Payout Restrictions

Payout Restrictions affect the Payout (Cashflow statement). Differences between Cashflow to Equity and Payout are absorbed in the change in liquidity (Cashflow statement ) respective in liquidity (Balance Sheet).

On the one hand the Debt Service Coverage Ratio (DSCR) has to be considered. When DSCR isn't achieved, no Payouts can be executed (so-called liquidity trap). The effect of DSCR violations can be observed from the difference between Equity IRR and Payout IRR.

On the other hand monthly effective Payouts aren't realistic. The model acts on the assumption that Payouts are only possible once per year in December.

Input Field

Description

Unit

Presetting

Covenant DSCR

Minimal rate between operative Cashflow and Debt Service. Is this rate violated no Payout can be executed.

Factor

0.00

DSCR Look Back Period

The Look Back Period contains all periods for the Debt Service (Debt Tranches) and operative Cashflow summation before the Debt Service Coverage Ratio is calculated for each period.

Month

0

Payout Restriction in Redemption Free Period

Select from the Payout Restriction concerned Production Units:

All	All existing Production Units are concerned from the Payout Restriction.
Some	With "Some" you can add individual Production Units to the Payout Restriction.
None	No Production Unit is concerned from the Payout Restriction.

Selection

All

Payout Month(s) (Dividends)

Defines in which month(s) the dividens are paid.

Month

All

Activate Minimum Liquidity

The active minimum liquidity represents the minimum liquidity that stays in the project. After all internal cashflows (like debt service or opex payments) are paid, dividend distributions up to this limit are made. With existing liquidity gaps you should increase the minimum liquidity profile by the value of the highest liquidity gap.

Yes/No

All

Minimum liquidity profile

Define a minimum liquidity profile. After all internal cashflows (like debt service or opex payments) are paid, dividend distributions up to this limit are made, provided that in this respective period there are dividend payouts. There can be liquidity gaps despite a defined minimum liquidity profile. The minimum liquidity gap is defined statically and future cashflows are not accounted for. With existing liquidity gaps you should increase the minimum liquidity profile by the value of the highest liquidity gap.

Number

0

Lift restrictions as of

The date at which all payout restrictions are lifted.

Selection

All

Calculation

Payout Restrictions affect the Payout calculation.

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