2.1.2.1 Overview

Graphics

The graphics section shows different figures. For example the Cashflow Waterfall or Uses & Sources of liquid assets.

Internal CF Waterfall

The Cashflow Waterfall shows all Cash-out positions related to Net Sales. Cash-out positions are Redemption payments on Shareholder Loans, Payouts, Reserves (internal), Redemption payments on Debt, Debt interests, Capex (internal), Taxes, Opex (internal) and Open Items (internal). Furthermore the Cashflow Waterfall shows changes in Liquidity Traps and Gaps.

Presentation Possibilities

Graph	Data is shown as graph
Table	Data is shown as table (unit: in 1'000 or 1)

Time Period

Year	Data is shown on yearly basis.
Quarter	Data is shown on quarterly basis (3 months).
Month	Data is shown on monthly basis.

Graphical Representation

The graph shows the use of operative Cash-Ins.

In the example graph there are liquid assets build during the first three years. But they can't be distributed because of Payout Restrictions. In year four there are Payouts. The liquid assets previously built are distributed now.

Internal CF Waterfall ( ∑ )

The accumulated Cashflow Waterfall shows the accumulated Cash-out positions related to the accumulated Net Sales. Cash-out positions are Redemption payments on Shareholder Loans, Payouts, Reserves (internal), Redemption payments on Debt, Debt interests, Capex (internal), Taxes, Opex (internal) and Open Items (internal).

Presentation Possibilities

Graph	Data is shown as graph
Table	Data is shown as table (unit: in 1'000 or 1)

Time Period

Year	Data is shown on yearly basis.
Quarter	Data is shown on quarterly basis (3 months).
Month	Data is shown on monthly basis.

Graphical Representation

This graph shows the accumulated Cash-Out positions and the accumulated Sales of the internal Cashflow Waterfall (compare graph internal Cashflow Waterfall).

Uses & Sources

The source shows the origin of external assets. Possible sources are Equity, Debt, Shareholder Loans and Liquidity Funding for External Financing. The use shows the usage of the external assets. Possible uses are required Liquidity for External Financing, Opex (external), Capex (external), reserves (external) and Open Items (external).

Presentation Possibilities

Graph	Data is shown as graph
Table	Data is shown as table (unit: in 1'000 or 1)

Time Period

Year	Data is shown on yearly basis.
Quarter	Data is shown on quarterly basis (3 months).
Month	Data is shown on monthly basis.

Graphical Representation

In the example graph there are external financed Capex and Liquidity for external financing covered by Equity in the first Period. In the next Period, Debt is raised to cover external financed Capex, Liquidity for external financing and external financed Opex. In the third Period the Liquidity Funding is used for external financed Capex.

Uses & Sources ( ∑ )

The accumulated source shows the origin of external assets. Possible sources are Equity, Debt, Shareholder Loans and Liquidity Funding for external financing. The accumulated use shows the usage of the external assets. Possible uses are required Liquidity for external financing, Opex (external), Capex (external), reserves (external) and Open Items (external).

Presentation Possibilities

Graph	Data is shown as graph
Table	Data is shown as table (unit: in 1'000 or 1)

Time Period

Year	Data is shown on yearly basis.
Quarter	Data is shown on quarterly basis (3 months).
Month	Data is shown on monthly basis.

Graphical Representation

The graph shows the accumulated source and the accumulated use of the Uses & Sources graph (compare graph Uses & Sources).

CFs

The Cashflow graph shows the different Cashflows (Adjusted Free Cashflow, Cashflow to Equity and Payout) over the Project Lifetime.

Presentation Possibilities

Graph	Data is shown as graph
Table	Data is shown as table (unit: in 1'000 or 1)

Time Period

Year	Data is shown on yearly basis.
Quarter	Data is shown on quarterly basis (3 months).
Month	Data is shown on monthly basis.

Graphical Representation

The graph shows if positive or negative Cashflows are generated.

CFs ( ∑ )

The Cashflow ( ∑ ) graph shows the different accumulated Cashflows (Adjusted Free Cashflow, Cashflow to Equity and Payout) over the Project Lifetime.

Presentation Possibilities

Graph	Data is shown as graph
Table	Data is shown as table (unit: in 1'000 or 1)

Time Period

Year	Data is shown on yearly basis.
Quarter	Data is shown on quarterly basis (3 months).
Month	Data is shown on monthly basis.

Graphical Representation

The graph shows if the accumulated Cashflow are positive or negative. The transition from negative to positive Cashflows shows the Break Even point of each Cashflow.

DSCR

The graph DSCR shows the Debt Service Coverage Ratio (DSCR) and the Minimum DSCR which has to be reached to make Payouts in the particular Period.

Presentation Possibilities

Graph	Data is shown as graph
Table	Data is shown as table (unit: in 1'000 or 1)

Time Period

Year	Data is shown on yearly basis.
Quarter	Data is shown on quarterly basis (3 months).
Month	Data is shown on monthly basis.

DSCR Calculation: DSCR = internal financed components of the operative Cashflow(t) / Debt Service referred to the Look Back Period

Graphical Representation

In the example graph the Minimum DSCR is violated in several years. Thus there are no Payouts in those years.

Liquidity

Project Values

The project values are calculated as follows

Where:

V = Project Value, Equity Value or Payout Value
CF_T =
- (adjusted) Free Cashflow at time t for V = Project Value
- Cashflow to Equity at time t for V = Equity Value
- Payout at time t for V = Payout Value
r = hurdle rate or effective IRR
n = number of periods
t = respective period after the valuation date