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| title | Bereich Renditen | Returns |
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The Return section shows an overview of different returns (Project Return, Equity Return and Payout Return). |
The Project, Equity and Payout IRRs are calculated using following function, with the only difference being that the Reference is adjusted for the different IRR levels. Also, it is important to note that the calculations are based on monthly cashflows as opposed to quarterly or yearly.
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The Equity and Payout cashflows used as reference can be easily derived from the Fimo. They each have a different line indicating the respective cashflows. The project IRR is based on adjusted free cashflows, which is calculated by subtracting the tax shield from the free cashflow. which is also an individual line in the Fimo. The Tax Shield itself is calculated as follows:
- The tax payments are calculated on EBIT. This by multiplying the tax rate times EBIT and adding the reduction in taxes paid due to Deferred Tax Assets
- The tax payments are calculated on EBT by multiplying the tax rates by EBT and adding the reduction in taxes paid due to Deferred Tax Assets
- The taxes paid on EBT (see 2) are subtracted from the taxes paid on EBIT (see 1). The resulting value is the tax shield for the respective month.
BeschreibungProjektrenditeDie Kennzahl Projektrendite IRR entspricht der Projektrendite in Prozent auf Basis des taxshield adjusted Free Cash Flow. Die Steueradjustierung betrifft den Zinserfolg gemäss Erfolgsrechnung. Der Projektrendite IRR entspricht daher dem Eigenkapitalrendite IRR bei einer Fremdkapitalquote von 0% („full equity“Projektrendite The Project Return IRR equals the annualized Project Return in percentage on basis of the tax-shield adjusted Free Cashflow. The tax adjustment concerns the tax saving because of interest according to the Profit & Loss statement. Thus the Project Return IRR equals the Equity IRR with a Debt leverage of 0% ("full equity"). | Break Even |
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Die Kennzahl The key figure Project Return Break Even |
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zeigt in Anzahl Jahren und als Datum, nach welcher Zeitdauer bzw. in welchem Monat die Gewinnschwelle erreicht wird. Zu diesem Zeitpunkt entsprechen die Ausgaben des Projektes genau dessen Einnahmen.| Payback | Die Kennzahl Projektrendite Payback zeigt in Prozent, wie hoch die erwarteten Rückflüsse des Projektes im Verhältnis zu den Investitionskosten des Projektes sind. |
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| Referenz | Free Cashflow (adj.) |
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| Berechnung | Siehe Berechnungsdokumenatation |
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Eigenkapitalrendite | | IRR | Die Kennzahl Eigenkapitalrendite IRR entspricht der jahresbasierten Eigenkapitalrendite in Prozent auf Basis des Cash Flow to Equity. Die Umrechnung vom Quartalsmodell zum Jahresmodell erfolgt durch das Berechnen der Summe aller Beträge innerhalb eines Kalenderjahres. |
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Break Even | Die Kennzahl Eigenkapitalrendite Break Even zeigt in Anzahl Jahren und als Datum, nach welcher Zeitdauer bzw. in welchem Monat die Gewinnschwelle erreicht wird. Zu diesem Zeitpunkt entsprechen die Eigenkapitaleinzahlungen genau den Referenz shows in number of years and as date, after how many years respective in which month the break even point is reached. At this point the costs of the project equals the earnings. | Payback | The key figure Project Return Payback shows the rate between the expected cash returns of the project and the Capex cost of the project in percentage. |
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Reference | Free Cashflow adjusted (The adjusted Free Cashflow is after Debt Interest discounts. This guarantees that the Project Return is independent of the financial structure). |
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Equity Return |
IRR | The Equity Return IRR equals the annualized Equity Return in percentage on basis of the Cash Flow to Equity. |
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Break Even | The key figure Equity Return Break Even shows in number of years and as date, after how many years respective in which month the break even point is reached. At this point the Equity payments equals the Cashflow to Equity. |
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Payback |
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Die Kennzahl Eigenkapitalrendite Payback entspricht dem Verhältnis der Summe aller Auszahlungen an die Eigenkapitalgeber zur Summe aller Eigenkapitaleinzahlungen aus Sicht der Projektgesellschaft. | PayoutrenditeThe key figure Equity Return Payback shows the rate between the sum of all Payouts to Equity-investors and the sum of all Equity payments from a project company view. | Reference | Cashflow to Equity |
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| Berechnung | Siehe Berechnungsdokumenatation |
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entspricht der Ausschüttungsrendite in Prozent auf Basis des PayoutsDie Kennzahl Payoutrendite IRR The Payout Return IRR equals the annualized Payout return in percentage on basis of the Payout. | Break Even |
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Die Kennzahl Payoutrendite | Payback | Die Kennzahl Payoutrendite Payback zeigt in Prozent, wie hoch die erwarteten Payouts im Verhältnis zur Summe aller Eigenkapitaleinzahlungen aus Sicht der Projektgesellschaft sind. |
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| Referenz | Payout |
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Berechnung | Siehe BerechnungsdokumenatationThe key figure Payout Return Break Even |
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zeigt in Anzahl Jahren und als Datum, nach welcher Zeitdauer bzw. in welchem Monat die Gewinnschwelle erreicht wird. Zu diesem Zeitpunkt entsprechen... shows in number of years and as date, after how many years respective in which month the break even point is reached. At this point the Equity payments equals the Payouts. | Payback | The key figure Payout Return Payback shows the rate between the expected Payouts and the sum of all Equity payments from a project company view in percentage. |
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Reference | Payout |
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