Municipality of Sirone (LC)
Transcription
Municipality of Sirone (LC)
Municipality of Sirone (LC) [Revenue stamp of €16.00, stamped by the Tribunale Ordinario di Milano] Subject: Expert appraisal to determine the most likely market value of an industrial complex with adjoining land owned by CLARIS LEASING S.P.A. at via Don Brambilla 26/28, SIRONE (LC). Arturo Guadagnolo, Via Giovanni da Milano 15, 20133 MILAN (MI) This report has been translated into the English language solely for the convenience of the international readers. [Stamped by the Tribunale Ordinario di Milano] Milan, 16 October 2013 Subject: Expert appraisal to determine the most likely market value of an industrial complex with adjoining land owned by CLARIS LEASING S.P.A. at via Don Brambilla 26/28, SIRONE (LC). PREAMBLE On 10 June 2013, I, Arturo Guadagnolo, member of the Order of Engineers of the Province of Milan registered under No. 20958, with a technical office at Via Giovanni da Milano 15, Milan (MI), was charged by the related parties committee of TESMEC S.P.A. with registered office at Piazza San Ambrogio 16, MILAN (MI) to prepare an expert appraisal to assess the most likely market value of an industrial complex and land owned by Claris Leasing S.p.A. and leased to CBF S.R.L. at via Don Brambilla 26/28, SIRONE (LC). The industrial complex and its land are registered in the Land Registry under sheet 7, parcel 512, subordinates 702 and 703, as shown in the attached cadastral maps. From an urban planning point of view, as can be seen in the attached extract of the territorial planning programme, the industrial complex is located in area “D1 - Areas of confirmation and expansion of existing production activities,” or, in summary, an industrial expansion area for almost the entire lot, while a limited section adjacent to Via Don Brambilla (formerly a provincial road or strada provinciale) is classified as a buffer zone with regard to power lines, roads and railways, etc. [Stamped by the Tribunale Ordinario di Milano] DESCRIPTION OF THE PROPERTY TO BE ASSESSED The property being assessed consists of production buildings and offices with an attached caretaker's residence, outbuildings, and a large industrial area. This property is composed as follows: The buildings were constructed in stages starting in 1961-1962 and were extended several times up to the present structure, which dates from 1985. It consists of a basement, a ground floor, a mezzanine and a first floor, as well as external metal outbuildings for storage. The basement houses storage areas for the canteen and the accounting department; the production departments, changing rooms and executive and administrative offices are located on the ground floor; a test room is on the mezzanine; and the canteen with adjoining kitchens and caretaker’s residence are located on the first floor. There is also a large external area with roads, green spaces and car parks, covering a total area of 10,166 square metres, of which 2,604 square metres has construction potential. The main characteristics of the buildings are as follows: STRUCTURAL ELEMENTS: the load-bearing structure (pillars and roofing) is of reinforced concrete, partly cast in situ and partly prestressed; the roofing – both flat and shed-style – is of normal and prestressed reinforced concrete and partly of steel. FAÇADE ELEMENTS: the external walls are masonry in the oldest, original sections, while they are made of prefabricated panels in the more recent sections; the door , entrance and window frames are made of metal; they are fitted with wired glass in the outbuildings while in the offices and caretaker's residence, they are of wood. EXTERNAL ELEMENTS: the enclosure walls are of reinforced concrete with an overlying barrier in iron; the aprons and manoeuvring areas are adequately asphalted, with the exception of the green area in front of the offices. INTERNAL ELEMENTS: the flooring of the production area is of industrial concrete. The flooring of the offices, the services on the ground floor, and the locker room is ceramic, as is that of the canteen, kitchens and caretaker's residence. [Stamped by the Tribunale Ordinario di Milano] EQUIPMENT: the building is equipped with central heating, water supply, electrical installations for lighting, data and power generation located adjacent to each workstation, a fire protection system and a MV transformer substation; the heating system, which runs on methane gas, consists of two boilers that also supply the new outbuilding. In addition, a photovoltaic plant has just been installed with a peak capacity of 196 kW, which supplies the production areas and is included in the register of the Italian National Grid Operator (GSE). ROOFING: the roofing has been completely redone in sheet steel insulated with 14 cm of glass wool to obtain a thermal transmittance of 0.217 W/m2 °K, much lower than the legal requirement of 0.3 W/m2 °K. OUTBUILDINGS: the outbuildings have an iron load-bearing frame, which is covered in prepainted sheet metal. [Revenue stamp of €16.00, stamped by the Tribunale Ordinario di Milano] DETERMINING THE VALUE OF THE PROPERTY This determination is performed using the synthetic comparative method, obtained by comparing the market values and the characteristics of similar properties known to the writer in the area with the specific characteristics of the property subject to appraisal. To this end, I can observe that: – The location, availability of the surrounding area, architectural and structural characteristics of the materials used in construction and their state of maintenance, and the convenience of parking both within and outside the property give the property an excellent level of marketability. – The recent roofing works (shown in the attached photographs together with the photovoltaic plant), coupled with the installation of thermal insulation that is significantly higher than regional limits, and the contingent construction of a photovoltaic plant – incentivised by the Italian National Grid Operator – with an installed capacity of 199 kW to supply the industrial activities performed, all serve to enhance the value of the entire property. [Stamped by the Tribunale Ordinario di Milano] Indeed, as shown in the attached “Energy savings estimate report” produced by Mr Alberto Colombi, the thermal insulation installed will lead to a saving of around 29% of energy costs for heating (approximately €20,000/year). The 199 kW photovoltaic plant will also produce power (as can be seen in the attached economic report relating to photovoltaics, again produced by Mr Colombi) of about 215,000 kW/h per year, involving an NPV (net present value, in addition to the market value of the property) of €803,123.34. This NPV alone, when considered in relation to the commercial surface area of 8,749 m2, produces a higher commercial value of € 91.79/m2 compared to identical buildings – the external areas have been completely levelled, restored using dry quarried materials, surfaced using rolled fine gravel or asphalt, completely enclosed with concrete walls and iron barriers, and equipped with facilities and structures, including underground. These characteristics result in the valuation of the property at a level higher than the current commercial value of similar properties, the details of which are broken down in the table below. [Stamped by the Tribunale Ordinario di Milano] On the basis of the description of the property and the above considerations, the value of the industrial complex owned by CBF S.R.L. and located at Via Don Brambilla 26/28 in the municipality of Sirone (LC) can be broken down as follows: - Basement: warehousing/storage area - Ground floor: production area 335 m2 x € 550 = € 184,250.00= 6,457 m2 x € 550 = €3,551,350.00= - Ground floor: office space 727 m2 x €1,050 = € 736,350.00= - Ground floor: outbuildings 415 m2 x € 250 = € 103,750.00= - Mezzanine: laboratory 130 m2 x € 500 = € - First floor: canteen and kitchens 295 m2 x € 900 = € 266,500.00= - Terraces 190 m2 x € 400 = € - Caretaker’s residence 200 m2 x €1,050 = € 210,000.00= 65,000.00= 76,000.00= - Land with construction potential 2,604 m2 x € 90 = € 234,360.00= - Land without construction potential 7,562 m2 x € 10 = € TOTAL The above items add up to provide a TOTAL of € 5,503,180.00 € 75,620.00= 5,503,180.00= [Stamped by the Tribunale Ordinario di Milano] CONCLUSION Based on the reasoning set forth above, the most likely market value of the industrial property owned by CBF S.R.L. at Via Don Brambilla 26/28, SIRONE, is estimated at €5,503,180.00 as at 16 October 2013. In witness whereof (Arturo Guadagnolo) Milan, 16/10/2013 [handwritten] [Signature and stamp of the Order of Engineers of the Province of Milan] Sole attachment = file containing: general cadastral map and sheets extract of the current territorial planning programme energy savings estimate report economic report photographs showing the outside of the building, roofing and photovoltaic plant Milan 16/10/2013 [Signature and stamp of the Order of Engineers of the Province of Milan] [Stamped by the Tribunale Ordinario di Milano] [Stamp] TRIBUNALE ORDINARIO DI MILANO SWORN STATEMENT OF EXTRAJUDICIAL EXPERT APPRAISAL On the 21st day of October of the year 2013, at the records office of the above Office, Mr ARTURO GUADAGNOLO, born in FALERNA on 18/08/1963, residing at via G. DA MILANO 15, identified with Identity Card No. AR4564837 issued by the City of Milan on 22/02/2010, personally appeared before the undersigned registrar, presenting the report carried out by him/her on 16/10/2013 and asking for it to be certified by sworn statement. Cautioned by me in accordance with the law(1), the appearing party declared the following words by way of oath: “I swear that I have performed the operations faithfully and to the best of my ability with sole purpose of making the truth known.” Read, confirmed and signed. [Signature, date and stamp] N.B. The Office does not assume any responsibility with regard to the contents of the appraisal certified by means of the sworn statement above. [illegible] [Stamped by the Tribunale Ordinario di Milano] SOLE ATTACHMENT TO THE APPRAISAL OF 16 OCTOBER 2013, CARRIED OUT ON BEHALF OF THE RELATED PARTIES COMMITTEE OF TESMEC S.P.A. FILE CONTAINING: general cadastral map and sheets extract of the current territorial planning programme energy savings estimate report economic report photographs showing the outside of the building, roofing and photovoltaic plant Milan, 16 October 2013 [Signature, Stamp of the Order of Engineers of the Province of Milan, Revenue stamp of €16.00, stamped by the Tribunale Ordinario di Milano] LEGEND Ufficio Provinciale di LECCO – Direttore: ING GIANLUCA SALAMONE – Provincial office of LECCO – Director: GIANLUCA SALAMONE Per visura – Title search Prot. N. T124266/2011 – Protocol No. T124266/2011 Scala orginale – Original scale Dimensione cornice – Frame dimensions metri - meters Comune: SIRONE – Municipality: SIRONE Foglio - Sheet AREA OGGETTO DI PERIZIA – AREA SUBJECT TO APPRASAL Particella – Parcel Dati cartografici e censuari non allineati o non registrati - Map and census data not aligned or not registered LEGEND AREA DI PERTINENZA – AREA OF INTEREST PIANTA PIANO TERRA – GROUND FLOOR PLAN ARRETRAMENTO STRADALE – ROAD SETBACK Agenzia del Territorio – Land Registry CATASTO FABBRICATI – LAND REGISTER Ufficio Provinicale di LECCO – Provincial office of Lecco Dichiarazione protocollo n. LC0008339 del 27/01/2005 - Declaration regarding protocol no. LC0008339 dated 27/01/2005 Particella – Parcel Subalterno – Subordinate Planimetria di uiu in Comune di Sirone – Map of urban building units in the municipality of Sirone Identificativi Catastali – Land register references Sezione – Section Foglio – Sheet Particella – Parcel Subalterno – Subordinate Compilata da – Drawn up by Iscritto all’albo – Recorded in the Register Geometri - Surveyors Prov. Lecco – Province of Lecco Data – Date Richiedente – Requestor Catasto dei Fabbricati – Buildings register Situazione al – Situation as at Totale schede – Total number of sheets Formato di acquisizione – Format filed Formato stampa richiesto – Print format requested Ultima planimetria in atti – Latest map in existence Scala – Scale Metri - meters LEGEND PIANTA PIANO INTERRATO – BASEMENT PLAN TERRAPIENO - EMBANKMENT CANTINA – CELLAR DEPOSITO – STORAGE AREA AL MONTAGGIO – TO ASSEMBLY AREA METROLOGIA – MEASUREMENT SPOGLIATOI UOMINI – MENS’ CHANGING ROOMS PORTICO – PORCH Agenzia del Territorio – Land Registry CATASTO FABBRICATI – LAND REGISTER Ufficio Provinciale di LECCO – Provincial office of Lecco Dichiarazione protocollo n. LC0008339 del 27/01/2005 - Declaration regarding protocol no. LC0008339 dated 27/01/2005 Particella – Parcel Subalterno – Subordinate Planimetria di uiu in Comune di Sirone – Map of urban building units in the municipality of Sirone Identificativi Catastali – Land register references Sezione – Section Foglio – Sheet Particella – Parcel Subalterno – Subordinate Compilata da – Drawn up by Iscritto all’albo – Recorded in the Register Geometri - Surveyors Prov. Lecco – Province of Lecco Data – Date Richiedente – Requestor Catasto dei Fabbricati – Buildings register Situazione al – Situation as at Totale schede – Total number of sheets Formato di acquisizione – Format filed Formato stampa richiesto – Print format requested Ultima planimetria in atti – Latest map in existence Scala - Scale Metri - meters LEGEND PIANTA PIANO TERRA - GROUND FLOOR PLAN TETTOIA DEPOSITO – STORAGE OUTBUILDING SCOMPARTI RACCOLTA LIMITATURA DI FERRO – IRON FILINGS COLLECTION BINS TETTOIA - OUTBUILDING OFFICINA - WORKSHOP MAGAZZINO - WAREHOUSE CABINA ENEL – ENEL SUBSTATION CALDAIA – BOILER ROOM UFFICI SENZA PERMANENZA DI PERSONE – OFFICE SPACE WITHOUT PERMANENT PRESENCE OF STAFF UFFICIO – OFFICE ATTREZZERIA – TOOLS STORAGE PORTICATO – PORCH PORTICO – PORCH PENSILINA – COVERED AREA TRATTAMENTI TERMICI VANO DEPURAZIONE – PURIFICATION COMPARTMENT CABINA ELETTRICA INTERNA – INTERNAL ELECTRICAL SUBSTATION DISIMPEGNO – CORRIDOR INGRESSO – ENTRANCE ALTRA U.I. – OTHER BUILDING Agenzia del Territorio – Land Registry CATASTO FABBRICATI – LAND REGISTER Ufficio Provinciale di LECCO – Provincial office of Lecco Dichiarazione protocollo n. LC0008339 del 27/01/2005 - Declaration regarding protocol no. LC0008339 dated 27/01/2005 Particella – Parcel Subalterno – Subordinate Planimetria di uiu in Comune di Sirone – Map of urban building units in the municipality of Sirone Identificativi Catastali – Land register references Sezione – Section Foglio – Sheet Particella – Parcel Subalterno – Subordinate Compilata da – Drawn up by Iscritto all’albo – Recorded in the Register Geometri - Surveyors Prov. Lecco – Province of Lecco Data – Date Richiedente – Requestor Catasto dei Fabbricati – Buildings register Situazione al – Situation as at Totale schede – Total number of sheets Formato di acquisizione – Format filed Formato stampa richiesto – Print format requested Ultima planimetria in atti – Latest map in existence Scala - Scale Metri - meters [Revenue stamp of €16.00, stamped by the Tribunale Ordinario di Milano] LEGEND PIANTA PIANO PRIMO – FIRST FLOOR PLAN USCITA DI SICUREZZA – EMERGENCY EXIT TERRAZZO – TERRACE MENSA OPERAI – WORKERS’ CANTEEN CUCINA – KITCHEN MENSA DIRIG. – MANAGERS’ CANTEEN DISPENSA – BACK KITCHEN SALA PROVE – TEST ROOM Scala – Scale Richiedente – Requestor Formato di acquisizione – Format filed Formato stampa richiesto – Print format requested Metri – meters Subalterno – Subordinated Prov. Lecco – Province of Lecco LEGEND PIANO TERRA – GROUND FLOOR CUCINA – KITCHEN CAMERA – BEDROOM BAGNO – BATHROOM SOGGIORNO – LIVING ROOM TERRAZZO – TERRACE ALTRA U.I. – OTHER BUILDING Agenzia del Territorio – Land Registry CATASTO FABBRICATI – LAND REGISTER Ufficio Provinciale di LECCO – Provincial office of Lecco Dichiarazione protocollo n. LC0161703 del 22/12/2004 - Declaration regarding protocol no. LC0161703 dated 22/12/2004 Planimetria di uiu in Comune di Sirone – Map of urban building units in the municipality of Sirone Identificativi Catastali – Land register references Sezione – Section Foglio – Sheet Particella – Parcel Subalterno – Subordinate Compilata da – Drawn up by Iscritto all’albo – Recorded in the Register Geometri - Surveyors Prov. Lecco – Province of Lecco Data - Date Richiedente – Requestor Catasto dei Fabbricati – Buildings register Situazione al – Situation as at Comune di SIRONE – Municipality of SIRONE Totale schede – Total number of sheets Formato di acquisizione – Format filed Formato stampa richiesto – Print format requested Ultima planimetria in atti – Latest map in existence Scheda – Sheet Scala – Scale Metri - meters EXTRACT OF THE TERRITORIAL PLANNING PROGRAMME LEGEND PRODUCTION AREAS D1 Areas of confirmation and expansion of existing production activities Italforge area (with specific name of intervention) Short transport area (with specific name of intervention) D2 Areas of productive use with expert appraisal D3 Areas complementary to the productive areas See specific intervention legislation Environmental buffer zone and filter Buffer zone with regard to power lines, roads and railways and absolute respect for reservoirs, springs and wells. Cemeterial setback area Sirone well setback area Ing. Alberto Colombi 24060 Endine Galano (BG) – Via San Remigio, 2 – Tel. 035/827454 Fax 035/8232336 email [email protected] ENERGY SAVINGS ESTIMATE REPORT I, the undersigned engineer, ALBERTO COLOMBI, enrolled in the Professional Register of Engineers of the Province of Bergamo under No. 1889, accredited energy certifier registered with CENED Italy under No. 689, and with a technical office at via San Remigio 2, Endine Gaiano, Tel 035-82.74.54, on behalf of CBF SRL, have estimated the energy savings resulting from the installation of thermal insulation on the roof of the facility leased to TESMEC at via Don Brambilla 26/28, Sirone (LC), carried out in connection with the disposal of an ETERNIT roof covering and the installation of a 196 kW photovoltaic plant. As part of these works, a layer of mineral wool of an average thickness of 14 cm was added, reducing the thermal transmittance (thermal heat transfer coefficient per Kelvin) from an average value of 2.03 W/m2 °K to the much lower value of 0.217 W/m2 °K. By entering these values into the CENED+ software used in Lombardy for buildings certifications, two energy certificates were simulated, one pre-intervention and another postintervention: the annual energy requirements per cubic metre of the heated facility (EpH) were reduced from 41.77 to 29.7 KWh/m3 year (see images below), thus achieving a saving of 29% on heating costs at the same temperature. Considering that last year € 84,200.08 was spent on methane gas, 6-7% of which was to meet the needs of the canteen, I hereby affirm that the installation of thermal insulation will lead to average savings (estimated using 2012 cost of gas figures), of no less than €20,000/year. I remain at your disposal for any clarification. Yours sincerely, Endine Gaiano, 23 July 2013 Responsible engineer [signature and stamp] Legend Classe energetica - Energy rating [illegible] Indicatori – Indicators Riscaldamento o climatizzazione invernale – Heating or air-conditioning in winter Acqua calda sanitaria – Domestic hot water Totale per usi termici – Total for thermal use Illuminazione - Lighting Solare termico (Riscaldamento) – Solar thermal panel (Heating) Solare termico (ACS) – Solar thermal panel (Domestic hot water) Solare fotovoltaico – Solar photovoltaic Indicatori - Indicators Riscaldamento - Heating Acqua calda sanitaria – Domestic hot water Riscaldamento + ACS – Heating + domestic hot water Rapporto S/V – Surface area/Volume ratio Indicatori – Indicators Emissioni di CO2 – CO2 emissions Fabbisogno energetico post intervento – Energy requirements post intervention Fabbisogno energetico pre intervento – Energy requirements pre intervention MUNICIPALITY OF SIRONE (LC) PHOTOVOLTAIC PLANT CONNECTED TO THE NATIONAL GRID FOR THE SALE OF ELECTRICITY Installed capacity = 199.925 kW Economic Report Plant: Plant1 Client: CBF SRL – Legal representative: Ambrogio Caccia Dominoni Location: Via Don Brambilla 26/28, SIRONE (LC) SIRONE, 19/09/2013 Engineer (Alberto Colombi) [Signature and stamp] 1 Plant1 – Economic report GENERAL DATA PV plant location Plant ID Address Postcode, Town/City Plant1 Via Don Brambilla 26/28 23844 SIRONE (LC) Client Name and surname Tax code VAT No. Date of birth Place of birth Ambrogio Caccia Dominoni Address Postcode, Town/City Telephone Fax Email Via Caccia Dominioni 10 23017 MORBEGNO (SO) 0354232911 035335664 [email protected] Role Legal representative Name Tax code VAT No. CBF SRL 03082490164 03082490164 Address Postcode, Town/City Telephone Fax Email Via Zanica 17/O 24050 GRASSOBBIO (BG) 0354232911 0354232911 [email protected] 27/08/1946 MORBEGNO Engineer Name ING. COLOMBI & C. S.R.L. Name and surname Profession Tax code VAT No. Professional register Alberto Colombi Engineer 03755920166 03755920166 Engineering (BG) 2 Plant1 – Economic report Registration No. 1889 Address Postcode, Town/City Telephone Fax Email Via San Remigio 2 24060 ENDINE GAI ANO (BG) 035827454 0358232336 [email protected] POTENTIAL PLANT PRODUCTIVITY Description of the PV plant : Plant1 The PV plant, called “Plant1”, is grid-connected with a three-phase medium voltage connection. It has a total installed capacity of 199.925 kW and an annual energy production of 215,206.70 kWh (equivalent to 1,076.44 kWh /kW), derived from 727 modules covering an area of 1,209.73 m2. The plant consists of one generator and is used for the sale of electricity. The site where the PV plant will be installed is described below. PV plant positioned on the roof of the outbuildings of the Sirone facility. Technical data sheet of the PV plant General data Address Post code, Town/City (Province) CBF SRL – Legal representative: Ambrogio Caccia Dominioni Via Don Brambilla 26/28 23844 SIRONE (LC) Lattitude Longitude Altitude 45°.7736 N 9°.3217 E 273 m Annual solar radiation on a horizontal plane Shade coefficient 4 574.00 MJ/m2 1.00 Client Technical data Total area of modules Total number of modules Total number of inverters 1 209.73 m* 727 1 3 Plant1 – Economic report Total annual energy production Total capacity Phase L1 capacity Phase L2 capacity Phase L3 capacity Energy per kW BOS 215 206.70 kWh 199.925 kW 66.642 kW 66.642 kW 66.642 kW 1 076.44 kWh/kW 74.97% Energy produced The total annual energy production of the PV plant is 215,206.70 kWh The chart below shows the energy production on a monthly basis: Legend Energia mensile – Monthly energy production Fig. 2: Energia mensile prodotta dall’impianto – Fig. 2: Monthly energy production of the PV plant 4 Plant1 – Economic report CONSUMPTION List of equipment The following table shows the list of equipment with the relative annual consumption: Description Annual consumption (kWh) Global consumption 985 500.00 Consumption Total annual consumption is 985 500.00 kWh. The graph below shows the monthly consumption Legend Consumo mensile – monthly consumption Fig. 3: Consumo mensile di energia - Fig. 3: Monthly energy consumption 5 Plant1 – Economic report ANALYSIS OF REVENUES Feed-in tariff revenues – Ministerial Decree of 05/07/2012 Fifth Energy Bill (Conto Energia) The Decree of 5 July 2012 (Minister of Economic Development in consultation with the Minister of the Environment and Protection of Land and Sea) – the “Fifth Energy Bill” – establishes the criteria and procedures for promoting the production of electricity from solar photovoltaic plants. The Italian Authority for Electricity and Gas (AEEG), with its resolution of 12 July 2012, established 27 August 2012 as the date for the commencement of the new incentive arrangements governed by the decree. The feed-in tariffs of the Fifth Energy Bill cannot be combined with the recognition or request for tax deduction. In addition, the feed-in tariffs are alternatives to the following benefits: a) the net metering mechanism for permitted installations, subject to the exception laid down in Article 355 (7) of Legislative Decree No. 66 of 15 March 2010, and the terms and conditions set forth in Resolution ARG/elt 186/09. This mechanim is applied, at the request of the producer, as an alternative to feed-in tariffs, before the end of the period of entitlement to the same tariffs, and after the end of the period of entitlement to feed-in tariffs; b) withdrawal under the terms and conditions set by the Authority for Electricity and Gas pursuant to art. 13(3) of Legislative Decree No. 387 of 29 December 2003, or the sale to the market, but only for power plants up to 1 MW. Feed-in tariff The Decree provides for an incentive system based on an all-inclusive rate for electricity generated and fed into the grid and a premium rate for the energy consumed on-site. The feed-in tariff is determined on the basis of Article 5 of the Ministerial Decree of 5 July 2012 and is valid for a period of 20 years from the date of entry into operation of the plant. General data Entry into operation Total capacity Type of plant H2 199.925 kW Integrated with innovative characteristics Auto-consumption tariff All-inclusive tariff €0.149/kWh €0.231/kWh Increase for specific types and applications As defined in art. 5(2)(a)(b), the feed-in tariff is increased as specified below. 6 Plant1 – Economic report For installations with major components made solely in an EU Member State or one that is party to the European Economic Area Agreement – EEA (art. 2(1)(v)): - by €0.020/kWh (in operation by 31 -12-2013) For installations on buildings where the modules are installed instead of roofing, allowing the complete removal of asbestos or eternit roofing: - by €0.020 / kWh (capacity greater than 20 kW, in operation by 31-12-2013) The total increase is, therefore, equal to €0.040/kWh. Feed-in tariff summary The production incentive can be summarized as follows: Description Final auto-consumption tariff Final all-inclusive tariff Revenues for the first year Amount €0.189/kWh €0.271/kWh €41 464.71 Consumer Data Committed capacity Energy purchase rate Energy purchase rate 1.00 kW BTA6 – Three-hourly 2011 BTA6 – Three-hourly 2011 The rate at which electricity is purchased is made up of several components. Energy component: this is the only energy component of the PED fee (energy and dispatching price) of the TIV (Integrated text coverning the sale of electricity). Dispatching component: this is the fee for the dispatching of electricity. PCV component: this is the fee to cover marketing costs related to the sale of electricity. Transport component: this comprises the transmission, distribution and metering services (installation and maintenance of meters and the collection, validation and recording of electricity data). They differ by type of end customers: a) Residential end customers with tariff D2/D3. b) Other non-residential end customers 7 Plant1 – Economic report Component A: this covers expenses incurred in the general interest of the electrical system such as, for example, research costs, costs to encourage the use of renewable energy sources, etc. Component UC: this covers additional cost elements of the electrical service (such as balancing, for example). Component MCT: it is the tariff component for the financing of regional compensation measures pursuant to aricle 4(1-bis) of Law no. 368/03. General Data Tariff name Description Type of consumers Regime Committed capacity Pricing type Time bands Duties Additional duty to local authorities VAT Energy component Fixed quota (€) Capacity quota (€/kW) Energy quota (€/kW) Tariff F1 Tariff F2 Tariff F3 BTA6 – Three-hourly 2011 Tariff applied to high usage low-voltage contracts with a committed capacity of greater than 16.5 kW Other uses – BT Protected market Over 16.50 kW Three-hourly AEEG 181/06 – Three-hourly €0.00310/kWh €0.00930/kWh 20.0% 0.00000 0.00000 0.09348 0.08538 0.06295 Dispatching component Fixed quota (€) Capacity quota (€/kW) Energy quota (€/kW) -12.74000 0.00000 0.00767 PVC component Fixed quota (€) Capacity quota (€/kW) Energy quota (€/kW) 49.70000 0.00000 0.00000 Transmission component Fixed quota (€) Capacity quota (€/kW) Energy quota (€/kW) 30.15330 28.77960 0.00563 8 Plant1 – Economic report Component A Fixed quota (€) Capacity quota (€/kW) Energy quota (€/kW) 52.07900 0.00000 0.02286 Component UC Fixed quota (€) Capacity quota (€/kW) Energy quota (€/kW) 1.43570 0.00000 0.00132 Component MCT Fixed quota (€) Capacity quota (€/kW) Energy quota (€/kW) 0.00000 0.00000 0.00017 Total Fixed quota (€) Capacity quota (€/kW) Energy quota (€/kW) Tariff F1 Tariff F2 Tariff F3 120.62800 28.77960 0.13113 0.12303 0.10060 Table of the time bands (AEEG 181/06 – Three-hourly) Tariff F1 Tariff F2 Tariff F3 Monday Tuesday Wednesday Thursday Friday Saturday Sunday 9 Plant1 – Economic report COST ANALYSIS PV plant installation cost Total installation cost The estimated cost of installation of the PV plant, including technical and other expenses, is detailed below: Description Cost of works (1,000.00 €/kW) Technical expenses (7,50%) Other expenses Amount €199,925.00 €15,000.00 €0.00 €214,925.00 Total installation cost Spending commitment The spending commitment required can be summarised as follows: Description Total cost of PV plant Leasing Fee Interest Duration Initial payment Final payment Annual cost Total cost Total spending commitment Amount €214,925.00 €191,400.00 €4,867.98 5.00% 10 years €24,186.00 €24,186.00 €19,471.92 €243,091.26 €47,711.00 Operating costs One-off costs One-off costs include the following technological costs required to perform an accurate economic assessment of the plant: 10 Plant1 – Economic report Description Extraordinary maintenance Replacement of inverter Year (€/kW) (%) 10 20 0.00 0.00 (€) 0.00 0.00 0.00 0.00 Recurring costs The following recurring costs are required for the proper functioning of the plant: Description Maintenance Insurance Period Duration (%) (€/kW) (€) 1 20 0.50 5.00 1,000.00 1 20 2.00 20.01 4,000.00 11 Plant1 – Economic report Taxes and amortisation For the parties responsible, 9.3 natural or legal persons who install a photovoltaic plant as part of their business activities, the following tax incentive rules apply to the photovoltaic plants: Taxation of Auto-consumption tariff Taxation of all-inclusive tariff Taxation of contribution to exchange account Amortisation Type of tax Liable for IRAP No Yes Yes Rate Yes IRPEF Tax rate No 100.00% 27.00% 12 Plant1 – Economic report ECONOMIC ANALYSIS Parameters For the purposes of economic analysis, the following reference parameters were considered: Fixed IRPEF rate Annual amortisation of the plant Annual inflation rate of costs Annual inflation rate of energy tariffs Discount rate Annual increase of energy consumption Annual loss of efficiency of the PV plant 27.00% 9.00% 2.00% 6.00% 4.00% 2.00% 0.90% Summary and detailed annual budget Summary annual budget (*) Year Initial cash balance Inflows – Outflows Inflows Revenues from auto-consumption tariff Revenues from all-inclusive tariff Energy bill savings Outflows Cost of operation Leasing rate Duty Final balance 1 2 -47 711.00 863.55 48 574.55 49 592.60 75 356.48 76 555.65 38 851.73 38 591.85 3 50 456.15 50 391.43 77 846.53 38 336.09 4 100 847.58 51 256.93 79 231.10 38 079.46 5 152 104.51 52 192.47 80 713.92 37 822.25 2 612.97 33 891.78 26 781.93 5 000.00 19 471.92 2 310.01 863.55 2 460.73 35 503.07 26 963.05 5 100.00 19 471.92 2 391.13 50 456.15 2 307.28 37 203.16 27 455.10 5 202.00 19 471.92 2 781.18 100 847.58 2 159.76 38 991.88 27 974.17 5 306.04 19 471.92 3 196.21 152 104.51 2 017.73 40 873.94 28 521.45 5 412.16 19 471.92 3 637.37 204 296.98 Year Initial cash balance Inflows – Outflows Inflows Revenues from auto-consumption tariff Revenues from all-inclusive tariff Energy bill savings Outflows Cost of operation Leasing rate Duty Final balance 6 204 296.98 53 205.06 82 302.91 37 569.06 1 874.52 42 859.33 29 097.85 5 520.40 19 471.92 4 105.53 257 502.04 7 257 502.04 54 298.85 84 003.82 37 319.90 1 730.10 44 953.82 29 704.97 5 630.81 19 471.92 4 602.24 311 800.89 8 311 800.89 55 478.16 85 822.61 37 074.75 1 584.43 47 163.43 30 344.45 5 743.43 19 471.92 5 129.10 367 279.05 9 367 279.05 56 747.71 87 765.76 36 833.64 1 437.45 49 494.67 31 018.05 5 858.30 19 471.92 5 687.83 424 026.76 10 424 026.76 33 926.38 89 840.09 36 596.53 1 289.16 51 954.40 55 913.71 5 975.46 43 657.98 6 280.27 457 953.14 Year Initial cash balance Inflows – Outflows Inflows Revenues from auto-consumption tariff Revenues from all-inclusive tariff Energy bill savings Outflows Cost of operation Leasing rate Duty Final balance 11 457 953.14 73 432.81 92 052.73 36 363.45 1 139.49 54 549.79 18 619.92 6 094.97 0.00 12 524.95 531 385.95 12 531 385.95 75 061.48 94 396.96 36 122.02 1 006.15 57 268.79 19 335.48 6 216.87 0.00 13 118.61 606 447.43 13 606 447.43 76 375.87 96 889.29 35 881.67 875.58 60 132.04 20 513.42 6 341.21 0.00 14 172.21 682 823.30 14 682 823.30 78 142.49 99 527.36 35 635.06 758.27 63 134.03 21 384.87 6 468.04 0.00 14 916.83 760 965.79 15 760 965.79 80 029.36 102 331.30 35 392.19 639.81 66 299.30 22 301.94 6 597.40 0.00 15 704.54 840 995.15 13 Plant1 – Economic report Year Initial cash balance Inflows – Outflows Inflows Revenues from auto-consumption tariff Revenues from all-inclusive tariff Energy bill savings Outflows Cost of operation Leasing rate Duty Final balance 16 17 18 19 20 840 995.15 923 032.10 1 007 196.62 1 093 590.05 1 182 346.84 82 036.95 84 164.52 86 393.43 88 756.79 91 242.52 105 303.43 108 444.46 111 734.38 115 211.49 118 863.12 35 148.67 34 900.05 34 631.48 34 362.16 34 081.77 526.52 424.68 355.57 291.62 247.61 69 628.24 73 119.73 76 747.33 80 557.71 84 533.74 23 266.48 24 279.94 25 340.95 26 454.70 27 620.60 6 729.34 6 863.93 7 001.21 7 141.23 7 284.05 0.00 0.00 0.00 0.00 0.00 16 537.14 17 416.01 18 339.74 19 313.47 20 336.55 923 032.10 1 007 196.62 1 093 590.05 1 182 346.84 1 273 589.36 (*) the amounts of the annual budgets are expressed in Euros (€) Detailed annual budget Year Energy (*) Energy produced Energy delivered Energy consumed Energy collected Energy exchanged Consumption (*) Total consumption Auto-consumption All-inclusive consumption Annual budget (**) Total revenues Revenues from auto-consumption tariff Revenues from all-inclusive tariff Energy bill savings Cost of operation One-off costs Recurring costs GSE costs EBITDA Amortisation EBIT Leasing rate Leasing fee Share of interest Share of the principal Final payment Outstanding debt Earnings before tax Total tax IRPEF IRPEF tax base IRPEF rate Net profit Cash flow Cumulative cash flow Modified NPV (MNPV) Cash flow without financing Tax benefit Cash flow MNPV IRR 1 2 3 4 5 215 206.70 213 269.84 9 641.97 9 080.17 205 564.73 204 189.66 779 935.27 801 020.34 9 641.97 9 080.17 211 350.40 8 513.93 202 836.47 822 477.73 8 513.93 209 448.26 7 969.61 201 478.65 844 341.91 7 969.61 207 563.22 7 445.50 200 117.72 866 619.02 7 445.50 1 005 204 210.00 801 189.66 020.34 41 052.58 38 591.85 2 460.73 35 503.07 5 100.00 0.00 5 100.00 0.00 71 455.65 4 535.85 66 919.80 19 471.92 19 471.92 7 573.86 11 898.06 0.00 143 994.65 47 447.88 2 391.13 2 391.13 8 856.03 27.00 % 45 056.75 49 592.60 50 456.15 -87 013.62 63 154.08 5 257.42 68 411.50 -25.77% 1 025 202 836.47 314.20 822 477.73 1 045 1 066 201 200 820.56 736.74 844 866 478.65 117.72 341.91 619.02 40 239.22 39 839.98 38 079.46 37 822.25 2 159.76 2 017.73 38 991.88 40 873.94 5 306.04 5 412.16 0.00 0.00 5 306.04 5 412.16 0.00 0.00 73 925.06 75 301.76 4 535.85 4 535.85 69 389.21 70 765.91 19 471.92 19 471.92 19 471.92 19 471.92 6 330.68 5 661.19 13 141.24 13 810.73 0.00 0.00 118 349.19 104 538.46 49 917.29 51 293.99 3 196.21 3 637.37 3 196.21 3 637.37 11 837.83 13 471.74 27.00 % 27.00 % 46 721.08 47 656.62 51 256.93 52 192.47 152 104.51 204 296.98 34 114.18 92 278.47 64 818.41 65 753.95 5 257.42 5 257.42 70 075.83 71 011.37 10.58% 18.13% 985 500.00 205 564.73 779 935.27 41 464.70 38 851.73 2 612.97 33 891.78 5 000.00 0.00 5 000.00 0.00 70 356.48 3 477.22 66 879.26 19 471.92 19 471.92 8 150.63 11 321.29 0.00 155 892.71 47 407.34 2 310.01 2 310.01 8 555.61 27.00 % 45 097.33 48 574.55 863.55 -150 171.75 62 136.03 5 257.42 67 393.45 -68.64% 40 643.37 38 336.09 2 307.28 37 203.16 5 202.00 0.00 5 202.00 0.00 72 644.53 4 535.85 68 108.68 19 471.92 19 471.92 6 967.70 12 504.22 0.00 131 490.43 48 636.76 2 781.18 2 781.18 10 300.67 27.00 % 45 855.58 50 391.43 100 847.58 -25 618.16 63 952.91 5 257.42 69 210.33 -2.31% 14 Plant1 – Economic report Year Energy (*) Energy produced Energy delivered Energy consumed Energy collected Energy exchanged Consumption (*) Total consumption Auto-consumption All-inclusive consumption Annual budget (**) Total revenues Revenues from autoRevenues from all-inclusive consumption tariff Energy bill savings tariff Cost of operation One-off costs Recurring costs GSE costs EBITDA Amortisation EBIT Leasing rate Leasing fee Share of interest Share of the principal Final payment Outstanding debt Earnings before tax Total tax IRPEF IRPEF tax base IRPEF rate Net profit Cash flow Cumulative cash flow Modified NPV (MNPV) Cash flow without financing Tax benefit Cash flow MNPV IRR Year Energy (*) Energy produced Energy delivered Energy consumed Energy collected Energy exchanged Consumption (*) Total consumption Auto-consumption All-inclusive consumption Annual budget (**) Total revenues 6 7 8 9 10 illegible 6 917.06 198 778.10 889 293.32 6 917.06 203 843.90 6 384.13 197 459.77 912 373.10 6 384.13 202 009.31 5 846.59 196 162.72 935 866.82 5 846.59 200 191.22 5 304.26 194 886.96 959 783.42 5 304.26 198 389.49 4 757.05 193 632.45 984 131.23 4 757.05 1 088 071.42 198 778.10 889 293.32 1 109 832.87 197 459.77 912 373.10 1 132 029.54 196 162.72 935 866.82 1 154 670.38 194 886.96 959 783.42 1 177 763.68 193 632.45 984 131.23 39 443.58 37 569.06 1 874.52 42 859.33 5 520.40 0.00 5 520.40 0.00 76 782.51 4 535.85 72 246.66 19 471.92 19 471.92 4 957.60 14 514.32 0.00 90 024.14 52 774.74 4 105.53 4 105.53 15 205.68 27.00 % 48 669.21 53 205.06 257 502.04 148 968.19 66 766.54 5 257.42 72 023.96 22.79% 39 050.00 37 319.90 1 730.10 44 953.82 5 630.81 0.00 5 630.81 0.00 78 373.01 4 535.85 73 837.16 19 471.92 19 471.92 4 218.16 15 253.76 0.00 74 770.38 54 365.24 4 602.24 4 602.24 17 045.34 27.00 % 49 763.00 54 298.85 311 800.89 204 272.83 67 860.33 5 257.42 73 117.75 25.80% 38 659.18 37 074.75 1 584.43 47 163.43 5 743.43 0.00 5 743.43 0.00 80 079.18 4 535.85 75 543.33 19 471.92 19 471.92 3 441.05 16 030.87 0.00 58 739.51 56 071.41 5 129.10 5 129.10 18 996.66 27.00 % 50 942.31 55 478.16 367 279.05 258 277.83 69 039.64 5 257.42 74 297.06 27.81% 38 271.09 36 833.64 1 437.45 49 494.67 5 858.30 0.00 5 858.30 0.00 81 907.46 4 535.85 77 371.61 19 471.92 19 471.92 2 624.34 16 847.58 0.00 41 891.93 57 899.69 5 687.83 5 687.83 21 066.05 27.00 % 52 211.86 56 747.71 424 026.76 311 065.12 70 309.19 5 257.42 75 566.61 29.19% 37 885.69 36 596.53 1 289.16 51 954.40 5 975.46 0.00 5 975.46 0.00 83 864.63' 4 535.85 79 328.78 43 657.98 19 471.98 1 766.05 17 705.93 24 186.00 0.00 59 856.80 6 280.27 6 280.27 23 260.27 27.00 % 53 576.53 33 926.38 457 953.14 362 713.05 71 673.91 5 257.43 76 931.34 30.16% 11 12 13 14 15 196 603.99 4 204.76 192 399.22 1 008 919.91 4 204.76 194 834.56 3 712.74 191 121.82 1 034 223.44 3 712.74 193 081.04 3 230.94 189 850.10 1 060 002.06 3 230.94 191 343.34 2 798.03 188 545.31 1 086 303.95 2 798.03 189 621.23 2 360.94 187 260.29 1 113 086.12 2 360.94 1 201 319.13 192 399.22 1 008 919.91 1 225 345.26 191 121.82 1 034 223.44 1 249 852.16 189 850.10 1 060 002.06 1 274 849.26 188 545.31 1 086 303.95 1 300 346.41 187 260.29 1 113 086.12 37 502.94 37 128.17 36 757.25 36 393.33 36 032.00 15 Plant1 – Economic report Revenues from auto-consumption Revenues from all-inclusive tariff tariff Energy bill savings Cost of operation One-off costs Recurring costs GSE costs EBITDA Amortisation EBIT Leasing rate Leasing fee Share of interest Share of the principal Final payment Outstanding debt Earnings before tax Total tax IRPEF IRPEF tax base IRPEF rate Net profit Cash flow Cumulative cash flow Modified NPV (MNPV) Cash flow without financing Tax benefit Cash flow MNPV IRR 36 363.45 1 139.49 54 549.79 6 094.97 0.00 6 094.97 0.00 85 957.76 3 205.62 82 752.14 0.00 0.00 0.00 0.00 0.00 0.00 82 752.14 12 524.95 12 524.95 46 388.69 27.00 % 70 227.19 73 432.81 531 385.95 410 222.72 73 138.95 0.00 73 138.95 30.80% Year Energy (*) Energy produced Energy delivered Energy consumed Energy collected Energy exchanged Consumption (*) Total consumption Auto-consumption All-inclusive consumption Annual budget (**) Total revenues Revenues from auto-consumption 16 17 187 914.64 1 942.86 185 971.78 1 140 381.32 1 942.86 36 122.02 1 006.15 57 268.79 6 216.87 0.00 6 216.87 0.00 88 180.09 3 470.62 84 709.47 0.00 0.00 0.00 0.00 0.00 0.00 84 709.47 13 118.61 13 118.61 48 587.45 27.00 % 71 590.86 75 061.48 606 447.43 456 738.81 74 473.76 0.00 74 473.76 31.27% 35 881.67 875.58 60 132.04 6 341.21 0.00 6 341.21 0.00 90 548.08 2 176.74 88 371.34 0.00 0.00 0.00 0.00 0.00 0.00 88 371.34 14 172.21 14 172.21 52 489.67 27.00 % 74 199.13 76 375.87 682 823.30 502 255.21 75 788.15 0.00 75 788.15 31.62% 35 635.06 758.27 63 134.03 6 468.04 0.00 6 468.04 0.00 93 059.32 2 176.74 90 882.58 0.00 0.00 0.00 0.00 0.00 0.00 90 882.58 14 916.83 14 916.83 55 247.52 27.00 % 75 965.75 78 142.49 760 965.79 547 041.16 77 554.77 0.00 77 554.77 31.87% 35 392.19 639.81 66 299.30 6 597.40 0.00 6 597.40 0.00 95 733.90 2 176.74 93 557.16 0.00 0.00 0.00 0.00 0.00 0.00 93 557.16 15 704.54 15 704.54 58 164.97 27.00 % 77 852.62 80 029.36 840 995.15 591 152.28 79 441.64 0.00 79 441.64 32.07% 18 19 20 186 223.41 1 567.08 184 656.33 1 168 224.09 1 567.08 184 547.39 1 312.05 183 235.34 1 196 702.75 1 312.05 182 886.43 1 076.08 181 810.35 1 225 726.49 1 076.08 181 240.50 913.69 180 326.81 1 255 360.72 913.69 1 326 353.10 185 971.78 1 140 381.32 1 352 880.42 184 656.33 1 168 224.09 1 379 938.09 183 235.34 1 196 702.75 1 407 536.84 181 810.35 1 225 726.49 1 435 687.53 180 326.81 1 255 360.72 35 675.19 35 148.67 35 324.73 34 900.05 34 987.05 34 631.48 34 653.78 34 362.16 34 329.38 34 081.77 tariff Revenues from all-inclusive tariff Energy bill savings Cost of operation One-off costs Recurring costs GSE costs 526.52 69 628.24 6 729.34 0.00 6 729.34 0.00 424.68 73 119.73 6 863.93 0.00 6 863.93 0.00 355.57 76 747.33 7 001.21 0.00 7 001.21 0.00 291.62 80 557.71 7 141.23 0.00 7 141.23 0.00 247.61 84 533.74 7 284.05 0.00 7 284.05 0.00 EBITDA Amortisation EBIT Leasing rate 98 574.09 2 176.74 96 397.35 0.00 101 580.53 2 176.74 99 403.79 0.00 104 733.17 2 176.74 102 556.43 0.00 108 070.26 2 176.74 105 893.52 0.00 111 579.07 2 176.74 109 402.33 0.00 16 Plant1 – Economic report Leasing fee Share of interest Share of the principal 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Final payment 0.00 0.00 0.00 0.00 0.00 Outstanding debt 0.00 0.00 0.00 0.00 0.00 Earnings before tax 96 397.35 99 403.79 102 556.43 105 893.52 109 402.33 Total tax 16 537.14 17 416.01 18 339.74 19 313.47 20 336.55 IRPEF 16 537.14 17 416.01 18 339.74 19 313.47 20 336.55 IRPEF tax base 61 248.68 64 503.74 67 924.95 71 531.36 75 320.56 27.00 % 27.00 % 27.00 % 27.00 % 27.00 % Net profit 79 860.21 81 987.78 84 216.69 86 580.05 89 065.78 Cash flow 82 036.95 84 164.52 86 393.43 88 756.79 91 242.52 Cumulative cash flow 923 032.10 1 007 196.62 1 093 590.05 1 182 346.84 1 273 589.36 Modified NPV (MNPV) 634 638.69 677 544.78 719 900.90 761 749.68 803 123.34 81 449.23 83 576.80 85 805.71 88 169.07 90 654.80 0.00 0.00 0.00 0.00 0.00 81 449.23 83 576.80 85 805.71 88 169.07 90 654.80 32.21% 32.32% 32.40% 32.47% 32.51% IRPEF rate Cash flow without financing Tax benefit Cash flow MNPV IRR (*) Energy and consumption is expressed in kWh (**) The amounts of the annual budget are expressed in Euros (€) Summary indicators Payback period The time required to recoup the initial investment through positive annual cash flows is one year. NPV (Net Present Value) The Net Present Value of discounted future cash flows, estimating a useful life of the plant of 20 years, is €803,123.34. 17 Plant1 – Economic report Fig. 4 Net Present Value of future cash flows analysed Legend VAN = NPV Anni = Years Internal rate of return (IRR) The IRR, the maximum cost of funds that should be taken on, estimating a useful life of the plant of 20 years, is 32.51%. Fig. 5: Internal Rate of Return Legend TIR = IRR Anni = Years Inflows and outflows graph 18 Plant1 – Economic report Fig. 6 Inflows and Outflows Legend Entrate e uscite = Inflows and outflows Entrate = Inflows Uscite = Outflows Anni= Years Cumulative cash flow graph Fig. 7: Cumulative cash flow Legend Flusso di cassa cumulato = Cumulative cash flow Anni = Years 19 Plant1 – Economic report 20 Plant1 – Economic report INDEX GENERAL DATA 2 PV plant location 2 Client 2 Engineer 2 PLANT PRODUCTIVITY 3 Description of the PV plant: Plant1 3 Technical data sheet of the PV plant 3 Energy produced 3 CONSUMPTION 5 List of equipment 5 Consumption 5 ANALYSIS OF REVENUES 6 Feed-in tariff revenues – Ministerial Decree of 05/07/2012 Fifth Energy Bill (Conto Energia)6 Feed-in tariff 6 Increase for specific types and applications 6 Feed-in tariff summary 6 Consumer data 7 Energy purchase rate BTA6 – Three-hourly 2011 7 COST ANALYSIS 9 PV plant installation cost 9 Total installation cost 9 Spending commitment 9 Operating costs 9 One-off costs 9 Recurring costs 9 Taxes and amortisation 11 ECONOMIC ANALYSIS 12 Parameters 12 Summary and detailed annual budget 12 Summary indicators 16 Payback period 16 NPV (Net Present Value) 16 Internal Rate of Return 16 Inflows and outflows graph 17 Cumulative cash flow graph 17 INDEX 18 21 Plant1 – Economic report AERIAL VIEW OF THE ENTIRE PROPERTY COMPLEX VIEWS FROM VIA DON BRAMBILLA PHOTOVOLTAIC PLANT INVERTERS PHOTOVOLTAIC PLANT ON THE ROOF OF THE CANTEEN NEW ROOF AND PHOTOVOLTAIC PLANT OVER THE ENTRANCE (“NEW” BUILDING) NEW ROOF AND PHOTOVOLTAIC PLANT OVER THE ADMINISTRATIVE AREA VIEW FROM WITHIN THE FACILITY