Khu Ti ch FFK

Khu Ti ch FFK

FFK Recycling Park for Ho Chi Minh City

Relevant Financial Figures
- Excerpt of Feasibility Study

FFK environment GmbH

4th of November 2007

Gim dn lng cht thi chn lp

FFK Recycling Park for HCMC
Relevant Financial Figures

Khu Ti ch FFK

-1-

Khu Ti ch FFK

FFK Recycling Park for HCMC

Relevant Financial Figures

-2-

Production Process

Khu Ti ch ti thnh ph H Ch Minh

My tip nhn v phn tch
My sn xut RDF
My sn xut gas sinh hc
My sn xut phn compot
T my pht Nh my in

FFK Recycling Park for HCMC

Relevant Financial Figures

-3-

FFK Recycling Park for HCMC

Relevant Financial Figures

-4-

FFK Recycling Park for HCMC

Relevant Financial Figures

-5-

Material Balance Sheet

Assumptions 1/7

Material Balance Sheet on Annual Basis

Input (Waste Composition & Energy Premise)

Type of Waste
Organic from leftovers
Glass
PET/PVC/Gummi
Plastic/Nylon
Metal
Wood
Textile
Paper
Ash I
Mineralic
Other
n.a.
n.a.
Total

Fraction of
total waste

Tonnes per
year

67,00%
0,50%
4,00%
4,00%
2,00%
3,00%
5,50%
4,00%
0,00%
2,00%
8,00%
0%
0%
100,00%

268.000,00
2.000,00
16.000,00
16.000,00
8.000,00
12.000,00
22.000,00
16.000,00
8.000,00
32.000,00
0
0
400.000,00

Output (Products & Energy)

Output Product
RDF (to)
Compost (to)
Mineralic (to)
Pet/PVC (to)
Plastic/Nylon (to)
Metal (to)
Glass
Textile
Wood (to)
Paper (to)
Ash (to)
Not recyclable material
Mass decrease (due to evapor.)
Total

Energy calculation factors

m of gas per ton organic waste
Output kwh electric per m of biogas
Output kwh thermal per m of biogas

Energy Output
Energyel (KWh)
Energyth (KWh)
Total

175
2,20
1,87

FFK Recycling Park for HCMC

Relevant Financial Figures

Fraction of
Output

Tonnes per
year

11,15%
49,33%
0,00%
2,56%
2,08%
1,90%
0,34%
3,12%
0,92%
1,92%
0,00%
4,26%
22,42%
100,00%

44.609
197.302
10.240
8.320
7.600
1.360
12.496
3.671
7.680
17.024
89.698
400.000

Fraction of
Energy

kWh per year

54,05%
45,95%
100,00%

100.084.600
85.071.910
185.156.510

Assumptions 3/7

5
5.1
5.2
5.3
5.4
5.5
5.6
6
6.1
6.2
6.3
6.4
6.5
6.6
6.7
6.8
6.9
6.10
6.11
6.12
6.13
6.14
6.15
6.16
6.17

Data

1
1.1
1.2
1.3
1.4
1.5
1.6

Input volumes (t/yr)

Domestic Waste (t/yr)
Quota of annual input volume in 1st yr in %
Quota of annual input volume in 2nd yr in %
Industrial Waste (t/yr)
Commercial Waste (t/yr)
Hazardous Waste (t/yr)

Data
400.000
0%
50%
n.a.
n.a.
n.a.

2
2.1
2.2
2.3
2.4
2.5

Input prices (/t) 1st yr

Domestic Waste (/t)
Domestic Waste price increase factor (%/yr)
Industrial Waste (/t)
Commercial Waste (/t)
Hazardous Waste (/t)

Data

Output volumes
RDF (t/yr)
Compost (t/yr)
Energyel (MWh/yr)
Energyth (MWh/yr)
Mineralic (t/yr)
Pet/PVC (t/yr)
Plastic/Nylon (t/yr)
Metal (t/yr)
Wood (t/yr)
Paper (t/yr)
Ash (t/yr)
Not recyclable material (t/yr)
Carbon credits factor in 1st yr of 2nd trading period
Carbon credits factor in 2nd yr of 2nd trading period
Carbon credits factor in 3rd yr of 2nd trading period
Carbon credits factor in 4th yr of 2nd trading period
Carbon credits forward quota
Carbon credits factor beyond 2012

Data
44.609
197.302
100.085
85.072
0
10.240
8.320
7.600
3.671
7.680
0
17.024
14%
26%
36%
45%
50%
0%

3
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
3.11
3.12
3.13
3.14
3.15
3.16
3.17
3.18

4
4.1
4.2
4.3
4.4
4.5
4.6
4.7
4.8
4.9
4.10
4.11
4.12
4 13
4.13
4.14
4.15
4.16
4.17
4.18
4.19
4.20
4.21
4.22
4.23
4.24
4.25
4.26
4.27
4.28

10
2,8%
n.a.
n.a.
n.a.

Data
40.515
3.500
1.222.750
23.908
2
24,55

Operative cost base 1st yr

Electricity (/MWh)
annual increase factor (%)
Water (/m)
annual increase factor ((%))
Diesel (/l)
annual increase factor (%)
Lubricants (/l)
annual increase factor (%)
Analysis (/pcs./1000t)
annual increase factor (%)
Spare Parts/Wearing Parts (/yr)
annual increase factor (%)
Leasehold / ha of land in
annual increase factor (%)
Insurance (%/yr of total invest)
annual increase factor (%)
Insurance quota 1st year

Data
-55
2%
-2
2%
-1
2%
-5
2%
-100
2%
-1.211.983
2%
0
2%
1%
2%
25%

-9-

7
7.1
7.2
7.3
7.4
7.5
7.6
7.7
7.8
7.9
7.10
7.11
7.12
7.13
7.14
8
8.1
8.2
8.3
8.4
8.5

Data
20
2%
30
2%
60
2%
0
2%
0
2%
60
2%
50
2%
80
2%
5
2%
70
2%
0
2%
0
2%
10
2%
15
2%

-8-

Assumptions 5/7

Maintenance cost base 1st year (external cost)

Main.-costs Splitting Unit
Main.-costs Sorting Unit
Main.-costs Biogas Unit
Main.-costs Compost Unit
Main.-costs Power Plant
Main.-costs RDF Unit
Main.-costs Costr. Waste Unit
Main.-costs Special Incin. Unit
Main.-costs Infrastructure
Main.-costs Admin. Unit
Total maintenance costs
annuall increase ffactor (%)
( )
Quota of maintenance costs in 1st yr
Quota of maintenance costs in 2nd yr
Headcount from beginning of 3rd year (serial production)
Unskilled
Skilled local
Skilled foreign
Management local
Management foreign

FFK Recycling Park for HCMC

Relevant Financial Figures

Output price base 1st year

RDF (/t)
annual increase factor (%)
Compost (/t)
annual increase factor (%)
Energyel Biogas (/Mwh)
annual increase factor (%)
Energyth (/Mwh)
annual increase factor (%)
Mineralic (/t)
annual increase factor (%)
Pet/PVC (/t)
annual increase factor (%)
Plastic/Nylon (/t)
annual increase factor (%)
Metal (/t)
annual increase factor (%)
Wood (/t)
annual increase factor (%)
Paper (/t)
annual increase factor (%)
Ash (/t)
annual increase factor (%)
Disturbing Material (/t)
annual increase factor (%)
Carbon certificates forward (/t)
annual increase factor (%)
Carbon certificates spot (/t)
annual increase factor (%)

FFK Recycling Park for HCMC

Relevant Financial Figures

-7-

Assumptions 4/7

Commodity demand
Electricity (MWh/yr)
Water (m/yr)
Diesel (l/yr)
Lubricants (l/yr)
No. of analysis every 5000 to of input
Demanded land in ha

FFK Recycling Park for HCMC

Relevant Financial Figures

Assumption (Input parameter)

FFK Recycling Park for HCMC

Relevant Financial Figures

-6-

Assumptions 2/7

No.

- 10 -

Data
-27.000
-1.600
-442.750
-19.500
-462.000
-300.000
0
0
-22.500
-3.000
-1.278.350
1%
0%
50%
Data
218
71
26
3
2

9
9.1
9.2
9.3
9.4
9.5

Headcount 1st year (quota of serial production)

Unskilled
Skilled local
Skilled foreign
Management local
Management foreign

Data

10
10.1
10.2
10.3
10.4
10.5

Headcount 2nd year (quota of serial production)

Unskilled
Skilled local
Skilled foreign
Management local
Management foreign

Data

11 P
Personnell expenditures
dit
(/ /
(/yr/employee)
l
)
11.1
Unskilled (/yr)
11.2
annual increase factor
11.3
Skilled local (/yr)
11.4
annual increase factor
11.5
Skilled foreign (/yr)
11.6
annual increase factor
11.7
Management local (/yr)
11.8
annual increase factor
11.9
Management foreign (/yr)
11.10
annual increase factor
11.11
Management local success in % (mgmt. wage)
11.12
Operation management and services % of turno.
11.13
Pension plan payments in % of wages
11.14
Travel expenses per manager (/yr)
11.15
annual increase factor

FFK Recycling Park for HCMC

Relevant Financial Figures

10%
30%
30%
50%
75%

50%
70%
70%
100%
100%
Data
D
t
-6.000
2%
-12.000
2%
-50.000
2%
-75.000
2%
-120.000
2%
10%
-2%
5%
-10.000
2%

- 11 -

Assumptions 6/7

Assumptions 7/7

12 Investment in fixed assets (machinery)

12.1
Splitting Unit
12.2
Sorting Unit
12.3
Biogas Unit
12.4
Composting Unit
12.5
RDF Unit
12.6
Construction Waste Unit
12.7
Power plant
12.8
Special incineration
12.9
Infrastructure
12.10
Administration Unit
12.11 Total investment in fixed assets (machinery)
13
13.1
13.2
13
2
13.3
13.4

Equipment payment plan

Payment machinery quota
P
Payment
t machinery
hi
quota
t
Payment machinery quota
Payment machinery quota

Data
-900.000
-80.000
-12.650.000
-1.950.000
-5.000.000
0
-7.700.000
0
-1.500.000
-30.000
-29.810.000

for suppliers
beginning of 1st year "order placement"
beginning
b i i
off 2nd
2 d year "delivery"
"d li
"
beginning of 3rd year "acceptance"
in 4th and following years

Data

Data
-900.000
-150.000
-25.000.000
-3.500.000
-900.000
0
-500.000
0
-700.000
-250.000
-31.900.000

FFK Recycling Park for HCMC

Relevant Financial Figures

FFK Recycling Park for HCMC

Relevant Financial Figures

Data

16
16.1
16.2
16.3
16.4
16.5
16.6

Depreciation values
Asset depreciation range for fixed assets machinery (yrs)
1st yr LIA quota fixed assets machinery (%)
Residual value for fixed assets machinery ()
Asset depreciation range for fixed assets buildings (yrs)
1st yr LIA quota fixed assets buildings (%)
Residual value for fixed assets buildings ()

Data

FFK Recycling Park for HCMC

Relevant Financial Figures

- 12 -

Profit and Loss Account

Profit & Loss
Turnover value /yr
Input
Input Gate fee total
Output
RDF
Compost
Energy el. Biogas
Energy th.
Mineralic
Pet/PVC
Plastic/Nylon
Metal
Wood
Paper
Ash
Disturbing Material
Carbon certificates forward
Carbon certificates spot
Output-products total
Total turnover value
Flexible costs
Electricity
Water
Diesel
Lubricants
Analysis
Spare parts / wearing parts
Flexible cost total
Fi costs
Fix
t
Maintenance external
Leasehold
Insurance
Travel expenses
Operation mgmt. and services (% of turno.)
Personnel expenditures
Unskilled
Skilled local
Skilled foreign
Management local
Management foreign
Local mgmt. success bonuses (% of mgmt w
Pension plan payments
Personnel expenditures total
Fix cost total
Total fix and flexible cost
Profit & Loss
Ebitda
Depreciation fixed asstes machinery
Residual value of machinery asset at end of
Depreciation fixed assets buidlings
Residual value of building asset at end of p.
Depreciation total
Ebit
Interest debt capital
Interest equity related debt
Ebt
Reserve
Tax
Result from operational business
Result from operational business(accum.)

Building payment plan with suppliers

Payment f. a. building quota beginning of 1st year "order placement"
Payment f. a. building quota beginning of 2nd year "delivery"
Payment f. a. building quota beginning of 2nd year "acceptance"
Payment f. a. building quota in 4th and following years

40%
50%
10%
0%

Price & cost development

Price and cost value /yr
Input value
Gate fee (price/t)
Output values
RDF (price/t)
Compost (price/t)
Energy el. Biogas (price/Mwh)
Energy th. (price/Mwh)
Mineralic (price/t)
Pet/PVC (price/t)
Plastic/Nylon (price/t)
Metal (price/t)
Wood (price/t)
Paper (price/t)
Ash (price/t)
Disturbing Material (price/t)
Carbon certificates forward (price/t)
Carbon certificates spot (price/t)
Flexible cost values
Electricity (cost/Mwh)
W t (cost/m)
Water
(
t/ )
Diesel (cost/ltr.)
Lubricants (cost/ltr.)
Analysis (cost/pc.)
Spare parts / wearing parts (total/yr)
Fix costs values
Maintenance external (total)
Leasehold (cost/ha)
Insurance (% of total investment)
Travel expenses (cost/mangt.)
Personnel expenditures values
Unskilled (wage/pers/yr)
Skilled local (wage/pers/yr)
Skilled foreign (wage/pers/yr)
Management local (wage/pers/yr)
Management foreign (wage/pers/yr)

10
0%
0
20
0%
0

17 Capital assumptions
17.1
Interest rate debt capital (%)
17.2
Term of loan (yrs)
17.3
Issuance of long-term debt at beginning of 1st yr ()
17.4
Issuance of long-term debt at beginning of 2nd yr ()
17.5
Targeted debt capital ratio (%)
17.6
Targeted equity ratio (%)
17.7
Interest rate equity related debt capital (%)
17.8
Issuance of equity capital 1st yr ()
17.9
Issuance of equity capital 2nd yr ()
17.10
Sign if additional external financing demand in 3rd or following yrs occurs
17.11
Investors RoE expectation in %
17.12
Investors RoE quota in 1st year (%)
17.13
Tax bracket (%)
17.14
Tax holiday (years)
17.15
Reserve quota of Ebt (%)
17.16
Dividend quota of net cash before shareholder activ. (%)
17.17
Hurdle cash amount for dividend payments ()

40%
50%
10%
0%

14 Fixed assets (buildings)

14.1
Splitting Unit
14.2
Sorting Cabin
14.3
Biogas Unit
14.4
Compost Unit
14.5
RDF Unit
14.6
Construction Waste Unit
14.7
Power plant
14.8
Special incineration
14.9
Infrastructure
14.10
Administration Unit
14.11 Fixed assets total (buildings)

Price and Cost Development

15
15.1
15.2
15.3
15.4

Data
8%
10
20.500.000
28.500.000
75%
25%
0%
9.500.000
10.500.000
!
20%
50%
25%
0
5%
10%
1.000.000

2009

2010

2011

2012

2013

2014

2015

2016

03

04

05

06

07

08

09

10

10,28

10,57

10,86

11,17

11,48

11,80

12,13

12,47

12,82

20,40
30,60
61,20
0,00
0,00
61,20
51,00
81,60
5,10
71,40
0,00
0,00
10,20
15,30

20,81
31,21
62,42
0,00
0,00
62,42
52,02
83,23
5,20
72,83
0,00
0,00
10,40
15,61

21,22
31,84
63,67
0,00
0,00
63,67
53,06
84,90
5,31
74,28
0,00
0,00
10,61
15,92

21,65
32,47
64,95
0,00
0,00
64,95
54,12
86,59
5,41
75,77
0,00
0,00
10,82
16,24

22,08
33,12
66,24
0,00
0,00
66,24
55,20
88,33
5,52
77,29
0,00
0,00
11,04
16,56

22,52
33,78
67,57
0,00
0,00
67,57
56,31
90,09
5,63
78,83
0,00
0,00
11,26
16,89

22,97
34,46
68,92
0,00
0,00
68,92
57,43
91,89
5,74
80,41
0,00
0,00
11,49
17,23

23,43
35,15
70,30
0,00
0,00
70,30
58,58
93,73
5,86
82,02
0,00
0,00
11,72
17,57

23,90
35,85
71,71
0,00
0,00
71,71
59,75
95,61
5,98
83,66
0,00
0,00
11,95
17,93

-55,00
-2,00
2 00
-1,00
-5,00
-100,00
-1.211.982,80

-56,10
-2,04
2 04
-1,02
-5,10
-102,00
-1.236.222,46

-57,22
-2,08
2 08
-1,04
-5,20
-104,04
-1.260.946,91

-58,37
-2,12
2 12
-1,06
-5,31
-106,12
-1.286.165,84

-59,53
-2,16
2 16
-1,08
-5,41
-108,24
-1.311.889,16

-60,72
-2,21
2 21
-1,10
-5,52
-110,41
-1.338.126,94

-61,94
-2,25
2 25
-1,13
-5,63
-112,62
-1.364.889,48

-63,18
-2,30
2 30
-1,15
-5,74
-114,87
-1.392.187,27

-64,44
-2,34
2 34
-1,17
-5,86
-117,17
-1.420.031,02

-65,73
-2,39
2 39
-1,20
-5,98
-119,51
-1.448.431,64

-1.278.350,00 -1.291.133,50 -1.304.044,84 -1.317.085,28 -1.330.256,14 -1.343.558,70 -1.356.994,28 -1.370.564,23 -1.384.269,87 -1.398.112,57
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,00
0,25%
1,00%
1,02%
1,04%
1,06%
1,08%
1,10%
1,13%
1,15%
1,17%
-10.000,00
-10.200,00
-10.404,00
-10.612,08
-10.824,32
-11.040,81
-11.261,62
-11.486,86
-11.716,59
-11.950,93
-6.000,00
-12.000,00
-50.000,00
-75.000,00
-120.000,00

-6.120,00
-12.240,00
-51.000,00
-76.500,00
-122.400,00

-6.242,40
-12.484,80
-52.020,00
-78.030,00
-124.848,00

-6.367,25
-12.734,50
-53.060,40
-79.590,60
-127.344,96

-6.494,59
-12.989,19
-54.121,61
-81.182,41
-129.891,86

-6.624,48
-13.248,97
-55.204,04
-82.806,06
-132.489,70

-6.756,97
-13.513,95
-56.308,12
-84.462,18
-135.139,49

-6.892,11
-13.784,23
-57.434,28
-86.151,43
-137.842,28

-7.029,96
-14.059,91
-58.582,97
-87.874,45
-140.599,13

-7.170,56
-14.341,11
-59.754,63
-89.631,94
-143.411,11

- 14 -

Cash Flow Account

2017

2.056.000

4.227.136

4.345.496

4.467.170

4.592.250

4.720.833

4.853.017

4.988.901

5.128.590

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

455.015
3.018.714
3.062.589
0
0
313.344
212.160
310.080
9.361
274.176
0
0
142.800
214.200
8.012.440
10.068.440

928.232
6.158.178
6.247.681
0
0
639.222
432.806
620.160
19.097
559.319
0
0
541.008
811.512
16.957.214
21.184.350

946.796
6.281.341
6.372.635
0
0
652.006
441.463
632.563
19.479
570.505
0
0
764.070
1.146.105
17.826.962
22.172.458

965.732
6.406.968
6.500.087
0
0
665.046
450.292
645.214
19.868
581.916
0
0
974.189
1.461.283
18.670.596
23.137.766

985.047
6.535.107
6.630.089
0
0
678.347
459.298
658.119
20.266
593.554
0
0
0
0
16.559.826
21.152.077

1.004.748
6.665.809
6.762.691
0
0
691.914
468.484
671.281
20.671
605.425
0
0
0
0
16.891.023
21.611.856

1.024.843
6.799.126
6.897.945
0
0
705.752
477.853
684.707
21.084
617.533
0
0
0
0
17.228.843
22.081.860

1.045.340
6.935.108
7.035.904
0
0
719.868
487.410
698.401
21.506
629.884
0
0
0
0
17.573.420
22.562.321

1.066.246
7.073.810
7.176.622
0
0
734.265
497.159
712.369
21.936
642.482
0
0
0
0
17.924.888
23.053.479

0
0
0
0
0
0
0

-1.136.446
-3.570
-623.603
-60.964
-8.160
-618.111
-2.450.854

-2.318.349
-7.283
-1.272.149
-124.367
-16.646
-1.260.947
-4.999.741

-2.364.716
-7.428
-1.297.592
-126.854
-16.979
-1.286.166
-5.099.736

-2.412.011
-7.577
-1.323.544
-129.391
-17.319
-1.311.889
-5.201.731

-2.460.251
-7.729
-1.350.015
-131.979
-17.665
-1.338.127
-5.305.766

-2.509.456
-7.883
-1.377.015
-134.619
-18.019
-1.364.889
-5.411.881

-2.559.645
-8.041
-1.404.555
-137.311
-18.379
-1.392.187
-5.520.118

-2.610.838
-8.202
-1.432.647
-140.057
-18.747
-1.420.031
-5.630.521

-2.663.055
-8.366
-1.461.299
-142.858
-19.121
-1.448.432
-5.743.131

0
0
-154.275
-50.000
0

-645.567
0
-617.100
-51.000
-201.369

-1.304.045
0
-629.442
-52.020
-423.687

-1.317.085
0
-642.031
-53.060
-443.449

-1.330.256
0
-654.871
-54.122
-462.755

-1.343.559
0
-667.969
-55.204
-423.042

-1.356.994
0
-681.328
-56.308
-432.237

-1.370.564
0
-694.955
-57.434
-441.637

-1.384.270
0
-708.854
-58.583
-451.246

-1.398.113
0
-723.031
-59.755
-461.070

-130.800
-255.600
-390.000
-112.500
-180.000
-11.250
-53.445
-1.133.595
-1.337.870
-1.337.870

-667.080
-608.328
-928.200
-229.500
-244.800
-22.950
-133.895
-2.834.753
-4.349.789
-6.800.643

-1.360.843
-886.421
-1.352.520
-234.090
-249.696
-23.409
-204.179
-4.311.158
-6.720.351
-11.720.093

-1.388.060
-904.149
-1.379.570
-238.772
-254.690
-23.877
-208.262
-4.397.381
-6.853.006
-11.952.743

-1.415.821
-922.232
-1.407.162
-243.547
-259.784
-24.355
-212.427
-4.485.328
-6.987.333
-12.189.064

-1.444.138
-940.677
-1.435.305
-248.418
-264.979
-24.842
-216.676
-4.575.035
-7.064.808
-12.370.574

-1.473.020
-959.490
-1.464.011
-253.387
-270.279
-25.339
-221.009
-4.666.536
-7.193.403
-12.605.284

-1.502.481
-978.680
-1.493.291
-258.454
-275.685
-25.845
-225.430
-4.759.866
-7.324.457
-12.844.575

-1.532.530
-998.254
-1.523.157
-263.623
-281.198
-26.362
-229.938
-4.855.064
-7.458.017
-13.088.538

-1.563.181
-1.018.219
-1.553.620
-268.896
-286.822
-26.890
-234.537
-4.952.165
-7.594.133
-13.337.264

-1.337.870
0
29.810.000
0
31.900.000
0
-1.337.870
-1.640.000
0
-2.977.870
0
0
-2.977.870
-2.977.870

3.267.797
-2.981.000
26.829.000
-1.595.000
30.305.000
-4.576.000
-1.308.203
-3.806.792
0
-5.114.994
0
0
-5.114.994
-8.092.864

9.464.257
-2.981.000
23.848.000
-1.595.000
28.710.000
-4.576.000
4.888.257
-3.544.011
0
1.344.247
-67.212
-336.062
940.973
-7.151.892

10.219.716
-2.981.000
20.867.000
-1.595.000
27.115.000
-4.576.000
5.643.716
-3.260.207
0
2.383.508
-119.175
-595.877
1.668.456
-5.483.436

10.948.702
-2.981.000
17.886.000
-1.595.000
25.520.000
-4.576.000
6.372.702
-2.953.700
0
3.419.002
-170.950
-854.751
2.393.302
-3.090.134

8.781.503
-2.981.000
14.905.000
-1.595.000
23.925.000
-4.576.000
4.205.503
-2.622.672
0
1.582.832
-79.142
-395.708
1.107.982
-1.982.152

9.006.572
-2.981.000
11.924.000
-1.595.000
22.330.000
-4.576.000
4.430.572
-2.265.161
0
2.165.411
-108.271
-541.353
1.515.788
-466.364

9.237.285
-2.981.000
8.943.000
-1.595.000
20.735.000
-4.576.000
4.661.285
-1.879.050
0
2.782.235
-139.112
-695.559
1.947.565
1.481.200

9.473.784
-2.981.000
5.962.000
-1.595.000
19.140.000
-4.576.000
4.897.784
-1.462.050
0
3.435.734
-171.787
-858.934
2.405.014
3.886.214

9.716.215
-2.981.000
2.981.000
-1.595.000
17.545.000
-4.576.000
5.140.215
-1.011.689
0
4.128.526
-206.426
-1.032.131
2.889.968
6.776.182

- 15 -

02

10,00
20,00
30,00
60,00
0,00
0,00
60,00
50,00
80,00
5,00
70,00
0,00
0,00
10,00
15,00

FFK Recycling Park for HCMC

Relevant Financial Figures

- 13 -

Turnover and Cost Break-down per processed Tonne of Waste

2008

01

Turnover - and Cost Break-Down/processed tonne

Turnover Break Down
Turnover total/t ()
Turnover/t input ()
Turnover/t input (% of total turnover/t)
Turnover/t output ()
Turnover/t output (% of total turnover/t)
Cost Break Down
Total cost/t
Total cost/t (% of total turnover/t)
Cost fix&flex. total/t ()
Cost fix&flex. total (% of total cost/t)
Flexible costs/t ()
Flexible costs/t (% of total cost/t)
Fix costs/t ()
Fix costs/t (% of total cost/t)
Depreciation
p
total/t
/
Depreciation total (% of total cost/t)
Depreciation fixed asstes machinery ()
Depreciation fixed asstes machinery (% of total
Depreciation fixed asstes buildings ()
Depreciation fixed asstes buildings (% of total c
Capital expenditures/t
Capital expenditures (% of total cost/t)
Interest debt capital ()
Interest debt capital (% of total cost/t)
Interest equity related debt ()
Interest equity related debt (% of total cost/t)
Earnings before tax/t ()
Operating margin before tax/t (% of total turno

01
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

02
50,34
10,28
20%
40,06
80%

03
52,96
10,57
20%
42,39
80%

04
55,43
10,86
20%
44,57
80%

05
57,84
11,17
19%
46,68
81%

06
52,88
11,48
22%
41,40
78%

07
54,03
11,80
22%
42,23
78%

08
55,20
12,13
22%
43,07
78%

09
56,41
12,47
22%
43,93
78%

10
57,63
12,82
22%
44,81
78%

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
/
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

-75,92
151%
-34,00
45%
-12,25
16%
-21,75
29%
-22,88
,
30%
-14,91
20%
-7,98
11%
-19,03
25%
-19,03
25%
0,00
0%
-25,57
-51%

-50,26
95%
-29,30
58%
-12,50
25%
-16,80
33%
-11,44
,
23%
-7,45
15%
-3,99
8%
-9,52
19%
-8,86
18%
0,00
0%
2,35
4%

-50,18
91%
-29,88
60%
-12,75
25%
-17,13
34%
-11,44
,
23%
-7,45
15%
-3,99
8%
-8,86
18%
-8,15
16%
0,00
0%
4,17
8%

-50,06
87%
-30,47
61%
-13,00
26%
-17,47
35%
-11,44
,
23%
-7,45
15%
-3,99
8%
-8,15
16%
-7,38
15%
0,00
0%
5,98
10%

-49,75
94%
-30,93
62%
-13,26
27%
-17,66
36%
-11,44
,
23%
-7,45
15%
-3,99
8%
-7,38
15%
-6,56
13%
0,00
0%
2,77
5%

-49,51
92%
-31,51
64%
-13,53
27%
-17,98
36%
-11,44
,
23%
-7,45
15%
-3,99
8%
-6,56
13%
-5,66
11%
0,00
0%
3,79
7%

-49,21
89%
-32,11
65%
-13,80
28%
-18,31
37%
-11,44
,
23%
-7,45
15%
-3,99
8%
-5,66
12%
-4,70
10%
0,00
0%
4,87
9%

-48,86
87%
-32,72
67%
-14,08
29%
-18,65
38%
-11,44
,
23%
-7,45
15%
-3,99
8%
-4,70
10%
-3,66
7%
0,00
0%
6,01
11%

-48,44
84%
-33,34
69%
-14,36
30%
-18,99
39%
-11,44
,
24%
-7,45
15%
-3,99
8%
-3,66
8%
-2,53
5%
0,00
0%
7,22
13%

Cash Flow
Cash flow from operating activities
Result from operational business
Depreciation
Increase/Decrease of reserves
Net Cash from operating activities

01
-2.977.870
0
0
-2.977.870

02
-5.114.994
4.576.000
0
-538.994

03
940.973
4.576.000
67.212
5.584.185

04
1.668.456
4.576.000
119.175
6.363.631

05
2.393.302
4.576.000
170.950
7.140.252

06
1.107.982
4.576.000
79.142
5.763.124

07
1.515.788
4.576.000
108.271
6.200.058

08
1.947.565
4.576.000
139.112
6.662.676

09
2.405.014
4.576.000
171.787
7.152.801

Cash flow from investing activities

Fixed assets (machinery)
Fixed assets (buildings)
Net Cash from investing activities

-11.924.000
-12.760.000
-24.684.000

-14.905.000
-15.950.000
-30.855.000

-2.981.000
-3.190.000
-6.171.000

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

External financing demand

New financing demand generated in period
New external financing demand
Demand for debt cash
Demand for equity cash

27.661.870
27.661.870
20.746.403
6.915.468

31.393.994
30.470.969
22.853.227
7.617.742

586.815
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

Cash flow from financing activities

Net Cash before financing activities
Issuance of long-term debt at beginning of period
Amortization
Issuance of equity at beginning of period
Net Cash from financing activities

-27
27.661.870
661 870
20.500.000
-1.415.105
9.500.000
28.584.895

-30
30.470.969
470 969
28.500.000
-3.284.761
10.500.000
35.715.239

4 133 028
4.133.028
0
-3.547.542
0
-3.547.542

6 949 117
6.949.117
0
-3.831.345
0
-3.831.345

9 946 247
9.946.247
0
-4.137.853
0
-4.137.853

10 990 678
10.990.678
0
-4.468.881
0
-4.468.881

12 069 676
12.069.676
0
-4.826.392
0
-4.826.392

13 181 632
13.181.632
0
-5.212.503
0
-5.212.503

14 325 017
14.325.017
0
-5.629.503
0
-5.629.503

15 498 357
15.498.357
0
-6.079.863
0
-6.079.863

20.500.000
-3.055.105
-1.640.000
19.084.895
-1.415.105

47.584.895
-7.091.553
-3.806.792
44.300.134
-3.284.761

44.300.134
-7.091.553
-3.544.011
40.752.593
-3.547.542

40.752.593
-7.091.553
-3.260.207
36.921.247
-3.831.345

36.921.247
-7.091.553
-2.953.700
32.783.395
-4.137.853

32.783.395
-7.091.553
-2.622.672
28.314.513
-4.468.881

28.314.513
-7.091.553
-2.265.161
23.488.122
-4.826.392

23.488.122
-7.091.553
-1.879.050
18.275.619
-5.212.503

18.275.619
-7.091.553
-1.462.050
12.646.116
-5.629.503

12.646.116
-7.091.553
-1.011.689
6.566.252
-6.079.863

923.025
0
0

5.244.270
-524.427
-524.427

585.486
0
0

3.117.772
-311.777
-311.777

5.808.394
-580.839
-580.839

6.521.797
-652.180
-652.180

7.243.284
-724.328
-724.328

7.969.129
-796.913
-796.913

8.695.514
-869.551
-869.551

9.418.493
-941.849
-941.849

30.000.000
923.025

923.025
4.719.843

4.719.843
585.486

585.486
2.805.995

2.805.995
5.227.555

5.227.555
5.869.617

5.869.617
6.518.956

6.518.956
7.172.216

7.172.216
7.825.962

7.825.962
8.476.644

Debt capital service

Total debt at beginning of period
Annuity debt capital
Interest debt capital
Residual value at end of period
Amortization
Cash flow from shareholder activities
Net Cash before shareholder activities
Dividends
Net Cash from shareholder activities
Net in-/decrease in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

FFK Recycling Park for HCMC

Relevant Financial Figures

- 16 -

FFK Recycling Park for HCMC

Relevant Financial Figures

10
2.889.968
4.576.000
206.426
7.672.394

- 17 -

Balance Sheet and Relevant Figures

Balance sheet
Assets
Cash
Accounts receivable
Fixed assets machinery
Fixed assets buildings
Assets total
Liabilities
Accounts payable
Longterm debts
Reserve pot. liabilities
Equity
Profit/loss from period
Shareholder activities
Shareholder capital
Liabilities total
Analysis
Figure/Period
Return on assets
Return on equity
Profit-turnover ratio
Equity ratio

Contact

start
01
02
03
04
05
06
07
08
09
10
30.000.000
923.025
4.719.843
585.486
2.805.995
5.227.555
5.869.617
6.518.956
7.172.216
7.825.962
8.476.644
0
0
0
0
0
0
0
0
0
0
0
0 29.810.000 26.829.000 23.848.000 20.867.000 17.886.000 14.905.000 11.924.000
8.943.000
5.962.000
2.981.000
0 31.900.000 30.305.000 28.710.000 27.115.000 25.520.000 23.925.000 22.330.000 20.735.000 19.140.000 17.545.000
30.000.000 62.633.025 61.853.843 53.143.486 50.787.995 48.633.555 44.699.617 40.772.956 36.850.216 32.927.962 29.002.644

FFK environment GmbH

Am Bahnhof 1c
03185 Peitz
Germany

0 37.026.000
6.171.000
0
0
0
0
0
0
0
0
20.500.000 19.084.895 44.300.134 40.752.593 36.921.247 32.783.395 28.314.513 23.488.122 18.275.619 12.646.116
6.566.252
0
0
0
67.212
186.388
357.338
436.479
544.750
683.862
855.648
1.062.075
9.500.000
6.522.130 11.382.709 12.323.681 13.680.360 15.492.822 15.948.625 16.740.084 17.890.735 19.426.198 21.374.317
0
-2.977.870
-5.114.994
940.973
1.668.456
2.393.302
1.107.982
1.515.788
1.947.565
2.405.014
2.889.968
0
0
-524.427
0
-311.777
-580.839
-652.180
-724.328
-796.913
-869.551
-941.849
9.500.000
9.500.000 10.500.000
0
0
0
0
0
0
0
0
30 000 000 62
30.000.000
62.633.025
633 025 61
61.853.843
853 843 53
53.143.486
143 486 50
50.787.995
787 995 48
48.633.555
633 555 44
44.699.617
699 617 40
40.772.956
772 956 36
36.850.216
850 216 32
32.927.962
927 962 29
29.002.644
002 644
start
n.a.
n.a.
n.a.
32%

01
-2%
-46%
#DIV/0!
10%

FFK Recycling Park for HCMC

Relevant Financial Figures

02
-2%
-45%
-51%
18%

03

04
8%
8%
4%
23%

05
10%
12%
8%
27%

- 18 -

06
11%
15%
10%
32%

07
8%
7%
5%
36%

08
9%
9%
7%
41%

09
10%
11%
9%
49%

Florian Tetzlaff
Phone: +49-35601-297-637
Fax: +49-35601-297-617
Mail: tetzlaff@ffk.de
Web: www.ffk.de

10
12%
12%
11%
59%

13%
14%
13%
74%

FFK Recycling Park for HCMC

Relevant Financial Figures

- 19 -