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Crowdfunding Specialist Module 1 Before we get started – what is this Crowdfunding Specialist Module (… and what it is not) This module is … This module is not … • An introduction to the financial concept of Crowdfunding • able to consider impact of Crowdfunding on EE and REN • hands-on and suitable for capacity-building initiatives • Builds on concepts (such as NPV and IRR) covered in other learning materials of this series • an exhaustive and complete list of all crowdfunding activities • a scientific study comparing different evaluation methods and proposing “one best” method • applicable to all countries without reflection of local conditions • a blueprint for launching a crowdfunding campaign 2 Learning outcomes • By the end of this module participant should be able to: • Explain what crowdfunding and how may someone use it • Distinguish between different kinds of crowdfunding • Understand the importance of choosing the right platform and support organization • Identify what are the benefits of crowdfunding and the opportunities related to crowdfunding for energy efficiency 3 Overview of what will be covered Introduction: Crowdfunding Who are the relevant actors Types of Crowdfunding 3A 3B Non-financial Financial Process and Phases Crowdfunding and EE Examples and cases 4 Overview of what will be covered Introduction: Crowdfunding Who are the relevant actors Types of Crowdfunding 3A 3B Non-financial Financial Process and Phases Crowdfunding and EE Examples and cases 5 1 Definition • Crowdfunding (CF) is “the practice of getting a large number of people to each give small amounts of money in order to provide the finance for a business project, typically using the internet” Source: https://dictionary.cambridge.org/de/worterbuch/englisch/crowdfundin g 6 1 What is Crowdfunding?
crowd + funding = crowdfunding → outsourcing of raising capital to the crowd This makes crowdfunding an alternative form of financing.

Increasing popularity: • Crowdfunding has been made increasingly popular with the appearance of the internet.

However, crowdfunding was not born on the internet and has been around for a long time.

Crowdfunding examples include Cathedrals across Europe and even the Statue of Liberty!
• The number of Google searches for crowdfunding has skyrocketed and also there has been an increase in crowdfunding platforms and other related actors (contributors, initiators, owners) Sources: CrowdStream Training Guide 7 1 Relevant CF-related terms: • The appeal for funds made to the general public in support of a project or company is known as crowdfunding campaign.
• The campaign is typically conducted through a campaign page launched on an intermediary internet platform, called crowdfunding platform.
This example shows the campaign page for Frizle on the Conda platform Sources: CrowdStream Training Guide and Conda.at 8 Overview of what will be covered Introduction: Crowdfunding Who are the relevant actors Types of Crowdfunding 3A 3B Non-financial Financial Process and Phases Crowdfunding and EE Examples and cases 9 2 Relevant Actors • There usually are 4 relevant actors in CF projects: • Campaigners • Contributors • Platforms • Support Organizations • Simply put: Campaigners raise funds from Contributors through a Platform.
Support Organizations provide assistance at different stages and to different stakeholders Sources: CrowdStream Training Guide 10 2 Who?
Campaigners Relevant Actors: Campaigners Description Individuals with the initiative which needs investments • • Also called creators or founders • Anyone with a good idea or a good network can launch a crowdfunding campaign Individuals that offer funds for a crowdfunding project Contributors/Suppor ters Investors Equity-based Crowdfunding Lender Backers Donors Lending-based Crowdfunding Reward-based Crowdfunding Donation-based Crowdfunding Sources: CrowdStream Training; Crowd-Fund-Port Guide and Conda.at 11 2 Relevant Actors: Campaigners Ideas are usually crowdfunded in their early stages.
This allows the campaigners to: • Test marketing • Channels & target audience • Promote their different products • Obtain market validation from a specific sector of products • Understand consumer’s motivations and expectations • Connect with a new audience Sources: CrowdStream Training Guide 12 2 Enticing rewards Good marketing campaign Quality Idea and pitch Key Factors Strength of your network Relevant Actors: Campaigners • Successful campaigns often enrol significant portions at the launching phase, where it is easier to get support from family, friends, and network.
• They also see a bump in enrolment towards the closing phase when time to enrol is ending.

• Displaying the funding percentages is important as it influences the behaviour of the contributors.

• Most campaigns that are able to pass 10% of initial funding level are successfully funded Sources: CrowdStream Training Guide 13 2 Relevant Actors: Platforms • Platforms are intermediaries between campaigners and contributors, connecting them via internet, allowing the financial support and the information flow.
• These crowdfunding platforms have gradually appeared over the last 10 years and nowadays they can be found by hundreds.

Crowdfunding Model Geographical Coverage Project Type/Focus Campaign success model They can be donation- based, a reward-based, a loan-based or equity-based crowdfunding platform.

Some are global.

However there are multiple regional and local platforms which are often more appropriate and provide better service depending on the project.
Most of the European platforms only cover regional areas.

Many kinds of project can be crowdfunded, they can range from charity to investments.

Different kinds of investors prefer different platforms.

E.g.

investors focusing on sustainability projects might prefer a platform that focuses on such investments.

“Keep it all” The defined funding goal is not binding.

All the money raised is transferred to the project.
“All or nothing” (most common) only after meeting the funding goal the money actually gets to the project, otherwise it is refunded.
Sources: CrowdStream Training Guide 14 2 Relevant Actors: Support Organizations They can be largely categorized in two fields: Finance Stakeholders → Individuals or organizations that would join you as an investment project, performing an specific job or expecting a profit upon the completion of the project • Financing institutions: companies operating with money transactions such as deposits or loans (e.g.
Banks) • Investment companies: companies investing and making profit off trading shares of projects • Business angels: individual investors who also can serve as mentors Sources: CrowdStream Training Guide 15 2 Relevant Actors: Support Organizations They can be largely categorized in two fields: Public and intermediaries → Usually, non-profit organizations that contribute to the project in different aspects such as providing advice or financial support.
• Funding Institutions: agencies that contribute to regional development through financial instruments and funding • Incubators, Accelerators and business support agencies: firms offering support for early- stage companies.
They may offer mentorship, provide a working space, provide assistance in business development or access to financing • Chambers and Associations: NGOs representing workers can provide advisory and information services Sources: CrowdStream Training Guide 16 Overview of what will be covered Introduction: Crowdfunding Who are the relevant actors Types of Crowdfunding 3A 3B Non-financial Financial Process and Phases Crowdfunding and EE Examples and cases 17 3 Types of Crowdfunding • The two main kinds of crowdfunding are non-financial return crowdfunding and financial return crowdfunding.
These can be divided into 5 subgroups.

Non-financial return Crowdinvesting Donation Reward Pre-selling Equity Lending Financial return Sources: CrowdStream Training Guide 18 3A Non-financial return Crowdfunding • Primary motivation for support of a non-financial crowdfunding campaign can be • Emotional attraction to the campaign • Symbolic gift or reward • Attractiveness of the product Donation-based Original and most popular.

Used to support social, political, academic, project, etc.
Donors don’t receive anything in return.

Reward-based The contributor usually gets a symbolic return.

The value of the reward is not proportionate to actual financial contribution (e.g.. Handwritten thank-you note).

Motivation is similar to donation-based crowdfunding.

Pre-selling Campaigner offers a prototype or the finished product or service for the contributors of the campaign.
Model is often used in pages such as Kickstarter Sources: CrowdStream Training Guide 19 3A Non-financial return Crowdfunding Benefits Benefits for contributors • Supporters can buy products early • Supporters can make the support public • Supporters receive additional products, which are often not available Benefits for companies • The funds received do not have to be paid back • In addition to the procurement of funds, the customer base can already be built • It can reach a much larger audience • Marketing tool for further development Sources: Conda.at 20 3A Example of a Crowdfunding project You and me, together for the kindergarten in Pregrada Naša radost was established in 1997 and is currently the only kindergarten in the small city of Pregrada.
Aim of investment: repair the roof & install insulation to improve energy characteristics of the building Financing mix: 40%: grant support from national Environmental Protection and Energy Efficiency Fund 40%: city budget 20%: through a CF campaign on Croenergy.eu Target amount: EUR 13,000 using donation and reward based crowdfunding models.

The campaign lasted 6 months and was a complete success, exceeding initial funding target.

Works on energy renovation were completed in summer of 2016.
Source: E-FIX Case study analysis of alternative financing of energy projects, 2018 21 3B Financial return Crowdfunding The crowd could invest in early- stage companies (equity-based) or offer loans to SMEs under specific legal conditions (lending-based).

Why would a company be interested?


• Primarily because it can serve as a complementary form of financing Sources: CrowdStream Training Guide and Conda.at 22 3B Equity-based crowdfunding: • This type is often called Crowdinvesting and Contributors are often Crowdinvestors, particularly in German speaking countries.

• Small investors acquire shares in a company • SMEs • Startups • Real Estate • Special Projects • Risk is limited to the participation amount • Successful businesses can have attractive yields.
Unsuccessful businesses result in the loss of the investment • The investment sum can be very low (depends also on the platform) • Often starting from 100 Euro per project Sources: CrowdStream Training Guide and Conda.at 23 3B Example of Crowdinvesting Project Citizen Participation 2.0 Oekostrom AG was the first in the German-speaking countries to start a CI campaign aiming to increase its equity capital.

48 hours after the campaign launch in 2017, the shares offered by Oekostrom AG have been sold out.
In total 439 investors have secured company shares in AT largest independent energy provider worth one million Euros.
Aim of funding: expand power plant facilities for renewable energy Contract details: Shares issued: 11,323 registered shares Price: EUR 100, - Trading: via the trading platform of Oekostrom AG on aktie.oekostrom.at Dividend disbursal for new shares: for the first time for in 2017 (payment in 2018) Voting rights: for the first time at the 2017 Annual General Meeting Source: E-FIX Case study analysis of alternative financing of energy projects, 2018 24 3B Lending-based Crowdfunding • This type is often called Crowdlending or peer-to-peer-lending particularly in German speaking countries.
• Contributors lend their money (private microloans) to a certain person directly or through a crowdfunding platform • Contributors receive back the principal sum and interest payments negotiated in advance.

The interest rate is related to the individual risk of each project and also supply and demand • This is “mezzanine capital”.
In case of insolvency all other creditors have priority for receiving their money Sources: CrowdStream Training Guide 25 3B Example of a Crowdlending Project Sunny roofs of the City of Križevci Aim of investment: on grid solar power plant of 30 kW set up on the roof of the Križevci Entrepreneurial Center (KEC).

The electricity produced at the site is sold to KEC at market prices and after a ten-year period KEC becomes the owners of the PV plant.
CF Model: crowd-lending investment with a target of EUR 30,000.

The amount was collected in 10 days by 53 small investors, based on micro- loans model.

Minimum investment = EUR 130 maximum investment = EUR 1,300 → target regular citizens and not professional investors The loans will be returned to investors with 4.5% of interest over a period of 10 years, from the income generated by electricity production of the solar power plant on the roof.
Source: E-FIX Case study analysis of alternative financing of energy projects, 2018 26 3B Comparison with other financing alternatives Primary distinction between crowdfunding and crowdinvesting: • Crowdfunding: Receives support from individuals expecting a financial profit.
• Crowdinvesting: Receives support from individuals that support a cause or want a specific product/service) Sources: CrowdStream Training Guide and Conda.at 27 3B For investors Financial Return Crowdfunding Benefits • Investors benefit from the annual interest rates • You participate in the success of the company (or property) • Investors often receive special "goodies" from the companies • Investors know exactly where their money is flowing and have direct contact with the entrepreneurs For companies • Strengthens the capital structure of the company • Marketing Tool: The projects receive a lot of attention as well as a long reach • The community gives the companies direct feedback • Interaction: companies have personal contact with customers and prospects • With investors, companies gain loyal customers and brand ambassadors Sources: Conda.at 28 3B Co-Financing • Crowdfunding can complement traditional financing at different stages and in different ways Source: (QUELLE: CROWD-FUND-PORT) 29 3B By now you might be wondering?
When is crowdfunding appropriate Who should crowdfund?

How does a perfect textbook example of crowdfunding look like?

Different kinds of Campaigners often involve • Individuals • SMEs • Startups • Artists • Social Businesses • Charities • Communities (municipalities, schools, hospitals) Typical Crowdfunding Scenario It depends!

There is no clear answer at the moment But anyone that needs access to capital can use this model 30 3B Which kind of crowdfunding also depends by region/country.
However, there seems to be consensus that lending-based crowdfunding is most popular in Europe.

Which type is more popular in Europe?

Sources: Cambridge Centre for Alternative Finance (CCAF), 2019, THE 4TH EUROPEAN ALTERNATIVE FINANCE BENCHMARKING REPORT 31 3B Which type is more popular in Europe?

Prior to raising funds on an alternative, finance platform, a fundraiser must first go through a series of checks and assessments to determine their suitability.
This is measured in this graph with the ‘Onboarding Rate’ Interestingly, equity-based crowdfunding has some of the lowest onboarding rates while donation-based some of the highest.
Sources: Cambridge Centre for Alternative Finance (CCAF), 2019, THE 4TH EUROPEAN ALTERNATIVE FINANCE BENCHMARKING REPORT 32 3B Financial Return - Contributors Financial Return - Companies Summary of Benefits Investors benefit from the annual interest rates • • Participate in the success of the company (or property) • • Investors often receive special "goodies" from the companies Investors know exactly where their money is flowing and have direct contact with the entrepreneurs Interaction: companies have personal contact with customers and prospects • • Strengthens the capital structure of the company • Marketing Tool: The projects receive a lot of attention as well as a long reach • The community gives the companies direct feedback • With investors, companies gain loyal customers and brand ambassadors Non-financial Return - Contributors Non-financial Return - Companies • Contributors can buy products early • Contributors can make the support public • Contributors receive additional products, which are often not available • The funds received do not have to be paid back (often) • In addition to the procurement of funds, the customer base can already be built it can reach a much larger audience • • As with crowdinvesting, it is also marketing tool for further development Sources: Conda.at 33 Overview of what will be covered Introduction: Crowdfunding Who are the relevant actors Types of Crowdfunding 3A 3B Non-financial Financial Process and Phases Crowdfunding and EE Examples and cases 34 4 Process and Phases Pre-campaigning Campaigning Post-campaigning Development of crowdfunding campaign Launch on platform Fundraising Campaigners deliver promised objectives Sources: CrowdStream Training Guide 35 4 Process and Phases Pre-campaigning Campaigning Post-campaigning Development of crowdfunding campaign Launch on platform Fundraising Campaigners deliver promised objectives This phase is dedicated to all the necessary activities for the preparation of the campaign.
Some of the main tasks include: • Building a team • Consulting experts • Conducting research on similar projects • Choosing the most appropriate platform • Often there will be an assessment of project eligibility conducted by the platform Sources: CrowdStream Training Guide 36 4 Process and Phases Pre-campaigning Campaigning Post-campaigning Development of crowdfunding campaign Launch on platform Fundraising Campaigners deliver promised objectives Further actions include • Defining the campaign parameters (length, goal and, if applicable, rewards) • Developing and writing a business plan • Clarifying the relevant legal aspects • Preparing the online presence of the project on the campaign page (including descriptions, video, pictures/graphics) Identifying and pre-activating the crowd • Sources: CrowdStream Training Guide 37 4 Process and Phases Pre-campaigning Campaigning Post-campaigning Development of crowdfunding campaign Launch on platform Fundraising Campaigners deliver promised objectives This phase revolves around the implementation of pre-campaign planned measures and the online presence on the crowdfunding platform and the campaign page.
Besides the actual launch of the campaign and the general promotion of the project campaigners must: • Answer all incoming questions or requests • Regularly update the contributors • Attract new contributors Sources: CrowdStream Training Guide 38 4 Process and Phases Pre-campaigning Campaigning Post-campaigning Development of crowdfunding campaign Launch on platform Fundraising Campaigners deliver promised objectives Post-campaigning – implementation of the crowdfunded project Finalize crowdfunding related activities • • issuing bills, communicating with the contributors • In the case of an unsuccessful campaign experts recommend transparent communication and explaining why the campaign failed sending the rewards/product informing contributors of the next steps • • At this point, reflecting on and doing an assessment of the finalized campaign is highly recommended Sources: CrowdStream Training Guide 39 4 Success: important Considerations Your crowd The right platform Your campaign • Analyze your crowd • Establish a relationship with them • Understand who is your target • Platforms can look similar • After determining your crowd, analyze platform offerings • Use a strategy!
• Pay attention to the rewards!

Sources: CrowdStream Training Guide 40 4 Risks associated with Crowdfunding Fraud • Fraud is one of the biggest threats to crowdfunding campaigns • Fund-seekers might not aim to ever raise funds again (no reputational concerns).

Platforms on the other hand, are incentivized to protect against this.

• Laws may not be individually enforceable due to low amount of contributions.

Small investments are often not subject or investigations or report.
Incompetence • Given the low barriers for someone to launch a campaign, inexperienced (or experienced) entrepreneurs might just fail due to carelessness.

Sources: http://publications.jrc.ec.europa.eu/reposi tory/bitstream/JRC92482/lbna26992enn.p df 41 4 Risks associated with Crowdfunding Lack of secondary markets • Slow development of the secondary market affects the primary market.

Investors may join the project but can have difficulties reselling their shares or setting the right prices.
• Experienced investors may prefer a more active marketplace.

Unclear taxation • Donors are often not able to obtain tax deductions for their contributions.

• Tax relief varies depending on whether companies finance their R&D through earnings, equity, debt.

Sources: http://publications.jrc.ec.europa.eu/reposi tory/bitstream/JRC92482/lbna26992enn.p df 42 4 Risks associated with Crowdfunding Unclear regulation • Non-financial return types of crowdfunding receive less regulation attention.
Reward-based crowdfunding receives traditional consumer protection like breach of contract.

However, safety standards can be unclear.

• Financial return crowdfunding receives more attention from regulators since lending-based crowdfunding competes with banks (which are heavily regulated) and equity-based deals with share emissions (relies on local authorities).
Sources: http://publications.jrc.ec.europa.eu/reposi tory/bitstream/JRC92482/lbna26992enn.p df 43 Overview of what will be covered Introduction: Crowdfunding Who are the relevant actors Types of Crowdfunding 3A 3B Non-financial Financial Process and Phases Crowdfunding and EE Examples and cases 44 5 How much investment is needed?
(Source: International Energy Agency, 2018) 45 5 Crowdfunding for Energy - Benefits • Crowdfunding can play an important role in the energy transition • • Provide extra funding for sustainable energy projects Finance the value-added of energy projects • • increase supply of renewable energies additional energy efficiency savings • Reduce energy costs • Support innovative technologies, boost their dissemination • • e.g.

increase the refurbishment rate of buildings (private/public service buildings) e.g.
increase the use of energy efficient equipment in businesses/industry: pumps, compressors, air- conditioners, heat-pumps, boilers, lighting, etc.

Increased market validation (promotion of EE products) • • Quality criteria (technical, financial, environmental, social, etc.)
ensured 46 5 Crowdfunding for Energy - Benefits Benefits for promoters (municipalities, businesses) Increase the financial benefit of investments (NPV, IRR) Promotion and awareness raising effect Reduce burden of public budgets Use CF/CI as “blending” mechanism with other financing sources Benefits for the crowd Contribute to the “positive energy effect” (more RES, EE) Participate in a larger investment which an individual would not go for Financial benefit (interest, long-term investment opportunity) Personal identification with a project Environmental benefits CO2 emission reduction Less demand for resources/energy Prioritisation of local resource potentials 47 5 Example of Financial Return Crowdfunding “Bioenergiedorf” Biogas Energy Village 2 plants that produce biogas through microbiological fermentation → many residents of the village benefit from the bioenergy village, since the production site is connected to the local heating network Operational management handled by Bema Biogas GmbH Aim of funding: expand its district heating network so that another 180 households can benefit from green energy Contract details: subordinated loans CF platform: GreenVesting 7 years duration 5,00 % interests 1.360.000 EUR Funding Volume Repayment: annuity interest type: fixed interest rate Source: E-FIX Case study analysis of alternative financing of energy projects, 2018 48 5 Example of Financial Return Crowdfunding Wind parks financed by the community Windkraft Simonsfeld AG (WKS) is a SME active along the entire value chain of a wind park: development, construction & operation of wind power plants WKS issues both shares & bonds → broad public ownership basis with strong integration of the local community In 2017 WKS raised € 5 million by issuing bonds in the course of a larger financing strategy to construct 13 new wind power plants.
After 9 days the threshold was reached and all bonds allocated.

Around 370 individuals invested in these bonds where the majority (44%) was from the region.
Benefits of the bonds option: conditions & management of funds are in the hand of WKS Source: E-FIX Case study analysis of alternative financing of energy projects, 2018 49 Conclusions • Crowdfunding has become increasingly popular and consists of raising funds through getting several people to commit small amounts of money • Crowdfunding can be used by a diverse set of people (individuals, SMEs, startups, communities) and for diverse set of purposes (charity, technology, art, sustainability) • Crowdfunding can be used to complement funds from more traditional financing mechanisms • Success in crowdfunding requires active communication with several stakeholders • Crowdfunding provides exciting opportunities to finance energy efficient investments 50 Overview of what will be covered Introduction: Crowdfunding Who are the relevant actors Types of Crowdfunding 3A 3B Non-financial Financial Process and Phases Crowdfunding and EE Examples and cases 51 6 Project overview & model Aim of the project: to install photovoltaic systems on the rooftops of buildings owned by two neighboring communities with the financial contribution from local citizens Sale Approach: crowdfunding based on a ‘Sale and Lease Back Model’ Purchasing price Lease PV modules sold to local citizens, PV modules leased back by implementing project organization lease rate incl.
interest rate paid to the investing citizen, feed-in tariff for electricity sold to the grid (via OeMAG, settlement agency for green electricity) no banking license, no prospectus requirement typically used for PV projects OeMAG or third party Source: crowd4energy 52 6 Potential contributors Target groups: people of full age living in the two communities Benefits for the crowd investors: safe regional investment with fairly attractive interest rates supporting the development of the own community contribution to a sustainable energy supply even without using the own rooftop development of a sense of ownership for a community project capital and leaseback guarantee 53 6 Basic project information Key data on the two photovoltaic systems: Community PV location Community A Storage place for construction material Community B Waste collection center Total Dimension [kWp] Expected annual yield [kWh/year] No of PV modules 125 140 265 125,000 140,000 265,000 447 500 947 Local citizens to invest in approx.
950 so-called “solar bricks” with an interest rate of 1.39% solar brick = a PV module with a dimension of 1.6 m2 and approx.

280 Wp peak performance 10 solar bricks generate annual power of approx.

3,000 kWh, which corresponds to the electricity demand of an energy efficient household The project gathered 62 contributors from the region 54 6 Basic project information Key figures of the crowdfunding project No.
of available PV modules 947 modules Purchasing price per PV module 270 EUR/module Interest rate Leaseback Project life No of PV modules available for purchase 1.3925 %/year 22.85 EUR/year 13 years 2, 4, 6, 8 or 10 Min.

financial participation 540 EUR (2 PV modules) Max.
financial participation 2,700 EUR (10 PV modules) Administration fee in case of early termination of contract 100 EUR 55 6 Basic project information Calculation for 2 to 10 PV modules for a project period of 13 years No of PV modules Contribution [EUR] Leaseback rate [EUR/year] Interest rate for the period of 13 years [EUR] Total repayment [EUR] 2 4 6 8 10 540 1,080 1,620 2,160 2,700 45.7 91.4 137.1 182.8 228.5 54.1 108.2 162.2 216.3 270.4 594.1 1,188.2 1,782.3 2,376.4 2,970.5 56 6 Process & project timeline September 2018 • Start with a non binding list, where potential contributors could show their interest; announcement of details and conditions Until the 5th of October 2018 • Allocation of PV modules according to the first come, first serve principle October until December 2018 • Installment of the two PV systems 24th of September 2018 • Info session for local citizens Until the 18th of October 2018 • Contracts signed and payment 15th of January 2019 • Start of the leaseback period 57 6 Cost calculation based on interest rate of 1.4905% Contribution: Repayment per year: Interests: Total back payment: No of PV modules: Project life: Yearly interest rate: Sum of total interests: Size of pv system: Specific yield: Yearly degression: Compensation up to 13 years: Price for surplus electricity: Own requirements: Yearly increase of electricity prices: Costs of pv system: Costs of pv system: Subsidy: Total costs without interests: Total costs with interests: Possible yearly costs: Yearly inflation rate: Margin: 270.00 € 23.00 € 29.00 € 299.00€ 947 modules 13 years 1.4905 % 27,463.00 € 264 kWp 1,038 kWh/kWp 0.4 % 0.0791 €/kWh 0.0400 €/kWh 2 % 2 % 256,000.00€ 970.00 €/kWp % 256,000.00€ 283,467.00€ 500.00 € 2.00 % -15,756.00 € Tariff support Year Own assumption/data Electricity price Yield 21,678.00 21,591.00 21,505.00 21,418.00 21,331.00 21,244.00 21,158.00 21,071.00
 20,984.00 20,898.00 20,811.00 20,724.00 20,637.00 14,250.00 14,474.00 14,701.00 14,931.00 15,164.00 15,401.00 15,642.00 Costs 500.00 510.00 520.00 531.00 541.00 552.00 563.00 574.00 586.00 598.00 609.00 622.00 634.00 647.00 660.00 673.00 686.00 700.00 714.00 728.00 Cumulative balance sheet 21,178.00 42,259.00 63,244.00 84,131.00 104,921.00 125,613.00 146,208.00 166,705.00 187,103.00 207,403.00 227,605.00 247,707.00 267,711.00 281,314.00 295,128.00 309,156.00 323,400.00 337,865.00 352,552.00 367,465.00 All information without guarantee of completeness and correctness Yearly leasing payments: 21,781.00 € Yearly revenues OeMAG-compensation (without degression): 21,678.00 € 58 Computational Exercises from Business cases presented during Bilateral Master Class 59