Financial Model for Power Project

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					 SHENYANG LANDFILL GAS PROJECT
 Financial Model
 Input data

 Timing of the project:                                                                                               Production:
                                                                                                                                                                             CERS from
                                                                                                                                                                                          CERs from
                                                                                                                             Years           GROS Energy      NET Energy      methane                  Total CERs
                                                                                                                                                                                         displacement
                                                                                                                                                                             combustion
 Crediting period                                            years                                   10                                        MWh/y            MWh/y          tCO2/y       tCO2/y       tCO2/y
 Power energy production                                     years                                   14                              2009      12,000,000       11,424,000        76,141        12,015      88,156
                                                                                                                                     2010      15,879,432       15,117,219        87,729        15,900     103,628
 Development fees:                                                                                                                   2011      16,000,000       15,232,000        96,733        16,020     112,753
                                                                                                                                     2012      19,339,157       18,410,878       106,843        19,364     126,207
 With CERs                                            % on Total revenues                       12.42%                               2013      20,000,000       19,040,000       115,011        20,026     135,037
 Without CERs                                         % on Total revenues                        5.00%                               2014      20,000,000       19,040,000       122,329        20,026     142,354
                                                                                                                                     2015      23,734,667       22,595,403       131,126        23,765     154,891
 UNFCCC fee calculation:                                                                                                             2016      24,000,000       22,848,000       137,668        24,031     161,698
                                                                                                                                     2017      24,000,000       22,848,000       143,656        24,031     167,687
 UNFCCC fee - on CERs production                      % of CERs production                        2.0%                               2018      24,000,000       22,848,000       149,258        24,031     173,288
 UNFCCC fee - in cash                            less or equal than tons , $/ton     15,000       $0.10                              2019      24,000,000       22,848,000
                                                     grater than tons , $/ton        15,000       $0.20                              2020      24,000,000       22,848,000
                                               max amount to UNFCCC in each year   $350,000   € 269,231                              2021      24,000,000       22,848,000
                                                                                                                                     2022      24,000,000       22,848,000
 Taxes:                                                                                                                              Total   294,953,256      280,795,500    1,166,493       199,207    1,365,700

 Tax Holiday                                              n° of years                                2                Fair value:
 Tax Reduction (50% of Corporate income tax)              n° of years                  50%           3
 Local income tax (Interim measure)                       % of EBIT                                 3%                Fair value - last year of the project                      €            871,331
 Corporate income tax                                     % of EBIT                                30%

 Local tax (Interim measures)                         % of total revenues                         2.0%

 Exchange Rate:

 €/$                                                                                              1.30




7936e300-219e-4282-bed0-1087b1ceefe0.xls                                                  Asja.biz - Confidential -                                                                                             Input
 SHENYANG LANDFILL GAS PROJECT
Financial Model
Financial parameters


                                Financial parameters
Annual average output (MWh)                                                            20,056,821
Total electricity delivered to the grid (MWh)                                         280,795,500
Expected electricity sale (Euro/kWh)                                                       0.0597
Average installed capacity (MW)                                                              3.00
Total investment (Euro)                                                                 4,182,116
Life time of this project (years)                                                              14
Crediting period (years)                                                                       10
VAT (%)                                                                                      17%
Depreciation rate                                                                            10%
Annual operation cost (Euro/MWh)                                                            0.035
                                Exchange rate: 1 Euro = 10 RMB



Revenue Analysis                                                 Revenue without CER                Revenue with CER (10 USD/ton)
CER Price (Euro/ton)                                                         €0                                 € 7.69
Total investment IRR                                                       4.36%                               20.24%
                                                     Exchange rate: 1 Euro = 10 RMB
                                                     Exchange rate: 1 Euro = 1.3 USD




7936e300-219e-4282-bed0-1087b1ceefe0.xls                         Asja.biz - Confidential -                                Financial Parameters
  SHENYANG LANDFILL GAS PROJECT
  Financial Model
 Profit and Loss & Cashflow




 n° year                                                    0             0            1            2            3           4            5            6                  7              8            9          10          11          12          13          14       Total
 Calendar Year                                          2007          2008         2009         2010         2011        2012         2013         2014             2015             2016         2017        2018        2019        2020        2021        2022

 Revenues

 Net Power energy generated                kWh              0             0 11,424,000      15,117,219 15,232,000 18,410,878      19,040,000   19,040,000    22,595,403          22,848,000   22,848,000 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000         280,795,500
 x Power Price                             €/kWh       0.0597        0.0597     0.0597          0.0597     0.0597     0.0597          0.0597       0.0597        0.0597              0.0597       0.0597     0.0597     0.0597     0.0597     0.0597     0.0597
 Revenues Power Energy production           €               0             0   682,013         902,498    909,350 1,099,129        1,136,688    1,136,688     1,348,946           1,364,026    1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026              16,763,491

 Tons of CO2 Avoided                       tons             0             0       76,141       87,729       96,733     106,843      115,011      122,329         131,126           137,668      143,656     149,258           0           0           0           0      1,166,493
 Tons di CO2 from displacement             tons             0             0       12,015       15,900       16,020      19,364       20,026       20,026          23,765            24,031       24,031      24,031           0           0           0           0        199,207
 Total tons of CO2                         tons             0             0      88,156      103,628      112,753     126,207      135,037      142,354         154,891           161,698      167,687     173,288            0           0           0           0     1,365,700
 % UNFCCC on CERs production               tons             0             0        -1,763       -2,073       -2,255      -2,524       -2,701       -2,847          -3,098            -3,234       -3,354      -3,466          0           0           0           0         -27,314

 NET tons of CO2                           tons             0             0      86,393      101,556      110,498     123,682      132,336      139,507         151,794           158,464      164,333     169,822            0           0           0           0     1,338,386
 x Price for CERs                          €/ton          7.69          7.69        7.69         7.69         7.69        7.69          7.69         7.69          7.69                7.69         7.69      7.69          7.69        7.69        7.69        7.69
 Revenues from CERs                         €                0             0    664,563      781,199      849,986     951,403     1,017,969    1,073,131     1,167,643           1,218,955    1,264,100 1,306,327              0           0           0           0   10,295,276

 TOTAL REVENUES                             €               0             0 1,346,576 1,683,697 1,759,337 2,050,532               2,154,657    2,209,819     2,516,589           2,582,981    2,628,125 2,670,352 1,364,026 1,364,026 1,364,026 1,364,026              27,058,767

 Expenses

 Gross power energy generated              kWh               0             0 12,000,000     15,879,432 16,000,000 19,339,157      20,000,000   20,000,000    23,734,667          24,000,000   24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000         294,953,256
 x Variable Expenses                       €/kWh         0.035         0.035      0.035          0.035      0.035      0.035           0.035        0.035         0.035               0.035        0.035      0.035      0.035      0.035      0.035      0.035
 Total Variable Expenses                    €                0             0   -420,000       -555,780   -560,000   -676,870        -700,000     -700,000      -830,713            -840,000     -840,000   -840,000   -840,000   -840,000   -840,000   -840,000         -10,323,364

 Land use fee                                €          -5,000        -5,000      -5,000       -5,000       -5,000       -5,000       -5,000       -5,000         -5,000             -5,000       -5,000     -5,000       -5,000      -5,000      -5,000      -5,000        -80,000
 Development fees                            €               0             0    -167,245     -209,115     -218,510     -254,676     -267,608     -274,459       -312,560           -320,806     -326,413   -331,658      -68,201     -68,201     -68,201     -68,201     -2,955,856
 Local tax (Interim measures)                €               0             0     -13,291      -15,624      -17,000      -19,028      -20,359      -21,463        -23,353            -24,379      -25,282    -26,127            0           0           0           0       -205,906
 UNFCCC fee - in cash                        €               0             0     -12,409      -14,789      -16,193      -18,263      -19,621      -20,747        -22,676            -23,723      -24,644    -25,506            0           0           0           0       -198,569
 CERs validation                             €               0             0     -10,000      -10,000      -10,000      -10,000      -10,000      -10,000        -10,000            -10,000      -10,000          0            0           0           0           0        -90,000

 TOTALE EXPENSES                            €          -5,000        -5,000    -627,945     -810,308     -826,702     -983,837 -1,022,589 -1,031,669 -1,204,302 -1,223,908 -1,231,339 -1,228,290                       -913,201    -913,201    -913,201    -913,201    -13,853,695

 EBITDA                                     €          -5,000        -5,000     718,631      873,389      932,635 1,066,695       1,132,068    1,178,150     1,312,286           1,359,073    1,396,786 1,442,062      450,824     450,824     450,824     450,824     13,205,072

 Depreciation & Amortisation                 €              0       -165,911    -306,133     -306,133     -388,597     -388,597     -388,597     -421,502       -421,502           -421,502     -421,502   -255,591     -115,369    -115,369     -32,906     -32,906     -4,182,116

 EBIT                                       €          -5,000     -170,911      412,498      567,256      544,038     678,099      743,472      756,648         890,784           937,570      975,284 1,186,471       335,455     335,455     417,919     417,919      9,022,957

 Taxes                                       €              0             0            0            0      -97,927     -122,058     -133,825     -249,694       -293,959           -309,398     -321,844   -391,535     -110,700    -110,700    -137,913    -137,913     -2,417,466

 Net Income after taxes                      €         -5,000     -170,911      412,498      567,256      446,111     556,041      609,647      506,954         596,826           628,172      653,440     794,935     224,755     224,755     280,006     280,006      6,605,491

 Depreciation and Amortisation               €              0       165,911      306,133      306,133      388,597     388,597      388,597      421,502         421,502           421,502      421,502     255,591     115,369     115,369      32,906      32,906       4,182,116

 Investment                                  €      -1,659,107    -1,106,071    -296,150            0     -824,637           0            0      -296,150                 0              0            0           0           0           0           0           0      -4,182,116
 Fair value                                  €               0             0           0            0            0           0            0             0                 0              0            0           0           0           0           0     871,331         871,331
 Cash Flow from Investment                  €      -1,659,107    -1,106,071    -296,150             0    -824,637            0            0     -296,150                  0              0            0           0           0           0           0    871,331      -3,310,784

 Proceeds from Issuance of LT Debt           €               0             0           0            0            0           0            0             0                 0              0            0           0           0           0           0           0               0
 Principal Payments on LT Debt               €               0             0           0            0            0           0            0             0                 0              0            0           0           0           0           0           0               0
 Capital Contributions--Equity               €      -1,659,107    -1,106,071    -296,150            0     -824,637           0            0      -296,150                 0              0            0           0           0           0           0     871,331      -3,310,784
 Dividends Paid                              €               0             0           0            0            0           0            0             0                 0              0            0           0           0           0           0           0               0
 Cash Flow from Financing Activities        €      -1,659,107    -1,106,071    -296,150             0    -824,637            0            0     -296,150                  0              0            0           0           0           0           0    871,331      -3,310,784

 Cash flow from Operations                   €      -1,664,107    -1,111,071      422,481      873,389       10,071     944,637      998,243      632,306      1,018,328          1,049,674    1,074,942   1,050,527     340,124     340,124     312,911   1,184,243      7,476,822
 Cumulated cash flow from Operations         €      -1,664,107    -2,775,178   -2,352,697   -1,479,308   -1,469,237    -524,600      473,643    1,105,949      2,124,276          3,173,951    4,248,893   5,299,420   5,639,544   5,979,668   6,292,579   7,476,822
 Payback calculation                       year                                                                                         2013         2014           2015               2016         2017        2018        2019        2020        2021        2022         2013
 IRR                                        %                -             -            -            -            -      -6.16%       4.08%        8.10%         12.43%             15.34%       17.38%      18.79%      19.14%      19.42%      19.62%      20.24%       20.24%
 NPV                                         €      -1,664,107    -2,692,876   -2,330,667   -1,637,343   -1,629,941    -987,036     -357,974       10,971        561,141          1,086,240    1,584,146   2,034,699   2,169,767   2,294,830   2,401,364   2,774,687    2,774,687




7936e300-219e-4282-bed0-1087b1ceefe0.xls                                                                                                             Asja.biz - Confidential -                                                                                                        P&L_with CERs
  SHENYANG LANDFILL GAS PROJECT
  Financial Model
 Profit and Loss & Cashflow




 n° year                                                    0            0            1            2            3            4            5            6                7                8            9           10           11           12           13          14      Total
 Calendar Year                                          2007         2008         2009         2010         2011         2012         2013         2014           2015                2016        2017         2018         2019         2020         2021        2022

 Revenues

 Net Power energy generated                kWh              0            0 11,424,000      15,117,219 15,232,000 18,410,878 19,040,000 19,040,000 22,595,403 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000                                   280,795,500
 x Power Price                             €/kWh       0.0597       0.0597     0.0597          0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597
 Revenues Power Energy production           €               0            0   682,013         902,498    909,350 1,099,129 1,136,688 1,136,688 1,348,946 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026                                              16,763,491

 Tons of CO2 Avoided                       tons             0            0            0            0            0            0            0            0                0                0            0            0            0            0            0           0              0
 Tons di CO2 from displacement             tons             0            0            0            0            0            0            0            0                0                0            0            0            0            0            0           0              0
 Total tons of CO2                         tons             0            0            0            0            0            0            0            0                0                0            0            0            0            0            0           0              0
 % UNFCCC on CERs production               tons             0            0            0            0            0            0            0            0                0                0            0            0            0            0            0           0              0

 NET tons of CO2                           tons             0            0            0            0            0            0            0            0               0                  0           0            0            0            0            0            0             0
 x Price for CERs                          €/ton         7.69         7.69         7.69         7.69         7.69         7.69         7.69         7.69            7.69               7.69        7.69         7.69         7.69         7.69         7.69         7.69
 Revenues from CERs                         €               0            0            0            0            0            0            0            0               0                  0           0            0            0            0            0            0             0

 TOTAL REVENUES                             €               0            0     682,013      902,498      909,350 1,099,129 1,136,688 1,136,688 1,348,946 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026                                             16,763,491

 Expenses

 Gross power energy generated              kWh              0            0 12,000,000      15,879,432 16,000,000 19,339,157 20,000,000 20,000,000 23,734,667 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000                                   294,953,256
 x Variable Expenses                       €/kWh        0.035        0.035      0.035           0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035
 Total Variable Expenses                    €               0            0   -420,000        -555,780   -560,000   -676,870   -700,000   -700,000   -830,713   -840,000   -840,000   -840,000   -840,000   -840,000   -840,000   -840,000                                   -10,323,364

 Land use fee                                €          -5,000       -5,000      -5,000       -5,000       -5,000       -5,000       -5,000       -5,000         -5,000              -5,000      -5,000       -5,000       -5,000       -5,000       -5,000       -5,000        -80,000
 Development fees                            €               0            0     -34,101      -45,125      -45,468      -54,956      -56,834      -56,834        -67,447             -68,201     -68,201      -68,201      -68,201      -68,201      -68,201      -68,201       -838,175
 Local tax (Interim measures)                €               0            0           0            0            0            0            0            0              0                   0           0            0            0            0            0            0              0
 UNFCCC fee - in cash                        €               0            0           0            0            0            0            0            0              0                   0           0            0            0            0            0            0              0
 CERs validation                             €               0            0           0            0            0            0            0            0              0                   0           0            0            0            0            0            0              0

 TOTALE EXPENSES                            €          -5,000       -5,000    -459,101     -605,905     -610,468     -736,827     -761,834     -761,834     -903,161          -913,201        -913,201     -913,201     -913,201     -913,201     -913,201     -913,201    -11,241,539

 EBITDA                                     €          -5,000       -5,000     222,912      296,593      298,883      362,302      374,854      374,854       445,785          450,824         450,824      450,824      450,824      450,824      450,824     450,824      5,521,953

 Depreciation & Amortisation                 €              0     -165,911     -306,133     -306,133     -388,597     -388,597     -388,597     -421,502      -421,502          -421,502       -421,502     -255,591     -115,369     -115,369      -32,906      -32,906     -4,182,116

 EBIT                                       €          -5,000    -170,911      -83,221        -9,540     -89,714      -26,294      -13,743      -46,649        24,283               29,322      29,322      195,233      335,455      335,455      417,919     417,919      1,339,837

 Taxes                                       €              0            0            0            0            0            0            0            0         -8,013              -9,676       -9,676     -64,427     -110,700     -110,700     -137,913     -137,913       -589,019

 Net Income after taxes                      €         -5,000    -170,911      -83,221        -9,540     -89,714      -26,294      -13,743      -46,649        16,269               19,646      19,646      130,806      224,755      224,755      280,006     280,006        750,818

  Depreciation and Amortisation              €              0      165,911      306,133      306,133      388,597      388,597      388,597      421,502       421,502              421,502     421,502      255,591      115,369      115,369       32,906      32,906       4,182,116

 Investment                                  €      -1,659,107 -1,106,071      -296,150            0     -824,637            0            0     -296,150                0                0            0            0            0            0            0           0      -4,182,116
 Fair value                                  €               0          0             0            0            0            0            0            0                0                0            0            0            0            0            0     871,331         871,331
 Cash Flow from Investment                  €      -1,659,107 -1,106,071      -296,150             0    -824,637             0            0    -296,150                 0                0            0            0            0            0            0    871,331      -3,310,784

 Proceeds from Issuance of LT Debt           €               0          0             0            0            0            0            0            0                0                0            0            0            0            0            0           0               0
 Principal Payments on LT Debt               €               0          0             0            0            0            0            0            0                0                0            0            0            0            0            0           0               0
 Capital Contributions--Equity               €      -1,659,107 -1,106,071      -296,150            0     -824,637            0            0     -296,150                0                0            0            0            0            0            0     871,331      -3,310,784
 Dividends Paid                              €               0          0             0            0            0            0            0            0                0                0            0            0            0            0            0           0               0
 Cash Flow from Financing Activities        €      -1,659,107 -1,106,071      -296,150             0    -824,637             0            0    -296,150                 0                0            0            0            0            0            0    871,331      -3,310,784

 Cash flow from Operations                   €      -1,664,107   -1,111,071      -73,238      296,593     -525,754      362,302      374,854       78,703      437,772          441,148         441,148      386,397      340,124       340,124      312,911   1,184,243      1,622,149
 Cumulated cash flow from Operations         €      -1,664,107   -2,775,178   -2,848,416   -2,551,823   -3,077,577   -2,715,275   -2,340,421   -2,261,718   -1,823,947       -1,382,799        -941,651     -555,253     -215,129       124,995      437,906   1,622,149
 Payback calculation                       year                                                                                                                                                                                            2020         2021        2022         2020
 IRR                                        %                -            -            -            -            -            -            -            -     -14.72%            -8.97%           -5.11%       -2.63%       -0.91%       0.48%        1.54%       4.36%        4.36%
 NPV                                         €      -1,664,107   -2,692,876   -2,755,666   -2,520,221   -2,906,666   -2,660,089   -2,423,868   -2,377,945   -2,141,431       -1,920,747       -1,716,410   -1,550,691   -1,415,623   -1,290,560   -1,184,026    -810,703     -810,703




7936e300-219e-4282-bed0-1087b1ceefe0.xls                                                                                                                Asja.biz - Confidential -                                                                                                         P&L_without CERs
 SHENYANG LANDFILL GAS PROJECT
 Financial Model
 Profit and Loss & Cashflow




 SENSITIVITY: FLOATING TOTAL INVESTMENT                                  -10.00%


 n° year                                                             0           0            1            2            3            4                   5                 6            7            8            9           10           11           12           13           14      Total
 Calendar Year                                                2007           2008         2009         2010         2011         2012              2013                2014         2015         2016         2017         2018         2019         2020         2021         2022

 Revenues

 Net Power energy generated                 kWh                   0               0   11,424,000   15,117,219   15,232,000 18,410,878 19,040,000 19,040,000 22,595,403 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000                                      280,795,500
 x Power Price                              €/kWh            0.0597          0.0597       0.0597       0.0597       0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597
 Revenues Power Energy production            €                    0               0    682,013      902,498      909,350 1,099,129 1,136,688 1,136,688 1,348,946 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026                                                  16,763,491

 Tons of CO2 Avoided                        tons                  0              0            0            0            0            0                   0                 0            0            0            0            0            0            0            0            0                0
 Tons di CO2 from displacement              tons                  0              0            0            0            0            0                   0                 0            0            0            0            0            0            0            0            0                0
 Total tons of CO2                          tons                  0              0            0            0            0            0                   0                 0            0            0            0            0            0            0            0            0                0
 % UNFCCC on CERs production                tons                  0              0            0            0            0            0                   0                 0            0            0            0            0            0            0            0            0                0

 NET tons of CO2                            tons                  0               0            0            0            0            0                 0                   0            0            0            0            0            0            0            0            0               0
 x Price for CERs                           €/ton              7.69            7.69         7.69         7.69         7.69         7.69              7.69                7.69         7.69         7.69         7.69         7.69         7.69         7.69         7.69         7.69
 Revenues from CERs                          €                    0               0            0            0            0            0                 0                   0            0            0            0            0            0            0            0            0               0

 TOTAL REVENUES                              €                    0              0     682,013      902,498      909,350 1,099,129 1,136,688 1,136,688 1,348,946 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026                                                  16,763,491

 Expenses

 Gross power energy generated               kWh                   0               0   12,000,000   15,879,432   16,000,000   19,339,157     20,000,000        20,000,000        23,734,667   24,000,000   24,000,000   24,000,000   24,000,000   24,000,000   24,000,000   24,000,000    294,953,256
 x Variable Expenses                        €/kWh             0.035           0.035        0.035        0.035        0.035        0.035          0.035             0.035             0.035        0.035        0.035        0.035        0.035        0.035        0.035        0.035
 Total Variable Expenses                     €                    0               0     -420,000     -555,780     -560,000     -676,870       -700,000          -700,000          -830,713     -840,000     -840,000     -840,000     -840,000     -840,000     -840,000     -840,000    -10,323,364

 Land use fee                                 €              -5,000          -5,000       -5,000       -5,000       -5,000       -5,000           -5,000               -5,000       -5,000       -5,000       -5,000       -5,000       -5,000       -5,000       -5,000       -5,000        -80,000
 Development fees                             €                   0               0      -34,101      -45,125      -45,468      -54,956          -56,834              -56,834      -67,447      -68,201      -68,201      -68,201      -68,201      -68,201      -68,201      -68,201       -838,175
 Local tax (Interim measures)                 €                   0               0            0            0            0            0                0                    0            0            0            0            0            0            0            0            0              0
 UNFCCC fee - in cash                         €                   0               0            0            0            0            0                0                    0            0            0            0            0            0            0            0            0              0
 CERs validation                              €                   0               0            0            0            0            0                0                    0            0            0            0            0            0            0            0            0              0

 TOTALE EXPENSES                             €              -5,000          -5,000    -459,101     -605,905     -610,468     -736,827        -761,834          -761,834         -903,161     -913,201     -913,201     -913,201     -913,201     -913,201     -913,201     -913,201     -11,241,539

 EBITDA                                      €              -5,000          -5,000     222,912      296,593      298,883      362,302          374,854           374,854         445,785      450,824      450,824      450,824      450,824      450,824      450,824      450,824      5,521,953

 Depreciation & Amortisation                  €                      0     -149,320     -275,520     -275,520     -349,737     -349,737        -349,737          -379,352         -379,352     -379,352     -379,352     -230,032     -103,832     -103,832      -29,615      -29,615     -3,763,904

 EBIT                                        €              -5,000        -154,320     -52,607       21,073      -50,854       12,566           25,117                -4,498      66,433       71,472       71,472      220,792      346,992      346,992      421,209      421,209      1,758,049

 Taxes                                        €                      0           0            0            0            0        -2,262            -4,521                  0       -21,923      -23,586      -23,586      -72,861     -114,507     -114,507     -138,999     -138,999       -655,752

 Net Income after taxes                       €             -5,000        -154,320     -52,607       21,073      -50,854       10,304           20,596                -4,498      44,510       47,887       47,887      147,931      232,485      232,485      282,210      282,210      1,102,297

  Depreciation and Amortisation               €                      0      149,320     275,520      275,520      349,737      349,737          349,737           379,352         379,352      379,352      379,352      230,032      103,832      103,832       29,615       29,615       3,763,904

 Investment                                   €           -1,493,196       -995,464    -266,535            0     -742,173            0                   0      -266,535                0            0            0            0            0            0            0            0       -3,763,904
 Fair value                                   €                    0              0           0            0            0            0                   0             0                0            0            0            0            0            0            0      871,331          871,331
 Cash Flow from Investment                   €          -1,493,196        -995,464    -266,535             0    -742,173             0                   0     -266,535                 0            0            0            0            0            0            0     871,331      -2,892,573

 Proceeds from Issuance of LT Debt            €                    0              0           0            0            0            0                   0             0                0            0            0            0            0            0            0            0                0
 Principal Payments on LT Debt                €                    0              0           0            0            0            0                   0             0                0            0            0            0            0            0            0            0                0
 Capital Contributions--Equity                €           -1,493,196       -995,464    -266,535            0     -742,173            0                   0      -266,535                0            0            0            0            0            0            0      871,331       -2,892,573
 Dividends Paid                               €                    0              0           0            0            0            0                   0             0                0            0            0            0            0            0            0            0                0
 Cash Flow from Financing Activities         €          -1,493,196        -995,464    -266,535             0    -742,173             0                   0     -266,535                 0            0            0            0            0            0            0     871,331      -2,892,573

 Cash flow from Operations                    €          -1,498,196      -1,000,464      -43,623      296,593     -443,290      360,041         370,333           108,318          423,862      427,238      427,238      377,963      336,317      336,317      311,825    1,183,157      1,973,628
 Cumulated cash flow from Operations          €          -1,498,196      -2,498,660   -2,542,283   -2,245,690   -2,688,981   -2,328,940      -1,958,608        -1,850,289       -1,426,427     -999,189     -571,950     -193,988      142,329      478,646      790,472    1,973,628
 Payback calculation                        year                                                                                                                                                                                          2019         2020         2021         2022          2019
 IRR                                         %                    -               -            -            -            -            -               -                 -         -12.38%       -7.00%       -3.36%       -1.00%        0.65%        1.99%        3.00%        5.71%         5.71%
 NPV                                          €          -1,498,196      -2,424,552   -2,461,952   -2,226,507   -2,552,338   -2,307,301      -2,073,928        -2,010,726       -1,781,726   -1,568,001   -1,370,106   -1,208,005   -1,074,449     -950,786     -844,621     -471,641      -471,641


 IRR                                         5.71%
 NPV                                       -471,641
 Payback calculation                           2019
                                              N/A = Not Applicable



7936e300-219e-4282-bed0-1087b1ceefe0.xls                                                                                                  Asja.biz - Confidential -                                                                                                                               -10% Total Investment
 SHENYANG LANDFILL GAS PROJECT
 Financial Model
 Profit and Loss & Cashflow




 SENSITIVITY: FLOATING TOTAL INVESTMENT                                    10.00%


 n° year                                                               0           0            1            2            3            4                    5                6            7            8            9           10           11           12           13           14      Total
 Calendar Year                                                  2007           2008         2009         2010         2011         2012               2013               2014         2015         2016         2017         2018         2019         2020         2021         2022

 Revenues

 Net Power energy generated                   kWh                   0              0    11,424,000   15,117,219   15,232,000 18,410,878 19,040,000 19,040,000 22,595,403 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000                                      280,795,500
 x Power Price                                €/kWh            0.0597         0.0597        0.0597       0.0597       0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597
 Revenues Power Energy production              €                    0              0     682,013      902,498      909,350 1,099,129 1,136,688 1,136,688 1,348,946 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026                                                  16,763,491

 Tons of CO2 Avoided                          tons                 0               0            0            0            0            0                   0                 0            0            0            0            0            0            0            0            0                 0
 Tons di CO2 from displacement                tons                 0               0            0            0            0            0                   0                 0            0            0            0            0            0            0            0            0                 0
 Total tons of CO2                            tons                 0               0            0            0            0            0                   0                 0            0            0            0            0            0            0            0            0                 0
 % UNFCCC on CERs production                  tons                 0               0            0            0            0            0                   0                 0            0            0            0            0            0            0            0            0                 0

 NET tons of CO2                              tons                  0              0             0            0            0            0                  0                  0            0            0            0            0            0            0            0            0                0
 x Price for CERs                             €/ton              7.69           7.69          7.69         7.69         7.69         7.69               7.69               7.69         7.69         7.69         7.69         7.69         7.69         7.69         7.69         7.69
 Revenues from CERs                            €                    0              0             0            0            0            0                  0                  0            0            0            0            0            0            0            0            0                0

 TOTAL REVENUES                                €                   0               0     682,013      902,498      909,350 1,099,129 1,136,688 1,136,688 1,348,946 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026                                                  16,763,491

 Expenses

 Gross power energy generated                 kWh                   0              0    12,000,000   15,879,432   16,000,000   19,339,157      20,000,000        20,000,000       23,734,667   24,000,000   24,000,000   24,000,000   24,000,000   24,000,000   24,000,000   24,000,000    294,953,256
 x Variable Expenses                          €/kWh             0.035          0.035         0.035        0.035        0.035        0.035           0.035             0.035            0.035        0.035        0.035        0.035        0.035        0.035        0.035        0.035
 Total Variable Expenses                       €                    0              0      -420,000     -555,780     -560,000     -676,870        -700,000          -700,000         -830,713     -840,000     -840,000     -840,000     -840,000     -840,000     -840,000     -840,000    -10,323,364

 Land use fee                                   €              -5,000          -5,000       -5,000       -5,000       -5,000       -5,000           -5,000               -5,000       -5,000       -5,000       -5,000       -5,000       -5,000       -5,000       -5,000       -5,000        -80,000
 Development fees                               €                   0               0      -34,101      -45,125      -45,468      -54,956          -56,834              -56,834      -67,447      -68,201      -68,201      -68,201      -68,201      -68,201      -68,201      -68,201       -838,175
 Local tax (Interim measures)                   €                   0               0            0            0            0            0                0                    0            0            0            0            0            0            0            0            0              0
 UNFCCC fee - in cash                           €                   0               0            0            0            0            0                0                    0            0            0            0            0            0            0            0            0              0
 CERs validation                                €                   0               0            0            0            0            0                0                    0            0            0            0            0            0            0            0            0              0

 TOTALE EXPENSES                               €              -5,000         -5,000     -459,101     -605,905     -610,468     -736,827         -761,834          -761,834        -903,161     -913,201     -913,201     -913,201     -913,201     -913,201     -913,201     -913,201     -11,241,539

 EBITDA                                        €              -5,000         -5,000      222,912      296,593      298,883      362,302          374,854           374,854         445,785      450,824      450,824      450,824      450,824      450,824      450,824      450,824      5,521,953

 Depreciation & Amortisation                    €                      0    -182,502      -336,746     -336,746     -427,456     -427,456         -427,456          -463,652        -463,652     -463,652     -463,652     -281,151     -126,906     -126,906      -36,196      -36,196     -4,600,327

 EBIT                                          €              -5,000       -187,502     -113,834      -40,153     -128,573      -65,154          -52,603            -88,799        -17,867      -12,828      -12,828      169,674      323,918      323,918      414,628      414,628         921,625

 Taxes                                          €                      0           0            0            0            0            0                    0                0            0            0            0       -55,992     -106,893     -106,893     -136,827     -136,827       -543,433

 Net Income after taxes                         €             -5,000       -187,502     -113,834      -40,153     -128,573      -65,154          -52,603            -88,799        -17,867      -12,828      -12,828      113,681      217,025      217,025      277,801      277,801         378,193

  Depreciation and Amortisation                 €                      0     182,502      336,746      336,746      427,456      427,456           427,456              463,652     463,652      463,652      463,652      281,151      126,906      126,906       36,196       36,196       4,600,327

 Investment                                     €           -1,825,017 -1,216,678        -325,765            0     -907,101            0                   0       -325,765               0            0            0            0            0            0            0            0       -4,600,327
 Fair value                                     €                    0          0               0            0            0            0                   0              0               0            0            0            0            0            0            0      871,331          871,331
 Cash Flow from Investment                     €          -1,825,017 -1,216,678         -325,765             0    -907,101             0                   0      -325,765                0            0            0            0            0            0            0     871,331      -3,728,996

 Proceeds from Issuance of LT Debt              €                    0          0               0            0            0            0                   0              0               0            0            0            0            0            0            0            0                0
 Principal Payments on LT Debt                  €                    0          0               0            0            0            0                   0              0               0            0            0            0            0            0            0            0                0
 Capital Contributions--Equity                  €           -1,825,017 -1,216,678        -325,765            0     -907,101            0                   0       -325,765               0            0            0            0            0            0            0      871,331       -3,728,996
 Dividends Paid                                 €                    0          0               0            0            0            0                   0              0               0            0            0            0            0            0            0            0                0
 Cash Flow from Financing Activities           €          -1,825,017 -1,216,678         -325,765             0    -907,101             0                   0      -325,765                0            0            0            0            0            0            0     871,331      -3,728,996

 Cash flow from Operations                      €          -1,830,017      -1,221,678     -102,853      296,593     -608,218      362,302         374,854            49,088          445,785      450,824      450,824      394,832      343,931      343,931      313,997    1,185,329      1,249,524
 Cumulated cash flow from Operations            €          -1,830,017      -3,051,696   -3,154,549   -2,857,956   -3,466,174   -3,103,871      -2,729,018        -2,679,930       -2,234,145   -1,783,320   -1,332,496     -937,664     -593,733     -249,801       64,196    1,249,524
 Payback calculation                          year                                                                                                                                                                                                                    2021         2022          2021
 IRR                                           %                    -               -            -            -            -            -               -                 -         -16.96%      -10.81%       -6.75%       -4.15%       -2.35%       -0.89%        0.21%        3.14%         3.14%
 NPV                                            €          -1,830,017      -2,961,201   -3,049,381   -2,813,936   -3,260,994   -3,014,417      -2,778,196        -2,749,554       -2,508,710   -2,283,185   -2,074,367   -1,905,030   -1,768,450   -1,641,987   -1,535,083   -1,161,418    -1,161,418


 IRR                                           3.14%
 NPV                                       -1,161,418
 Payback calculation                             2021
                                                N/A = Not Applicable



7936e300-219e-4282-bed0-1087b1ceefe0.xls                                                                                                    Asja.biz - Confidential -                                                                                                                               +10% Total Investment
 SHENYANG LANDFILL GAS PROJECT
 Financial Model
 Profit and Loss & Cashflow




 SENSITIVITY: FLOATING TOTAL INVESTMENT                                 -24.45%


 n° year                                                            0           0            1            2            3            4                    5                6            7            8            9           10           11           12           13           14      Total
 Calendar Year                                               2007           2008         2009         2010         2011         2012               2013               2014         2015         2016         2017         2018         2019         2020         2021         2022

 Revenues

 Net Power energy generated                kWh                   0               0   11,424,000   15,117,219   15,232,000 18,410,878 19,040,000 19,040,000 22,595,403 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000                                      280,795,500
 x Power Price                             €/kWh            0.0597          0.0597       0.0597       0.0597       0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597
 Revenues Power Energy production           €                    0               0    682,013      902,498      909,350 1,099,129 1,136,688 1,136,688 1,348,946 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026                                                  16,763,491

 Tons of CO2 Avoided                       tons                 0               0            0            0            0            0                   0                 0            0            0            0            0            0            0            0            0                 0
 Tons di CO2 from displacement             tons                 0               0            0            0            0            0                   0                 0            0            0            0            0            0            0            0            0                 0
 Total tons of CO2                         tons                 0               0            0            0            0            0                   0                 0            0            0            0            0            0            0            0            0                 0
 % UNFCCC on CERs production               tons                 0               0            0            0            0            0                   0                 0            0            0            0            0            0            0            0            0                 0

 NET tons of CO2                           tons                  0               0            0            0            0            0                  0                  0            0            0            0            0            0            0            0            0                0
 x Price for CERs                          €/ton              7.69            7.69         7.69         7.69         7.69         7.69               7.69               7.69         7.69         7.69         7.69         7.69         7.69         7.69         7.69         7.69
 Revenues from CERs                         €                    0               0            0            0            0            0                  0                  0            0            0            0            0            0            0            0            0                0

 TOTAL REVENUES                             €                   0               0     682,013      902,498      909,350 1,099,129 1,136,688 1,136,688 1,348,946 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026                                                  16,763,491

 Expenses

 Gross power energy generated              kWh                   0               0   12,000,000   15,879,432   16,000,000   19,339,157      20,000,000        20,000,000       23,734,667   24,000,000   24,000,000   24,000,000   24,000,000   24,000,000   24,000,000   24,000,000    294,953,256
 x Variable Expenses                       €/kWh             0.035           0.035        0.035        0.035        0.035        0.035           0.035             0.035            0.035        0.035        0.035        0.035        0.035        0.035        0.035        0.035
 Total Variable Expenses                    €                    0               0     -420,000     -555,780     -560,000     -676,870        -700,000          -700,000         -830,713     -840,000     -840,000     -840,000     -840,000     -840,000     -840,000     -840,000    -10,323,364

 Land use fee                                €              -5,000          -5,000       -5,000       -5,000       -5,000       -5,000           -5,000               -5,000       -5,000       -5,000       -5,000       -5,000       -5,000       -5,000       -5,000       -5,000         -80,000
 Development fees                            €                   0               0      -34,101      -45,125      -45,468      -54,956          -56,834              -56,834      -67,447      -68,201      -68,201      -68,201      -68,201      -68,201      -68,201      -68,201        -838,175
 Local tax (Interim measures)                €                   0               0            0            0            0            0                0                    0            0            0            0            0            0            0            0            0               0
 UNFCCC fee - in cash                        €                   0               0            0            0            0            0                0                    0            0            0            0            0            0            0            0            0               0
 CERs validation                             €                   0               0            0            0            0            0                0                    0            0            0            0            0            0            0            0            0               0

 TOTALE EXPENSES                            €              -5,000          -5,000    -459,101     -605,905     -610,468     -736,827         -761,834          -761,834        -903,161     -913,201     -913,201     -913,201     -913,201     -913,201     -913,201     -913,201     -11,241,539

 EBITDA                                     €              -5,000          -5,000     222,912      296,593      298,883      362,302          374,854           374,854         445,785      450,824      450,824      450,824      450,824      450,824      450,824      450,824      5,521,953

 Depreciation & Amortisation                 €                      0     -125,346     -231,283     -231,283     -293,585     -293,585         -293,585          -318,445        -318,445     -318,445     -318,445     -193,099      -87,162      -87,162      -24,860      -24,860     -3,159,588

 EBIT                                       €              -5,000        -130,346       -8,371      65,310         5,298      68,718            81,269               56,409     127,340      132,379      132,379      257,725      363,663      363,663      425,964      425,964      2,362,364

 Taxes                                       €                      0           0            0            0         -954       -12,369          -14,628              -18,615      -42,022      -43,685      -43,685      -85,049     -120,009     -120,009     -140,568     -140,568        -782,162

 Net Income after taxes                      €             -5,000        -130,346       -8,371      65,310         4,345      56,349            66,641               37,794      85,318       88,694       88,694      172,676      243,654      243,654      285,396      285,396      1,580,202

  Depreciation and Amortisation              €                      0      125,346     231,283      231,283      293,585      293,585           293,585              318,445     318,445      318,445      318,445      193,099       87,162       87,162       24,860       24,860       3,159,588

 Investment                                  €          -1,253,455        -835,637    -223,742            0     -623,013            0                   0       -223,742               0            0            0            0            0            0            0            0       -3,159,588
 Fair value                                  €                   0               0           0            0            0            0                   0              0               0            0            0            0            0            0            0      871,331          871,331
 Cash Flow from Investment                  €         -1,253,455         -835,637    -223,742             0    -623,013             0                   0      -223,742                0            0            0            0            0            0            0     871,331      -2,288,257

 Proceeds from Issuance of LT Debt           €                   0               0           0            0            0            0                   0              0               0            0            0            0            0            0            0            0                0
 Principal Payments on LT Debt               €                   0               0           0            0            0            0                   0              0               0            0            0            0            0            0            0            0                0
 Capital Contributions--Equity               €          -1,253,455        -835,637    -223,742            0     -623,013            0                   0       -223,742               0            0            0            0            0            0            0      871,331       -2,288,257
 Dividends Paid                              €                   0               0           0            0            0            0                   0              0               0            0            0            0            0            0            0            0                0
 Cash Flow from Financing Activities        €         -1,253,455         -835,637    -223,742             0    -623,013             0                   0      -223,742                0            0            0            0            0            0            0     871,331      -2,288,257

 Cash flow from Operations                   €          -1,258,455        -840,637         -829      296,593     -325,084      349,933         360,225           132,497          403,763      407,139     407,139       365,775      330,816      330,816      310,256    1,181,588      2,451,534
 Cumulated cash flow from Operations         €          -1,258,455      -2,099,092   -2,099,921   -1,803,328   -2,128,412   -1,778,479      -1,418,254        -1,285,757         -881,994     -474,855     -67,716       298,059      628,875      959,690    1,269,946    2,451,534
 Payback calculation                       year                                                                                                                                                                             2018         2019         2020         2021         2022           2018
 IRR                                        %                    -               -            -            -            -            -               -                 -          -8.69%       -3.79%        -0.46%       1.75%        3.30%        4.53%        5.47%        8.00%          8.00%
 NPV                                         €          -1,258,455      -2,036,823   -2,037,534   -1,802,089   -2,041,035   -1,802,876      -1,575,873        -1,498,563       -1,280,422   -1,076,751     -888,167     -731,292     -599,921     -478,281     -372,651         -165           -165


 IRR                                        8.00%
 NPV                                          -165
 Payback calculation                          2018
                                             N/A = Not Applicable



7936e300-219e-4282-bed0-1087b1ceefe0.xls                                                                                                 Asja.biz - Confidential -                                                                                                                       Total Investment on Benchmark
  SHENYANG LANDFILL GAS PROJECT
  Financial Model
 Profit and Loss & Cashflow




 SENSITIVITY: ELECTRICITY REVENUE                                -10.00%


 n° year                                                    0            0            1            2            3            4            5            6                   7                8            9           10           11           12           13           14      Total
 Calendar Year                                          2007         2008         2009         2010         2011         2012         2013         2014              2015               2016         2017         2018         2019         2020         2021         2022

 Revenues

 Net Power energy generated                kWh              0            0 11,424,000      15,117,219 15,232,000 18,410,878 19,040,000 19,040,000 22,595,403 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000                                       280,795,500
 x Power Price                             €/kWh       0.0597       0.0597     0.0597          0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597
 Revenues Power Energy production           €               0            0   682,013         902,498    909,350 1,099,129 1,136,688 1,136,688 1,348,946 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026                                                  16,763,491

 Tons of CO2 Avoided                       tons             0            0            0            0            0            0            0            0                  0                 0            0            0            0            0            0            0              0
 Tons di CO2 from displacement             tons             0            0            0            0            0            0            0            0                  0                 0            0            0            0            0            0            0              0
 Total tons of CO2                         tons             0            0            0            0            0            0            0            0                  0                 0            0            0            0            0            0            0              0
 % UNFCCC on CERs production               tons             0            0            0            0            0            0            0            0                  0                 0            0            0            0            0            0            0              0

 NET tons of CO2                           tons             0             0           0            0            0            0            0            0                  0                  0           0            0            0            0            0            0              0
 x Price for CERs                          €/ton         7.69          7.69        7.69         7.69         7.69         7.69         7.69         7.69               7.69               7.69        7.69         7.69         7.69         7.69         7.69         7.69
 Revenues from CERs                         €               0             0           0            0            0            0            0            0                  0                  0           0            0            0            0            0            0              0

 TOTAL REVENUES                             €               0            0     613,812      812,248      818,415      989,216 1,023,019 1,023,019 1,214,051 1,227,623 1,227,623 1,227,623 1,227,623 1,227,623 1,227,623 1,227,623                                              15,087,142

 Expenses

 Gross power energy generated              kWh              0            0 12,000,000      15,879,432 16,000,000 19,339,157 20,000,000 20,000,000 23,734,667 24,000,000                          24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000              294,953,256
 x Variable Expenses                       €/kWh        0.035        0.035      0.035           0.035      0.035      0.035      0.035      0.035      0.035      0.035                               0.035      0.035      0.035      0.035      0.035      0.035
 Total Variable Expenses                    €               0            0   -420,000        -555,780   -560,000   -676,870   -700,000   -700,000   -830,713   -840,000                            -840,000   -840,000   -840,000   -840,000   -840,000   -840,000              -10,323,364

 Land use fee                                €          -5,000       -5,000      -5,000       -5,000       -5,000       -5,000       -5,000       -5,000           -5,000               -5,000      -5,000       -5,000       -5,000       -5,000       -5,000       -5,000         -80,000
 Development fees                            €               0            0     -30,691      -40,612      -40,921      -49,461      -51,151      -51,151          -60,703              -61,381     -61,381      -61,381      -61,381      -61,381      -61,381      -61,381        -754,357
 Local tax (Interim measures)                €               0            0           0            0            0            0            0            0                0                    0           0            0            0            0            0            0               0
 UNFCCC fee - in cash                        €               0            0           0            0            0            0            0            0                0                    0           0            0            0            0            0            0               0
 CERs validation                             €               0            0           0            0            0            0            0            0                0                    0           0            0            0            0            0            0               0

 TOTALE EXPENSES                            €          -5,000       -5,000    -455,691     -601,393     -605,921     -731,331     -756,151     -756,151        -896,416         -906,381         -906,381     -906,381     -906,381     -906,381     -906,381     -906,381     -11,157,721

 EBITDA                                     €          -5,000       -5,000     158,121      210,856      212,495      257,885      266,868      266,868         317,635           321,242         321,242      321,242      321,242      321,242      321,242      321,242      3,929,421

 Depreciation & Amortisation                 €              0      -165,911    -306,133     -306,133     -388,597     -388,597     -388,597     -421,502         -421,502         -421,502        -421,502     -255,591     -115,369     -115,369      -32,906      -32,906      -4,182,116

 EBIT                                       €          -5,000     -170,911    -148,012      -95,277     -176,102     -130,711     -121,728     -154,634        -103,867         -100,260         -100,260       65,650      205,873      205,873      288,336      288,336       -252,695

 Taxes                                       €              0            0            0            0            0            0            0            0                   0                0            0      -21,665      -67,938      -67,938      -95,151      -95,151        -347,843

 Net Income after taxes                      €         -5,000     -170,911    -148,012      -95,277     -176,102     -130,711     -121,728     -154,634        -103,867         -100,260         -100,260       43,986      137,935      137,935      193,185      193,185       -600,537

  Depreciation and Amortisation              €              0      165,911      306,133      306,133      388,597      388,597      388,597      421,502          421,502          421,502         421,502      255,591      115,369      115,369       32,906       32,906       4,182,116

 Investment                                  €      -1,659,107 -1,106,071      -296,150            0     -824,637            0            0     -296,150                  0                 0            0            0            0            0            0            0      -4,182,116
 Fair value                                  €               0          0             0            0            0            0            0            0                  0                 0            0            0            0            0            0      871,331         871,331
 Cash Flow from Investment                  €      -1,659,107 -1,106,071      -296,150             0    -824,637             0            0    -296,150                   0                 0            0            0            0            0            0     871,331      -3,310,784

 Proceeds from Issuance of LT Debt           €               0          0             0            0            0            0            0            0                  0                 0            0            0            0            0            0            0               0
 Principal Payments on LT Debt               €               0          0             0            0            0            0            0            0                  0                 0            0            0            0            0            0            0               0
 Capital Contributions--Equity               €      -1,659,107 -1,106,071      -296,150            0     -824,637            0            0     -296,150                  0                 0            0            0            0            0            0      871,331      -3,310,784
 Dividends Paid                              €               0          0             0            0            0            0            0            0                  0                 0            0            0            0            0            0            0               0
 Cash Flow from Financing Activities        €      -1,659,107 -1,106,071      -296,150             0    -824,637             0            0    -296,150                   0                 0            0            0            0            0            0     871,331      -3,310,784

 Cash flow from Operations                   €      -1,664,107   -1,111,071     -138,029      210,856     -612,142      257,885      266,868      -29,282        317,635           321,242          321,242      299,577      253,304      253,304     226,091     1,097,422       270,794
 Cumulated cash flow from Operations         €      -1,664,107   -2,775,178   -2,913,207   -2,702,352   -3,314,494   -3,056,609   -2,789,741   -2,819,023     -2,501,388        -2,180,146       -1,858,904   -1,559,327   -1,306,023   -1,052,719    -826,628       270,794
 Payback calculation                       year                                                                                                                                                                                                                         2022          2022
 IRR                                        %                -            -            -            -            -            -            -            -       -22.99%           -15.85%          -11.26%        -8.17%       -6.12%       -4.45%       -3.20%       0.76%         0.76%
 NPV                                         €      -1,664,107   -2,692,876   -2,811,214   -2,643,830   -3,093,773   -2,918,261   -2,750,089   -2,767,175     -2,595,566        -2,434,865       -2,286,068   -2,157,585   -2,056,994   -1,963,855   -1,886,880   -1,540,926    -1,540,926




7936e300-219e-4282-bed0-1087b1ceefe0.xls                                                                                                                   Asja.biz - Confidential -                                                                                                          -10% Electricity revenue
  SHENYANG LANDFILL GAS PROJECT
  Financial Model
 Profit and Loss & Cashflow




 SENSITIVITY: ELECTRICITY REVENUE                                10.00%


 n° year                                                    0            0            1            2            3            4            5            6                   7               8           9           10          11          12          13          14      Total
 Calendar Year                                          2007         2008         2009         2010         2011         2012         2013         2014              2015               2016       2017         2018        2019        2020        2021        2022

 Revenues

 Net Power energy generated                kWh              0            0 11,424,000      15,117,219 15,232,000 18,410,878 19,040,000 19,040,000 22,595,403 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000                                 280,795,500
 x Power Price                             €/kWh       0.0597       0.0597     0.0597          0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597
 Revenues Power Energy production           €               0            0   682,013         902,498    909,350 1,099,129 1,136,688 1,136,688 1,348,946 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026                                            16,763,491

 Tons of CO2 Avoided                       tons             0            0            0            0            0            0            0            0                   0              0            0            0           0           0           0           0              0
 Tons di CO2 from displacement             tons             0            0            0            0            0            0            0            0                   0              0            0            0           0           0           0           0              0
 Total tons of CO2                         tons             0            0            0            0            0            0            0            0                   0              0            0            0           0           0           0           0              0
 % UNFCCC on CERs production               tons             0            0            0            0            0            0            0            0                   0              0            0            0           0           0           0           0              0

 NET tons of CO2                           tons             0            0            0            0            0            0            0            0                  0                0           0            0            0           0           0           0             0
 x Price for CERs                          €/ton         7.69         7.69         7.69         7.69         7.69         7.69         7.69         7.69               7.69             7.69        7.69         7.69         7.69        7.69        7.69        7.69
 Revenues from CERs                         €               0            0            0            0            0            0            0            0                  0                0           0            0            0           0           0           0             0

 TOTAL REVENUES                             €               0            0     750,214      992,748 1,000,285 1,209,042 1,250,357 1,250,357 1,483,840 1,500,428 1,500,428 1,500,428 1,500,428 1,500,428 1,500,428 1,500,428                                              18,439,840

 Expenses

 Gross power energy generated              kWh              0            0 12,000,000      15,879,432 16,000,000 19,339,157 20,000,000 20,000,000 23,734,667 24,000,000                        24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000          294,953,256
 x Variable Expenses                       €/kWh        0.035        0.035      0.035           0.035      0.035      0.035      0.035      0.035      0.035      0.035                             0.035      0.035      0.035      0.035      0.035      0.035
 Total Variable Expenses                    €               0            0   -420,000        -555,780   -560,000   -676,870   -700,000   -700,000   -830,713   -840,000                          -840,000   -840,000   -840,000   -840,000   -840,000   -840,000          -10,323,364

 Land use fee                                €          -5,000       -5,000      -5,000       -5,000       -5,000       -5,000       -5,000       -5,000            -5,000           -5,000       -5,000       -5,000       -5,000      -5,000      -5,000      -5,000        -80,000
 Development fees                            €               0            0     -37,511      -49,637      -50,014      -60,452      -62,518      -62,518           -74,192          -75,021      -75,021      -75,021      -75,021     -75,021     -75,021     -75,021       -921,992
 Local tax (Interim measures)                €               0            0           0            0            0            0            0            0                 0                0            0            0            0           0           0           0              0
 UNFCCC fee - in cash                        €               0            0           0            0            0            0            0            0                 0                0            0            0            0           0           0           0              0
 CERs validation                             €               0            0           0            0            0            0            0            0                 0                0            0            0            0           0           0           0              0

 TOTALE EXPENSES                            €          -5,000       -5,000    -462,511     -610,417     -615,014     -742,323     -767,518     -767,518        -909,905          -920,021      -920,021     -920,021     -920,021    -920,021    -920,021    -920,021    -11,325,356

 EBITDA                                     €          -5,000       -5,000     287,703      382,330      385,271      466,720      482,839      482,839         573,935           580,407       580,407      580,407     580,407     580,407     580,407     580,407      7,114,484

 Depreciation & Amortisation                 €              0     -165,911     -306,133     -306,133     -388,597     -388,597     -388,597     -421,502         -421,502         -421,502      -421,502     -255,591     -115,369    -115,369     -32,906     -32,906     -4,182,116

 EBIT                                       €          -5,000    -170,911      -18,429       76,197        -3,325      78,123       94,242       61,337         152,433           158,905       158,905      324,815     465,037     465,037     547,501     547,501      2,932,369

 Taxes                                       €              0            0            0            0            0      -14,062      -16,964      -20,241           -50,303          -52,439      -52,439     -107,189     -153,462    -153,462    -180,675    -180,675       -981,911

 Net Income after taxes                      €         -5,000    -170,911      -18,429       76,197        -3,325      64,061       77,279       41,096         102,130           106,466       106,466      217,626     311,575     311,575     366,826     366,826      1,950,457

  Depreciation and Amortisation              €              0      165,911      306,133      306,133      388,597      388,597      388,597      421,502          421,502          421,502       421,502      255,591     115,369     115,369      32,906      32,906       4,182,116

 Investment                                  €      -1,659,107 -1,106,071      -296,150            0     -824,637            0            0     -296,150                   0              0            0            0           0           0           0           0      -4,182,116
 Fair value                                  €               0          0             0            0            0            0            0            0                   0              0            0            0           0           0           0     871,331         871,331
 Cash Flow from Investment                  €      -1,659,107 -1,106,071      -296,150             0    -824,637             0            0    -296,150                    0              0            0            0           0           0           0    871,331      -3,310,784

 Proceeds from Issuance of LT Debt           €               0          0             0            0            0            0            0            0                   0              0            0            0           0           0           0           0               0
 Principal Payments on LT Debt               €               0          0             0            0            0            0            0            0                   0              0            0            0           0           0           0           0               0
 Capital Contributions--Equity               €      -1,659,107 -1,106,071      -296,150            0     -824,637            0            0     -296,150                   0              0            0            0           0           0           0     871,331      -3,310,784
 Dividends Paid                              €               0          0             0            0            0            0            0            0                   0              0            0            0           0           0           0           0               0
 Cash Flow from Financing Activities        €      -1,659,107 -1,106,071      -296,150             0    -824,637             0            0    -296,150                    0              0            0            0           0           0           0    871,331      -3,310,784

 Cash flow from Operations                   €      -1,664,107   -1,111,071       -8,447      382,330     -439,366      452,658      465,875      166,447        523,632           527,968       527,968       473,218     426,944     426,944     399,731   1,271,063      2,821,789
 Cumulated cash flow from Operations         €      -1,664,107   -2,775,178   -2,783,625   -2,401,295   -2,840,661   -2,388,003   -1,922,128   -1,755,680     -1,232,048          -704,080      -176,112       297,106     724,050   1,150,995   1,550,726   2,821,789
 Payback calculation                       year                                                                                                                                                                   2018        2019        2020        2021        2022         2018
 IRR                                        %                -            -            -            -            -            -            -            -         -9.24%            -4.28%         -0.90%       1.33%       2.89%       4.14%       5.09%       7.29%        7.29%
 NPV                                         €      -1,664,107   -2,692,876   -2,700,118   -2,396,612   -2,719,559   -2,411,488   -2,117,908   -2,020,787     -1,737,885        -1,473,770     -1,229,218   -1,026,263    -856,718    -699,731    -563,638    -162,946     -162,946




7936e300-219e-4282-bed0-1087b1ceefe0.xls                                                                                                                    Asja.biz - Confidential -                                                                                                   10% Electricity revenue
  SHENYANG LANDFILL GAS PROJECT
  Financial Model
 Profit and Loss & Cashflow




 SENSITIVITY: ELECTRICITY REVENUE                                12.65%


 n° year                                                    0            0            1            2            3            4            5            6                7                8            9          10          11          12          13          14      Total
 Calendar Year                                          2007         2008         2009         2010         2011         2012         2013         2014           2015                2016        2017        2018        2019        2020        2021        2022

 Revenues

 Net Power energy generated                kWh              0            0 11,424,000      15,117,219 15,232,000 18,410,878 19,040,000 19,040,000 22,595,403 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000                               280,795,500
 x Power Price                             €/kWh       0.0597       0.0597     0.0597          0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597
 Revenues Power Energy production           €               0            0   682,013         902,498    909,350 1,099,129 1,136,688 1,136,688 1,348,946 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026                                          16,763,491

 Tons of CO2 Avoided                       tons             0            0            0            0            0            0            0            0                0                0            0           0           0           0           0           0              0
 Tons di CO2 from displacement             tons             0            0            0            0            0            0            0            0                0                0            0           0           0           0           0           0              0
 Total tons of CO2                         tons             0            0            0            0            0            0            0            0                0                0            0           0           0           0           0           0              0
 % UNFCCC on CERs production               tons             0            0            0            0            0            0            0            0                0                0            0           0           0           0           0           0              0

 NET tons of CO2                           tons             0            0            0            0            0            0            0            0               0                  0           0            0           0           0           0           0             0
 x Price for CERs                          €/ton         7.69         7.69         7.69         7.69         7.69         7.69         7.69         7.69            7.69               7.69        7.69         7.69        7.69        7.69        7.69        7.69
 Revenues from CERs                         €               0            0            0            0            0            0            0            0               0                  0           0            0           0           0           0           0             0

 TOTAL REVENUES                             €               0            0     768,287 1,016,664 1,024,383 1,238,169 1,280,479 1,280,479 1,519,587 1,536,575 1,536,575 1,536,575 1,536,575 1,536,575 1,536,575 1,536,575                                               18,884,073

 Expenses

 Gross power energy generated              kWh              0            0 12,000,000      15,879,432 16,000,000 19,339,157 20,000,000 20,000,000 23,734,667 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000                               294,953,256
 x Variable Expenses                       €/kWh        0.035        0.035      0.035           0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035
 Total Variable Expenses                    €               0            0   -420,000        -555,780   -560,000   -676,870   -700,000   -700,000   -830,713   -840,000   -840,000   -840,000   -840,000   -840,000   -840,000   -840,000                               -10,323,364

 Land use fee                                €          -5,000       -5,000      -5,000       -5,000       -5,000       -5,000       -5,000       -5,000         -5,000              -5,000      -5,000       -5,000      -5,000      -5,000      -5,000      -5,000        -80,000
 Development fees                            €               0            0     -38,414      -50,833      -51,219      -61,908      -64,024      -64,024        -75,979             -76,829     -76,829      -76,829     -76,829     -76,829     -76,829     -76,829       -944,204
 Local tax (Interim measures)                €               0            0           0            0            0            0            0            0              0                   0           0            0           0           0           0           0              0
 UNFCCC fee - in cash                        €               0            0           0            0            0            0            0            0              0                   0           0            0           0           0           0           0              0
 CERs validation                             €               0            0           0            0            0            0            0            0              0                   0           0            0           0           0           0           0              0

 TOTALE EXPENSES                            €          -5,000       -5,000    -463,414     -611,613     -616,219     -743,779     -769,024     -769,024     -911,693          -921,829        -921,829     -921,829    -921,829    -921,829    -921,829    -921,829    -11,347,568

 EBITDA                                     €          -5,000       -5,000     304,873      405,051      408,164      494,390      511,455      511,455       607,894          614,746         614,746     614,746     614,746     614,746     614,746     614,746      7,536,505

 Depreciation & Amortisation                 €              0     -165,911     -306,133     -306,133     -388,597     -388,597     -388,597     -421,502      -421,502          -421,502       -421,502     -255,591    -115,369    -115,369     -32,906     -32,906     -4,182,116

 EBIT                                       €          -5,000    -170,911        -1,260      98,918       19,568      105,794      122,859       89,953       186,392          193,244         193,244     359,155     499,377     499,377     581,840     581,840      3,354,390

 Taxes                                       €              0            0            0            0        -3,522     -19,043      -22,115      -29,684        -61,509             -63,771     -63,771     -118,521    -164,794    -164,794    -192,007    -192,007     -1,095,539

 Net Income after taxes                      €         -5,000    -170,911        -1,260      98,918       16,045       86,751      100,744       60,268       124,883          129,473         129,473     240,634     334,582     334,582     389,833     389,833      2,258,851

  Depreciation and Amortisation              €              0      165,911      306,133      306,133      388,597      388,597      388,597      421,502       421,502              421,502     421,502     255,591     115,369     115,369      32,906      32,906       4,182,116

 Investment                                  €      -1,659,107 -1,106,071      -296,150            0     -824,637            0            0     -296,150                0                0            0           0           0           0           0           0      -4,182,116
 Fair value                                  €               0          0             0            0            0            0            0            0                0                0            0           0           0           0           0     871,331         871,331
 Cash Flow from Investment                  €      -1,659,107 -1,106,071      -296,150             0    -824,637             0            0    -296,150                 0                0            0           0           0           0           0    871,331      -3,310,784

 Proceeds from Issuance of LT Debt           €               0          0             0            0            0            0            0            0                0                0            0           0           0           0           0           0               0
 Principal Payments on LT Debt               €               0          0             0            0            0            0            0            0                0                0            0           0           0           0           0           0               0
 Capital Contributions--Equity               €      -1,659,107 -1,106,071      -296,150            0     -824,637            0            0     -296,150                0                0            0           0           0           0           0     871,331      -3,310,784
 Dividends Paid                              €               0          0             0            0            0            0            0            0                0                0            0           0           0           0           0           0               0
 Cash Flow from Financing Activities        €      -1,659,107 -1,106,071      -296,150             0    -824,637             0            0    -296,150                 0                0            0           0           0           0           0    871,331      -3,310,784

 Cash flow from Operations                   €      -1,664,107   -1,111,071        8,723      405,051     -419,995      475,347      489,341      185,620      546,385           550,976         550,976     496,225     449,952     449,952     422,739   1,294,070      3,130,182
 Cumulated cash flow from Operations         €      -1,664,107   -2,775,178   -2,766,455   -2,361,405   -2,781,400   -2,306,052   -1,816,712   -1,631,092   -1,084,707          -533,731          17,245     513,470     963,421   1,413,373   1,836,112   3,130,182
 Payback calculation                       year                                                                                                                                                     2017        2018        2019        2020        2021        2022          2017
 IRR                                        %                -            -            -            -            -            -            -     -15.87%        -8.01%           -3.20%           0.09%       2.26%       3.79%       5.01%       5.94%       8.01%         8.01%
 NPV                                         €      -1,664,107   -2,692,876   -2,685,398   -2,363,856   -2,672,565   -2,349,051   -2,040,684   -1,932,376   -1,637,181       -1,361,556       -1,106,348    -893,526    -714,844    -549,397    -405,471       2,474         2,474




7936e300-219e-4282-bed0-1087b1ceefe0.xls                                                                                                                Asja.biz - Confidential -                                                                                                     Electr. revenue on benchmark
  SHENYANG LANDFILL GAS PROJECT
  Financial Model
 Profit and Loss & Cashflow




 SENSITIVITY: VARIABLE EXPENSES                                  -10.00%


 n° year                                                    0            0            1            2            3            4            5            6                   7                8            9           10           11          12          13          14      Total
 Calendar Year                                          2007         2008         2009         2010         2011         2012         2013         2014              2015               2016         2017         2018         2019        2020        2021        2022

 Revenues

 Net Power energy generated                kWh              0            0 11,424,000      15,117,219 15,232,000 18,410,878 19,040,000 19,040,000 22,595,403 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000                                    280,795,500
 x Power Price                             €/kWh       0.0597       0.0597     0.0597          0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597
 Revenues Power Energy production           €               0            0   682,013         902,498    909,350 1,099,129 1,136,688 1,136,688 1,348,946 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026                                               16,763,491

 Tons of CO2 Avoided                       tons             0            0            0            0            0            0            0            0                  0                 0            0            0            0           0           0           0              0
 Tons di CO2 from displacement             tons             0            0            0            0            0            0            0            0                  0                 0            0            0            0           0           0           0              0
 Total tons of CO2                         tons             0            0            0            0            0            0            0            0                  0                 0            0            0            0           0           0           0              0
 % UNFCCC on CERs production               tons             0            0            0            0            0            0            0            0                  0                 0            0            0            0           0           0           0              0

 NET tons of CO2                           tons             0             0           0            0            0            0            0            0                  0                  0           0            0            0            0           0           0             0
 x Price for CERs                          €/ton         7.69          7.69        7.69         7.69         7.69         7.69         7.69         7.69               7.69               7.69        7.69         7.69         7.69         7.69        7.69        7.69
 Revenues from CERs                         €               0             0           0            0            0            0            0            0                  0                  0           0            0            0            0           0           0             0

 TOTAL REVENUES                             €               0            0     682,013      902,498      909,350 1,099,129 1,136,688 1,136,688 1,348,946 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026                                              16,763,491

 Expenses

 Gross power energy generated              kWh              0            0 12,000,000      15,879,432 16,000,000 19,339,157 20,000,000 20,000,000 23,734,667 24,000,000                          24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000           294,953,256
 x Variable Expenses                       €/kWh        0.035        0.035      0.035           0.035      0.035      0.035      0.035      0.035      0.035      0.035                               0.035      0.035      0.035      0.035      0.035      0.035
 Total Variable Expenses                    €               0            0   -378,000        -500,202   -504,000   -609,183   -630,000   -630,000   -747,642   -756,000                            -756,000   -756,000   -756,000   -756,000   -756,000   -756,000            -9,291,028

 Land use fee                                €          -5,000       -5,000      -5,000       -5,000       -5,000       -5,000       -5,000       -5,000           -5,000               -5,000      -5,000       -5,000       -5,000       -5,000      -5,000      -5,000        -80,000
 Development fees                            €               0            0     -34,101      -45,125      -45,468      -54,956      -56,834      -56,834          -67,447              -68,201     -68,201      -68,201      -68,201      -68,201     -68,201     -68,201       -838,175
 Local tax (Interim measures)                €               0            0           0            0            0            0            0            0                0                    0           0            0            0            0           0           0              0
 UNFCCC fee - in cash                        €               0            0           0            0            0            0            0            0                0                    0           0            0            0            0           0           0              0
 CERs validation                             €               0            0           0            0            0            0            0            0                0                    0           0            0            0            0           0           0              0

 TOTALE EXPENSES                            €          -5,000       -5,000    -417,101     -550,327     -554,468     -669,140     -691,834     -691,834        -820,089         -829,201         -829,201     -829,201     -829,201     -829,201    -829,201    -829,201    -10,209,202

 EBITDA                                     €          -5,000       -5,000     264,912      352,171      354,883      429,989      444,854      444,854         528,856           534,824         534,824      534,824      534,824     534,824     534,824     534,824      6,554,289

 Depreciation & Amortisation                 €              0      -165,911    -306,133     -306,133     -388,597     -388,597     -388,597     -421,502         -421,502         -421,502        -421,502     -255,591     -115,369     -115,369     -32,906     -32,906     -4,182,116

 EBIT                                       €          -5,000     -170,911     -41,221       46,038      -33,714       41,393       56,257       23,351         107,354           113,322         113,322      279,233      419,455     419,455     501,919     501,919      2,372,173

 Taxes                                       €              0            0            0            0            0        -7,451     -10,126        -7,706         -35,427              -37,396     -37,396      -92,147     -138,420     -138,420    -165,633    -165,633       -835,756

 Net Income after taxes                      €         -5,000     -170,911     -41,221       46,038      -33,714       33,942       46,131       15,645           71,927           75,926          75,926      187,086      281,035     281,035     336,286     336,286      1,536,417

  Depreciation and Amortisation              €              0      165,911      306,133      306,133      388,597      388,597      388,597      421,502          421,502          421,502         421,502      255,591      115,369     115,369      32,906      32,906       4,182,116

 Investment                                  €      -1,659,107 -1,106,071      -296,150            0     -824,637            0            0     -296,150                  0                 0            0            0            0           0           0           0      -4,182,116
 Fair value                                  €               0          0             0            0            0            0            0            0                  0                 0            0            0            0           0           0     871,331         871,331
 Cash Flow from Investment                  €      -1,659,107 -1,106,071      -296,150             0    -824,637             0            0    -296,150                   0                 0            0            0            0           0           0    871,331      -3,310,784

 Proceeds from Issuance of LT Debt           €               0          0             0            0            0            0            0            0                  0                 0            0            0            0           0           0           0               0
 Principal Payments on LT Debt               €               0          0             0            0            0            0            0            0                  0                 0            0            0            0           0           0           0               0
 Capital Contributions--Equity               €      -1,659,107 -1,106,071      -296,150            0     -824,637            0            0     -296,150                  0                 0            0            0            0           0           0     871,331      -3,310,784
 Dividends Paid                              €               0          0             0            0            0            0            0            0                  0                 0            0            0            0           0           0           0               0
 Cash Flow from Financing Activities        €      -1,659,107 -1,106,071      -296,150             0    -824,637             0            0    -296,150                   0                 0            0            0            0           0           0    871,331      -3,310,784

 Cash flow from Operations                   €      -1,664,107   -1,111,071      -31,238      352,171     -469,754      422,539      434,727      140,997        493,429           497,428         497,428       442,677      396,404     396,404     369,191   1,240,523      2,407,749
 Cumulated cash flow from Operations         €      -1,664,107   -2,775,178   -2,806,416   -2,454,245   -2,923,999   -2,501,461   -2,066,733   -1,925,736     -1,432,307          -934,879        -437,451         5,227      401,631     798,035   1,167,226   2,407,749
 Payback calculation                       year                                                                                                                                                                     2018         2019        2020        2021        2022         2018
 IRR                                        %                -            -            -            -            -            -            -            -       -10.99%             -5.80%           -2.28%       0.02%        1.64%       2.93%       3.92%       6.31%        6.31%
 NPV                                         €      -1,664,107   -2,692,876   -2,719,658   -2,440,093   -2,785,377   -2,497,804   -2,223,852   -2,141,582     -1,874,997        -1,626,159       -1,395,754   -1,205,897   -1,048,479    -902,722    -777,027    -385,963     -385,963




7936e300-219e-4282-bed0-1087b1ceefe0.xls                                                                                                                   Asja.biz - Confidential -                                                                                                       -10% O&M cost
  SHENYANG LANDFILL GAS PROJECT
  Financial Model
 Profit and Loss & Cashflow




 SENSITIVITY: VARIABLE EXPENSES                                  10.00%


 n° year                                                    0            0            1            2            3            4            5            6                7                8            9           10           11           12           13           14      Total
 Calendar Year                                          2007         2008         2009         2010         2011         2012         2013         2014           2015                2016        2017         2018         2019         2020         2021         2022

 Revenues

 Net Power energy generated                kWh              0            0 11,424,000      15,117,219 15,232,000 18,410,878 19,040,000 19,040,000 22,595,403 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000                                    280,795,500
 x Power Price                             €/kWh       0.0597       0.0597     0.0597          0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597
 Revenues Power Energy production           €               0            0   682,013         902,498    909,350 1,099,129 1,136,688 1,136,688 1,348,946 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026                                               16,763,491

 Tons of CO2 Avoided                       tons             0            0            0            0            0            0            0            0                0                0            0            0            0            0            0            0              0
 Tons di CO2 from displacement             tons             0            0            0            0            0            0            0            0                0                0            0            0            0            0            0            0              0
 Total tons of CO2                         tons             0            0            0            0            0            0            0            0                0                0            0            0            0            0            0            0              0
 % UNFCCC on CERs production               tons             0            0            0            0            0            0            0            0                0                0            0            0            0            0            0            0              0

 NET tons of CO2                           tons             0            0            0            0            0            0            0            0               0                  0           0            0            0            0            0            0              0
 x Price for CERs                          €/ton         7.69         7.69         7.69         7.69         7.69         7.69         7.69         7.69            7.69               7.69        7.69         7.69         7.69         7.69         7.69         7.69
 Revenues from CERs                         €               0            0            0            0            0            0            0            0               0                  0           0            0            0            0            0            0              0

 TOTAL REVENUES                             €               0            0     682,013      902,498      909,350 1,099,129 1,136,688 1,136,688 1,348,946 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026                                              16,763,491

 Expenses

 Gross power energy generated              kWh              0            0 12,000,000      15,879,432 16,000,000 19,339,157 20,000,000 20,000,000 23,734,667 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000                                    294,953,256
 x Variable Expenses                       €/kWh        0.035        0.035      0.035           0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035
 Total Variable Expenses                    €               0            0   -462,000        -611,358   -616,000   -744,558   -770,000   -770,000   -913,785   -924,000   -924,000   -924,000   -924,000   -924,000   -924,000   -924,000                                    -11,355,700

 Land use fee                                €          -5,000       -5,000      -5,000       -5,000       -5,000       -5,000       -5,000       -5,000         -5,000              -5,000      -5,000       -5,000       -5,000       -5,000       -5,000       -5,000         -80,000
 Development fees                            €               0            0     -34,101      -45,125      -45,468      -54,956      -56,834      -56,834        -67,447             -68,201     -68,201      -68,201      -68,201      -68,201      -68,201      -68,201        -838,175
 Local tax (Interim measures)                €               0            0           0            0            0            0            0            0              0                   0           0            0            0            0            0            0               0
 UNFCCC fee - in cash                        €               0            0           0            0            0            0            0            0              0                   0           0            0            0            0            0            0               0
 CERs validation                             €               0            0           0            0            0            0            0            0              0                   0           0            0            0            0            0            0               0

 TOTALE EXPENSES                            €          -5,000       -5,000    -501,101     -661,483     -666,468     -804,514     -831,834     -831,834     -986,232          -997,201        -997,201     -997,201     -997,201     -997,201     -997,201     -997,201     -12,273,875

 EBITDA                                     €          -5,000       -5,000     180,912      241,015      242,883      294,615      304,854      304,854       362,714          366,824         366,824      366,824      366,824      366,824      366,824      366,824      4,489,616

 Depreciation & Amortisation                 €              0     -165,911     -306,133     -306,133     -388,597     -388,597     -388,597     -421,502      -421,502          -421,502       -421,502     -255,591     -115,369     -115,369      -32,906      -32,906      -4,182,116

 EBIT                                       €          -5,000    -170,911     -125,221      -65,118     -145,714      -93,981      -83,743     -116,649       -58,789           -54,678        -54,678      111,233      251,455      251,455      333,919      333,919        307,501

 Taxes                                       €              0            0            0            0            0            0            0            0                0                0            0      -36,707      -82,980      -82,980     -110,193     -110,193        -423,054

 Net Income after taxes                      €         -5,000    -170,911     -125,221      -65,118     -145,714      -93,981      -83,743     -116,649       -58,789           -54,678        -54,678       74,526      168,475      168,475      223,726      223,726       -115,553

  Depreciation and Amortisation              €              0      165,911      306,133      306,133      388,597      388,597      388,597      421,502       421,502              421,502     421,502      255,591      115,369      115,369       32,906       32,906       4,182,116

 Investment                                  €      -1,659,107 -1,106,071      -296,150            0     -824,637            0            0     -296,150                0                0            0            0            0            0            0            0      -4,182,116
 Fair value                                  €               0          0             0            0            0            0            0            0                0                0            0            0            0            0            0      871,331         871,331
 Cash Flow from Investment                  €      -1,659,107 -1,106,071      -296,150             0    -824,637             0            0    -296,150                 0                0            0            0            0            0            0     871,331      -3,310,784

 Proceeds from Issuance of LT Debt           €               0          0             0            0            0            0            0            0                0                0            0            0            0            0            0            0               0
 Principal Payments on LT Debt               €               0          0             0            0            0            0            0            0                0                0            0            0            0            0            0            0               0
 Capital Contributions--Equity               €      -1,659,107 -1,106,071      -296,150            0     -824,637            0            0     -296,150                0                0            0            0            0            0            0      871,331      -3,310,784
 Dividends Paid                              €               0          0             0            0            0            0            0            0                0                0            0            0            0            0            0            0               0
 Cash Flow from Financing Activities        €      -1,659,107 -1,106,071      -296,150             0    -824,637             0            0    -296,150                 0                0            0            0            0            0            0     871,331      -3,310,784

 Cash flow from Operations                   €      -1,664,107   -1,111,071     -115,238      241,015     -581,754      294,615      304,854        8,703      362,714          366,824          366,824      330,117     283,844      283,844      256,631     1,127,963       755,779
 Cumulated cash flow from Operations         €      -1,664,107   -2,775,178   -2,890,416   -2,649,401   -3,231,155   -2,936,540   -2,631,686   -2,622,983   -2,260,270       -1,893,445       -1,526,621   -1,196,503    -912,659     -628,815     -372,184       755,779
 Payback calculation                       year                                                                                                                                                                                                                      2022          2022
 IRR                                        %                -            -            -            -            -            -            -            -     -19.71%          -13.13%            -8.84%       -6.02%       -4.12%       -2.56%       -1.39%       2.09%         2.09%
 NPV                                         €      -1,664,107   -2,692,876   -2,791,675   -2,600,349   -3,027,956   -2,827,446   -2,635,336   -2,630,258   -2,434,295       -2,250,791       -2,080,881   -1,939,299   -1,826,581   -1,722,212   -1,634,839   -1,279,258    -1,279,258




7936e300-219e-4282-bed0-1087b1ceefe0.xls                                                                                                                Asja.biz - Confidential -                                                                                                          10% O&M cost
  SHENYANG LANDFILL GAS PROJECT
  Financial Model
 Profit and Loss & Cashflow




 SENSITIVITY: VARIABLE EXPENSES                                  -19.45%


 n° year                                                    0            0            1            2            3            4            5            6                7                8            9          10          11          12          13          14     Total
 Calendar Year                                          2007         2008         2009         2010         2011         2012         2013         2014           2015                2016        2017        2018        2019        2020        2021        2022

 Revenues

 Net Power energy generated                kWh              0            0 11,424,000      15,117,219 15,232,000 18,410,878 19,040,000 19,040,000 22,595,403 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000 22,848,000                              280,795,500
 x Power Price                             €/kWh       0.0597       0.0597     0.0597          0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597     0.0597
 Revenues Power Energy production           €               0            0   682,013         902,498    909,350 1,099,129 1,136,688 1,136,688 1,348,946 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026                                          16,763,491

 Tons of CO2 Avoided                       tons             0            0            0            0            0            0            0            0                0                0            0           0           0           0           0           0             0
 Tons di CO2 from displacement             tons             0            0            0            0            0            0            0            0                0                0            0           0           0           0           0           0             0
 Total tons of CO2                         tons             0            0            0            0            0            0            0            0                0                0            0           0           0           0           0           0             0
 % UNFCCC on CERs production               tons             0            0            0            0            0            0            0            0                0                0            0           0           0           0           0           0             0

 NET tons of CO2                           tons             0             0           0            0            0            0            0            0               0                  0           0            0           0           0           0           0            0
 x Price for CERs                          €/ton         7.69          7.69        7.69         7.69         7.69         7.69         7.69         7.69            7.69               7.69        7.69         7.69        7.69        7.69        7.69        7.69
 Revenues from CERs                         €               0             0           0            0            0            0            0            0               0                  0           0            0           0           0           0           0            0

 TOTAL REVENUES                             €               0            0     682,013      902,498      909,350 1,099,129 1,136,688 1,136,688 1,348,946 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026 1,364,026                                         16,763,491

 Expenses

 Gross power energy generated              kWh              0            0 12,000,000      15,879,432 16,000,000 19,339,157 20,000,000 20,000,000 23,734,667 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000                              294,953,256
 x Variable Expenses                       €/kWh        0.035        0.035      0.035           0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035      0.035
 Total Variable Expenses                    €               0            0   -338,310        -447,681   -451,080   -545,219   -563,850   -563,850   -669,140   -676,620   -676,620   -676,620   -676,620   -676,620   -676,620   -676,620                               -8,315,470

 Land use fee                                €          -5,000       -5,000      -5,000       -5,000       -5,000       -5,000       -5,000       -5,000         -5,000              -5,000      -5,000       -5,000      -5,000      -5,000      -5,000      -5,000       -80,000
 Development fees                            €               0            0     -34,101      -45,125      -45,468      -54,956      -56,834      -56,834        -67,447             -68,201     -68,201      -68,201     -68,201     -68,201     -68,201     -68,201      -838,175
 Local tax (Interim measures)                €               0            0           0            0            0            0            0            0              0                   0           0            0           0           0           0           0             0
 UNFCCC fee - in cash                        €               0            0           0            0            0            0            0            0              0                   0           0            0           0           0           0           0             0
 CERs validation                             €               0            0           0            0            0            0            0            0              0                   0           0            0           0           0           0           0             0

 TOTALE EXPENSES                            €          -5,000       -5,000    -377,411     -497,806     -501,548     -605,176     -625,684     -625,684     -741,587          -749,821        -749,821     -749,821    -749,821    -749,821    -749,821    -749,821    -9,233,644

 EBITDA                                     €          -5,000       -5,000     304,602      404,692      407,803      493,954      511,004      511,004       607,359          614,204         614,204     614,204     614,204     614,204     614,204     614,204      7,529,847

 Depreciation & Amortisation                 €              0      -165,911    -306,133     -306,133     -388,597     -388,597     -388,597     -421,502      -421,502          -421,502       -421,502     -255,591    -115,369    -115,369     -32,906     -32,906    -4,182,116

 EBIT                                       €          -5,000     -170,911       -1,531      98,559       19,206      105,357      122,407       89,501       185,857          192,702         192,702     358,613     498,835     498,835     581,299     581,299      3,347,731

 Taxes                                       €              0            0            0            0        -3,457     -18,964      -22,033      -29,535        -61,333             -63,592     -63,592     -118,342    -164,616    -164,616    -191,829    -191,829    -1,093,737

 Net Income after taxes                      €         -5,000     -170,911       -1,531      98,559       15,749       86,393      100,374       59,966       124,524          129,110         129,110     240,271     334,219     334,219     389,470     389,470      2,253,995

  Depreciation and Amortisation              €              0      165,911      306,133      306,133      388,597      388,597      388,597      421,502       421,502              421,502     421,502     255,591     115,369     115,369      32,906      32,906      4,182,116

 Investment                                  €      -1,659,107 -1,106,071      -296,150            0     -824,637            0            0     -296,150                0                0            0           0           0           0           0           0     -4,182,116
 Fair value                                  €               0          0             0            0            0            0            0            0                0                0            0           0           0           0           0     871,331        871,331
 Cash Flow from Investment                  €      -1,659,107 -1,106,071      -296,150             0    -824,637             0            0    -296,150                 0                0            0           0           0           0           0    871,331     -3,310,784

 Proceeds from Issuance of LT Debt           €               0          0             0            0            0            0            0            0                0                0            0           0           0           0           0           0              0
 Principal Payments on LT Debt               €               0          0             0            0            0            0            0            0                0                0            0           0           0           0           0           0              0
 Capital Contributions--Equity               €      -1,659,107 -1,106,071      -296,150            0     -824,637            0            0     -296,150                0                0            0           0           0           0           0     871,331     -3,310,784
 Dividends Paid                              €               0          0             0            0            0            0            0            0                0                0            0           0           0           0           0           0              0
 Cash Flow from Financing Activities        €      -1,659,107 -1,106,071      -296,150             0    -824,637             0            0    -296,150                 0                0            0           0           0           0           0    871,331     -3,310,784

 Cash flow from Operations                   €      -1,664,107   -1,111,071        8,452      404,692     -420,291      474,989      488,970      185,318      546,026           550,613         550,613     495,862     449,589     449,589     422,376   1,293,707     3,125,326
 Cumulated cash flow from Operations         €      -1,664,107   -2,775,178   -2,766,726   -2,362,034   -2,782,325   -2,307,336   -1,818,365   -1,633,048   -1,087,022          -536,409          14,203     510,066     959,654   1,409,243   1,831,619   3,125,326
 Payback calculation                       year                                                                                                                                                     2017        2018        2019        2020        2021        2022         2017
 IRR                                        %                -            -            -            -            -            -            -     -15.90%        -8.03%           -3.22%           0.07%       2.25%       3.78%       5.00%       5.92%       8.00%        8.00%
 NPV                                         €      -1,664,107   -2,692,876   -2,685,630   -2,364,373   -2,673,299   -2,350,029   -2,041,895   -1,933,764   -1,638,763       -1,363,320       -1,108,280    -895,613    -717,075    -551,762    -407,960        -129         -129




7936e300-219e-4282-bed0-1087b1ceefe0.xls                                                                                                                Asja.biz - Confidential -                                                                                                    O&M cost on benchmark

				
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Description: Financial Model for Power Project document sample