Embed Size (px)
Citation preview
Appendix 1: Financial assessment of potential projects (additional data)
Polfa Tarchomin S.A.: Warsaw Innovative Entreprenuership Area
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Required investment 0 0 -500 -12,000 -36,150 -119,700 -100,000
Operating revenues 0 0 0 10,085 18,605 40,633 80,846 88,443 98,364 102,229 62,938 63,023 63,108 59,507 59,507 59,507 59,507 59,507 59,507 59,507 59,507 59,507 59,507 59,507 59,507 59,507 59,507
Operating expenditures 0 0 0 -18,000 -25,500 -31,500 -36,500 -36,500 -36,500 -36,500 -36,500 -36,500 -36,500 -36,500 -36,500 -36,500 -36,500 -36,500 -36,500 -36,500 -36,500 -36,500 -36,500 -36,500 -36,500 -36,500 -36,500
Operating results 0 0 0 -7,915 -6,895 9,133 44,346 51,943 61,864 65,729 26,438 26,523 26,608 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Operating results (quasi EBITDA) 0 0 0 -7,915 -6,895 9,133 44,346 51,943 61,864 65,729 26,438 26,523 26,608 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007
Required investment 0 0 -500 -12,000 -36,150 -119,700 -100,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quasi net operating cash-flow 0 0 -500 -19,915 -43,045 -110,567 -55,654 51,943 61,864 65,729 26,438 26,523 26,608 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007
Discount factor 0.91 0.95 1.00 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48 1.55 1.63 1.71 1.80 1.89 1.98 2.08 2.18 2.29 2.41 2.53 2.65 2.79 2.93 3.07 3.23
Quasi discounted net operating cash-flow 0 0 -500 -18,967 -39,043 -95,512 -45,787 40,698 46,164 46,712 17,894 17,097 16,335 13,452 12,811 12,201 11,620 11,067 10,540 10,038 9,560 9,105 8,671 8,258 7,865 7,490 7,134
Net Present Value (PLN, 2011) Internal Rate of Return
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Operating cash-flow (quasi EBITDA) 0 0 0 -7,915 -6,895 9,133 44,346 51,943 61,864 65,729 26,438 26,523 26,608 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007 23,007
Investment cash-flow 0 0 -500 -12,000 -36,150 -119,700 -100,000
Debt raised 0 0 0 0 0 134,175 0
Debt paid back 0 0 0 0 0 0 -9,757 -9,757 -9,757 -9,757 -9,757 -9,757 -9,757 -9,757 -9,757 -9,757 -9,757 -9,757 -9,757 -9,757 -9,757 -9,757 -9,757 -9,757 -9,757 -9,757 0
Increase of investors own funds 0 0 134,175 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash at the end of year 0 0 133,675 -19,915 -43,045 23,608 -65,411 42,186 52,107 55,972 16,681 16,766 16,851 13,250 13,250 13,250 13,250 13,250 13,250 13,250 13,250 13,250 13,250 13,250 13,250 13,250 23,007
Cash at the end of year (cumulative) 0 0 133,675 113,760 70,715 94,323 28,912 71,098 123,205 179,177 195,858 212,624 229,475 242,725 255,975 269,225 282,475 295,725 308,975 322,225 335,475 348,725 361,975 375,225 388,475 401,725 424,732
Grodzisk Mazowiecki City Hall: Restoration and development for the purposes of sport and recreation of post-industrial area on the Sportowa St.
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Required investment 0 -61 -1,000 0 -16,900 -25,100 0
Operating revenues 0 0 0 0 0 0 2,645 2,880 3,010 3,140 3,175 3,405 3,581 3,767 3,962 4,167 4,383 4,610 4,849 5,101 5,365 5,643 5,935 6,243 6,566 6,906
Operating expenditures 0 0 0 0 0 0 -2,350 -2,435 -2,515 -2,620 -2,725 -2,820 -2,925 -3,033 -3,146 -3,263 -3,384 -3,510 -3,640 -3,775 -3,915 -4,061 -4,212 -4,368 -4,530 -4,698
Operating results 0 0 0 0 0 0 295 445 495 520 450 585 657 734 816 905 999 1,101 1,209 1,325 1,450 1,582 1,724 1,875 2,036 2,208
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Operating results (quasi EBITDA) 0 0 0 0 0 0 295 445 495 520 450 585 657 734 816 905 999 1,101 1,209 1,325 1,450 1,582 1,724 1,875 2,036 2,208
Required investment 0 -61 -1,000 0 -16,900 -25,100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quasi net operating cash-flow 0 -61 -1,000 0 -16,900 -25,100 295 445 495 520 450 585 657 734 816 905 999 1,101 1,209 1,325 1,450 1,582 1,724 1,875 2,036 2,208
Discount factor 0.91 0.95 1.00 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48 1.55 1.63 1.71 1.80 1.89 1.98 2.08 2.18 2.29 2.41 2.53 2.65 2.79 2.93 3.07
Quasi discounted net operating cash-flow 0 -64 -1,000 0 -15,329 -21,682 243 349 369 370 305 377 403 429 454 480 505 530 554 578 602 626 650 673 696 719
Net Present Value (PLN, 2011) Internal Rate of Return
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Operating cash-flow (quasi EBITDA) 0 0 0 0 0 0 295 445 495 520 450 585 657 734 816 905 999 1,101 1,209 1,325 1,450 1,582 1,724 1,875 2,036 2,208
Investment cash-flow 0 -61 -1,000 0 -16,900 -25,100 0
Debt raised 0 0 0 0 32,296 0 0
Debt paid back 0 0 0 0 0 -2,348 -2,348 -2,348 -2,348 -2,348 -2,348 -2,348 -2,348 -2,348 -2,348 -2,348 -2,348 -2,348 -2,348 -2,348 -2,348 -2,348 -2,348 -2,348 -2,348 0
Increase of investors own funds 0 61 1,000 0 10,765 1,287 2,053 1,903 1,853 1,828 1,898 1,763 1,692 1,615 1,532 1,444 1,349 1,248 1,139 1,023 899 766 625 474 313 0
Cash at the end of year 0 0 0 0 26,161 -26,161 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,208
Cash at the end of year (cumulative) 0 0 0 0 26,161 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,208
Otwock City Hall: Revitalization of the “Urban Green Areas”
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Required investment 0 0 0 -28,000 -27,000 0 0
Operating revenues 0 0 0 0 0 2,968 2,968 2,968 2,968 2,968 2,968 2,968 2,968 2,968 2,968 2,968 2,968 2,968 2,968 2,968 2,968 2,968 2,968 2,968 2,968
Operating expenditures 0 0 0 -1,600 -1,600 -1,700 -1,700 -1,700 -1,700 -1,700 -1,700 -1,700 -1,700 -1,700 -1,700 -1,700 -1,700 -1,700 -1,700 -1,700 -1,700 -1,700 -1,700 -1,700 -1,700
Operating results 0 0 0 -1,600 -1,600 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Operating results (quasi EBITDA) 0 0 0 -1,600 -1,600 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268
Required investment 0 0 0 -28,000 -27,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quasi net operating cash-flow 0 0 0 -29,600 -28,600 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268
Discount factor 0.91 0.95 1.00 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48 1.55 1.63 1.71 1.80 1.89 1.98 2.08 2.18 2.29 2.41 2.53 2.65 2.79 2.93
Quasi discounted net operating cash-flow 0 0 0 -28,190 -25,941 1,095 1,043 994 946 901 858 817 778 741 706 672 640 610 581 553 527 502 478 455 433
Net Present Value (PLN, 2011) Internal Rate of Return
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Operating cash-flow (quasi EBITDA) 0 0 0 -1,600 -1,600 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,268
Investment cash-flow 0 0 0 -28,000 -27,000 0 0
Debt raised 0 0 0 41,250 0 0 0
Debt paid back 0 0 0 0 -3,000 -3,000 -3,000 -3,000 -3,000 -3,000 -3,000 -3,000 -3,000 -3,000 -3,000 -3,000 -3,000 -3,000 -3,000 -3,000 -3,000 -3,000 -3,000 -3,000 -3,000
Increase of investors own funds 0 0 0 13,750 6,200 1,732 1,732 1,732 1,732 1,732 1,732 1,732 1,732 1,732 1,732 1,732 1,732 1,732 1,732 1,732 1,732 1,732 1,732 1,732 1,732
Cash at the end of year 0 0 0 25,400 -25,400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash at the end of year (cumulative) 0 0 0 25,400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Otwock City Hall: Revitalization of the Jaracz theatre and development of the adjacent surroundings
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Required investment 0 0 0 -5,100 -3,900 0 0
Operating revenues 0 0 0 0 0 283 283 283 283 283 283 283 283 283 283 283 283 283 283 283 283 283 283 283 283
Operating expenditures 0 0 0 -550 -550 -550 -550 -550 -550 -550 -550 -550 -550 -550 -550 -550 -550 -550 -550 -550 -550 -550 -550 -550 -550
Operating results 0 0 0 -550 -550 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Operating results (quasi EBITDA) 0 0 0 -550 -550 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267
Required investment 0 0 0 -5,100 -3,900 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quasi net operating cash-flow 0 0 0 -5,650 -4,450 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267
Discount factor 0.91 0.95 1.00 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48 1.55 1.63 1.71 1.80 1.89 1.98 2.08 2.18 2.29 2.41 2.53 2.65 2.79 2.93
Quasi discounted net operating cash-flow 0 0 0 -5,381 -4,036 -231 -220 -209 -199 -190 -181 -172 -164 -156 -149 -142 -135 -128 -122 -116 -111 -106 -101 -96 -91
Net Present Value (PLN, 2011) Internal Rate of Return
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Operating cash-flow (quasi EBITDA) 0 0 0 -550 -550 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267
Investment cash-flow 0 0 0 -5,100 -3,900 0 0
Debt raised 0 0 0 6,750 0 0 0
Debt paid back 0 0 0 0 -491 -491 -491 -491 -491 -491 -491 -491 -491 -491 -491 -491 -491 -491 -491 -491 -491 -491 -491 -491 0
Increase of investors own funds 0 0 0 2,250 1,591 758 758 758 758 758 758 758 758 758 758 758 758 758 758 758 758 758 758 758 267
Cash at the end of year 0 0 0 3,350 -3,350 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash at the end of year (cumulative) 0 0 0 3,350 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
-12,435,293 N/A (<0)
124,903,757 12.2%
-28,164,559 N/A (<0)
-39,798,564 N/A (<0)
Polfa Tarchomin S.A.: Warsaw Innovative Entreprenuership Area
Grodzisk Mazowiecki City Hall: Restoration and development for the purposes of sport and recreation of post-industrial area on the Sportowa St.
Otwock City Hall: Revitalization of the “Urban Green Areas”
Otwock City Hall: Revitalization of the Jaracz theatre and development of the adjacent surroundings
-50,000
-25,000
0
25,000
50,000
75,000
100,000
125,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
20
35
PL
N '0
00
Operating revenues Operating expenditures Operating results
-6,000
-4,000
-2,000
0
2,000
4,000
6,000
8,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
PL
N '0
00
Operating revenues Operating expenditures Operating results
-2,000
-1,000
0
1,000
2,000
3,000
4,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
PL
N '0
00
Operating revenues Operating expenditures Operating results
-40,000
-30,000
-20,000
-10,000
0
10,000
20,000
30,000
40,000
50,000
60,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
PL
N '0
00
Operating cash-flow (quasi EBITDA) Investment cash-flow Debt raised Debt paid back Increase of investors own funds
-30,000
-20,000
-10,000
0
10,000
20,000
30,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
PL
N '0
00
Cash at the end of year Cash at the end of year (cumulative)
-40,000
-30,000
-20,000
-10,000
0
10,000
20,000
30,000
40,000
50,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
PL
N '0
00
Operating cash-flow (quasi EBITDA) Investment cash-flow Debt raised Debt paid back Increase of investors own funds
-30,000
-20,000
-10,000
0
10,000
20,000
30,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
PL
N '0
00
Cash at the end of year Cash at the end of year (cumulative)
-150,000
-100,000
-50,000
0
50,000
100,000
150,000
200,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
20
35
PL
N '0
00
Operating cash-flow (quasi EBITDA) Investment cash-flow Debt raised Debt paid back Increase of investors own funds
-100,000
0
100,000
200,000
300,000
400,000
500,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
20
35
PL
N '0
00
Cash at the end of year Cash at the end of year (cumulative)
-600
-500
-400
-300
-200
-100
0
100
200
300
400
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
PL
N '0
00
Operating revenues Operating expenditures Operating results
-8,000
-6,000
-4,000
-2,000
0
2,000
4,000
6,000
8,000
10,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
PL
N '0
00
Operating cash-flow (quasi EBITDA) Investment cash-flow Debt raised Debt paid back Increase of investors own funds
-4,000
-3,000
-2,000
-1,000
0
1,000
2,000
3,000
4,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
PL
N '0
00
Cash at the end of year Cash at the end of year (cumulative)
Otwock City Hall: Industrial Park/Medico-Nuclear Cluster
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Required investment 0 0 0 -46,000 0 0 0
Operating revenues 0 0 0 0 2,000 32,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000
Operating expenditures 0 0 0 -1,100 -1,100 -1,100 -1,000 -1,000 -1,000 -1,000 -1,000 -1,000 -1,000 -1,000 -1,000 -1,000 -1,000 -1,000 -1,000 -1,000 -1,000 -1,000 -1,000 -1,000
Operating results 0 0 0 -1,100 900 30,900 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Operating results (quasi EBITDA) 0 0 0 -1,100 900 30,900 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Required investment 0 0 0 -46,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quasi net operating cash-flow 0 0 0 -47,100 900 30,900 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Discount factor 0.91 0.95 1.00 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48 1.55 1.63 1.71 1.80 1.89 1.98 2.08 2.18 2.29 2.41 2.53 2.65 2.79
Quasi discounted net operating cash-flow 0 0 0 -44,857 816 26,693 823 784 746 711 677 645 614 585 557 530 505 481 458 436 416 396 377 359
Net Present Value (PLN, 2011) Internal Rate of Return
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Operating cash-flow (quasi EBITDA) 0 0 0 -1,100 900 30,900 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Investment cash-flow 0 0 0 -46,000 0 0 0
Debt raised 0 0 0 23,000 0 0 0
Debt paid back 0 0 0 0 -1,673 -1,673 -1,673 -1,673 -1,673 -1,673 -1,673 -1,673 -1,673 -1,673 -1,673 -1,673 -1,673 -1,673 -1,673 -1,673 -1,673 -1,673 -1,673 -1,673
Increase of investors own funds 0 0 0 24,100 773 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash at the end of year 0 0 0 0 0 29,227 -673 -673 -673 -673 -673 -673 -673 -673 -673 -673 -673 -673 -673 -673 -673 -673 -673 -673
Cash at the end of year (cumulative) 0 0 0 0 0 29,227 28,555 27,882 27,210 26,537 25,865 25,192 24,520 23,847 23,175 22,502 21,830 21,157 20,485 19,812 19,140 18,467 17,795 17,122
Piaseczno City Hall: Installation of solar collectors in the public buildings
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Required investment 0 0 0 -62 -563 0 0
Operating revenues 0 0 0 0 0 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28
Operating expenditures 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating results 0 0 0 0 0 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Operating results (quasi EBITDA) 0 0 0 0 0 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28
Required investment 0 0 0 -62 -563 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quasi net operating cash-flow 0 0 0 -62 -563 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28
Discount factor 0.91 0.95 1.00 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48 1.55 1.63 1.71 1.80 1.89 1.98 2.08 2.18 2.29 2.41 2.53 2.65 2.79 2.93
Quasi discounted net operating cash-flow 0 0 0 -59 -511 24 23 22 21 20 19 18 17 16 16 15 14 13 13 12 12 11 11 10 10
Net Present Value (PLN, 2011) Internal Rate of Return
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Operating cash-flow (quasi EBITDA) 0 0 0 0 0 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28
Investment cash-flow 0 0 0 -62 -563 0 0
Debt raised 0 0 0 0 469 0 0
Debt paid back 0 0 0 0 0 -34 -34 -34 -34 -34 -34 -34 -34 -34 -34 -34 -34 -34 -34 -34 -34 -34 -34 -34 -34
Increase of investors own funds 0 0 0 156 0 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6
Cash at the end of year 0 0 0 94 -94 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash at the end of year (cumulative) 0 0 0 94 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Piaseczno City Hall: Modernization of the railway station in Piaseczno
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Required investment -30 0 0 -6,731 0 0 0
Operating revenues 0 0 0 0 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200
Operating expenditures 0 0 0 0 -12 -12 -12 -12 -12 -12 -12 -12 -12 -12 -12 -12 -12 -12 -12 -12 -12 -12 -12 -12
Operating results 0 0 0 0 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Operating results (quasi EBITDA) 0 0 0 0 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188
Required investment -30 0 0 -6,731 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quasi net operating cash-flow -30 0 0 -6,731 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188
Discount factor 0.91 0.95 1.00 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48 1.55 1.63 1.71 1.80 1.89 1.98 2.08 2.18 2.29 2.41 2.53 2.65 2.79
Quasi discounted net operating cash-flow -33 0 0 -6,410 171 162 155 147 140 134 127 121 115 110 105 100 95 90 86 82 78 74 71 67
Net Present Value (PLN, 2011) Internal Rate of Return
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Operating cash-flow (quasi EBITDA) 0 0 0 0 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188 188
Investment cash-flow -30 0 0 -6,731 0 0 0
Debt raised 0 0 0 5,071 0 0 0
Debt paid back 0 0 0 0 -369 -369 -369 -369 -369 -369 -369 -369 -369 -369 -369 -369 -369 -369 -369 -369 -369 -369 -369 -369
Increase of investors own funds 30 0 0 1,660 181 181 181 181 181 181 181 181 181 181 181 181 181 181 181 181 181 181 181 181
Cash at the end of year 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash at the end of year (cumulative) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Piaseczno City Hall: Replacement of street lighting in the city with low-energy lamps
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Required investment -50 0 0 -4,032 0 0 0
Operating revenues 0 0 0 0 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665
Operating expenditures 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating results 0 0 0 0 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Operating results (quasi EBITDA) 0 0 0 0 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665
Required investment -50 0 0 -4,032 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quasi net operating cash-flow -50 0 0 -4,032 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665
Discount factor 0.91 0.95 1.00 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48 1.55 1.63 1.71 1.80 1.89 1.98 2.08 2.18 2.29 2.41 2.53 2.65 2.79
Quasi discounted net operating cash-flow -55 0 0 -3,840 603 574 547 521 496 473 450 429 408 389 370 353 336 320 305 290 276 263 251 239
Net Present Value (PLN, 2011) Internal Rate of Return
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Operating cash-flow (quasi EBITDA) 0 0 0 0 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665 665
Investment cash-flow -50 0 0 -4,032 0 0 0
Debt raised 0 0 0 3,062 0 0 0
Debt paid back 0 0 0 0 -223 -223 -223 -223 -223 -223 -223 -223 -223 -223 -223 -223 -223 -223 -223 -223 -223 -223 -223 -223
Increase of investors own funds 50 0 0 971 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash at the end of year 0 0 0 0 442 442 442 442 442 442 442 442 442 442 442 442 442 442 442 442 442 442 442 442
Cash at the end of year (cumulative) 0 0 0 0 442 885 1,327 1,769 2,212 2,654 3,097 3,539 3,981 4,424 4,866 5,308 5,751 6,193 6,636 7,078 7,520 7,963 8,405 8,847
-253,205 N/A (<0)
-4,212,222 N/A (<0)
3,997,608 15.2%
-7,250,330 1.1%
Otwock City Hall: Industrial Park/Medico-Nuclear Cluster
Piaseczno City Hall: Installation of solar collectors in the public buildings
Piaseczno City Hall: Modernization of the railway station in Piaseczno
Piaseczno City Hall: Replacement of street lighting in the city with low-energy lamps
0
5
10
15
20
25
30
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
PL
N '0
00
Operating revenues Operating expenditures Operating results
-50
0
50
100
150
200
250
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
PL
N '0
00
Operating revenues Operating expenditures Operating results
-8,000
-6,000
-4,000
-2,000
0
2,000
4,000
6,000
8,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
PL
N '0
00
Operating cash-flow (quasi EBITDA) Investment cash-flow Debt raised Debt paid back Increase of investors own funds
0
0
0
0
0
1
1
1
1
1
1
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
PL
N '0
00
Cash at the end of year Cash at the end of year (cumulative)
-800
-600
-400
-200
0
200
400
600
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
PL
N '0
00
Operating cash-flow (quasi EBITDA) Investment cash-flow Debt raised Debt paid back Increase of investors own funds
-150
-100
-50
0
50
100
150
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
PL
N '0
00
Cash at the end of year Cash at the end of year (cumulative)
0
100
200
300
400
500
600
700
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
PL
N '0
00
Operating revenues Operating expenditures Operating results
-5,000
-4,000
-3,000
-2,000
-1,000
0
1,000
2,000
3,000
4,000
5,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
PL
N '0
00
Operating cash-flow (quasi EBITDA) Investment cash-flow Debt raised Debt paid back Increase of investors own funds
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
PL
N '0
00
Cash at the end of year Cash at the end of year (cumulative)
-5,000
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
PL
N '0
00
Operating revenues Operating expenditures Operating results
-60,000
-40,000
-20,000
0
20,000
40,000
60,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
PL
N '0
00
Operating cash-flow (quasi EBITDA) Investment cash-flow Debt raised Debt paid back Increase of investors own funds
-5,000
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
PL
N '0
00
Cash at the end of year Cash at the end of year (cumulative)
Piaseczno City Hall: Improving the supply of heat to residents on the area A1MWU
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Required investment 0 -95 -64 -212 -4,023 0 0
Operating revenues 0 0 0 0 0 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618
Operating expenditures 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating results 0 0 0 0 0 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Operating results (quasi EBITDA) 0 0 0 0 0 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618
Required investment 0 -95 -64 -212 -4,023 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quasi net operating cash-flow 0 -95 -64 -212 -4,023 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618
Discount factor 0.91 0.95 1.00 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48 1.55 1.63 1.71 1.80 1.89 1.98 2.08 2.18 2.29 2.41 2.53 2.65 2.79 2.93
Quasi discounted net operating cash-flow 0 -100 -64 -202 -3,649 534 508 484 461 439 418 398 379 361 344 328 312 297 283 270 257 245 233 222 211
Net Present Value (PLN, 2011) Internal Rate of Return
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Operating cash-flow (quasi EBITDA) 0 0 0 0 0 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618 618
Investment cash-flow 0 -95 -64 -212 -4,023 0 0
Debt raised 0 0 0 0 3,296 0 0
Debt paid back 0 0 0 0 0 -240 -240 -240 -240 -240 -240 -240 -240 -240 -240 -240 -240 -240 -240 -240 -240 -240 -240 -240 -240
Increase of investors own funds 0 95 64 212 728 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash at the end of year 0 0 0 0 0 378 378 378 378 378 378 378 378 378 378 378 378 378 378 378 378 378 378 378 378
Cash at the end of year (cumulative) 0 0 0 0 0 378 757 1,135 1,513 1,892 2,270 2,649 3,027 3,405 3,784 4,162 4,540 4,919 5,297 5,675 6,054 6,432 6,810 7,189 7,567
Warsaw City Hall: Adaptation of building for the office purposes
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Required investment 0 0 0 -392 -345 -444 -312
Operating revenues 0 0 0 0 0 0 480 504 529 556 583 613 613 613 613 613 613 613 613 613 613 613 613 613 613 613
Operating expenditures 0 0 -62 -72 -74 -76 -141 -146 -152 -172 -178 -186 -186 -186 -186 -186 -186 -186 -186 -186 -186 -186 -186 -186 -186 -186
Operating results 0 0 -62 -72 -74 -76 339 358 377 384 405 427 427 427 427 427 427 427 427 427 427 427 427 427 427 427
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Operating results (quasi EBITDA) 0 0 -62 -72 -74 -76 339 358 377 384 405 427 427 427 427 427 427 427 427 427 427 427 427 427 427 427
Required investment 0 0 0 -392 -345 -444 -312 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quasi net operating cash-flow 0 0 -62 -464 -419 -520 27 358 377 384 405 427 427 427 427 427 427 427 427 427 427 427 427 427 427 427
Discount factor 0.91 0.95 1.00 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48 1.55 1.63 1.71 1.80 1.89 1.98 2.08 2.18 2.29 2.41 2.53 2.65 2.79 2.93 3.07
Quasi discounted net operating cash-flow 0 0 -62 -442 -380 -449 22 280 281 273 274 275 262 250 238 227 216 205 196 186 177 169 161 153 146 139
Net Present Value (PLN, 2011) Internal Rate of Return
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Operating cash-flow (quasi EBITDA) 0 0 -62 -72 -74 -76 339 358 377 384 405 427 427 427 427 427 427 427 427 427 427 427 427 427 427 427
Investment cash-flow 0 0 0 -392 -345 -444 -312
Debt raised 0 0 0 1,120 0 0 0
Debt paid back 0 0 0 0 -81 -81 -81 -81 -81 -81 -81 -81 -81 -81 -81 -81 -81 -81 -81 -81 -81 -81 -81 -81 0 0
Increase of investors own funds 0 0 62 0 0 446 55 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash at the end of year 0 0 0 656 -500 -155 0 276 296 303 324 346 346 346 346 346 346 346 346 346 346 346 346 346 427 427
Cash at the end of year (cumulative) 0 0 0 656 155 0 0 276 572 874 1,198 1,544 1,889 2,235 2,581 2,926 3,272 3,618 3,964 4,309 4,655 5,001 5,346 5,692 6,119 6,546
Warsaw City Hall: Adaptation of building for the catering purposes
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Required investment 0 0 0 -1,062 -1,345 -2,126 -312
Operating revenues 0 0 0 0 0 0 1,364 1,432 1,504 1,579 1,658 1,741 1,741 1,741 1,741 1,741 1,741 1,741 1,741 1,741 1,741 1,741 1,741 1,741 1,741 1,741
Operating expenditures 0 0 -62 -72 -74 -76 -258 -269 -280 -320 -334 -348 -348 -348 -348 -348 -348 -348 -348 -348 -348 -348 -348 -348 -348 -348
Operating results 0 0 -62 -72 -74 -76 1,106 1,163 1,224 1,259 1,324 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Operating results (quasi EBITDA) 0 0 -62 -72 -74 -76 1,106 1,163 1,224 1,259 1,324 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393
Required investment 0 0 0 -1,062 -1,345 -2,126 -312 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quasi net operating cash-flow 0 0 -62 -1,134 -1,419 -2,202 794 1,163 1,224 1,259 1,324 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393
Discount factor 0.91 0.95 1.00 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48 1.55 1.63 1.71 1.80 1.89 1.98 2.08 2.18 2.29 2.41 2.53 2.65 2.79 2.93 3.07
Quasi discounted net operating cash-flow 0 0 -62 -1,080 -1,287 -1,902 653 911 913 895 896 898 855 814 775 739 703 670 638 608 579 551 525 500 476 453
Net Present Value (PLN, 2011) Internal Rate of Return
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Operating cash-flow (quasi EBITDA) 0 0 -62 -72 -74 -76 1,106 1,163 1,224 1,259 1,324 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393 1,393
Investment cash-flow 0 0 0 -1,062 -1,345 -2,126 -312
Debt raised 0 0 0 0 3,634 0 0
Debt paid back 0 0 0 0 0 -264 -264 -264 -264 -264 -264 -264 -264 -264 -264 -264 -264 -264 -264 -264 -264 -264 -264 -264 -264 0
Increase of investors own funds 0 0 62 1,134 0 252 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash at the end of year 0 0 0 0 2,215 -2,215 530 899 959 995 1,060 1,128 1,128 1,128 1,128 1,128 1,128 1,128 1,128 1,128 1,128 1,128 1,128 1,128 1,128 1,393
Cash at the end of year (cumulative) 0 0 0 0 2,215 0 530 1,429 2,388 3,383 4,443 5,571 6,700 7,828 8,956 10,085 11,213 12,342 13,470 14,598 15,727 16,855 17,984 19,112 20,240 21,633
9,721,145 20.9%
2,970,986 12.5%
2,798,138 18.6%
Piaseczno City Hall: Improving the supply of heat to residents on the area A1MWU
Warsaw City Hall: Adaptation of building for the office purposes
Warsaw City Hall: Adaptation of building for the catering purposes
-300
-200
-100
0
100
200
300
400
500
600
700
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
PL
N '0
00
Operating revenues Operating expenditures Operating results
-500
0
500
1,000
1,500
2,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
PL
N '0
00
Operating revenues Operating expenditures Operating results
-3,000
-2,000
-1,000
0
1,000
2,000
3,000
4,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
PL
N '0
00
Operating cash-flow (quasi EBITDA) Investment cash-flow Debt raised Debt paid back Increase of investors own funds
-5,000
0
5,000
10,000
15,000
20,000
25,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
PL
N '0
00
Cash at the end of year Cash at the end of year (cumulative)
-800
-600
-400
-200
0
200
400
600
800
1,000
1,200
1,400
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
PL
N '0
00
Operating cash-flow (quasi EBITDA) Investment cash-flow Debt raised Debt paid back Increase of investors own funds
-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
PL
N '0
00
Cash at the end of year Cash at the end of year (cumulative)
0
100
200
300
400
500
600
7002
00
9
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
PL
N '0
00
Operating revenues Operating expenditures Operating results
-5,000
-4,000
-3,000
-2,000
-1,000
0
1,000
2,000
3,000
4,000
5,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
PL
N '0
00
Operating cash-flow (quasi EBITDA) Investment cash-flow Debt raised Debt paid back Increase of investors own funds
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
PL
N '0
00
Cash at the end of year Cash at the end of year (cumulative)
Aggregated cash-flows for self-repayable projects (IRR>0%)
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Required investment -50 -95 -564 -63,698 -41,863 -122,270 -100,624
Operating revenues 0 0 0 10,085 21,270 73,916 85,973 93,662 103,680 107,646 68,463 68,659 68,744 65,143 65,143 65,143 65,143 65,143 65,143 65,143 65,143 65,143 65,143 65,143 62,478 61,860 59,507
Operating expenditures 0 0 -124 -19,244 -26,748 -32,752 -37,899 -37,915 -37,932 -37,992 -38,012 -38,034 -38,034 -38,034 -38,034 -38,034 -38,034 -38,034 -38,034 -38,034 -38,034 -38,034 -38,034 -38,034 -37,034 -37,034 -36,500
Operating results 0 0 -124 -9,159 -5,478 41,164 48,074 55,746 65,748 69,655 30,451 30,626 30,710 27,110 27,110 27,110 27,110 27,110 27,110 27,110 27,110 27,110 27,110 27,110 25,445 24,827 23,007
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Operating results (quasi EBITDA) 0 0 -124 -9,159 -5,478 41,164 48,074 55,746 65,748 69,655 30,451 30,626 30,710 27,110 27,110 27,110 27,110 27,110 27,110 27,110 27,110 27,110 27,110 27,110 25,445 24,827 23,007
Required investment -50 -95 -564 -63,698 -41,863 -122,270 -100,624 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quasi net operating cash-flow -50 -95 -688 -72,857 -47,341 -81,106 -52,550 55,746 65,748 69,655 30,451 30,626 30,710 27,110 27,110 27,110 27,110 27,110 27,110 27,110 27,110 27,110 27,110 27,110 25,445 24,827 23,007
Discount factor 0.91 0.95 1.00 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48 1.55 1.63 1.71 1.80 1.89 1.98 2.08 2.18 2.29 2.41 2.53 2.65 2.79 2.93 3.07 3.23
Quasi discounted net operating cash-flow -55 -100 -688 -69,388 -42,940 -70,062 -43,233 43,679 49,062 49,502 20,610 19,742 18,853 15,851 15,096 14,377 13,692 13,040 12,419 11,828 11,265 10,728 10,217 9,731 8,698 8,083 7,134
Net Present Value (PLN, 2011) Aggregated Internal Rate of Return
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Operating cash-flow (quasi EBITDA) 0 0 -124 -9,159 -5,478 41,164 48,074 55,746 65,748 69,655 30,451 30,626 30,710 27,110 27,110 27,110 27,110 27,110 27,110 27,110 27,110 27,110 27,110 27,110 25,445 24,827 23,007
Investment cash-flow -50 -95 -564 -63,698 -41,863 -122,270 -100,624
Debt raised 0 0 0 27,181 6,929 134,175 0
Debt paid back 0 0 0 0 -1,977 -2,480 -12,237 -12,237 -12,237 -12,237 -12,237 -12,237 -12,237 -12,237 -12,237 -12,237 -12,237 -12,237 -12,237 -12,237 -12,237 -12,237 -12,237 -12,237 -10,261 -9,757 0
Increase of investors own funds 50 95 134,363 26,417 1,500 698 55 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash at the end of year 0 0 133,675 -19,259 -40,888 51,286 -64,733 43,509 53,510 57,417 18,213 18,388 18,473 14,872 14,872 14,872 14,872 14,872 14,872 14,872 14,872 14,872 14,872 14,872 15,184 15,070 23,007
Cash at the end of year (cumulative) 0 0 133,675 114,416 73,528 124,814 60,081 103,590 157,100 214,517 232,731 251,119 269,592 284,464 299,336 314,209 329,081 343,954 358,826 373,698 388,571 403,443 418,315 433,188 448,372 463,442 486,449
Aggregated cash-flows for all projects
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Required investment -80 -156 -1,564 -103,591 -90,226 -147,370 -100,624
Operating revenues 0 0 0 10,085 21,470 77,395 92,097 100,021 110,169 114,265 75,117 75,543 75,804 72,389 72,585 72,790 73,006 73,233 73,472 73,723 73,987 74,265 74,558 74,865 72,324 68,767 59,507
Operating expenditures 0 0 -124 -21,394 -28,910 -35,014 -42,511 -42,612 -42,709 -42,874 -42,999 -43,116 -43,220 -43,329 -43,442 -43,559 -43,680 -43,805 -43,936 -44,071 -44,211 -44,357 -44,507 -44,664 -43,814 -41,732 -36,500
Operating results 0 0 -124 -11,309 -7,440 42,381 49,586 57,408 67,460 71,392 32,118 32,428 32,584 29,060 29,143 29,231 29,326 29,428 29,536 29,652 29,776 29,909 30,050 30,201 28,510 27,035 23,007
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Operating results (quasi EBITDA) 0 0 -124 -11,309 -7,440 42,381 49,586 57,408 67,460 71,392 32,118 32,428 32,584 29,060 29,143 29,231 29,326 29,428 29,536 29,652 29,776 29,909 30,050 30,201 28,510 27,035 23,007
Required investment -80 -156 -1,564 -103,591 -90,226 -147,370 -100,624 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quasi net operating cash-flow -80 -156 -1,688 -114,900 -97,666 -104,989 -51,038 57,408 67,460 71,392 32,118 32,428 32,584 29,060 29,143 29,231 29,326 29,428 29,536 29,652 29,776 29,909 30,050 30,201 28,510 27,035 23,007
Discount factor 0.91 0.95 1.00 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48 1.55 1.63 1.71 1.80 1.89 1.98 2.08 2.18 2.29 2.41 2.53 2.65 2.79 2.93 3.07 3.23
Quasi discounted net operating cash-flow -88 -164 -1,688 -109,428 -88,586 -90,694 -41,989 44,981 50,340 50,737 21,738 20,903 20,004 16,991 16,228 15,502 14,812 14,155 13,531 12,937 12,373 11,836 11,326 10,841 9,746 8,802 7,134
Net Present Value (PLN, 2011) Aggregated Internal Rate of Return
Values in PLN '000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Operating cash-flow (quasi EBITDA) 0 0 -124 -11,309 -7,440 42,381 49,586 57,408 67,460 71,392 32,118 32,428 32,584 29,060 29,143 29,231 29,326 29,428 29,536 29,652 29,776 29,909 30,050 30,201 28,510 27,035 23,007
Investment cash-flow -80 -156 -1,564 -103,591 -90,226 -147,370 -100,624
Debt raised 0 0 0 80,252 39,694 134,175 0
Debt paid back 0 0 0 0 -5,836 -8,722 -18,479 -18,479 -18,479 -18,479 -18,479 -18,479 -18,479 -18,479 -18,479 -18,479 -18,479 -18,479 -18,479 -18,479 -18,479 -18,479 -18,479 -18,479 -15,643 -9,757 0
Increase of investors own funds 80 156 135,363 44,233 20,236 4,662 4,784 4,580 4,530 4,505 4,575 4,440 4,368 4,291 4,209 4,120 4,025 3,924 3,815 3,699 3,575 3,443 3,301 3,150 2,317 0 0
Cash at the end of year 0 0 133,675 9,585 -43,571 25,125 -64,733 43,509 53,510 57,417 18,213 18,388 18,473 14,872 14,872 14,872 14,872 14,872 14,872 14,872 14,872 14,872 14,872 14,872 15,184 17,278 23,007
Cash at the end of year (cumulative) 0 0 133,675 143,260 99,689 124,814 60,081 103,590 157,100 214,517 232,731 251,119 269,592 284,464 299,336 314,209 329,081 343,954 358,826 373,698 388,571 403,443 418,315 433,188 448,372 465,649 488,656
52,277,461 6.7%
137,141,303 11.4%
Aggregated cash-flows for self-repayable projects (IRR>0%)
Aggregated cash-flows for all projects
-60,000
-40,000
-20,000
0
20,000
40,000
60,000
80,000
100,000
120,0002
00
9
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
20
35
PL
N '0
00
Operating revenues Operating expenditures Operating results
-150,000
-100,000
-50,000
0
50,000
100,000
150,000
200,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
20
35
PL
N '0
00
Operating cash-flow (quasi EBITDA) Investment cash-flow Debt raised Debt paid back Increase of investors own funds
-100,000
0
100,000
200,000
300,000
400,000
500,000
600,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
20
35
PL
N '0
00
Cash at the end of year Cash at the end of year (cumulative)
-200,000
-150,000
-100,000
-50,000
0
50,000
100,000
150,000
200,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
20
35
PL
N '0
00
Operating cash-flow (quasi EBITDA) Investment cash-flow Debt raised Debt paid back Increase of investors own funds
-60,000
-40,000
-20,000
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
20
35
PL
N '0
00
Operating revenues Operating expenditures Operating results
-100,000
0
100,000
200,000
300,000
400,000
500,000
600,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
20
35
PL
N '0
00
Cash at the end of year Cash at the end of year (cumulative)
