SENSITIVITIES GROUP A

Item Unit Base Case Sensitivity New Amount

INFLATION
Annual Rate 2.00% 0.00% 2.00%

CAPEX
Costi overrun % 0.00% 0.00% 0.00% Do not change in business game

OPERATING PHASE

Revenues from Water Sale

1° Adduction Level
Non potable Water already supplied
Tariff 31-12-2003 Euro/'000mc 100 0.00% 100

Potable Water
Tariff 31-12-2003 Euro/'000mc 300 0.00% 300

Opex due to Water Production

1° Adduction Level
1. Personnel
Staff 100 0.00% 100 Do not change in business game
Annul Cost 60 0.00% 60 Do not change in business game
2. Water System Opex
Annul Cost Euro/'000mc 60 0.00% 60 Do not change in business game
3. Maintenance
Capex percentage % 0.50% 0.00% 0.50% Do not change in business game
4. Other Services €uro ('000) 1,549 0.00% 1549 Do not change in business game
5. General Expenses
Maitenance and Personnel % % 5.00% 0.00% 5.00% Do not change in business game

2° Adduction Level
1. Personnel
Staff 130 0.00% 130 Do not change in business game
2. Water System Opex
Annul Cost 60 0.00% 60 Do not change in business game
3. Maintenance
Capex percentage 0.50% 0.00% 0.50% Do not change in business game
4. Other Services 2,066 0.00% 2,066 Do not change in business game
First Year 100.00% 0.00% 100.00% Do not change in business game
5. General Expenses 5.00% 0.00% 5.00% Do not change in business game

Revenues from Energy Sale

Flowing Water
Tariff 31-12-2003 €uro ('000)/GWh 57 0.00% 57

Tariff 25% F4
Tariff 31-12-2003 €uro ('000)/GWh 63 0.00% 63

Green Certificates Cost

Tariff 31-12-2009 €uro ('000)/GWh 82 0.00% 82

Opex due to Energy Production

Power plant opex €uro ('000) 1,350 0.00% 1350 Do not change in business game
Energy Autority Fee €uro ('000) 5,000 0.00% 5000
Water Autority Fee €uro ('000) 5,000 0.00% 5000

Working Capital

-60 Water Revenues Receivables days 60 - 60

-30 Energy Revenues Receivables days 60 - 60
0
30 Average opex payment time (no personnel) days 60 - 60
60 Average Exiting Water System payment time days 60 - 60
90 Average Autority Water fee payment time days 60 - 60
Average Power Plant opex payment time days 60 - 60

PUBLIC GRANT

3% 1st Section
Percentage 55.00% 0.00% 55.00%

3% 2st Section
Percentage 55.00% 0.00% 55.00%

FINANCING

Equity
Percentage 12.00% 0.00% 12.00%

Senior Facility
Interest
Base Rate 4.00% 0.00% 4.00%
Spread 1.50% 0.00% 1.50%
Annual Interest Expense 5.50% 0.00% 5.50%

Financial fee
Commitment fee 0.70% 0.00% 0.70%
Arrangement Fee 1.00% 0.00% 1.00%

VAT Facility
Interest
Spread 0.80% 0.00% 0.80%

Financial fee
Underwriting Fee 1.00% 0.00% 1.00%

Public Grant Facility

Spread Applied 1.50% 0.00% 1.50%
Commitment fee 0.50% 0.00% 0.50%
Up front fee 0.00% 0.00% 0.00%

Debt Service Reserve Account

Interest Income 1.00% 0.00% 1.00%

Senior Facility Repayment Profile

Year Percentage New Profile

2011 0.0% 0.0%
2012 4.4% 4.4%
2013 5.2% 5.2%
2014 5.0% 5.0%
2015 6.0% 6.0%
2016 6.2% 6.2%
2017 5.1% 5.1%
2018 5.4% 5.4%
2019 6.6% 6.6%
2020 6.6% 6.6%
2021 7.4% 7.4%
2022 7.2% 7.2%
2023 8.2% 8.2%
2024 8.2% 8.2%
2025 9.5% 9.5%
2026 9.2% 9.2%
Ok Ok
 ASSUMPTIONS SHEET
Fonte Unità

CURRENCY keuro

Lire Lit/mil. LIRE

Euro €uro ('000) ✘ EURO

TIMING
Starting date 1-Jan-06
Ending date 31-Dec-40
Concession Maturity Year 35.0

Operation Date Maturity Year 30.0

INFLATION
Annual Rate 2.0%

CONSTRUCTION PERIOD

Maturity Year 5.0

1st Section
Starting date 1-Jan-06
Ending date 31-Dec-08
Maturity 1st Sestion 3.0

2nd Section
Starting date 1-Jan-06
Ending date 31-Dec-10
Total Maturity Year 5.0

CAPEX
1st Section

CAPEX 1 keuro 260,687

Doubling YYYY keuro 134,551
Potable water System YYY keuro 143,332
TOTAL keuro 538,571

Design and other costs keuro 64,445

Expropriation keuro 11,653

TOTAL CAPEX 1st Section keuro 614,669

2nd Section

CAPEX 2 80,417
Doubling XXX #DIV/0!
Acquedotto del xxxx Potabile 259,548
TOTAL keuro #DIV/0!

Design and other costs keuro 51,352

Expropriation keuro 23,337

TOTAL CAPEX 2nd Section keuro #DIV/0!

Total Capex keuro #DIV/0!

LIFE CYCLE COSTS

Progr. Year
9 2014 keuro 2,981
11 2016 keuro 1,663
13 2018 keuro 3,385
15 2020 keuro 1,888
17 2022 keuro 3,843
19 2024 keuro 2,144
21 2026 keuro 4,363
23 2028 keuro 2,434

BOZZA
42476145.xls
Asspt.
 25 2030 keuro 4,954
27 2032 keuro 2,763
29 2034 keuro 5,624
31 2036 keuro 3,137
33 2038 keuro 6,385
35 2040 keuro 3,562
keuro
Total keuro 49,127

DEPRECIATION
1st Section
Starting date 1-Jan-09
2nd Section
Starting date 1-Jan-11

VAT
Grant Rate % 10%
Capex Rate % 20%
Opex Rate % 20%
Concession fee Rate % 10%
Water revenues Rate % 10%
Energy revenues Rate % 20%

Average payment by VAT Authority Year 2

VAT Reimbursement starting date 1-Jan-39
VAT Reimbursement ending date 31-Dec-38

VAT FACILITY
Amuount #DIV/0!

Availability Year 35
Starting date 1-Jan-06
Ending date 31-Dec-40

Repayment Period Year 1

Starting date 1-Jan-41
Ending date 31-Dec-41

Total Maturity Year 36

Interest
Base Rate 3.00%
Margin 1.00%
Annual Interest Rate 4.00%
Escalated interest #DIV/0!
Annual Depreciation Rate 3.33%
Withholding Tax 0.25%

Financial fee
Commitment fee 0.50%
Arrangement fee 1.00%

OPERATING PHASE

Starting Date 1-Jan-09

Non potable Water already supplied Mln mc/year 209

Tariff 31-12-2003 Euro 0
Tariff 31-12-2009 Euro 0

Potable Water already supplied Mln mc/year 123

Tariff 31-12-2003 Euro 200
Tariff 31-12-2009 Euro 225

Existing Water System Opex keuro 2,500

1° Adduction Level
Starting date 1-Jan-09
Ending date 31-Dec-10
Total water supplied Mln mc/year 120

Revenues
Non potable water

BOZZA
42476145.xls
Asspt.
 supplied water added Mln mc/year 30
Tariff 31-12-2003 Euro/'000mc 100
Tariff 31-12-2009 Euro/'000mc 113

Potable water
supplied water added Mln mc/year 90
Tariff 31-12-2003 Euro/'000mc 300
Tariff 31-12-2009 Euro/'000mc 338

Opex
1. Personnel
Staff 100
Annul Cost keuro 60

2. Water System Opex

Annul Cost Euro/'000mc 60

3. Maintenance
Capex percentage % 0.5%

4. Other Services keuro 1,549

5. General Expenses
Maitenance and Personnel % % 5.0%

2° Adduction Level
Starting date 1-Jan-11
Ending date 31-Dec-40
Total water supplied Mln mc/year 210

Revenues
Non potable water
supplied water added Mln mc/year 40
Tariff 2009 Euro/'000mc 113

Potable water
supplied water added Mln mc/anno 170
Tariff 2009 Euro/'000mc 338

Opex
1. Personnel
Staff 130
Annul Cost keuro 60.48

2. Water System Opex

Annul Cost Euro/'000mc 60

3. Maintenance
Capex percentage % 0.5%

4. Other Services keuro 2,066

5. General Expenses
Maitenance and Personnel % % 5.0%

ENERGY SALE

Tariff annual Escalation % 1.5%

1° Escalation anno 2010

Start-up year 2009

Start-up capacity % 80%

Tariff 1

Tariff 31-12-2003 €uro ('000)/GWh 57

Tariff 31-12-2009 €uro ('000)/GWh 62

Energy sold GWh/year 32.78

Tariff 2

BOZZA
42476145.xls
Asspt.
 Tariff 31-12-2003 €uro ('000)/GWh 63
Tariff 31-12-2009 €uro ('000)/GWh 69

Energy sold GWh/year 73

Green Certificate

Tariff 31-12-2009 €uro ('000)/GWh 82

Energy sold GWh/year 106.11

Green Certificate starting date 1-Jan-09
Green Certificate maturity year 8
Green Certificate ending date 31-Dec-16

Power plant opex keuro 1,350

Energy Autority Fee keuro 5,000

Water Autority Fee keuro 5,000

TAXATION

Corporation Tax Rate %_ 33.0%

IRAP Rate % 4.25%

WORKING CAPITAL

Average water receipts time gg. 60

Average energy receipts time gg. 60

Average opex payment time (no personnel) gg. 60

Average Exiting Water System payment time gg. 60
Average Autority Water fee payment time gg. 60
Average Power Plant opex payment time gg. 60

PUBBLIC GRANT

Amount keuro #DIV/0!

Drawdown modality Public Installments
1st Section
TOTAL CAPEX 1st Section keuro 614,669
% 55%
1° Section Grant amount keuro 338,068

2nd Section
TOTAL CAPEX 2nd Section keuro #DIV/0!
% 55%
2° Section Grant amount keuro #DIV/0!

EQUITY

Amount keuro #DIV/0!

Drawdown modality Pro-quota
% of financial deficit 12.00%

SENIOR FACILITY

Amount keuro #DIV/0!

Average Loan Life 14.92

Availability 6
Starting date Year 1-Jan-06
Ending date 31-Dec-11

Repayment Period Year 27

Starting date 1-Jan-12
Ending date 31-Dec-38

Interest tasso variabile

Base Rate 4.00%
Margin 1.50%
Annual Interest Rate 5.50%
Capitalised interest #DIV/0!

BOZZA
42476145.xls
Asspt.
 Annual Depreciation Rate 3.33%
Withholding Tax 0.25%

Financial fee
Commitment fee 0.70%
Arrangement fee 1.00%

GUARANTEE FACILITIES
FALSE Pubblic Grant REVOLVING
Starting date 1-Jan-06
Ending date 1-Jan-11
Margin 1.50%
Commitment fee 0.50%
Up front fee 0.00%

VAT Reibursement
Law minimun maturity Year 3
Starting date 1-Jan-39
Ending date 31-Dec-41
Margin 0.80%
Up front fee 1.00%
Annual Depreciation Rate 3.33%

DEBT SERVICE RESERVE ACCOUNT

% cash to Reserve 100.00%

Payment Defined
Constitution Date 31-Dec-39
Release Date 31-Dec-38
Interest Income 1.00%

LEGAL RESERVE
% Earning 5.00%
Limit (20% Equity) keuro #DIV/0!

DSCR esclusione grace period ✘

Min #DIV/0!
Max #DIV/0!
Average #DIV/0!

LLCR
Min #VALUE!
Max #VALUE!
Average #VALUE!

IRR
Project #DIV/0!
Equity #DIV/0!
PA index #DIV/0!

BOZZA
42476145.xls
Asspt.
 SENIOR LOAN REPAYMENT PROFILE

Average Loan Life 14.92

Year % Repayment Repayment ADSCR

2006 0.0% 0 0.00

2007 0.0% 0 0.00
2008 0.0% 0 0.00
2009 0.0% 0 0.00
2010 0.0% 0 0.00
2011 0.0% 0 0.00
2012 4.4% #VALUE! #DIV/0!
2013 5.2% #VALUE! #DIV/0!
2014 5.0% #VALUE! #DIV/0!
2015 6.0% #VALUE! #DIV/0!
2016 6.2% #VALUE! #DIV/0!
2017 5.1% #VALUE! #DIV/0!
2018 5.4% #VALUE! #DIV/0!
2019 6.6% #VALUE! #DIV/0!
2020 6.6% #VALUE! #DIV/0!
2021 7.4% #VALUE! #DIV/0!
2022 7.2% #VALUE! #DIV/0!
2023 8.2% #VALUE! #DIV/0!
2024 8.2% #VALUE! #DIV/0!
2025 9.5% #VALUE! #DIV/0!
2026 9.2% #VALUE! #DIV/0!
2027 0.0% 0 #DIV/0!
2028 0.0% 0 #DIV/0!
2029 0.0% 0 #DIV/0!
2030 0.0% 0 #DIV/0!

BOZZA
42476145.xls
Asspt.
 SUMMARY SHEET

CAPEX CAPEX ANALYSIS keuro

1st Section
700,000
CAPEX 1 keuro 260,687 #DIV/0!
Doubling YYYY keuro 134,551 #DIV/0!
Potable water System YYY keuro 143,332 600,000

Design and other costs keuro 64,445 #DIV/0!

Expropriation keuro 11,653 #DIV/0! 500,000

TOTAL CAPEX 1st Section keuro 614,669 #DIV/0!

2nd Section 400,000
CAPEX 2 keuro 80,417 #DIV/0!
Doubling XXX keuro #DIV/0! #DIV/0!
300,000
Potable Water System XXX keuro 259,548 #DIV/0!
Design and other costs keuro 51,352 #DIV/0!
200,000
Expropriation keuro 23,337 #DIV/0!
TOTAL CAPEX 2nd Section keuro #DIV/0! #DIV/0!
100,000

Total Capex keuro #DIV/0! #DIV/0!

-

Life Cycle Cost keuro 49,127 #DIV/0! 2006 2007 2008 2009 2010 2011
Total INVESTIMENTI keuro #DIV/0! #DIV/0!

WATER REVENUES ENERGY REVENUES

Water supplied Tariff 31-12-2003 Tariff 2009 ('000
Existing Water System TARIFF Energy Sold (GWh)
(mln mc./year) (euro/'000mc) Euro/GWh)
Potable Water already supplied 123 200 Tariff 1 62 32.78

Non potable Water already supplied 209 - Tariff 2 69 73.33

Green Certificate 82 106.11
1° Adduction Level
Water supplied Tariff 31-12-2003
(mln mc./year) (euro/'000mc)
Potable 90 300
Non potable 30 100

2° Adduction Level
Water supplied Tariff 31-12-2003
(mln mc./year) (euro/'000mc)
Potable 170 300
Non potable 40 100

BOZZA
42476145.xls
Summary
 SOURCE AND USES Equity

USES Year % of financial deficit Annual Capex Equity/Debt Ratio

CAPEX 1°stralcio 2° stralcio

1st Section keuro 614,669 #DIV/0! 2006 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
2nd Section keuro #DIV/0! #DIV/0! 2007 #DIV/0! #DIV/0! #DIV/0! #VALUE!
Total Capex keuro #DIV/0! #DIV/0! 2008 #DIV/0! #DIV/0! #DIV/0! #VALUE!
2009 #VALUE! #VALUE! #VALUE! #VALUE!
Financial fee keuro #DIV/0! #DIV/0! 2010 #VALUE! 0% #VALUE! #VALUE!
Capitalised interest keuro #DIV/0! #DIV/0! 2011 #VALUE! 0% #VALUE! #VALUE!
DSRA keuro #DIV/0! #DIV/0!
USES
Change in Working Capital keuro #DIV/0! #DIV/0!

VAT (2006-2011) keuro #DIV/0! #DIV/0!

TOTAL USES keuro #DIV/0! #DIV/0!

SOURCE
Loan
SENIOR FACILITY keuro #DIV/0! #DIV/0!
VAT FACILITY keuro #DIV/0! #DIV/0!
Total Loan keuro #DIV/0! #DIV/0! SOURCES

Cash during construction keuro #DIV/0! #DIV/0!

PUBBLIC GRANT keuro #DIV/0! #DIV/0!
EQUITY keuro #DIV/0! #DIV/0!

VAT Reibursement (al 31-12-2011) keuro #DIV/0! #DIV/0!

TOTAL SOURCE keuro #DIV/0! #DIV/0!

BOZZA
42476145.xls
Summary
 SENIOR FACILITY Average Loan Life 14.92 VAT FACILITY Average Loan Life #DIV/0! Financial Ratios

Amount keuro #DIV/0! Amuount keuro #DIV/0! Year DSCR LLCR

2012 #DIV/0! #VALUE!
Availability Year 6 Availability Year 35.00 2013 #DIV/0! #VALUE!
Starting date 1-Jan-06 Starting date 1-Jan-06 2014 #DIV/0! #VALUE!
Ending date 31-Dec-11 Ending date 31-Dec-40 2015 #DIV/0! #VALUE!
2016 #DIV/0! #VALUE!
Repayment Period Year 27 Repayment Period Year 1.00 2017 #DIV/0! #VALUE!
Starting date 1-Jan-12 Ending date 31-Dec-41 2018 #DIV/0! #VALUE!
Ending date 31-Dec-38 2019 #DIV/0! #VALUE!
Interest 4.00% 2020 #DIV/0! #VALUE!
Annual Interest Rate 5.50% Withholding Tax 0.25% 2021 #DIV/0! #VALUE!
Withholding Tax 0.25% 2022 #DIV/0! #VALUE!
2023 #DIV/0! #VALUE!
Outstanding Loans keuro 2024 #DIV/0! #VALUE!
2025 #DIV/0! #VALUE!
2026 #DIV/0! #VALUE!
2027 #DIV/0! #VALUE!
2028 #DIV/0! #VALUE!
2029 #DIV/0! #VALUE!
2030 #DIV/0! #VALUE!
2031 #DIV/0! #VALUE!
2032 #DIV/0! #VALUE!
Min #DIV/0! #VALUE!
Max #DIV/0! #VALUE!
Average #DIV/0! #VALUE!

18
06

07

08

09

10

11

12

13

14

15

16

17

19

20

21

22

23

24

25

26

27

28
20

20

20

20

20

20

20
20

20

20

20

20

20

20

20

20

20

20

20

20

20

20

20
RATIOS
Project IRR Equity IRR
Concession Maturity Year 30 Concession Maturity Year 30
Final Maturity 31-Dec-40 Final Maturity 31-Dec-40
Project IRR #DIV/0! Equity IRR #DIV/0! #DIV/0!

TIR Azionisti
Durata della concessione (gestione) Year 30
Scadenza 31-Dec-40
IRR azionisti #DIV/0!

BOZZA
42476145.xls
Summary
 Sources-Uses Analysis

Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Jan-15 1-Jan-16 1-Jan-17 1-Jan-18 1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22
Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22
Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Progr. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Period

USES
CAPEX keuro #DIV/0! 247,127 415,624 155,817 151,703 71,813 0 0 2,981 0 1,663 0 3,385 0 1,888 0 3,843
Capitalised interest keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Cash keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
DSRA keuro 0 0 0 0 0 #DIV/0! 0 0 0 0 0 0 0 0 0 0 0
TOTAL USES keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

SOURCE
Self-financing keuro 0 #DIV/0! #DIV/0! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Equity keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Grant keuro #DIV/0! 135,920 228,593 85,699 83,437 39,497 0 0 0 0 0 0 0 0 0 0 0
Debt (reimbursment) keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
TOTAL SOURCES keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

BOZZA
42476145.xls
S&U
Sources-Uses Analysis

Starting 1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38 1-Jan-39 1-Jan-40
Ending 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40
Year 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Progr. 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35
Period

USES
CAPEX keuro 0 2,144 0 4,363 0 2,434 0 4,954 0 2,763 0 5,624 0 3,137 0 6,385 0 3,562
Capitalised interest keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Cash keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
DSRA keuro 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TOTAL USES keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

SOURCE
Self-financing keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Equity keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Grant keuro 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Debt (reimbursment) keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
TOTAL SOURCES keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

BOZZA
42476145.xls
S&U
 CAPEX ANALYSIS

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Jan-15 1-Jan-16 1-Jan-17 1-Jan-18 1-Jan-19 1-Jan-20
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Progr. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
CAPEX

1st Section
Flag
CAPEX 1 0% 260,687 25,353 103,444 131,890 - - -

Doubling YYYY keuro 0% 134,551 13,086 53,391 68,074 - - -

Potable water System YYY keuro 0% 143,332 13,940 56,876 72,517 - - -

Design and other costs keuro 0% 64,445 15,409 21,638 22,071 5,327 - -

Expropriation keuro 0% 11,653 4,588 4,679 2,386 - - -

TOTAL CAPEX 1st Section 614,669 72,376 240,028 296,938 5,327 - -

2nd Section

CAPEX 2 keuro 0% 80,417 - - - 26,277 26,802 27,338

Doubling XXX keuro 0% #DIV/0! #DIV/0! - 26,775 27,311 27,857 9,472

Potable Water System XXX keuro 0% 259,548 - - 76,021 77,542 79,093 26,892

Design and other costs keuro 0% 51,352 6,277 1,048 9,717 13,065 13,134 8,111

Expropriation keuro 0% 23,337 - 6,051 6,172 6,296 4,817 -

TOTAL CAPEX 2nd Section #DIV/0! #DIV/0! 7,099 118,686 150,490 151,703 71,813

Total Capex #DIV/0! #DIV/0! 247,127 415,624 155,817 151,703 71,813 -

Total Capex keuro #DIV/0! #DIV/0! 247,127 415,624 155,817 151,703 71,813 - - - - - - - - -

Life Cycle Cost

xxxx yyyy keuro 6,269 896 - - - 896 - -

Doubling YYYY keuro 9,555 806 - 559 - 806 - 559

Potable water System YYY keuro 13,784 1,075 - 894 - 1,075 - 894

Escalation Factor - - - - - - - - 1.07 1.11 1.14 1.18 1.22 1.26 1.30

Total Life Cycle Cost keuro 49,127 - - - - - - - - 2,981 - 1,663 - 3,385 - 1,888

Total Capex keuro #DIV/0! #DIV/0! 247,127 415,624 155,817 151,703 71,813 - - 2,981 - 1,663 - 3,385 - 1,888

BOZZA
42476145.xls
Capex
CAPEX ANALYSIS

1-Jan-21 1-Jan-22 1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38 1-Jan-39 1-Jan-40
31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40
Year 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Progr. 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35
CAPEX

1st Section

CAPEX 1

Doubling YYYY keuro

Potable water System YYY keuro

Design and other costs keuro

Expropriation keuro

TOTAL CAPEX 1st Section

2nd Section

CAPEX 2 keuro

Doubling XXX keuro

Potable Water System XXX keuro

Design and other costs keuro

Expropriation keuro

TOTAL CAPEX 2nd Section

Total Capex

Total Capex keuro - - - - - - - - - - - - - - - - - - - -

Life Cycle Cost

xxxx yyyy keuro - 896 - - - 896 - - - 896 - - - 896 - - - 896 - -

Doubling YYYY keuro - 806 - 559 - 806 - 559 - 806 - 559 - 806 - 559 - 806 - 559

Potable water System YYY keuro - 1,075 - 894 - 1,075 - 894 - 1,075 - 894 - 1,075 - 894 - 1,075 - 894

Escalation Factor 1.34 1.38 1.43 1.47 1.52 1.57 1.62 1.67 1.73 1.78 1.84 1.90 1.96 2.03 2.09 2.16 2.23 2.30 2.37 2.45

Total Life Cycle Cost keuro - 3,843 - 2,144 - 4,363 - 2,434 - 4,954 - 2,763 - 5,624 - 3,137 - 6,385 - 3,562

Total Capex keuro - 3,843 - 2,144 - 4,363 - 2,434 - 4,954 - 2,763 - 5,624 - 3,137 - 6,385 - 3,562

BOZZA
42476145.xls
Capex
 CAPEX ANALYSIS Moltiplicatore

Year 2006 2007 2008 2009 2010 2011 Total

Escalation Factor 2003 6.12% 8.24% 10.41% 12.62% 14.87% 17.17%
1st Section

CAPEX 1 keuro 238,914 23,891 95,566 119,457 238,914

Escalation (2%) keuro 21,773 1,462 7,878 12,433 21,773
SAL % 10% 40% 50%
Total keuro 260,687 25,353 103,444 131,890 260,687

Doubling YYYY keuro 123,313 12,331 49,325 61,657 123,313

Escalation (2%) keuro 11,238 755 4,066 6,417 11,238
SAL % 100% 10% 40% 50%
Total keuro 134,551 13,086 53,391 68,074 134,551

Potable water System YYY keuro 131,361 13,136 52,545 65,681 131,361
Escalation (2%) keuro 11,971 804 4,331 6,836 11,971
SAL % 100% 10% 40% 50%
Total keuro 143,332 13,940 56,876 72,517 - - - 143,332

Design and other costs keuro 59,231 14,521 19,991 19,990 4,730 59,231
Escalation (2%) keuro 5,214 889 1,648 2,081 597 5,214
SAL % 100% 25% 34% 34% 8%
Total keuro 64,445 15,409 21,638 22,071 5,327 - - 64,445

Expropriation keuro 10,807 4,323 4,323 2,161 10,807

Escalation (2%) keuro 846 265 356 225 846
SAL % 100% 40% 40% 20%
Total keuro 11,653 4,588 4,679 2,386 - - - 11,653
6.12% 8.24% 10.41% 12.62%
Total Capex keuro 563,626 68,202 221,749 268,946 4,730 - - 563,626
Escalation (2%) keuro 51,043 4,174 18,279 27,992 597 - - 51,043
TOTAL CAPEX 1st Section keuro 614,669 72,376 240,028 296,938 5,327 - - 614,669

Year 2006 2007 2008 2009 2010 2011 Total

Escalation Factor 2003 6.12% 8.24% 10.41% 12.62% 14.87% 17.17%
2nd Section

CAPEX 2 keuro 69,999 23,333 23,333 23,333 69,999

Escalation (2%) keuro 10,418 - - - 2,944 3,469 4,005 10,418
% 100% 0% 0% 0% 33% 33% 33%
Total keuro 80,417 - - - 26,277 26,802 27,338 80,417

Doubling XXX keuro #DIV/0! #DIV/0! 24,251 24,251 24,251 8,084 #DIV/0!
Escalation (2%) keuro #DIV/0! #DIV/0! - 2,524 3,060 3,606 1,388 #DIV/0!
% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total keuro #DIV/0! #DIV/0! - 26,775 27,311 27,857 9,472 #DIV/0!

Potable Water System XXX keuro 229,517 68,855 68,855 68,855 22,952 229,517
Escalation (2%) keuro 30,031 - - 7,166 8,687 10,238 3,940 30,031
% 100% 0% 0% 30% 30% 30% 10%
Total keuro 259,548 - - 76,021 77,542 79,093 26,892 259,548

Design and other costs keuro 45,642 5,915 968 8,801 11,601 11,434 6,923 45,642
Escalation (2%) keuro 5,710 362 80 916 1,464 1,700 1,188 5,710
% 100% 13% 2% 19% 25% 25% 15%
Total keuro 51,352 6,277 1,048 9,717 13,065 13,134 8,111 51,352

Expropriation keuro 20,965 5,591 5,591 5,591 4,194 20,965

Escalation (2%) keuro 2,372 - 461 582 705 624 - 2,372
% 100% 0% 27% 27% 27% 20% 0%
Total keuro 23,337 - 6,051 6,172 6,296 4,817 - 23,337

Total Capex keuro #DIV/0! #DIV/0! 6,559 107,498 133,631 132,067 61,292 #DIV/0!
Escalation (2%) keuro #DIV/0! #DIV/0! 541 11,188 16,859 19,636 10,521 #DIV/0!
TOTAL CAPEX 2nd Section keuro #DIV/0! #DIV/0! 7,099 118,686 150,490 151,703 71,813 #DIV/0!

Summary
Year 2004 2005 2006 2007 2008 2009 Total

1st Section keuro 72,376 240,028 296,938 5,327 - - 614,669

% 11.8% 39.1% 48.3% 0.9% 0.0% 0.0% 100%

2nd Section keuro #DIV/0! 7,099 118,686 150,490 151,703 71,813 #DIV/0!
% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Total Capex keuro #DIV/0! 247,128 415,624 155,817 151,703 71,813 #DIV/0!
% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
% accrued #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

42476145.xls BOZZA Capex Analisys

 ENERGY REVENUES

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Jan-15 1-Jan-16 1-Jan-17 1-Jan-18 1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22
Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Progr. 0 0 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13
Annual Escalation 0.0% 0.0% 0.0% 0.0% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%

Tariff 1
Energy GWh/year - - - 26.23 32.78 32.78 32.78 32.78 32.78 32.78 32.78 32.78 32.78 32.78 32.78 32.78 32.78
Tariff 1 €uro ('000)/GWh - - - 62.3 63.26 64.21 65.17 66.15 67.14 68.15 69.17 70.21 71.26 72.33 73.42 74.52 75.64
Tariff 1 Revenues keuro - - - 1,635 2,074 2,105 2,137 2,169 2,201 2,234 2,268 2,302 2,336 2,371 2,407 2,443 2,480

Tariff 2
Energy GWh/year - - - 58.66 73.33 73.33 73.33 73.33 73.33 73.33 73.33 73.33 73.33 73.33 73.33 73.33 73.33
Tariff 2 €uro ('000)/GWh - - - 68.89 69.92 70.97 72.03 73.11 74.21 75.32 76.45 77.60 78.76 79.95 81.15 82.36 83.60
Tariff 2 Revenues keuro - - - 4,041 5,127 5,204 5,282 5,361 5,442 5,523 5,606 5,690 5,776 5,862 5,950 6,039 6,130

Green Certificate
Energy GWh/year - - - 84.89 106.11 106.11 106.11 106.11 106.11 106.11 106.11 - - - - - -
Green Certificate €uro ('000)/GWh - - - 82.00 83.23 84.48 85.75 87.03 88.34 89.66 91.01 - - - - - -
Green Certificate Revenues keuro - - 6,961 8,832 8,964 9,099 9,235 9,374 9,514 9,657 - - - - - -

TOTAL ENERGY REVENUES keuro - - - 12,637 16,033 16,273 16,517 16,765 17,016 17,272 17,531 7,992 8,112 8,234 8,357 8,482 8,610

BOZZA
42476145.xls
42476145.xls
ENERGY REVENUES

1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38 1-Jan-39 1-Jan-40
31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40
Year 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Progr. 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
Annual Escalation 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%

Tariff 1
Energy GWh/year 32.78 32.78 32.78 32.78 32.78 32.78 32.78 32.78 32.78 32.78 32.78 32.78 32.78 32.78 32.78 32.78 32.78 32.78
Tariff 1 €uro ('000)/GWh 76.77 77.92 79.09 80.28 81.48 82.70 83.94 85.20 86.48 87.78 89.10 90.43 91.79 93.17 94.56 95.98 97.42 98.88
Tariff 1 Revenues keuro 2,517 2,555 2,593 2,632 2,671 2,711 2,752 2,793 2,835 2,878 2,921 2,965 3,009 3,054 3,100 3,147 3,194 3,242

Tariff 2
Energy GWh/year 73.33 73.33 73.33 73.33 73.33 73.33 73.33 73.33 73.33 73.33 73.33 73.33 73.33 73.33 73.33 73.33 73.33 73.33
Tariff 2 €uro ('000)/GWh 84.85 86.12 87.42 88.73 90.06 91.41 92.78 94.17 95.58 97.02 98.47 99.95 101.45 102.97 104.52 106.08 107.68 109.29
Tariff 2 Revenues keuro 6,222 6,315 6,410 6,506 6,604 6,703 6,803 6,905 7,009 7,114 7,221 7,329 7,439 7,551 7,664 7,779 7,896 8,014

Green Certificate
Energy GWh/year - - - - - - - - - - - - - - - - - -
Green Certificate €uro ('000)/GWh - - - - - - - - - - - - - - - - - -
Green Certificate Revenues keuro - - - - - - - - - - - - - - - - - -

TOTAL ENERGY REVENUES keuro 8,739 8,870 9,003 9,138 9,275 9,414 9,555 9,699 9,844 9,992 10,142 10,294 10,448 10,605 10,764 10,926 11,089 11,256

BOZZA
42476145.xls
42476145.xls
 WATER REVENUES

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Jan-15 1-Jan-16 1-Jan-17 1-Jan-18 1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22
Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Progr. 0 0 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13
Annual Inflation rate 0.0% 0.0% 0.0% 0.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

Water supplied
Total Non potable water Mln mc/year - - - 239 239 249 249 249 249 249 249 249 249 249 249 249 249
Total Potable water Mln mc/year - - - 213 213 293 293 293 293 293 293 293 293 293 293 293 293
Total Mln mc/year - - - 452 452 542 542 542 542 542 542 542 542 542 542 542 542

Additional Non potable water Mln mc/year - - - 30 30 40 40 40 40 40 40 40 40 40 40 40 40

Tariff €uro - - - 113 115 117 120 122 124 127 129 132 135 137 140 143 146
Additional Non potable water revenues keuro - - - 3,378 3,446 4,687 4,780 4,876 4,973 5,073 5,174 5,278 5,383 5,491 5,601 5,713 5,827

Additional Potable water Mln mc/year - - - 90 90 170 170 170 170 170 170 170 170 170 170 170 170
Tariff €uro - - - 338 345 351 359 366 373 380 388 396 404 412 420 428 437
Additional Potable water revenues keuro - - - 30,406 31,015 59,755 60,950 62,169 63,412 64,680 65,974 67,293 68,639 70,012 71,412 72,841 74,297

Non potable Water already supplied Mln mc/year - - - 209 209 209 209 209 209 209 209 209 209 209 209 209 209
Tariff €uro - - - - - - - - - - - - - - - - -
Non potable Water already supplied revenues keuro - - - - - - - - - - - - - - - - -

Potable Water already supplied Mln mc/year - - - 123 123 123 123 123 123 123 123 123 123 123 123 123 123
Tariff €uro - - - 225 230 234 239 244 249 254 259 264 269 275 280 286 291
Potable Water already supplied revenues keuro - - - 27,704 28,258 28,823 29,399 29,987 30,587 31,199 31,823 32,459 33,108 33,771 34,446 35,135 35,838

TOTAL WATER REVENUES keuro - - - 61,488 62,718 93,264 95,129 97,032 98,973 100,952 102,971 105,031 107,131 109,274 111,459 113,688 115,962

BOZZA
42476145.xls
42476145.xls
WATER REVENUES

1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38 1-Jan-39 1-Jan-40
31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40
Year 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Progr. 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
Annual Inflation rate 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

Water supplied
Total Non potable water Mln mc/year 249 249 249 249 249 249 249 249 249 249 249 249 249 249 249 249 249 249
Total Potable water Mln mc/year 293 293 293 293 293 293 293 293 293 293 293 293 293 293 293 293 293 293
Total Mln mc/year 542 542 542 542 542 542 542 542 542 542 542 542 542 542 542 542 542 542

Additional Non potable water Mln mc/year 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40

Tariff €uro 149 152 155 158 161 164 167 171 174 178 181 185 188 192 196 200 204 208
Additional Non potable water revenues keuro 5,944 6,063 6,184 6,308 6,434 6,562 6,694 6,828 6,964 7,103 7,245 7,390 7,538 7,689 7,843 8,000 8,160 8,323

Additional Potable water Mln mc/year 170 170 170 170 170 170 170 170 170 170 170 170 170 170 170 170 170 170
Tariff €uro 446 455 464 473 483 492 502 512 522 533 543 554 565 577 588 600 612 624
Additional Potable water revenues keuro 75,783 77,299 78,845 80,422 82,030 83,671 85,344 87,051 88,792 90,568 92,379 94,227 96,112 98,034 99,994 101,994 104,034 106,115

Non potable Water already supplied Mln mc/year 209 209 209 209 209 209 209 209 209 209 209 209 209 209 209 209 209 209
Tariff €uro - - - - - - - - - - - - - - - - - -
Non potable Water already supplied revenues keuro - - - - - - - - - - - - - - - - - -

Potable Water already supplied Mln mc/year 123 123 123 123 123 123 123 123 123 123 123 123 123 123 123 123 123 123
Tariff €uro 297 303 309 315 322 328 335 341 348 355 362 370 377 384 392 400 408 416
Potable Water already supplied revenues keuro 36,554 37,285 38,031 38,792 39,568 40,359 41,166 41,989 42,829 43,686 44,559 45,451 46,360 47,287 48,233 49,197 50,181 51,185

TOTAL WATER REVENUES keuro 118,281 120,647 123,060 125,521 128,032 130,592 133,204 135,868 138,586 141,357 144,184 147,068 150,009 153,010 156,070 159,191 162,375 165,623

BOZZA
42476145.xls
42476145.xls
 LIFE CYCLE COSTS
9 10 11 12 13
2,014 2,015 2,016 2,017 2,018
1st Section
xxxx yyyy 895,536 895,536
Doubling YYYY 805,983 805,983
Potable water System YYY 1,074,644 1,074,644
2nd Section
Doubling XXX 559,030
Potable Water System XXX 894,447

Total 2,776,163 - 1,453,477 - 2,776,163

cost increase for wear and tear 1,2% 1.012 1.02 1.04 1.05 1.06
Sum 2,809,477 - 1,506,433 - 2,946,779
- - - - -
Increase for revaluing by mc 2% 1.06 1.08 1.10 1.13 1.15

Life Cycle Cost 2,981,439 - 1,663,223 - 3,384,922

 14 15 16 17 18 19 20 21 22 23 24
2,019 2,020 2,021 2,022 2,023 2,024 2,025 2,026 2,027 2,028 2,029

895,536 895,536
805,983 805,983
1,074,644 1,074,644

559,030 559,030 559,030

894,447 894,447 894,447

- 1,453,477 - 2,776,163 - 1,453,477 - 2,776,163 - 1,453,477 -

1.07 1.09 1.10 1.11 1.13 1.14 1.15 1.17 1.18 1.20 1.21
- 1,580,053 - 3,090,791 - 1,657,272 - 3,241,840 - 1,738,264 -
- - - - - - - - - - -
1.17 1.20 1.22 1.24 1.27 1.29 1.32 1.35 1.37 1.40 1.43

- 1,888,310 - 3,843,010 - 2,143,858 - 4,363,090 - 2,433,990 -

 25 26 27 28 29 30 31 32 33 34 35
2,030 2,031 2,032 2,033 2,034 2,035 2,036 2,037 2,038 2,039 2,040

895,536 895,536 895,536

805,983 805,983 805,983
1,074,644 1,074,644 1,074,644

559,030 559,030 559,030

894,447 894,447 894,447

2,776,163 - 1,453,477 - 2,776,163 - 1,453,477 - 2,776,163 - 1,453,477

1.22 1.24 1.25 1.27 1.28 1.30 1.32 1.33 1.35 1.36 1.38
3,400,272 - 1,823,215 - 3,566,447 - 1,912,317 - 3,740,742 - 2,005,774
- - - - - - - - - - -
1.46 1.49 1.52 1.55 1.58 1.61 1.64 1.67 1.71 1.74 1.78

4,953,554 - 2,763,386 - 5,623,927 - 3,137,359 - 6,385,022 - 3,561,943

 36 37
2,041 2,042 Personale importo annuo Total
2° Stralcio 21 60,480 1,270,080

Total 21 60,480 1,270,080

1° Stralcio 61 60,480 3,689,280

1.40 1.41

- -
1.81 1.85
Total
- - 49,127,035
 VAT SHEET

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Jan-15 1-Jan-16 1-Jan-17 1-Jan-18 1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22 1-Jan-23 1-Jan-24 1-Jan-25
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25
Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Progr. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

VAT Deficit

CAPEX 1 keuro 5,071 20,689 26,378 - - - - - - - - - - - - - - - - -

CAPEX 2 keuro - - - 5,255 5,360 5,468 - - - - - - - - - - - - - -
Doubling YYYY keuro #DIV/0! 10,678 18,970 5,462 5,571 1,894 - - - - - - - - - - - - - -
Potable water System YYY keuro 2,788 11,375 29,708 15,508 15,819 5,378 - - - - - - - - - - - - - -
Expropriation keuro 918 2,146 1,712 1,259 963 - - - - - - - - - - - - - - -
VAT CAPEX keuro #DIV/0! 44,888 76,767 27,485 27,714 12,740 - - - - - - - - - - - - - -

Design and other costs keuro 4,337 4,537 6,358 3,678 2,627 1,622 - - - - - - - - - - - - - -

GRANT VAT keuro #DIV/0! (13,592) (22,859) (8,570) (8,344) (3,950)

Operating VAT
Grant Rate keuro 2,478 3,043 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Concession fee Rate keuro 2,000 2,040 2,081 2,122 2,165 2,208 2,252 2,297 2,343 2,390 2,438 2,487 2,536 2,587 2,639 2,692 2,746
Water revenues Rate keuro (6,149) (6,272) (9,326) (9,513) (9,703) (9,897) (10,095) (10,297) (10,503) (10,713) (10,927) (11,146) (11,369) (11,596) (11,828) (12,065) (12,306)
Energy revenues Rate keuro (2,527) (3,207) (3,255) (3,303) (3,353) (3,403) (3,454) (3,506) (1,598) (1,622) (1,647) (1,671) (1,696) (1,722) (1,748) (1,774) (1,801)
Operating VAT position keuro (4,198) (4,396) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

VAT Receivables/(Payable) - #DIV/0! 35,833 60,265 18,395 17,601 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

VAT Reimbursement/(Cost)
Average payment by VAT Authority Year 2
VAT Reimbursement/(Cost) keuro 0 0 #DIV/0! 35,833 60,265 18,395 17,601 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

VAT FACILITY

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Jan-15 1-Jan-16 1-Jan-17 1-Jan-18 1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22 1-Jan-23 1-Jan-24 1-Jan-25
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25
Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Progr. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Initial Outstanding keuro 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

VAT Facility drawdown keuro #DIV/0! 35,833 60,265 18,395 17,601 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

VAT Facility Repayment keuro 0 0 #DIV/0! (35,833) (60,265) (18,395) (17,601) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Final Outstanding keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Average Outstanding keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Undrawn Capital keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Interest keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Withholding Tax keuro #DIV/0! 90 151 46 44 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Interest keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Capitalised #DIV/0! #DIV/0! #DIV/0! 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
to P&L #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Financial fee
Commitment fee keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Arranging fee keuro #DIV/0! 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
keuro
Total Financial Fee keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

VAT Receivables keuro #DIV/0! 35,833 60,265 18,395 17,601 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
VAT Reibursement keuro 0 0 #DIV/0! 35,833 60,265 18,395 17,601 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
VAT Position period keuro #DIV/0! 35,833 #DIV/0! (17,438) (42,664) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
VAT Position accrued keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

BOZZA
42476145.xls
VAT
VAT SHEET

1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38 1-Jan-39 1-Jan-40
31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40
Year 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Progr. 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35

VAT Deficit

CAPEX 1 - - - - - - - - - - - - - - -
CAPEX 2 - - - - - - - - - - - - - - -
Doubling YYYY - - - - - - - - - - - - - - -
Potable water System YYY - - - - - - - - - - - - - - -
Expropriation - - - - - - - - - - - - - - -
VAT CAPEX - - - - - - - - - - - - - - -

Design and other costs - - - - - - - - - - - - - - -

GRANT VAT

Operating VAT
Grant Rate #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Concession fee Rate 2,800 2,856 2,914 2,972 3,031 3,092 3,154 3,217 3,281 3,347 3,414 3,482 3,552 3,623 3,695
Water revenues Rate (12,552) (12,803) (13,059) (13,320) (13,587) (13,859) (14,136) (14,418) (14,707) (15,001) (15,301) (15,607) (15,919) (16,238) (16,562)
Energy revenues Rate (1,828) (1,855) (1,883) (1,911) (1,940) (1,969) (1,998) (2,028) (2,059) (2,090) (2,121) (2,153) (2,185) (2,218) (2,251)
Operating VAT position #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

VAT Receivables/(Payable) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

VAT Reimbursement/(Cost)
Average payment by VAT Authority
VAT Reimbursement/(Cost) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

VAT FACILITY

1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38 1-Jan-39 1-Jan-40
31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40
Year 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Progr. 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35

Initial Outstanding #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

VAT Facility drawdown #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

VAT Facility Repayment #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Final Outstanding #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Average Outstanding #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Undrawn Capital #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0

Interest #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Withholding Tax #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0

Interest #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Capitalised 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
to P&L #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Financial fee
Commitment fee #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0
Arranging fee 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total Financial Fee #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0

VAT Receivables #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
VAT Reibursement #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
VAT Position period #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
VAT Position accrued #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

BOZZA
42476145.xls
VAT
 DEPRECIATION SHEET

Total Annual Depr. Starting date Depr. Maturity

1st Section 1-Jan-09 32.0
CAPEX 1 keuro 260,687 8,146
Doubling YYYY keuro 134,551 4,205
Potable water System YYY keuro 143,332 4,479
Design and other costs keuro 64,445 2,014
Expropriation keuro 11,653 364
TOTAL CAPEX 1st Section keuro 614,669 19,208

2nd Section 1-Jan-11 30.0

CAPEX 2 keuro 80,417 2,681
Doubling XXX keuro #DIV/0! #DIV/0!
Potable Water System XXX keuro 259,548 8,652
Design and other costs keuro 51,352 1,712
Expropriation keuro 23,337 778
TOTAL CAPEX 2nd Section keuro #DIV/0! #DIV/0!

Total Capex keuro #DIV/0! #DIV/0!

Life Cycle Cost

Year Total Starting date Depr. Maturity
2014 keuro 2,981 115 1-Jan-15 26.0
2016 keuro 1,663 69 1-Jan-17 24.0
2014 keuro 3,385 130 1-Jan-15 26.0
2020 keuro 1,888 94 1-Jan-21 20.0
2022 keuro 3,843 214 1-Jan-23 18.0
2024 keuro 2,144 134 1-Jan-25 16.0
2026 keuro 4,363 312 1-Jan-27 14.0
2028 keuro 2,434 203 1-Jan-29 12.0
2030 keuro 4,954 495 1-Jan-31 10.0
2032 keuro 2,763 345 1-Jan-33 8.0
2034 keuro 5,624 937 1-Jan-35 6.0
2036 keuro 3,137 784 1-Jan-37 4.0
2038 keuro 6,385 3,193 1-Jan-39 2.0
2040 keuro 3,562 3,562 1-Jan-40 1.0
keuro
Total 49,127

LIFE CYCLE COSTS keuro #DIV/0!

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Jan-15 1-Jan-16 1-Jan-17 1-Jan-18 1-Jan-19 1-Jan-20
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Progr. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

1st Section
CAPEX 1 keuro - - - 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146
Doubling YYYY keuro - - - 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205
Potable water System YYY keuro - - - 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479
Design and other costs keuro - - - 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014
Expropriation keuro - - - 364 364 364 364 364 364 364 364 364 364 364 364
TOTAL CAPEX 1st Section keuro - - - 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208

2nd Section
CAPEX 2 keuro - - - - - 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681
Doubling XXX keuro - - - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Potable Water System XXX keuro - - - - - 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652

BOZZA
42476145.xls
Depreciation
 Design and other costs keuro - - - - - 1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712
Expropriation keuro - - - - - 778 778 778 778 778 778 778 778 778 778
TOTAL CAPEX 2nd Section keuro - - - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Total Capex keuro - - - 19,208 19,208 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Life Cycle Cost

2,867 2014 keuro - - - - - - - - - 115 115 115 115 115 115
1,594 2016 keuro - - - - - - - - - - - 69 69 69 69
2014 - - - - - - - - - 130 130 130 130 130 130
1,794 2020 keuro - - - - - - - - - - - - - - -
3,630 2022 keuro - - - - - - - - - - - - - - -
2,010 2024 keuro - - - - - - - - - - - - - - -
4,051 2026 keuro - - - - - - - - - - - - - - -
2028 keuro - - - - - - - - - - - - - - -
4,458 2030 keuro - - - - - - - - - - - - - - -
2,418 2032 keuro - - - - - - - - - - - - - - -
4,687 2034 keuro - - - - - - - - - - - - - - -
2,353 2036 keuro - - - - - - - - - - - - - - -
2038 - - - - - - - - - - - - - - -
- 2040 keuro - - - - - - - - - - - - - - -
0 - - - - - - - - - - - - - - -
Total keuro - - - - - - - - - 245 245 314 314 314 314

VAT Facility Interest and Financial fee keuro - - - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Senior Facility Interest and Financial fee keuro - - - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Oneri finanziari linee per firma keuro - - - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Total Depreciation keuro - - - 19,208 19,208 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Grants deferred Liabilities

Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Jan-15 1-Jan-16 1-Jan-17 1-Jan-18 1-Jan-19 1-Jan-20
Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20
Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Progr. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

1st Section keuro - - - 338,068 - - - - - - - - - - -

2nd Section keuro - - - - - #DIV/0! - - - - - - - - -

Grants deferred Liabilities 1° Section keuro - - - 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565

Grants deferred Liabilities 2° Section keuro - - - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Total Grants deferred Liabilities keuro - - - 10,565 10,565 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

BOZZA
42476145.xls
Depreciation
 1-Jan-21 1-Jan-22 1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38 1-Jan-39 1-Jan-40 1-Jan-41
31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40 31-Dec-41
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36

8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 -
4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 -
4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 -
2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 -
364 364 364 364 364 364 364 364 364 364 364 364 364 364 364 364 364 364 364 364 -
19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 -

2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 -
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 -

BOZZA
42476145.xls
Depreciation
 1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712 -
778 778 778 778 778 778 778 778 778 778 778 778 778 778 778 778 778 778 778 778 -
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

115 115 115 115 115 115 115 115 115 115 115 115 115 115 115 115 115 115 115 115 -
69 69 69 69 69 69 69 69 69 69 69 69 69 69 69 69 69 69 69 69 -
130 130 130 130 130 130 130 130 130 130 130 130 130 130 130 130 130 130 130 130 -
94 94 94 94 94 94 94 94 94 94 94 94 94 94 94 94 94 94 94 94 -
- - 214 214 214 214 214 214 214 214 214 214 214 214 214 214 214 214 214 214 -
- - - - 134 134 134 134 134 134 134 134 134 134 134 134 134 134 134 134 -
- - - - - - 312 312 312 312 312 312 312 312 312 312 312 312 312 312 -
- - - - - - - - 203 203 203 203 203 203 203 203 203 203 203 203 -
- - - - - - - - - - 495 495 495 495 495 495 495 495 495 495 -
- - - - - - - - - - - - 345 345 345 345 345 345 345 345 -
- - - - - - - - - - - - - - 937 937 937 937 937 937 -
- - - - - - - - - - - - - - - - 784 784 784 784 -
- - - - - - - - - - - - - - - - - - 3,193 3,193 -
- - - - - - - - - - - - - - - - - - - 3,562 -
- - - - - - - - - - - - - - - - - - - - -
409 409 622 622 756 756 1,068 1,068 1,271 1,271 1,766 1,766 2,111 2,111 3,049 3,049 3,833 3,833 7,026 10,587 -

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

1-Jan-21 1-Jan-22 1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38 1-Jan-39 1-Jan-40 1-Jan-41
31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40 31-Dec-41
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36

- - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - -

10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 -

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

BOZZA
42476145.xls
Depreciation
 PUBBLIC GRANT SHEET

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13

###
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13
###
Year 2006 2007 2008 2009 2010 2011 2012 2013
###
Progr. 1 2 3 4 5 6 7 ###
8

Public Installments keuro #DIV/0!

1st Section keuro 72,376 240,028 296,938 5,327 - - - ###

-
TOTAL CAPEX 1st Section % 55% 55% 55% 55% 55% 55% 55% 55%
###
GRANT 1° section keuro 39,807 132,016 163,316 2,930 - - - ###
-

2nd Section keuro #DIV/0! 7,099 118,686 150,490 151,703 71,813 - ###
-
TOTAL CAPEX 2nd Section % 55% 55% 55% 55% 55% 55% 55% 55%
###
GRANT 2° section keuro #DIV/0! 3,905 65,277 82,769 83,437 39,497 - ###
-

Total Grants keuro #DIV/0! 135,920 228,593 85,699 83,437 39,497 - ###
-
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
###

BOZZA
42476145.xls
Grant
 OPEX SHEET

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Jan-15 1-Jan-16 1-Jan-17 1-Jan-18 1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22
Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Progr. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Annual Inflation rate 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

Water opex

Personnel keuro - - - 3,209 6,547 8,681 8,854 9,031 9,212 9,396 9,584 9,776 9,971 10,171 10,374 10,582 10,793

Maintenance Costs
Water System Opex keuro - - - 5,731 5,845 11,262 11,487 11,717 11,951 12,190 12,434 12,682 12,936 13,195 13,459 13,728 14,002
Maintenance keuro - - - 1,429 2,915 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Other Services keuro - - - 822 1,677 2,281 2,327 2,373 2,421 2,469 2,518 2,569 2,620 2,673 2,726 2,781 2,836
Total Maintenance Costs keuro - - - 7,981 10,437 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

General Expenses keuro - - - 560 849 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Existing Water System Opex keuro - - - 2,500 2,550 2,601 2,653 2,706 2,760 2,815 2,872 2,929 2,988 3,047 3,108 3,171 3,234

Water Autority Fee - - - 5,000 5,100 5,202 5,306 5,412 5,520 5,631 5,743 5,858 5,975 6,095 6,217 6,341 6,468

Total Water Opex keuro - - - 19,250 25,482 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Energy Opex

Power plant opex keuro - - - 1,350 1,377 1,405 1,433 1,461 1,491 1,520 1,551 1,582 1,613 1,646 1,679 1,712 1,746

Energy Autority Fee keuro - - - 5,000 5,100 5,202 5,306 5,412 5,520 5,631 5,743 5,858 5,975 6,095 6,217 6,341 6,468

Total Energy Opex keuro - - - 6,350 6,477 6,607 6,739 6,873 7,011 7,151 7,294 7,440 7,589 7,741 7,895 8,053 8,214

Total Opex keuro - - - 25,600 31,959 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

BOZZA
42476145.xls
Opex
OPEX SHEET

1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38 1-Jan-39 1-Jan-40
31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40
Year 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Progr. 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35
Annual Inflation rate 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

Water opex

Personnel keuro 11,009 11,229 11,454 11,683 11,917 12,155 12,398 12,646 12,899 13,157 13,420 13,689 13,962 14,242 14,526 14,817 15,113 15,416

Maintenance Costs
Water System Opex keuro 14,282 14,568 14,859 15,157 15,460 15,769 16,084 16,406 16,734 17,069 17,410 17,758 18,114 18,476 18,845 19,222 19,607 19,999
Maintenance keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Other Services keuro 2,893 2,951 3,010 3,070 3,131 3,194 3,258 3,323 3,389 3,457 3,526 3,597 3,669 3,742 3,817 3,893 3,971 4,051
Total Maintenance Costs keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

General Expenses keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Existing Water System Opex keuro 3,299 3,365 3,432 3,501 3,571 3,642 3,715 3,789 3,865 3,942 4,021 4,102 4,184 4,267 4,353 4,440 4,528 4,619

Water Autority Fee 6,597 6,729 6,864 7,001 7,141 7,284 7,430 7,578 7,730 7,884 8,042 8,203 8,367 8,534 8,705 8,879 9,057 9,238

Total Water Opex keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Energy Opex

Power plant opex keuro 1,781 1,817 1,853 1,890 1,928 1,967 2,006 2,046 2,087 2,129 2,171 2,215 2,259 2,304 2,350 2,397 2,445 2,494

Energy Autority Fee keuro 6,597 6,729 6,864 7,001 7,141 7,284 7,430 7,578 7,730 7,884 8,042 8,203 8,367 8,534 8,705 8,879 9,057 9,238

Total Energy Opex keuro 8,379 8,546 8,717 8,892 9,069 9,251 9,436 9,624 9,817 10,013 10,214 10,418 10,626 10,839 11,056 11,277 11,502 11,732

Total Opex keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

BOZZA
42476145.xls
Opex
 PROFIT & LOSS

Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Jan-15 1-Jan-16 1-Jan-17 1-Jan-18 1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22
Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22
Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Progr. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Annual Inflation Rate 0.0% 0.0% 0.0% 0.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

Revenues
Additional Non potable water revenues keuro 0 0 0 3,378 3,446 4,687 4,780 4,876 4,973 5,073 5,174 5,278 5,383 5,491 5,601 5,713 5,827

Additional Potable water revenues keuro 0 0 0 58,110 59,272 88,577 90,349 92,156 93,999 95,879 97,797 99,753 101,748 103,783 105,858 107,975 110,135

Energy Revenues keuro 0 0 0 12,637 16,033 16,273 16,517 16,765 17,016 17,272 17,531 7,992 8,112 8,234 8,357 8,482 8,610

Total Reveunes keuro 0 0 0 74,125 78,751 109,537 111,647 113,797 115,989 118,224 120,502 113,023 115,243 117,507 119,816 122,171 124,572

Opex
Personnel keuro 0 0 0 (3,209) (6,547) (8,681) (8,854) (9,031) (9,212) (9,396) (9,584) (9,776) (9,971) (10,171) (10,374) (10,582) (10,793)

Maintenance Costs
Water System Opex keuro 0 0 0 (5,731) (5,845) (11,262) (11,487) (11,717) (11,951) (12,190) (12,434) (12,682) (12,936) (13,195) (13,459) (13,728) (14,002)
Maintenance keuro 0 0 (1,429) (2,915) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Other Services keuro 0 0 0 (822) (1,677) (2,281) (2,327) (2,373) (2,421) (2,469) (2,518) (2,569) (2,620) (2,673) (2,726) (2,781) (2,836)
Total Maintenance Costs keuro 0 0 0 (7,981) (10,437) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

General Expenses keuro 0 0 0 (560) (849) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Existing Water System Opex keuro 0 0 0 (2,500) (2,550) (2,601) (2,653) (2,706) (2,760) (2,815) (2,872) (2,929) (2,988) (3,047) (3,108) (3,171) (3,234)

Power plant opex keuro 0 0 0 (1,350) (1,377) (1,405) (1,433) (1,461) (1,491) (1,520) (1,551) (1,582) (1,613) (1,646) (1,679) (1,712) (1,746)
Energy Autority Fee keuro 0 0 0 (5,000) (5,100) (5,202) (5,306) (5,412) (5,520) (5,631) (5,743) (5,858) (5,975) (6,095) (6,217) (6,341) (6,468)
Water Autority Fee keuro 0 0 0 (5,000) (5,100) (5,202) (5,306) (5,412) (5,520) (5,631) (5,743) (5,858) (5,975) (6,095) (6,217) (6,341) (6,468)

Total Opex keuro 0 0 0 (25,600) (31,959) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

EBITDA keuro 0 0 0 48,525 46,791 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Depreciation keuro 0 0 0 (19,208) (19,208) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

EBIT keuro 0 0 0 29,317 27,583 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Financial (Cost)/Revenues

VAT Facility keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Senior Facility keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Guarantee Fcility keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Interest Income keuro 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total Financial (Cost)/Revenues #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Grants deferred Liabilities keuro 0 0 0 10,565 10,565 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

EBT keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

IRAP keuro 0 0 0 (1,926) (1,710) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Corporation Tax (IRES) keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

EARNING keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

BOZZA
42476145.xls
P&L
PROFIT & LOSS

Starting 1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38 1-Jan-39 1-Jan-40
Ending 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40
Year 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Progr. 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35
Annual Inflation Rate 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

Revenues
Additional Non potable water revenues keuro 5,944 6,063 6,184 6,308 6,434 6,562 6,694 6,828 6,964 7,103 7,245 7,390 7,538 7,689 7,843 8,000 8,160 8,323

Additional Potable water revenues keuro 112,338 114,584 116,876 119,214 121,598 124,030 126,510 129,041 131,621 134,254 136,939 139,678 142,471 145,321 148,227 151,192 154,215 157,300

Energy Revenues keuro 8,739 8,870 9,003 9,138 9,275 9,414 9,555 9,699 9,844 9,992 10,142 10,294 10,448 10,605 10,764 10,926 11,089 11,256

Total Reveunes keuro 127,020 129,517 132,063 134,659 137,307 140,006 142,759 145,567 148,430 151,349 154,326 157,362 160,458 163,615 166,834 170,117 173,464 176,878

Opex
Personnel keuro (11,009) (11,229) (11,454) (11,683) (11,917) (12,155) (12,398) (12,646) (12,899) (13,157) (13,420) (13,689) (13,962) (14,242) (14,526) (14,817) (15,113) (15,416)

Maintenance Costs
Water System Opex keuro (14,282) (14,568) (14,859) (15,157) (15,460) (15,769) (16,084) (16,406) (16,734) (17,069) (17,410) (17,758) (18,114) (18,476) (18,845) (19,222) (19,607) (19,999)
Maintenance keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Other Services keuro (2,893) (2,951) (3,010) (3,070) (3,131) (3,194) (3,258) (3,323) (3,389) (3,457) (3,526) (3,597) (3,669) (3,742) (3,817) (3,893) (3,971) (4,051)
Total Maintenance Costs keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

General Expenses keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Existing Water System Opex keuro (3,299) (3,365) (3,432) (3,501) (3,571) (3,642) (3,715) (3,789) (3,865) (3,942) (4,021) (4,102) (4,184) (4,267) (4,353) (4,440) (4,528) (4,619)

Power plant opex keuro (1,781) (1,817) (1,853) (1,890) (1,928) (1,967) (2,006) (2,046) (2,087) (2,129) (2,171) (2,215) (2,259) (2,304) (2,350) (2,397) (2,445) (2,494)
Energy Autority Fee keuro (6,597) (6,729) (6,864) (7,001) (7,141) (7,284) (7,430) (7,578) (7,730) (7,884) (8,042) (8,203) (8,367) (8,534) (8,705) (8,879) (9,057) (9,238)
Water Autority Fee keuro (6,597) (6,729) (6,864) (7,001) (7,141) (7,284) (7,430) (7,578) (7,730) (7,884) (8,042) (8,203) (8,367) (8,534) (8,705) (8,879) (9,057) (9,238)

Total Opex keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

EBITDA keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Depreciation keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

EBIT keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Financial (Cost)/Revenues

VAT Facility keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Senior Facility keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Guarantee Fcility keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Interest Income keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total Financial (Cost)/Revenues #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Grants deferred Liabilities keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

EBT keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

IRAP keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Corporation Tax (IRES) keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

EARNING keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

BOZZA
42476145.xls
P&L
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PBT #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0 #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Losses carried forward #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Prior losses #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Taxable income #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE!
Utilized losses #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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1 #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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Perdite precedenti #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Perdite tot. Da riportare #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

2012 2013 2014 2015 2016 2017 2018 2019 2020

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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2030 2031 2032 2033 2034 2035 2036 2037 2038

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

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#VALUE! #VALUE! #VALUE! - - - - - -

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2039 2040 2041 0 0 0 0 0 0

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- - - - - - - - -
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TAX STATEMENT

Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Jan-15 1-Jan-16 1-Jan-17 1-Jan-18 1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22
Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22
Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Progr. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Corporation Tax (IRES) keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
EBT keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

IRAP Base - - - 45,316 40,245 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
4.25%
IRAP - - - 1,926 1,710 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Total Tax #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Total Tax paid - #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Tax Fund
Starting Period keuro 0 #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Accrual keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Release keuro 0 #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Ending Period keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
TAX STATEMENT

Starting 1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38 1-Jan-39 1-Jan-40
Ending 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40
Year 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Progr. 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35

Corporation Tax (IRES) keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
EBT keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

IRAP Base #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
4.25%
IRAP #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Total Tax #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Total Tax paid #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Tax Fund
Starting Period keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Accrual keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Release keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Ending Period keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
 WORKING CAPITAL SHEET

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Jan-15 1-Jan-16 1-Jan-17 1-Jan-18 1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22
Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Progr. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Commercial Receivables

Additional Non potable water revenues keuro - - - - - - - - - - - - - - - - -

Non potable water receivables keuro - - - - - - - - - - - - - - - - -

Additional Potable water revenues keuro - - - 58,110 59,272 88,577 90,349 92,156 93,999 95,879 97,797 99,753 101,748 103,783 105,858 107,975 110,135
Potable water receivables keuro - - - 9,579 9,770 14,601 14,852 15,191 15,494 15,804 16,076 16,443 16,772 17,107 17,401 17,798 18,154

Energy Revenues keuro - - - 12,637 16,033 16,273 16,517 16,765 17,016 17,272 17,531 7,992 8,112 8,234 8,357 8,482 8,610
Energy Receivables keuro - - - 2,083 2,643 2,682 2,715 2,763 2,805 2,847 2,882 1,317 1,337 1,357 1,374 1,398 1,419

Total Commercial Receivables keuro - - - 11,662 12,413 17,283 17,567 17,954 18,299 18,651 18,958 17,760 18,109 18,464 18,775 19,196 19,573

Commercial Payable

Maintenance Costs keuro - - - 7,981 10,437 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Maintenance Costs Payable keuro - - - 1,316 1,720 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

General Expenses keuro - - - 560 849 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
General Expenses Payable keuro - - - 92 140 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Existing Water System Opex keuro - - - 2,500 2,550 2,601 2,653 2,706 2,760 2,815 2,872 2,929 2,988 3,047 3,108 3,171 3,234
Existing Water System Opex Payable keuro - - - 412 420 429 436 446 455 464 472 483 492 502 511 523 533

Power plant opex keuro - - - 1,350 1,377 1,405 1,433 1,461 1,491 1,520 1,551 1,582 1,613 1,646 1,679 1,712 1,746
Power plant opex Payable keuro - - - 223 227 232 236 241 246 251 255 261 266 271 276 282 288

Total Commercial Payable keuro - - - 12,042 12,708 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Working Capital keuro - - - -381 -295 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Net Variation in WC keuro - - - -381 86 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

BOZZA
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Work_cap
WORKING CAPITAL SHEET

1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38 1-Jan-39 1-Jan-40
31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40
Year 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Progr. 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35

Commercial Receivables

Additional Non potable water revenues keuro - - - - - - - - - - - - - - - - - -

Non potable water receivables keuro - - - - - - - - - - - - - - - - - -

Additional Potable water revenues keuro 112,338 114,584 116,876 119,214 121,598 124,030 126,510 129,041 131,621 134,254 136,939 139,678 142,471 145,321 148,227 151,192 154,215 157,300
Potable water receivables keuro 18,517 18,836 19,265 19,651 20,044 20,388 20,853 21,270 21,696 22,069 22,572 23,024 23,484 23,888 24,433 24,922 25,420 25,858

Energy Revenues keuro 8,739 8,870 9,003 9,138 9,275 9,414 9,555 9,699 9,844 9,992 10,142 10,294 10,448 10,605 10,764 10,926 11,089 11,256
Energy Receivables keuro 1,440 1,458 1,484 1,506 1,529 1,548 1,575 1,599 1,623 1,642 1,672 1,697 1,722 1,743 1,774 1,801 1,828 1,850

Total Commercial Receivables keuro 19,958 20,294 20,749 21,157 21,572 21,936 22,428 22,869 23,319 23,712 24,244 24,721 25,207 25,632 26,207 26,723 27,248 27,708

Commercial Payable

Maintenance Costs keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Maintenance Costs Payable keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

General Expenses keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
General Expenses Payable keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Existing Water System Opex keuro 3,299 3,365 3,432 3,501 3,571 3,642 3,715 3,789 3,865 3,942 4,021 4,102 4,184 4,267 4,353 4,440 4,528 4,619
Existing Water System Opex Payable keuro 544 553 566 577 589 599 612 625 637 648 663 676 690 701 717 732 746 759

Power plant opex keuro 1,781 1,817 1,853 1,890 1,928 1,967 2,006 2,046 2,087 2,129 2,171 2,215 2,259 2,304 2,350 2,397 2,445 2,494
Power plant opex Payable keuro 294 299 305 312 318 323 331 337 344 350 358 365 372 379 387 395 403 410

Total Commercial Payable keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Working Capital keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Net Variation in WC keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

BOZZA
42476145.xls
Work_cap
 CASH FLOW STATEMENT

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Jan-15 1-Jan-16 1-Jan-17 1-Jan-18 1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22 1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26
Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Progr. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

Total Reveunes keuro 0 0 0 74,125 78,751 109,537 111,647 113,797 115,989 118,224 120,502 113,023 115,243 117,507 119,816 122,171 124,572 127,020 129,517 132,063 134,659
Total Opex keuro 0 0 0 (25,600) (31,959) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

EBITDA keuro 0 0 0 48,525 46,791 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Total Tax paid keuro 0 #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

OPERATING CASH FLOW (Gross) keuro 0 #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Total Capex keuro #DIV/0! (247,127) (415,624) (155,817) (151,703) (71,813) 0 0 (2,981) 0 (1,663) 0 (3,385) 0 (1,888) 0 (3,843) 0 (2,144) 0 (4,363)

Net Variation in WC keuro 0 0 0 381 (86) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

DSRA Constitution keuro 0 0 0 0 0 #DIV/0! 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

OPERATING CASH FLOW (Net) keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

EQUITY and GRANT

Equity keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Pro-quota #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Public Grants keuro #DIV/0! 135,920 228,593 85,699 83,437 39,497 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quota SAL #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE!
TOTAL EQUITY and GRANT #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

FINANCIAL CASH FLOW (gross) #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Interest and Financial Costs

Senior Facility Interest and Financial fee keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

VAT Facility Interest and Financial fee keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Oneri finanziari linee per firma keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Total Interest and Financial Costs keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

SENIOR FACILITY

Drawdown keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Repayment keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Cash Flow available for DSRA keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

DSRA

Target level keuro 0 0 0 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

DSRA starting period keuro 0 #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Cash to DSRA keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Interest Income keuro 0 #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Cash to release keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
DSRA ending period keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Cash Flow available for Equity keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Dividend keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Free Cash Flow keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Interest Income keuro

Cash Flow keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

BOZZA
42476145.xls
Cash Flow
CASH FLOW STATEMENT

1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38 1-Jan-39 1-Jan-40
31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40
Year 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Progr. 22 23 24 25 26 27 28 29 30 31 32 33 34 35

Total Reveunes keuro 137,307 140,006 142,759 145,567 148,430 151,349 154,326 157,362 160,458 163,615 166,834 170,117 173,464 176,878
Total Opex keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

EBITDA keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Total Tax paid keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

OPERATING CASH FLOW (Gross) keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Total Capex keuro 0 (2,434) 0 (4,954) 0 (2,763) 0 (5,624) 0 (3,137) 0 (6,385) 0 (3,562)

Net Variation in WC keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

DSRA Constitution keuro 0 0 0 0 0 0 0 0 0 0 0 0 0 0

OPERATING CASH FLOW (Net) keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

EQUITY and GRANT

Equity keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Pro-quota #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Public Grants keuro 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quota SAL
TOTAL EQUITY and GRANT #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

FINANCIAL CASH FLOW (gross) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Interest and Financial Costs

Senior Facility Interest and Financial fee keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

VAT Facility Interest and Financial fee keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Oneri finanziari linee per firma keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Total Interest and Financial Costs keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

SENIOR FACILITY

Drawdown keuro 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Repayment keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Cash Flow available for DSRA keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

DSRA

Target level keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

DSRA starting period keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Cash to DSRA keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 0 0
Interest Income keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Cash to release keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
DSRA ending period keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Cash Flow available for Equity keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Dividend keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Free Cash Flow keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Interest Income keuro

Cash Flow keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

BOZZA
42476145.xls
Cash Flow
 Guarantees

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Jan-15 1-Jan-16 1-Jan-17 1-Jan-18 1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Public Grant keuro #DIV/0! 135,920 228,593 85,699 83,437 39,497 0 0 0 0 0 0 0 0 0 0 0

1st Section 39,807 132,016 163,316 2,930 0 0 0 0 0 0 0 0 0 0 0 0 0
2nd Section #DIV/0! 3,905 65,277 82,769 83,437 39,497 0 0 0 0 0 0 0 0 0 0 0
Public Grant accrued keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

VAT Reimbursement/(Cost) keuro 0 0 #DIV/0! 35,833 60,265 18,395 17,601 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
VAT Reibursement/(Cost) accrued keuro 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Public Grant Guarantee Facility

Staritng Period keuro 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0 0 0 0 0 0 0 0 0 0 0
Accrual keuro #DIV/0! 135,920 228,593 85,699 83,437 39,497 0 0 0 0 0 0 0 0 0 0 0
0 Release keuro 0 0 0 (338,068) 0 0 0 0 0 0 0 0 0 0 0 0 0
Ending Period keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0 0 0 0 0 0 0 0 0 0 0
Average outstanding keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0 0 0 0 0 0 0 0 0 0 0

Margin keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0 0 0 0 0 0 0 0 0 0 0

Commitment fee keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0 0 0 0 0 0 0 0 0 0 0 0
Up front fee keuro #DIV/0! 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Interest and Financial Costs keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0 0 0 0 0 0 0 0 0 0 0

VAT Guarantee Facility

Staritng Period keuro 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Accrual keuro 0 0 #DIV/0! 35,833 60,265 18,395 17,601 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Release keuro 0 0 0 0 0 #DIV/0! (35,833) (60,265) (18,395) (17,601) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Ending Period keuro 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Average outstanding keuro 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Margin 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Up front fee 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Interest and Financial Costs keuro 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Guarantee Interest and Financial Costs keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Capitalised #DIV/0! #DIV/0! #DIV/0! 0 0 0 0 0 0 0 0 0 0 0 0 0 0
To P&L #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

42476145.xls BOZZA Guarantee fac

Guarantees

1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38 1-Jan-39 1-Jan-40
31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040

Public Grant keuro 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

1st Section ### 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
2nd Section ### 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Public Grant accrued keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

VAT Reimbursement/(Cost) keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
VAT Reibursement/(Cost) accrued keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Public Grant Guarantee Facility ###

Staritng Period keuro 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Accrual keuro 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Release keuro 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Ending Period keuro 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Average outstanding keuro 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Margin keuro 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Commitment fee keuro 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Up front fee keuro 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Interest and Financial Costs keuro 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

VAT Guarantee Facility ###

Staritng Period keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Accrual keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Release keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Ending Period keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Average outstanding keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Up front fee ### 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 #DIV/0! 0

Interest and Financial Costs keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Guarantee Interest and Financial Costs keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Capitalised ### 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
To P&L ### #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

42476145.xls BOZZA Guarantee fac

 SENIOR FACILITY SHEET

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Jan-15 1-Jan-16 1-Jan-17 1-Jan-18 1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22
Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Progr. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

SURPLUS/(DEFICIT) TO FINANCE keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Amount keuro #DIV/0!

Initial Outstanding keuro 0 #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Senior Facility Drawdown keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 0 0 0 0 0 0 0 0 0 0 0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Senior Facility Repayment keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Final Outstanding keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Financial Fees keuro #DIV/0!

Interests keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

BOZZA
42476145.xls
Debt
SENIOR FACILITY SHEET

1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38 1-Jan-39 1-Jan-40
31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40
Year 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Progr. 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35

SURPLUS/(DEFICIT) TO FINANCE keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Amount keuro

Initial Outstanding keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Senior Facility Drawdown keuro 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Senior Facility Repayment keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Final Outstanding keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Financial Fees keuro

Interests keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

BOZZA
42476145.xls
Debt
 EQUITY SHEET

Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Jan-15 1-Jan-16 1-Jan-17 1-Jan-18 1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22
Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22
Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Progr. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Installments Drawdown keuro #DIV/0!

1st Section keuro 72,376 240,028 296,938 5,327 - - - - - - - - - - - - -

% keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Equity injection keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

2nd Section keuro #DIV/0! 7,099 118,686 150,490 151,703 71,813 - - - - - - - - - - -

% keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Equity injection keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
TOTAL EQUITY INJECTION keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Jan-15 1-Jan-16 1-Jan-17 1-Jan-18 1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22
Ending 31-Dec-06 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22
Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Progr. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

EARNING keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Initial Legal Reserve keuro 0 #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Legal Reserve Accrual keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Final Legal Reserve keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

EARNING keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Earning to distribute keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash available for dividend keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Dividend Reserve
Starting Period keuro 0 #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Contribution keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Release keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Ending Period keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Dividend keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Free Cash Flow keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

BOZZA
42476145.xls
Equity
EQUITY SHEET

Starting 1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38 1-Jan-39 1-Jan-40
Ending 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40
Year 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Progr. 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35

Installments Drawdown keuro

1st Section keuro - - - - - - - - - - - - - - - - - -

% keuro 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Equity injection keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

2nd Section keuro - - - - - - - - - - - - - - - - - -

% keuro 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Equity injection keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
TOTAL EQUITY INJECTION keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Starting 1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38 1-Jan-39 1-Jan-40
Ending 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40
Year 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Progr. 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35

EARNING keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Initial Legal Reserve keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Legal Reserve Accrual keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Final Legal Reserve keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

EARNING keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Earning to distribute keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash available for dividend keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Dividend Reserve
Starting Period keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Contribution keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Release keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Ending Period keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Dividend keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Free Cash Flow keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

BOZZA
42476145.xls
Equity
 BALANCE SHEET

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Jan-15 1-Jan-16 1-Jan-17 1-Jan-18 1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22
Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Progr. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

ASSETS

Capex keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Depreciation Fund keuro 0 0 0 (19,208) (38,417) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Capex (net value) keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Working Capital keuro 0 0 0 (381) (295) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
VAT Receivables keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

DSRA keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Cash Flow keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

TOTAL ASSETS keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

LIABILITIES

FACILITIES
Senior Facility keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
VAT Facility keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
FACILITIES keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Tax Fund keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

NET CAPITAL
Equity keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
LEGAL RESERVE keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Earnings #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

GRANT keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

TOTAL LIABILITIES keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

BOZZA
42476145.xls
SP
BALANCE SHEET

1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38 1-Jan-39 1-Jan-40
31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40
Year 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Progr. 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35

ASSETS

Capex keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Depreciation Fund keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Capex (net value) keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Working Capital keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
VAT Receivables keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

DSRA keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Cash Flow keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

TOTAL ASSETS keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

LIABILITIES

FACILITIES
Senior Facility keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
VAT Facility keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
FACILITIES keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Tax Fund keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

NET CAPITAL
Equity keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
LEGAL RESERVE keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Earnings #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

GRANT keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

TOTAL LIABILITIES keuro #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

BOZZA
42476145.xls
SP
 IRR SHEET

Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Jan-15 1-Jan-16 1-Jan-17 1-Jan-18
Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18
Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Progr. 1 2 3 4 5 6 7 8 9 10 11 12 13

Unlevered IRR
Total Capex keuro #DIV/0! (247,127) (415,624) (155,817) (151,703) (71,813) 0 0 (2,981) 0 (1,663) 0 (3,385)

Total Reveunes keuro 0 0 0 74,125 78,751 109,537 111,647 113,797 115,989 118,224 120,502 113,023 115,243
Total Opex keuro 0 0 0 (25,600) (31,959) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total Tax paid keuro 0 #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Net Variation in WC keuro 0 0 0 381 (86) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Public Grants keuro #DIV/0! 135,920 228,593 85,699 83,437 39,497 - - - - - - -
VAT CAPEX keuro #DIV/0! (35,833) (60,265) (18,395) (17,601) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
VAT Reimbursement/(Cost) keuro 0 0 #DIV/0! 35,833 60,265 18,395 17,601 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Project Cash Flow keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Concession Maturity 30 29 28 27 26 25 24 23 22 21 20

Final Maturiry 31-Dec-40 31-Dec-39 31-Dec-38 31-Dec-37 31-Dec-36 31-Dec-35 31-Dec-34 31-Dec-33 31-Dec-32 31-Dec-31 31-Dec-30

Unlevered IRR #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Jan-15 1-Jan-16 1-Jan-17 1-Jan-18
Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18
Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Progr. 1 2 3 4 5 6 7 8 9 10 11 12 13

EQUITY IRR

Equity #DIV/0! keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash to equity #DIV/0! keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Cash flow to Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

GROSS IRR #DIV/0!

Equity #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Dividend #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Free Cash Flow Durata gestione Scadenza #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Interest Income #DIV/0! 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash at the End of Concession
30 31-Dec-40 0 0 0 0 0 0 0 0 0 0 0 0 0
29 31-Dec-39 0 0 0 0 0 0 0 0 0 0 0 0 0
28 31-Dec-38 0 0 0 0 0 0 0 0 0 0 0 0 0
27 31-Dec-37 0 0 0 0 0 0 0 0 0 0 0 0 0
26 31-Dec-36 0 0 0 0 0 0 0 0 0 0 0 0 0
25 31-Dec-35 0 0 0 0 0 0 0 0 0 0 0 0 0
24 31-Dec-34 0 0 0 0 0 0 0 0 0 0 0 0 0
23 31-Dec-33 0 0 0 0 0 0 0 0 0 0 0 0 0
22 31-Dec-32 0 0 0 0 0 0 0 0 0 0 0 0 0
21 31-Dec-31 0 0 0 0 0 0 0 0 0 0 0 0 0

BOZZA
42476145.xls
IRR
 20 31-Dec-30 0 0 0 0 0 0 0 0 0 0 0 0 0
Flag #DIV/0! 0 0 0 0 0 0 0 0 0 0 0 0 0

Dividend
Durata concessione Scadenza
30 31-Dec-40 #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
29 31-Dec-39 #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
28 31-Dec-38 #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
27 31-Dec-37 #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
26 31-Dec-36 #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
25 31-Dec-35 #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
24 31-Dec-34 #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
23 31-Dec-33 #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
22 31-Dec-32 #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
21 31-Dec-31 #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
20 31-Dec-30 #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Cash flow to Equity Concession Period Maturity Shareholder IRR

1 30 31-Dec-40 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0 29 31-Dec-39 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0 28 31-Dec-38 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0 27 31-Dec-37 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0 26 31-Dec-36 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0 25 31-Dec-35 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0 24 31-Dec-34 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0 23 31-Dec-33 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0 22 31-Dec-32 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0 21 31-Dec-31 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0 20 31-Dec-30 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

BOZZA
42476145.xls
IRR
 1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22 1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38 1-Jan-39 1-Jan-40
31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35

0 (1,888) 0 (3,843) 0 (2,144) 0 (4,363) 0 (2,434) 0 (4,954) 0 (2,763) 0 (5,624) 0 (3,137) 0 (6,385) 0 (3,562)

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