Spreadsheet: benjamin_rogers__1067__NewCo-1-19-00
Sheet: VG

Victory Garden |  | 11 | MW
INCOME STATEMENT
('000 $) |  |  | 1999 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total | Net Total
Revenue
PPA Period:
Demand Payment |  |  | 1
Energy Payment |  |  | 1
Block Payment |  |  | 1
Market Period:
Demand Payment |  |  | 1
Variable Revenue |  |  | 1
Energy Margin |  |  | 1
Interest Income |  |  | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Revenue
Expense
Fuel  (Includes Fixed Transportation) |  |  | 0
Fixed O&M |  |  | 0
Variable O&M |  |  | 0
Major Maintenance & Ongoing Capex (Cash) |  |  | 0
Insurance |  |  | 0
SG&A |  |  | 0
Utility Start Up Power (included in O&M) |  |  | 0
Property, Other Taxes |  |  | 0
Debt Service L/C Fee |  |  | 0
Marketing Fee |  |  | 0
Administrative Fee |  |  | 0
O&M Fees |  |  | 0
Total Expense
EBITDA
Depreciation & Amortization |  |  |  | 0
EBIT
Interest Expense |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
EBT
Book State Tax Benefit / (Expense) |  | 0.05
Shareholder Fed. Tax Benefit / (Expense) |  | 0.35
Net Income
PTC |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  | implied CF
CASH FLOW
FPLE Interest |  | 0.5
('000 $) |  |  | 1999
EBITDA
Capital Expenditures |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Debt Service |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  | 0
Pre Tax Cash Flow
Cash Taxes Benefit (Expense)
After Tax Cash Flow
Net Income to FPLE
Distributable Cash to FPLE
Valuation
Pre Tax Cash Flow
Tax Benefit / (Expense)
PTC
Residual Value |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |  | 0 | 0 | 0 | 0 | 0
After Tax Cash Flow |  |  |  | -22703.58999705782
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Residual Value
NPV |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2014 EBITDA
Equity Discount Rate |  | 0.09 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Adjustment Factor |  |  |  | 1
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Adjusted EBITDA
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | EBITDA Multiple |  |  |  | 8
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Residual Value
Depreciable Basis
Debt (12/31/00) |  |  | 0
Equity
Percent Depreciable |  |  | 0.9
Depreciable Basis
GAAP Depreciation
Life | 30 | SL
Additional Depreciation @ FPLE
Tax Depreciation
Basis
Depreciation Rate: 5 Year 200% MACRS HY |  |  |  |  | 0.2 | 0.32 | 0.192 | 0.1152 | 0.1152 | 0.0576 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Depreciation
Additional Depreciation @ FPLE
Taxable Income
Tax Depreciation
Interest Expense
Taxable Income
State Income Tax
Federal Income Tax
FPLE Net Income
Interest Income - Loan Receivable
Fee Income
Total Other Income
State Taxes
Federal Taxes
Net Income from Interest and Fee to FPLE
Total FPLE Net Income
FPLE Other Cash Flows
Principal on Note Receivable |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
NPV
Equity Discount Rate |  | 0.1 | ???
Valuation of FPLE's Project Interest
FPLE's Share of Project
Note Receivable |  |  | 0
PV of Fee Income
Value of FPLE's Interest
Notes:
EWC is 50% owner
why is wacc raised to 10%?
SO4 contract has avoided cost price risk
implied turbine life 25 years, 20 year design life also see 'bathtub effect'