{"text_format":"2","workbook":"xls","n_sheets":4,"sheets":["Exp","IRR","Sensitivity","Assumptions"],"not_rendered":{"charts":1,"images":0,"macros":0,"external_links":1,"defined_names":2,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"run_cost":"one","rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900","formulas":"cached_only"}

{"sheet":"Exp","index":0,"n_rows":23,"n_cols":6,"rows_kept":23,"cut":false,"hidden":false,"merged":[[2,1,2,2]],"flags":["formulas_cached_only"]}
["Kursas",3.4528,"LTL/EUR"]
[]
[null,"Inesticijos / Investment",null,"Tiekėjas/Supplier","Dokumentas/Document","Data/Date"]
["Elektrinės/WEC"]
["3x E-82",31220218,0.8920062380012089,"Enercon GmbH","Sutartis W-04685","2010-02-26"]
["Poliai/Piling",null,null,"Enercon GmbH","Sutartis W-04685","2010-02-26"]
["Pamatai ir poliai/Foundations",null,null,"Enercon GmbH","Sutartis W-04685","2010-02-26"]
["Pastotė/Transformer station 10/35 kV,",2607550,0.07450142935901512,"UAB \"Liumenas\"","Sutartis Nr.01","2010-01-08"]
["Transformatorius/ power transformer",null,null,"UAB \"Liumenas\"","Sutartis Nr.01","2010-01-08"]
["Detalus planas/Detail planning",26775,0.0007650000080871431,"UAB \"Pakruojo projektavimo biuras","SutartisNr.12","2009-04-02"]
["Tyrimai geologiniai/Investigations",50000,0.0014285714436734697,"UAB \"Geotestus\"","Sutartis Nr1174-2008 Sutartis Nr. 1231-2009","2008-10-02  2009-03-03"]
["Tyrimai PVS ataskaita/Investigations",10620,0.00030342857463624496,"Vėjo technologijų projektai","Sutartis Nr 05/07/08","2008-11-24"]
["Geodeziniai matavimai/Investigations",2000,5.7142857746938786e-05,"UAB \"Geolinas\"  IĮ \"Auneda\"","Sutartis Nr 2009-17   Sutartis Nr. 2009-03","2009.09.24    2009.05.08"]
["Techninis projektavimas/Design&building permit",261985.62,0.007485303507701781,"UAB \"Energetikos tinklų institutas\"","Sutartis Nr.90326","2009-03-31"]
["Techninis projektavimas/Design&building permit",48137.43,0.0013753551573966118,"UAB \"Kelprojektas\"","Sutartis Nr. 09-279K/92","2009-12-04"]
["Techninis projektavimas/Design&building permit",66550,0.0019014285915293883,"UAB \"COWI Lietuva\"","Sutartis Nr.10-02","2010-02-02"]
["Keliai, aikštelės/Roads&Crane areas",400125.58,0.011432159549425688,"UAB \"AR10\"","Sutartis Nr.ST-1001","2010-03-18"]
["Kabelis/Cabeling",null,null,"UAB \"Liumenas\"","Sutartis Nr.01","2010-01-08"]
["Prisijungimo sąnaudos/Grid connection costs",100000,0.0028571428873469394,"AB \"VST\"","Bus tikslinamos"]
["Prisijungimo mokestis/Grid connection fee",null,0,"AB \"VST\"","Skaičiuojamas"]
["Vystymas/Development",206038,0.005886800062231887]
["Rezervas/Reserve"]
["Viso projekto  vertė LTL",34999999.629999995,1]

{"sheet":"IRR","index":1,"n_rows":64,"n_cols":23,"rows_kept":64,"cut":false,"hidden":false,"merged":[],"flags":["formulas_cached_only"]}
[]
["Number of turbines",3,"units"]
["Turbine's capacity",2000,"kW"]
["kWh price",0.3,"Lt/kWh"]
["Total production",16486.221888000004,"MWh/year"]
["ERUs price",12,"Euro"]
[]
["Project value",35000000,"LTL"]
["Debt",28000000,"LTL"]
["Own capital",7000000,"LTL"]
[]
["YEAR","0","1","2","3","4","5","6","7","8","9","10","11","12","13","14","15","16","17","18","19","20","Total:"]
["I. INCOME"]
["Income for energy sale",0,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,98917331.32800004]
["Income from ERUs sale",0,106898.688,427594.752,427594.752]
["Total income per year",0,5052765.254400001,5373461.318400001,5373461.318400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,4945866.566400001,99879419.52000004]
["II. OPERATION EXPENSES"]
["Operation expences","0",341541.7616093185,341541.7616093185,341541.7616093185,341541.7616093185,341541.7616093185,683083.523218637,683083.523218637,683083.523218637,683083.523218637,683083.523218637,683083.523218637,683083.523218637,683083.523218637,683083.523218637,683083.523218637,683083.523218637,683083.523218637,683083.523218637,683083.523218637,683083.523218637,11953961.65632615]
["Insuarance",52500,52500,52500,52500,52500,52500,52500,52500,52500,52500,52500,52500,52500,52500,52500,52500,52500,52500,52500,52500,52500,1102500]
["Wages",72000,72000,72000,75600,75600,75600,79380,79380,79380,83349,83349,83349,87516.45,87516.45,87516.45,91892.2725,91892.2725,91892.2725,96486.886125,96486.886125,96486.886125,1758673.8258749996]
["Other expences",100000,100000,100000,100000,100000,100000,100000,100000,100000,100000,100000,100000,100000,100000,100000,100000,100000,100000,100000,100000,100000,2100000]
["Depreciation","0",1750000,1750000,1750000,1750000,1750000,1750000,1750000,1750000,1750000,1750000,1750000,1750000,1750000,1750000,1750000,1750000,1750000,1750000,1750000,1750000,35000000]
["Total Opertaion expenses per year",224500,2316041.7616093187,2316041.7616093187,2319641.7616093187,2319641.7616093187,2319641.7616093187,2664963.523218637,2664963.523218637,2664963.523218637,2668932.523218637,2668932.523218637,2668932.523218637,2673099.973218637,2673099.973218637,2673099.973218637,2677475.795718637,2677475.795718637,2677475.795718637,2682070.409343637,2682070.409343637,2682070.409343637,51915135.48220115]
["III. FINANCIAL EXPENSES"]
["Shareholders contribution",7000000]
["Loan residue, %",0,0.04,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08]
["Loan redemption",0,1120000,2240000,2240000,2240000,2240000,2240000,2240000,2240000,2240000,2240000,2240000,2240000,2240000]
["Loan residue",28000000,26880000,24640000,22400000,20160000,17920000,15680000,13440000,11200000,8960000,6720000,4480000,2240000,0]
["Interest rates,%",0.04,0.0355,0.0355,0.0355,0.0355,0.0355,0.0355,0.0355,0.0355,0.0355,0.0355,0.0355,0.0355,0.0355]
["interest payments",1120000,993999.9999999999,954239.9999999999,874719.9999999999,795199.9999999999,715679.9999999999,636160,556640,477119.99999999994,397599.99999999994,318080,238559.99999999997,159040,79520,{"$nulls":7},8316560]
["Total Financial expenses per year",1120000,2114000,3194240,3114720,3035200,2955680,2876160,2796640,2717120,2637600,2558080,2478560,2399040,2319520,0,0,0,0,0,0,0,8316560]
["Total Expences",1344500,3310041.7616093187,3270281.7616093187,3194361.7616093187,3114841.7616093187,3035321.7616093187,3301123.523218637,3221603.523218637,3142083.523218637,3066532.523218637,2987012.523218637,2907492.523218637,2832139.973218637,2752619.973218637,2673099.973218637,2677475.795718637,2677475.795718637,2677475.795718637,2682070.409343637,2682070.409343637,2682070.409343637,60231695.48220115]
[]
["Profit (loss)",-1344500,1742723.4927906822,2103179.5567906825,2179099.5567906825,1831024.8047906822,1910544.8047906822,1644743.043181364,1724263.043181364,1803783.043181364,1879334.043181364,1958854.043181364,2038374.043181364,2113726.593181364,2193246.593181364,2272766.593181364,2268390.770681364,2268390.770681364,2268390.770681364,2263796.1570563638,2263796.1570563638,2263796.1570563638,39647724.03779886]
["Taxes",0,59733.52391860233,315476.93351860234,326864.93351860234,274653.7207186023,286581.7207186023,246711.45647720457,258639.45647720457,270567.45647720457,281900.1064772046,293828.1064772046,305756.1064772046,317058.98897720454,328986.98897720454,340914.98897720454,340258.6156022046,340258.6156022046,340258.6156022046,339569.42355845455,339569.42355845455,339569.42355845455,5947158.605669829]
["Profit after taxes",-1344500,1682989.9688720799,1787702.6232720802,1852234.6232720802,1556371.08407208,1623963.08407208,1398031.5867041594,1465623.5867041594,1533215.5867041594,1597433.9367041592,1665025.9367041592,1732617.9367041592,1796667.6042041592,1864259.6042041592,1931851.6042041592,1928132.1550791594,1928132.1550791594,1928132.1550791594,1924226.7334979093,1924226.7334979093,1924226.7334979093,33700565.43212903]
["Acumulated profit",-1344500,338489.96887207986,2126192.59214416,3978427.2154162405,5534798.299488321,7158761.3835604,8556792.97026456,10022416.556968719,11555632.143672878,13153066.080377037,14818092.017081195,16550709.953785354,18347377.557989515,20211637.162193675,22143488.766397834,24071620.921476994,25999753.076556154,27927885.231635313,29852111.965133224,31776338.698631134,33700565.43212904]
[]
[]
[]
["EBITDA (with CO2)",-224500,4486723.492790682,4807419.5567906825,4803819.5567906825,4376224.804790682,4376224.804790682,4030903.043181364,4030903.043181364,4030903.043181364,4026934.043181364,4026934.043181364,4026934.043181364,4022766.593181364,4022766.593181364,4022766.593181364,4018390.770681364,4018390.770681364,4018390.770681364,4013796.1570563638,4013796.1570563638,4013796.1570563638]
["EBITDA (without CO2)",-224500,4379824.804790682,4379824.804790682,4376224.804790682,4376224.804790682,4376224.804790682,4030903.043181364,4030903.043181364,4030903.043181364,4026934.043181364,4026934.043181364,4026934.043181364,4022766.593181364,4022766.593181364,4022766.593181364,4018390.770681364,4018390.770681364,4018390.770681364,4013796.1570563638,4013796.1570563638,4013796.1570563638]
[]
["Profit before TAX (with CO2)",-1344500,1742723.4927906822,2103179.5567906825,2179099.5567906825,1831024.8047906822,1910544.8047906822,1644743.043181364,1724263.043181364,1803783.043181364,1879334.043181364,1958854.043181364,2038374.043181364,2113726.593181364,2193246.593181364,2272766.593181364,2268390.770681364,2268390.770681364,2268390.770681364,2263796.1570563638,2263796.1570563638,2263796.1570563638]
["Profit before TAX (without CO2)",-1344500,1635824.8047906822,1675584.8047906826,1751504.8047906826,1831024.8047906822,1910544.8047906822,1644743.043181364,1724263.043181364,1803783.043181364,1879334.043181364,1958854.043181364,2038374.043181364,2113726.593181364,2193246.593181364,2272766.593181364,2268390.770681364,2268390.770681364,2268390.770681364,2263796.1570563638,2263796.1570563638,2263796.1570563638]
[]
["Taxes (with CO2)",0,59733.52391860233,315476.93351860234,326864.93351860234,274653.7207186023,286581.7207186023,246711.45647720457,258639.45647720457,270567.45647720457,281900.1064772046,293828.1064772046,305756.1064772046,317058.98897720454,328986.98897720454,340914.98897720454,340258.6156022046,340258.6156022046,340258.6156022046,339569.42355845455,339569.42355845455,339569.42355845455]
["Taxes (without CO2)",0,43698.72071860232,251337.7207186024,262725.72071860236,274653.7207186023,286581.7207186023,246711.45647720457,258639.45647720457,270567.45647720457,281900.1064772046,293828.1064772046,305756.1064772046,317058.98897720454,328986.98897720454,340914.98897720454,340258.6156022046,340258.6156022046,340258.6156022046,339569.42355845455,339569.42355845455,339569.42355845455]
[]
["Profit after TAX (with CO2)",-1344500,1682989.9688720799,1787702.6232720802,1852234.6232720802,1556371.08407208,1623963.08407208,1398031.5867041594,1465623.5867041594,1533215.5867041594,1597433.9367041592,1665025.9367041592,1732617.9367041592,1796667.6042041592,1864259.6042041592,1931851.6042041592,1928132.1550791594,1928132.1550791594,1928132.1550791594,1924226.7334979093,1924226.7334979093,1924226.7334979093]
["Profit after TAX (without CO2)",-1344500,1592126.0840720797,1424247.0840720802,1488779.0840720802,1556371.08407208,1623963.08407208,1398031.5867041594,1465623.5867041594,1533215.5867041594,1597433.9367041592,1665025.9367041592,1732617.9367041592,1796667.6042041592,1864259.6042041592,1931851.6042041592,1928132.1550791594,1928132.1550791594,1928132.1550791594,1924226.7334979093,1924226.7334979093,1924226.7334979093]
[]
["Cash flow (with CO2)",-1344500,2372723.4927906822,1613179.5567906825,1689099.5567906825,1341024.8047906822,1420544.8047906822,1154743.043181364,1234263.043181364,1313783.043181364,1389334.043181364,1468854.043181364,1548374.043181364,1623726.5931813638,1703246.5931813638,4022766.593181364,4018390.770681364,4018390.770681364,4018390.770681364,4013796.1570563638,4013796.1570563638,4013796.1570563638]
["Cash flow (without CO2)",-1344500,2265824.804790682,1185584.8047906826,1261504.8047906826,1341024.8047906822,1420544.8047906822,1154743.043181364,1234263.043181364,1313783.043181364,1389334.043181364,1468854.043181364,1548374.043181364,1623726.5931813638,1703246.5931813638,4022766.593181364,4018390.770681364,4018390.770681364,4018390.770681364,4013796.1570563638,4013796.1570563638,4013796.1570563638]
[]
["Cumulative (with CO2)",-1344500,1028223.4927906822,2641403.0495813647,4330502.606372047,5671527.411162729,7092072.215953412,8246815.259134775,9481078.302316139,10794861.345497502,12184195.388678866,13653049.431860229,15201423.475041592,16825150.068222955,18528396.66140432,22551163.254585683,26569554.025267046,30587944.79594841,34606335.566629775,38620131.72368614,42633927.8807425,46647724.03779886]
["Cumulative (without CO2)",-1344500,921324.8047906822,2106909.609581365,3368414.4143720474,4709439.21916273,6129984.023953412,7284727.067134775,8518990.110316139,9832773.153497502,11222107.196678866,12690961.23986023,14239335.283041593,15863061.876222957,17566308.46940432,21589075.062585685,25607465.833267048,29625856.60394841,33644247.37462977,37658043.531686135,41671839.688742496,45685635.84579886]
[]
[]
[-35000000,-224500,4426989.96887208,4491942.62327208,4476954.62327208,4101571.08407208,4089643.08407208,3784191.586704159,3772263.586704159,3760335.586704159,3745033.9367041592,3733105.9367041592,3721177.9367041592,3705707.604204159,3693779.604204159,3681851.604204159,3678132.1550791594,3678132.1550791594,3678132.1550791594,3674226.7334979093,3674226.7334979093,3674226.7334979093]
[-35000000,-224500,4336126.0840720795,4128487.08407208,4113499.08407208,4101571.08407208,4089643.08407208,3784191.586704159,3772263.586704159,3760335.586704159,3745033.9367041592,3733105.9367041592,3721177.9367041592,3705707.604204159,3693779.604204159,3681851.604204159,3678132.1550791594,3678132.1550791594,3678132.1550791594,3674226.7334979093,3674226.7334979093,3674226.7334979093]
[]
["PROJECT IRR (with CO2), %",{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},-0.26799249588909085,-0.17736053344370717,-0.11353937944990117,-0.07027327238852261,-0.03763507166259327,-0.012612278675726698,0.006870922378716608,0.02228425795376588,0.034641185166838485,0.04465625546326325,0.05286639323053035,0.05965886793701007,0.06533634031913922,0.07011995681532912,0.07417564625929447,0.07763004071570329,0.08059052802419019,0.08313940303422167]
["PROJECT IRR (without CO2), %",{"$error":"#VALUE!"},{"$error":"#VALUE!"},{"$error":"#VALUE!"},-0.2837232230631102,-0.18743104955332499,-0.12094670979107762,-0.07625941149810678,-0.04269565607605525,-0.017031320919443253,0.00291860882192066,0.018685197429919885,0.03131777470585426,0.041553114916076196,0.04994302912008775,0.0568846816964446,0.06268792209342036,0.06757887989011181,0.07172706681812456,0.07526175416340729,0.07829252550545454,0.0809033123905818]

{"sheet":"Sensitivity","index":2,"n_rows":24,"n_cols":10,"rows_kept":24,"cut":false,"hidden":false,"merged":[],"flags":["formulas_cached_only"]}
[]
[null,null,null,"Sensitivity analysis"]
[]
[]
[null,null,null,"Investment variation range",-0.2,-0.1,0,0.1,0.2]
[null,null,null,"Investments, ths. LTL",28000,31500,35000,38500,42000]
[null,null,null,"Project IRR (including ERUs income)",11.28,9.67,8.31,7.15,6.13]
[]
[]
[null,null,null,"Energy production variation range",-0.2,-0.1,0,0.1,0.2]
[null,null,null,"Energy output, MWh/year",13188.8,14837.4,16486,18134.6,19783.2]
[null,null,null,"Project IRR (including ERUs income)",5.78,7.09,8.31,9.48,10.59]
[]
[null,null,null,"ERUs price variation range",-0.2,-0.1,0,0.1,0.2]
[null,null,null,"ERUs price, Euro",9.6,10.8,12,13.2,14.4]
[null,null,null,"Project IRR (including ERUs income)",8.27,8.29,8.31,8.34,8.36]
[]
[]
[]
[{"$nulls":4},-0.2,-0.1,0,0.1,0.2]
[null,null,null,"Total investment",11.28,9.67,8.31,7.15,6.13,"Bendrų investicijų dydis"]
[null,null,null,"Annual electricity output",5.78,7.09,8.31,9.48,10.59,"Energijos gamyba"]
[null,null,null,"ERUs sale price",8.27,8.29,8.31,8.34,8.36,"TMV pardavimo kaina"]
[null,null,null,"Benchmark",9.93,9.93,9.93,9.93,9.93,"Etaloninė vertė"]

{"sheet":"Assumptions","index":3,"n_rows":17,"n_cols":1,"rows_kept":17,"cut":false,"hidden":false,"merged":[],"flags":["formulas_cached_only"]}
["Assumptions used for Pakruojo wind power park project calculations"]
[]
[]
["·          Capacity factor – 34,094% (based on calculations of the UAB Vejo technologiju projektai );"]
["·         The purchase price of the produced energy – 0,30 LTL/kWh (Resolution No. O3-27 of the State price and Energy Control Commission of 21 February 2008);"]
["·         The purchase price of the ERU – 12 EUR (based on the market research when ERU=CER market price);"]
["·         Amortization of the wind power station fleet –  20 years (based on turbine manufacturer's data);"]
["·         A contract for wind turbines technical maintenance was signed with the producer Enercon GmbH. Starting from the first year of operation the fee shall consists of the fixed amount plus the varying amount depending on the scope of electricity production. All other risks will be covered by the insurance agreement between AB Dolomitas and insurance company. No additional equipment repair costs shall be incurred;"]
["·         The profit tax established by Lithuanian government currently amounts to 15% and shall be valid for the entire project period;"]
["·         It is supposed that there shall be no additional, unforeseen expenses;"]
["·         Currently there is no information on the assumptions that may arise and have a significant impact on the project profitability."]
["·         Deviations during sensitivity analysis were assessed following Clause 17 of the Tool for the Demonstration and Assessment of Additionality v05.2. Variation range is based on the level +20% and -20%."]
["·         On the end of project lifetime period (after 20 years), the fixed assets of the company shall amount to 0 LTL. Old turbines as well as foundations will be dismantled for its residue values."]
["·          Project long term activity assets were calculated based on existing wind power park erection contracts"]
["·         Applied interest rates are based on contract with comercial bank. EURIBOR value is 1% (6m, July 2010)"]
["·         Operation expences are based on O&M contract between AB Dolomitas and Enercon GmbH "]
["·         Sensitivity analysis results are based on the changes of Investment size (Sheet IRR, cell A60), power generation (Sheet IRR, cell B5) and price of ERU (Sheet IRR, cell B6)"]