(Dati forniti dalla cassa di risparmio LU-PI-LI)

IMPIANTO NON INTEGRATO

1 MWp

Importo finanziato

2,537,500.00

REGIME

Tasso

Euribor 6 mesi + 1,5% (ora 6,84%)

COSTO KWp

5,000.00 €/KWp

Durata

15 anni

SUPERFICIE

30,000 mq

PREZZO TERRENO

2.50 €/mq

Anno

Interessi

Quota capitale

Rata

1 171,861.66

101,314.07

273,175.73

2 164,813.28

108,362.45

273,175.73

INCENTIVO

0.3528 €/KWh

3 157,274.54

115,901.19

273,175.73

INVESTIMENTO INIZIALE

4 149,211.34

123,964.39

273,175.73

5 140,587.18

132,588.55

273,175.73

6 131,363.04

141,812.69

273,175.73

%

7 121,497.18

151,678.55

273,175.73

Capitale Prorpio

50%

8 110,944.96

162,230.77

273,175.73

Capitale di Terzi

50%

9 99,658.63

173,517.10

273,175.73

10 87,587.10

185,588.63

273,175.73

11 74,675.77

198,499.96

273,175.73

12 60,866.20

212,309.53

273,175.73

13 46,095.90

227,079.83

273,175.73

14 30,298.04

242,877.69

273,175.73

15 13,401.13

259,774.60

273,175.73

5,075,000.00

2,537,500.00

2,537,500.00

STRUTTURA FINANZIARIA

PIANO DI RIMBORSO DEL FINANZIAMENTO

(Dati forniti dalla cassa di risparmio LU-PI-LI)

DATI IMPIANTO

Cessione in rete

0.70% del costo del KWp installato Costo del KWp installato 5,000.00

Costo manutenzione unitario 35.00 (5.000 * 0,7%) Potenza installata (KWp) 1,000.00

Costo di manutenzione annuale 35,000.00 (35 * 1.000)

KWp anno 1 anni 2-20

Montaggio 7 €/KWp 1,000 7,000.00

Fornitura 10 €/KWp 1,000 10,000.00

Danni diretti all'impianto 3 €/KWp 1,000 3,000.00 3,000.00

Guasto macchina 2 €/KWp 1,000 2,000.00 2,000.00

Furto 4 €/KWp 1,000 4,000.00 4,000.00

Danni indiretti all'impianto 5 €/KWp 1,000 5,000.00 5,000.00

TOTALE annuo € 31,000.00 14,000.00

COSTI ANNUALI (assicurazione + manutenzione) 66,000.00 49,000.00

Tariffe di vendita dell'elttricità prodotta in eccesso ( P = produttività)

KWh/a KWh/a

P < 500,000 0.0964 €/KWh

500,000 < P < 1,000,000 0.08 €/KWh 1,000,000 < P < 2,000,000 0.07 €/KWh

Prodttività annua dell'impianto KWh/a Scaglione 1 500,000.00 KWh/a 48,200.00

Scaglione 2 500,000.00 KWh/a 40,000.00 185,000.00 KWh/a 12,950.00

TOTO RICAVO ANNUALE 101,150.00

Tariffa riconosciuta €/KWh

Prodttività annua dell'impianto KWh/a

INCENTIVO ANNUALE €

RIACI ANNUALI 519,218.00 ( Ricavo di vendita + incentivo) 418,068.00

1,185,000.00

RICAVO DI VENDITA DELL'ELETTRICITA' PRODOTTA DETERMINAZIONE COSTO E RICAVI

1,185,000.00 0.3528

RICAVO DERIVANTE DAL RICONOSCIMENTO DELLA TARIFFA INCENTIVANTE MANUTENZIONE

COMPOSIZIONE PREMIO ASSICURATIVO

Voce Tariffa

1 1,185,000.00 418,068.00 101,150.00 519,218.00 66,000.00 125,000.00 328,218.00 171,861.66 156,356.34 2 1,185,000.00 418,068.00 101,150.00 519,218.00 49,000.00 250,000.00 220,218.00 164,813.28 55,404.72 3 1,185,000.00 418,068.00 101,150.00 519,218.00 49,000.00 250,000.00 220,218.00 157,274.54 62,943.46 4 1,185,000.00 418,068.00 101,150.00 519,218.00 49,000.00 250,000.00 220,218.00 149,211.34 71,006.66 5 1,185,000.00 418,068.00 101,150.00 519,218.00 49,000.00 250,000.00 220,218.00 140,587.18 79,630.82 6 1,185,000.00 418,068.00 101,150.00 519,218.00 49,000.00 250,000.00 220,218.00 131,363.04 88,854.96 7 1,185,000.00 418,068.00 101,150.00 519,218.00 49,000.00 250,000.00 220,218.00 121,497.18 98,720.82 8 1,185,000.00 418,068.00 101,150.00 519,218.00 49,000.00 250,000.00 220,218.00 110,944.96 109,273.04 9 1,185,000.00 418,068.00 101,150.00 519,218.00 49,000.00 250,000.00 220,218.00 99,658.63 120,559.37 10 1,185,000.00 418,068.00 101,150.00 519,218.00 49,000.00 250,000.00 220,218.00 87,587.10 132,630.90 11 1,185,000.00 418,068.00 101,150.00 519,218.00 49,000.00 250,000.00 220,218.00 74,675.77 145,542.23 12 1,185,000.00 418,068.00 101,150.00 519,218.00 49,000.00 250,000.00 220,218.00 60,866.20 159,351.80 13 1,185,000.00 418,068.00 101,150.00 519,218.00 49,000.00 250,000.00 220,218.00 46,095.90 174,122.10 14 1,185,000.00 418,068.00 101,150.00 519,218.00 49,000.00 250,000.00 220,218.00 30,298.04 189,919.96 15 1,185,000.00 418,068.00 101,150.00 519,218.00 49,000.00 250,000.00 220,218.00 13,401.13 206,816.87 16 1,185,000.00 418,068.00 101,150.00 519,218.00 49,000.00 250,000.00 220,218.00 220,218.00 17 1,185,000.00 418,068.00 101,150.00 519,218.00 49,000.00 250,000.00 220,218.00 220,218.00 18 1,185,000.00 418,068.00 101,150.00 519,218.00 49,000.00 250,000.00 220,218.00 220,218.00 19 1,185,000.00 418,068.00 101,150.00 519,218.00 49,000.00 250,000.00 220,218.00 220,218.00 20 1,185,000.00 418,068.00 101,150.00 519,218.00 49,000.00 375,000.00 95,218.00 95,218.00 Ammortamento --> Quote costanti in 20 anni, il primo anno la quota è dimezzata. (Costo storico moduli 5.000.000 €)

Reddito operativo --> Totale ricavi - Costi operativi - Ammortamento Risultato ante imposte --> Reddito operativo - oneri finanziari

ANNO 1 156,356.34 65,669.97 2 55,404.72 30,355.47 3 62,943.46 30,355.47 Risultato ante imposte ANNO Risultato ante imposte Imposte di esercizio

KWh prodotti Incentivo Ricavo di vendita TOT RICAVI Costi operativi Amm.to REDDITO OPERATIVO Oneri finanziari 90,686.37 25,049.25 32,587.99 BILANCIO PROSPETTICO Risultato esercizio BILANCIO PROSPETTICO

4 71,006.66 30,355.47 5 79,630.82 30,355.47 6 88,854.96 30,355.47 7 98,720.82 30,355.47 8 109,273.04 30,355.47 9 120,559.37 35,106.58 10 132,630.90 45,062.00 11 145,542.23 48,612.62 12 159,351.80 52,410.25 13 174,122.10 56,472.08 14 189,919.96 60,816.49 15 206,816.87 65,463.14 16 220,218.00 69,148.45 17 220,218.00 69,148.45 18 220,218.00 69,148.45 19 220,218.00 69,148.45 20 95,218.00 29,898.45 49,275.35 58,499.49 40,651.19 151,069.55 68,365.35 78,917.57 85,452.79 87,568.90 96,929.61 106,941.55 151,069.55 65,319.55 117,650.02 129,103.47 141,353.73 151,069.55 151,069.55

Periodo ROL Soglia Interessi passivi Aumento Diminuzione 1 453,218.00 135,965.40 171,861.66 35,896.26 2 470,218.00 141,065.40 164,813.28 23,747.88 3 470,218.00 141,065.40 157,274.54 16,209.14 4 470,218.00 141,065.40 149,211.34 8,145.94 5 470,218.00 141,065.40 140,587.18 478.22 6 470,218.00 141,065.40 131,363.04 9,702.36 7 470,218.00 141,065.40 121,497.18 19,568.22 8 470,218.00 141,065.40 110,944.96 30,120.44 9 470,218.00 141,065.40 99,658.63 24,129.98 10 470,218.00 141,065.40 87,587.10 11 470,218.00 141,065.40 74,675.77 12 470,218.00 141,065.40 60,866.20 13 470,218.00 141,065.40 46,095.90 14 470,218.00 141,065.40 30,298.04 15 470,218.00 141,065.40 13,401.13 16 470,218.00 141,065.40 17 470,218.00 141,065.40 18 470,218.00 141,065.40 19 470,218.00 141,065.40 20 470,218.00 141,065.40 ROL --> Reddito operativo + ammortamento Soglia --> 30% ROL

Variazione aumento --> Interessi passivi - ROL Variazione in diminuzione --> ROL - interessi passivi

Interessi da recuperare --> Somma algebrica delle variazioni cumulata annualmente

1 156,356.34 192,252.60 52,869.47 1 328,218.00 12,800.50

2 55,404.72 79,152.60 21,766.97 2 220,218.00 8,588.50

3 62,943.46 79,152.60 21,766.97 3 220,218.00 8,588.50

4 71,006.66 79,152.60 21,766.97 4 220,218.00 8,588.50

5 79,630.82 79,152.60 21,766.97 5 220,218.00 8,588.50

DETERMINAZIONE DELLE IMPOSTE DI ESERCIZIO

Ris. ante imposte Imponibile IRES IRES Periodo Imponibile IRAP IRAP Periodo 35,896.26 59,644.14 0.00 VARIAZIONE DEL REDDITO IMPONIBILE Interessi da

recuperare 75,853.28 83,999.22 83,521.00 30,355.47 73,818.64 54,250.42 24,129.98

DETERMINAZIONE DELLE IMPOSTE DI ESERCIZIO

IMPOSTE DI ESERCIZIO 65,669.97 30,355.47 30,355.47 30,355.47

6 88,854.96 79,152.60 21,766.97 6 220,218.00 8,588.50 7 98,720.82 79,152.60 21,766.97 7 220,218.00 8,588.50 8 109,273.04 79,152.60 21,766.97 8 220,218.00 8,588.50 9 120,559.37 96,429.39 26,518.08 9 220,218.00 8,588.50 10 132,630.90 132,630.90 36,473.50 10 220,218.00 8,588.50 11 145,542.23 145,542.23 40,024.11 11 220,218.00 8,588.50 12 159,351.80 159,351.80 43,821.75 12 220,218.00 8,588.50 13 174,122.10 174,122.10 47,883.58 13 220,218.00 8,588.50 14 189,919.96 189,919.96 52,227.99 14 220,218.00 8,588.50 15 206,816.87 206,816.87 56,874.64 15 220,218.00 8,588.50 16 220,218.00 220,218.00 60,559.95 16 220,218.00 8,588.50 17 220,218.00 220,218.00 60,559.95 17 220,218.00 8,588.50 18 220,218.00 220,218.00 60,559.95 18 220,218.00 8,588.50 19 220,218.00 220,218.00 60,559.95 19 220,218.00 8,588.50 20 95,218.00 95,218.00 26,184.95 20 95,218.00 3,713.50 IRES 27.50% IRAP 3.90% 35,106.58 45,062.00 30,355.47 30,355.47 30,355.47 56,472.08 48,612.62 52,410.25 29,898.45 60,816.49 65,463.14 69,148.45 69,148.45 69,148.45 69,148.45

Struttura finanziaria della società

Capitale di terzi

50% (B)

WACC

=

B * Kd

+

S * Ke

Capitale proprio

50% (S)

B + S

Rapporto

1.00 B/S

Con

B

Capitale di terzi

S

Capitale proprio

Kd

Costo del capitale di terzi

Ke

Costo del capitale prorpio

Costo del capitale proprio

Ke =

Rf + MRP * βj

Rf

Rendimento free risk

MRP

Premio per il rendimento di mercato

βj

beta di progetto

βj

=

βunlevered * ( 1+ (B/S) (1-t) )

Valore Mibtel 1/1/1998

23,695.00

Valore Mibtel 1/1/2008

25,985.00

βunlevered

0.40

Rendimento (Rm)

9.66%

t

31.40%

βj

=

0.67

0,40 * (1+(1* 0,686))

4.89%

MRP

4.77%

Ke =

Rf + MRP * βj

Ke =

7.77% [0,0455 + (0,0477 * 0,67)]

βj

0.67

Rf

4.55% Rendimento btp scadenza 2019

MRP

4.77%

Capitale di terzi

50% (B)

WACC

=

B * Kd

+

S * Ke

Capitale proprio

50% (S)

B + S

Rendimento titoli di

stato stesso periodo

MRP

DETERMINAZIONE DEL WACC

Rapporto

1.00 B/S

Con

B

50% Capitale di terzi

S

50% Capitale proprio

Kd

6.84% Costo del capitale di terzi

Ke

7.77% Costo del capitale prorpio

1

418,068.00

101,150.00

39,250.00

558,468.00

66,000.00

65,669.97 131,669.97

426,798.03

2

418,068.00

101,150.00

78,500.00

597,718.00

49,000.00

30,355.47

79,355.47

518,362.53

3

418,068.00

101,150.00

78,500.00

597,718.00

49,000.00

30,355.47

79,355.47

518,362.53

4

418,068.00

101,150.00

78,500.00

597,718.00

49,000.00

30,355.47

79,355.47

518,362.53

5

418,068.00

101,150.00

78,500.00

597,718.00

49,000.00

30,355.47

79,355.47

518,362.53

6

418,068.00

101,150.00

78,500.00

597,718.00

49,000.00

30,355.47

79,355.47

518,362.53

7

418,068.00

101,150.00

78,500.00

597,718.00

49,000.00

30,355.47

79,355.47

518,362.53

8

418,068.00

101,150.00

78,500.00

597,718.00

49,000.00

30,355.47

79,355.47

518,362.53

9

418,068.00

101,150.00

78,500.00

597,718.00

49,000.00

35,106.58

84,106.58

513,611.42

10

418,068.00

101,150.00

78,500.00

597,718.00

49,000.00

45,062.00

94,062.00

503,656.00

11

418,068.00

101,150.00

78,500.00

597,718.00

49,000.00

48,612.62

97,612.62

500,105.38

12

418,068.00

101,150.00

78,500.00

597,718.00

49,000.00

52,410.25 101,410.25

496,307.75

13

418,068.00

101,150.00

78,500.00

597,718.00

49,000.00

56,472.08 105,472.08

492,245.92

14

418,068.00

101,150.00

78,500.00

597,718.00

49,000.00

60,816.49 109,816.49

487,901.51

15

418,068.00

101,150.00

78,500.00

597,718.00

49,000.00

65,463.14 114,463.14

483,254.86

16

418,068.00

101,150.00

78,500.00

597,718.00

49,000.00

69,148.45 118,148.45

479,569.55

17

418,068.00

101,150.00

78,500.00

597,718.00

49,000.00

69,148.45 118,148.45

479,569.55

18

418,068.00

101,150.00

78,500.00

597,718.00

49,000.00

69,148.45 118,148.45

479,569.55

19

418,068.00

101,150.00

78,500.00

597,718.00

49,000.00

69,148.45 118,148.45

479,569.55

20

418,068.00

101,150.00

117,750.00

636,968.00

49,000.00

29,898.45

78,898.45

558,069.55

Beneficio fiscale dell'amm.to --> quota amm.to annuale * aliquota d'imposta (31,4%)

Flusso di cassa netto --> Flusso in entrata - flusso in uscita

1 426,798.03

397,748.68

1 426,798.03

273,175.73

153,622.30

Costi

operativi

Flusso di cassa dell'investitore in

capitale prorpio

Ricavi vendita

Beneficio fiscale

dell'amm.to

Anno

Flusso in

entrata

Imposte

Flusso in

uscita

Flusso di

cassa netto

Anno

Flusso di

cassa netto

Flusso di cassa

attualizzato

Anno

Flusso di

cassa netto

Rimborso

del prestito

Incentivo

2 518,362.53

450,200.82

2 470,218.00

273,175.73

197,042.27

3 518,362.53

419,558.59

3 518,362.53

273,175.73

245,186.80

4 518,362.53

391,001.98

4 518,362.53

273,175.73

245,186.80

5 518,362.53

364,389.03

5 518,362.53

273,175.73

245,186.80

6 518,362.53

339,587.45

6 518,362.53

273,175.73

245,186.80

7 518,362.53

316,473.96

7 518,362.53

273,175.73

245,186.80

8 518,362.53

294,933.64

8 518,362.53

273,175.73

245,186.80

9 513,611.42

272,340.18

9 518,362.53

273,175.73

245,186.80

10 503,656.00

248,884.24

10 518,362.53

273,175.73

245,186.80

11 500,105.38

230,309.18

11 518,362.53

273,175.73

245,186.80

12 496,307.75

213,003.69

12 518,362.53

273,175.73

245,186.80

13 492,245.92

196,881.33

13 518,362.53

273,175.73

245,186.80

14 487,901.51

181,861.56

14 518,362.53

273,175.73

245,186.80

15 483,254.86

167,869.31

15 518,362.53

273,175.73

245,186.80

16 479,569.55

155,250.50

16 500,154.02

500,154.02

17 479,569.55

144,683.62

17 479,569.55

479,569.55

18 479,569.55

134,835.95

18 479,569.55

479,569.55

19 479,569.55

125,658.55

19 479,569.55

479,569.55

20 558,069.55

136,274.66

20 558,069.55

558,069.55

5,181,746.92

Investiemnto in capitale prorpio

∑ FC attualizzati

5,181,746.92

Investimento iniziale

5,075,000.00

VAN

106,746.92

WACC

7.30% Tasso di attulizzazione dei flussi di cassa

1 426,798.03

273,175.73

1.56

2 518,362.53

273,175.73

1.90

3 518,362.53

273,175.73

1.90

4 518,362.53

273,175.73

1.90

5 518,362.53

273,175.73

1.90

2,537,500.00

TIR

8.18%

Anno

Flusso di

cassa netto

Servizio

deldebito

ADSCR

6 518,362.53

273,175.73

1.90

7 518,362.53

273,175.73

1.90

8 518,362.53

273,175.73

1.90

9 513,611.42

273,175.73

1.88

10 503,656.00

273,175.73

1.84

11 500,105.38

273,175.73

1.83

12 496,307.75

273,175.73

1.82

13 492,245.92

273,175.73

1.80

14 487,901.51

273,175.73

1.79

15 483,254.86

273,175.73

1.77

Media

1.84