Toll Road Financial Model

Excel based model to check the financial viablity of toll road infrastructure development project(expressway,sea link bridge,
Toll Road,devlelopment cost per km,operation cost per km,vehicle growth,leaverage for project....and would then project
holders,IRR,NPV,Sensitivity Analysis on parameters like development cost

Table of Content
Modelling Variables,Project Returns,Sensitivity Analysis
Projected Profit and Loss statement
Projected Cash Flow statement,Project IRR,Project NPV
Projected Balance Sheet statement
Loan Schedule with details of all types of loan/bond including zero
coupon bonds,subordinated debt
Equity Schedule with details related to equity sponsors cash
flows,IRR,NPV..
Depreciation Schedule
Revenue Details
Expenditure Details
Assumptions of Modelling
Limitations

road infrastructure development project(expressway,sea link bridge,underground tunnel...) and financial return for stake holders.It takes
er km,vehicle growth,leaverage for project....and would then project the financial statements for concession period and construction per
ers,IRR,NPV,Sensitivity Analysis on parameters like development cost,interest rate,vehicle growth,toll price..etc.

cial return for stake holders.It takes basic input like length of
cession period and construction period,cash flow to equity
price..etc.

Item
Costing Parameters

Units

Value

Development Cost
Length of Road
Project Cost
Operational Cost
Revenue expenditure

90 Crores per Km
Km
60
Crores
Crores Per Km
Per Year
2

5400

120 Crores per year

Capital Parameters
Debt Ratio
Cost of Equity

70.00%
15.00%

Percentage
Percentage

Interest Rate
Sub-ordinated Debt Interest
Rate
Zero Coupon Bond Rate
Sub-ordinated Debt
Percentage

10.00%

Percentage

12.00%
12.00%

Percentage
Percentage

20.00%

Percentage

Zero Coupon Debt Percentage

30.00%

Percentage

Zero Coupon Maturity Period

10

Years

Moratorium Period
Loan Amortization Period

5
20

years
Years

WACC

9.89%

Percentage

5
25
2013

years
years
year

Concession Parameters
Construction Period
Concession Period
Base Year

Regulatory Parameters
Tax Rate

30.00%

Percentage

Depriciation Method
Assets Salvage Value

SLM
20.00%

SLM/WDM
Percentage

3.20%

Percentage

Depreciation rate

Revenue Parameters

Base Toll price

Toll price
Base vehicle
Vehicle Growth
Display Advertisement
Advertisement Growth
Additional Revenue from
other agencies

1.2 INR (Currency)

72 INR (Currency)
200000
6.00%
15
6.00%
5

PCU
Percentage
Crore
Percentage
Crore

8.00%

Percentage

Project IRR

15.87%

Percentage

Project NPV

5330.01

Crores

Equity Sponsor IRR

18.65%

Percentage

Equity Sponsor NPV

887.21

Crores

Price esclation

Project Returns

Sensitivity Analysis

Impact of Interest Rate and

Development Cost on IRR for
equity Sponsor

Impact of vehicle Growth and

Base estimate of Vehicle on
IRR for equity Sponsor

Impact of vehicle Growth and

Base estimate of Vehicle on
IRR for equity Sponsor

Impact of concession period

and base toll price on IRR for
equity Sponsor

Remarks
Cost estimate per km of development
Length of Toll road
Total cost would be equally spread across construction
period

Per year (from date it being operational)

How much of total funded by Debt
Expected return from equity sponsors
Per Year on outstanding regular debt(other than subordinated and zero coupon debt)
Greater than Regular interest rate as sponsors would
not have first charge over cash flow
Generally greater than Regular debt
How much of total Debt would come from subordinated Debt
How much of total Debt would come from Zero Coupon
Bond.Zero coupon bond would be used to delay
interest and principle cash outflow
Time after which Zero Coupon bond paid (After project
operational)
Time for which no principal payment required after
project operational
Principle payment
Weighted average cost of capital considering all type
of debt and tax sheild

General Corporate Rate

Method to be used for modelling (Straight Line
/Weighted Down)
Salavage value of assets after concession period
Calculated based on Salavage value and Concession
Period

Input

Derived (can
be changed)

Auto
calculate
d

per Km
per PCU
Passenger Car Unit,Includes all types of vehicle
(commercial vehicle converted to PCU)
Per year growth of PCU
Along Toll Road
Per year growth
For using infrastructure
Per year(Would be applicable to all revenue and cost
items)

IRR based on project cash flows (revenue expenditure- taxes - capex) and terminal value
NPV based on project cash flows (revenue expenditure- taxes - capex) and terminal value
discounted by WACC
IRR based on equity cash flows (investments dividend) and terminal value
NPV based on equity cash flows (investments dividend) and terminal value discounted at Cost of
equity

Development Cos
Equity IRR
Change Interest Rate % and Development Cost based
on requirement,it would automatically populate Equity
sponsor IRR.All data inside would turn red which would
be less than cost of equity

Interest
Rate
(In %)

18.65%
8.00%
9.00%
10.00%
11.00%
12.00%
13.00%
14.00%
15.00%

70
22.92%
22.44%
21.94%
21.39%
20.84%
20.28%
19.76%
19.24%

80
21.16%
20.66%
20.14%
19.60%
19.09%
18.60%
18.10%
17.61%

Vehicle Grow
Equity IRR
Change Base Vehicle and its growth based on
requirement,it would automatically populate Equity
sponsor IRR.All data inside would turn red which would
be less than cost of equity

Base
Vehicle
(PCU's)

18.65%
120,000
140,000
160,000
180,000
200,000

4.00%
9.99%
11.64%
13.16%
14.57%
15.91%

5.00%
11.56%
13.10%
14.56%
15.94%
17.29%

Change Base Vehicle and its growth based on

requirement,it would automatically populate Equity
sponsor IRR.All data inside would turn red which would
be less than cost of equity

Base
Vehicle
(PCU's)

220,000
240,000
260,000

17.25%
18.58%
19.86%

18.63%
19.95%
21.21%

Concession Perio
Equity IRR
Change base toll price and concession period (Max 30 construction period) based on requirement,it would
Base Toll
automatically populate Equity sponsor IRR.All data
Price
inside would turn red which would be less than cost of
(CurrencyI
equity or could not be calculated
NR)

18.65%
0.80
0.90
1.00
1.10
1.20
1.30
1.40
1.50

10
-8.58%
-1.92%
1.58%
4.01%
5.92%
7.56%
8.98%
10.27%

12
-13.92%
-1.70%
2.30%
4.86%
6.95%
8.78%
10.41%
11.92%

Development Cost (In Crores)

90
100
110
120
19.66% 18.39% 17.30% 16.34%
19.16% 17.90% 16.82% 15.91%
18.65% 17.42% 16.38% 15.50%
18.16% 16.97% 15.95% 15.07%
17.69% 16.54% 15.52% 14.64%
17.22% 16.05% 15.05% 14.14%
16.75% 15.55% 14.49% 13.69%
16.21% 14.99% 14.03% 13.20%

130
15.52%
15.11%
14.72%
14.28%
13.85%
13.41%
12.94%
12.43%

140
14.79%
14.40%
14.01%
13.61%
13.19%
12.73%
12.23%
11.69%

Vehicle Growth (in %)

6.00% 7.00% 8.00%
13.00% 14.31% 15.55%
14.44% 15.78% 17.07%
15.91% 17.23% 18.52%
17.29% 18.62% 19.92%
18.65% 19.97% 21.25%

10.00%
18.04%
19.58%
21.03%
22.39%
23.68%

11.00%
19.25%
20.81%
22.23%
23.57%
24.84%

9.00%
16.79%
18.33%
19.80%
21.17%
22.48%

19.98% 21.28% 22.53% 23.73% 24.91% 26.05%

21.27% 22.54% 23.76% 24.94% 26.10% 27.22%
22.49% 23.73% 24.93% 26.09% 27.23% 28.33%

Concession Period (in years)

14
16
18
20
-6.36% 2.54% 7.42% 10.18%
1.04% 5.64% 9.31% 11.70%
4.37% 7.98% 11.12% 13.22%
6.87% 9.99% 12.74% 14.64%
8.95% 11.78% 14.25% 15.99%
10.81% 13.45% 15.70% 17.30%
12.51% 14.99% 17.07% 18.56%
14.10% 16.45% 18.38% 19.76%

22
12.01%
13.40%
14.75%
16.03%
17.27%
18.49%
19.66%
20.79%

24
13.39%
14.67%
15.89%
17.08%
18.25%
19.39%
20.50%
21.57%

Projected Profit and

2013
-5
0
0
0
0
0
0
0
0
0
0

2014
-4
0
0
0
0
0
0
0
0
0
0

2015
-3
0
0
0
0
0
0
0
0
0
0

2016
-2
0
0
0
0
0
0
0
0
0
0

Dividend

Transfer to Reserves

-113.152

Accumulated Reserves
losses/Profit

-113.152

Revenue
Expenditure
EBITDA
Depreciation
EBIT
Interest
EBT
Tax
PAT
Accumulated Loss
Provision for Principle
Payment

2017
2018
-1
0
0
545.6
0
120
0
425.6
0 192.7129
0 232.8871
0 346.0388
0 -113.152
0
0
0 -113.152
0 -113.152

Projected Profit and Loss Statement

2019
1
624.2789
129.6
494.6789
192.7129
301.966
346.0388
-44.0729
0
-44.0729
-157.225

2020
2
714.3245
139.968
574.3565
192.7129
381.6436
346.0388
35.60479
10.68144
24.92336
-132.301

2021
3
817.3808
151.1654
666.2154
192.7129
473.5025
346.0388
127.4636
38.23909
89.22454
-43.0767

2022
4
935.3294
163.2587
772.0707
192.7129
579.3578
346.0388
233.319
69.9957
163.3233
0

2023
5
1070.324
176.3194
894.005
192.7129
701.292
346.0388
355.2532
106.576
248.6772
0

0 120.247 248.677

2024
6
1224.831
190.4249
1034.406
192.7129
841.6934
328.7369
512.9565
153.8869
359.0695
0

2025
7
1401.673
205.6589
1196.014
192.7129
1003.301
311.435
691.8659
207.5598
484.3061
0

2026
8
1604.08
222.1116
1381.968
192.7129
1189.255
294.133
895.122
268.5366
626.5854
0

2027
9
1835.751
239.8806
1595.87
192.7129
1403.157
276.8311
1126.326
337.8978
788.4282
0

0 163.4139 163.4139 163.4139 163.4139 163.4139

359.07 484.306 626.585 788.428

-44.0729 24.92336 89.22454 43.07672

-157.225

-132.301

-43.0767

2028
10
2100.92
259.071
1841.849
192.7129
1649.136
1274.134
375.0018
112.5005
262.5013
0

2029
11
2404.433
279.7967
2124.637
192.7129
1931.924
1256.832
675.0917
202.5275
472.5642
0

2030
12
2751.84
302.1804
2449.659
192.7129
2256.946
1239.53
1017.416
305.2249
712.1915
0

2031
13
3149.49
326.3548
2823.135
192.7129
2630.422
1222.228
1408.194
422.4583
985.7361
0

2032
14
3604.655
352.4632
3252.192
192.7129
3059.479
1204.926
1854.553
556.3659
1298.187
0

2033
15
4125.658
380.6603
3744.997
192.7129
3552.284
173.0194
3379.265
1013.78
2365.486
0

2034
16
4722.025
411.1131
4310.912
192.7129
4118.199
155.7175
3962.482
1188.744
2773.737
0

2035
17
5404.664
444.0022
4960.662
192.7129
4767.949
138.4155
4629.534
1388.86
3240.674
0

2036
18
6186.061
479.5223
5706.539
192.7129
5513.826
121.1136
5392.712
1617.814
3774.898
0

390.2139 390.2139 390.2139 390.2139 390.2139 163.4139 163.4139 163.4139 163.4139

65.0003 275.063

514.69 788.235 1100.69 2365.49 2773.74 3240.67

3774.9

197.501

197.501

197.501

197.501

197.501

197.501

395.002

592.503

790.004

987.505

987.505

987.505

987.505

987.505

2037
19
7080.508
517.8841
6562.624
192.7129
6369.911
103.8117
6266.099
1879.83
4386.269
0

2038
20
8104.367
559.3149
7545.052
192.7129
7352.339
86.50971
7265.83
2179.749
5086.081
0

2039
21
9276.369
604.06
8672.309
192.7129
8479.596
69.20777
8410.389
2523.117
5887.272
0

2040
22
10617.96
652.3848
9965.572
192.7129
9772.859
51.90583
9720.953
2916.286
6804.667
0

2041
23
12153.68
704.5756
11449.1
192.7129
11256.39
34.60388
11221.78
3366.535
7855.248
0

2042
24
13911.63
760.9417
13150.68
192.7129
12957.97
17.30194
12940.67
3882.201
9058.468
0

163.4139 163.4139 163.4139 163.4139 163.4139 163.4139

4386.27 5086.08 5887.27 6804.67 7855.25 9058.47

0

987.505

987.505

987.505

987.505

987.505

987.505

2043
25

Projected Cash Fl
2013
-5
0

2014
-4
0

2015
-3
0

2016
-2
0

2017
-1
0

2018
0
0

0
756
324

0
756
324

0
756
324

0
756
324

0
756
324

545.6
0
0

Total Cash Inflow

1080

1080

1080

1080

1080

545.6

Cash Outflow
Expenditure
Interest
Capex
Principal Repayment
Dividend
Tax

0
0
1080
0
0
0

0
0
1080
0
0
0

0
0
1080
0
0
0

0
0
1080
0
0
0

0
120
0 346.0388
1080
0
0
0
0
0
0
0

1080

1080

1080

1080

1080 466.039

Net Cash Flow

0 79.5612

Closing Balance

0 79.5612

-1080

-1080

-1080

-1080

Opening Balance
Cash Inflows
Revenue
Debt
Equity

Total Cash Outflow

Project Cash Flows

Project IRR
Project NPV

15.87%
5330.01

-1080

425.6

Projected Cash Flow statement

2019
2020
2021
2022
2023
2024
2025
2026
1
2
3
4
5
6
7
8
79.56116 228.2012 445.8375 727.7749 963.5645 992.8635 1022.163 1051.462

624.2789 714.3245 817.3808 935.3294 1070.324 1224.831 1401.673

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

2027
9
1080.76

1604.08 1835.751
0
0
0
0

624.279 714.325 817.381 935.329 1070.32 1224.83 1401.67 1604.08 1835.75

129.6 139.968 151.1654 163.2587 176.3194 190.4249 205.6589 222.1116

346.0388 346.0388 346.0388 346.0388 346.0388 328.7369 311.435 294.133
0
0
0
0
0
0
0
0
0
0
0
0 163.4139 163.4139 163.4139 163.4139
0
0
0 120.2466 248.6772 359.0695 484.3061 626.5854
0 10.68144 38.23909 69.9957 106.576 153.8869 207.5598 268.5366

475.639 496.688 535.443

148.64 217.636 281.937

239.8806
276.8311
0
163.4139
788.4282
337.8978

699.54 1041.03 1195.53 1372.37 1574.78 1806.45

235.79

29.299

29.299

29.299

29.299

29.299

228.201 445.837 727.775 963.565 992.864 1022.16 1051.46 1080.76 1110.06

494.679 563.675 627.976 702.075 787.429 880.519 988.454 1113.43 1257.97

2028
2029
2030
2031
2032
2033
2034
2035
2036
10
11
12
13
14
15
16
17
18
1110.059 1110.059 1110.059 1110.059 1110.059 1110.059 1139.358 1168.657 1197.956

2100.92 2404.433
0
0
0
0

2751.84
0
0

3149.49 3604.655 4125.658 4722.025 5404.664 6186.061

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

2100.92 2404.43 2751.84 3149.49 3604.66 4125.66 4722.03 5404.66 6186.06

259.071
1274.134
0
390.2139
65.00026
112.5005

279.7967
1256.832
0
390.2139
275.0632
202.5275

302.1804
1239.53
0
390.2139
514.6905
305.2249

326.3548
1222.228
0
390.2139
788.2351
422.4583

352.4632
1204.926
0
390.2139
1100.686
556.3659

380.6603
173.0194
0
163.4139
2365.486
1013.78

411.1131
155.7175
0
163.4139
2773.737
1188.744

444.0022
138.4155
0
163.4139
3240.674
1388.86

479.5223
121.1136
0
163.4139
3774.898
1617.814

2100.92 2404.43 2751.84 3149.49 3604.66 4096.36 4692.73 5375.37 6156.76

0

29.299

29.299

29.299

29.299

1110.06 1110.06 1110.06 1110.06 1110.06 1139.36 1168.66 1197.96 1227.26

1729.35 1922.11 2144.43 2400.68 2695.83 2731.22 3122.17

3571.8 4088.72

2037
2038
2039
2040
2041
19
20
21
22
23
1227.255 1256.554 1285.853 1315.152 1344.451

2042
24
1373.75

2043
25

7080.508 8104.367 9276.369 10617.96 12153.68 13911.63

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

7080.51 8104.37 9276.37

517.8841
103.8117
0
163.4139
4386.269
1879.83

559.3149
86.50971
0
163.4139
5086.081
2179.749

604.06
69.20777
0
163.4139
5887.272
2523.117

10618 12153.7 13911.6

652.3848
51.90583
0
163.4139
6804.667
2916.286

704.5756
34.60388
0
163.4139
7855.248
3366.535

760.9417
17.30194
0
163.4139
9058.468
3882.201

7051.21 8075.07 9247.07 10588.7 12124.4 13882.3

29.299

29.299

29.299

29.299

29.299

29.299

1256.55 1285.85 1315.15 1344.45 1373.75 1403.05

4682.79

5365.3 6149.19 7049.29 8082.56 9268.48 2607.51

Projected Bala

Equity
Reserves
Loans

Total Liablities

2013
2014
2015
2016
2017
2018
-5
-4
-3
-2
-1
0
324
648
972
1296
1620
1620
0
0
0
0
0 -113.152
756 1567.944 2441.789 3384.132 4402.278 4402.278

1080 2215.94 3413.79 4680.13 6022.28 5909.13

Fixed Assets
Cash Balance

1080 2215.944 3413.789 4680.132 6022.278 5829.565

0
0
0
0
0 79.56116

Total Assets

1080 2215.94 3413.79 4680.13 6022.28 5909.13

Gap(To Check Error)

Assets to transfer at
end of concession perid

2607.505

Projected Balance Sheet

2019
2020
2021
2022
2023
1
2
3
4
5
1620
1620
1620
1620
1620
-157.225 -132.301 -43.0767
0
0
4402.278 4402.278 4402.278 4402.278 4238.864

5865.05 5889.98

2024
2025
2026
2027
6
7
8
9
1620
1620
1620
1620
0
0
0
0
4075.45 3912.037 3748.623 3585.209

5979.2 6022.28 5858.86 5695.45 5532.04 5368.62 5205.21

5636.853 5444.14 5251.427 5058.714 4866.001 4673.288 4480.575 4287.862 4095.149

228.2012 445.8375 727.7749 963.5645 992.8635 1022.163 1051.462 1080.76 1110.059

5865.05 5889.98
0

5979.2 6022.28 5858.86 5695.45 5532.04 5368.62 5205.21

0

2028
2029
2030
2031
2032
2033
2034
2035
2036
10
11
12
13
14
15
16
17
18
1620
1620
1620
1620
1620
1620
1620
1620
1620
197.501 395.002 592.503 790.004 987.505 987.505 987.505 987.505 987.505
3194.995 2804.781 2414.567 2024.353 1634.139 1470.725 1307.311 1143.897 980.4835

5012.5 4819.78 4627.07 4434.36 4241.64 4078.23 3914.82

3751.4 3587.99

3902.436 3709.723 3517.011 3324.298 3131.585 2938.872 2746.159 2553.446 2360.733

1110.059 1110.059 1110.059 1110.059 1110.059 1139.358 1168.657 1197.956 1227.255

5012.5 4819.78 4627.07 4434.36 4241.64 4078.23 3914.82

0

3751.4 3587.99
0

2037
2038
2039
2040
2041
19
20
21
22
23
1620
1620
1620
1620
1620
987.505 987.505 987.505 987.505 987.505
817.0696 653.6557 490.2417 326.8278 163.4139

2042
24
1620
987.505
2.13E-13

3424.57 3261.16 3097.75 2934.33 2770.92 2607.51

2168.02 1975.307 1782.594 1589.881 1397.169 1204.456
1256.554 1285.853 1315.152 1344.451 1373.75 1403.049

3424.57 3261.16 3097.75 2934.33 2770.92 2607.51

0

2043
25

Loan Sch

Total New Debt Issue

Outstanding Debt
Accumulated
Interest(Regular +
Subordinated)
Total Interest Paid
Loan Principal payment

New Regular Debt

Outstanding Regular
Debt
Accumulated Regular
Debt Interest
Regular Debt Interest
Paid
Regular Debt Principle
Payment
New Subordinated Debt
Issue
Outstanding
Subordinated Debt
Accumulated
Subordinated Debt
Interest
Subordinated Debt
Interest Paid
Subordinated Debt
Principle Payment
New Zero Coupon Debt
Issue
Outstanding Zero
Coupon Debt
Zero Coupon Bond
Interest Paid
Zero Coupon Principle
Payment

2013
2014
2015
2016
2017
2018
2019
-5
-4
-3
-2
-1
0
1
756
756
756
756
756
0
0
756 1567.944 2441.789 3384.132 4402.278 4402.278 4402.278

0
0

55.944 117.8453 186.3431 262.1459

0
0
0
0
0
0 346.0388 346.0388

378

378

378

378

378

378

793.8

37.8

79.38

0 230.7728 230.7728

151.2

151.2

151.2

151.2

151.2

151.2

1251.18 1754.298 2307.728 2307.728 2307.728

125.118 175.4298

320.544 510.2093 722.6344 960.5505 960.5505 960.5505

18.144 38.46528 61.22511 86.71613

0 115.2661 115.2661

226.8

226.8

226.8

226.8

226.8

226.8

453.6

680.4

907.2

1134

1134

1134

Outstanding Regular
Debt(For Principle
Payment)

2307.728

Outstanding
Subordinate Debt(For
Principle Payment)

960.5505

Loan Schedule
2020
2021
2022
2023
2
3
4
5
0
0
0
0
4402.278 4402.278 4402.278 4238.864

2024
2025
2026
2027
2028
6
7
8
9
10
0
0
0
0
0
4075.45 3912.037 3748.623 3585.209 3194.995

0
0
0
0
0
346.0388 346.0388 346.0388 346.0388 328.7369

0
311.435

0
0
0
294.133 276.8311 1274.134

0 163.4139 163.4139 163.4139 163.4139 163.4139 390.2139

2307.728 2307.728 2307.728 2192.341 2076.955 1961.569 1846.182 1730.796 1615.409

0

230.7728 230.7728 230.7728 230.7728 219.2341 207.6955 196.1569 184.6182 173.0796

0

0 115.3864 115.3864 115.3864 115.3864 115.3864 115.3864

960.5505 960.5505 960.5505

912.523 864.4955 816.4679 768.4404 720.4129 672.3854

115.2661 115.2661 115.2661 115.2661 109.5028 103.7395 97.97615 92.21285 86.44955

0

0 48.02753 48.02753 48.02753 48.02753 48.02753 48.02753

1134

1134

1134

1134

1134

1134

1134

1134

907.2

0 1014.605

226.8

2029
2030
2031
2032
2033
2034
2035
2036
2037
11
12
13
14
15
16
17
18
19
0
0
0
0
0
0
0
0
0
2804.781 2414.567 2024.353 1634.139 1470.725 1307.311 1143.897 980.4835 817.0696

0
1256.832

0
0
0
0
0
0
0
0
1239.53 1222.228 1204.926 173.0194 155.7175 138.4155 121.1136 103.8117

390.2139 390.2139 390.2139 390.2139 163.4139 163.4139 163.4139 163.4139 163.4139

1500.023 1384.637
0

1269.25 1153.864 1038.478 923.0911 807.7047 692.3183

576.932

161.5409 150.0023 138.4637

126.925 115.3864 103.8478 92.30911 80.77047 69.23183

115.3864 115.3864 115.3864 115.3864 115.3864 115.3864 115.3864 115.3864 115.3864

624.3578 576.3303 528.3028 480.2753 432.2477 384.2202 336.1927 288.1652 240.1376

80.68624 74.92294 69.15964 63.39633 57.63303 51.86973 46.10642 40.34312 34.57982

48.02753 48.02753 48.02753 48.02753 48.02753 48.02753 48.02753 48.02753 48.02753

680.4

453.6

226.8

1014.605 1014.605 1014.605 1014.605

226.8

226.8

226.8

226.8

2038
2039
2040
2041
20
21
22
23
0
0
0
0
653.6557 490.2417 326.8278 163.4139

2042
24
0
2.13E-13

0
0
0
0
0
86.50971 69.20777 51.90583 34.60388 17.30194
163.4139 163.4139 163.4139 163.4139 163.4139

461.5456 346.1592 230.7728 115.3864

4.26E-13

57.6932 46.15456 34.61592 23.07728 11.53864

115.3864 115.3864 115.3864 115.3864 115.3864

192.1101 144.0826 96.05505 48.02753

-2.1E-13

28.81652 23.05321 17.28991 11.52661 5.763303

48.02753 48.02753 48.02753 48.02753 48.02753

2043
25

Equity Schedule ,Equity Cash

New Equity
Total Equity

2013
-5
324
324

2014
-4
324
648

2015
-3
324
972

2016
-2
324
1296

2017
-1
324
1620

2018
0
0
1620

2019
1
0
1620

Equity Sp
Dividend
Equity Investments

0
324

0
324

0
324

0
324

0
324

0
0

0
0

Equity Holder Cash Fow

-324

-324

-324

-324

-324

Equity Sponsor IRR

19%

Equity Sponsor NPV

887.21

y Schedule ,Equity Cash flow,IRR and NPV calculations

2020
2
0
1620

2021
3
0
1620

2022
4
0
1620

2023
5
0
1620

2024
6
0
1620

2025
7
0
1620

2026
8
0
1620

2027
9
0
1620

2028
10
0
1620

Equity Sponsor Cash Flow

0
0

0 120.2466 248.6772 359.0695 484.3061 626.5854 788.4282 65.00026

0
0
0
0
0
0
0
0

0 120.2466 248.6772 359.0695 484.3061 626.5854 788.4282 65.00026

2029
11
0
1620

2030
12
0
1620

2031
13
0
1620

2032
14
0
1620

2033
15
0
1620

2034
16
0
1620

2035
17
0
1620

2036
18
0
1620

2037
19
0
1620

275.0632 514.6905 788.2351 1100.686 2365.486 2773.737 3240.674 3774.898 4386.269

0
0
0
0
0
0
0
0
0
275.0632 514.6905 788.2351 1100.686 2365.486 2773.737 3240.674 3774.898 4386.269

2038
20
0
1620

2039
21
0
1620

2040
22
0
1620

2041
23
0
1620

2042
24
0
1620

2043
25

5086.081 5887.272 6804.667 7855.248 9058.468

0
0
0
0
0
5086.081 5887.272 6804.667 7855.248 9058.468 2607.505

Depericiation

New Investment
Interest Capitalized

Fixed Asset
Depreciation
Accumulated
Depreciation

Final Fixed Asset

Value(Before
operational)

2013
-5
1080
0

2014
2015
2016
2017
-4
-3
-2
-1
1080
1080
1080
1080
55.944 117.8453 186.3431 262.1459

2018
0
0
0

2019
1
0
0

1080 2215.94 3413.79 4680.13 6022.28 5829.57 5636.85

0
0
0
0
0 192.713 192.713
0

6022.278

0 192.7129 385.4258

Depericiation Schedule
2020
2
0
0

2021
3
0
0

2022
4
0
0

2023
5
0
0

2024
6
0
0

2025
7
0
0

2026
8
0
0

2027
9
0
0

2028
10
0
0

5444.14 5251.43 5058.71

4866 4673.29 4480.58 4287.86 4095.15 3902.44
192.713 192.713 192.713 192.713 192.713 192.713 192.713 192.713 192.713
578.1387 770.8516 963.5645 1156.277

1348.99 1541.703 1734.416 1927.129 2119.842

2029
11
0
0

2030
12
0
0

2031
13
0
0

2032
14
0
0

2033
15
0
0

2034
16
0
0

2035
17
0
0

2036
18
0
0

2037
19
0
0

3709.72 3517.01 3324.3 3131.58 2938.87 2746.16 2553.45 2360.73 2168.02

192.713 192.713 192.713 192.713 192.713 192.713 192.713 192.713 192.713
2312.555 2505.268 2697.981 2890.694 3083.407 3276.119 3468.832 3661.545 3854.258

2038
20
0
0

2039
21
0
0

2040
22
0
0

2041
23
0
0

2042
24
0
0

1975.31 1782.59 1589.88 1397.17 1204.46

192.713 192.713 192.713 192.713 192.713
4046.971 4239.684 4432.397

4625.11 4817.823

2043
25

Revenue D
2013
-5
0

2014
-4
0

2015
-3
0

2016
-2
0

2017
-1
0

Display Advertisement
Other Income
Revenue Item 4
Revenue Item 5
Revenue Item 6
Revenue Item 7
Revenue Item 8
Revenue Item 9

0
0

0
0

0
0

0
0

0
0

Total Revenue

Toll

2018
2019
0
1
525.6 601.7069
15
5

17.172
5.4

545.6 624.279

Revenue Details
2020
2021
2022
2023
2024
2025
2026
2027
2
3
4
5
6
7
8
9
688.834 788.5772 902.7632 1033.483 1183.132 1354.449 1550.573 1775.096

2028
10
2032.13

19.65851 22.50506 25.76379 29.49439 33.76517 38.65437 44.25152 50.65914 57.99459

5.832 6.29856 6.802445 7.34664 7.934372 8.569121 9.254651 9.995023 10.79462

714.325 817.381 935.329 1070.32 1224.83 1401.67 1604.08 1835.75 2100.92

2029
2030
2031
2032
2033
2034
2035
2036
2037
11
12
13
14
15
16
17
18
19
2326.383 2663.243 3048.881 3490.359 3995.763 4574.349 5236.715 5994.991 6863.066
66.3922 76.0058 87.01143 99.61069 114.0343 130.5465 149.4496 171.0899 195.8637
11.65819 12.59085 13.59812 14.68597 15.86085 17.12971 18.50009 19.9801 21.57851

2404.43 2751.84 3149.49 3604.66 4125.66 4722.03 5404.66 6186.06 7080.51

2038
2039
2040
2041
2042
2043
20
21
22
23
24
25
7856.838 8994.508 10296.91 11787.91 13494.79 15448.84
224.2248 256.6926 293.8617 336.4128 385.1254 440.8916
23.30479 25.16917 27.1827 29.35732 31.7059 34.24238

8104.37 9276.37

10618 12153.7 13911.6

Expenditure

O&M
Expenditure Item 2
Expenditure Item 3
Expenditure Item 4

Total Expenditure

2013
-5
0

2014
-4
0

2015
-3
0

2016
-2
0

2017
-1
0

2018
0
120

2019
1
129.6

120

129.6

Expenditure Details
2020
2021
2022
2023
2024
2025
2026
2027
2
3
4
5
6
7
8
9
139.968 151.1654 163.2587 176.3194 190.4249 205.6589 222.1116 239.8806

2028
10
259.071

139.968 151.165 163.259 176.319 190.425 205.659 222.112 239.881 259.071

2029
2030
2031
2032
2033
2034
2035
2036
2037
11
12
13
14
15
16
17
18
19
279.7967 302.1804 326.3548 352.4632 380.6603 411.1131 444.0022 479.5223 517.8841

279.797

302.18 326.355 352.463

380.66 411.113 444.002 479.522 517.884

2038
20
559.3149

2039
2040
2041
2042
21
22
23
24
604.06 652.3848 704.5756 760.9417

559.315

604.06 652.385 704.576 760.942

2043
25

Modelling Assumptions
1
2
3
4
5
6
7
8
9
10
11

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

Limitations
1
2

3
4

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