installments Drawdown

keuro

1st Section
%
Equity injection

keuro
keuro
keuro

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

2nd Section
%
Equity injection
TOTAL EQUITY INJECTION

keuro
keuro
keuro
keuro

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0%
-

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Starting
Ending

1-Jan-25
31-Dec-25

1-Jan-26
31-Dec-26

1-Jan-27
31-Dec-27

1-Jan-28
31-Dec-28

1-Jan-29
31-Dec-29

1-Jan-30
31-Dec-30

1-Jan-31
31-Dec-31

1-Jan-32
31-Dec-32

1-Jan-33
31-Dec-33

1-Jan-34
31-Dec-34

1-Jan-35
31-Dec-35

1-Jan-36
31-Dec-36

1-Jan-37
31-Dec-37

1-Jan-38
31-Dec-38

1-Jan-39
31-Dec-39

1-Jan-40
31-Dec-40

Year
Progr.

2025
20

2026
21

2027
22

2028
23

2029
24

2030
25

2031
26

2032
27

2033
28

2034
29

2035
30

2036
31

2037
32

2038
33

2039
34

2040
35

EARNING
Initial Legal Reserve
Legal Reserve Accrual
Final Legal Reserve

keuro
keuro
keuro
keuro

33,407
16,604
1,670
18,275

35,558
18,275
1,778
20,053

36,784
20,053
1,839
21,892

37,741
21,892
1,887
23,779

38,581
23,779
1,929
25,708

39,576
25,708
968
26,676

40,258
26,676
(0)
26,676

41,346
26,676
(0)
26,676

42,284
26,676
(0)
26,676

43,495
26,676
(0)
26,676

44,062
26,676
(0)
26,676

45,320
26,676
(0)
26,676

46,056
26,676
(0)
26,676

47,364
26,676
(0)
26,676

46,515
26,676
(0)
26,676

45,499
26,676
(0)
26,676

EARNING

keuro

31,736

33,780

34,945

35,854

36,652

38,607

40,258

41,346

42,284

43,495

44,062

45,320

46,056

47,364

46,515

45,499

Earning to distribute
Cash available for dividend

keuro
keuro

31,736
20,051

33,780
34,586

34,945
56,134

35,854
54,571

36,652
57,901

38,607
54,065

40,258
60,043

41,346
58,537

42,284
62,243

43,495
57,811

44,062
64,476

45,320
62,780

46,056
66,895

47,364
61,935

46,515
69,445

45,499
68,161

Dividend Reserve
Starting Period
Contribution
Release
Ending Period

keuro
keuro
keuro
keuro

77,573
31,736
20,051
89,258

89,258
33,780
34,586
88,452

88,452
34,945
56,134
67,263

67,263
35,854
54,571
48,546

48,546
36,652
57,901
27,297

27,297
38,607
54,065
11,839

11,839
40,258
52,097
0

0
41,346
41,346
0

0
42,284
42,284
0

0
43,495
43,495
0

0
44,062
44,062
0

0
45,320
45,320
0

0
46,056
46,056
0

0
47,364
47,364
0

0
46,515
46,515
0

0
45,499
45,499
0

Dividend

keuro

20,051

34,586

56,134

54,571

57,901

54,065

52,097

41,346

42,284

43,495

44,062

45,320

46,056

47,364

46,515

45,499

Free Cash Flow

keuro

7,946

17,191

19,958

14,316

20,414

17,461

20,839

14,571

22,930

22,662

148824039.xls.ms_office

BOZZA
Equity

BALANCE SHEET

Year
Progr.

1-Jan-06
31-Dec-06

1-Jan-07
31-Dec-07

1-Jan-08
31-Dec-08

1-Jan-09
31-Dec-09

1-Jan-10
31-Dec-10

1-Jan-11
31-Dec-11

1-Jan-12
31-Dec-12

1-Jan-13
31-Dec-13

1-Jan-14
31-Dec-14

1-Jan-15
31-Dec-15

1-Jan-16
31-Dec-16

1-Jan-17
31-Dec-17

1-Jan-18
31-Dec-18

1-Jan-19
31-Dec-19

1-Jan-20
31-Dec-20

1-Jan-21
31-Dec-21

1-Jan-22
31-Dec-22

1-Jan-23
31-Dec-23

1-Jan-24
31-Dec-24

2006
1

2007
2

2008
3

2009
4

2010
5

2011
6

2012
7

2013
8

2014
9

2015
10

2016
11

2017
12

2018
13

2019
14

2020
15

2021
16

2022
17

2023
18

2024
19

ASSETS

Capex
Depreciation Fund
Capex (net value)

keuro
keuro
keuro

88,967
0
88,967

345,197
0
345,197

782,458
0
782,458

938,646
(19,208)
919,438

1,090,700
(38,417)
1,052,284

1,162,514
(75,887)
1,086,627

1,162,514
(113,357)
1,049,157

1,162,514
(150,826)
1,011,687

1,165,495
(188,296)
977,199

1,165,495
(226,011)
939,484

1,167,158
(263,726)
903,432

1,167,158
(301,510)
865,648

1,170,543
(339,294)
831,249

1,170,543
(377,078)
793,465

1,172,432
(414,862)
757,569

1,172,432
(452,741)
719,691

1,176,275
(490,619)
685,656

1,176,275
(528,711)
647,564

1,178,418
(566,803)
611,615

Working Capital
VAT Receivables

keuro
keuro

0
11,405

0
47,238

0
96,099

(381)
78,661

(295)
35,997

2,877
22,370

2,884
4,769

2,966
0

3,011
0

3,057
0

3,064
0

1,536
0

1,560
0

1,585
0

1,571
0

1,635
0

1,661
0

1,687
0

1,672
0

DSRA
Cash Flow

keuro
keuro

0
0

0
0

0
0

0
0

0
0

19,039
0

19,039
0

17,971
0

19,056
0

18,769
0

16,210
0

16,321
0

17,892
0

17,145
0

17,898
0

16,812
0

17,857
0

17,044
0

18,480
0

TOTAL ASSETS

keuro

100,372

392,435

878,557

997,717

1,087,985

1,130,913

1,075,849

1,032,624

999,266

961,310

922,706

883,505

850,701

812,195

777,038

738,138

705,173

666,294

631,768

FACILITIES
Senior Facility
VAT Facility
FACILITIES

keuro
keuro
keuro

35,032
11,405
46,437

124,594
47,238
171,832

280,791
96,099
376,890

311,495
78,661
390,156

348,980
35,997
384,977

361,729
22,370
384,099

345,917
4,769
350,687

326,987
0
326,987

308,781
0
308,781

287,166
0
287,166

264,828
0
264,828

246,469
0
246,469

226,844
0
226,844

202,878
0
202,878

179,093
0
179,093

152,414
0
152,414

126,458
0
126,458

96,886
0
96,886

67,313
0
67,313

Tax Fund

keuro

6,838

5,976

10,034

12,102

13,126

14,061

14,874

15,793

12,986

13,786

14,651

15,555

16,466

17,432

18,370

19,415

NET CAPITAL
Equity
LEGAL RESERVE
Earnings

keuro
keuro

10,676
0
0

41,424
0
(0)

93,895
0
(0)

109,768
402
7,645

126,257
750
14,247

133,382
1,398
26,566

133,382
2,250
21,838

133,382
3,198
20,182

133,382
4,234
22,902

133,382
5,346
24,478

133,382
6,543
25,940

133,382
7,511
26,779

133,382
8,553
31,600

133,382
9,677
34,914

133,382
10,885
41,274

133,382
12,178
46,690

133,382
13,562
57,174

133,382
15,034
65,300

133,382
16,604
77,573

keuro

43,259

179,179

407,772

482,907

555,779

575,434

555,591

535,748

515,906

496,063

476,221

456,378

436,536

416,693

396,851

377,008

357,166

337,323

317,481

keuro

100,372

392,435

878,557

997,717

1,087,985

1,130,913

1,075,849

1,032,624

999,266

961,310

922,706

883,505

850,701

812,195

777,038

738,138

705,173

666,294

631,768

LIABILITIES

GRANT
TOTAL LIABILITIES

148824039.xls.ms_office

BOZZA
SP

BALANCE SHEET

Year
Progr.

1-Jan-25
31-Dec-25

1-Jan-26
31-Dec-26

1-Jan-27
31-Dec-27

1-Jan-28
31-Dec-28

1-Jan-29
31-Dec-29

1-Jan-30
31-Dec-30

1-Jan-31
31-Dec-31

1-Jan-32
31-Dec-32

1-Jan-33
31-Dec-33

1-Jan-34
31-Dec-34

1-Jan-35
31-Dec-35

1-Jan-36
31-Dec-36

1-Jan-37
31-Dec-37

1-Jan-38
31-Dec-38

1-Jan-39
31-Dec-39

1-Jan-40
31-Dec-40

2025
20

2026
21

2027
22

2028
23

2029
24

2030
25

2031
26

2032
27

2033
28

2034
29

2035
30

2036
31

2037
32

2038
33

2039
34

2040
35

ASSETS

Capex
Depreciation Fund
Capex (net value)

keuro
keuro
keuro

1,178,418
(605,029)
573,389

1,182,781
(643,255)
539,527

1,182,781
(681,793)
500,989

1,185,215
(720,330)
464,885

1,185,215
(759,071)
426,145

1,190,169
(797,811)
392,358

1,190,169
(837,047)
353,122

1,192,932
(876,283)
316,650

1,192,932
(915,864)
277,069

1,198,556
(955,445)
243,111

1,198,556
(995,964)
202,593

1,201,694
(1,036,482)
165,212

1,201,694
(1,077,785)
123,909

1,208,079
(1,119,088)
88,991

1,208,079
(1,163,583)
44,495

1,211,641
(1,211,641)
0

Working Capital
VAT Receivables

keuro
keuro

1,740
0

1,768
0

1,795
0

1,779
0

1,852
0

1,882
0

1,911
0

1,893
0

1,972
0

2,003
0

2,035
0

2,014
0

2,099
0

2,132
0

2,166
0

2,144
0

DSRA
Cash Flow

keuro
keuro

17,012
0

0
0

0
0

0
0

0
0

0
0

0
7,946

0
25,217

0
45,427

0
60,198

0
81,214

0
99,487

0
121,320

0
137,104

0
161,405

0
185,682

TOTAL ASSETS

keuro

592,142

541,294

502,784

466,664.2

427,997

394,240

362,979

343,759

324,468

305,312

285,841

266,712

247,328

228,228

208,067

187,825

FACILITIES
Senior Facility
VAT Facility
FACILITIES

keuro
keuro
keuro

33,114
0
33,114

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

Tax Fund

keuro

20,475

21,612

22,295

22,847

23,343

23,917

24,338

24,961

25,512

26,199

26,570

27,284

27,742

28,484

28,166

27,767

NET CAPITAL
Equity
LEGAL RESERVE
Earnings

keuro
keuro

133,382
18,275
89,258

133,382
20,053
88,452

133,382
21,892
67,263

133,382
23,779
48,546

133,382
25,708
27,297

133,382
26,676
11,839

133,382
26,676
0

133,382
26,676
0

133,382
26,676
0

133,382
26,676
0

133,382
26,676
0

133,382
26,676
0

133,382
26,676
0

133,382
26,676
0

133,382
26,676
0

133,382
26,676
0

keuro

297,638

277,796

257,953

238,110

218,268

198,425

178,583

158,740

138,898

119,055

99,213

79,370

59,528

39,685

19,843

keuro

592,142

541,294

502,784

466,664

427,997

394,240

362,979

343,759

324,468

305,312

285,841

266,712

247,328

228,228

208,067

187,825

LIABILITIES

GRANT
TOTAL LIABILITIES

148824039.xls.ms_office

BOZZA
SP

IRR SHEET
Starting
Ending

1-Jan-06
31-Dec-06

1-Jan-07
31-Dec-07

1-Jan-08
31-Dec-08

1-Jan-09
31-Dec-09

1-Jan-10
31-Dec-10

1-Jan-11
31-Dec-11

1-Jan-12
31-Dec-12

1-Jan-13
31-Dec-13

1-Jan-14
31-Dec-14

1-Jan-15
31-Dec-15

1-Jan-16
31-Dec-16

1-Jan-17
31-Dec-17

1-Jan-18
31-Dec-18

Year
Progr.

2006
1

2007
2

2008
3

2009
4

2010
5

2011
6

2012
7

2013
8

2014
9

2015
10

2016
11

2017
12

2018
13

Unlevered IRR
Total Capex

keuro

(78,653)

(247,127)

(415,624)

(155,817)

(151,703)

(71,813)

(2,981)

(1,663)

(3,385)

Total Reveunes
Total Opex
Total Tax paid
Net Variation in WC
Public Grants
VAT CAPEX
VAT Reimbursement/(Cost)
Project Cash Flow

keuro
keuro
keuro
keuro
keuro
keuro
keuro
keuro

0
0
0
0
43,259
(11,405)
0
(46,799)

0
0
0
0
135,920
(35,833)
0
(147,041)

0
0
(0)
0
228,593
(60,265)
11,405
(235,891)

74,125
(25,600)
(0)
381
85,699
(18,395)
35,833
(3,773)

78,751
(31,959)
(6,838)
(86)
83,437
(17,601)
60,265
14,265

109,537
(43,366)
(5,976)
(3,171)
39,497
(4,769)
18,395
38,334

111,647
(44,234)
(10,034)
(7)
0
17,601
74,973

113,797
(45,118)
(12,102)
(82)
0
4,769
61,264

115,989
(46,021)
(13,126)
(45)
0
0
53,816

118,224
(46,941)
(14,061)
(46)
0
0
57,175

120,502
(47,880)
(14,874)
(7)
0
0
56,077

113,023
(48,838)
(15,793)
1,528
0
0
49,920

115,243
(49,814)
(12,986)
(24)
0
0
49,033

Concession Maturity

30

29

28

27

26

25

24

23

22

21

20

31-Dec-40

31-Dec-39

31-Dec-38

31-Dec-37

31-Dec-36

31-Dec-35

31-Dec-34

31-Dec-33

31-Dec-32

31-Dec-31

31-Dec-30

9.54%

9.63%

9.54%

9.46%

9.35%

9.24%

9.11%

8.98%

8.81%

8.63%

8.42%

Starting
Ending

1-Jan-06
31-Dec-06

1-Jan-07
31-Dec-07

1-Jan-08
31-Dec-08

1-Jan-09
31-Dec-09

1-Jan-10
31-Dec-10

1-Jan-11
31-Dec-11

1-Jan-12
31-Dec-12

1-Jan-13
31-Dec-13

1-Jan-14
31-Dec-14

1-Jan-15
31-Dec-15

1-Jan-16
31-Dec-16

1-Jan-17
31-Dec-17

1-Jan-18
31-Dec-18

Year
Progr.

2006
1

2007
2

2008
3

2009
4

2010
5

2011
6

2012
7

2013
8

2014
9

2015
10

2016
11

2017
12

2018
13

10,676
0
(10,676)

30,748
0
(30,748)

52,471
0
(52,471)

15,873
0
(15,873)

16,489
0
(16,489)

7,125
0
(7,125)

0
20,905
20,905

0
19,675
19,675

0
16,968
16,968

0
19,542
19,542

0
21,287
21,287

0
17,552
17,552

0
14,984
14,984

969,258

10,676
0

30,748
0

52,471
0

15,873
0

16,489
0

7,125
0

0
20,905

0
19,675

0
16,968

0
19,542

0
21,287

0
17,552

0
14,984

178,288

7,393

1,154,939

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

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

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

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

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

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

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

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

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

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

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

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

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

Final Maturiry
Unlevered IRR

EQUITY IRR

Equity
Cash to equity
Cash flow to Equity

133,382 keuro
1,147,546 keuro
1,014,164

GROSS IRR

12.63%

Equity
Dividend
Free Cash Flow

Durata gestione

Scadenza

Interest Income
Cash at the End of Concession
30
29
28
27
26
25
24
23
22
21
20
Flag

148824039.xls.ms_office

31-Dec-40
31-Dec-39
31-Dec-38
31-Dec-37
31-Dec-36
31-Dec-35
31-Dec-34
31-Dec-33
31-Dec-32
31-Dec-31
31-Dec-30

BOZZA
IRR

Dividend

Cash flow to Equity

1
0
0
0
0
0
0
0
0
0
0

148824039.xls.ms_office

Durata concessione
30
29
28
27
26
25
24
23
22
21
20

Scadenza
31-Dec-40
31-Dec-39
31-Dec-38
31-Dec-37
31-Dec-36
31-Dec-35
31-Dec-34
31-Dec-33
31-Dec-32
31-Dec-31
31-Dec-30

Concession Period

Maturity

30
29
28
27
26
25
24
23
22
21
20

31-Dec-40
31-Dec-39
31-Dec-38
31-Dec-37
31-Dec-36
31-Dec-35
31-Dec-34
31-Dec-33
31-Dec-32
31-Dec-31
31-Dec-30

0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0

20,905
20,905
20,905
20,905
20,905
20,905
20,905
20,905
20,905
20,905
20,905

19,675
19,675
19,675
19,675
19,675
19,675
19,675
19,675
19,675
19,675
19,675

16,968
16,968
16,968
16,968
16,968
16,968
16,968
16,968
16,968
16,968
16,968

19,542
19,542
19,542
19,542
19,542
19,542
19,542
19,542
19,542
19,542
19,542

21,287
21,287
21,287
21,287
21,287
21,287
21,287
21,287
21,287
21,287
21,287

17,552
17,552
17,552
17,552
17,552
17,552
17,552
17,552
17,552
17,552
17,552

14,984
14,984
14,984
14,984
14,984
14,984
14,984
14,984
14,984
14,984
14,984

(10,676)
(10,676)
(10,676)
(10,676)
(10,676)
(10,676)
(10,676)
(10,676)
(10,676)
(10,676)
(10,676)

(30,748)
(30,748)
(30,748)
(30,748)
(30,748)
(30,748)
(30,748)
(30,748)
(30,748)
(30,748)
(30,748)

(52,471)
(52,471)
(52,471)
(52,471)
(52,471)
(52,471)
(52,471)
(52,471)
(52,471)
(52,471)
(52,471)

(15,873)
(15,873)
(15,873)
(15,873)
(15,873)
(15,873)
(15,873)
(15,873)
(15,873)
(15,873)
(15,873)

(16,489)
(16,489)
(16,489)
(16,489)
(16,489)
(16,489)
(16,489)
(16,489)
(16,489)
(16,489)
(16,489)

(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)

20,905
20,905
20,905
20,905
20,905
20,905
20,905
20,905
20,905
20,905
20,905

19,675
19,675
19,675
19,675
19,675
19,675
19,675
19,675
19,675
19,675
19,675

16,968
16,968
16,968
16,968
16,968
16,968
16,968
16,968
16,968
16,968
16,968

19,542
19,542
19,542
19,542
19,542
19,542
19,542
19,542
19,542
19,542
19,542

21,287
21,287
21,287
21,287
21,287
21,287
21,287
21,287
21,287
21,287
21,287

17,552
17,552
17,552
17,552
17,552
17,552
17,552
17,552
17,552
17,552
17,552

14,984
14,984
14,984
14,984
14,984
14,984
14,984
14,984
14,984
14,984
14,984

Shareholder IRR
12.47%
12.40%
12.31%
12.21%
12.09%
11.94%
11.76%
11.56%
11.30%
10.98%
10.58%

BOZZA
IRR

1-Jan-19
31-Dec-19

1-Jan-20
31-Dec-20

1-Jan-21
31-Dec-21

1-Jan-22
31-Dec-22

1-Jan-23
31-Dec-23

1-Jan-24
31-Dec-24

1-Jan-25
31-Dec-25

1-Jan-26
31-Dec-26

1-Jan-27
31-Dec-27

1-Jan-28
31-Dec-28

1-Jan-29
31-Dec-29

1-Jan-30
31-Dec-30

1-Jan-31
31-Dec-31

1-Jan-32
31-Dec-32

1-Jan-33
31-Dec-33

1-Jan-34
31-Dec-34

1-Jan-35
31-Dec-35

1-Jan-36
31-Dec-36

1-Jan-37
31-Dec-37

1-Jan-38
31-Dec-38

1-Jan-39
31-Dec-39

1-Jan-40
31-Dec-40

2019
14

2020
15

2021
16

2022
17

2023
18

2024
19

2025
20

2026
21

2027
22

2028
23

2029
24

2030
25

2031
26

2032
27

2033
28

2034
29

2035
30

2036
31

2037
32

2038
33

2039
34

2040
35

(1,888)

(3,843)

(2,144)

(4,363)

(2,434)

(4,954)

(2,763)

(5,624)

(3,137)

(6,385)

(3,562)

117,507
(50,811)
(13,786)
(25)
0
0
52,886

119,816
(51,827)
(14,651)
14
0
0
51,464

122,171
(52,863)
(15,555)
(64)
0
0
53,689

124,572
(53,921)
(16,466)
(26)
0
0
50,316

127,020
(54,999)
(17,432)
(26)
0
0
54,563

129,517
(56,099)
(18,370)
15
0
0
52,919

132,063
(57,221)
(19,415)
(69)
0
0
55,359

134,659
(58,365)
(20,475)
(27)
0
0
51,428

137,307
(59,533)
(21,612)
(28)
0
0
56,134

140,006
(60,723)
(22,295)
17
0
0
54,571

142,759
(61,938)
(22,847)
(74)
0
0
57,901

145,567
(63,177)
(23,343)
(29)
0
0
54,065

148,430
(64,440)
(23,917)
(30)
0
0
60,043

151,349
(65,729)
(24,338)
18
0
0
58,537

154,326
(67,043)
(24,961)
(79)
0
0
62,243

157,362
(68,384)
(25,512)
(31)
0
0
57,811

160,458
(69,752)
(26,199)
(32)
0
0
64,476

163,615
(71,147)
(26,570)
20
0
0
62,780

166,834
(72,570)
(27,284)
(85)
0
0
66,895

170,117
(74,021)
(27,742)
(33)
0
0
61,935

173,464
(75,502)
(28,484)
(34)
0
0
69,445

176,878
(77,012)
(28,166)
22
0
0
68,161

1-Jan-19
31-Dec-19

1-Jan-20
31-Dec-20

1-Jan-21
31-Dec-21

1-Jan-22
31-Dec-22

1-Jan-23
31-Dec-23

1-Jan-24
31-Dec-24

1-Jan-25
31-Dec-25

1-Jan-26
31-Dec-26

1-Jan-27
31-Dec-27

1-Jan-28
31-Dec-28

1-Jan-29
31-Dec-29

1-Jan-30
31-Dec-30

1-Jan-31
31-Dec-31

1-Jan-32
31-Dec-32

1-Jan-33
31-Dec-33

1-Jan-34
31-Dec-34

1-Jan-35
31-Dec-35

1-Jan-36
31-Dec-36

1-Jan-37
31-Dec-37

1-Jan-38
31-Dec-38

1-Jan-39
31-Dec-39

1-Jan-40
31-Dec-40

2019
14

2020
15

2021
16

2022
17

2023
18

2024
19

2025
20

2026
21

2027
22

2028
23

2029
24

2030
25

2031
26

2032
27

2033
28

2034
29

2035
30

2036
31

2037
32

2038
33

2039
34

2040
35

0
18,029
18,029

0
16,593
16,593

0
19,158
19,158

0
15,815
15,815

0
19,841
19,841

0
17,565
17,565

0
20,051
20,051

0
34,586
34,586

0
56,134
56,134

0
54,571
54,571

0
57,901
57,901

0
54,065
54,065

0
60,043
60,043

0
58,537
58,537

0
62,243
62,243

0
57,811
57,811

0
64,476
64,476

0
62,780
62,780

0
66,895
66,895

0
61,935
61,935

0
69,445
69,445

0
68,161
68,161

0
18,029

0
16,593

0
19,158

0
15,815

0
19,841

0
17,565

0
20,051

0
34,586

0
56,134

0
54,571

0
57,901

0
54,065

0
52,097

0
41,346

0
42,284

0
43,495

0
44,062

0
45,320

0
46,056

0
47,364

0
46,515

0
45,499

7,946

17,191

19,958

14,316

20,414

17,461

20,839

14,571

22,930

22,662

79

252

454

602

812

995

1,213

1,371

1,614

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

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

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

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

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

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

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

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

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

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

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

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

0
0
0
0
0
0
0
0
0
7,946
0
7,946

0
0
0
0
0
0
0
0
25,217
0
0
25,217

0
0
0
0
0
0
0
45,427
0
0
0
0

0
0
0
0
0
0
60,198
0
0
0
0
60,198

0
0
0
0
0
81,214
0
0
0
0
0
81,214

0
0
0
0
99,487
0
0
0
0
0
0
99,487

0
0
0
121,320
0
0
0
0
0
0
0
121,320

0
0
137,104
0
0
0
0
0
0
0
0
137,104

0
161,405
0
0
0
0
0
0
0
0
0
161,405

185,682
0
0
0
0
0
0
0
0
0
0
185,682

148824039.xls.ms_office

BOZZA
IRR

18,029
18,029
18,029
18,029
18,029
18,029
18,029
18,029
18,029
18,029
18,029

16,593
16,593
16,593
16,593
16,593
16,593
16,593
16,593
16,593
16,593
16,593

19,158
19,158
19,158
19,158
19,158
19,158
19,158
19,158
19,158
19,158
19,158

15,815
15,815
15,815
15,815
15,815
15,815
15,815
15,815
15,815
15,815
15,815

19,841
19,841
19,841
19,841
19,841
19,841
19,841
19,841
19,841
19,841
19,841

17,565
17,565
17,565
17,565
17,565
17,565
17,565
17,565
17,565
17,565
17,565

20,051
20,051
20,051
20,051
20,051
20,051
20,051
20,051
20,051
20,051
20,051

34,586
34,586
34,586
34,586
34,586
34,586
34,586
34,586
34,586
34,586
34,586

56,134
56,134
56,134
56,134
56,134
56,134
56,134
56,134
56,134
56,134
56,134

54,571
54,571
54,571
54,571
54,571
54,571
54,571
54,571
54,571
54,571
54,571

57,901
57,901
57,901
57,901
57,901
57,901
57,901
57,901
57,901
57,901
57,901

54,065
54,065
54,065
54,065
54,065
54,065
54,065
54,065
54,065
54,065
54,065

52,097
52,097
52,097
52,097
52,097
52,097
52,097
52,097
52,097
52,097

41,346
41,346
41,346
41,346
41,346
41,346
41,346
41,346
41,346

42,284
42,284
42,284
42,284
42,284
42,284
42,284
42,284

43,495
43,495
43,495
43,495
43,495
43,495
43,495

44,062
44,062
44,062
44,062
44,062
44,062

45,320
45,320
45,320
45,320
45,320

46,056
46,056
46,056
46,056

47,364
47,364
47,364

46,515
46,515

45,499

18,029
18,029
18,029
18,029
18,029
18,029
18,029
18,029
18,029
18,029
18,029

16,593
16,593
16,593
16,593
16,593
16,593
16,593
16,593
16,593
16,593
16,593

19,158
19,158
19,158
19,158
19,158
19,158
19,158
19,158
19,158
19,158
19,158

15,815
15,815
15,815
15,815
15,815
15,815
15,815
15,815
15,815
15,815
15,815

19,841
19,841
19,841
19,841
19,841
19,841
19,841
19,841
19,841
19,841
19,841

17,565
17,565
17,565
17,565
17,565
17,565
17,565
17,565
17,565
17,565
17,565

20,051
20,051
20,051
20,051
20,051
20,051
20,051
20,051
20,051
20,051
20,051

34,586
34,586
34,586
34,586
34,586
34,586
34,586
34,586
34,586
34,586
34,586

56,134
56,134
56,134
56,134
56,134
56,134
56,134
56,134
56,134
56,134
56,134

54,571
54,571
54,571
54,571
54,571
54,571
54,571
54,571
54,571
54,571
54,571

57,901
57,901
57,901
57,901
57,901
57,901
57,901
57,901
57,901
57,901
57,901

54,065
54,065
54,065
54,065
54,065
54,065
54,065
54,065
54,065
54,065
54,065

52,097
52,097
52,097
52,097
52,097
52,097
52,097
52,097
52,097
60,043

41,346
41,346
41,346
41,346
41,346
41,346
41,346
41,346
66,562

42,284
42,284
42,284
42,284
42,284
42,284
42,284
87,712

43,495
43,495
43,495
43,495
43,495
43,495
103,692

44,062
44,062
44,062
44,062
44,062
125,275

45,320
45,320
45,320
45,320
144,806

46,056
46,056
46,056
167,376

47,364
47,364
184,468

46,515
207,920

231,180

148824039.xls.ms_office

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