Sample Power Plant Dashboard

Power Plant Model
Dashboard
Power Plant Operations

Dependable Capacity MW 120
2,800,000
Dependable Capacity - Esc Comp MW 124
Plant Load Factor % 85% 1,800,000
Plant Efficiency % 43.3%
800,000
Base Efficiency per Tarif % 40.3%
Decay in Efficiency % 0.01% (200,000)
2011 2012 2013 2
Cost Drivers (Quarterly Rates)
Salaries and Increments % 3.5%
Insurance / Travel / Rent Inflation % 0.8%
SG&A Inflation % 1.0%
Return on Other Operating Income % 14.0% 3,000,000
Fee for Produce of Energy Yes/No
Macro Economic Factors (Quarterly Rates) 2,000,000

Furnace Oil Price Inflation % 1.5%
US CPI Inflation % 0.5%
PKR Devaluation % 1.3% 1,000,000
Working Capital Drivers

Days Trade Debts Remain Outstanding Days 80 0
2011 2012 2013
WC Improvement Days 0
Days Raw Materials Remain Un-used Days 20
Days Trade Payable Remain Outstanding Days 45 (1,000,000)
Quarterly CapEx PKR 000 25,000
Cash Balance PKR 000 300,000
Acquisition Pricing and Financing 7.0

Total Shares Outstanding 000s 169,459 6.0
% Stake to be Acquired % 0% 5.0
Ofer Price / Share PKR 25
4.0
Total Consideration Paid PKR 000s 0
% of Consideration Financed % 0% 3.0
2.0 4.4
Financing Required PKR 000s 0 3.7
Pament Tenor Yrs 5 1.0
Cost of Debt % 18.0% 0.0 (0.1)
Post-tax dividend received upon investment PKR 000s 0 2011 2012 2013 2
Efective equity outlay PKR 000s 0
Efective Equity / Total Investment #DIV/0!
PKR IRR % Err:502
USD IRR % Err:502
Exit Option USD MM 50.0
Yes Graphs Data
No Revenue Break
1 Net Fuel Cashf
Net Variable
Net Capacity C
EBITDA
Revenue Break
EBITDA
Net Finance (C
Net Changes i
CapEx
FCFF
Revenue Break
Investor Cashf
Cash Balance
DPS
Minimum Cash
Operating Results
00
00
00
00)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Net Fuel Cashflow Net Variable O&M Net Capacity Cashflow EBITDA
000
000
000
0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
000)
EBITDA Net Finance (Cost)/Other Income, Taxes Net Changes in WC
CapEx FCFF
7.0
6.0
5.0
4.0
3.0
4.9 5.0 5.2 5.3 5.2 5.3 5.3 5.3
4.4 4.5 4.7
2.0 3.7
1.0
0.0 (0.1)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
DPS Minimum Cash Balance
2011 2012 2013 2014 2015 2016 2017
452,903 566,614 596,681 628,061 660,801 694,949 730,552
(60,267) (64,239) (67,512) (70,951) (74,566) (78,365) (82,357)
447,031 446,523 459,244 470,994 481,469 490,312 497,103
839,667 948,898 988,413 1,028,104 1,067,704 1,106,896 1,145,298
2011 2012 2013 2014 2015 2016 2017

839,667 948,898 988,413 1,028,104 1,067,704 1,106,896 1,145,298
32,563 35,344 35,344 35,344 35,344 35,344 35,344
(498,262) (195,118) (181,307) (194,534) (205,852) (217,777) (230,481)
(200,799) (160,000) (100,000) (100,000) (100,000) (100,000) (100,000)
173,169 629,124 742,450 768,914 797,197 824,462 850,161
2011 2012 2013 2014 2015 2016 2017

0 0 0 0 0 0 0
300,000 300,000 300,000 300,000 300,000 300,000 300,000
2011 2012 2013 2014 2015 2016 2017

(0.1) 3.7 4.4 4.5 4.7 4.9 5.0
300.0 300.0 300.0 300.0 300.0 300.0 300.0
erating Results
2,800,000
1,800,000
800,000
(200,000)
020 2021 2022 2023 2024 2025 2026 2027
Capacity Cashflow EBITDA
3,000,000
2,000,000
1,000,000
.
0
020 2021 2022 2023 2024 2025 2026 2027
(1,000,000)
e, Taxes Net Changes in WC
0
1,500
1,250
1,000
750
.2 5.3 5.3 5.3 5.3 5.2 5.1 4.9 500
250
0
020 2021 2022 2023 2024 2025 2026 2027
h Balance
2018 2019 2020 2021 2022 2023 2024 2025
767,660 806,323 846,588 888,507 932,128 977,501 1,024,676 1,073,699
(86,553) (90,962) (95,596) (128,802) (135,364) 0 0 0
501,351 502,483 463,518 314,446 254,853 0 0 0
1,182,459 1,217,844 1,214,510 1,074,151 1,051,617 977,501 1,024,676 1,073,699
2018 2019 2020 2021 2022 2023 2024 2025

1,182,459 1,217,844 1,214,510 1,074,151 1,051,617 977,501 1,024,676 1,073,699
35,344 35,344 35,344 35,344 35,344 35,344 35,344 35,344
(243,918) (258,117) (265,153) (288,940) (305,643) (323,262) (341,840) (361,421)
(100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000)
873,884 895,070 884,702 720,555 681,318 589,583 618,179 647,622
2018 2019 2020 2021 2022 2023 2024 2025

0 0 0 0 0 0 0 0
300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
2018 2019 2020 2021 2022 2023 2024 2025

5.2 5.3 5.2 5.3 5.3 5.3 5.3 5.2
300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
85 433 1 30 1 0 50
2026 2027
1,124,619 1,177,481
0 0
0 0
1,124,619 1,177,481
2026 2027
1,124,619 1,177,481
35,344 35,344
(382,047) (403,762)
(100,000) (100,000)
677,916 709,063
2026 2027
0 0
300,000 300,000
2026 2027
5.1 4.9
300.0 300.0
25 50
Power Plant Model
Summary Financials
Income Statement Units FY 2011 FY 2012 FY 2013 FY 2014

Energy Payments PKR MM 8,944 9,612 10,198 10,819
Capacity Payments PKR MM 847 874 916 961
Revenue PKR MM 9,791 10,486 11,114 11,780
Cost of Sales
Raw Materials Consumed PKR MM (8,022) (8,550) (9,083) (9,649)
Salaries Wages and Benefits PKR MM (108) (124) (142) (163)
Stores and Spares PKR MM (439) (468) (492) (517)
Other Costs PKR MM (167) (171) (176) (180)
SG&A (excluding D&A) PKR MM (216) (225) (234) (243)
EBITDA 840 949 988 1,028
D&A PKR MM (266) (249) (246) (246)
Other Operating Income PKR MM 50 54 54 54
Profit from Operations PKR MM 624 755 796 836
Finance Costs PKR MM (1) 0 0 0
Profit before Tax PKR MM 623 755 796 836
Taxation [on Other Income] PKR MM (16) (19) (19) (19)
Net Income PKR MM 607 736 777 817
Balance Sheet Units FY 2011 FY 2012 FY 2013 FY 2014

Total Shareholders' Equity PKR MM 7,678 7,784 7,819 7,868
Trade and Other Payable PKR MM 107 114 121 129
Other Current Liabilities PKR MM 113 113 113 113
Liabilities and Shareholders' Equity PKR MM 7,898 8,012 8,054 8,109
Fixed Assets PKR MM 4,086 3,999 3,853 3,708
Other Non Current Assets PKR MM 16 15 15 14
Total Non-Current Assets PKR MM 4,103 4,014 3,868 3,721
Current Assets
Trade Debts PKR MM 2,146 2,298 2,436 2,582
Other Current Assets PKR MM 1,350 1,400 1,450 1,506
Cash & Bank Balances PKR MM 300 300 300 300
Total Current Assets PKR MM 3,796 3,998 4,186 4,388
Total Assets PKR MM 7,898 8,012 8,054 8,109
Cashflow Statement Units FY 2011 FY 2012 FY 2013 FY 2014

Cashflow from Operations PKR MM 374 789 842 869
Cashflow from Investing PKR MM (201) (160) (100) (100)
Debt Payments (200) 0 0 0
Dividend Payments PKR MM 19 (629) (742) (769)
Dividends 15% Equity holder PKR MM 3 (94) (111) (115)

Dividend per Share PKR / Share (0.1) 3.7 4.4 4.5
Minimum Cash Balance PKR MM 300 300 300 300
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
11,477 12,176 12,918 13,705 14,540 15,426 16,365 17,363
1,008 1,058 1,110 1,165 1,222 1,246 1,310 1,377
12,486 13,234 14,028 14,870 15,762 16,672 17,675 18,739
(10,250) (10,890) (11,569) (12,290) (13,056) (13,870) (14,735) (15,654)

(187) (214) (246) (282) (324) (371) (426) (489)
(543) (571) (600) (631) (663) (696) (732) (769)
(185) (189) (194) (200) (205) (211) (216) (222)
(253) (263) (274) (285) (297) (309) (321) (334)
1,068 1,107 1,145 1,182 1,218 1,215 1,244 1,270
(246) (245) (244) (243) (243) (243) (243) (243)
54 54 54 54 54 54 54 54
876 916 956 993 1,029 1,026 1,055 1,081
0 0 0 0 0 0 0 0
876 916 956 993 1,029 1,026 1,055 1,081
(19) (19) (19) (19) (19) (19) (19) (19)
857 897 937 974 1,010 1,006 1,036 1,062

7,927 8,000 8,087 8,188 8,302 8,424 8,570 8,732
137 145 155 165 176 188 202 216
113 113 113 113 113 113 113 113
8,177 8,259 8,355 8,466 8,592 8,726 8,885 9,062
3,562 3,417 3,274 3,130 2,987 2,844 2,700 2,557
13 13 13 13 13 13 13 13
3,575 3,430 3,287 3,143 3,000 2,857 2,713 2,570
2,737 2,901 3,075 3,259 3,455 3,654 3,874 4,107

1,565 1,628 1,694 1,763 1,837 1,915 1,997 2,084
300 300 300 300 300 300 300 300
4,602 4,828 5,068 5,322 5,592 5,869 6,171 6,492
8,177 8,259 8,355 8,466 8,592 8,726 8,885 9,062

897 924 950 974 995 985 991 1,000
(100) (100) (100) (100) (100) (100) (100) (100)
0 0 0 0 0 0 0 0
(797) (824) (850) (874) (895) (885) (891) (900)
(120) (124) (128) (131) (134) (133) (134) (135)

4.7 4.9 5.0 5.2 5.3 5.2 5.3 5.3
300 300 300 300 300 300 300 300
FY 2023 FY 2024 FY 2025 FY 2026 FY 2027
18,421 19,543 20,734 21,998 23,338
1,447 1,520 1,598 1,679 1,765
19,867 21,063 22,332 23,677 25,103
(16,630) (17,667) (18,769) (19,939) (21,182)

(561) (644) (739) (848) (973)
(808) (850) (893) (938) (986)
(229) (235) (242) (249) (257)
(348) (362) (377) (392) (408)
1,291 1,306 1,312 1,310 1,297
(239) (237) (237) (237) (237)
54 54 54 54 54
1,106 1,123 1,130 1,128 1,115
0 0 0 0 0
1,106 1,123 1,130 1,128 1,115
(19) (19) (19) (19) (19)
1,087 1,104 1,111 1,109 1,096
FY 2023 FY 2024 FY 2025 FY 2026 FY 2027

8,916 9,121 9,346 9,591 9,858
233 250 270 292 316
113 113 113 113 113
9,262 9,484 9,729 9,996 10,287
2,418 2,281 2,144 2,007 1,871
13 13 13 13 13
2,431 2,294 2,157 2,020 1,884
4,354 4,617 4,895 5,189 5,502

2,177 2,274 2,377 2,486 2,602
300 300 300 300 300
6,831 7,191 7,572 7,976 8,404
9,262 9,484 9,729 9,996 10,287
FY 2023 FY 2024 FY 2025 FY 2026 FY 2027

1,003 999 986 964 929
(100) (100) (100) (100) (100)
0 0 0 0 0
(903) (899) (886) (864) (829)
(135) (135) (133) (130) (124)

5.3 5.3 5.2 5.1 4.9
300 300 300 300 300
Power Plant Model
Power Plant Model
Income Statement
Income Statement Units FY 2005 FY 2006

`
Generation Gwh 440.051 707.974
Load Factor 41.9% 66.4%
Energy Payments
Fuel PKR 000
Variable O&M PKR 000
Capacity Payments
Escalable Component PKR 000
Non Escalable Component PKR 000
Revenue 2,918,583 4,984,208
Cost of Sales
Raw Materials Consumed PKR 000 (1,335,637) (3,162,464)
Salaries Wages and Benefits PKR 000 (43,340) (42,326)
Fee for Produce of Energy PKR 000 (32,515) (54,421)
Stores and Spares PKR 000 (171,762) (199,504)
Insurance PKR 000 (46,121) (46,924)
Traveling, Conveyance PKR 000 (4,972) (7,376)
Repair and Maintenance PKR 000 (9,971) (17,710)
Electricity Consumed in-house PKR 000 (6,522) (4,154)
Rent, rate and taxes PKR 000 (243) (270)
Miscallenous PKR 000 (3,814) (6,162)
SG&A (excluding D&A) PKR 000 (112,469) (134,920)
EBITDA 1,151,217 1,307,977

D&A - Cost of Sales PKR 000 (222,106) (206,229)
D&A - Admin Expenses PKR 000 (5,349) (6,423)
Amortization PKR 000
Other Operating Income PKR 000 42,331 45,195
Profit from Operations PKR 000 966,093 1,140,520
Finance Costs PKR 000 (161,476) (128,262)

Interest - LT Loan PKR 000
Interest - RF Facility PKR 000
Profit before Tax PKR 000 804,617 1,012,258

Taxation [on Other Income] PKR 000 (7,900) (9,800)
Net Income PKR 000 796,717 1,002,458

FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
805.427 881.894 872.630 899.545 911,180 923,304 923,304

74.2% 81.19% 80.33% 82.8% 84% 85% 85%
8,534,878 9,176,428 9,739,526

408,908 435,861 458,066
795,918 837,489 880,155

51,199 36,312 36,312
5,333,106 7,387,857 8,334,341 9,467,394 9,790,903 10,486,089 11,114,059
(3,618,857) (5,729,344) (6,392,309) (7,820,801) (8,021,731) (8,549,570) (9,082,601)

(51,773) (65,298) (77,257) (91,256) (107,645) (123,526) (141,748)
(64,363) (74,873) (93,871) (43,922) (60,244) (60,244) (60,244)
(123,489) (245,141) (340,151) (315,740) (439,019) (467,957) (491,797)
(46,518) (38,975) (39,663) (54,620) (53,000) (54,716) (56,488)
(8,598) (6,362) (7,687) (9,554) (10,048) (10,373) (10,709)
(32,423) (19,808) (29,330) (15,188) (30,156) (32,144) (33,782)
(2,537) (1,323) (1,606) (925) (1,952) (2,081) (2,187)
(429) (500) (554) (604) (640) (660) (682)
(12,215) (8,890) (10,913) (11,040) (10,906) (11,259) (11,624)
(220,279) (220,119) (171,754) (174,976) (215,896) (224,662) (233,784)
1,151,625 977,224 1,169,246 928,768 839,667 948,898 988,413

(219,384) (241,645) (246,625) (265,605) (262,597) (247,771) (245,629)
(9,880) (12,079) (10,769) (9,273) (2,171) 0 0
(763) (760) (760)
21,405 20,500 54,185 58,970 49,783 54,375 54,375
943,766 744,000 966,037 712,860 623,919 754,742 796,400
(99,984) (84,307) (47,796) (5,545) (1,308) 0 0

0 0 0
843,782 659,693 918,241 707,315 622,611 754,742 796,400

(7,100) (5,000) (13,185) (20,023) (15,912) (19,031) (19,031)
836,682 654,693 905,056 687,292 606,699 735,711 777,369

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020
923,304 923,304 923,304 923,304 923,304 923,304 923,304

85% 85% 85% 85% 85% 85% 85%
10,337,178 10,971,503 11,644,754 12,359,317 13,117,729 13,922,679 14,777,024

481,403 505,928 531,703 558,791 587,258 617,176 648,619
924,994 972,119 1,021,644 1,073,692 1,128,391 1,185,877 1,246,292

36,312 36,312 36,312 36,312 36,312 36,312 0
11,779,887 12,485,862 13,234,412 14,028,111 14,869,690 15,762,045 16,671,935
(9,648,873) (10,250,459) (10,889,561) (11,568,521) (12,289,824) (13,056,113) (13,870,192)

(162,660) (186,656) (214,192) (245,790) (282,050) (323,658) (371,405)
(60,244) (60,244) (60,244) (60,244) (60,244) (60,244) (60,244)
(516,852) (543,183) (570,855) (599,938) (630,502) (662,623) (696,381)
(58,318) (60,206) (62,156) (64,169) (66,247) (68,393) (70,608)
(11,056) (11,414) (11,784) (12,165) (12,559) (12,966) (13,386)
(35,503) (37,311) (39,212) (41,210) (43,309) (45,516) (47,834)
(2,298) (2,415) (2,538) (2,668) (2,804) (2,946) (3,097)
(704) (727) (750) (774) (800) (825) (852)
(12,000) (12,389) (12,790) (13,204) (13,632) (14,074) (14,529)
(243,277) (253,155) (263,434) (274,130) (285,261) (296,844) (308,897)
1,028,104 1,067,704 1,106,896 1,145,298 1,182,459 1,217,844 1,214,510

(245,502) (245,301) (244,771) (243,557) (243,477) (243,412) (243,358)
0 0 0 0 0 0 0
(760) (760) (86) 0 0 0 0
54,375 54,375 54,375 54,375 54,375 54,375 54,375
836,217 876,018 916,414 956,116 993,357 1,028,807 1,025,527
0 0 0 0 0 0 0
0 0 0 0 0 0 0
836,217 876,018 916,414 956,116 993,357 1,028,807 1,025,527

(19,031) (19,031) (19,031) (19,031) (19,031) (19,031) (19,031)
817,186 856,987 897,383 937,085 974,326 1,009,776 1,006,496

FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027
923,304 923,304 923,304 923,304 923,304 923,304 923,304

85% 85% 85% 85% 85% 85% 85%
15,683,795 16,646,208 17,667,679 18,751,830 19,902,509 21,123,798 22,420,029

681,663 716,390 752,887 791,243 831,553 873,917 918,439
1,309,785 1,376,513 1,446,639 1,520,339 1,597,793 1,679,193 1,764,740

0 0 0 0 0 0 0
17,675,243 18,739,111 19,867,205 21,063,412 22,331,856 23,676,908 25,103,208
(14,735,044) (15,653,836) (16,629,933) (17,666,911) (18,768,566) (19,938,935) (21,182,304)

(426,196) (489,070) (561,219) (644,012) (739,018) (848,040) (973,146)
(60,244) (60,244) (60,244) (60,244) (60,244) (60,244) (60,244)
(731,858) (769,143) (808,327) (849,507) (892,786) (938,269) (986,069)
(72,895) (75,255) (77,693) (80,209) (82,806) (85,488) (88,257)
(13,819) (14,267) (14,729) (15,206) (15,699) (16,207) (16,732)
(50,271) (52,832) (55,524) (58,353) (61,325) (64,450) (67,733)
(3,254) (3,420) (3,594) (3,777) (3,970) (4,172) (4,385)
(880) (908) (938) (968) (999) (1,032) (1,065)
(15,000) (15,486) (15,987) (16,505) (17,039) (17,591) (18,161)
(321,439) (334,491) (348,072) (362,206) (376,913) (392,217) (408,142)
1,244,342 1,270,159 1,290,945 1,305,515 1,312,490 1,310,263 1,296,970

(243,315) (243,280) (239,312) (237,027) (236,852) (236,708) (236,592)
0 0 0 0 0 0 0
0 0 0 0 0 0 0
54,375 54,375 54,375 54,375 54,375 54,375 54,375
1,055,402 1,081,254 1,106,008 1,122,863 1,130,014 1,127,930 1,114,754
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1,055,402 1,081,254 1,106,008 1,122,863 1,130,014 1,127,930 1,114,754

(19,031) (19,031) (19,031) (19,031) (19,031) (19,031) (19,031)
1,036,371 1,062,223 1,086,977 1,103,832 1,110,982 1,108,899 1,095,722

Power Plant Model
Balance Sheet
Cashflow Statement Units FY 2011 FY 2012
Net Income PKR 000 606,699 735,711

Depreciation on owned fixed assets PKR 000 264,768 247,771
Amortisation PKR 000 763 760
(Increase)/Decrease in Stores & Spares PKR 000 (46,623) (25,126)
(Increase)/Decrease in Stock in Trade PKR 000 (271,307) (28,923)
(Increase)/Decrease in Trade Debtors PKR 000 (219,901) (152,370)
(Increase)/Decrease in Loans / Advances PKR 000 60,021 4,135
(Increase)/Decrease in ST Investments PKR 000 1,327 0
Increase/(Decrease) in Trade Payables PKR 000 (11,607) 7,165
Increase/(Decrease) in Other CF Items PKR 000 (10,172) 0
Cash generated from/(used in) operations PKR 000 373,968 789,124
CapEx PKR 000 (200,799) (160,000)

Cashflows from Investing Activities (200,799) (160,000)
LT Financing - Issuance PKR 000 0 0

LT Financing - Payments PKR 000 0 0
Proceeds from rights issue PKR 000 0 0
Finance cost paid PKR 000 (200,000) 0
lease rentals paid PKR 000 0 0
Dividends Paid PKR 000 19,271 (629,124)
Cashflows from Financing Activities PKR 000 (180,729) (629,124)
Net increase in cash and cash equivalents PKR 000 (7,560) 0

Investor Cashflows 0 0
777,369 817,186 856,987 897,383 937,085 974,326 1,009,776 1,006,496

245,629 245,502 245,301 244,771 243,557 243,477 243,412 243,358
760 760 760 86 0 0 0 0
(23,546) (24,745) (26,006) (27,331) (28,723) (30,187) (31,725) (33,341)
(29,207) (31,029) (32,964) (35,019) (37,203) (39,523) (41,988) (44,607)
(137,637) (145,935) (154,734) (164,066) (173,961) (184,456) (195,585) (199,428)
2,250 (206) (135) (23) (4) 1 0 0
0 0 0 0 0 0 0 0
6,833 7,381 7,988 8,662 9,411 10,247 11,180 12,223
0 0 0 0 0 0 0 0
842,450 868,914 897,197 924,462 950,161 973,884 995,070 984,702
(100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000)

(100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000)
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
(742,450) (768,914) (797,197) (824,462) (850,161) (873,884) (895,070) (884,702)
(742,450) (768,914) (797,197) (824,462) (850,161) (873,884) (895,070) (884,702)
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027
1,036,371 1,062,223 1,086,977 1,103,832 1,110,982 1,108,899 1,095,722

243,315 243,280 239,312 237,027 236,852 236,708 236,592
0 0 0 0 0 0 0
(35,039) (36,824) (38,700) (40,672) (42,744) (44,922) (47,210)
(47,389) (50,345) (53,485) (56,821) (60,365) (64,130) (68,130)
(219,903) (233,177) (247,253) (262,182) (278,015) (294,806) (312,614)
0 (0) (0) (0) (0) 0 0
0 0 0 0 0 0 0
13,392 14,703 16,177 17,835 19,703 21,811 24,192
0 0 0 0 0 0 0
990,746 999,860 1,003,027 999,019 986,413 963,560 928,552
(100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000)

(100,000) (100,000) (100,000) (100,000) (100,000) (100,000) (100,000)
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
(890,746) (899,860) (903,027) (899,019) (886,413) (863,560) (828,552)
(890,746) (899,860) (903,027) (899,019) (886,413) (863,560) (828,552)
0 0 0 0 0 0 0
0 0 0 0 0 0 0
Power Plant Model
Balance Sheet
Annual
Balance Sheet Units FY 2005
Share Capital & Reserves

Share Capital PKR 000 1,694,586
Un - Appropriated Profit/( Loss) PKR 000 3,124,194
Total Shareholders' Equity PKR 000 4,818,780
Non Current Liabilities

Long term Financing secured PKR 000 705,586
Staf Retirement Benefits PKR 000 3,519
TFC PKR 000
Liabilities against ASTFL PKR 000
Current Liabilities
Trade and Other Payable PKR 000 387,359
Accrued markup PKR 000 26,043
Short Term Borrowings PKR 000
Proprosed final dividend PKR 000
Provision for taxation PKR 000 87,002
Current Maturity of PKR 000
Long Term finance PKR 000 642,912
Liabilities and Shareholders' Equity PKR 000 6,671,201
Fixed Assets PKR 000 4,799,639

Intangible Assets PKR 000 5,661
Long Term Loan & Deposits PKR 000 4,350
Capital Work in Progress PKR 000 18,328
Total Non-Current Assets PKR 000 4,827,978
Current Assets
Stores & Spares PKR 000 285,179
Stock in Trade PKR 000 130,725
Trade Debts PKR 000 394,102
Loans , Advances ,Deposits and Prepayments PKR 000 260,150
Tax paid in advance PKR 000
Short Term Investment PKR 000
Cash & Bank Balances PKR 000 773,067
Total Current Assets PKR 000 1,843,223
Total Assets PKR 000 6,671,201
Balance Sheet Check 0

Annual Annual
1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586

3,798,535 4,635,217 4,866,263 5,008,754 5,357,128 5,983,298 6,089,884 6,124,803
5,493,121 6,329,803 6,560,849 6,703,340 7,051,714 7,677,884 7,784,470 7,819,389
226,313 96,051 0 0 0 0
2,986 4,030 8,795 9,672 9,995 0 0 0
0 0 0 0
0 0 0 0
0 0 0
0 0 0
372,248 103,011 107,755 107,098 118,776 107,169 114,334 121,167
41,154 10,717 69 392 147 147 147
360,000 470,608 200,000 0 0 0
0 0 0 0
95,128 97,250 97,270 100,929 115,914 112,984 112,984 112,984
0 0 0
525,246 192,102 108,097 0 0 0 0
0 0 0 0
6,756,196 7,192,964 7,353,374 6,921,108 7,496,791 7,898,184 8,011,936 8,053,687
4,666,324 4,722,146 4,537,937 4,363,430 4,153,382 4,086,436 3,998,665 3,853,036

4,331 6,041 4,545 3,658 3,889 3,126 2,366 1,606
4,898 4,831 10,360 9,209 10,418 12,960 12,960 12,960
11,330 67,959 55,210 0 0 0 0
4,686,883 4,800,977 4,608,052 4,376,297 4,167,689 4,102,522 4,013,991 3,867,602
319,578 307,228 382,892 366,072 390,431 437,054 462,179 485,725

144,637 209,416 85,560 311,234 168,240 439,547 468,470 497,677
561,530 1,155,394 1,939,815 963,309 1,926,050 2,145,951 2,298,321 2,435,958
391,218 321,997 197,757 240,122 457,695 397,674 393,540 391,289
0 0 0 0
76,762 75,435 75,435 75,435
652,350 397,952 139,298 664,074 309,924 300,000 300,000 300,000
2,069,313 2,391,987 2,745,322 2,544,811 3,329,102 3,795,661 3,997,945 4,186,084
6,756,196 7,192,964 7,353,374 6,921,108 7,496,791 7,898,184 8,011,936 8,053,687
0 0 0 0 0 0 0 0
1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586

6,173,075 6,232,865 6,305,785 6,392,709 6,493,150 6,607,856 6,729,650 6,875,274
7,867,661 7,927,451 8,000,371 8,087,295 8,187,736 8,302,442 8,424,236 8,569,860
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
128,548 136,536 145,197 154,609 164,856 176,036 188,259 201,651
147 147 147 147 147 147 147 147
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
112,984 112,984 112,984 112,984 112,984 112,984 112,984 112,984
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
8,109,340 8,177,117 8,258,699 8,355,034 8,465,723 8,591,608 8,725,626 8,884,642
3,707,534 3,562,233 3,417,462 3,273,905 3,130,428 2,987,016 2,843,658 2,700,343

846 86 0 0 0 0 0 0
12,960 12,960 12,960 12,960 12,960 12,960 12,960 12,960
0 0 0 0 0 0 0 0
3,721,340 3,575,279 3,430,422 3,286,865 3,143,388 2,999,976 2,856,618 2,713,303
510,471 536,477 563,808 592,531 622,718 654,442 687,783 722,823

528,705 561,669 596,688 633,892 673,415 715,403 760,011 807,400
2,581,893 2,736,627 2,900,693 3,074,655 3,259,110 3,454,695 3,654,123 3,874,026
391,495 391,630 391,653 391,657 391,657 391,656 391,656 391,656
0 0 0 0 0 0 0 0
75,435 75,435 75,435 75,435 75,435 75,435 75,435 75,435
300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
4,387,999 4,601,839 4,828,277 5,068,169 5,322,335 5,591,632 5,869,008 6,171,339
8,109,340 8,177,117 8,258,699 8,355,034 8,465,723 8,591,608 8,725,626 8,884,642
0 0 0 0 0 0 0 0
FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027
1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586

7,037,637 7,221,587 7,426,400 7,650,970 7,896,308 8,163,478
8,732,223 8,916,173 9,120,986 9,345,556 9,590,894 9,858,064
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
216,354 232,531 250,366 270,069 291,879 316,071
147 147 147 147 147 147
0 0 0 0 0 0
0 0 0 0 0 0
112,984 112,984 112,984 112,984 112,984 112,984
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
9,061,708 9,261,835 9,484,483 9,728,755 9,995,904 10,287,266
2,557,063 2,417,751 2,280,724 2,143,872 2,007,164 1,870,572

0 0 0 0 0 0
12,960 12,960 12,960 12,960 12,960 12,960
0 0 0 0 0 0
2,570,023 2,430,711 2,293,684 2,156,832 2,020,124 1,883,532
759,647 798,347 839,020 881,764 926,685 973,896

857,744 911,229 968,050 1,028,415 1,092,544 1,160,674
4,107,202 4,354,456 4,616,638 4,894,653 5,189,459 5,502,073
391,656 391,656 391,656 391,656 391,656 391,656
0 0 0 0 0 0
75,435 75,435 75,435 75,435 75,435 75,435
300,000 300,000 300,000 300,000 300,000 300,000
6,491,685 6,831,124 7,190,799 7,571,923 7,975,780 8,403,734
9,061,708 9,261,835 9,484,483 9,728,755 9,995,904 10,287,266
0 0 0 0 0 0
Power Plant Model
Power Plant Model
Income Statement
Q1 Q2
Income Statement Units COD FY 2008 FY 2008
`
Generation Gwh 230.571 219.710
Load Factor 84.9% 80.9%
Energy Payments
Fuel PKR 000
Capacity Payments
Revenue 1,584,755 1,749,700
Cost of Sales
Salaries Wages and Benefits PKR 000 (16,011) (17,820)
Fee for Produce of Energy PKR 000 (18,860) (18,153)
Insurance PKR 000 (9,814) (9,813)
Traveling, Conveyance PKR 000 (6,439) (881)
Repair and Maintenance PKR 000 (10,018) (2,673)
Electricity Consumed in-house PKR 000 (339) (598)
Rent, rate and taxes PKR 000 (597) (844)
Miscallenous PKR 000 (2,372) (1,404)
SG&A (excluding D&A) PKR 000 (59,502) (59,502)
EBITDA 232,000 218,450

D&A - Cost of Sales PKR 000 (58,083) (58,275)
D&A - Admin Expenses PKR 000 (2,812) (2,812)
Other Operating Income PKR 000 4,606 8,257
Profit from Operations PKR 000 175,711 165,620
Finance Costs PKR 000 (23,552) (19,109)

Profit before Tax PKR 000 152,159 146,511

Taxation [on Other Income] PKR 000 0 (3,900)
Net Income PKR 000 152,159 142,611

Q3 Q4 Q1 Q2 Q3 Q4 Q1
FY 2008 FY 2008 FY 2009 FY 2009 FY 2009 FY 2009 FY 2010
229.297 202.316 228.028 225.03 216.562 203.010 228.275

84.4% 74.5% 84.0% 82.9% 79.7% 74.8% 84.1%
1,993,158 2,060,244 2,966,726 2,173,252 1,604,551 1,589,812 2,120,322
(1,563,275) (1,610,095) (2,474,988) (1,702,224) (1,113,425) (1,101,672) (1,729,057)

(14,554) (16,913) (16,740) (21,561) (18,214) (20,742) (20,685)
(19,802) (18,058) (24,262) (25,355) (23,928) (20,326) (4,081)
(83,755) (68,993) (78,262) (38,016) (105,667) (118,206) (57,638)
(9,707) (9,641) (8,637) (9,849) (10,031) (11,146) (15,101)
(480) (478) (173) (3,268) (1,899) (2,347) (2,035)
(3,300) (9,163) (1,781) (2,333) (3,476) (21,740) (7,105)
(156) (230) (445) (525) (214) (422) (180)
(88) (165) (80) (192) (81) (201) (56)
(2,704) (417) (2,726) (2,939) (2,876) (2,372) (2,361)
(59,502) (59,502) (40,213) (40,455) (39,605) (51,481) (43,180)
235,836 266,590 318,419 326,535 285,135 239,157 238,843

(58,592) (65,721) (59,224) (64,768) (64,129) (58,504) (63,824)
(2,812) (2,812) (1,996) (3,395) (667) (4,711)
18,449 10,812 4,986 6,787 20,725 21,687 20,811
192,881 208,869 262,185 265,159 241,064 197,629 195,830
(22,543) (19,103) (23,978) (20,283) (1,684) (1,851) (1,365)
170,338 189,766 238,207 244,876 239,380 195,778 194,465

0 (1,100) (258) (542) (5,766) (6,619) (6,919)
170,338 188,666 237,949 244,334 233,614 189,159 187,546

Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY 2010 FY 2010 FY 2010 FY 2011 FY 2011 FY 2011 FY 2011
230.915 220.264 220.091 218,702 230,826 230,826 230,826

85.0% 81.1% 81.0% 81% 85% 85% 85%
2,002,434 2,145,143 2,177,320 2,209,980

95,935 103,031 104,319 105,623
194,553 197,970 200,445 202,950

12,800 12,800 12,800 12,800
2,427,527 2,474,406 2,445,139 2,305,722 2,458,944 2,494,884 2,531,353
(1,958,648) (2,071,214) (2,061,882) (1,940,463) (1,996,519) (2,026,935) (2,057,814)

(24,966) (22,247) (23,358) (25,539) (26,432.9) (27,358.0) (28,315.5)
(9,248) (14,924) (15,669) (15,061) (15,061) (15,061) (15,061)
(58,796) (87,870) (111,436) (102,999) (110,618.1) (112,000.8) (113,400.8)
(14,344) (12,500) (12,675) (13,092) (13,196.7) (13,302.3) (13,408.7)
(2,054) (3,020) (2,445) (2,482) (2,501.9) (2,521.9) (2,542.0)
(805) (9,214) 1,936 (7,075) (7,598.4) (7,693.3) (7,789.5)
(203) (467) (75) (458) (491.9) (498.0) (504.3)
(75) (93) (380) (158) (159.3) (160.5) (161.8)
(2,643) (2,458) (3,578) (2,694) (2,715.6) (2,737.3) (2,759.2)
(41,827) (42,524) (47,445) (53,171) (53,703) (54,240) (54,782)
313,918 207,875 168,132 142,530 229,947 232,376 234,814

(68,478) (65,565) (67,738) (75,253) (62,448) (62,448) (62,448)
(4,796) (2,446) (2,031) (2,171) Incorporated in D&A - Cost of Sales
(193) (190) (190) (190)
12,799 13,338 12,022 16,545 15,736 3,908 13,594
253,443 153,202 110,385 81,458 183,045 173,646 185,770
(933) (2,506) (741) (1,308)

0 0 0
252,510 150,696 109,644 80,150 183,045 173,646 185,770

(4,442) (5,020) (3,642) (4,279) (5,508) (1,368) (4,758)
248,068 145,676 106,002 75,871 177,538 172,278 181,012

Q1 Q2 Q3 Q4 Q1 Q2 Q3
FY 2012 FY 2012 FY 2012 FY 2012 FY 2013 FY 2013 FY 2013
230,826 230,826 230,826 230,826 230,826 230,826 230,826

85% 85% 85% 85% 85% 85% 85%
2,243,130 2,276,777 2,310,928 2,345,592 2,380,776 2,416,488 2,452,735

106,943 108,280 109,634 111,004 112,392 113,797 115,219
205,487 208,056 210,656 213,290 215,956 218,655 221,388

9,078 9,078 9,078 9,078 9,078 9,078 9,078
2,564,638 2,602,191 2,640,296 2,678,964 2,718,202 2,758,018 2,798,421
(2,089,164) (2,120,992) (2,153,304) (2,186,109) (2,219,414) (2,253,227) (2,287,555)

(29,306.6) (30,332.3) (31,394.0) (32,492.7) (33,630.0) (34,807.0) (36,025.3)
(15,061) (15,061) (15,061) (15,061) (15,061) (15,061) (15,061)
(114,818.3) (116,253.5) (117,706.7) (119,178.0) (120,667.8) (122,176.1) (123,703.3)
(13,516.0) (13,624.1) (13,733.1) (13,843.0) (13,953.7) (14,065.4) (14,177.9)
(2,562.4) (2,582.9) (2,603.5) (2,624.4) (2,645.4) (2,666.5) (2,687.9)
(7,886.9) (7,985.5) (8,085.3) (8,186.3) (8,288.7) (8,392.3) (8,497.2)
(510.6) (516.9) (523.4) (529.9) (536.6) (543.3) (550.1)
(163.1) (164.4) (165.7) (167.1) (168.4) (169.7) (171.1)
(2,781.2) (2,803.5) (2,825.9) (2,848.5) (2,871.3) (2,894.3) (2,917.4)
(55,330) (55,883) (56,442) (57,007) (57,577) (58,152) (58,734)
233,538 235,991 238,451 240,917 243,388 245,863 248,341

(62,448) (62,453) (61,440) (61,430) (61,420) (61,411) (61,403)
(190) (190) (190) (190) (190) (190) (190)

13,594 13,594 13,594 13,594 13,594 13,594 13,594
184,494 186,942 190,415 192,891 195,371 197,855 200,342
0 0 0 0 0 0 0
184,494 186,942 190,415 192,891 195,371 197,855 200,342

(4,758) (4,758) (4,758) (4,758) (4,758) (4,758) (4,758)
179,736 182,184 185,657 188,133 190,613 193,097 195,584

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
230,826 230,826 230,826 230,826 230,826 230,826 230,826 230,826

85% 85% 85% 85% 85% 85% 85% 85%
2,489,526 2,526,869 2,564,772 2,603,244 2,642,292 2,681,927 2,722,156 2,762,988

116,659 118,117 119,594 121,089 122,602 124,135 125,687 127,258
224,156 226,958 229,795 232,667 235,575 238,520 241,502 244,520

9,078 9,078 9,078 9,078 9,078 9,078 9,078 9,078
2,839,419 2,881,022 2,923,239 2,966,078 3,009,548 3,053,660 3,098,422 3,143,844
(2,322,405) (2,357,787) (2,393,708) (2,430,177) (2,467,201) (2,504,789) (2,542,950) (2,581,693)

(37,286.2) (38,591.2) (39,941.9) (41,339.8) (42,786.7) (44,284.3) (45,834.2) (47,438.4)
(15,061) (15,061) (15,061) (15,061) (15,061) (15,061) (15,061) (15,061)
(125,249.6) (126,815.2) (128,400.4) (130,005.4) (131,630.5) (133,275.9) (134,941.8) (136,628.6)
(14,291.3) (14,405.6) (14,520.9) (14,637.0) (14,754.1) (14,872.2) (14,991.2) (15,111.1)
(2,709.4) (2,731.0) (2,752.9) (2,774.9) (2,797.1) (2,819.5) (2,842.0) (2,864.8)
(8,603.4) (8,710.9) (8,819.8) (8,930.1) (9,041.7) (9,154.7) (9,269.2) (9,385.0)
(556.9) (563.9) (571.0) (578.1) (585.3) (592.6) (600.0) (607.5)
(172.5) (173.9) (175.2) (176.6) (178.1) (179.5) (180.9) (182.4)
(2,940.8) (2,964.3) (2,988.0) (3,011.9) (3,036.0) (3,060.3) (3,084.8) (3,109.5)
(59,321) (59,914) (60,514) (61,119) (61,730) (62,347) (62,971) (63,600)
250,822 253,304 255,786 258,267 260,747 263,224 265,696 268,163

(61,394) (61,386) (61,379) (61,372) (61,365) (61,359) (61,353) (61,347)
(190) (190) (190) (190) (190) (190) (190) (190)

13,594 13,594 13,594 13,594 13,594 13,594 13,594 13,594
202,831 205,321 207,811 210,299 212,786 215,269 217,747 220,220
0 0 0 0 0 0 0 0
202,831 205,321 207,811 210,299 212,786 215,269 217,747 220,220

(4,758) (4,758) (4,758) (4,758) (4,758) (4,758) (4,758) (4,758)
198,073 200,563 203,053 205,542 208,028 210,511 212,989 215,462

Q4 Q1 Q2 Q3 Q4 Q1 Q2
FY 2015 FY 2016 FY 2016 FY 2016 FY 2016 FY 2017 FY 2017
230,826 230,826 230,826 230,826 230,826 230,826 230,826

85% 85% 85% 85% 85% 85% 85%
2,804,433 2,846,499 2,889,197 2,932,535 2,976,523 3,021,171 3,066,488

128,849 130,459 132,090 133,741 135,413 137,105 138,819
247,577 250,672 253,805 256,977 260,190 263,442 266,735

9,078 9,078 9,078 9,078 9,078 9,078 9,078
3,189,936 3,236,708 3,284,170 3,332,331 3,381,203 3,430,796 3,481,121
(2,621,026) (2,660,959) (2,701,500) (2,742,658) (2,784,445) (2,826,867) (2,869,937)

(49,098.8) (50,817.2) (52,595.8) (54,436.7) (56,342.0) (58,313.9) (60,354.9)
(15,061) (15,061) (15,061) (15,061) (15,061) (15,061) (15,061)
(138,336.5) (140,065.7) (141,816.5) (143,589.2) (145,384.1) (147,201.4) (149,041.4)
(15,232.0) (15,353.8) (15,476.7) (15,600.5) (15,725.3) (15,851.1) (15,977.9)
(2,887.7) (2,910.8) (2,934.1) (2,957.6) (2,981.2) (3,005.1) (3,029.1)
(9,502.3) (9,621.1) (9,741.4) (9,863.1) (9,986.4) (10,111.3) (10,237.6)
(615.1) (622.8) (630.6) (638.5) (646.5) (654.6) (662.7)
(183.8) (185.3) (186.8) (188.3) (189.8) (191.3) (192.8)
(3,134.4) (3,159.4) (3,184.7) (3,210.2) (3,235.9) (3,261.7) (3,287.8)
(64,236) (64,879) (65,528) (66,183) (66,845) (67,513) (68,188)
270,622 273,074 275,515 277,945 280,362 282,764 285,150

(61,243) (61,199) (61,194) (61,189) (61,188) (60,898) (60,892)
(190) (86) 0 0 0 0 0
13,594 13,594 13,594 13,594 13,594 13,594 13,594
222,783 225,382 227,915 230,349 232,768 235,460 237,852
0 0 0 0 0 0 0
222,783 225,382 227,915 230,349 232,768 235,460 237,852

(4,758) (4,758) (4,758) (4,758) (4,758) (4,758) (4,758)
218,025 220,624 223,157 225,592 228,010 230,703 233,094

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
230,826 230,826 230,826 230,826 230,826 230,826 230,826 230,826

85% 85% 85% 85% 85% 85% 85% 85%
3,112,486 3,159,173 3,206,560 3,254,659 3,303,479 3,353,031 3,403,326 3,454,376

140,554 142,311 144,090 145,891 147,715 149,562 151,431 153,324
270,069 273,445 276,863 280,324 283,828 287,376 290,968 294,605

9,078 9,078 9,078 9,078 9,078 9,078 9,078 9,078
3,532,187 3,584,007 3,636,592 3,689,952 3,744,100 3,799,046 3,854,803 3,911,383
(2,913,662) (2,958,055) (3,003,123) (3,048,878) (3,095,331) (3,142,492) (3,190,371) (3,238,980)

(62,467.3) (64,653.7) (66,916.6) (69,258.7) (71,682.7) (74,191.6) (76,788.3) (79,475.9)
(15,061) (15,061) (15,061) (15,061) (15,061) (15,061) (15,061) (15,061)
(150,904.4) (152,790.7) (154,700.6) (156,634.3) (158,592.3) (160,574.7) (162,581.9) (164,614.1)
(16,105.7) (16,234.6) (16,364.4) (16,495.3) (16,627.3) (16,760.3) (16,894.4) (17,029.6)
(3,053.3) (3,077.8) (3,102.4) (3,127.2) (3,152.2) (3,177.4) (3,202.9) (3,228.5)
(10,365.6) (10,495.2) (10,626.4) (10,759.2) (10,893.7) (11,029.9) (11,167.7) (11,307.3)
(671.0) (679.4) (687.9) (696.5) (705.2) (714.0) (722.9) (732.0)
(194.4) (195.9) (197.5) (199.1) (200.7) (202.3) (203.9) (205.5)
(3,314.1) (3,340.7) (3,367.4) (3,394.3) (3,421.5) (3,448.8) (3,476.4) (3,504.3)
(68,870) (69,559) (70,254) (70,957) (71,666) (72,383) (73,107) (73,838)
287,518 289,865 292,190 294,491 296,766 299,011 301,226 303,407

(60,886) (60,881) (60,876) (60,871) (60,867) (60,863) (60,859) (60,855)
0 0 0 0 0 0 0 0
13,594 13,594 13,594 13,594 13,594 13,594 13,594 13,594
240,225 242,578 244,908 247,214 249,493 251,743 253,961 256,146
0 0 0 0 0 0 0 0
240,225 242,578 244,908 247,214 249,493 251,743 253,961 256,146

(4,758) (4,758) (4,758) (4,758) (4,758) (4,758) (4,758) (4,758)
235,467 237,820 240,150 242,456 244,735 246,985 249,203 251,388

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
230,826 230,826 230,826 230,826 230,826 230,826 230,826 230,826

85% 85% 85% 85% 85% 85% 85% 85%
3,506,192 3,558,785 3,612,167 3,666,349 3,721,344 3,777,164 3,833,822 3,891,329

155,240 157,181 159,146 161,135 163,149 165,189 167,253 169,344
298,288 302,016 305,792 309,614 313,484 317,403 321,370 325,387

9,078 9,078 0 0 0 0 0 0
3,968,798 4,027,060 4,077,104 4,137,098 4,197,978 4,259,756 4,322,446 4,386,061
(3,288,330) (3,338,432) (3,389,297) (3,440,938) (3,493,365) (3,546,592) (3,600,630) (3,655,491)

(82,257.6) (85,136.6) (88,116.3) (91,200.4) (94,392.4) (97,696.2) (101,115.5) (104,654.6)
(15,061) (15,061) (15,061) (15,061) (15,061) (15,061) (15,061) (15,061)
(166,671.8) (168,755.2) (170,864.6) (173,000.4) (175,163.0) (177,352.5) (179,569.4) (181,814.0)
(17,165.8) (17,303.1) (17,441.6) (17,581.1) (17,721.7) (17,863.5) (18,006.4) (18,150.5)
(3,254.3) (3,280.4) (3,306.6) (3,333.0) (3,359.7) (3,386.6) (3,413.7) (3,441.0)
(11,448.7) (11,591.8) (11,736.7) (11,883.4) (12,031.9) (12,182.3) (12,334.6) (12,488.8)
(741.1) (750.4) (759.8) (769.3) (778.9) (788.6) (798.5) (808.5)
(207.2) (208.8) (210.5) (212.2) (213.9) (215.6) (217.3) (219.0)
(3,532.3) (3,560.5) (3,589.0) (3,617.7) (3,646.7) (3,675.9) (3,705.3) (3,734.9)
(74,576) (75,322) (76,075) (76,836) (77,605) (78,381) (79,164) (79,956)
305,552 307,658 300,645 302,666 304,639 306,561 308,430 310,241

(60,851) (60,847) (60,844) (60,841) (60,838) (60,835) (60,832) (60,830)
0 0 0 0 0 0 0 0
13,594 13,594 13,594 13,594 13,594 13,594 13,594 13,594
258,295 260,405 253,395 255,418 257,394 259,320 261,191 263,005
0 0 0 0 0 0 0 0
258,295 260,405 253,395 255,418 257,394 259,320 261,191 263,005

(4,758) (4,758) (4,758) (4,758) (4,758) (4,758) (4,758) (4,758)
253,537 255,647 248,637 250,661 252,637 254,562 256,433 258,247

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
230,826 230,826 230,826 230,826 230,826 230,826 230,826 230,826

85% 85% 85% 85% 85% 85% 85% 85%
3,949,699 4,008,945 4,069,079 4,130,115 4,192,067 4,254,948 4,318,772 4,383,554

171,461 173,604 175,774 177,971 180,196 182,449 184,729 187,038
329,455 333,573 337,743 341,964 346,239 350,567 354,949 359,386

0 0 0 0 0 0 0 0
4,450,615 4,516,122 4,582,596 4,650,051 4,718,502 4,787,963 4,858,450 4,929,978
(3,711,189) (3,767,735) (3,825,143) (3,883,426) (3,942,597) (4,002,670) (4,063,659) (4,125,577)

(108,317.5) (112,108.6) (116,032.4) (120,093.5) (124,296.8) (128,647.2) (133,149.8) (137,810.1)
(15,061) (15,061) (15,061) (15,061) (15,061) (15,061) (15,061) (15,061)
(184,086.7) (186,387.8) (188,717.6) (191,076.6) (193,465.0) (195,883.4) (198,331.9) (200,811.0)
(18,295.7) (18,442.0) (18,589.6) (18,738.3) (18,888.2) (19,039.3) (19,191.6) (19,345.1)
(3,468.5) (3,496.3) (3,524.2) (3,552.4) (3,580.9) (3,609.5) (3,638.4) (3,667.5)
(12,644.9) (12,803.0) (12,963.0) (13,125.0) (13,289.1) (13,455.2) (13,623.4) (13,793.7)
(818.6) (828.8) (839.2) (849.6) (860.3) (871.0) (881.9) (892.9)
(220.8) (222.6) (224.3) (226.1) (228.0) (229.8) (231.6) (233.5)
(3,764.8) (3,794.9) (3,825.3) (3,855.9) (3,886.7) (3,917.8) (3,949.1) (3,980.7)
(80,756) (81,563) (82,379) (83,203) (84,035) (84,875) (85,724) (86,581)
311,992 313,679 315,297 316,844 318,314 319,704 321,009 322,224

(60,827) (60,825) (60,823) (60,821) (60,819) (60,817) (60,815) (59,905)
0 0 0 0 0 0 0 0
13,594 13,594 13,594 13,594 13,594 13,594 13,594 13,594
264,759 266,448 268,068 269,617 271,089 272,481 273,787 275,913
0 0 0 0 0 0 0 0
264,759 266,448 268,068 269,617 271,089 272,481 273,787 275,913

(4,758) (4,758) (4,758) (4,758) (4,758) (4,758) (4,758) (4,758)
260,001 261,690 263,310 264,859 266,331 267,723 269,029 271,155

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
230,826 230,826 230,826 230,826 230,826 230,826 230,826 230,826

85% 85% 85% 85% 85% 85% 85% 85%
4,449,307 4,516,046 4,583,787 4,652,544 4,722,332 4,793,167 4,865,065 4,938,041

189,376 191,743 194,140 196,567 199,024 201,512 204,031 206,581
363,878 368,427 373,032 377,695 382,416 387,196 392,036 396,937

0 0 0 0 0 0 0 0
5,002,561 5,076,216 5,150,959 5,226,806 5,303,772 5,381,875 5,461,132 5,541,558
(4,188,439) (4,252,259) (4,317,051) (4,382,831) (4,449,614) (4,517,414) (4,586,248) (4,656,131)

(142,633.4) (147,625.6) (152,792.5) (158,140.3) (163,675.2) (169,403.8) (175,332.9) (181,469.6)
(15,061) (15,061) (15,061) (15,061) (15,061) (15,061) (15,061) (15,061)
(203,321.2) (205,862.7) (208,436.0) (211,041.4) (213,679.5) (216,350.4) (219,054.8) (221,793.0)
(19,499.9) (19,655.9) (19,813.2) (19,971.7) (20,131.4) (20,292.5) (20,454.8) (20,618.5)
(3,696.8) (3,726.4) (3,756.2) (3,786.3) (3,816.5) (3,847.1) (3,877.9) (3,908.9)
(13,966.1) (14,140.7) (14,317.5) (14,496.4) (14,677.6) (14,861.1) (15,046.9) (15,235.0)
(904.1) (915.4) (926.8) (938.4) (950.2) (962.0) (974.1) (986.2)
(235.3) (237.2) (239.1) (241.0) (243.0) (244.9) (246.9) (248.8)
(4,012.6) (4,044.7) (4,077.0) (4,109.7) (4,142.5) (4,175.7) (4,209.1) (4,242.8)
(87,447) (88,321) (89,204) (90,096) (90,997) (91,907) (92,826) (93,755)
323,345 324,367 325,284 326,092 326,784 327,355 327,799 328,109

(59,303) (59,289) (59,275) (59,263) (59,250) (59,239) (59,228) (59,218)
0 0 0 0 0 0 0 0
13,594 13,594 13,594 13,594 13,594 13,594 13,594 13,594
277,636 278,672 279,603 280,423 281,127 281,710 282,165 282,485
0 0 0 0 0 0 0 0
277,636 278,672 279,603 280,423 281,127 281,710 282,165 282,485

(4,758) (4,758) (4,758) (4,758) (4,758) (4,758) (4,758) (4,758)
272,878 273,914 274,845 275,665 276,370 276,952 277,407 277,727

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
230,826 230,826 230,826 230,826 230,826 230,826 230,826 230,826

85% 85% 85% 85% 85% 85% 85% 85%
5,012,111 5,087,293 5,163,602 5,241,056 5,319,672 5,399,467 5,480,459 5,562,666

209,163 211,778 214,425 217,105 219,819 222,567 225,349 228,166
401,898 406,922 412,009 417,159 422,373 427,653 432,998 438,411

0 0 0 0 0 0 0 0
5,623,173 5,705,993 5,790,036 5,875,320 5,961,865 6,049,687 6,138,807 6,229,243
(4,727,079) (4,799,108) (4,872,235) (4,946,477) (5,021,850) (5,098,372) (5,176,061) (5,254,933)

(187,821.0) (194,394.7) (201,198.6) (208,240.5) (215,528.9) (223,072.4) (230,880.0) (238,960.8)
(15,061) (15,061) (15,061) (15,061) (15,061) (15,061) (15,061) (15,061)
(224,565.4) (227,372.5) (230,214.6) (233,092.3) (236,006.0) (238,956.1) (241,943.0) (244,967.3)
(20,783.4) (20,949.7) (21,117.3) (21,286.2) (21,456.5) (21,628.2) (21,801.2) (21,975.6)
(3,940.1) (3,971.7) (4,003.4) (4,035.5) (4,067.8) (4,100.3) (4,133.1) (4,166.2)
(15,425.4) (15,618.2) (15,813.4) (16,011.1) (16,211.2) (16,413.9) (16,619.1) (16,826.8)
(998.6) (1,011.0) (1,023.7) (1,036.5) (1,049.4) (1,062.6) (1,075.8) (1,089.3)
(250.8) (252.8) (254.9) (256.9) (258.9) (261.0) (263.1) (265.2)
(4,276.7) (4,310.9) (4,345.4) (4,380.2) (4,415.2) (4,450.5) (4,486.1) (4,522.0)
(94,692) (95,639) (96,596) (97,562) (98,537) (99,523) (100,518) (101,523)
328,279 328,303 328,173 327,882 327,422 326,786 325,966 324,953

(59,208) (59,198) (59,189) (59,181) (59,173) (59,165) (59,158) (59,151)
0 0 0 0 0 0 0 0
13,594 13,594 13,594 13,594 13,594 13,594 13,594 13,594
282,665 282,698 282,577 282,295 281,843 281,215 280,402 279,396
0 0 0 0 0 0 0 0
282,665 282,698 282,577 282,295 281,843 281,215 280,402 279,396

(4,758) (4,758) (4,758) (4,758) (4,758) (4,758) (4,758) (4,758)
277,908 277,941 277,819 277,537 277,085 276,457 275,644 274,638

Q3 Q4
FY 2027 FY 2027
230,826 230,826
85% 85%
5,646,106 5,730,798
231,018 233,906
443,891 449,440
0 0
6,321,015 6,414,143
(5,335,008) (5,416,303)
(247,324.4) (255,980.8)
(15,061) (15,061)
(248,029.4) (251,129.8)
(22,151.4) (22,328.6)
(4,199.5) (4,233.1)
(17,037.1) (17,250.1)
(1,102.9) (1,116.7)
(267.3) (269.5)
(4,558.2) (4,594.7)
(102,538) (103,564)
323,738 322,313
(59,144) (59,138)
0 0
13,594 13,594
278,188 276,768
0 0
278,188 276,768
(4,758) (4,758)
273,430 272,011
Power Plant Model
Balance Sheet
Annual Annual
Balance Sheet Units FY 2005 FY 2006
Share Capital & Reserves

Share Capital PKR 000 1,694,586 1,694,586
Un - Appropriated Profit/( Loss) PKR 000 3,124,194 3,798,535
Total Shareholders' Equity PKR 000 4,818,780 5,493,121
Non Current Liabilities

Long term Financing secured PKR 000 705,586 226,313
Staf Retirement Benefits PKR 000 3,519 2,986
TFC PKR 000
Current Liabilities
Trade and Other Payable PKR 000 387,359 372,248
Accrued markup PKR 000 26,043 41,154
Short Term Borrowings PKR 000
Proprosed final dividend PKR 000
Provision for taxation PKR 000 87,002 95,128
Current Maturity of PKR 000
Long Term finance PKR 000 642,912 525,246
Liabilities and Shareholders' Equity PKR 000 6,671,201 6,756,196
Fixed Assets PKR 000 4,799,639 4,666,324

Intangible Assets PKR 000 5,661 4,331
Long Term Loan & Deposits PKR 000 4,350 4,898
Capital Work in Progress PKR 000 18,328 11,330
Total Non-Current Assets PKR 000 4,827,978 4,686,883
Current Assets
Stores & Spares PKR 000 285,179 319,578
Stock in Trade PKR 000 130,725 144,637
Trade Debts PKR 000 394,102 561,530
Loans , Advances ,Deposits and Prepayments PKR 000 260,150 391,218
Tax paid in advance PKR 000
Short Term Investment PKR 000
Cash & Bank Balances PKR 000 773,067 652,350
Total Current Assets PKR 000 1,843,223 2,069,313
Total Assets PKR 000 6,671,201 6,756,196
Balance Sheet Check 0 0

Annual Q4 Q1 Q2 Q3 Q4 Q1 Q2
1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586

4,635,217 4,866,263 5,104,212 5,179,087 5,073,783 5,008,754 5,196,300 5,274,909
6,329,803 6,560,849 6,798,798 6,873,673 6,768,369 6,703,340 6,890,886 6,969,495
96,051
4,030 8,795 2,876 6,106 8,668 9,672 4,268 11,694
103,011 107,755 100,463 146,858 67,822 107,098 87,321 156,288

10,717 69
360,000 470,608 739,502 10 0
97,250 97,270 97,097 96,051 98,068 100,929 103,794 113,474
192,102 108,097 0 0
7,192,964 7,353,374 7,738,736 7,122,698 6,942,927 6,921,108 7,086,269 7,250,951
4,722,146 4,537,937 4,545,449 4,478,864 4,416,491 4,363,430 4,295,700 4,228,029

6,041 4,545 4,181 4,014 3,840 3,658 4,409 4,217
4,831 10,360 6,877 7,767 8,051 9,209 5,551 12,385
67,959 55,210 0 2,778 0 0 0
4,800,977 4,608,052 4,556,507 4,493,423 4,428,382 4,376,297 4,305,660 4,244,631
307,228 382,892 358,150 392,874 401,083 366,072 372,630 422,110

209,416 85,560 330,737 93,311 381,580 311,234 425,768 295,552
1,155,394 1,939,815 2,191,241 1,285,941 845,867 963,309 1,368,875 1,557,873
321,997 197,757 295,738 360,020 217,417 240,122 150,951 388,812
397,952 139,298 6,363 497,129 668,598 664,074 462,385 341,973

2,391,987 2,745,322 3,182,229 2,629,275 2,514,545 2,544,811 2,780,609 3,006,320
7,192,964 7,353,374 7,738,736 7,122,698 6,942,927 6,921,108 7,086,269 7,250,951
0 0 0 0 0 0 0 0
Q3 Q4 Q1 Q2 Q3 Q4
FY 2010 FY 2010 FY 2011 FY 2011 FY 2011 FY 2011
1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586

5,251,126 5,357,128 5,433,189 5,610,727 5,959,639 5,983,298
6,945,712 7,051,714 7,127,775 7,305,313 7,654,225 7,677,884
0 0 0 0
13,715 9,995 0
0
0
87,650 118,776 96,167 99,238 104,185 107,169

392 147 147.0 147.0 147.0
165,000 200,000 0 0.0
0
115,329 115,914 112,984 112,984 112,984 112,984
0
0
7,327,406 7,496,791 7,337,073 7,517,682 7,871,540 7,898,184
4,168,231 4,153,382 4,138,780 4,121,332 4,103,884 4,086,436

4,025 3,889 3,696 3,506 3,316 3,126
11,733 10,418 12,960 12,960 12,960 12,960
5,018
4,189,007 4,167,689 4,155,436 4,137,798 4,120,160 4,102,522
365,492 390,431 346,755 361,101 412,923 437,054

277,516 168,240 389,130 442,196 439,770 439,547
1,833,871 1,926,050 1,620,096 2,122,567 2,127,055 2,145,951
390,146 457,695 389,010 355,323 396,197 397,674
0
20,054 76,762 75,435 75,435 75,435 75,435
251,320 309,924 361,211 23,262 300,000 300,000
3,138,399 3,329,102 3,181,637 3,379,884 3,751,380 3,795,661
7,327,406 7,496,791 7,337,073 7,517,682 7,871,540 7,898,184
0 0 0 0 0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586

6,031,659 6,050,780 6,076,675 6,089,884 6,097,655 6,105,678 6,113,876 6,124,803
7,726,245 7,745,366 7,771,261 7,784,470 7,792,241 7,800,264 7,808,462 7,819,389
0 0 0 0 0 0 0 0
109,537 111,107 112,705 114,334 115,994 117,686 119,410 121,167

147.0 147.0 147.0 147.0 147.0 147.0 147.0 147.0
112,984 112,984 112,984 112,984 112,984 112,984 112,984 112,984
7,948,913 7,969,603 7,997,097 8,011,936 8,021,366 8,031,080 8,041,003 8,053,687
4,068,988 4,051,535 4,035,095 3,998,665 3,962,245 3,925,833 3,889,431 3,853,036

2,936 2,746 2,556 2,366 2,176 1,986 1,796 1,606
12,960 12,960 12,960 12,960 12,960 12,960 12,960 12,960
4,084,884 4,067,241 4,050,611 4,013,991 3,977,381 3,940,779 3,904,187 3,867,602
439,019 450,838 456,473 462,179 467,957 473,806 479,729 485,725

447,695 454,515 461,440 468,470 475,607 482,852 490,209 497,677
2,202,700 2,234,097 2,265,968 2,298,321 2,331,979 2,366,133 2,400,790 2,435,958
399,180 387,477 387,170 393,540 393,008 392,075 390,654 391,289
75,435 75,435 75,435 75,435 75,435 75,435 75,435 75,435

300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
3,864,029 3,902,362 3,946,486 3,997,945 4,043,985 4,090,301 4,136,816 4,186,084
7,948,913 7,969,603 7,997,097 8,011,936 8,021,366 8,031,080 8,041,003 8,053,687
0 0 0 0 0 0 0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586

6,136,599 6,147,976 6,160,101 6,173,075 6,187,031 6,201,621 6,216,799 6,232,865
7,831,185 7,842,562 7,854,687 7,867,661 7,881,617 7,896,207 7,911,385 7,927,451
0 0 0 0 0 0 0 0
122,959 124,786 126,648 128,548 130,485 132,462 134,478 136,536

147.0 147.0 147.0 147.0 147.0 147.0 147.0 147.0
112,984 112,984 112,984 112,984 112,984 112,984 112,984 112,984
8,067,275 8,080,478 8,094,467 8,109,340 8,125,233 8,141,800 8,158,995 8,177,117
3,816,650 3,780,271 3,743,899 3,707,534 3,671,176 3,634,823 3,598,476 3,562,233

1,416 1,226 1,036 846 656 466 276 86
12,960 12,960 12,960 12,960 12,960 12,960 12,960 12,960
3,831,026 3,794,457 3,757,895 3,721,340 3,684,792 3,648,249 3,611,712 3,575,279
491,797 497,944 504,169 510,471 516,852 523,312 529,854 536,477

505,259 512,956 520,771 528,705 536,760 544,938 553,240 561,669
2,471,645 2,507,858 2,544,604 2,581,893 2,619,731 2,658,128 2,697,090 2,736,627
392,113 391,828 391,592 391,495 391,664 391,738 391,663 391,630
75,435 75,435 75,435 75,435 75,435 75,435 75,435 75,435

300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
4,236,249 4,286,021 4,336,571 4,387,999 4,440,442 4,493,551 4,547,282 4,601,839
8,067,275 8,080,478 8,094,467 8,109,340 8,125,233 8,141,800 8,158,995 8,177,117
0 0 0 0 0 0 0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586

6,249,871 6,267,752 6,286,384 6,305,785 6,326,284 6,347,601 6,369,741 6,392,709
7,944,457 7,962,338 7,980,970 8,000,371 8,020,870 8,042,187 8,064,327 8,087,295
0 0 0 0 0 0 0 0
138,635 140,778 142,965 145,197 147,477 149,804 152,181 154,609

147.0 147.0 147.0 147.0 147.0 147.0 147.0 147.0
112,984 112,984 112,984 112,984 112,984 112,984 112,984 112,984
8,196,223 8,216,247 8,237,065 8,258,699 8,281,478 8,305,123 8,329,639 8,355,034
3,526,034 3,489,840 3,453,650 3,417,462 3,381,564 3,345,672 3,309,786 3,273,905

0 0 0 0 0 0 0 0
12,960 12,960 12,960 12,960 12,960 12,960 12,960 12,960
3,538,994 3,502,800 3,466,610 3,430,422 3,394,524 3,358,632 3,322,746 3,286,865
543,183 549,973 556,847 563,808 570,855 577,991 585,216 592,531

570,226 578,914 587,734 596,688 605,779 615,009 624,379 633,892
2,776,747 2,817,459 2,858,772 2,900,693 2,943,233 2,986,400 3,030,204 3,074,655
391,638 391,667 391,667 391,653 391,651 391,655 391,659 391,657
75,435 75,435 75,435 75,435 75,435 75,435 75,435 75,435

300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
4,657,230 4,713,447 4,770,455 4,828,277 4,886,954 4,946,490 5,006,893 5,068,169
8,196,223 8,216,247 8,237,065 8,258,699 8,281,478 8,305,123 8,329,639 8,355,034
0 0 0 0 0 0 0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586

6,416,521 6,441,192 6,466,732 6,493,150 6,520,459 6,548,671 6,577,800 6,607,856
8,111,107 8,135,778 8,161,318 8,187,736 8,215,045 8,243,257 8,272,386 8,302,442
0 0 0 0 0 0 0 0
157,089 159,622 162,211 164,856 167,559 170,323 173,147 176,036

147.0 147.0 147.0 147.0 147.0 147.0 147.0 147.0
112,984 112,984 112,984 112,984 112,984 112,984 112,984 112,984
8,381,326 8,408,531 8,436,659 8,465,723 8,495,735 8,526,711 8,558,664 8,591,608
3,238,029 3,202,157 3,166,290 3,130,428 3,094,569 3,058,715 3,022,864 2,987,016

0 0 0 0 0 0 0 0
12,960 12,960 12,960 12,960 12,960 12,960 12,960 12,960
3,250,989 3,215,117 3,179,250 3,143,388 3,107,529 3,071,675 3,035,824 2,999,976
599,938 607,437 615,030 622,718 630,502 638,383 646,363 654,442

643,549 653,354 663,309 673,415 683,675 694,092 704,667 715,403
3,119,760 3,165,532 3,211,978 3,259,110 3,306,937 3,355,470 3,404,719 3,454,695
391,655 391,656 391,656 391,657 391,656 391,656 391,656 391,656
75,435 75,435 75,435 75,435 75,435 75,435 75,435 75,435

300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
5,130,338 5,193,414 5,257,409 5,322,335 5,388,206 5,455,036 5,522,840 5,591,632
8,381,326 8,408,531 8,436,659 8,465,723 8,495,735 8,526,711 8,558,664 8,591,608
0 0 0 0 0 0 0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586

6,636,862 6,666,821 6,697,746 6,729,650 6,764,535 6,800,425 6,837,334 6,875,274
8,331,448 8,361,407 8,392,332 8,424,236 8,459,121 8,495,011 8,531,920 8,569,860
0 0 0 0 0 0 0 0
178,989 182,009 185,099 188,259 191,492 194,800 198,186 201,651

147.0 147.0 147.0 147.0 147.0 147.0 147.0 147.0
112,984 112,984 112,984 112,984 112,984 112,984 112,984 112,984
8,623,568 8,656,548 8,690,562 8,725,626 8,763,744 8,802,942 8,843,236 8,884,642
2,951,172 2,915,331 2,879,493 2,843,658 2,807,825 2,771,996 2,736,168 2,700,343

0 0 0 0 0 0 0 0
12,960 12,960 12,960 12,960 12,960 12,960 12,960 12,960
2,964,132 2,928,291 2,892,453 2,856,618 2,820,785 2,784,956 2,749,128 2,713,303
662,623 670,906 679,292 687,783 696,381 705,085 713,899 722,823

726,303 737,370 748,604 760,011 771,590 783,347 795,282 807,400
3,503,418 3,552,890 3,603,121 3,654,123 3,707,896 3,762,463 3,817,836 3,874,026
391,656 391,656 391,656 391,656 391,656 391,656 391,656 391,656
75,435 75,435 75,435 75,435 75,435 75,435 75,435 75,435

300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
5,659,436 5,728,256 5,798,109 5,869,008 5,942,958 6,017,987 6,094,108 6,171,339
8,623,568 8,656,548 8,690,562 8,725,626 8,763,744 8,802,942 8,843,236 8,884,642
0 0 0 0 0 0 0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586

6,914,261 6,954,308 6,995,428 7,037,637 7,080,949 7,126,287 7,173,357 7,221,587
8,608,847 8,648,894 8,690,014 8,732,223 8,775,535 8,820,873 8,867,943 8,916,173
0 0 0 0 0 0 0 0
205,198 208,829 212,547 216,354 220,253 224,247 228,339 232,531

147.0 147.0 147.0 147.0 147.0 147.0 147.0 147.0
112,984 112,984 112,984 112,984 112,984 112,984 112,984 112,984
8,927,176 8,970,854 9,015,692 9,061,708 9,108,919 9,158,251 9,209,413 9,261,835
2,664,520 2,628,699 2,592,880 2,557,063 2,521,248 2,486,343 2,452,040 2,417,751

0 0 0 0 0 0 0 0
12,960 12,960 12,960 12,960 12,960 12,960 12,960 12,960
2,677,480 2,641,659 2,605,840 2,570,023 2,534,208 2,499,303 2,465,000 2,430,711
731,858 741,006 750,269 759,647 769,143 778,757 788,491 798,347

819,702 832,191 844,871 857,744 870,814 884,082 897,553 911,229
3,931,045 3,988,906 4,047,621 4,107,202 4,167,664 4,229,018 4,291,277 4,354,456
391,656 391,656 391,656 391,656 391,656 391,656 391,656 391,656
75,435 75,435 75,435 75,435 75,435 75,435 75,435 75,435

300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
6,249,696 6,329,194 6,409,852 6,491,685 6,574,711 6,658,948 6,744,413 6,831,124
8,927,176 8,970,854 9,015,692 9,061,708 9,108,919 9,158,251 9,209,413 9,261,835
0 0 0 0 0 0 0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586

7,270,992 7,321,586 7,373,383 7,426,400 7,480,652 7,536,153 7,592,921 7,650,970
8,965,578 9,016,172 9,067,969 9,120,986 9,175,238 9,230,739 9,287,507 9,345,556
0 0 0 0 0 0 0 0
236,826 241,228 245,740 250,366 255,107 259,969 264,955 270,069

147.0 147.0 147.0 147.0 147.0 147.0 147.0 147.0
112,984 112,984 112,984 112,984 112,984 112,984 112,984 112,984
9,315,535 9,370,531 9,426,841 9,484,483 9,543,476 9,603,839 9,665,593 9,728,755
2,383,476 2,349,213 2,314,963 2,280,724 2,246,496 2,212,278 2,178,071 2,143,872

0 0 0 0 0 0 0 0
12,960 12,960 12,960 12,960 12,960 12,960 12,960 12,960
2,396,436 2,362,173 2,327,923 2,293,684 2,259,456 2,225,238 2,191,031 2,156,832
808,327 818,431 828,661 839,020 849,507 860,126 870,878 881,764

925,114 939,210 953,521 968,050 982,800 997,776 1,012,979 1,028,415
4,418,568 4,483,626 4,549,645 4,616,638 4,684,621 4,753,608 4,823,614 4,894,653
391,656 391,656 391,656 391,656 391,656 391,656 391,656 391,656
75,435 75,435 75,435 75,435 75,435 75,435 75,435 75,435

300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
6,919,099 7,008,358 7,098,918 7,190,799 7,284,020 7,378,601 7,474,562 7,571,923
9,315,535 9,370,531 9,426,841 9,484,483 9,543,476 9,603,839 9,665,593 9,728,755
0 0 0 0 0 0 0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3
FY 2026 FY 2026 FY 2026 FY 2026 FY 2027 FY 2027 FY 2027
1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586 1,694,586

7,710,316 7,770,977 7,832,969 7,896,308 7,961,011 8,027,096 8,094,579
9,404,902 9,465,563 9,527,555 9,590,894 9,655,597 9,721,682 9,789,165
0 0 0 0 0 0 0
275,314 280,694 286,215 291,879 297,693 303,659 309,784

147.0 147.0 147.0 147.0 147.0 147.0 147.0
112,984 112,984 112,984 112,984 112,984 112,984 112,984
9,793,347 9,859,388 9,926,901 9,995,904 10,066,421 10,138,472 10,212,080
2,109,683 2,075,502 2,041,329 2,007,164 1,973,006 1,938,855 1,904,710

0 0 0 0 0 0 0
12,960 12,960 12,960 12,960 12,960 12,960 12,960
2,122,643 2,088,462 2,054,289 2,020,124 1,985,966 1,951,815 1,917,670
892,786 903,946 915,245 926,685 938,269 949,997 961,872

1,044,085 1,059,994 1,076,146 1,092,544 1,109,192 1,126,094 1,143,253
4,966,742 5,039,895 5,114,129 5,189,459 5,265,902 5,343,474 5,422,192
391,656 391,656 391,656 391,656 391,656 391,656 391,656
75,435 75,435 75,435 75,435 75,435 75,435 75,435

300,000 300,000 300,000 300,000 300,000 300,000 300,000
7,670,704 7,770,927 7,872,612 7,975,780 8,080,455 8,186,657 8,294,409
9,793,347 9,859,388 9,926,901 9,995,904 10,066,421 10,138,472 10,212,080
0 0 0 0 0 0 0
Q4
FY 2027
1,694,586
8,163,478
9,858,064
316,071
147.0
112,984
10,287,266
1,870,572
0
12,960
1,883,532
973,896
1,160,674
5,502,073
391,656
75,435
300,000
8,403,734
10,287,266
0
Power Plant Model
Balance Sheet
Q1 Q2
Cashflow Statement Units FY 2008 FY 2008
Net Income PKR 000

Depreciation on owned fixed assets PKR 000
Amortisation PKR 000
(Increase)/Decrease in Stores & Spares PKR 000
(Increase)/Decrease in Stock in Trade PKR 000
(Increase)/Decrease in Trade Debtors PKR 000
(Increase)/Decrease in Loans / Advances PKR 000
(Increase)/Decrease in ST Investments PKR 000
Increase/(Decrease) in Trade Payables PKR 000
Increase/(Decrease) in Other CF Items PKR 000
Cash generated from/(used in) operations PKR 000
CapEx PKR 000

Cashflows from Investing Activities
LT Financing - Issuance PKR 000

LT Financing - Payments PKR 000
Proceeds from rights issue PKR 000
Finance cost paid PKR 000
lease rentals paid PKR 000
Dividends Paid PKR 000
Cashflows from Financing Activities PKR 000
Net increase in cash and cash equivalents PKR 000

PKR
USD
PKR IRR
USD IRR
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Q3 Q4 Q1 Q2 Q3 Q4 Q1
FY 2010 FY 2010 FY 2011 FY 2011 FY 2011 FY 2011 FY 2012
9/30/2010 12/31/2010 3/31/2011 6/30/2011 9/30/2011
75,871 177,538 172,278 181,012 179,736

77,424 62,448 62,448 62,448 62,448
193 190 190 190 190
43,676.0 (14,346.0) (51,822.1) (24,130.8) (1,964.8)
(220,890.0) (53,066.1) 2,426.3 222.9 (8,148.0)
305,954.0 (502,470.8) (4,488.3) (18,896.3) (56,748.8)
68,685.0 33,687.2 (40,874.4) (1,477.0) (1,505.6)
1,327.0 0.0 0.0 0.0 0.0
(22,609.0) 3,071.5 4,946.2 2,984.5 2,368.0
(10,171.8)
319,459 (292,949) 145,104 202,353 176,375
(65,799) (45,000) (45,000) (45,000) (45,000)

(65,799) (45,000) (45,000) (45,000) (45,000)
0
0 0 0 0
(200,000)
(9) 0 176,634 (157,353) (131,375)

(200,009) 0 176,634 (157,353) (131,375)
53,651 (337,949) 276,738 0 0

0 0 0
0 0 0
0 0 0
Err:502 0.0 0.0 0.0
Err:502 23,262 300,000 300,000 300,000
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
12/31/2011 3/31/2012 6/30/2012 9/30/2012 12/31/2012 3/31/2013 6/30/2013 9/30/2013
182,184 185,657 188,133 190,613 193,097 195,584 198,073 200,563

62,453 61,440 61,430 61,420 61,411 61,403 61,394 61,386
190 190 190 190 190 190 190 190
(11,819.3) (5,635.5) (5,705.9) (5,777.2) (5,849.5) (5,922.6) (5,996.6) (6,071.6)
(6,820.4) (6,924.4) (7,029.9) (7,137.0) (7,245.8) (7,356.2) (7,468.3) (7,582.1)
(31,396.5) (31,871.2) (32,353.0) (33,657.7) (34,153.9) (34,657.3) (35,168.2) (35,686.7)
11,703.0 306.6 (6,369.5) 531.5 933.2 1,421.0 (635.4) (823.8)
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
1,569.3 1,598.8 1,628.9 1,659.9 1,691.6 1,724.1 1,757.4 1,791.6
208,064 204,762 199,924 207,843 210,075 212,386 212,147 213,767
(45,000) (45,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000)

(45,000) (45,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000)
0 0 0 0 0 0 0 0
(163,064) (159,762) (174,924) (182,843) (185,075) (187,386) (187,147) (188,767)

(163,064) (159,762) (174,924) (182,843) (185,075) (187,386) (187,147) (188,767)
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
12/31/2013 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015
203,053 205,542 208,028 210,511 212,989 215,462 218,025 220,624

61,379 61,372 61,365 61,359 61,353 61,347 61,243 61,199
190 190 190 190 190 190 190 86
(6,147.5) (6,224.3) (6,302.1) (6,380.9) (6,460.6) (6,541.4) (6,623.2) (6,706.0)
(7,697.6) (7,814.9) (7,934.0) (8,054.9) (8,177.6) (8,302.3) (8,428.8) (8,557.2)
(36,212.9) (36,746.8) (37,288.6) (37,838.4) (38,396.3) (38,962.5) (39,537.1) (40,120.1)
285.3 236.0 96.6 (168.3) (74.8) 75.0 32.9 (7.7)
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
1,826.7 1,862.7 1,899.6 1,937.5 1,976.4 2,016.4 2,057.4 2,099.4
216,676 218,416 220,055 221,555 223,399 225,284 226,959 228,618
(25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000)

(25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000)
0 0 0 0 0 0 0 0
(191,676) (193,416) (195,055) (196,555) (198,399) (200,284) (201,959) (203,618)

(191,676) (193,416) (195,055) (196,555) (198,399) (200,284) (201,959) (203,618)
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 6/30/2017 9/30/2017
223,157 225,592 228,010 230,703 233,094 235,467 237,820 240,150

61,194 61,189 61,188 60,898 60,892 60,886 60,881 60,876
0 0 0 0 0 0 0 0
(6,789.8) (6,874.7) (6,960.6) (7,047.6) (7,135.7) (7,224.9) (7,315.2) (7,406.6)
(8,687.6) (8,820.0) (8,954.4) (9,090.9) (9,229.4) (9,370.1) (9,512.9) (9,657.8)
(40,711.8) (41,312.2) (41,921.6) (42,539.9) (43,167.3) (43,804.1) (44,450.2) (45,105.9)
(28.6) (0.7) 14.2 2.0 (4.2) (3.4) 1.6 2.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
2,142.6 2,187.0 2,232.6 2,279.4 2,327.5 2,376.9 2,427.7 2,479.8
230,276 231,960 233,608 235,203 236,777 238,328 239,852 241,338
(25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000)

(25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000)
0 0 0 0 0 0 0 0
(205,276) (206,960) (208,608) (210,203) (211,777) (213,328) (214,852) (216,338)

(205,276) (206,960) (208,608) (210,203) (211,777) (213,328) (214,852) (216,338)
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019
242,456 244,735 246,985 249,203 251,388 253,537 255,647 248,637

60,871 60,867 60,863 60,859 60,855 60,851 60,847 60,844
0 0 0 0 0 0 0 0
(7,499.2) (7,593.0) (7,687.9) (7,784.0) (7,881.3) (7,979.8) (8,079.5) (8,180.5)
(9,805.0) (9,954.4) (10,106.2) (10,260.2) (10,416.5) (10,575.3) (10,736.4) (10,900.1)
(45,771.3) (46,446.6) (47,131.8) (47,827.2) (48,532.8) (49,248.9) (49,975.6) (48,723.4)
(0.4) (0.9) (0.2) 0.4 0.2 (0.2) (0.1) 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
2,533.4 2,588.6 2,645.2 2,703.4 2,763.3 2,824.9 2,888.2 2,953.4
242,785 244,195 245,566 246,895 248,176 249,409 250,591 244,631
(25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000)

(25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000)
0 0 0 0 0 0 0 0
(217,785) (219,195) (220,566) (221,895) (223,176) (224,409) (225,591) (219,631)

(217,785) (219,195) (220,566) (221,895) (223,176) (224,409) (225,591) (219,631)
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
12/31/2019 3/31/2020 6/30/2020 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021
250,661 252,637 254,562 256,433 258,247 260,001 261,690 263,310

60,841 60,838 60,835 60,832 60,830 60,827 60,825 60,823
0 0 0 0 0 0 0 0
(8,282.8) (8,386.3) (8,491.2) (8,597.3) (8,704.8) (8,813.6) (8,923.7) (9,035.3)
(11,066.2) (11,234.8) (11,406.0) (11,579.9) (11,756.3) (11,935.5) (12,117.4) (12,302.1)
(49,471.7) (50,231.1) (51,001.8) (53,773.5) (54,567.2) (55,372.5) (56,189.8) (57,019.2)
0.1 0.0 (0.0) (0.0) 0.0 0.0 (0.0) (0.0)
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
3,020.4 3,089.3 3,160.2 3,233.2 3,308.2 3,385.5 3,465.0 3,546.9
245,701 246,712 247,658 246,548 247,357 248,092 248,749 249,324
(25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000)

(25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000)
0 0 0 0 0 0 0 0
(220,701) (221,712) (222,658) (221,548) (222,357) (223,092) (223,749) (224,324)

(220,701) (221,712) (222,658) (221,548) (222,357) (223,092) (223,749) (224,324)
0 0 (0) 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023
264,859 266,331 267,723 269,029 271,155 272,878 273,914 274,845

60,821 60,819 60,817 60,815 59,905 59,303 59,289 59,275
0 0 0 0 0 0 0 0
(9,148.2) (9,262.6) (9,378.4) (9,495.6) (9,614.3) (9,734.5) (9,856.1) (9,979.3)
(12,489.6) (12,679.9) (12,873.2) (13,069.4) (13,268.6) (13,470.8) (13,676.1) (13,884.5)
(57,860.8) (58,714.9) (59,581.7) (60,461.2) (61,353.8) (62,259.6) (63,178.8) (64,111.6)
0.0 0.0 0.0 (0.0) (0.0) 0.0 0.0 (0.0)
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
3,631.2 3,717.9 3,807.3 3,899.2 3,994.0 4,091.5 4,192.0 4,295.5
249,812 250,210 250,514 250,718 250,817 250,808 250,684 250,440
(25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000)

(25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000)
0 0 0 0 0 0 0 0
(224,812) (225,210) (225,514) (225,718) (225,817) (225,808) (225,684) (225,440)

(224,812) (225,210) (225,514) (225,718) (225,817) (225,808) (225,684) (225,440)
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025
275,665 276,370 276,952 277,407 277,727 277,908 277,941 277,819

59,263 59,250 59,239 59,228 59,218 59,208 59,198 59,189
0 0 0 0 0 0 0 0
(10,104.1) (10,230.4) (10,358.3) (10,487.7) (10,618.8) (10,751.6) (10,886.0) (11,022.0)
(14,096.1) (14,311.0) (14,529.1) (14,750.5) (14,975.3) (15,203.6) (15,435.3) (15,670.5)
(65,058.2) (66,018.8) (66,993.7) (67,983.0) (68,986.9) (70,005.6) (71,039.5) (72,088.7)
(0.0) (0.0) 0.0 0.0 (0.0) (0.0) 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
4,402.1 4,512.0 4,625.1 4,741.8 4,862.0 4,985.8 5,113.5 5,245.0
250,072 249,572 248,935 248,155 247,226 246,140 244,892 243,473
(25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000)

(25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000)
0 0 0 0 0 0 0 0
(225,072) (224,572) (223,935) (223,155) (222,226) (221,140) (219,892) (218,473)

(225,072) (224,572) (223,935) (223,155) (222,226) (221,140) (219,892) (218,473)
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000
Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY 2026 FY 2026 FY 2026 FY 2027 FY 2027 FY 2027 FY 2027
12/31/2025 3/31/2026 6/30/2026 9/30/2026 12/31/2026 3/31/2027 6/30/2027
277,537 277,085 276,457 275,644 274,638 273,430 272,011

59,181 59,173 59,165 59,158 59,151 59,144 59,138
0 0 0 0 0 0 0
(11,159.8) (11,299.3) (11,440.6) (11,583.6) (11,728.4) (11,875.0) (12,023.4)
(15,909.4) (16,151.9) (16,398.0) (16,648.0) (16,901.7) (17,159.3) (17,420.8)
(73,153.3) (74,233.8) (75,330.2) (76,442.9) (77,572.1) (78,718.0) (79,880.8)
(0.0) (0.0) (0.0) 0.0 0.0 (0.0) (0.0)
0.0 0.0 0.0 0.0 0.0 0.0 0.0
5,380.7 5,520.5 5,664.7 5,813.3 5,966.6 6,124.6 6,287.6
241,876 240,094 238,118 235,941 233,553 230,947 228,111
(25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000)

(25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000)
0 0 0 0 0 0 0
(216,876) (215,094) (213,118) (210,941) (208,553) (205,947) (203,111)

(216,876) (215,094) (213,118) (210,941) (208,553) (205,947) (203,111)
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
300,000 300,000 300,000 300,000 300,000 300,000 300,000
7/1/2027
(9,856,026)
0
0
0
0.0
Power Plant Model
Power Plant Model
Working Capital
Q1 Q2
Working Capital Units FY 2008 FY 2008
Liabilities
Trade and Other Payable PKR 000
Accrued markup PKR 000
Provision for taxation PKR 000
Assets
Stores & Spares PKR 000
Stock in Trade PKR 000
Trade Debts PKR 000
Loans , Advances ,Deposits and Prepayments PKR 000
Income Statement Items

Total Revenue PKR 000 1,584,755 1,749,700
Trade Debts as a % of Revenue %
Days Trade Debts Remain Outstanding Days
Days in a Year Days 365 365

Stores and Spares as a % of LTM S&S %

Stock in Trade as a % of Raw Materials %
Days Stock in Trade remains Outstanding Days
SG&A Expenses + Cost of Sales (ex Fuel) PKR 000 (129,099) (161,921)
SG&A as a % of Trade Payables %
Days Trade Payables Remain Outstanding Days
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
107,755 100,463 146,858 67,822 107,098 87,321 156,288

0 0 0 0 69 0 0
97,270 97,097 96,051 98,068 100,929 103,794 113,474
382,892 358,150 392,874 401,083 366,072 372,630 422,110

85,560 330,737 93,311 381,580 311,234 425,768 295,552
1,939,815 2,191,241 1,285,941 845,867 963,309 1,368,875 1,557,873
197,757 295,738 360,020 217,417 240,122 150,951 388,812
1,993,158 2,060,244 2,966,726 2,173,252 1,604,551 1,589,812 2,120,322 2,427,527

94.2% 73.9% 59.2% 52.7% 60.6% 64.6% 64.2%
95.8 91.2 51.1 35.1 42.2 66.7 73.4
365 365 365 365 365 365 365 365
(83,755) (68,993) (78,262) (38,016) (105,667) (118,206) (57,638) (58,796)

146.1% 131.2% 149.1% 125.8% 109.5% 132.1%
(1,563,275) (1,610,095) (2,474,988) (1,702,224) (1,113,425) (1,101,672) (1,729,057) (1,958,648)

5.8% 1.3% 5.2% 4.5% 6.7% 5.2%
17.2 4.6 20.2 17.8 27.5 18.3
(174,246) (165,502) (149,057) (119,138) (182,063) (228,657) (148,341) (145,713)

15.9% 22.6% 11.2% 17.4% 12.9% 23.0%
56.4 88.2 40.2 57.6 47.0 80.9
Q3 Q4 Q1 Q2 Q3 Q4 Q1
FY 2010 FY 2010 FY 2011 FY 2011 FY 2011 FY 2011 FY 2012
87,650 118,776 96,167 99,238 104,185 107,169 109,537

0 392 147 147 147 147 147
115,329 115,914 112,984 112,984 112,984 112,984 112,984
365,492 390,431 346,755 361,101 412,923 437,054 439,019

277,516 168,240 389,130 442,196 439,770 439,547 447,695
1,833,871 1,926,050 1,620,096 2,122,567 2,127,055 2,145,951 2,202,700
390,146 457,695 389,010 355,323 396,197 397,674 399,180
2,474,406 2,445,139 2,305,722 2,458,944 2,494,884 2,531,353 2,564,638

74.1% 78.8% 70.3% 86.3% 85.3% 84.8% 85.9%
77.7 74.3 61.3 80.0 80.0 80.0 80.0
365 365 365 365 365 365 365
(87,870) (111,436) (102,999) (110,618) (112,001) (113,401) (114,818)

107.4% 121.1% 109.8% 125.8% 125.8% 125.8% 125.8%
(2,071,214) (2,061,882) (1,940,463) (1,996,519) (2,026,935) (2,057,814) (2,089,164)

4.7% 2.5% 5.0%
14.8 7.9 17.7 20.0 20.0 20.0 20.0
(180,393) (199,456) (207,668) (217,417) (220,512) (223,664) (226,875)

12.4% 16.9% 14.3% 13.5% 12.9%
45.5 64.3 47.9 45.0 45.0 45.0 45.0
0.2
73
Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY 2012 FY 2012 FY 2012 FY 2013 FY 2013 FY 2013 FY 2013
111,107 112,705 114,334 115,994 117,686 119,410 121,167

147 147 147 147 147 147 147
112,984 112,984 112,984 112,984 112,984 112,984 112,984
450,838 456,473 462,179 467,957 473,806 479,729 485,725

454,515 461,440 468,470 475,607 482,852 490,209 497,677
2,234,097 2,265,968 2,298,321 2,331,979 2,366,133 2,400,790 2,435,958
387,477 387,170 393,540 393,008 392,075 390,654 391,289
2,602,191 2,640,296 2,678,964 2,718,202 2,758,018 2,798,421 2,839,419

85.9% 85.8% 85.8% 85.8% 85.8% 85.8% 85.8%
80.0 80.0 80.0 80.0 80.0 80.0 80.0
365 365 365 365 365 365 365
(116,254) (117,707) (119,178) (120,668) (122,176) (123,703) (125,250)

125.8% 125.8% 125.8% 125.8% 125.8% 125.8% 125.8%
(2,120,992) (2,153,304) (2,186,109) (2,219,414) (2,253,227) (2,287,555) (2,322,405)
20.0 20.0 20.0 20.0 20.0 20.0 20.0
(230,146) (233,480) (236,877) (240,338) (243,867) (247,464) (251,131)
45.0 45.0 45.0 45.0 45.0 45.0 45.0

Q1 Q2 Q3 Q4 Q1 Q2 Q3
FY 2014 FY 2014 FY 2014 FY 2014 FY 2015 FY 2015 FY 2015
122,959 124,786 126,648 128,548 130,485 132,462 134,478

147 147 147 147 147 147 147
112,984 112,984 112,984 112,984 112,984 112,984 112,984
491,797 497,944 504,169 510,471 516,852 523,312 529,854

505,259 512,956 520,771 528,705 536,760 544,938 553,240
2,471,645 2,507,858 2,544,604 2,581,893 2,619,731 2,658,128 2,697,090
392,113 391,828 391,592 391,495 391,664 391,738 391,663
2,881,022 2,923,239 2,966,078 3,009,548 3,053,660 3,098,422 3,143,844

85.8% 85.8% 85.8% 85.8% 85.8% 85.8% 85.8%
80.0 80.0 80.0 80.0 80.0 80.0 80.0
365 365 365 365 365 365 365
(126,815) (128,400) (130,005) (131,630) (133,276) (134,942) (136,629)

125.8% 125.8% 125.8% 125.8% 125.8% 125.8% 125.8%
(2,357,787) (2,393,708) (2,430,177) (2,467,201) (2,504,789) (2,542,950) (2,581,693)
20.0 20.0 20.0 20.0 20.0 20.0 20.0
(254,871) (258,684) (262,573) (266,539) (270,586) (274,715) (278,928)
45.0 45.0 45.0 45.0 45.0 45.0 45.0

Q4 Q1 Q2 Q3 Q4 Q1 Q2
FY 2015 FY 2016 FY 2016 FY 2016 FY 2016 FY 2017 FY 2017
136,536 138,635 140,778 142,965 145,197 147,477 149,804

147 147 147 147 147 147 147
112,984 112,984 112,984 112,984 112,984 112,984 112,984
536,477 543,183 549,973 556,847 563,808 570,855 577,991

561,669 570,226 578,914 587,734 596,688 605,779 615,009
2,736,627 2,776,747 2,817,459 2,858,772 2,900,693 2,943,233 2,986,400
391,630 391,638 391,667 391,667 391,653 391,651 391,655
3,189,936 3,236,708 3,284,170 3,332,331 3,381,203 3,430,796 3,481,121

85.8% 85.8% 85.8% 85.8% 85.8% 85.8% 85.8%
80.0 80.0 80.0 80.0 80.0 80.0 80.0
365 365 365 365 365 365 365
(138,336) (140,066) (141,816) (143,589) (145,384) (147,201) (149,041)

125.8% 125.8% 125.8% 125.8% 125.8% 125.8% 125.8%
(2,621,026) (2,660,959) (2,701,500) (2,742,658) (2,784,445) (2,826,867) (2,869,937)
20.0 20.0 20.0 20.0 20.0 20.0 20.0
(283,227) (287,615) (292,094) (296,667) (301,336) (306,103) (310,973)
45.0 45.0 45.0 45.0 45.0 45.0 45.0

Q3 Q4 Q1 Q2 Q3 Q4 Q1
FY 2017 FY 2017 FY 2018 FY 2018 FY 2018 FY 2018 FY 2019
152,181 154,609 157,089 159,622 162,211 164,856 167,559

147 147 147 147 147 147 147
112,984 112,984 112,984 112,984 112,984 112,984 112,984
585,216 592,531 599,938 607,437 615,030 622,718 630,502

624,379 633,892 643,549 653,354 663,309 673,415 683,675
3,030,204 3,074,655 3,119,760 3,165,532 3,211,978 3,259,110 3,306,937
391,659 391,657 391,655 391,656 391,656 391,657 391,656
3,532,187 3,584,007 3,636,592 3,689,952 3,744,100 3,799,046 3,854,803

85.8% 85.8% 85.8% 85.8% 85.8% 85.8% 85.8%
80.0 80.0 80.0 80.0 80.0 80.0 80.0
365 365 365 365 365 365 365
(150,904) (152,791) (154,701) (156,634) (158,592) (160,575) (162,582)

125.8% 125.8% 125.8% 125.8% 125.8% 125.8% 125.8%
(2,913,662) (2,958,055) (3,003,123) (3,048,878) (3,095,331) (3,142,492) (3,190,371)
20.0 20.0 20.0 20.0 20.0 20.0 20.0
(315,946) (321,027) (326,217) (331,522) (336,942) (342,482) (348,145)
45.0 45.0 45.0 45.0 45.0 45.0 45.0

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
170,323 173,147 176,036 178,989 182,009 185,099 188,259 191,492

147 147 147 147 147 147 147 147
112,984 112,984 112,984 112,984 112,984 112,984 112,984 112,984
638,383 646,363 654,442 662,623 670,906 679,292 687,783 696,381

694,092 704,667 715,403 726,303 737,370 748,604 760,011 771,590
3,355,470 3,404,719 3,454,695 3,503,418 3,552,890 3,603,121 3,654,123 3,707,896
391,656 391,656 391,656 391,656 391,656 391,656 391,656 391,656
3,911,383 3,968,798 4,027,060 4,077,104 4,137,098 4,197,978 4,259,756 4,322,446

85.8% 85.8% 85.8% 85.9% 85.9% 85.8% 85.8% 85.8%
80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0
365 365 365 365 365 365 365 365
(164,614) (166,672) (168,755) (170,865) (173,000) (175,163) (177,352) (179,569)

125.8% 125.8% 125.8% 125.8% 125.8% 125.8% 125.8% 125.8%
(3,238,980) (3,288,330) (3,338,432) (3,389,297) (3,440,938) (3,493,365) (3,546,592) (3,600,630)
20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0
(353,935) (359,855) (365,909) (372,101) (378,434) (384,913) (391,542) (398,325)
45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0

Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY 2021 FY 2021 FY 2021 FY 2022 FY 2022 FY 2022 FY 2022
194,800 198,186 201,651 205,198 208,829 212,547 216,354

147 147 147 147 147 147 147
112,984 112,984 112,984 112,984 112,984 112,984 112,984
705,085 713,899 722,823 731,858 741,006 750,269 759,647

783,347 795,282 807,400 819,702 832,191 844,871 857,744
3,762,463 3,817,836 3,874,026 3,931,045 3,988,906 4,047,621 4,107,202
391,656 391,656 391,656 391,656 391,656 391,656 391,656
4,386,061 4,450,615 4,516,122 4,582,596 4,650,051 4,718,502 4,787,963

85.8% 85.8% 85.8% 85.8% 85.8% 85.8% 85.8%
80.0 80.0 80.0 80.0 80.0 80.0 80.0
365 365 365 365 365 365 365
(181,814) (184,087) (186,388) (188,718) (191,077) (193,465) (195,883)

125.8% 125.8% 125.8% 125.8% 125.8% 125.8% 125.8%
(3,655,491) (3,711,189) (3,767,735) (3,825,143) (3,883,426) (3,942,597) (4,002,670)
20.0 20.0 20.0 20.0 20.0 20.0 20.0
(405,267) (412,373) (419,647) (427,094) (434,720) (442,530) (450,528)
45.0 45.0 45.0 45.0 45.0 45.0 45.0

Q1 Q2 Q3 Q4 Q1 Q2 Q3
FY 2023 FY 2023 FY 2023 FY 2023 FY 2024 FY 2024 FY 2024
220,253 224,247 228,339 232,531 236,826 241,228 245,740

147 147 147 147 147 147 147
112,984 112,984 112,984 112,984 112,984 112,984 112,984
769,143 778,757 788,491 798,347 808,327 818,431 828,661

870,814 884,082 897,553 911,229 925,114 939,210 953,521
4,167,664 4,229,018 4,291,277 4,354,456 4,418,568 4,483,626 4,549,645
391,656 391,656 391,656 391,656 391,656 391,656 391,656
4,858,450 4,929,978 5,002,561 5,076,216 5,150,959 5,226,806 5,303,772

85.8% 85.8% 85.8% 85.8% 85.8% 85.8% 85.8%
80.0 80.0 80.0 80.0 80.0 80.0 80.0
365 365 365 365 365 365 365
(198,332) (200,811) (203,321) (205,863) (208,436) (211,041) (213,679)

125.8% 125.8% 125.8% 125.8% 125.8% 125.8% 125.8%
(4,063,659) (4,125,577) (4,188,439) (4,252,259) (4,317,051) (4,382,831) (4,449,614)
20.0 20.0 20.0 20.0 20.0 20.0 20.0
(458,721) (467,116) (475,716) (484,530) (493,563) (502,822) (512,313)
45.0 45.0 45.0 45.0 45.0 45.0 45.0

Q4 Q1 Q2 Q3 Q4 Q1 Q2
FY 2024 FY 2025 FY 2025 FY 2025 FY 2025 FY 2026 FY 2026
250,366 255,107 259,969 264,955 270,069 275,314 280,694

147 147 147 147 147 147 147
112,984 112,984 112,984 112,984 112,984 112,984 112,984
839,020 849,507 860,126 870,878 881,764 892,786 903,946

968,050 982,800 997,776 1,012,979 1,028,415 1,044,085 1,059,994
4,616,638 4,684,621 4,753,608 4,823,614 4,894,653 4,966,742 5,039,895
391,656 391,656 391,656 391,656 391,656 391,656 391,656
5,381,875 5,461,132 5,541,558 5,623,173 5,705,993 5,790,036 5,875,320

85.8% 85.8% 85.8% 85.8% 85.8% 85.8% 85.8%
80.0 80.0 80.0 80.0 80.0 80.0 80.0
365 365 365 365 365 365 365
(216,350) (219,055) (221,793) (224,565) (227,372) (230,215) (233,092)

125.8% 125.8% 125.8% 125.8% 125.8% 125.8% 125.8%
(4,517,414) (4,586,248) (4,656,131) (4,727,079) (4,799,108) (4,872,235) (4,946,477)
20.0 20.0 20.0 20.0 20.0 20.0 20.0
(522,045) (532,024) (542,257) (552,754) (563,521) (574,567) (585,901)
45.0 45.0 45.0 45.0 45.0 45.0 45.0

Q3 Q4 Q1 Q2 Q3 Q4
FY 2026 FY 2026 FY 2027 FY 2027 FY 2027 FY 2027
286,215 291,879 297,693 303,659 309,784 316,071

147 147 147 147 147 147
112,984 112,984 112,984 112,984 112,984 112,984
915,245 926,685 938,269 949,997 961,872 973,896

1,076,146 1,092,544 1,109,192 1,126,094 1,143,253 1,160,674
5,114,129 5,189,459 5,265,902 5,343,474 5,422,192 5,502,073
391,656 391,656 391,656 391,656 391,656 391,656
5,961,865 6,049,687 6,138,807 6,229,243 6,321,015 6,414,143

85.8% 85.8% 85.8% 85.8% 85.8% 85.8%
80.0 80.0 80.0 80.0 80.0 80.0
365 365 365 365 365 365
(236,006) (238,956) (241,943) (244,967) (248,029) (251,130)

125.8% 125.8% 125.8% 125.8% 125.8% 125.8%
(5,021,850) (5,098,372) (5,176,061) (5,254,933) (5,335,008) (5,416,303)
20.0 20.0 20.0 20.0 20.0 20.0
(597,531) (609,467) (621,719) (634,296) (647,208) (660,467)
45.0 45.0 45.0 45.0 45.0 45.0

Power Plant Model
Indexation
Q1 Q2
Indexation Units COD 2008 2008
Furnace Oil Rs/ M.Ton 2843.5

Indexation Factor x
Furnace Oil Inflation %
Variable O&M PKR / Kwh

Indexation Factor x
US CPI %
USD - PKR Exchange Rate PKR 30.03

Indexation Factor
PKR Devaluation %
Non-Escalable Component Adjustment Factor 1.026245
Q1 Q2
Tarif Table - Post Indexation Units COD 2008 2008
`
Energy Payments
Fuel PKR / Kwh
Capacity Payments
Escalable Component PKR / Kwh
Non Escalable Component PKR / Kwh
Total Tarif PKR / Kwh
Capacity Payments
Escalable Component PKR / Kw / Month
Non Escalable Component PKR / Kw / Month
Capacity Payments
Escalable Component PKR / Kw / Quarter
Non Escalable Component PKR / Kw / Quarter
Quarterly Load Factor %

Quarterly Energy Output Mwh
Efficiency
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2008 2008 2009 2009 2009 2009 2010 2010 2010
32,216 36,184
11.3x 12.7x
0.3395027 0.3752761 0.4439053

1.20x 1.42x 1.48x
50 65.0 83
1.7x 2.2x 2.8x
2.9x 3.6x 4.2x
1.2510634 1.1828765
0.4844903 0.4690966
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2008 2008 2009 2009 2009 2009 2010 2010 2010
6.7 7.5
0.34 0.38 0.44
1.02 1.21
0.484 0.469
8.5658141 9.6292852
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2010 2011 2011 2011 2011 2012 2012 2012
43,236 44,127 44,789 45,461 46,143 46,835 47,538 48,251

15.2x 15.5x 15.8x 16.0x 16.2x 16.5x 16.7x 17.0x
1.50%
0.443289619 0.438654958 0.4463588 0.45193832 0.45758755 0.46330739 0.46909874 0.47496247

1.47x 1.4854637x 1.5x 1.5x 1.5x 1.5x 1.5x 1.5x
0.5%
83 84.70 85.76 86.83 87.91 89.01 90.12 91.25

2.8x 2.82042x 2.9x 2.9x 2.9x 3.0x 3.0x 3.0x
4.2x 1.25%
0.998613136
0.29463494 0.08117598 0.081176 0.08117598 0.08117598 0.05757234 0.05757234 0.05757234
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2010 2011 2011 2011 2011 2012 2012 2012
9.0 9.16 9.29 9.43 9.57 9.72 9.86 10.01

0.44 0.44 0.45 0.45 0.46 0.46 0.47 0.47
1.21 0.80 0.81 0.82 0.83 0.84 0.86 0.87

0.295 0.081 0.081 0.081 0.081 0.058 0.058 0.058
10.91565449 10.4796461 10.634738 10.7898905 10.9473313 11.0834901 11.2456087 11.4101182
522.9923437 532.1774 538.829614 545.564984 552.384547 559.289353 566.28047

35.55507902 35.555079 35.555079 35.555079 25.2166869 25.2166869 25.2166869
1568.977031 1596.5322 1616.48884 1636.69495 1657.15364 1677.86806 1698.84141

106.6652371 106.66524 106.665237 106.665237 75.6500607 75.6500607 75.6500607
80.54% 85.00% 85% 85% 85% 85% 85%

218,702 230,826 230,826 230,826 230,826 230,826 230,826
43.3% 43.3% 43.3% 43.3% 43.3% 43.3% 43.2%

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2012 2013 2013 2013 2013 2014 2014 2014 2014
48,974 49,709 50,455 51,211 51,980 52,759 53,551 54,354 55,169

17.2x 17.5x 17.7x 18.0x 18.3x 18.6x 18.8x 19.1x 19.4x
0.4808995 0.4869107 0.4929971 0.4991596 0.50539909 0.5117166 0.51811303 0.52458945 0.53114682

1.5x 1.5x 1.5x 1.5x 1.5x 1.5x 1.5x 1.5x 1.5x
92.39 93.55 94.72 95.90 97.10 98.31 99.54 100.79 102.05

3.1x 3.1x 3.2x 3.2x 3.2x 3.3x 3.3x 3.4x 3.4x
0.05757234 0.0575723 0.0575723 0.0575723 0.05757234 0.0575723 0.05757234 0.05757234 0.05757234
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2012 2013 2013 2013 2013 2014 2014 2014 2014
10.16 10.31 10.47 10.63 10.79 10.95 11.11 11.28 11.45

0.48 0.49 0.49 0.50 0.51 0.51 0.52 0.52 0.53
0.88 0.89 0.90 0.91 0.92 0.93 0.94 0.96 0.97

0.058 0.058 0.058 0.058 0.058 0.058 0.058 0.058 0.058
11.5770539 11.746452 11.918348 12.09278 12.2697849 12.449401 12.6316663 12.8166207 13.0043037
573.358976 580.52596 587.78254 595.12982 602.568942 610.10105 617.727317 625.448909 633.26702

25.2166869 25.216687 25.216687 25.216687 25.2166869 25.216687 25.2166869 25.2166869 25.2166869
1720.07693 1741.5779 1763.3476 1785.3895 1807.70683 1830.3032 1853.18195 1876.34673 1899.80106

75.6500607 75.650061 75.650061 75.650061 75.6500607 75.650061 75.6500607 75.6500607 75.6500607
85% 85% 85% 85% 85% 85% 85% 85% 85%

230,826 230,826 230,826 230,826 230,826 230,826 230,826 230,826 230,826
43.2% 43.2% 43.2% 43.2% 43.2% 43.2% 43.2% 43.2% 43.2%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2015 2015 2015 2015 2016 2016 2016 2016 2017
55,997 56,837 57,689 58,555 59,433 60,324 61,229 62,148 63,080

19.7x 20.0x 20.3x 20.6x 20.9x 21.2x 21.5x 21.9x 22.2x
0.53778615 0.54450848 0.55131483 0.55820627 0.56518385 0.57224865 0.5794018 0.58664428 0.5939773

1.5x 1.5x 1.5x 1.5x 1.5x 1.5x 1.5x 1.5x 1.5x
103.32 104.61 105.92 107.24 108.59 109.94 111.32 112.71 114.12

3.4x 3.5x 3.5x 3.6x 3.6x 3.7x 3.7x 3.8x 3.8x
0.05757234 0.05757234 0.05757234 0.05757234 0.05757234 0.05757234 0.0575723 0.05757234 0.0575723
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2015 2015 2015 2015 2016 2016 2016 2016 2017
11.62 11.79 11.97 12.15 12.33 12.52 12.70 12.90 13.09

0.54 0.54 0.55 0.56 0.57 0.57 0.58 0.59 0.59
0.98 0.99 1.01 1.02 1.03 1.04 1.06 1.07 1.08

0.058 0.058 0.058 0.058 0.058 0.058 0.058 0.058 0.058
13.1947556 13.3880175 13.5841308 13.7831378
641.182858 649.197644 657.312614 665.529022 673.848135 682.271236 690.79963 699.434622 708.17756

25.2166869 25.2166869 25.2166869 25.2166869 25.2166869 25.2166869 25.216687 25.2166869 25.216687
1923.54857 1947.59293 1971.93784 1996.58707 2021.5444 2046.81371 2072.3989 2098.30387 2124.5327

75.6500607 75.6500607 75.6500607 75.6500607 75.6500607 75.6500607 75.650061 75.6500607 75.650061
85% 85% 85% 85% 85% 85% 85% 85% 85%

230,826 230,826 230,826 230,826 230,826 230,826 230,826 230,826 230,826
43.1% 43.1% 43.1% 43.1% 43.1% 43.1% 43.1% 43.1% 43.1%

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2017 2017 2017 2018 2018 2018 2018 2019 2019
64,026 64,987 65,961 66,951 67,955 68,974 70,009 71,059 72,125

22.5x 22.9x 23.2x 23.5x 23.9x 24.3x 24.6x 25.0x 25.4x
0.60140205 0.60891957 0.61653107 0.6242377 0.63204068 0.6399412 0.64794045 0.6560397 0.6642402

1.5x 1.5x 1.5x 1.5x 1.5x 1.5x 1.5x 1.5x 1.5x
115.54 116.99 118.45 119.93 121.43 122.95 124.48 126.04 127.62

3.8x 3.9x 3.9x 4.0x 4.0x 4.1x 4.1x 4.2x 4.2x
0.05757234 0.05757234 0.05757234 0.05757234 0.05757234 0.0575723 0.05757234 0.0575723 0.0575723
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2017 2017 2017 2018 2018 2018 2018 2019 2019
13.28 13.48 13.69 13.89 14.10 14.31 14.53 14.74 14.97

0.60 0.61 0.62 0.62 0.63 0.64 0.65 0.66 0.66
1.10 1.11 1.12 1.14 1.15 1.17 1.18 1.20 1.21

0.058 0.058 0.058 0.058 0.058 0.058 0.058 0.058 0.058
717.029774 725.992647 735.067555 744.255899 753.559098 762.97859 772.515819 782.17227 791.94942

25.2166869 25.2166869 25.2166869 25.2166869 25.2166869 25.216687 25.2166869 25.216687 25.216687
2151.08932 2177.97794 2205.20266 2232.7677 2260.67729 2288.9358 2317.54746 2346.5168 2375.8483

75.6500607 75.6500607 75.6500607 75.6500607 75.6500607 75.650061 75.6500607 75.650061 75.650061
85% 85% 85% 85% 85% 85% 85% 85% 85%

230,826 230,826 230,826 230,826 230,826 230,826 230,826 230,826 230,826
43.1% 43.0% 43.0% 43.0% 43.0% 43.0% 43.0% 43.0% 43.0%

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2019 2020 2020 2020 2020 2021 2021 2021
73,207 74,305 75,420 76,551 77,699 78,865 80,048 81,248 82,467

25.7x 26.1x 26.5x 26.9x 27.3x 27.7x 28.2x 28.6x 29.0x
0.6725432 0.68094999 0.68946187 0.69808014 0.70680614 0.7156412 0.7245867 0.7336441 0.7428146

1.5x 1.5x 1.5x 1.5x 1.5x 1.5x 1.5x 1.5x 1.5x
129.21 130.83 132.46 134.12 135.79 137.49 139.21 140.95 142.71

4.3x 4.4x 4.4x 4.5x 4.5x 4.6x 4.6x 4.7x 4.8x
0.05757234 0.05757234 0 0 0 0 0 0 0
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2019 2020 2020 2020 2020 2021 2021 2021
15.19 15.42 15.65 15.88 16.12 16.36 16.61 16.86 17.11

0.67 0.68 0.69 0.70 0.71 0.72 0.72 0.73 0.74
1.23 1.24 1.26 1.27 1.29 1.30 1.32 1.34 1.35

0.058 0.058 0.000 0.000 0.000 0.000 0.000 0.000 0.000
801.848788 811.871898 822.020296 832.29555 842.699244 853.23298 863.8984 874.69713 885.63084

25.2166869 25.2166869 0 0 0 0 0 0 0
2405.54636 2435.61569 2466.06089 2496.88665 2528.09773 2559.699 2591.6952 2624.0914 2656.8925

75.6500607 75.6500607 0 0 0 0 0 0 0
85% 85% 85% 85% 85% 85% 85% 85% 85%

230,826 230,826 230,826 230,826 230,826 230,826 230,826 230,826 230,826
43.0% 43.0% 42.9% 42.9% 42.9% 42.9% 42.9% 42.9% 42.9%

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2021 2022 2022 2022 2022 2023 2023 2023 2023
83,704 84,960 86,234 87,528 88,840 90,173 91,526 92,899 94,292

29.4x 29.9x 30.3x 30.8x 31.2x 31.7x 32.2x 32.7x 33.2x
0.7520998 0.76150105 0.77101981 0.78065756 0.79041578 0.80029598 0.81029968 0.8204284 0.8306838

1.5x 1.5x 1.5x 1.5x 1.5x 1.5x 1.5x 1.5x 1.5x
144.50 146.30 148.13 149.98 151.86 153.76 155.68 157.62 159.59

4.8x 4.9x 4.9x 5.0x 5.1x 5.1x 5.2x 5.2x 5.3x
0 0 0 0 0 0 0 0 0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2021 2022 2022 2022 2022 2023 2023 2023 2023
17.37 17.63 17.89 18.16 18.43 18.71 18.99 19.28 19.56

0.75 0.76 0.77 0.78 0.79 0.80 0.81 0.82 0.83
1.37 1.39 1.41 1.42 1.44 1.46 1.48 1.50 1.51

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
896.701227 907.909992 919.258867 930.749603 942.383973 954.163773 966.09082 978.16696 990.39404

0 0 0 0 0 0 0 0 0
2690.10368 2723.72998 2757.7766 2792.24881 2827.15192 2862.49132 2898.27246 2934.5009 2971.1821

0 0 0 0 0 0 0 0 0
85% 85% 85% 85% 85% 85% 85% 85% 85%

230,826 230,826 230,826 230,826 230,826 230,826 230,826 230,826 230,826
42.9% 42.9% 42.9% 42.8% 42.8% 42.8% 42.8% 42.8% 42.8%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2024 2024 2024 2024 2025 2025 2025 2025 2026
95,706 97,142 98,599 100,078 101,579 103,103 104,650 106,219 107,813

33.7x 34.2x 34.7x 35.2x 35.7x 36.3x 36.8x 37.4x 37.9x
0.8410673 0.8515807 0.86222543 0.87300324 0.88391579 0.89496473 0.90615179 0.91747869 0.92894717

1.5x 1.5x 1.5x 1.5x 1.5x 1.5x 1.5x 1.5x 1.5x
161.59 163.61 165.65 167.72 169.82 171.94 174.09 176.27 178.47

5.4x 5.4x 5.5x 5.6x 5.7x 5.7x 5.8x 5.9x 5.9x
0 0 0 0 0 0 0 0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2024 2024 2024 2024 2025 2025 2025 2025 2026
19.86 20.16 20.46 20.77 21.08 21.39 21.71 22.04 22.37

0.84 0.85 0.86 0.87 0.88 0.89 0.91 0.92 0.93
1.53 1.55 1.57 1.59 1.61 1.63 1.65 1.67 1.69

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
1002.774 1015.3086 1028 1040.85 1053.86063 1067.03388 1080.37181 1093.87645 1107.54991

0 0 0 0 0 0 0 0 0
3008.3219 3045.9259 3084 3122.55 3161.58188 3201.10165 3241.11542 3281.62936 3322.64973

0 0 0 0 0 0 0 0 0
85% 85% 85% 85% 85% 85% 85% 85% 85%

230,826 230,826 230,826 230,826 230,826 230,826 230,826 230,826 230,826
42.8% 42.8% 42.8% 42.8% 42.7% 42.7% 42.7% 42.7% 42.7%

Q2 Q3 Q4 Q1 Q2 Q3 Q4
2026 2026 2026 2027 2027 2027 2027
109,430 111,071 112,737 114,428 116,145 117,887 119,655

38.5x 39.1x 39.6x 40.2x 40.8x 41.5x 42.1x
0.94055901 0.952316 0.96421995 0.976273 0.988476 1.000832 1.013342

1.5x 1.5x 1.5x 1.5x 1.5x 1.5x 1.5x
180.70 182.96 185.25 187.56 189.91 192.28 194.69 197.12

6.0x 6.1x 6.2x 6.2x 6.3x 6.4x 6.5x
0 0 0 0 0 0 0
Q2 Q3 Q4 Q1 Q2 Q3 Q4
2026 2026 2026 2027 2027 2027 2027
22.71 23.05 23.39 23.74 24.10 24.46 24.83

0.94 0.95 0.96 0.98 0.99 1.00 1.01
1.71 1.74 1.76 1.78 1.80 1.82 1.85

0.000 0.000 0.000 0.000 0.000 0.000 0.000
1121.39428 1135.4117 1149.60436 1163.974 1178.524 1193.256 1208.171

0 0 0 0 0 0 0
3364.18285 3406.2351 3448.81308 3491.923 3535.572 3579.767 3624.514

0 0 0 0 0 0 0
85% 85% 85% 85% 85% 85% 85%

230,826 230,826 230,826 230,826 230,826 230,826 230,826
42.7% 42.7% 42.7% 42.7% 42.7% 42.6% 42.6%

Power Plant Model
Historical Back Testing
Income Statement Units

`
Generation Gwh
Load Factor
Efficiency %
Energy Payments
Fuel PKR 000
Capacity Payments
Revenue
Cost of Sales
Raw Materials Consumed PKR 000
Salaries Wages and Benefits PKR 000
Fee for Produce of Energy PKR 000
Stores and Spares PKR 000
Insurance PKR 000
Traveling, Conveyance PKR 000
Repair and Maintenance PKR 000
Electricity Consumed in-house PKR 000
Rent, rate and taxes PKR 000
Miscallenous PKR 000
SG&A (excluding D&A) PKR 000
EBITDA
D&A - Cost of Sales PKR 000
D&A - Admin Expenses PKR 000
Other Operating Income PKR 000
Profit from Operations PKR 000
Finance Costs PKR 000

Profit before Tax PKR 000
Taxation [on Other Income] PKR 000
Net Income PKR 000

FY 2007 FY 2008 FY 2009 FY 2010
805.427 881.894 872.630 899.545

74.2% 81.19% 80.33% 82.8%
43.10% 43.95% 42.4%
6,232,618 6,950,971 8,468,638

5,895,040 6,551,658 8,069,879
337,578 399,313 398,759
665,773 787,527 786,435

315,764 305,731 192,027
981,537 1,093,258 978,461
7,214,155 8,044,229 9,447,099
(5,512,068) (6,007,831) (7,665,374)

(65,298) (77,257) (91,256)
(74,873) (93,871) (43,933)
(203,489) (278,710) (326,188) (335,792)
(46,518) (54,891) (64,772) (76,431)
(8,598) (8,876) (9,164) (9,461)
(32,423) (44,408) (51,973) (53,504)
(2,537) (3,475) (4,067) (4,186)
(429) (506) (597) (705)
(12,186) (14,379) (16,968) (20,022)
(220,279) (224,718) (229,246) (233,865)
931,951 1,162,295 912,572

(240,671) (246,260) (265,413)
(11,246) (9,830) (8,696)
(1,496) (887) (769)
20,952 54,000 55,595
699,490 959,318 693,288
(84,307) (47,796) (5,545)

615,183 911,522 687,743
(7,333) (18,900) (19,458)
607,850 892,622 668,285

Power Plant Model
Energy Payments (PKR / Kwh) Capacity Payments (PKR / Kwh)
Fuel Variable O&M Escalable Non-Escalable
1998 0.5900 0.0809 0.2970 0.8700
1999 0.5900 0.0809 0.2970 0.8110
2000 0.5900 0.0809 0.2970 0.8280
2001 0.5900 0.1560 0.2970 0.8430
2002 0.5900 0.1560 0.2970 0.8660
2003 0.5900 0.1185 0.2970 0.7440
2004 0.5900 0.1185 0.2970 0.7460
2005 0.5900 0.1185 0.2970 0.7630
2006 0.5900 0.1185 0.2970 0.7340
2007 0.5900 0.1185 0.2970 0.5420
2008 0.5900 0.1047 0.2850 0.4721
2009 0.5900 0.1047 0.2850 0.4571
2010 0.5900 0.1047 0.2850 0.2871
2011 0.5900 0.1047 0.2850 0.0791
2012 0.5900 0.1047 0.2850 0.0561
2013 0.5900 0.1047 0.2850 0.0561
2014 0.5900 0.1047 0.2850 0.0561
2015 0.5900 0.1047 0.2850 0.0561
2016 0.5900 0.1047 0.2850 0.0561
2017 0.5900 0.1047 0.2850 0.0561
2018 0.5900 0.1047 0.2850 0.0561
2019 0.5900 0.1047 0.2850 0.0561
2020 0.5900 0.1047 0.2850 0.0000
2021 0.5900 0.1047 0.2850 0.0000
2022 0.5900 0.1047 0.2850 0.0000
2023 0.5900 0.1047 0.2850 0.0000
2024 0.5900 0.1047 0.2850 0.0000
2025 0.5900 0.1047 0.2850 0.0000
2026 0.5900 0.1047 0.2850 0.0000
2027 0.5900 0.1047 0.2850 0.0000
Exchange Rate Assumption: 1 USD = 30.03 PKR

Total Total
PKR / Kwh US c / Kwh
1.84 6.12
1.78 5.92
1.80 5.98
1.89 6.28
1.91 6.36
1.75 5.83
1.75 5.83
1.77 5.89
1.74 5.79
1.55 5.15
1.45 4.83
1.44 4.78
1.27 4.22
1.06 3.53
1.04 3.45
1.04 3.45
1.04 3.45
1.04 3.45
1.04 3.45
1.04 3.45
1.04 3.45
1.04 3.45
0.98 3.26
0.98 3.26
0.98 3.26
0.98 3.26
0.98 3.26
0.98 3.26
0.98 3.26
0.98 3.26
Power Plant Model
Tarif Table
Jun-97
Tarif Table - Pre Indexation Units COD
Energy Payments
Fuel PKR / Kwh
Capacity Payments
Escalable Component PKR / Kwh
Non Escalable Component PKR / Kwh
Total Tarif PKR / Kwh
Capacity Payments
Escalable Component PKR / Kw / Month
Non Escalable Component PKR / Kw / Month
Capacity Payments
Escalable Component PKR / Kw / Quarter
Non Escalable Component PKR / Kw / Quarter
Dependable Capacity MW 120

Dependable Capacity - Esc MW 124
Plant Factor - CPP Calcs % 60%
Hours in a Year Hrs 8760
Hours in a Month Hrs 730
Hours in a Quarter Hrs 2190
Base Efficiency Factor % 40%

Actual Efficiency % 43.3% 42.6%
Efficiency Gain % 3.0%
Efficiency Decay % 0.01%
Salaries increments % 3.5%

US CPI + Deval % 1.75%
Insurance / Travel / Rent % 1%

SG&A inflation % 1.0%
Other Operating Income Return % 14%

June June June June June June June June June
1998 1999 2000 2001 2002 2003 2004 2005 2006
1 2 3 4 5 6 7 8 9
0.59 0.59 0.59 0.59 0.59 0.59 0.59 0.59 0.59

0.0809 0.0809 0.0809 0.156 0.156 0.1185 0.1185 0.1185 0.1185
0.297 0.297 0.297 0.297 0.297 0.297 0.297 0.297 0.297

0.87 0.811 0.828 0.843 0.866 0.744 0.746 0.763 0.734
1.8379 1.7789 1.7959 1.886 1.909 1.7495 1.7515 1.7685 1.7395
130.086 130.086 130.086 130.086 130.086 130.086 130.086 130.086 130.086

381.06 355.218 362.664 369.234 379.308 325.872 326.748 334.194 321.492
390.258 390.258 390.258 390.258 390.258 390.258 390.258 390.258 390.258

1143.18 1065.654 1087.992 1107.702 1137.924 977.616 980.244 1002.582 964.476
<-- Calculated based on 1Q 2011 numbers

2007 2008 2009 2010 2011 2012 2013 2014 2015
10 11 12 13 14 15 16 17 18
0.59 0.59 0.59 0.59 0.59 0.59 0.59 0.59 0.59

0.1185 0.1047 0.1047 0.1047 0.1047 0.1047 0.1047 0.1047 0.1047
0.297 0.285 0.285 0.285 0.285 0.285 0.285 0.285 0.285

0.542 0.4721 0.4571 0.2871 0.0791 0.0561 0.0561 0.0561 0.0561
1.5475 1.4518 1.4368 1.2668 1.0588 1.0358 1.0358 1.0358 1.0358
130.086 124.83 124.83 124.83 124.83 124.83 124.83 124.83 124.83

237.396 206.7798 200.2098 125.7498 34.6458 24.5718 24.5718 24.5718 24.5718
390.258 374.49 374.49 374.49 374.49 374.49 374.49 374.49 374.49

712.188 620.3394 600.6294 377.2494 103.9374 73.7154 73.7154 73.7154 73.7154
2016 2017 2018 2019 2020 2021 2022 2023 2024
19 20 21 22 23 24 25 26 27
0.59 0.59 0.59 0.59 0.59 0.59 0.59 0.59 0.59

0.1047 0.1047 0.1047 0.1047 0.1047 0.1047 0.1047 0.1047 0.1047
0.285 0.285 0.285 0.285 0.285 0.285 0.285 0.285 0.285

0.0561 0.0561 0.0561 0.0561 0 0 0 0 0
1.0358 1.0358 1.0358 1.0358 0.9797 0.9797 0.9797 0.9797 0.9797
124.83 124.83 124.83 124.83 124.83 124.83 124.83 124.83 124.83

24.5718 24.5718 24.5718 24.5718 0 0 0 0 0
374.49 374.49 374.49 374.49 374.49 374.49 374.49 374.49 374.49

73.7154 73.7154 73.7154 73.7154 0 0 0 0 0
June June June
2025 2026 2027
28 29 30
0.59 0.59 0.59

0.1047 0.1047 0.1047
0.285 0.285 0.285

0 0 0
0.9797 0.9797 0.9797
124.83 124.83 124.83

0 0 0
374.49 374.49 374.49

0 0 0
Power Plant Model
Depreciation Schedule
Assumptions
Remaining Usefull Life Quarters 68
1
Fixed Assets Scheduel (PKR"000") Q4 Q1
2,010 2,011
Freehold land
Opening net book value (NBV) 99,590 99,590

Additions (at cost) 0 0
Disposals (at NBV) 0 0
Depreciation charge 0 0
Closing net book value (NBV) 99,590 99,590
Gross carrying value basis
Cost 99,590 99,590

Accumulated depreciation 0 0
Net book value (NBV) 99,590 99,590
Depreciation rate % per annum 0
Buildings on freehold land

Depreciation charge (21,574) (5,389)
Cost 633,224 633,224

Accumulated depreciation (266,746) (272,135)
Plant and machinery
Opening net book value (NBV) 3,826,530 3,646,347

Additions (at cost) 58,657
Closing net book value (NBV) 3,646,347 3,592,724
Cost 6,612,218 6,612,218

Accumulated depreciation (2,965,871) (3,019,494)
Net book value (NBV) 3,646,347 3,592,724
Depreciation rate % per annum
Office Appliances and equipment

Depreciation charge (579) (145)
Cost 6,653 6,661

Electrical Appliances and Equipment

Additions (at cost) #DIV/0! 470 123
Depreciation charge (1,275) (319)
Cost 16,569 16,692

Labrotary and Equipment
Opening net book value (NBV) 197 0

Depreciation charge (197) 0
Closing net book value (NBV) 0 0
Cost 2,576 2,576

Net book value (NBV) 0 0
Computers

Additions (at cost) #DIV/0! 1,060 277
Cost 49,814 50,091

Furniture and Fixtures

Depreciation charge (731) (183)
Closing net book value (NBV) 1,056 873
Cost 9,153 9,153

Net book value (NBV) 1,056 873
Vehicles

Additions (at cost) #DIV/0! 12,564 3,280
Disposals (at NBV) (4,991) 0
Cost 48,135 51,415

Total
Opening net book value (NBV)

Additions (at cost) 45,000
Disposals (at NBV) 0
Depreciation charge (77,424)
Closing net book value (NBV) 4,138,780
Cost 7,477,932 7,522,932

Accumulated depreciation (3,324,550) (3,384,152)
Net book value (NBV) 4,153,382 4,138,780
Depreciation rate % per annum 0.0%
Intangible Assets 3,696

Quarters lef
Avg Amortization -190
2 3 4 5 6 7
Q2 Q3 Q4 Q1 Q2 Q3
2,011 2,011 2,011 2,012 2,012 2,012
99,590 99,590 99,590 99,590 99,590 99,590

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
99,590 99,590 99,590 99,590 99,590 99,590
99,590 99,590 99,590 99,590 99,590 99,590

0 0 0 0 0 0
99,590 99,590 99,590 99,590 99,590 99,590
361,089 355,699 350,310 344,920 339,531 334,142

0 0 0 0 0 0
0 0 0 0 0 0
(5,389) (5,389) (5,389) (5,389) (5,389) (5,389)
355,699 350,310 344,920 339,531 334,142 328,752
633,224 633,224 633,224 633,224 633,224 633,224

(277,525) (282,914) (288,304) (293,693) (299,082) (304,472)
355,699 350,310 344,920 339,531 334,142 328,752
3,592,724 3,539,102 3,485,479 3,431,856 3,378,233 3,324,611

0 0 0 0 0 0
(53,623) (53,623) (53,623) (53,623) (53,623) (53,623)
3,539,102 3,485,479 3,431,856 3,378,233 3,324,611 3,270,988
6,612,218 6,612,218 6,612,218 6,612,218 6,612,218 6,612,218

(3,073,117) (3,126,739) (3,180,362) (3,233,985) (3,287,608) (3,341,230)
3,539,102 3,485,479 3,431,856 3,378,233 3,324,611 3,270,988
2,505 2,368 2,231 2,094 1,957 1,820

8 8 8 8 8 8
0 0 0 0 0 0
(145) (145) (145) (145) (145) (145)
2,368 2,231 2,094 1,957 1,820 1,683
6,669 6,676 6,684 6,692 6,700 6,707

(4,301) (4,445) (4,590) (4,735) (4,880) (5,024)
2,368 2,231 2,094 1,957 1,820 1,683
5,720 5,518 5,310 5,096 4,877 4,654

117 111 105 100 95 90
0 0 0 0 0 0
(319) (319) (319) (319) (319) (319)
5,518 5,310 5,096 4,877 4,654 4,425
16,808 16,919 17,024 17,124 17,219 17,309

(11,291) (11,609) (11,928) (12,247) (12,566) (12,884)
5,518 5,310 5,096 4,877 4,654 4,425
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
2,576 2,576 2,576 2,576 2,576 2,576

(2,576) (2,576) (2,576) (2,576) (2,576) (2,576)
0 0 0 0 0 0
3,997 3,232 2,454 1,663 860 0

263 250 237 225 214 203
0 0 0 0 0 0
(1,028) (1,028) (1,028) (1,028) (1,074) (203)
3,232 2,454 1,663 860 0 0
50,354 50,603 50,841 51,066 51,280 51,484

(47,122) (48,150) (49,178) (50,206) (51,280) (51,484)
3,232 2,454 1,663 860 0 0
873 691 508 325 142 0

0 0 0 0 0 0
0 0 0 0 0 0
(183) (183) (183) (183) (142) 0
691 508 325 142 0 0
9,153 9,153 9,153 9,153 9,153 9,153

(8,463) (8,645) (8,828) (9,011) (9,153) (9,153)
691 508 325 142 0 0
28,123 29,477 30,676 31,727 32,637 33,414

3,116 2,960 2,812 2,671 2,538 2,411
0 0 0 0 0 0
(1,761) (1,761) (1,761) (1,761) (1,761) (1,761)
29,477 30,676 31,727 32,637 33,414 34,064
54,531 57,491 60,303 62,974 65,512 67,923

(25,054) (26,815) (28,576) (30,337) (32,099) (33,860)
29,477 30,676 31,727 32,637 33,414 34,064
4,138,780 4,121,332 4,103,884 4,086,436 4,068,988 4,051,535

45,000 45,000 45,000 45,000 45,000 45,000
0 0 0 0 0 0
(62,448) (62,448) (62,448) (62,448) (62,453) (61,440)
4,121,332 4,103,884 4,086,436 4,068,988 4,051,535 4,035,095
7,567,932 7,612,932 7,657,932 7,702,932 7,747,932 7,792,932

(3,449,446) (3,511,894) (3,574,342) (3,636,789) (3,699,242) (3,760,683)
4,035,676 3,976,557 3,917,271 3,857,828 3,798,230 3,739,502
3,506 3,316 3,126 2,936 2,746 2,556
(190.0) (190.0) (190.0) (190.0) (190.0) (190.0)

8 9 10 11 12 13
Q4 Q1 Q2 Q3 Q4 Q1
2,012 2,013 2,013 2,013 2,013 2,014
99,590 99,590 99,590 99,590 99,590 99,590

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
99,590 99,590 99,590 99,590 99,590 99,590
99,590 99,590 99,590 99,590 99,590 99,590

0 0 0 0 0 0
99,590 99,590 99,590 99,590 99,590 99,590
328,752 323,363 317,974 312,584 307,195 301,805

0 0 0 0 0 0
0 0 0 0 0 0
(5,389) (5,389) (5,389) (5,389) (5,389) (5,389)
323,363 317,974 312,584 307,195 301,805 296,416
633,224 633,224 633,224 633,224 633,224 633,224

(309,861) (315,250) (320,640) (326,029) (331,419) (336,808)
323,363 317,974 312,584 307,195 301,805 296,416
3,270,988 3,217,365 3,163,742 3,110,120 3,056,497 3,002,874

0 0 0 0 0 0
(53,623) (53,623) (53,623) (53,623) (53,623) (53,623)
3,217,365 3,163,742 3,110,120 3,056,497 3,002,874 2,949,251
6,612,218 6,612,218 6,612,218 6,612,218 6,612,218 6,612,218

(3,394,853) (3,448,476) (3,502,099) (3,555,721) (3,609,344) (3,662,967)
3,217,365 3,163,742 3,110,120 3,056,497 3,002,874 2,949,251
1,683 1,546 1,409 1,272 1,135 998

8 8 8 8 8 8
0 0 0 0 0 0
(145) (145) (145) (145) (145) (145)
1,546 1,409 1,272 1,135 998 861
6,715 6,723 6,731 6,738 6,746 6,754

(5,169) (5,314) (5,459) (5,603) (5,748) (5,893)
1,546 1,409 1,272 1,135 998 861
4,425 4,192 3,955 3,713 3,468 3,219

86 81 77 73 70 66
0 0 0 0 0 0
(319) (319) (319) (319) (319) (319)
4,192 3,955 3,713 3,468 3,219 2,966
17,395 17,476 17,554 17,627 17,697 17,763

(13,203) (13,522) (13,841) (14,159) (14,478) (14,797)
4,192 3,955 3,713 3,468 3,219 2,966
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
2,576 2,576 2,576 2,576 2,576 2,576

(2,576) (2,576) (2,576) (2,576) (2,576) (2,576)
0 0 0 0 0 0
0 0 0 0 0 0
193 184 174 166 157 150
0 0 0 0 0 0
(193) (184) (174) (166) (157) (150)
0 0 0 0 0 0
51,677 51,860 52,035 52,200 52,358 52,507

(51,677) (51,860) (52,035) (52,200) (52,358) (52,507)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
9,153 9,153 9,153 9,153 9,153 9,153

(9,153) (9,153) (9,153) (9,153) (9,153) (9,153)
0 0 0 0 0 0
34,064 34,593 35,007 35,313 35,516 35,620

2,290 2,176 2,067 1,964 1,866 1,772
0 0 0 0 0 0
(1,761) (1,761) (1,761) (1,761) (1,761) (1,761)
34,593 35,007 35,313 35,516 35,620 35,631
70,214 72,390 74,457 76,421 78,286 80,059

(35,621) (37,382) (39,144) (40,905) (42,666) (44,427)
34,593 35,007 35,313 35,516 35,620 35,631
4,035,095 3,998,665 3,962,245 3,925,833 3,889,431 3,853,036

25,000 25,000 25,000 25,000 25,000 25,000
0 0 0 0 0 0
(61,430) (61,420) (61,411) (61,403) (61,394) (61,386)
3,998,665 3,962,245 3,925,833 3,889,431 3,853,036 3,816,650
7,817,932 7,842,932 7,867,932 7,892,932 7,917,932 7,942,932

(3,822,113) (3,883,533) (3,944,945) (4,006,347) (4,067,741) (4,129,128)
3,680,649 3,621,677 3,562,592 3,503,400 3,444,107 3,384,716
2,366 2,176 1,986 1,796 1,606 1,416
(190.0) (190.0) (190.0) (190.0) (190.0) (190.0)

14 15 16 17 18 19
Q2 Q3 Q4 Q1 Q2 Q3
2,014 2,014 2,014 2,015 2,015 2,015
99,590 99,590 99,590 99,590 99,590 99,590

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
99,590 99,590 99,590 99,590 99,590 99,590
99,590 99,590 99,590 99,590 99,590 99,590

0 0 0 0 0 0
99,590 99,590 99,590 99,590 99,590 99,590
296,416 291,027 285,637 280,248 274,859 269,469

0 0 0 0 0 0
0 0 0 0 0 0
(5,389) (5,389) (5,389) (5,389) (5,389) (5,389)
291,027 285,637 280,248 274,859 269,469 264,080
633,224 633,224 633,224 633,224 633,224 633,224

(342,197) (347,587) (352,976) (358,366) (363,755) (369,144)
291,027 285,637 280,248 274,859 269,469 264,080
2,949,251 2,895,629 2,842,006 2,788,383 2,734,760 2,681,138

0 0 0 0 0 0
(53,623) (53,623) (53,623) (53,623) (53,623) (53,623)
2,895,629 2,842,006 2,788,383 2,734,760 2,681,138 2,627,515
6,612,218 6,612,218 6,612,218 6,612,218 6,612,218 6,612,218

(3,716,590) (3,770,212) (3,823,835) (3,877,458) (3,931,081) (3,984,703)
2,895,629 2,842,006 2,788,383 2,734,760 2,681,138 2,627,515
861 724 587 450 313 176

8 8 8 8 8 8
0 0 0 0 0 0
(145) (145) (145) (145) (145) (145)
724 587 450 313 176 39
6,762 6,769 6,777 6,785 6,793 6,800

(6,038) (6,182) (6,327) (6,472) (6,617) (6,761)
724 587 450 313 176 39
2,966 2,711 2,452 2,190 1,925 1,658

63 60 57 54 51 49
0 0 0 0 0 0
(319) (319) (319) (319) (319) (319)
2,711 2,452 2,190 1,925 1,658 1,388
17,826 17,886 17,943 17,997 18,048 18,097

(15,116) (15,434) (15,753) (16,072) (16,391) (16,709)
2,711 2,452 2,190 1,925 1,658 1,388
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
2,576 2,576 2,576 2,576 2,576 2,576

(2,576) (2,576) (2,576) (2,576) (2,576) (2,576)
0 0 0 0 0 0
0 0 0 0 0 0
142 135 128 122 116 110
0 0 0 0 0 0
(142) (135) (128) (122) (116) (110)
0 0 0 0 0 0
52,649 52,784 52,913 53,034 53,150 53,260

(52,649) (52,784) (52,913) (53,034) (53,150) (53,260)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
9,153 9,153 9,153 9,153 9,153 9,153

(9,153) (9,153) (9,153) (9,153) (9,153) (9,153)
0 0 0 0 0 0
35,631 35,554 35,392 35,150 34,833 34,443

1,684 1,600 1,520 1,444 1,371 1,303
0 0 0 0 0 0
(1,761) (1,761) (1,761) (1,761) (1,761) (1,761)
35,554 35,392 35,150 34,833 34,443 33,984
81,742 83,342 84,861 86,305 87,676 88,979

(46,189) (47,950) (49,711) (51,472) (53,234) (54,995)
35,554 35,392 35,150 34,833 34,443 33,984
3,816,650 3,780,271 3,743,899 3,707,534 3,671,176 3,634,823

25,000 25,000 25,000 25,000 25,000 25,000
0 0 0 0 0 0
(61,379) (61,372) (61,365) (61,359) (61,353) (61,347)
3,780,271 3,743,899 3,707,534 3,671,176 3,634,823 3,598,476
7,967,932 7,992,932 8,017,932 8,042,932 8,067,932 8,092,932

(4,190,507) (4,251,879) (4,313,244) (4,374,602) (4,435,955) (4,497,302)
3,325,234 3,265,664 3,206,011 3,146,279 3,086,473 3,026,595
1,226 1,036 846 656 466 276
(190.0) (190.0) (190.0) (190.0) (190.0) (190.0)

20 21 22 23 24 25
Q4 Q1 Q2 Q3 Q4 Q1
2,015 2,016 2,016 2,016 2,016 2,017
99,590 99,590 99,590 99,590 99,590 99,590

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
99,590 99,590 99,590 99,590 99,590 99,590
99,590 99,590 99,590 99,590 99,590 99,590

0 0 0 0 0 0
99,590 99,590 99,590 99,590 99,590 99,590
264,080 258,690 253,301 247,912 242,522 237,133

0 0 0 0 0 0
0 0 0 0 0 0
(5,389) (5,389) (5,389) (5,389) (5,389) (5,389)
258,690 253,301 247,912 242,522 237,133 231,743
633,224 633,224 633,224 633,224 633,224 633,224

(374,534) (379,923) (385,312) (390,702) (396,091) (401,481)
258,690 253,301 247,912 242,522 237,133 231,743
2,627,515 2,573,892 2,520,269 2,466,647 2,413,024 2,359,401

0 0 0 0 0 0
(53,623) (53,623) (53,623) (53,623) (53,623) (53,623)
2,573,892 2,520,269 2,466,647 2,413,024 2,359,401 2,305,778
6,612,218 6,612,218 6,612,218 6,612,218 6,612,218 6,612,218

(4,038,326) (4,091,949) (4,145,572) (4,199,194) (4,252,817) (4,306,440)
2,573,892 2,520,269 2,466,647 2,413,024 2,359,401 2,305,778
39 0 0 0 0 0
8 8 8 8 8 8
0 0 0 0 0 0
(47) (8) (8) (8) (8) (8)
0 0 0 0 0 0
6,808 6,816 6,824 6,831 6,839 6,847

(6,808) (6,816) (6,824) (6,831) (6,839) (6,847)
0 0 0 0 0 0
1,388 1,115 840 563 284 0

46 44 42 40 38 36
0 0 0 0 0 0
(319) (319) (319) (319) (322) (36)
1,115 840 563 284 0 0
18,143 18,187 18,229 18,269 18,306 18,342

(17,028) (17,347) (17,666) (17,984) (18,306) (18,342)
1,115 840 563 284 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
2,576 2,576 2,576 2,576 2,576 2,576

(2,576) (2,576) (2,576) (2,576) (2,576) (2,576)
0 0 0 0 0 0
0 0 0 0 0 0
104 99 94 90 85 81
0 0 0 0 0 0
(104) (99) (94) (90) (85) (81)
0 0 0 0 0 0
53,364 53,464 53,558 53,647 53,732 53,813

(53,364) (53,464) (53,558) (53,647) (53,732) (53,813)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
9,153 9,153 9,153 9,153 9,153 9,153

(9,153) (9,153) (9,153) (9,153) (9,153) (9,153)
0 0 0 0 0 0
33,984 33,461 32,875 32,231 31,531 30,778

1,238 1,176 1,117 1,061 1,008 958
0 0 0 0 0 0
(1,761) (1,761) (1,761) (1,761) (1,761) (1,761)
33,461 32,875 32,231 31,531 30,778 29,974
90,217 91,393 92,510 93,571 94,579 95,536

(56,756) (58,517) (60,279) (62,040) (63,801) (65,562)
33,461 32,875 32,231 31,531 30,778 29,974
3,598,476 3,562,233 3,526,034 3,489,840 3,453,650 3,417,462

25,000 25,000 25,000 25,000 25,000 25,000
0 0 0 0 0 0
(61,243) (61,199) (61,194) (61,189) (61,188) (60,898)
3,562,233 3,526,034 3,489,840 3,453,650 3,417,462 3,381,564
8,117,932 8,142,932 8,167,932 8,192,932 8,217,932 8,242,932

(4,558,545) (4,619,744) (4,680,938) (4,742,128) (4,803,316) (4,864,214)
2,966,748 2,906,876 2,846,943 2,786,951 2,726,902 2,667,086
86 0 0 0 0 0
(190.0) (190.0) (190.0) (190.0) (190.0) (190.0)

26 27 28 29 30 31
Q2 Q3 Q4 Q1 Q2 Q3
2,017 2,017 2,017 2,018 2,018 2,018
99,590 99,590 99,590 99,590 99,590 99,590

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
99,590 99,590 99,590 99,590 99,590 99,590
99,590 99,590 99,590 99,590 99,590 99,590

0 0 0 0 0 0
99,590 99,590 99,590 99,590 99,590 99,590
231,743 226,354 220,965 215,575 210,186 204,797

0 0 0 0 0 0
0 0 0 0 0 0
(5,389) (5,389) (5,389) (5,389) (5,389) (5,389)
226,354 220,965 215,575 210,186 204,797 199,407
633,224 633,224 633,224 633,224 633,224 633,224

(406,870) (412,259) (417,649) (423,038) (428,427) (433,817)
226,354 220,965 215,575 210,186 204,797 199,407
2,305,778 2,252,156 2,198,533 2,144,910 2,091,287 2,037,665

0 0 0 0 0 0
(53,623) (53,623) (53,623) (53,623) (53,623) (53,623)
2,252,156 2,198,533 2,144,910 2,091,287 2,037,665 1,984,042
6,612,218 6,612,218 6,612,218 6,612,218 6,612,218 6,612,218

(4,360,063) (4,413,685) (4,467,308) (4,520,931) (4,574,554) (4,628,176)
2,252,156 2,198,533 2,144,910 2,091,287 2,037,665 1,984,042
0 0 0 0 0 0
8 8 8 8 8 8
0 0 0 0 0 0
(8) (8) (8) (8) (8) (8)
0 0 0 0 0 0
6,855 6,862 6,870 6,878 6,886 6,893

(6,855) (6,862) (6,870) (6,878) (6,886) (6,893)
0 0 0 0 0 0
0 0 0 0 0 0
34 32 31 29 28 26
0 0 0 0 0 0
(34) (32) (31) (29) (28) (26)
0 0 0 0 0 0
18,376 18,409 18,439 18,468 18,496 18,523

(18,376) (18,409) (18,439) (18,468) (18,496) (18,523)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
2,576 2,576 2,576 2,576 2,576 2,576

(2,576) (2,576) (2,576) (2,576) (2,576) (2,576)
0 0 0 0 0 0
0 0 0 0 0 0
77 73 69 66 63 59
0 0 0 0 0 0
(77) (73) (69) (66) (63) (59)
0 0 0 0 0 0
53,890 53,963 54,032 54,098 54,160 54,220

(53,890) (53,963) (54,032) (54,098) (54,160) (54,220)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
9,153 9,153 9,153 9,153 9,153 9,153

(9,153) (9,153) (9,153) (9,153) (9,153) (9,153)
0 0 0 0 0 0
29,974 29,123 28,226 27,286 26,304 25,284

910 864 821 780 741 704
0 0 0 0 0 0
(1,761) (1,761) (1,761) (1,761) (1,761) (1,761)
29,123 28,226 27,286 26,304 25,284 24,227
96,446 97,311 98,132 98,912 99,653 100,357

(67,324) (69,085) (70,846) (72,607) (74,369) (76,130)
29,123 28,226 27,286 26,304 25,284 24,227
3,381,564 3,345,672 3,309,786 3,273,905 3,238,029 3,202,157

25,000 25,000 25,000 25,000 25,000 25,000
0 0 0 0 0 0
(60,892) (60,886) (60,881) (60,876) (60,871) (60,867)
3,345,672 3,309,786 3,273,905 3,238,029 3,202,157 3,166,290
8,267,932 8,292,932 8,317,932 8,342,932 8,367,932 8,392,932

(4,925,106) (4,985,992) (5,046,873) (5,107,749) (5,168,621) (5,229,487)
2,607,222 2,547,313 2,487,361 2,427,368 2,367,335 2,307,266
0 0 0 0 0 0
(190.0) (190.0) (190.0) (190.0) (190.0) (190.0)

32 33 34 35 36 37
Q4 Q1 Q2 Q3 Q4 Q1
2,018 2,019 2,019 2,019 2,019 2,020
99,590 99,590 99,590 99,590 99,590 99,590

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
99,590 99,590 99,590 99,590 99,590 99,590
99,590 99,590 99,590 99,590 99,590 99,590

0 0 0 0 0 0
99,590 99,590 99,590 99,590 99,590 99,590
199,407 194,018 188,628 183,239 177,850 172,460

0 0 0 0 0 0
0 0 0 0 0 0
(5,389) (5,389) (5,389) (5,389) (5,389) (5,389)
194,018 188,628 183,239 177,850 172,460 167,071
633,224 633,224 633,224 633,224 633,224 633,224

(439,206) (444,596) (449,985) (455,374) (460,764) (466,153)
194,018 188,628 183,239 177,850 172,460 167,071
1,984,042 1,930,419 1,876,796 1,823,174 1,769,551 1,715,928

0 0 0 0 0 0
(53,623) (53,623) (53,623) (53,623) (53,623) (53,623)
1,930,419 1,876,796 1,823,174 1,769,551 1,715,928 1,662,305
6,612,218 6,612,218 6,612,218 6,612,218 6,612,218 6,612,218

(4,681,799) (4,735,422) (4,789,045) (4,842,667) (4,896,290) (4,949,913)
1,930,419 1,876,796 1,823,174 1,769,551 1,715,928 1,662,305
0 0 0 0 0 0
8 8 8 8 8 8
0 0 0 0 0 0
(8) (8) (8) (8) (8) (8)
0 0 0 0 0 0
6,901 6,909 6,917 6,924 6,932 6,940

(6,901) (6,909) (6,917) (6,924) (6,932) (6,940)
0 0 0 0 0 0
0 0 0 0 0 0
25 24 23 21 20 19
0 0 0 0 0 0
(25) (24) (23) (21) (20) (19)
0 0 0 0 0 0
18,548 18,571 18,594 18,615 18,636 18,655

(18,548) (18,571) (18,594) (18,615) (18,636) (18,655)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
2,576 2,576 2,576 2,576 2,576 2,576

(2,576) (2,576) (2,576) (2,576) (2,576) (2,576)
0 0 0 0 0 0
0 0 0 0 0 0
56 54 51 48 46 44
0 0 0 0 0 0
(56) (54) (51) (48) (46) (44)
0 0 0 0 0 0
54,276 54,330 54,381 54,429 54,475 54,519

(54,276) (54,330) (54,381) (54,429) (54,475) (54,519)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
9,153 9,153 9,153 9,153 9,153 9,153

(9,153) (9,153) (9,153) (9,153) (9,153) (9,153)
0 0 0 0 0 0
24,227 23,135 22,009 20,851 19,663 18,447

669 635 604 573 545 517
0 0 0 0 0 0
(1,761) (1,761) (1,761) (1,761) (1,761) (1,761)
23,135 22,009 20,851 19,663 18,447 17,203
101,026 101,661 102,264 102,838 103,383 103,900

(77,891) (79,652) (81,414) (83,175) (84,936) (86,697)
23,135 22,009 20,851 19,663 18,447 17,203
3,166,290 3,130,428 3,094,569 3,058,715 3,022,864 2,987,016

25,000 25,000 25,000 25,000 25,000 25,000
0 0 0 0 0 0
(60,863) (60,859) (60,855) (60,851) (60,847) (60,844)
3,130,428 3,094,569 3,058,715 3,022,864 2,987,016 2,951,172
8,417,932 8,442,932 8,467,932 8,492,932 8,517,932 8,542,932

(5,290,350) (5,351,209) (5,412,063) (5,472,914) (5,533,762) (5,594,606)
2,247,161 2,187,023 2,126,853 2,066,653 2,006,425 1,946,169
0 0 0 0 0 0
(190.0) (190.0) (190.0) (190.0) (190.0) (190.0)

38 39 40 41 42 43
Q2 Q3 Q4 Q1 Q2 Q3
2,020 2,020 2,020 2,021 2,021 2,021
99,590 99,590 99,590 99,590 99,590 99,590

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
99,590 99,590 99,590 99,590 99,590 99,590
99,590 99,590 99,590 99,590 99,590 99,590

0 0 0 0 0 0
99,590 99,590 99,590 99,590 99,590 99,590
167,071 161,681 156,292 150,903 145,513 140,124

0 0 0 0 0 0
0 0 0 0 0 0
(5,389) (5,389) (5,389) (5,389) (5,389) (5,389)
161,681 156,292 150,903 145,513 140,124 134,735
633,224 633,224 633,224 633,224 633,224 633,224

(471,543) (476,932) (482,321) (487,711) (493,100) (498,489)
161,681 156,292 150,903 145,513 140,124 134,735
1,662,305 1,608,683 1,555,060 1,501,437 1,447,814 1,394,192

0 0 0 0 0 0
(53,623) (53,623) (53,623) (53,623) (53,623) (53,623)
1,608,683 1,555,060 1,501,437 1,447,814 1,394,192 1,340,569
6,612,218 6,612,218 6,612,218 6,612,218 6,612,218 6,612,218

(5,003,536) (5,057,158) (5,110,781) (5,164,404) (5,218,027) (5,271,649)
1,608,683 1,555,060 1,501,437 1,447,814 1,394,192 1,340,569
0 0 0 0 0 0
8 8 8 8 8 8
0 0 0 0 0 0
(8) (8) (8) (8) (8) (8)
0 0 0 0 0 0
6,948 6,955 6,963 6,971 6,979 6,986

(6,948) (6,955) (6,963) (6,971) (6,979) (6,986)
0 0 0 0 0 0
0 0 0 0 0 0
18 17 17 16 15 14
0 0 0 0 0 0
(18) (17) (17) (16) (15) (14)
0 0 0 0 0 0
18,673 18,691 18,708 18,723 18,738 18,753

(18,673) (18,691) (18,708) (18,723) (18,738) (18,753)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
2,576 2,576 2,576 2,576 2,576 2,576

(2,576) (2,576) (2,576) (2,576) (2,576) (2,576)
0 0 0 0 0 0
0 0 0 0 0 0
41 39 37 36 34 32
0 0 0 0 0 0
(41) (39) (37) (36) (34) (32)
0 0 0 0 0 0
54,560 54,600 54,637 54,673 54,706 54,739

(54,560) (54,600) (54,637) (54,673) (54,706) (54,739)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
9,153 9,153 9,153 9,153 9,153 9,153

(9,153) (9,153) (9,153) (9,153) (9,153) (9,153)
0 0 0 0 0 0
17,203 15,933 14,639 13,321 11,982 10,621

492 467 444 422 400 380
0 0 0 0 0 0
(1,761) (1,761) (1,761) (1,761) (1,761) (1,761)
15,933 14,639 13,321 11,982 10,621 9,240
104,392 104,859 105,302 105,724 106,124 106,505

(88,459) (90,220) (91,981) (93,742) (95,504) (97,265)
15,933 14,639 13,321 11,982 10,621 9,240
2,951,172 2,915,331 2,879,493 2,843,658 2,807,825 2,771,996

25,000 25,000 25,000 25,000 25,000 25,000
0 0 0 0 0 0
(60,841) (60,838) (60,835) (60,832) (60,830) (60,827)
2,915,331 2,879,493 2,843,658 2,807,825 2,771,996 2,736,168
8,567,932 8,592,932 8,617,932 8,642,932 8,667,932 8,692,932

(5,655,447) (5,716,285) (5,777,120) (5,837,952) (5,898,782) (5,959,610)
1,885,887 1,825,581 1,765,251 1,704,899 1,644,526 1,584,133
0 0 0 0 0 0
(190.0) (190.0) (190.0) (190.0) (190.0) (190.0)

44 45 46 47 48 49
Q4 Q1 Q2 Q3 Q4 Q1
2,021 2,022 2,022 2,022 2,022 2,023
99,590 99,590 99,590 99,590 99,590 99,590

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
99,590 99,590 99,590 99,590 99,590 99,590
99,590 99,590 99,590 99,590 99,590 99,590

0 0 0 0 0 0
99,590 99,590 99,590 99,590 99,590 99,590
134,735 129,345 123,956 118,566 113,177 107,788

0 0 0 0 0 0
0 0 0 0 0 0
(5,389) (5,389) (5,389) (5,389) (5,389) (5,389)
129,345 123,956 118,566 113,177 107,788 102,398
633,224 633,224 633,224 633,224 633,224 633,224

(503,879) (509,268) (514,658) (520,047) (525,436) (530,826)
129,345 123,956 118,566 113,177 107,788 102,398
1,340,569 1,286,946 1,233,323 1,179,701 1,126,078 1,072,455

0 0 0 0 0 0
(53,623) (53,623) (53,623) (53,623) (53,623) (53,623)
1,286,946 1,233,323 1,179,701 1,126,078 1,072,455 1,018,832
6,612,218 6,612,218 6,612,218 6,612,218 6,612,218 6,612,218

(5,325,272) (5,378,895) (5,432,518) (5,486,140) (5,539,763) (5,593,386)
1,286,946 1,233,323 1,179,701 1,126,078 1,072,455 1,018,832
0 0 0 0 0 0
8 8 8 8 8 8
0 0 0 0 0 0
(8) (8) (8) (8) (8) (8)
0 0 0 0 0 0
6,994 7,002 7,010 7,017 7,025 7,033

(6,994) (7,002) (7,010) (7,017) (7,025) (7,033)
0 0 0 0 0 0
0 0 0 0 0 0
14 13 12 12 11 10
0 0 0 0 0 0
(14) (13) (12) (12) (11) (10)
0 0 0 0 0 0
18,766 18,779 18,791 18,803 18,814 18,824

(18,766) (18,779) (18,791) (18,803) (18,814) (18,824)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
2,576 2,576 2,576 2,576 2,576 2,576

(2,576) (2,576) (2,576) (2,576) (2,576) (2,576)
0 0 0 0 0 0
0 0 0 0 0 0
30 29 28 26 25 24
0 0 0 0 0 0
(30) (29) (28) (26) (25) (24)
0 0 0 0 0 0
54,769 54,798 54,826 54,852 54,876 54,900

(54,769) (54,798) (54,826) (54,852) (54,876) (54,900)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
9,153 9,153 9,153 9,153 9,153 9,153

(9,153) (9,153) (9,153) (9,153) (9,153) (9,153)
0 0 0 0 0 0
9,240 7,840 6,422 4,987 3,536 2,069

361 343 326 310 294 280
0 0 0 0 0 0
(1,761) (1,761) (1,761) (1,761) (1,761) (1,761)
7,840 6,422 4,987 3,536 2,069 587
106,866 107,210 107,536 107,845 108,140 108,419

(99,026) (100,787) (102,549) (104,310) (106,071) (107,832)
7,840 6,422 4,987 3,536 2,069 587
2,736,168 2,700,343 2,664,520 2,628,699 2,592,880 2,557,063

25,000 25,000 25,000 25,000 25,000 25,000
0 0 0 0 0 0
(60,825) (60,823) (60,821) (60,819) (60,817) (60,815)
2,700,343 2,664,520 2,628,699 2,592,880 2,557,063 2,521,248
8,717,932 8,742,932 8,767,932 8,792,932 8,817,932 8,842,932

(6,020,435) (6,081,258) (6,142,079) (6,202,898) (6,263,715) (6,324,530)
1,523,721 1,463,291 1,402,844 1,342,381 1,281,901 1,221,408
0 0 0 0 0 0
(190.0) (190.0) (190.0) (190.0) (190.0) (190.0)

50 51 52 53 54 55
Q2 Q3 Q4 Q1 Q2 Q3
2,023 2,023 2,023 2,024 2,024 2,024
99,590 99,590 99,590 99,590 99,590 99,590

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
99,590 99,590 99,590 99,590 99,590 99,590
99,590 99,590 99,590 99,590 99,590 99,590

0 0 0 0 0 0
99,590 99,590 99,590 99,590 99,590 99,590
102,398 97,009 91,620 86,230 80,841 75,451

0 0 0 0 0 0
0 0 0 0 0 0
(5,389) (5,389) (5,389) (5,389) (5,389) (5,389)
97,009 91,620 86,230 80,841 75,451 70,062
633,224 633,224 633,224 633,224 633,224 633,224

(536,215) (541,605) (546,994) (552,383) (557,773) (563,162)
97,009 91,619 86,230 80,841 75,451 70,062
1,018,832 965,210 911,587 857,964 804,341 750,719

0 0 0 0 0 0
(53,623) (53,623) (53,623) (53,623) (53,623) (53,623)
965,210 911,587 857,964 804,341 750,719 697,096
6,612,218 6,612,218 6,612,218 6,612,218 6,612,218 6,612,218

(5,647,009) (5,700,631) (5,754,254) (5,807,877) (5,861,500) (5,915,122)
965,210 911,587 857,964 804,341 750,719 697,096
0 0 0 0 0 0
8 8 8 8 8 8
0 0 0 0 0 0
(8) (8) (8) (8) (8) (8)
0 0 0 0 0 0
7,041 7,048 7,056 7,064 7,072 7,079

(7,041) (7,048) (7,056) (7,064) (7,072) (7,079)
0 0 0 0 0 0
0 0 0 0 0 0
10 9 9 9 8 8
0 0 0 0 0 0
(10) (9) (9) (9) (8) (8)
0 0 0 0 0 0
18,834 18,844 18,852 18,861 18,869 18,877

(18,834) (18,844) (18,852) (18,861) (18,869) (18,877)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
2,576 2,576 2,576 2,576 2,576 2,576

(2,576) (2,576) (2,576) (2,576) (2,576) (2,576)
0 0 0 0 0 0
0 0 0 0 0 0
22 21 20 19 18 17
0 0 0 0 0 0
(22) (21) (20) (19) (18) (17)
0 0 0 0 0 0
54,922 54,944 54,964 54,983 55,001 55,019

(54,922) (54,944) (54,964) (54,983) (55,001) (55,019)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
9,153 9,153 9,153 9,153 9,153 9,153

(9,153) (9,153) (9,153) (9,153) (9,153) (9,153)
0 0 0 0 0 0
587 0 0 0 0 0
266 252 240 228 216 206
0 0 0 0 0 0
(853) (252) (240) (228) (216) (206)
0 0 0 0 0 0
108,685 108,938 109,177 109,405 109,621 109,827

(108,685) (108,938) (109,177) (109,405) (109,621) (109,827)
0 0 0 0 0 0
2,521,248 2,486,343 2,452,040 2,417,751 2,383,476 2,349,213

25,000 25,000 25,000 25,000 25,000 25,000
0 0 0 0 0 0
(59,905) (59,303) (59,289) (59,275) (59,263) (59,250)
2,486,343 2,452,040 2,417,751 2,383,476 2,349,213 2,314,963
8,867,932 8,892,932 8,917,932 8,942,932 8,967,932 8,992,932

(6,384,435) (6,443,738) (6,503,027) (6,562,302) (6,621,565) (6,680,815)
1,161,808 1,102,796 1,043,784 984,772 925,760 866,748
0 0 0 0 0 0
(190.0) (190.0) (190.0) (190.0) (190.0) (190.0)

56 57 58 59 60 61
Q4 Q1 Q2 Q3 Q4 Q1
2,024 2,025 2,025 2,025 2,025 2,026
99,590 99,590 99,590 99,590 99,590 99,590

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
99,590 99,590 99,590 99,590 99,590 99,590
99,590 99,590 99,590 99,590 99,590 99,590

0 0 0 0 0 0
99,590 99,590 99,590 99,590 99,590 99,590
70,062 64,673 59,283 53,894 48,504 43,115

0 0 0 0 0 0
0 0 0 0 0 0
(5,389) (5,389) (5,389) (5,389) (5,389) (5,389)
64,673 59,283 53,894 48,504 43,115 37,726
633,224 633,224 633,224 633,224 633,224 633,224

(568,551) (573,941) (579,330) (584,720) (590,109) (595,498)
64,673 59,283 53,894 48,504 43,115 37,726
697,096 643,473 589,850 536,228 482,605 428,982

0 0 0 0 0 0
(53,623) (53,623) (53,623) (53,623) (53,623) (53,623)
643,473 589,850 536,228 482,605 428,982 375,359
6,612,218 6,612,218 6,612,218 6,612,218 6,612,218 6,612,218

(5,968,745) (6,022,368) (6,075,991) (6,129,613) (6,183,236) (6,236,859)
643,473 589,850 536,228 482,605 428,982 375,359
0 0 0 0 0 0
8 8 8 8 8 8
0 0 0 0 0 0
(8) (8) (8) (8) (8) (8)
0 0 0 0 0 0
7,087 7,095 7,103 7,110 7,118 7,126

(7,087) (7,095) (7,103) (7,110) (7,118) (7,126)
0 0 0 0 0 0
0 0 0 0 0 0
7 7 7 6 6 6
0 0 0 0 0 0
(7) (7) (7) (6) (6) (6)
0 0 0 0 0 0
18,884 18,891 18,898 18,904 18,910 18,916

(18,884) (18,891) (18,898) (18,904) (18,910) (18,916)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
2,576 2,576 2,576 2,576 2,576 2,576

(2,576) (2,576) (2,576) (2,576) (2,576) (2,576)
0 0 0 0 0 0
0 0 0 0 0 0
16 16 15 14 13 13
0 0 0 0 0 0
(16) (16) (15) (14) (13) (13)
0 0 0 0 0 0
55,035 55,051 55,066 55,080 55,093 55,106

(55,035) (55,051) (55,066) (55,080) (55,093) (55,106)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
9,153 9,153 9,153 9,153 9,153 9,153

(9,153) (9,153) (9,153) (9,153) (9,153) (9,153)
0 0 0 0 0 0
0 0 0 0 0 0
195 186 176 167 159 151
0 0 0 0 0 0
(195) (186) (176) (167) (159) (151)
0 0 0 0 0 0
110,022 110,208 110,384 110,551 110,710 110,862

(110,022) (110,208) (110,384) (110,551) (110,710) (110,862)
0 0 0 0 0 0
2,314,963 2,280,724 2,246,496 2,212,278 2,178,071 2,143,872

25,000 25,000 25,000 25,000 25,000 25,000
0 0 0 0 0 0
(59,239) (59,228) (59,218) (59,208) (59,198) (59,189)
2,280,724 2,246,496 2,212,278 2,178,071 2,143,872 2,109,683
9,017,932 9,042,932 9,067,932 9,092,932 9,117,932 9,142,932

(6,740,054) (6,799,282) (6,858,500) (6,917,707) (6,976,906) (7,036,095)
807,736 748,723 689,711 630,699 571,687 512,675
0 0 0 0 0 0
(190.0) (190.0) (190.0) (190.0) (190.0) (190.0)

62 63 64 65 66 67
Q2 Q3 Q4 Q1 Q2 Q3
2,026 2,026 2,026 2,027 2,027 2,027
99,590 99,590 99,590 99,590 99,590 99,590

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
99,590 99,590 99,590 99,590 99,590 99,590
99,590 99,590 99,590 99,590 99,590 99,590

0 0 0 0 0 0
99,590 99,590 99,590 99,590 99,590 99,590
37,726 32,336 26,947 21,558 16,168 10,779

0 0 0 0 0 0
0 0 0 0 0 0
(5,389) (5,389) (5,389) (5,389) (5,389) (5,389)
32,336 26,947 21,558 16,168 10,779 5,389
633,224 633,224 633,224 633,224 633,224 633,224

(600,888) (606,277) (611,666) (617,056) (622,445) (627,835)
32,336 26,947 21,558 16,168 10,779 5,389
375,359 321,737 268,114 214,491 160,868 107,246

0 0 0 0 0 0
(53,623) (53,623) (53,623) (53,623) (53,623) (53,623)
321,737 268,114 214,491 160,868 107,246 53,623
6,612,218 6,612,218 6,612,218 6,612,218 6,612,218 6,612,218

(6,290,482) (6,344,104) (6,397,727) (6,451,350) (6,504,973) (6,558,595)
321,737 268,114 214,491 160,868 107,246 53,623
0 0 0 0 0 0
8 8 8 8 8 8
0 0 0 0 0 0
(8) (8) (8) (8) (8) (8)
0 0 0 0 0 0
7,134 7,141 7,149 7,157 7,165 7,172

(7,134) (7,141) (7,149) (7,157) (7,165) (7,172)
0 0 0 0 0 0
0 0 0 0 0 0
5 5 5 5 4 4
0 0 0 0 0 0
(5) (5) (5) (5) (4) (4)
0 0 0 0 0 0
18,921 18,926 18,931 18,935 18,940 18,944

(18,921) (18,926) (18,931) (18,935) (18,940) (18,944)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
2,576 2,576 2,576 2,576 2,576 2,576

(2,576) (2,576) (2,576) (2,576) (2,576) (2,576)
0 0 0 0 0 0
0 0 0 0 0 0
12 12 11 10 10 9
0 0 0 0 0 0
(12) (12) (11) (10) (10) (9)
0 0 0 0 0 0
55,118 55,130 55,141 55,151 55,161 55,170

(55,118) (55,130) (55,141) (55,151) (55,161) (55,170)
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
9,153 9,153 9,153 9,153 9,153 9,153

(9,153) (9,153) (9,153) (9,153) (9,153) (9,153)
0 0 0 0 0 0
0 0 0 0 0 0
144 136 130 123 117 111
0 0 0 0 0 0
(144) (136) (130) (123) (117) (111)
0 0 0 0 0 0
111,005 111,141 111,271 111,394 111,511 111,622

(111,005) (111,141) (111,271) (111,394) (111,511) (111,622)
0 0 0 0 0 0
2,109,683 2,075,502 2,041,329 2,007,164 1,973,006 1,938,855

25,000 25,000 25,000 25,000 25,000 25,000
0 0 0 0 0 0
(59,181) (59,173) (59,165) (59,158) (59,151) (59,144)
2,075,502 2,041,329 2,007,164 1,973,006 1,938,855 1,904,710
9,167,932 9,192,932 9,217,932 9,242,932 9,267,932 9,292,932

(7,095,276) (7,154,449) (7,213,614) (7,272,772) (7,331,923) (7,391,067)
453,663 394,651 335,639 276,626 217,614 158,602
0 0 0 0 0 0
(190.0) (190.0) (190.0) (190.0) (190.0) (190.0)

68
Q4
2,027
99,590
0
0
0
99,590
99,590
0
99,590
5,389
0
0
(5,389)
0
633,224
(633,224)
(0)
53,623
0
(53,623)
0
6,612,218
(6,612,218)
0
0
8
0
(8)
0
7,180
(7,180)
0
0
4
0
(4)
0
18,948
(18,948)
0
0
0
0
0
0
2,576
(2,576)
0
0
9
0
(9)
0
55,179
(55,179)
0
0
0
0
0
0
9,153
(9,153)
0
0
106
0
(106)
0
111,728
(111,728)
0
1,904,710
25,000
0
(59,138)
1,870,572
9,317,932
(7,450,206)
99,590
(190.0)
Power Plant Model
Dividend Schedule
Q1 Q2
Dividend Scheduel Units FY 2008 FY 2008
Cash Balance- Beginning PKR 000

Cash generated from/(used in) operations PKR 000
Cashflows from Investing Activities PKR 000
Cashflows from Financing Activities Before Dividends PKR 000
Dividends Paid PKR 000
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY 2008 FY 2008 FY 2009 FY 2009 FY 2009 FY 2009 FY 2010 FY 2010 FY 2010 FY 2010
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
FY 2011 FY 2011 FY 2011 FY 2011 FY 2012 FY 2012 FY 2012 FY 2012 FY 2013
361,211 23,262 300,000 300,000 300,000 300,000 300,000 300,000 300,000

(292,949) 145,104 202,353 176,375 208,064 204,762 199,924 207,843 210,075
(45,000) (45,000) (45,000) (45,000) (45,000) (45,000) (25,000) (25,000) (25,000)
0 0 0 0 0 0 0 0 0
(276,738) (176,634) 157,353 131,375 163,064 159,762 174,924 182,843 185,075
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000

212,386 212,147 213,767 216,676 218,416 220,055 221,555 223,399 225,284
(25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000)
0 0 0 0 0 0 0 0 0
187,386 187,147 188,767 191,676 193,416 195,055 196,555 198,399 200,284
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000

226,959 228,618 230,276 231,960 233,608 235,203 236,777 238,328 239,852
(25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000)
0 0 0 0 0 0 0 0 0
201,959 203,618 205,276 206,960 208,608 210,203 211,777 213,328 214,852
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000

241,338 242,785 244,195 245,566 246,895 248,176 249,409 250,591 244,631
(25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000)
0 0 0 0 0 0 0 0 0
216,338 217,785 219,195 220,566 221,895 223,176 224,409 225,591 219,631
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000

245,701 246,712 247,658 246,548 247,357 248,092 248,749 249,324 249,812
(25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000)
0 0 0 0 0 0 0 0 0
220,701 221,712 222,658 221,548 222,357 223,092 223,749 224,324 224,812
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000

250,210 250,514 250,718 250,817 250,808 250,684 250,440 250,072 249,572
(25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000)
0 0 0 0 0 0 0 0 0
225,210 225,514 225,718 225,817 225,808 225,684 225,440 225,072 224,572
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000

248,935 248,155 247,226 246,140 244,892 243,473 241,876 240,094 238,118
(25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000)
0 0 0 0 0 0 0 0 0
223,935 223,155 222,226 221,140 219,892 218,473 216,876 215,094 213,118
Q4 Q1 Q2 Q3 Q4
FY 2026 FY 2027 FY 2027 FY 2027 FY 2027
300,000 300,000 300,000 300,000 300,000

235,941 233,553 230,947 228,111 0
(25,000) (25,000) (25,000) (25,000) 0
0 0 0 0 0
210,941 208,553 205,947 203,111 0
0
Power Plant Model
Debt Schedule
Assumptions
Interest Rate - LT Loan % 18.0%
Principal Amount - LT Loan PKR"000" 0
Payment Tenor Quarters 20
Payment Tenor Years 5
Interest Rate - ST Loan % 18.0%
RF Facility - PKR 000s 2,010 2,011 2,011 2,011 2,011

Q1 Q2 Q3 Q4
Beginning Prinicple Amount 0 0 0 0

Interest 0 0 0 0
Principle Withdrawal/(Repayment)
Ending Principle Amount 0 0 0 0
LT Loan - PKR 000s 2,011 2,011 2,011 2,011

Q1 Q2 Q3 Q4
Beginning Prinicple Amount 0 0 0

Interest 0 0 0
Principle Withdrawal/(Repayment) 0 0 0
Ending Principle Amount 0 0 0
Week 1 (01 Jul 60.34617

Week 2 (08 Jul 60.32366
Week 3 (15 Jul 60.26597
Week 4 (22 Jul 60.127
Week 1 (29 Jul 59.88406
Week 2 (05 Aug 59.81856
Week 3 (12 Aug 60.19013
Week 4 (19 Aug 60.47769
Week 1 (26 Aug 60.38306
Week 2 (02 Sep 60.58986
Week 3 (09 Sep 60.41214
Week 4 (16 Sep 60.37343
Week 1 (23 Sep 60.45021
Week 2 (30 Sep 60.54366
Week 3 (07 Oct 60.40183
Week 4 (14 Oct 60.37674
Week 1 (21 Oct 60.47514
Week 2 (28 Oct 60.60077
Week 3 (04 Nov 60.70523
Week 4 (11 Nov 60.91769
Week 1 (18 Nov 60.9957
Week 2 (25 Nov 60.86433
Week 3 (02 Dec 60.98704
Week 4 (09 Dec 61.04904
Week 1 (16 Dec 60.64327
Week 2 (23 Dec 60.7919
Week 3 (30 Dec 61.45441
Week 4 (06 Jan 62.04077
Week 1 (13 Jan 62.16363
Week 2 (20 Jan 62.13214
Week 3 (27 Jan 62.24031
Week 4 (03 Feb 62.38437
Week 1 (10 Feb 62.51721
Week 2 (17 Feb 62.31454
Week 3 (24 Feb 62.00489
Week 4 (02 Mar 62.29334
Week 1 (09 Mar 62.41041
Week 2 (16 Mar 62.52011
Week 3 (23 Mar 62.431
Week 4 (30 Mar 62.59049
Week 1 (06 Apr 62.81464
Week 2 (13 Apr 63.22621
Week 3 (20 Apr 63.85584
Week 4 (27 Apr 64.46129
Week 1 (04 May 65.87999
Week 2 (11 May 67.96657
Week 3 (18 May 68.93867
Week 4 (25 May 67.48756
Week 1 (01 Jun 66.74066
Week 2 (08 Jun 66.97427
Week 3 (15 Jun 66.63917
Week 4 (22 Jun 67.41013
*Week 1 (29 Jun 67.7
62.3506962264
62.5097835849
2,012 2,012 2,012 2,012 2,013 2,013 2,013
Q1 Q2 Q3 Q4 Q1 Q2 Q3
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
2,012 2,012 2,012 2,012 2,013 2,013 2,013

Q1 Q2 Q3 Q4 Q1 Q2 Q3
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
60.4105
60.44484
60.43139
60.41729
60.54079
60.38967
60.49243
60.61213
60.80399
60.65871
60.61043
60.6496
60.67927
60.705
60.71471
60.70334
60.68249
60.72526
60.84327
61.0614
61.21571
61.2712
61.4431
61.28284
61.06407
61.22791
61.68057
62.49367
62.5808
62.36901
62.6148
62.69861
63.02731
62.76351
62.39003
62.85359
62.88344
62.82694
62.74863
62.80393
63.00344
63.54604
64.22731
64.72124
66.09384
68.35437
69.25017
67.98213
67.25994
67.35804
66.94597
67.69149
68.2
62.668870943
2,013 2,014 2,014 2,014 2,014 2,015 2,015 2,015
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
2,013 2,014 2,014 2,014 2,014 2,015 2,015 2,015

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
2,015 2,016 2,016 2,016 2,016 2,017 2,017 2,017
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
2,015 2,016 2,016 2,016 2,016 2,017 2,017 2,017

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
2,017 2,018 2,018 2,018 2,018 2,019 2,019 2,019
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
2,017 2,018 2,018 2,018 2,018 2,019 2,019 2,019

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
2,019 2,020 2,020 2,020 2,020 2,021 2,021 2,021
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
2,019 2,020 2,020 2,020 2,020 2,021 2,021 2,021

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
2,021 2,022 2,022 2,022 2,022 2,023 2,023 2,023
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
2,021 2,022 2,022 2,022 2,022 2,023 2,023 2,023

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
2,023 2,024 2,024 2,024 2,024 2,025 2,025 2,025
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
2,023 2,024 2,024 2,024 2,024 2,025 2,025 2,025

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
2,025 2,026 2,026 2,026 2,026 2,027 2,027 2,027
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
2,025 2,026 2,026 2,026 2,026 2,027 2,027 2,027

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
2,027 2,028 2,028 2,028 2,028
Q4 Q1 Q2 Q3 Q4
0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0
0
0
2,027 2,028 2,028 2,028 2,028
Q4 Q1 Q2 Q3 Q4
0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Sample Power Plant Dashboard

Hochgeladen von

Dokumentinformationen

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

Sample Power Plant Dashboard

Hochgeladen von

Copyright:

Verfügbare Formate

Power Plant Model

Power Plant Operations

Macro Economic Factors (Quarterly Rates) 2,000,000

Working Capital Drivers

Acquisition Pricing and Financing 7.0

2011 2012 2013 2014 2015 2016 2017

2011 2012 2013 2014 2015 2016 2017

2011 2012 2013 2014 2015 2016 2017

Capacity Cashflow EBITDA

2018 2019 2020 2021 2022 2023 2024 2025

2018 2019 2020 2021 2022 2023 2024 2025

2018 2019 2020 2021 2022 2023 2024 2025

Income Statement Units FY 2011 FY 2012 FY 2013 FY 2014

Balance Sheet Units FY 2011 FY 2012 FY 2013 FY 2014

Total Assets PKR MM 7,898 8,012 8,054 8,109

Cashflow Statement Units FY 2011 FY 2012 FY 2013 FY 2014

Dividends 15% Equity holder PKR MM 3 (94) (111) (115)

(10,250) (10,890) (11,569) (12,290) (13,056) (13,870) (14,735) (15,654)

FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

2,737 2,901 3,075 3,259 3,455 3,654 3,874 4,107

8,177 8,259 8,355 8,466 8,592 8,726 8,885 9,062

FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

(120) (124) (128) (131) (134) (133) (134) (135)

(16,630) (17,667) (18,769) (19,939) (21,182)

FY 2023 FY 2024 FY 2025 FY 2026 FY 2027

4,354 4,617 4,895 5,189 5,502

9,262 9,484 9,729 9,996 10,287

FY 2023 FY 2024 FY 2025 FY 2026 FY 2027

(135) (135) (133) (130) (124)

Income Statement Units FY 2005 FY 2006

Revenue 2,918,583 4,984,208

SG&A (excluding D&A) PKR 000 (112,469) (134,920)

EBITDA 1,151,217 1,307,977

Profit from Operations PKR 000 966,093 1,140,520

Finance Costs PKR 000 (161,476) (128,262)

Profit before Tax PKR 000 804,617 1,012,258

Net Income PKR 000 796,717 1,002,458

805.427 881.894 872.630 899.545 911,180 923,304 923,304

8,534,878 9,176,428 9,739,526

795,918 837,489 880,155

5,333,106 7,387,857 8,334,341 9,467,394 9,790,903 10,486,089 11,114,059

(3,618,857) (5,729,344) (6,392,309) (7,820,801) (8,021,731) (8,549,570) (9,082,601)

(220,279) (220,119) (171,754) (174,976) (215,896) (224,662) (233,784)

1,151,625 977,224 1,169,246 928,768 839,667 948,898 988,413

943,766 744,000 966,037 712,860 623,919 754,742 796,400

(99,984) (84,307) (47,796) (5,545) (1,308) 0 0

843,782 659,693 918,241 707,315 622,611 754,742 796,400

836,682 654,693 905,056 687,292 606,699 735,711 777,369

923,304 923,304 923,304 923,304 923,304 923,304 923,304

10,337,178 10,971,503 11,644,754 12,359,317 13,117,729 13,922,679 14,777,024

924,994 972,119 1,021,644 1,073,692 1,128,391 1,185,877 1,246,292

11,779,887 12,485,862 13,234,412 14,028,111 14,869,690 15,762,045 16,671,935

(9,648,873) (10,250,459) (10,889,561) (11,568,521) (12,289,824) (13,056,113) (13,870,192)

(243,277) (253,155) (263,434) (274,130) (285,261) (296,844) (308,897)

1,028,104 1,067,704 1,106,896 1,145,298 1,182,459 1,217,844 1,214,510

836,217 876,018 916,414 956,116 993,357 1,028,807 1,025,527

836,217 876,018 916,414 956,116 993,357 1,028,807 1,025,527

817,186 856,987 897,383 937,085 974,326 1,009,776 1,006,496

923,304 923,304 923,304 923,304 923,304 923,304 923,304

15,683,795 16,646,208 17,667,679 18,751,830 19,902,509 21,123,798 22,420,029

1,309,785 1,376,513 1,446,639 1,520,339 1,597,793 1,679,193 1,764,740

17,675,243 18,739,111 19,867,205 21,063,412 22,331,856 23,676,908 25,103,208

(14,735,044) (15,653,836) (16,629,933) (17,666,911) (18,768,566) (19,938,935) (21,182,304)

(321,439) (334,491) (348,072) (362,206) (376,913) (392,217) (408,142)