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Introduction to the Pre-App Project Forecasting Example Tool |
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Purpose: |
The purpose of this document is to provide an example of the level of granularity and structure for the summary project financials for the purposes of the Pre-App. This document is an example, is not expected to be completed, and will not be collected. |
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Description of contents |
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Worksheet Legend: |
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Worksheet |
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Description |
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Inputs >> |
Control Panel |
Main tab for the user that controls assumptions and inputs |
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Processing >> |
Assumptions Processing |
Helper worksheet to structure inputs for model outputs |
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Depreciation Schedule |
Helper worksheet to calculate depreciation and investment tax credit |
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Outputs >> |
Income Statement |
Model output summarizing income statement for the project |
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CashFlow |
Model output summarizing a cash flow statement for the project |
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Balance Sheet |
Model output summarizing a balance sheet for the project |
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Other >> |
Drop-downs |
Helper worksheet to define options in tool’s drop downs |
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Control Panel |
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Main tab for the user that controls assumptions and inputs |
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(A) Overview |
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Error Checks: |
Notes |
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Direct input |
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Inputs |
- |
- Checks that inputs are sensible (e.g., sum to 100%, no negative cost / loans / etc) |
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Enter Project/Company Name |
CPO Semiconductor Manufacturing Project |
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Interim calculation |
Text |
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Cash balances |
- |
- Checks if cash balances are positive for the entire forecast |
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Cross sheet reference |
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Balance sheet |
- |
- Checks if the B/S reconciles |
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(B) Project Capital Costs |
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Check |
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Total Initial Capital Investment |
8,000,000,000 |
0 |
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Total Capital Allocated |
8,000,000,000 |
0 |
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Size and timing of initial Capital Investment spend |
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Year |
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Amount |
1 |
2 |
3 |
4 |
5 |
Total |
Check |
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Land |
100,000,000 |
100% |
0% |
0% |
0% |
0% |
100% |
0 |
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Construction |
1,100,000,000 |
50% |
50% |
0% |
0% |
0% |
100% |
0 |
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Equipment |
6,000,000,000 |
0% |
50% |
50% |
0% |
0% |
100% |
0 |
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Administrative Expenses directly attributable to facility construction |
100,000,000 |
25% |
25% |
50% |
0% |
0% |
100% |
0 |
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Infrastructure Improvements |
100,000,000 |
25% |
25% |
50% |
0% |
0% |
100% |
0 |
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Other Capital Investment |
600,000,000 |
25% |
25% |
50% |
0% |
0% |
100% |
0 |
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Ongoing annual capital investment (after facility initiates operation) |
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Check |
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Annual cost as a % of initial capital investment spend |
4% |
0 |
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Start year |
4 |
0 |
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(C) Project Revenue |
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Check |
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Unit production capacity, Monthly |
20,000 |
0 |
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Unit price in first year of production |
16,000 |
0 |
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Annual change in unit price |
-5% |
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Start year |
End year |
# years |
Check |
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Unit production ramp up (% of total capacity) |
2 |
4 |
3 |
0 |
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(D) Operating Costs |
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Run Rate Cost |
Annual change after production ramp up |
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Check |
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Materials / Consumables / Chemicals |
500,000,000 |
-3% |
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0 |
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Labor |
400,000,000 |
0% |
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0 |
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Utilities |
200,000,000 |
-2% |
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0 |
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SG&A |
300,000,000 |
-5% |
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0 |
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R&D |
150,000,000 |
-8% |
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0 |
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[Other Costs #1] |
0 |
0% |
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0 |
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[Other Costs #2] |
0 |
0% |
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0 |
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[Other Costs #3] |
0 |
0% |
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0 |
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(E) Debt Assumptions |
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Senior debt |
Subordinated debt |
Check |
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Annual interest rate (%) |
5.00% |
8.00% |
0 |
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Tenor (years) |
10 |
8 |
0 |
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Amortization start (year) |
4 |
4 |
0 |
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Loan structure |
Amortizing |
Amortizing |
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Total loan amount |
1,500,000,000 |
1,500,000,000 |
0 |
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Loan disbursement start |
1 |
1 |
0 |
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Loan disbursement end |
3 |
3 |
0 |
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# years |
3 |
3 |
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(F) Project Financing Assumptions |
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Size and timing of Equity and Grant Contributions |
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Year |
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Amount |
1 |
2 |
3 |
4 |
5 |
Total |
Check |
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Equity Contributions |
5,000,000,000 |
33% |
33% |
33% |
0% |
0% |
100% |
0 |
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CHIPS Direct Funding Contributions |
0 |
33% |
33% |
33% |
0% |
0% |
100% |
0 |
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State and Local Incentives |
0 |
33% |
33% |
33% |
0% |
0% |
100% |
0 |
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(G) Tax Assumptions |
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Check |
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Tax Rate |
21% |
0 |
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Investment Tax Credit (ITC) rebate |
25% |
0 |
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% of Qualifying Depreciable Capex for ITC |
82% |
0 |
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(H) Depreciation Assumptions |
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Years |
Check |
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Construction |
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0 |
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Equipment |
6 |
0 |
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Administrative Expenses directly attributable to facility construction |
6 |
0 |
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Infrastructure Improvements |
6 |
0 |
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Other Capital Investment |
6 |
0 |
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Ongoing annual capital investment (after facility initiates operation) |
6 |
0 |
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(I) Working Capital Assumptions |
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Check |
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Days in Receivables |
30 |
0 |
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Days Inventory |
30 |
0 |
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Days in Payables |
30 |
0 |
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Months Debt Service to Restricted Cash |
6 |
0 |
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(J) Distributions |
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Check |
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Year distributions start |
5 |
0 |
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Minimum cash balance |
150,000,000 |
0 |
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Year |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
13 |
14 |
15 |
16 |
17 |
18 |
19 |
20 |
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Period Cash Balance (Pre Distribution) |
1,937,916,667 |
2,210,353,556 |
3,236,610,581 |
4,045,177,960 |
4,806,144,563 |
813,325,771 |
714,016,330 |
534,823,622 |
721,622,222 |
770,791,986 |
825,192,801 |
755,078,984 |
688,585,343 |
625,536,266 |
565,764,099 |
502,987,333 |
443,174,782 |
392,302,290 |
344,109,428 |
298,463,720 |
|
|
|
Period Cash Balance (Post distribution) |
1,937,916,667 |
2,210,353,556 |
3,236,610,581 |
4,045,177,960 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
|
|
|
Distribution |
0 |
0 |
0 |
0 |
4,656,144,563 |
663,325,771 |
564,016,330 |
384,823,622 |
571,622,222 |
620,791,986 |
675,192,801 |
605,078,984 |
538,585,343 |
475,536,266 |
415,764,099 |
352,987,333 |
293,174,782 |
242,302,290 |
194,109,428 |
148,463,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Balance Check |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
Assumptions Processing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Helper worksheet to structure inputs for model outputs |
|
|
Year |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
13 |
14 |
15 |
16 |
17 |
18 |
19 |
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Project Capital Costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land |
|
|
100,000,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Construction |
|
|
550,000,000 |
550,000,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Equipment |
|
|
- |
3,000,000,000 |
3,000,000,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Administrative Expenses directly attributable to facility construction |
|
|
25,000,000 |
25,000,000 |
50,000,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Infrastructure Improvements |
|
|
25,000,000 |
25,000,000 |
50,000,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Other Capital Investment |
|
|
150,000,000 |
150,000,000 |
300,000,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Ongoing annual capital investment (after facility initiates operation) |
|
|
- |
- |
- |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
|
Total Annual Capital Expenditures |
|
850,000,000 |
3,750,000,000 |
3,400,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Project Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production |
|
|
- |
80,000 |
160,000 |
240,000 |
240,000 |
240,000 |
240,000 |
240,000 |
240,000 |
240,000 |
240,000 |
240,000 |
240,000 |
240,000 |
240,000 |
240,000 |
240,000 |
240,000 |
240,000 |
240,000 |
|
Price per Unit (USD) |
|
|
16,000 |
16,000 |
15,200 |
14,440 |
13,718 |
13,032 |
12,380 |
11,761 |
11,173 |
10,615 |
10,084 |
9,580 |
9,101 |
8,646 |
8,213 |
7,803 |
7,413 |
7,042 |
6,690 |
6,355 |
|
Net Sales |
|
|
- |
1,280,000,000 |
2,432,000,000 |
3,465,600,000 |
3,292,320,000 |
3,127,704,000 |
2,971,318,800 |
2,822,752,860 |
2,681,615,217 |
2,547,534,456 |
2,420,157,733 |
2,299,149,847 |
2,184,192,354 |
2,074,982,737 |
1,971,233,600 |
1,872,671,920 |
1,779,038,324 |
1,690,086,408 |
1,605,582,087 |
1,525,302,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Materials / Consumables / Chemicals |
|
|
- |
166,666,667 |
333,333,333 |
500,000,000 |
485,000,000 |
470,450,000 |
456,336,500 |
442,646,405 |
429,367,013 |
416,486,002 |
403,991,422 |
391,871,680 |
380,115,529 |
368,712,063 |
357,650,702 |
346,921,180 |
336,513,545 |
326,418,139 |
316,625,595 |
307,126,827 |
|
Labor |
|
|
- |
133,333,333 |
266,666,667 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
|
Utilities |
|
|
- |
66,666,667 |
133,333,333 |
200,000,000 |
196,000,000 |
192,080,000 |
188,238,400 |
184,473,632 |
180,784,159 |
177,168,476 |
173,625,107 |
170,152,605 |
166,749,552 |
163,414,561 |
160,146,270 |
156,943,345 |
153,804,478 |
150,728,388 |
147,713,821 |
144,759,544 |
|
SG&A |
|
|
- |
100,000,000 |
200,000,000 |
300,000,000 |
285,000,000 |
270,750,000 |
257,212,500 |
244,351,875 |
232,134,281 |
220,527,567 |
209,501,189 |
199,026,129 |
189,074,823 |
179,621,082 |
170,640,028 |
162,108,026 |
154,002,625 |
146,302,494 |
138,987,369 |
132,038,001 |
|
R&D |
|
|
- |
50,000,000 |
100,000,000 |
150,000,000 |
138,000,000 |
126,960,000 |
116,803,200 |
107,458,944 |
98,862,228 |
90,953,250 |
83,676,990 |
76,982,831 |
70,824,204 |
65,158,268 |
59,945,607 |
55,149,958 |
50,737,961 |
46,678,925 |
42,944,611 |
39,509,042 |
|
[Other Costs #1] |
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
[Other Costs #2] |
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
[Other Costs #3] |
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Total Operating Costs |
|
|
- |
516,666,667 |
1,033,333,333 |
1,550,000,000 |
1,504,000,000 |
1,460,240,000 |
1,418,590,600 |
1,378,930,856 |
1,341,147,682 |
1,305,135,296 |
1,270,794,708 |
1,238,033,245 |
1,206,764,109 |
1,176,905,975 |
1,148,382,606 |
1,121,122,510 |
1,095,058,609 |
1,070,127,945 |
1,046,271,395 |
1,023,433,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Debt Assumptions and Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anchor Date |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding Principal (Start of Year) |
|
|
- |
500,000,000 |
1,000,000,000 |
1,500,000,000 |
1,315,770,272 |
1,122,329,058 |
919,215,784 |
705,946,845 |
482,014,460 |
246,885,455 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Draws on Principal |
|
|
500,000,000 |
500,000,000 |
500,000,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Senior Debt Principal Repayments |
|
|
- |
- |
- |
184,229,728 |
193,441,214 |
203,113,275 |
213,268,938 |
223,932,385 |
235,129,005 |
246,885,455 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Outstanding Principal (End of Year) |
|
|
500,000,000 |
1,000,000,000 |
1,500,000,000 |
1,315,770,272 |
1,122,329,058 |
919,215,784 |
705,946,845 |
482,014,460 |
246,885,455 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Debt Interest |
|
|
12,500,000 |
37,500,000 |
62,500,000 |
70,394,257 |
60,952,483 |
51,038,621 |
40,629,066 |
29,699,033 |
18,222,498 |
6,172,136 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Total Senior Debt Service |
|
|
- |
- |
- |
184,229,728 |
193,441,214 |
203,113,275 |
213,268,938 |
223,932,385 |
235,129,005 |
246,885,455 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated Debt -- Assumptions and Schedule |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anchor Date |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding Principal (Start of Year) |
|
|
- |
500,000,000 |
1,000,000,000 |
1,500,000,000 |
1,244,315,318 |
968,175,862 |
669,945,249 |
347,856,187 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Draws on Principal |
|
|
500,000,000 |
500,000,000 |
500,000,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Subordinated Debt Principal Repayments |
|
|
- |
- |
- |
255,684,682 |
276,139,456 |
298,230,613 |
322,089,062 |
347,856,187 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Outstanding Principal (End of Year) |
|
|
500,000,000 |
1,000,000,000 |
1,500,000,000 |
1,244,315,318 |
968,175,862 |
669,945,249 |
347,856,187 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated Debt Interest |
|
|
20,000,000 |
37,500,000 |
62,500,000 |
68,607,883 |
55,312,279 |
40,953,028 |
25,445,036 |
8,696,405 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Total Subordinated Debt Service |
|
|
- |
- |
- |
255,684,682 |
276,139,456 |
298,230,613 |
322,089,062 |
347,856,187 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant Assumptions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Contributions |
|
|
1,666,666,667 |
1,666,666,667 |
1,666,666,667 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
CHIPS Direct Funding Contributions |
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
State and Local Incentives |
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation Assumptions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction |
|
|
29,150,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
29,150,000 |
- |
- |
- |
- |
|
Equipment |
|
|
- |
397,500,000 |
795,000,000 |
795,000,000 |
795,000,000 |
795,000,000 |
795,000,000 |
397,500,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Administrative Expenses directly attributable to facility construction |
|
|
3,312,500 |
6,625,000 |
13,250,000 |
13,250,000 |
13,250,000 |
13,250,000 |
9,937,500 |
6,625,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Infrastructure Improvements |
|
|
3,312,500 |
6,625,000 |
13,250,000 |
13,250,000 |
13,250,000 |
13,250,000 |
9,937,500 |
6,625,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Other Capital Investment |
|
|
19,875,000 |
39,750,000 |
79,500,000 |
79,500,000 |
79,500,000 |
79,500,000 |
59,625,000 |
39,750,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Ongoing annual capital investment (after facility initiates operation) |
|
|
- |
- |
- |
53,333,333 |
106,666,667 |
160,000,000 |
213,333,333 |
266,666,667 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
|
Total Annual Depreciation Exp. |
|
|
55,650,000 |
508,800,000 |
959,300,000 |
1,012,633,333 |
1,065,966,667 |
1,119,300,000 |
1,146,133,333 |
775,466,667 |
378,300,000 |
378,300,000 |
378,300,000 |
378,300,000 |
378,300,000 |
378,300,000 |
378,300,000 |
349,150,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
Depreciation Schedule |
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|
Helper worksheet to calculate depreciation and investment tax credit |
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Year |
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|
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
13 |
14 |
15 |
16 |
17 |
18 |
19 |
20 |
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|
|
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|
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|
|
Investment Tax Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
ITC effective rate |
21% |
|
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|
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|
ITC Calcuation |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITC from Construction |
|
|
112,750,000 |
112,750,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
ITC from Equipment |
|
|
- |
615,000,000 |
615,000,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
ITC from Administrative Expenses |
|
|
5,125,000 |
5,125,000 |
10,250,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
ITC from Infrastructure Improvements |
|
|
5,125,000 |
5,125,000 |
10,250,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
ITC from Other Capital Expenses |
|
|
30,750,000 |
30,750,000 |
61,500,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
Total ITC |
|
|
153,750,000 |
768,750,000 |
697,000,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
|
|
|
|
|
Depreciation Schedule: Construction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction (Capex) pre ITC |
|
|
550,000,000 |
550,000,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
Construction (Capex) post ITC |
|
|
437,250,000 |
437,250,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Capex post ITC |
|
|
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|
Deprec. Table |
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|
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|
|
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|
|
|
|
|
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
- |
- |
- |
- |
- |
|
1 |
437,250,000 |
|
|
|
|
|
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
29,150,000 |
- |
- |
- |
- |
|
2 |
437,250,000 |
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
3 |
- |
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
4 |
- |
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
5 |
- |
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
6 |
- |
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
7 |
- |
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
8 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
9 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
10 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
11 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
12 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
|
13 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
|
14 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
|
15 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
|
16 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
|
17 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
|
18 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
|
19 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
20 |
- |
|
|
|
|
29,150,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
29,150,000 |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation Schedule: Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment (Capex) pre ITC |
|
|
- |
3,000,000,000 |
3,000,000,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
Equipment (Capex) post ITC |
|
|
- |
2,385,000,000 |
2,385,000,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Capex post ITC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deprec. Table |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
1 |
- |
|
|
|
|
|
397,500,000 |
397,500,000 |
397,500,000 |
397,500,000 |
397,500,000 |
397,500,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
2 |
2,385,000,000 |
|
|
|
|
|
|
397,500,000 |
397,500,000 |
397,500,000 |
397,500,000 |
397,500,000 |
397,500,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
3 |
2,385,000,000 |
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
4 |
- |
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
5 |
- |
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
6 |
- |
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
7 |
- |
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
8 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
9 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
10 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
11 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
12 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
|
13 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
|
14 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
|
15 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
|
16 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
|
17 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
|
18 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
|
19 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
20 |
- |
|
|
|
|
- |
397,500,000 |
795,000,000 |
795,000,000 |
795,000,000 |
795,000,000 |
795,000,000 |
397,500,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation Schedule: Administrative Expenses directly attributable to facility construction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Admin (Capex) pre ITC |
|
|
25,000,000 |
25,000,000 |
50,000,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
Admin (Capex) post ITC |
|
|
19,875,000 |
19,875,000 |
39,750,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Capex post ITC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deprec. Table |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,312,500 |
3,312,500 |
3,312,500 |
3,312,500 |
3,312,500 |
3,312,500 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
1 |
19,875,000 |
|
|
|
|
|
3,312,500 |
3,312,500 |
3,312,500 |
3,312,500 |
3,312,500 |
3,312,500 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
2 |
19,875,000 |
|
|
|
|
|
|
6,625,000 |
6,625,000 |
6,625,000 |
6,625,000 |
6,625,000 |
6,625,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
3 |
39,750,000 |
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
4 |
- |
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
5 |
- |
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
6 |
- |
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
7 |
- |
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
8 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
9 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
10 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
11 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
12 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
|
13 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
|
14 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
|
15 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
|
16 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
|
17 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
|
18 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
|
19 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
20 |
- |
|
|
|
|
3,312,500 |
6,625,000 |
13,250,000 |
13,250,000 |
13,250,000 |
13,250,000 |
9,937,500 |
6,625,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation Schedule: Infrastructure Improvements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Infra Improvement (Capex) pre ITC |
|
|
25,000,000 |
25,000,000 |
50,000,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
Infra Improvement (CapEx) post ITC |
|
|
19,875,000 |
19,875,000 |
39,750,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Capex post ITC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deprec. Table |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,312,500 |
3,312,500 |
3,312,500 |
3,312,500 |
3,312,500 |
3,312,500 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
1 |
19,875,000 |
|
|
|
|
|
3,312,500 |
3,312,500 |
3,312,500 |
3,312,500 |
3,312,500 |
3,312,500 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
2 |
19,875,000 |
|
|
|
|
|
|
6,625,000 |
6,625,000 |
6,625,000 |
6,625,000 |
6,625,000 |
6,625,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
3 |
39,750,000 |
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
4 |
- |
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
5 |
- |
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
6 |
- |
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
7 |
- |
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
8 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
9 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
10 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
11 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
12 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
|
13 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
|
14 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
|
15 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
|
16 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
|
17 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
|
18 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
|
19 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
20 |
- |
|
|
|
|
3,312,500 |
6,625,000 |
13,250,000 |
13,250,000 |
13,250,000 |
13,250,000 |
9,937,500 |
6,625,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation Schedule: Other Capital Investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (Capex) pre ITC |
|
|
150,000,000 |
150,000,000 |
300,000,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
Other (Capex) post ITC |
|
|
119,250,000 |
119,250,000 |
238,500,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Capex post ITC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deprec. Table |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,875,000 |
19,875,000 |
19,875,000 |
19,875,000 |
19,875,000 |
19,875,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
1 |
119,250,000 |
|
|
|
|
|
19,875,000 |
19,875,000 |
19,875,000 |
19,875,000 |
19,875,000 |
19,875,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
2 |
119,250,000 |
|
|
|
|
|
|
39,750,000 |
39,750,000 |
39,750,000 |
39,750,000 |
39,750,000 |
39,750,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
3 |
238,500,000 |
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
4 |
- |
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
5 |
- |
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
6 |
- |
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
7 |
- |
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
8 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
9 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
10 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
11 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
12 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
|
13 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
|
14 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
|
15 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
|
16 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
|
17 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
|
18 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
|
19 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
20 |
- |
|
|
|
|
19,875,000 |
39,750,000 |
79,500,000 |
79,500,000 |
79,500,000 |
79,500,000 |
59,625,000 |
39,750,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation Schedule: Ongoing capital expenditures (after facility initiates operation) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ongoing Capital Expenditures (CapEx) |
|
|
- |
- |
- |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
|
|
Capex post ITC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deprec. Table |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
1 |
- |
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
2 |
- |
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
3 |
- |
|
|
|
|
|
|
|
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
4 |
320,000,000 |
|
|
|
|
|
|
|
|
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
5 |
320,000,000 |
|
|
|
|
|
|
|
|
|
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
6 |
320,000,000 |
|
|
|
|
|
|
|
|
|
|
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
- |
- |
- |
- |
- |
- |
- |
- |
|
7 |
320,000,000 |
|
|
|
|
|
|
|
|
|
|
|
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
- |
- |
- |
- |
- |
- |
- |
|
8 |
320,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
- |
- |
- |
- |
- |
- |
|
9 |
320,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
- |
- |
- |
- |
- |
|
10 |
320,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
- |
- |
- |
- |
|
11 |
320,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
- |
- |
- |
|
12 |
320,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
- |
- |
|
13 |
320,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
- |
|
14 |
320,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
|
15 |
320,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
|
16 |
320,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,333,333 |
53,333,333 |
53,333,333 |
53,333,333 |
|
17 |
320,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,333,333 |
53,333,333 |
53,333,333 |
|
18 |
320,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,333,333 |
53,333,333 |
|
19 |
320,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,333,333 |
|
20 |
320,000,000 |
|
|
|
|
- |
- |
- |
53,333,333 |
106,666,667 |
160,000,000 |
213,333,333 |
266,666,667 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
|
|
|
Income Statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Model output summarizing income statement for the project |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
|
|
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
13 |
14 |
15 |
16 |
17 |
18 |
19 |
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
|
|
- |
1,280,000,000 |
2,432,000,000 |
3,465,600,000 |
3,292,320,000 |
3,127,704,000 |
2,971,318,800 |
2,822,752,860 |
2,681,615,217 |
2,547,534,456 |
2,420,157,733 |
2,299,149,847 |
2,184,192,354 |
2,074,982,737 |
1,971,233,600 |
1,872,671,920 |
1,779,038,324 |
1,690,086,408 |
1,605,582,087 |
1,525,302,983 |
|
Other Operating Income |
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
CHIPS Direct Funding Contributions |
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
State and Local Incentives |
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Total Revenue |
|
|
- |
1,280,000,000 |
2,432,000,000 |
3,465,600,000 |
3,292,320,000 |
3,127,704,000 |
2,971,318,800 |
2,822,752,860 |
2,681,615,217 |
2,547,534,456 |
2,420,157,733 |
2,299,149,847 |
2,184,192,354 |
2,074,982,737 |
1,971,233,600 |
1,872,671,920 |
1,779,038,324 |
1,690,086,408 |
1,605,582,087 |
1,525,302,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Materials / Consumables / Chemicals |
|
|
- |
166,666,667 |
333,333,333 |
500,000,000 |
485,000,000 |
470,450,000 |
456,336,500 |
442,646,405 |
429,367,013 |
416,486,002 |
403,991,422 |
391,871,680 |
380,115,529 |
368,712,063 |
357,650,702 |
346,921,180 |
336,513,545 |
326,418,139 |
316,625,595 |
307,126,827 |
|
Labor |
|
|
- |
133,333,333 |
266,666,667 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
400,000,000 |
|
Utilities |
|
|
- |
66,666,667 |
133,333,333 |
200,000,000 |
196,000,000 |
192,080,000 |
188,238,400 |
184,473,632 |
180,784,159 |
177,168,476 |
173,625,107 |
170,152,605 |
166,749,552 |
163,414,561 |
160,146,270 |
156,943,345 |
153,804,478 |
150,728,388 |
147,713,821 |
144,759,544 |
|
SG&A |
|
|
- |
100,000,000 |
200,000,000 |
300,000,000 |
285,000,000 |
270,750,000 |
257,212,500 |
244,351,875 |
232,134,281 |
220,527,567 |
209,501,189 |
199,026,129 |
189,074,823 |
179,621,082 |
170,640,028 |
162,108,026 |
154,002,625 |
146,302,494 |
138,987,369 |
132,038,001 |
|
R&D |
|
|
- |
50,000,000 |
100,000,000 |
150,000,000 |
138,000,000 |
126,960,000 |
116,803,200 |
107,458,944 |
98,862,228 |
90,953,250 |
83,676,990 |
76,982,831 |
70,824,204 |
65,158,268 |
59,945,607 |
55,149,958 |
50,737,961 |
46,678,925 |
42,944,611 |
39,509,042 |
|
[Other Costs #1] |
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
[Other Costs #2] |
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
[Other Costs #3] |
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Total Operating Expenses |
|
|
- |
516,666,667 |
1,033,333,333 |
1,550,000,000 |
1,504,000,000 |
1,460,240,000 |
1,418,590,600 |
1,378,930,856 |
1,341,147,682 |
1,305,135,296 |
1,270,794,708 |
1,238,033,245 |
1,206,764,109 |
1,176,905,975 |
1,148,382,606 |
1,121,122,510 |
1,095,058,609 |
1,070,127,945 |
1,046,271,395 |
1,023,433,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction |
|
|
29,150,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
58,300,000 |
29,150,000 |
- |
- |
- |
- |
|
Equipment |
|
|
- |
397,500,000 |
795,000,000 |
795,000,000 |
795,000,000 |
795,000,000 |
795,000,000 |
397,500,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Administrative Expenses directly attributable to facility construction |
|
|
3,312,500 |
6,625,000 |
13,250,000 |
13,250,000 |
13,250,000 |
13,250,000 |
9,937,500 |
6,625,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Infrastructure Improvements |
|
|
3,312,500 |
6,625,000 |
13,250,000 |
13,250,000 |
13,250,000 |
13,250,000 |
9,937,500 |
6,625,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Other Capital Investment |
|
|
19,875,000 |
39,750,000 |
79,500,000 |
79,500,000 |
79,500,000 |
79,500,000 |
59,625,000 |
39,750,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Ongoing annual capital investment (after facility initiates operation) |
|
|
- |
- |
- |
53,333,333 |
106,666,667 |
160,000,000 |
213,333,333 |
266,666,667 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
|
Total Depreciation Expense |
|
|
55,650,000 |
508,800,000 |
959,300,000 |
1,012,633,333 |
1,065,966,667 |
1,119,300,000 |
1,146,133,333 |
775,466,667 |
378,300,000 |
378,300,000 |
378,300,000 |
378,300,000 |
378,300,000 |
378,300,000 |
378,300,000 |
349,150,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income (Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Debt Interest |
|
|
(12,500,000) |
(37,500,000) |
(62,500,000) |
(70,394,257) |
(60,952,483) |
(51,038,621) |
(40,629,066) |
(29,699,033) |
(18,222,498) |
(6,172,136) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Subordinated Debt Interest |
|
|
(20,000,000) |
(37,500,000) |
(62,500,000) |
(68,607,883) |
(55,312,279) |
(40,953,028) |
(25,445,036) |
(8,696,405) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Total Interest Income (Expense) |
|
|
(32,500,000) |
(75,000,000) |
(125,000,000) |
(139,002,140) |
(116,264,763) |
(91,991,649) |
(66,074,102) |
(38,395,437) |
(18,222,498) |
(6,172,136) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Expenses |
|
|
88,150,000 |
1,100,466,667 |
2,117,633,333 |
2,701,635,473 |
2,686,231,429 |
2,671,531,649 |
2,630,798,035 |
2,192,792,960 |
1,737,670,180 |
1,689,607,432 |
1,649,094,708 |
1,616,333,245 |
1,585,064,109 |
1,555,205,975 |
1,526,682,606 |
1,470,272,510 |
1,415,058,609 |
1,390,127,945 |
1,366,271,395 |
1,343,433,413 |
|
Earnings Before Tax |
|
|
(88,150,000) |
179,533,333 |
314,366,667 |
763,964,527 |
606,088,571 |
456,172,351 |
340,520,765 |
629,959,900 |
943,945,037 |
857,927,024 |
771,063,025 |
682,816,602 |
599,128,245 |
519,776,762 |
444,550,994 |
402,399,410 |
363,979,714 |
299,958,462 |
239,310,692 |
181,869,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes |
|
|
- |
37,702,000 |
66,017,000 |
160,432,551 |
127,278,600 |
95,796,194 |
71,509,361 |
132,291,579 |
198,228,458 |
180,164,675 |
161,923,235 |
143,391,486 |
125,816,931 |
109,153,120 |
93,355,709 |
84,503,876 |
76,435,740 |
62,991,277 |
50,255,245 |
38,192,610 |
|
Net Income |
|
|
(88,150,000) |
141,831,333 |
248,349,667 |
603,531,976 |
478,809,971 |
360,376,157 |
269,011,404 |
497,668,321 |
745,716,579 |
677,762,349 |
609,139,790 |
539,425,116 |
473,311,314 |
410,623,642 |
351,195,285 |
317,895,534 |
287,543,974 |
236,967,185 |
189,055,447 |
143,676,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excess Cash (available for distributions) |
|
|
- |
- |
- |
- |
4,656,144,563 |
663,325,771 |
564,016,330 |
384,823,622 |
571,622,222 |
620,791,986 |
675,192,801 |
605,078,984 |
538,585,343 |
475,536,266 |
415,764,099 |
352,987,333 |
293,174,782 |
242,302,290 |
194,109,428 |
148,463,720 |
|
Addition to Retained Earnings |
|
|
(88,150,000) |
141,831,333 |
248,349,667 |
603,531,976 |
(4,177,334,592) |
(302,949,614) |
(295,004,926) |
112,844,699 |
174,094,357 |
56,970,363 |
(66,053,011) |
(65,653,869) |
(65,274,030) |
(64,912,624) |
(64,568,814) |
(35,091,799) |
(5,630,808) |
(5,335,104) |
(5,053,981) |
(4,786,760) |
Cash Flow Statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Model output summarizing a cash flow statement for the project |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
|
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
13 |
14 |
15 |
16 |
17 |
18 |
19 |
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings |
|
(88,150,000) |
141,831,333 |
248,349,667 |
603,531,976 |
478,809,971 |
360,376,157 |
269,011,404 |
497,668,321 |
745,716,579 |
677,762,349 |
609,139,790 |
539,425,116 |
473,311,314 |
410,623,642 |
351,195,285 |
317,895,534 |
287,543,974 |
236,967,185 |
189,055,447 |
143,676,960 |
|
+Depreciation & Amortization |
|
55,650,000 |
508,800,000 |
959,300,000 |
1,012,633,333 |
1,065,966,667 |
1,119,300,000 |
1,146,133,333 |
775,466,667 |
378,300,000 |
378,300,000 |
378,300,000 |
378,300,000 |
378,300,000 |
378,300,000 |
378,300,000 |
349,150,000 |
320,000,000 |
320,000,000 |
320,000,000 |
320,000,000 |
|
Change in Receivables |
|
- |
(106,666,667) |
(96,000,000) |
(86,133,333) |
14,440,000 |
13,718,000 |
13,032,100 |
12,380,495 |
11,761,470 |
11,173,397 |
10,614,727 |
10,083,991 |
9,579,791 |
9,100,801 |
8,645,761 |
8,213,473 |
7,802,800 |
7,412,660 |
7,042,027 |
6,689,925 |
|
Change in Inventory |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Change in Payables/Other Curr. Liabilities |
|
- |
43,055,556 |
43,055,556 |
43,055,556 |
(3,833,333) |
(3,646,667) |
(3,470,783) |
(3,304,979) |
(3,148,598) |
(3,001,032) |
(2,861,716) |
(2,730,122) |
(2,605,761) |
(2,488,178) |
(2,376,947) |
(2,271,675) |
(2,171,992) |
(2,077,555) |
(1,988,046) |
(1,903,165) |
|
Cash from Operations |
|
(32,500,000) |
587,020,222 |
1,154,705,222 |
1,573,087,532 |
1,555,383,304 |
1,489,747,491 |
1,424,706,054 |
1,282,210,504 |
1,132,629,452 |
1,064,234,713 |
995,192,801 |
925,078,984 |
858,585,343 |
795,536,266 |
735,764,099 |
672,987,333 |
613,174,782 |
562,302,290 |
514,109,428 |
468,463,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land |
|
(100,000,000) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Construction |
|
(550,000,000) |
(550,000,000) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Equipment |
|
- |
(3,000,000,000) |
(3,000,000,000) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Administrative Expenses directly attributable to facility construction |
|
(25,000,000) |
(25,000,000) |
(50,000,000) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Infrastructure Improvements |
|
(25,000,000) |
(25,000,000) |
(50,000,000) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Other Capital Investment |
|
(150,000,000) |
(150,000,000) |
(300,000,000) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Ongoing annual capital investment (after facility initiates operation) |
|
- |
- |
- |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
|
Investments in Property & Equipment |
|
(850,000,000) |
(3,750,000,000) |
(3,400,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
|
Investment tax credit |
|
153,750,000 |
768,750,000 |
697,000,000 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Cash from Investing |
|
(696,250,000) |
(2,981,250,000) |
(2,703,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
(320,000,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Inflow (Outflow) |
|
1,666,666,667 |
1,666,666,667 |
1,666,666,667 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Draw (repayment) CHIPS loans |
|
500,000,000 |
500,000,000 |
500,000,000 |
(184,229,728) |
(193,441,214) |
(203,113,275) |
(213,268,938) |
(223,932,385) |
(235,129,005) |
(246,885,455) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Draw (repayment) Non-CHIPS loans |
|
500,000,000 |
500,000,000 |
500,000,000 |
(255,684,682) |
(276,139,456) |
(298,230,613) |
(322,089,062) |
(347,856,187) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Equity Payouts |
|
- |
- |
- |
- |
(4,656,144,563) |
(663,325,771) |
(564,016,330) |
(384,823,622) |
(571,622,222) |
(620,791,986) |
(675,192,801) |
(605,078,984) |
(538,585,343) |
(475,536,266) |
(415,764,099) |
(352,987,333) |
(293,174,782) |
(242,302,290) |
(194,109,428) |
(148,463,720) |
|
Cash from Financing |
|
2,666,666,667 |
2,666,666,667 |
2,666,666,667 |
(439,914,410) |
(5,125,725,233) |
(1,164,669,659) |
(1,099,374,331) |
(956,612,194) |
(806,751,227) |
(867,677,441) |
(675,192,801) |
(605,078,984) |
(538,585,343) |
(475,536,266) |
(415,764,099) |
(352,987,333) |
(293,174,782) |
(242,302,290) |
(194,109,428) |
(148,463,720) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Cash Balance |
|
- |
1,937,916,667 |
2,210,353,556 |
3,236,610,581 |
4,045,177,960 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
|
Net Increase (decrease) in Cash |
|
1,937,916,667 |
272,436,889 |
1,118,371,889 |
813,173,122 |
(3,890,341,929) |
5,077,832 |
5,331,723 |
5,598,310 |
5,878,225 |
(123,442,727) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Cash (to)/from debt reserve |
|
- |
- |
(92,114,864) |
(4,605,743) |
(4,836,030) |
(5,077,832) |
(5,331,723) |
(5,598,310) |
(5,878,225) |
123,442,727 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Ending Cash Balance |
|
1,937,916,667 |
2,210,353,556 |
3,236,610,581 |
4,045,177,960 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Service Coverage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt Service Coverage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Flow |
|
1,937,916,667 |
272,436,889 |
1,118,371,889 |
813,173,122 |
(3,890,341,929) |
5,077,832 |
5,331,723 |
5,598,310 |
5,878,225 |
(123,442,727) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
+Interest & Fee Expense |
|
32,500,000 |
75,000,000 |
125,000,000 |
139,002,140 |
116,264,763 |
91,991,649 |
66,074,102 |
38,395,437 |
18,222,498 |
6,172,136 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
+Principal Repayment |
|
- |
- |
- |
439,914,410 |
469,580,670 |
501,343,888 |
535,358,000 |
571,788,572 |
235,129,005 |
246,885,455 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
+Equity Payouts |
|
- |
- |
- |
- |
4,656,144,563 |
663,325,771 |
564,016,330 |
384,823,622 |
571,622,222 |
620,791,986 |
675,192,801 |
605,078,984 |
538,585,343 |
475,536,266 |
415,764,099 |
352,987,333 |
293,174,782 |
242,302,290 |
194,109,428 |
148,463,720 |
|
Total CADS |
|
1,970,416,667 |
347,436,889 |
1,243,371,889 |
1,392,089,672 |
1,351,648,067 |
1,261,739,140 |
1,170,780,156 |
1,000,605,941 |
830,851,950 |
750,406,850 |
675,192,801 |
605,078,984 |
538,585,343 |
475,536,266 |
415,764,099 |
352,987,333 |
293,174,782 |
242,302,290 |
194,109,428 |
148,463,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest & Fee Expense |
|
32,500,000 |
75,000,000 |
125,000,000 |
139,002,140 |
116,264,763 |
91,991,649 |
66,074,102 |
38,395,437 |
18,222,498 |
6,172,136 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Principal Repayment |
|
- |
- |
- |
439,914,410 |
469,580,670 |
501,343,888 |
535,358,000 |
571,788,572 |
235,129,005 |
246,885,455 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Total Debt Service |
|
32,500,000 |
75,000,000 |
125,000,000 |
578,916,549 |
585,845,433 |
593,335,536 |
601,432,102 |
610,184,010 |
253,351,503 |
253,057,591 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total CADS/Total Debt Service |
|
61 |
5 |
10 |
2 |
2 |
2 |
2 |
2 |
3 |
3 |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Debt Service Coverage |
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow to Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Investment |
|
(1,666,666,667) |
(1,666,666,667) |
(1,666,666,667) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Equity Payouts |
|
- |
- |
- |
- |
4,656,144,563 |
663,325,771 |
564,016,330 |
384,823,622 |
571,622,222 |
620,791,986 |
675,192,801 |
605,078,984 |
538,585,343 |
475,536,266 |
415,764,099 |
352,987,333 |
293,174,782 |
242,302,290 |
194,109,428 |
148,463,720 |
|
Net Cash Flow to Equity |
|
(1,666,666,667) |
(1,666,666,667) |
(1,666,666,667) |
- |
4,656,144,563 |
663,325,771 |
564,016,330 |
384,823,622 |
571,622,222 |
620,791,986 |
675,192,801 |
605,078,984 |
538,585,343 |
475,536,266 |
415,764,099 |
352,987,333 |
293,174,782 |
242,302,290 |
194,109,428 |
148,463,720 |
Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Model output summarizing a balance sheet for the project |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
|
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
13 |
14 |
15 |
16 |
17 |
18 |
19 |
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
1,937,916,667 |
2,210,353,556 |
3,236,610,581 |
4,045,177,960 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
150,000,000 |
|
Debt Service Reserve/Restricted Cash |
|
- |
- |
92,114,864 |
96,720,607 |
101,556,637 |
106,634,469 |
111,966,193 |
117,564,502 |
123,442,727 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Accounts Receivable |
|
- |
106,666,667 |
202,666,667 |
288,800,000 |
274,360,000 |
260,642,000 |
247,609,900 |
235,229,405 |
223,467,935 |
212,294,538 |
201,679,811 |
191,595,821 |
182,016,030 |
172,915,228 |
164,269,467 |
156,055,993 |
148,253,194 |
140,840,534 |
133,798,507 |
127,108,582 |
|
Inventory |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Total Current Assets |
|
1,937,916,667 |
2,317,020,222 |
3,531,392,111 |
4,430,698,567 |
525,916,637 |
517,276,469 |
509,576,093 |
502,793,907 |
496,910,662 |
362,294,538 |
351,679,811 |
341,595,821 |
332,016,030 |
322,915,228 |
314,269,467 |
306,055,993 |
298,253,194 |
290,840,534 |
283,798,507 |
277,108,582 |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land |
|
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
|
Construction |
|
550,000,000 |
1,100,000,000 |
1,100,000,000 |
1,100,000,000 |
1,100,000,000 |
1,100,000,000 |
1,100,000,000 |
1,100,000,000 |
1,100,000,000 |
1,100,000,000 |
1,100,000,000 |
1,100,000,000 |
1,100,000,000 |
1,100,000,000 |
1,100,000,000 |
1,100,000,000 |
1,100,000,000 |
1,100,000,000 |
1,100,000,000 |
1,100,000,000 |
|
Equipment |
|
- |
3,000,000,000 |
6,000,000,000 |
6,000,000,000 |
6,000,000,000 |
6,000,000,000 |
6,000,000,000 |
6,000,000,000 |
6,000,000,000 |
6,000,000,000 |
6,000,000,000 |
6,000,000,000 |
6,000,000,000 |
6,000,000,000 |
6,000,000,000 |
6,000,000,000 |
6,000,000,000 |
6,000,000,000 |
6,000,000,000 |
6,000,000,000 |
|
Administrative Expenses directly attributable to facility construction |
|
25,000,000 |
50,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
|
Infrastructure Improvements |
|
25,000,000 |
50,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
100,000,000 |
|
Other Capital Investment |
|
150,000,000 |
300,000,000 |
600,000,000 |
600,000,000 |
600,000,000 |
600,000,000 |
600,000,000 |
600,000,000 |
600,000,000 |
600,000,000 |
600,000,000 |
600,000,000 |
600,000,000 |
600,000,000 |
600,000,000 |
600,000,000 |
600,000,000 |
600,000,000 |
600,000,000 |
600,000,000 |
|
Ongoing annual capital investment (after facility initiates operation) |
|
- |
- |
- |
320,000,000 |
640,000,000 |
960,000,000 |
1,280,000,000 |
1,600,000,000 |
1,920,000,000 |
2,240,000,000 |
2,560,000,000 |
2,880,000,000 |
3,200,000,000 |
3,520,000,000 |
3,840,000,000 |
4,160,000,000 |
4,480,000,000 |
4,800,000,000 |
5,120,000,000 |
5,440,000,000 |
|
Accumulated reduction in asset value due to ITC |
|
(153,750,000) |
(922,500,000) |
(1,619,500,000) |
(1,619,500,000) |
(1,619,500,000) |
(1,619,500,000) |
(1,619,500,000) |
(1,619,500,000) |
(1,619,500,000) |
(1,619,500,000) |
(1,619,500,000) |
(1,619,500,000) |
(1,619,500,000) |
(1,619,500,000) |
(1,619,500,000) |
(1,619,500,000) |
(1,619,500,000) |
(1,619,500,000) |
(1,619,500,000) |
(1,619,500,000) |
|
Accumulated Depreciation |
|
(55,650,000) |
(564,450,000) |
(1,523,750,000) |
(2,536,383,333) |
(3,602,350,000) |
(4,721,650,000) |
(5,867,783,333) |
(6,643,250,000) |
(7,021,550,000) |
(7,399,850,000) |
(7,778,150,000) |
(8,156,450,000) |
(8,534,750,000) |
(8,913,050,000) |
(9,291,350,000) |
(9,640,500,000) |
(9,960,500,000) |
(10,280,500,000) |
(10,600,500,000) |
(10,920,500,000) |
|
Total Non-Current Assets |
|
640,600,000 |
3,113,050,000 |
4,856,750,000 |
4,164,116,667 |
3,418,150,000 |
2,618,850,000 |
1,792,716,667 |
1,337,250,000 |
1,278,950,000 |
1,220,650,000 |
1,162,350,000 |
1,104,050,000 |
1,045,750,000 |
987,450,000 |
929,150,000 |
900,000,000 |
900,000,000 |
900,000,000 |
900,000,000 |
900,000,000 |
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|
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|
|
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|
|
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|
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|
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|
|
|
|
|
|
|
|
Total Assets |
|
2,578,516,667 |
5,430,070,222 |
8,388,142,111 |
8,594,815,233 |
3,944,066,637 |
3,136,126,469 |
2,302,292,759 |
1,840,043,907 |
1,775,860,662 |
1,582,944,538 |
1,514,029,811 |
1,445,645,821 |
1,377,766,030 |
1,310,365,228 |
1,243,419,467 |
1,206,055,993 |
1,198,253,194 |
1,190,840,534 |
1,183,798,507 |
1,177,108,582 |
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|
|
Liabilities and Net Worth |
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|
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|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
|
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|
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|
|
|
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|
|
Accounts Payable |
|
- |
43,055,556 |
86,111,111 |
129,166,667 |
125,333,333 |
121,686,667 |
118,215,883 |
114,910,905 |
111,762,307 |
108,761,275 |
105,899,559 |
103,169,437 |
100,563,676 |
98,075,498 |
95,698,551 |
93,426,876 |
91,254,884 |
89,177,329 |
87,189,283 |
85,286,118 |
|
Current Portion -- Long Term Debt |
|
- |
- |
439,914,410 |
469,580,670 |
501,343,888 |
535,358,000 |
571,788,572 |
235,129,005 |
246,885,455 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Total Current Liabilities |
|
- |
43,055,556 |
526,025,521 |
598,747,337 |
626,677,221 |
657,044,667 |
690,004,456 |
350,039,909 |
358,647,762 |
108,761,275 |
105,899,559 |
103,169,437 |
100,563,676 |
98,075,498 |
95,698,551 |
93,426,876 |
91,254,884 |
89,177,329 |
87,189,283 |
85,286,118 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long Term Debt-Senior |
|
1,000,000,000 |
2,000,000,000 |
2,560,085,590 |
2,090,504,920 |
1,589,161,032 |
1,053,803,032 |
482,014,460 |
246,885,455 |
0 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Total Non-Current Liabilities |
|
1,000,000,000 |
2,000,000,000 |
2,560,085,590 |
2,090,504,920 |
1,589,161,032 |
1,053,803,032 |
482,014,460 |
246,885,455 |
0 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
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|
Net Worth/Stockholders Equity |
|
|
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock and Paid in Capital |
|
1,666,666,667 |
3,333,333,333 |
5,000,000,000 |
5,000,000,000 |
5,000,000,000 |
5,000,000,000 |
5,000,000,000 |
5,000,000,000 |
5,000,000,000 |
5,000,000,000 |
5,000,000,000 |
5,000,000,000 |
5,000,000,000 |
5,000,000,000 |
5,000,000,000 |
5,000,000,000 |
5,000,000,000 |
5,000,000,000 |
5,000,000,000 |
5,000,000,000 |
|
Retained Earnings |
|
(88,150,000) |
53,681,333 |
302,031,000 |
905,562,976 |
(3,271,771,616) |
(3,574,721,230) |
(3,869,726,156) |
(3,756,881,457) |
(3,582,787,100) |
(3,525,816,737) |
(3,591,869,748) |
(3,657,523,616) |
(3,722,797,646) |
(3,787,710,270) |
(3,852,279,084) |
(3,887,370,882) |
(3,893,001,690) |
(3,898,336,795) |
(3,903,390,776) |
(3,908,177,536) |
|
Total Net Worth |
|
1,578,516,667 |
3,387,014,667 |
5,302,031,000 |
5,905,562,976 |
1,728,228,384 |
1,425,278,770 |
1,130,273,844 |
1,243,118,543 |
1,417,212,900 |
1,474,183,263 |
1,408,130,252 |
1,342,476,384 |
1,277,202,354 |
1,212,289,730 |
1,147,720,916 |
1,112,629,118 |
1,106,998,310 |
1,101,663,205 |
1,096,609,224 |
1,091,822,464 |
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|
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|
|
|
|
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|
Total Liabilites and Net Worth |
|
2,578,516,667 |
5,430,070,222 |
8,388,142,111 |
8,594,815,233 |
3,944,066,637 |
3,136,126,469 |
2,302,292,759 |
1,840,043,907 |
1,775,860,662 |
1,582,944,538 |
1,514,029,811 |
1,445,645,821 |
1,377,766,030 |
1,310,365,228 |
1,243,419,467 |
1,206,055,993 |
1,198,253,194 |
1,190,840,534 |
1,183,798,507 |
1,177,108,582 |
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|
Reconciliation |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |