Feasibility study: Ljusdal, Zweden

Transcription

1 0. Parameter page No. Unit No General Information Convert currency to Country Sweden Startyear Date : Average social security costs Name Client 15,0% on top of the monthly wage Adress Postal code Place Employee accident insurance 2,5% on top of the monthly wage ELECTRICITY GRID POWERED GREENHOUSE Yearly increase of labour costs Financial structure Production labour costs 2,0% Total to finance capital Investment costs in Dutch hardware Technology labour costs 2,0% Investment in local infrastructure Organisation labour costs 2,0% Working capital during operation Management labour costs 2,0% Own contribution Long term loan bank (amount of loan) Other production costs Yearly increase Interest rate per year (bank) 5,0% Crop control (pesticides) 1,00 /m^2 2,0% Interest rate per year (own loan) 7,0% Crop control (pesticides) 0,067 /kg Fertilisers 1,75 /m^2 2,0% Fertilisers 0,118 /kg Revenues Polinators and Predators 0,50 /m^2 2,0% Square meters m2 Polinators and Predators 0,034 /kg Average sellingpricelevel tomato (excl VAT) 1,786 /kg Tomato plants totaal ,0% Yearly selling price increase 2,0% Tomato plants per kilo 0,052 /kg Tomato plants per m^2 3,87 /m^ Average sellingpricelevel electricity 0,000 /kwh Dirt cover, ropehooks and rockwool ,0% Yearly price increase electricity 0,0% Dirt cover, ropehooks and rockwool 0,016 /kg Average sellingpricelevel heat 0,000 /kwh Leasing land 0 /m^2 0,0% Yearly price increase electricity 0,0% Leasing land #DEEL/0! /kg Small materials ,0% Small materials 0,002 /kg Energy and water Costs Other costs 0,05 /kg 2,0% Gas price 0,000 /m^ Electricity price 0,045 /kwh Water price 0,000 /m^ Selling costs Yearly increase Sewage water price 0,000 /m^ Packing costs 0,020 /kg 2,0% Heat price 0,020 /kwh Price packing 0, CO2 0,080 /kg Capacity packing 5 kg Yearly increase gas/water/electricity/water 2,0% Transport costs 0,025 /kg 2,0% Drive distance transport (km) 250 km Sales commission 0,00 /kg 2,0% Labour costs Production labour General costs Yearly increase Labourers in production /month Administration costs /yr 2,0% Labourers in packing/grading /month Office expenses /yr 2,0% Internal drivers/sprayers /month Canteen costs /yr 0,0% Local grower /month Insurance costs /yr % of total value 0,6% 2,0% Technology labour Property tax /yr Maitenance /month % of total value 0,8% 0,0% Mechanical technician /month Unforeseen 2,0 % 0,0% Electrical technician /month Promotion costs /year 2,0% Electronic engineer /month Other 0 /month Maintenance Yearly increase Organisation labour Maintenance of all assets except CHP 0,6% 5,0% Salesman /month CHP maintenance - /MWh 0% Bookkeeping /month Assitant bookkeeping /month Secretary /month Profit taxes Cantine/cleaning /month Profit Tax 22,0 % Driver 0 /month Import and Taxes Management labour Import duties 0,0 % Management /month VAT (imported materials) 0,0 % Experienced grower 0 /month VAT (local investments) 0,0 % 1

2 1. Investment survey Production Starttime 1/9/ 2017 No. International investments units Unit total price per m Buildings Greenhouse excluding dubble glass wall m , Pack house (building including floor, excluding interior) Office Corridor Total building m , Screening Black-out screening installations m Second screen (clear screen) Gable triangles 4 times Total screening m , Assimilation lighting Assimilation installation : 6 mainpanels with 40 outgoing fields 300Amp Assimilation installation : the installation Assimilation installation : the armature sets as described Total assimilation lighting m , Heating and CO2 installation Heating installation Transportation D.A.P. to building site Digging works and rental of machine equipment Total Heating and CO2 installation m , Test installations BaOpt BaOpt Climate System m dubbel sidewall for climate system Hybrid installation LED m Diffuse glass m Advice and research Total test installations BaOpt m , Water systems Total installation Hanging gutters Alternative: Less price turned around gutter Groundwork Rainwater reservoir Total water systems m ,63 2

3 1.7.0 Electrical systems Electrical installation inside greenhouse The greenhouse installation LogiQ Linq on vetnilation and screening motors Emergency generator deliviry Installation Boiler room Installation in various areas Installation recirculation ventilators Installation sulphur evaporators Sound system BaOpt: Extra installation for BaOpt system in site Total electrical systems m , IT systems Computer Installation FS Performance - total Four Growscales and drain Extra computer installation for BaOpt installation (not included) Weighing bridge Total IT systems m , Plant growing systems Grow gutter system complete m2 0 0, Crop wires m2 0 0, Dirt/floor cover Total plant growing systems m2 0 0, Logistic systems and various needs Internal transport system and harvest equipment Bogaerts/Berg/Scales Electrical infra, transofmers outside greenhouse Labor registration Various equipment, including generator Total logistic systems m , Construction labour Supervisors costs 0 0, Construction labour force 0 0, Construction machinery 0 0, Construction machinary rental 0 0, ,00 Total construction labour m2 0 0, Unforseen Other unforseen m ,00 Total unforseen m ,67 Subtotal international investments m ,98 3

4 No. Local investments units total price per m Ground works Purchase land , Excavation work Road and parkinglots Concrete works (path and floors,loding dock) Total ground works m , Connections Infrastructure energy Ground (work digging for pipes) Total connections m , Housing Cooling installation packhouse Interior: lunchroom/office/restroom etc Total housing m , Construction labour Supervisors costs Construction labour force Construction machinary Construction machinery rental Total contruction labour m2 0 0, Other Licence Advice Wa3rm Startup Costs Contingency CAR insurance Supervisor Total other m ,40 Subtotal local investments , Taxes and Duties Import duties 0 0, Subtotal on taxes and duties m2 0 0,00 TOTAL INVESTMENTS m ,65 4

5 2. Depreciation No. International investment depreciation date of residual purchase % acquisition residual value depreciation Lifetime Units Buildings Greenhouse excluding dubble glass wall ,00% Pack house (building including floor, excluding int ,00% Office Corridor ,00% ,00% Total building Screening Black-out screening installations ,00% Second screen (clear screen) ,00% Gable triangles 4 times Total screening Assimilation lighting Assimilation installation : 6 mainpanels with 40 ou ,00% Assimilation installation : the installation ,00% Assimilation installation : the armature sets a Total assimilation lighting Heating and CO2 installation Heating installation ,00% Transportation D.A.P. to building site ,00% Digging works and rental of machine equipment ,00% Total Heating and CO2 installation Test installations BaOpt BaOpt Climate System m ,00% dubbel sidewall for climate system ,00% Hybrid installation LED m ,00% Diffuse glass m ,00% Advice and research ,00% Total test installations BaOpt

6 2.6.0 Water systems Total installation ,00% Hanging gutters ,00% Alternative: Less price turned around gutter ,00% Groundwork ,00% Rainwater reservoir ,00% ,00% ,00% ,00% ,00% ,00% Total water systems Electrical systems Electrical installation inside greenhouse ,00% The greenhouse installation ,00% LogiQ Linq on vetnilation and screening motors ,00% Emergency generator deliviry ,00% Installation Boiler room ,00% Installation in various areas ,00% Installation recirculation ventilators ,00% Installation sulphur evaporators ,00% Sound system ,00% BaOpt: Extra installation for BaOpt system in site ,00% Total electrical systems IT systems Computer Installation ,00% FS Performance - total ,00% Four Growscales and drain ,00% Extra computer installation for BaOpt installation ,00% Weighing bridge ,00% Total IT systems Plant growing systems Grow gutter system complete ,00% Crop wires ,00% Dirt/floor cover ,00% ,00% ,00% Total plant growing systems

7 Logistic systems and various needs Internal transport system and harvest equipment ,00% Bogaerts/Berg/Scales ,00% Electrical infra, transofmers outside greenhouse ,00% Labor registration ,00% Various equipment, including generator ,00% ,00% Total logistic systems Construction labour Supervisors costs ,00% Construction labour force ,00% Construction machinery ,00% Construction machinary rental ,00% Total construction labour Unforseen Other unforseen ,00% Total unforseen Grant and other government support ,00% Grant and other government support Subtotal international investments ,

8 No. Local investment depreciation date of purchase acquisition residual value depreciation Lifetime Units Ground works Purchase land ,00% Excavation work ,00% Road and parkinglots ,00% Concrete works (path and floors,loding dock) ,00% Total ground works Connections Infrastructure energy ,00% Ground (work digging for pipes) ,00% Total connections Housing Cooling installation packhouse ,00% Interior: lunchroom/office/restroom etc ,00% Total housing Construction labour Supervisors costs Construction labour force Construction machinary Construction machinery rental Total contruction labour

9 Other Licence ,00% Advice Wa3rm ,00% Startup Costs ,00% Contingency ,00% CAR insurance Supervisor Total other Subtotal local investments Subtotal international investments TOTAL INVESTMENTS Re-investments Yearly increase unit Totaal Screen replacement Light bulbs (empthy re-investment) (empthy re-investment) Total re-investments

10 3. Financial structure Financing capital amount Investment costs in Dutch hardware Investment in local infrastructure Importduties Working capital during operation min.cum.cash.flow Total to finance capital Finance amount Own contribution 21,9% Long term loan bank 78,1% Total finance Interest and repayment bank loan Interest rate per year 5,0% Number of repayments (halfyear) 24,0 First repayment unit Instalments Instalment at january 1st Instalment at july 1st Interest payments Interest payment at june 30th Interest payment at december 30th Payment of loan Repayment at june 30th Repayment at december 30th Total interest and repayment

11 3.4.0 Interest and repayment own loan Interest rate per year 7,0% Number of repayments (halfyear) 12,0 First repayment unit Instalments Instalment at january 1st Instalment at july 1st Interest payments Interest payment at june 30th Interest payment at december 30th Payment of loan Repayment at june 30th Repayment at december 30th Total interest and repayment

12 3.5.0 Total interest and repayment Instalments Instalment at january 1st Instalment at july 1st Interest payments Interest payment at june 30th Interest payment at december 30th Total interest payments Payment of loan Repayment at june 30th Repayment at december 30th Total payment of loans Interest payments Interest bank loan Interest own loan Total interest payments Payment of loan Repayment bank loan Repayment own loan Total payment of loans Total interest and repayment EUR EUR EUR EUR EUR EUR EUR EUR 0 Total interest costs and repayment Payment of loan Interest payments

13 4.0.1 Area under production TOMATO ON THE VINE m^ Production in kg/m2 Month unit Input % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% January kg 5,5 0,0 5,5 5,5 5,5 5,5 5,5 5,5 5,5 5,5 5,5 5,5 February kg 5,5 0,0 5,5 5,5 5,5 5,5 5,5 5,5 5,5 5,5 5,5 5,5 March kg 6,0 0,0 6,0 6,0 6,0 6,0 6,0 6,0 6,0 6,0 6,0 6,0 April kg 7,0 0,0 7,0 7,0 7,0 7,0 7,0 7,0 7,0 7,0 7,0 7,0 May kg 7,0 0,0 7,0 7,0 7,0 7,0 7,0 7,0 7,0 7,0 7,0 7,0 June kg 7,9 0,0 7,9 7,9 7,9 7,9 7,9 7,9 7,9 7,9 7,9 7,9 July kg 7,5 0,0 7,5 7,5 7,5 7,5 7,5 7,5 7,5 7,5 7,5 7,5 August kg 4,0 0,0 4,0 4,0 4,0 4,0 4,0 4,0 4,0 4,0 4,0 4,0 September kg 4,0 0,0 4,0 4,0 4,0 4,0 4,0 4,0 4,0 4,0 4,0 4,0 October kg 7,0 0,0 7,0 7,0 7,0 7,0 7,0 7,0 7,0 7,0 7,0 7,0 November kg 6,8 6,8 6,8 6,8 6,8 6,8 6,8 6,8 6,8 6,8 6,8 6,8 December kg 6,2 6,2 6,2 6,2 6,2 6,2 6,2 6,2 6,2 6,2 6,2 6,2 Total kg 74,4 13,0 74,4 74,4 74,4 74,4 74,4 74,4 74,4 74,4 74,4 74, Production total Month unit January kg February kg March kg April kg May kg June kg July kg August kg September kg October kg November kg December kg Total kg

14 4.3.1 Pricelevel /kg Input 1,75 (excl. Value Added Tax) 0,0% Yearly price increase tomato price Month unit 100% January 2,30 2,30 2,35 2,39 2,44 2,49 2,54 2,59 2,64 2,69 2,75 2,80 February 2,30 2,30 2,35 2,39 2,44 2,49 2,54 2,59 2,64 2,69 2,75 2,80 March 2,20 2,20 2,24 2,29 2,33 2,38 2,43 2,48 2,53 2,58 2,63 2,68 April 1,80 1,80 1,84 1,87 1,91 1,95 1,99 2,03 2,07 2,11 2,15 2,19 May 1,40 1,40 1,43 1,46 1,49 1,52 1,55 1,58 1,61 1,64 1,67 1,71 June 1,00 1,00 1,02 1,04 1,06 1,08 1,10 1,13 1,15 1,17 1,20 1,22 July 1,00 1,00 1,02 1,04 1,06 1,08 1,10 1,13 1,15 1,17 1,20 1,22 August 1,00 1,00 1,02 1,04 1,06 1,08 1,10 1,13 1,15 1,17 1,20 1,22 September 1,40 1,40 1,43 1,46 1,49 1,52 1,55 1,58 1,61 1,64 1,67 1,71 October 1,80 1,80 1,84 1,87 1,91 1,95 1,99 2,03 2,07 2,11 2,15 2,19 November 2,20 2,20 2,24 2,29 2,33 2,38 2,43 2,48 2,53 2,58 2,63 2,68 December 2,30 2,30 2,35 2,39 2,44 2,49 2,54 2,59 2,64 2,69 2,75 2,80 Weighted average 1,75 2,25 1,75 1,79 1,82 1,86 1,90 1,93 1,97 2,01 2,05 2, Turnover (excl. Value Added Tax) Month unit January February March April May June July August September October November December Total Total /m^

15 2,50 2,00 1,50 1,00 0,50 0,00 January February March April May June July August September October November December 15

16 5. Expenses Energy and water consumption on a monthly basis Area in production m unit january february march april may june july august september october november december year Days in a month days Energy and water consumption Gas consumption m CO2 Consumption kg Greenhouse heating kwh Electricity kwh Water consumption m Sewage production m Energy and water prices Gas price /m3 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0, CO2 price /kg 0,080 0,080 0,080 0,080 0,080 0,080 0,080 0,080 0,080 0,080 0,080 0,080 0, Heat price /kwh 0,020 0,020 0,020 0,020 0,020 0,020 0,020 0,020 0,020 0,020 0,020 0,020 0, Electricity price /kwh 0,045 0,045 0,045 0,045 0,045 0,045 0,045 0,045 0,045 0,045 0,045 0,045 0, Water price /m3 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0, Sewage price /m3 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0, Energy and water costs Gas costs CO2 costs Heat costs Electricity costs Water costs Sewage costs Total energy and water costs

17 Energy and water consumption on a yearly basis unit Energy and water consumption Gas consumption m CO2 consumption kg Heat consumption kwh Electricity consumption kwh Water consumption m Sewage production m Energy and water prices Gas price /m3 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0, CO2 price /kg 0,080 0,082 0,083 0,085 0,087 0,088 0,090 0,092 0,094 0,096 0, Heat price /kwh 0,020 0,020 0,021 0,021 0,022 0,022 0,023 0,023 0,023 0,024 0, Electricity price /kwh 0,045 0,046 0,047 0,048 0,049 0,050 0,051 0,052 0,053 0,054 0, Water price /m3 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0, Sewage water price /m3 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0,000 0, Energy and water costs Gas costs CO2 Costs Heat costs Electricity costs Water costs Sewage costs Total energy and water costs

18 Labour costs Unit nr. of wages per subtotal Social sec. Accident monthly yearly persons total person per month costs insurance costs costs Production labour 15,0% 2,5% Labourers in production Labourers in packing/grading Internal drivers/sprayers Local grower Subtotal on production Technology labour Maitenance Mechanical technician Electrical technician Electronic engineer Other Subtotal on technology Organisation labour Salesman Bookkeeping Assistant bookkeeping Secretary Cantine/cleaning Driver Subtotal on organisation Management labour External Management Experienced Grower Security/guards Subtotal on management Total labour costs Production labour on a monthly basis unit january february march april may june july august september october november december year Days in a month days Greenhouse Ha 7,50 7,50 7,50 7,50 7,50 7,50 7,50 7,50 7,50 7,50 7,50 7,50 7,50 Hours performed by production workers uren/ha Production force ratio 0,667 0,667 0,667 0,667 0,667 0,667 0,667 0,667 0,667 0,667 0,667 0,667 1 Total production force persons Production labour Technology labour Organisation labour Management labour Labour costs

19 Labour costs Yearly Unit increase Production labour costs 2,0% Technology labour costs 2,0% Organisation labour costs 2,0% Management labour costs 2,0% Total labour costs Other production costs Yearly unit increase Crop control (pesticides) 2,0% Fertilisers 2,0% Polinators and Predators 2,0% Tomato plants 2,0% Dirt cover, ropehooks and rockwool 2,0% Leased land 0,0% Small materials 2,0% Other costs 2,0% Total other production costs Selling costs Yearly unit increase Packing costs 2,0% Transport costs 2,0% Sales commission 2,0% Total selling costs General costs Yearly unit increase Admininistration costs 2,0% Office expenses 2,0% Canteen costs 2,0% Insurance costs 2,0% Property tax 0,0% Promotion costs 2,0% Unforeseen 0,0% Total general costs

20 Maintenance Yearly increase Greenhouse maintenance 5,0% CHP maintenance Maintenance costs per MWh 0% /MWh 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 Total yearly costs 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 Total maintenance TOTAL COSTS unit Depreciation Interest All other expenses Total costs

21 6. Ten Year Profit an Loss Projection Revenues Unit year av. 6.1 Sales revenues vegetables Sales revenues electricity Sales revenues heat Net Revenues Direct production costs 6.2 Selling costs Energy & water costs Production labour costs Other production costs Total direct production costs Gross margin Indirect production costs 6.3Technology labour costs Organisation labour costs Management labour costs General expenses Maintenance costs Total indirect production costs Net Margin (EBITDA) Net Margin (EBITDA) % 44,8% 44,8% 44,8% 44,8% 44,7% 44,7% 44,7% 44,7% 44,7% 44,7% 44,7% Capital costs 6.5Depreciation costs Interest costs Total capital costs Net profit before tax Taxes 6.6Profit tax 22% Net profit after tax profit margin -34,8% 0,0% 13,1% 14,5% 15,9% 17,2% 18,5% 19,7% 20,7% 22,0% 22,8% 17,8% Situation on Tax Added Value VAT Balance Unit year total 6.8Paid VAT on investment Paid VAT on expenses Received VAT on sales Total VAT Balance VAT Balance cumulatief

22 Cost price ( /kg) Unit year av. Production kg Direct production costs 6.9Selling costs 0,05 0,05 0,05 0,05 0,05 0,05 0,05 0,05 0,05 0,05 0,05 0,05 6.9Energy & water costs 0,86 0,38 0,39 0,40 0,41 0,42 0,42 0,43 0,44 0,45 0,46 0,42 6.9Production labour costs 0,47 0,25 0,26 0,26 0,27 0,27 0,28 0,28 0,29 0,29 0,30 0,27 6.9Other production costs 0,49 0,12 0,12 0,12 0,12 0,13 0,13 0,13 0,13 0,14 0,14 0,13 Direct production costs 1,86 0,80 0,81 0,83 0,85 0,86 0,88 0,90 0,92 0,93 0,95 0, Indirect production costs 6.1 Technology labour costs 0,00 0,01 0,01 0,01 0,01 0,01 0,01 0,01 0,01 0,02 0,02 0, Organisation labour costs 0,00 0,03 0,03 0,04 0,04 0,04 0,04 0,04 0,04 0,04 0,04 0, Management labour costs 0,07 0,03 0,03 0,03 0,03 0,03 0,03 0,03 0,03 0,03 0,03 0, General expenses 0,20 0,08 0,08 0,08 0,08 0,08 0,08 0,08 0,08 0,08 0,08 0, Maintenance costs 0,15 0,02 0,02 0,02 0,03 0,03 0,03 0,03 0,03 0,03 0,03 0,03 Indirect production costs 0,42 0,17 0,17 0,18 0,18 0,18 0,19 0,19 0,20 0,20 0,21 0, Capital costs 6.1 Depreciation costs 0,00 0,30 0,30 0,30 0,30 0,30 0,30 0,30 0,30 0,29 0,29 0, Interest costs 0,61 0,21 0,20 0,17 0,15 0,13 0,10 0,08 0,06 0,05 0,04 0,12 Capital costs 0,61 0,51 0,50 0,48 0,45 0,43 0,41 0,38 0,36 0,34 0,32 0,42 Total costs 2,89 1,48 1,49 1,48 1,48 1,48 1,48 1,47 1,48 1,47 1,48 1,48 Cost price ( /kg) Capital costs Indirect production costs Direct production costs 1,60 1,40 1,20 1,00 0,80 0,60 0,40 0,20 0, year av. 22

23 Cost price ( /m^2) Unit year av. Production m^ Direct production costs 6.1 Selling costs 0,59 3,41 3,48 3,55 3,62 3,70 3,77 3,85 3,92 4,00 4,08 3, Energy & water costs 11,15 28,54 29,11 29,69 30,29 30,89 31,51 32,14 32,79 33,44 34,11 31, Production labour costs 6,09 18,64 19,01 19,39 19,78 20,18 20,58 20,99 21,41 21,84 22,28 20, Other production costs 6,33 8,67 8,84 9,02 9,20 9,38 9,57 9,76 9,96 10,16 10,36 9,49 Direct production costs 24,16 59,27 60,45 61,66 62,89 64,15 65,43 66,74 68,08 69,44 70,83 64, Indirect production costs 6.1 Technology labour costs 0,96 0,96 0,98 1,00 1,02 1,04 1,06 1,08 1,10 1,12 1,15 1, Organisation labour costs 2,55 2,55 2,60 2,65 2,71 2,76 2,82 2,87 2,93 2,99 3,05 2, Management labour costs 1,92 1,92 1,96 2,00 2,03 2,08 2,12 2,16 2,20 2,25 2,29 2, General expenses 1,85 5,60 5,67 5,74 5,81 5,88 5,95 6,03 6,10 6,18 6,26 5, Maintenance costs 0,00 1,65 1,74 1,82 1,91 2,01 2,11 2,22 2,33 2,44 2,57 2,08 Indirect production costs 7,28 12,68 12,94 13,21 13,48 13,76 14,05 14,35 14,66 14,98 15,31 13, Capital costs 6.1 Depreciation costs 0,00 22,57 22,57 22,57 22,57 22,57 22,57 22,57 22,57 21,50 21,50 22, Interest costs 7,96 15,67 14,53 12,84 11,14 9,44 7,74 6,04 4,53 3,57 2,62 8,81 Capital costs 7,96 38,25 37,11 35,41 33,71 32,01 30,31 28,61 27,10 25,07 24,12 31,17 Total costs 39,39 110,20 110,50 110,28 110,08 109,92 109,80 109,71 109,84 109,49 110,25 110,01 Cost price ( /m^2) Capital costs Indirect production costs Direct production costs 120,00 100,00 80,00 60,00 40,00 20,00 0, year av. 23

24 7. Cash Flow Statement No Annex 1 Monthly Cash Flow Monthly Cash Flow 2017 unit january february march april may june july august september october november december year Operational Cash In 7.1. Cash income on vegetables Cash income on electricity Cash income on heat Total operational cash in Operational Cash Out 7.2. Selling costs Energy & water costs Labour cost Other production costs General expenses Maintenance costs Re-investments Interest costs Total operational cash out Operational Cash Flow Tax Cash Flow 7.3. Received VAT on sales Return VAT on expenses/investments VAT payment VAT on expenses VAT on investments Profit tax Import duties/custums Total tax cash flow Financial Cash Flow 7.4.Received loans bank Received equity Paid International Investments Paid local investments Total Financial Cash Flow Total Cash Flow TOTAL CUM. CASH FLOW EUR EUR EUR EUR EUR 0 january february -EUR march april may june july august september october november december Operational CF Financial CF Total CF cummulative Month 24

25 Monthly Cash Flow 2018 unit january february march april may june july august september october november december year Operational Cash In 7.1. Cash income on vegetables Cash income on electricity Cash income on heat Total operational cash in Operational Cash out 7.2. Selling costs Energy & water costs Labour cost Other production costs General expenses Maintenance costs Re-investments Interest costs Total operational cash out Operational Cash Flow Tax Cash Flow 7.3. Received VAT on sales Return VAT on expenses/investments VAT payment VAT on expenses Profit tax 0 0 Total tax cash flow Financial Cash Flow 7.4.Received loans bank Received equity Paid International Investments Paid local investments Repayment on loans Financial Cash Flow Total Cash Flow TOTAL CUM. CASH FLOW EUR EUR EUR EUR EUR EUR 0 -EUR january february march april -EUR may june july august september october november december Operational CF Financial CF Total CF cummulative Tax Cash Flow Month 25

26 Monthly Cash Flow 2019 unit january february march april may june july august september october november december year Operational Cash In 7.1. Cash income on vegetables Cash income on electricity Cash income on heat Total operational cash in Operational Cash out 7.2. Selling costs Energy & water costs Labour cost Other production costs General expenses Maintenance costs Re-investments Interest costs Total operational cash out Operational Cash Flow Tax Cash Flow 7.3. Received VAT on sales Return VAT on expenses/investments VAT payment VAT on expenses Profit tax Total tax cash flow Financial Cash Flow 7.4.Received loans bank Received equity Paid International Investments Paid local investments Repayment on loans Financial Cash Flow Total Cash Flow TOTAL CUM. CASH FLOW EUR EUR EUR EUR EUR EUR EUR EUR EUR 0 -EUR EUR EUR january february march april may june july august september october november december Operational CF Financial Cash Flow Total CF cummulative Tax Cash Flow Month 26

27 Monthly Cash Flow 2020 unit january february march april may june july august september october november december year Operational Cash In 7.1. Cash income on vegetables Cash income on electricity Cash income on heat Total operational cash in Operational Cash out 7.2. Selling costs Energy & water costs Labour cost Other production costs General expenses Maintenance costs Re-investments Interest costs Total operational cash out Operational Cash Flow Tax Cash Flow 7.3. Received VAT on sales Return VAT on expenses/investments VAT payment VAT on expenses Profit tax Total tax cash flow Financial Cash Flow 7.4.Received loans bank Received equity Paid International Investments Paid local investments Repayment on loans Financial Cash Flow Total Cash Flow TOTAL CUM. CASH FLOW EUR EUR EUR EUR EUR EUR 0 -EUR EUR january february march april may june july august september october november december Operational CF Financial CF Total CF cummulative Tax Cash Flow Month 27

28 Monthly Cash Flow 2021 unit january february march april may june july august september october november december year Operational Cash In 7.1. Cash income on vegetables Cash income on electricity Cash income on heat Total operational cash in Operational Cash out 7.2. Selling costs Energy & water costs Labour cost Other production costs General expenses Maintenance costs Re-investments Interest costs Total operational cash out Operational Cash Flow Tax Cash Flow 7.3. Received VAT on sales Return VAT on expenses/investments VAT payment VAT on expenses Profit tax Total tax cash flow Financial Cash Flow 7.4.Received loans bank Received equity Paid International Investments Paid local investments Repayment on loans Financial Cash Flow Total Cash Flow TOTAL CUM. CASH FLOW EUR EUR EUR EUR EUR EUR EUR 0 -EUR EUR january february march april may june july august september october november december Operational CF Financial CF Total CF cummulative Tax Cash Flow Month 28

29 Monthly Cash Flow 2022 unit january february march april may june july august september october november december year Operational Cash In 7.1. Cash income on vegetables Cash income on electricity Cash income on heat Total operational cash in Operational Cash out 7.2. Selling costs Energy & water costs Labour cost Other production costs General expenses Maintenance costs Re-investments Interest costs Total operational cash out Operational Cash Flow Tax Cash Flow 7.3. Received VAT on sales Return VAT on expenses/investments VAT payment VAT on expenses Profit tax Total tax cash flow Financial Cash Flow 7.4.Received loans bank Received equity Paid investments Paid local investments Repayment on loans Financial Cash Flow Total Cash Flow TOTAL CUM. CASH FLOW EUR EUR EUR EUR EUR EUR EUR EUR 0 -EUR january february march april -EUR may june july august september october november december Operational CF Financial CF Total CF cummulative Tax Cash Flow Month 29

30 Monthly Cash Flow 2023 unit january february march april may june july august september october november december year Operational Cash In 7.1. Cash income on vegetables Cash income on electricity Cash income on heat Total operational cash in Operational Cash out 7.2. Selling costs Energy & water costs Labour cost Other production costs General expenses Maintenance costs Re-investments Interest costs Total operational cash out Operational Cash Flow Tax Cash Flow 7.3. Received VAT on sales Return VAT on expenses/investments VAT payment VAT on expenses Profit tax Total tax cash flow Financial Cash Flow 7.4.Received loans bank Received equity Paid investments Paid local investments Repayment on loans Financial Cash Flow Total Cash Flow TOTAL CUM. CASH FLOW Operational CF EUR EUR Financial CF Total CF cummulative Tax Cash Flow EUR EUR EUR EUR EUR EUR EUR EUR 0 -EUR january february march -EUR april may june july august september october november december Month 30

31 Operational Cash Flow Total tax cash flow Financial Cash Flow Total Cash Flow Cumulatief Total CF cummulative Cash flow Total CF cummulative Operational CF Tax Cash Flow Financial Cash Flow Total Cash Flow 31

32 8. Balance Assets unit International Investment Buildings Screening Assimilation lighting Heating and CO2 installation Test installations BaOpt Water systems Electrical systems IT systems Plant growing systems Logistic systems and various needs Unforseen investments EXTRA Grant and other government support Total International Investment Local Investment Ground works Connections Housing Advice Wa3rm Total Local Investment Re-investments Total re-investments Current assets Accounts receivable Total current assets Cash Cash / current account Total cash Total Assets Liabilities unit Equity Own contribution Net profit Total equity Long-term payables Bank loan Total Long-term payables Short-term payables Current account Total Short-term payables Total liabilities Plug WAAR WAAR WAAR WAAR WAAR WAAR WAAR 32

33 9. Key Performance Indicators No Return on Equity Unit year av Net profit after tax Equity Return on Equity 0,0% 24,5% 21,9% 22,8% 23,0% 22,7% 22,1% 21,2% 20,1% 18,1% 16,2% 20,4% Return on Invested Capital Unit year av. Interest returns Profit share Total returns Invested capital Return on capital -2,7% 6,9% 7,4% 8,2% 9,1% 10,1% 11,1% 12,3% 13,6% 14,7% 15,5% 10,6% Cum Return on capital -2,7% 4,2% 11,6% 19,8% 29,0% 39,1% 50,2% 62,5% 76,1% 90,8% 106,3% NPV & IRR Unit Operational Cash flow Nett Present Value Nett Present Value Cum Net Present Value 5% Required rate of return Internal Rate of Return 14,54% Return on Equity Net profit after tax Equity Return on Invested Capital Total returns Invested capital Net present value Operational Cash flow Nett Present Value Nett Present Value Cum Debt service coverage ratio Unit Net Operating Income (EBITDA) Annual loan repayment Interest payment Total Debt Service Debt service coverage ratio 0 1,68 1,34 1,43 1,51 1,61 1,72 1,83 2,84 3,01 3, Debt / EBITDA ratio Unit Debt EBITDA Debt / EBITDA ratio 4,69 4,10 3,53 2,98 2,45 1,94 1,45 1,14 0,84 0, Degree of Operating Leverage (DOL) Tomatoes x ( 1,79-0,81) x ( 1,79-0,81) = 1, Degree of Financial Leverage (DFL) Tomatoes = 1,32 33

34 10. Project risk Net Profit Sensitivity Analysis Unit -30% -15% -10% -5% 0% 5% 10% 15% 30% Revenu 1 Selling Price 1,79 /kg 1,25 1,52 1,61 1,70 1,79 1,88 1,96 2,05 2,32 2 Production kg Costs 3 Gas costs Water costs Electricity costs Other production costs Selling costs Indirect production costs Capital costs Variable * (1+ percentage) 2. "" 3. "" 4. "" 5. "" 6. "" 7. "" 8. "" 9. "" Unit -30% -15% -10% -5% 0% 5% 10% 15% 30% (Net Profit before Tax) Revenu 1 Selling Price 1,79 /kg Production kg Costs 3 Gas costs Water costs Electricity costs Other production costs Selling costs Indirect production costs Capital costs Net Profit before Tax + difference in selling price (outcome figure 9.1.0) * production. 2. Net Profit before Tax + difference in production (outcome figure 9.1.0) * (selling price (kg) - direct production costs (kg). 3. Net Profit before Tax + difference in gas costs (outcome figure 9.1.0) 4. Net Profit before Tax + difference in water costs (outcome figure 9.1.0) 5. Net Profit before Tax + difference in electicity costs (outcome figure 9.1.0) 6. Net Profit before Tax + difference in other production costs (outcome figure 9.1.0) 7. Net Profit before Tax + difference in selling costs (outcome figure 9.1.0) 8. Net Profit before Tax + difference in indirect production costs (outcome figure 9.1.0) 9. Net Profit before Tax + difference in capital costs (outcome figure 9.1.0) Unit -30% -15% -10% -5% 0% 5% 10% 15% 30% (Net Profit after Tax) Revenu 1 Selling Price 1,79 /kg Production kg Costs 3 Gas costs Water costs Electricity costs Other production costs Selling costs Indirect production costs Capital costs Net Profit after Tax Selling Price Production Selling costs Indirect production costs Capital costs Gas costs - -30% -15% -10% -5% 0% 5% 10% 15% 30% Water costs Electricity costs Other production costs % Difference 34

35 Scenario analysis type Worst-Case-Scenario (all variables) -10% Base-Case-Scenario 0% Best-Case-Scenario (all variables) 10% Revenu 1 Selling Price 1,61 1,79 1,96 2 Production % 0% -10% Costs 3 Direct production costs Indirect production costs Capital costs Net profit before tax Tax Net profit after tax Scenario analysis type Low Volume and low price High volume and low price Low volume and high price High Volume and high price Volume Price Volume Price Volume Price Volume Price -10% -10% 10% -10% -10% 10% 10% 10% Revenu 1 Selling Price 1,61 1,61 1,96 1,96 2 Production Costs 3 Direct production costs Indirect production costs Capital costs Net profit before tax Tax Net profit after tax Scenario analysis Low Volume and low price High volume and low price Low volume and high price High Volume and high price 0 35