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Table of Contents

Info
titleReturns

The Return section shows an overview of different returns (Project Return, Equity Return and Payout Return).

The Project,

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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. 

Image Added

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:

  1. 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
  2. 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
  3. 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. 

Name

Description

Project Return


IRR

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

The key figure Project 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 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.

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.

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.

Payback

The key figure

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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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Calculation

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Payout Return


IRR

The Payout Return IRR equals the annualized Payout return in percentage on basis of the Payout.

Break Even

The key figure Payout 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 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.

Reference

Payout

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Calculation

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Table of Contents

Info
titleBereich Renditen
Der Bereich Renditen gibt einen Überblick der unterschiedlichen Renditen (Projektrendite, Eigenkapitalrendite und Payoutrendite).

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Name

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Beschreibung

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Projektrendite

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IRR

Die Kennzahl Projektrendite IRR entspricht der annualisierten Projektrendite in Prozent auf Basis des taxshield adjusted Free Cash Flow. Die Steueradjustierung betrifft die Steuerersparnis durch Zinsen gemäss Erfolgsrechnung. Die Projektrendite IRR entspricht daher der Eigenkapitalrendite IRR bei einer Fremdkapitalquote von 0% („full equity“).

Break EvenDie Kennzahl Projektrendite 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 Ausgaben des Projektes genau dessen Einnahmen.
PaybackDie Kennzahl Projektrendite Payback zeigt in Prozent, wie hoch die erwarteten Rückflüsse des Projektes im Verhältnis zu den Investitionskosten des Projektes sind.
Referenz

Free Cashflow adjustiert (Der adjustierte Free Cashflow ist nach Abzug der Zinsen auf Fremdkapital. Dies garantiert, dass die Projektrendite unabhängig von der Finanzierungsstruktur ist).

Berechnung

Siehe Berechnungsdokumentation

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Eigenkapitalrendite

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IRR

Die Kennzahl Eigenkapitalrendite IRR entspricht der annualisierten 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.

Break EvenDie 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 Cashflow to Equity.
Payback

Die Kennzahl Eigenkapitalrendite Payback entspricht dem Verhältnis der Summe aller Auszahlungen an die Eigenkapitalgeber zur Summe aller Eigenkapitaleinzahlungen aus Sicht der Projektgesellschaft.

ReferenzCashflow to Equity
Berechnung

Siehe Berechnungsdokumentation 

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Payoutrendite

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