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INPUTS (All White Boxes Within Gray Background) : Financials General

The document contains inputs for financial modeling of a solar energy project, including a 30-year loan at 6% interest, federal and state tax rates, electricity rates, and various incentives. It then shows the project's pro-forma cash flows for the first year, which include electricity sales offsetting purchases, operating expenses, debt payments, tax savings from incentives that result in a positive after-tax cash flow. A payback analysis shows the project will pay back in over 30 years both with and without including operating expenses.

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nikhil singh
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0% found this document useful (0 votes)
34 views25 pages

INPUTS (All White Boxes Within Gray Background) : Financials General

The document contains inputs for financial modeling of a solar energy project, including a 30-year loan at 6% interest, federal and state tax rates, electricity rates, and various incentives. It then shows the project's pro-forma cash flows for the first year, which include electricity sales offsetting purchases, operating expenses, debt payments, tax savings from incentives that result in a positive after-tax cash flow. A payback analysis shows the project will pay back in over 30 years both with and without including operating expenses.

Uploaded by

nikhil singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLS, PDF, TXT or read online on Scribd
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INPUTS (all white boxes within gray background)

Financials
General
Analysis Period 30
Inflation Rate 2.50% % of Direct Costs Sales Tax Applies
Real Discount Rate 5.50% Total Installed Cost
Taxes and Insurance
Federal Tax 28.00% Fixed O&M ($/kW-yr)
State Tax 7.00% Fixed O&M Real Esc.
PropertyTax 0.00% Variable O&M ($/MWh)
Sales Tax 0.00% Variable O&M Real Esc.
Insurance 0.00% Fuel Cost ($/MMBtu)
Loan Fuel Cost Real Esc.
Amount $27,568.96 Fixed (Annual) O&M ($/yr)
Loan (Debt) Percent 100.00% Fixed (Annual) O&M Real Esc.
Term 30
Rate 6.00% Degradation (%/year)
Utility
Utility Rate $0.12 Heat Rate (MMBtus/MWh)
First Year First Year Annual Output (kWh)
Incentive Incentives
Amount

$0.00 Fixed, Federal %


$0.00 Fixed, State %
$0.00 Fixed, Utility %
$0.00 Fixed, Other %

$0.00 CBI, Federal $/W


$0.00 CBI, State $/W
$0.00 CBI, Utility $/W
$0.00 CBI, Other $/W

ITC, Federal $
ITC, State $

$8,270.69 ITC, Federal 30 %


$0.00 ITC, State %

PTC, Federal $/kwh


PTC, State $/kwh

PBI, Federal $/kwh


PBI, State $/kwh
PBI, Utility $/kwh
PBI, Other $/kwh
PRO-FORMA CASH FLOW:
Year 0 1
Electric Output (kWh) 6,580.90
Electricity Purchase Price ($/kWh) 0.120

Offset Electricity Payments


Offset Payments (assumes net metering) 789.71

Operating Expenses
Fixed (Annual) O & M Expense 15.00
Fixed O & M Expense 137.09
Variable O&M Expense 0.00
Fuel O & M expense 0.00
Insurance 0.00
Property Taxes 0.00
Total Operating Expenses 152.09

Total Deductable Expenses 0.00

Financing
Debt Funds 27,568.96
Equity Funds 0.00
Total Capital Investment 27,568.96

Cash Available Before Debt 0.00


Debt Interest Payment 1,654.14
Debt Repayment 348.72
Total Debt Payment 2,002.85

Tax Effect on Equity (State)


Deductable Expenses 0.00
Investment Based Incentives (IBI) 0.00
Federal IBI 0.00
State IBI 0.00
Utility IBI 0.00
Other IBI 0.00
Capacity Based Incentives (CBI) 0.00
Federal CBI 0.00
State CBI 0.00
Utility CBI 0.00
Other CBI 0.00
Performance Based Incentives (PBI) 0.00
Federal PBI 0.00
State PBI 0.00
Utility PBI 0.00
Other PBI 0.00
Depreciation
Interest Payment
Sales Tax
Total Incentive Income - Deductions 0.00
Total Taxable Incentive Income - Deductions 0.00
Income Taxes 0.00
Production Tax Credit 0.00
Investment Tax Credit 0.00
Tax Savings (Liability) 0.00
`
Tax Effect on Equity (Federal)
Deductable Expenses 0.00
Investment Based Incentives (IBI) 0.00
Federal IBI 0.00
State IBI 0.00
Utility IBI 0.00
Other IBI 0.00
Capacity Based Incentives (CBI) 0.00
Federal CBI 0.00
State CBI 0.00
Utility CBI 0.00
Other CBI 0.00
Performance Based Incentives (PBI) 0.00
Federal PBI 0.00
State PBI 0.00
Utility PBI 0.00
Other PBI 0.00
Depreciation
Interest Payment
Sales Tax
State Tax Savings (Liability) 0.00
Total Incentive Income - Deductions 0.00
Total Taxable Incentive Income - Deductions 0.00
Income Taxes 0.00
Production Tax Credit 0.00
Investment Tax Credit 8,270.69
Tax Savings (Liability) 8,270.69
State and Federal Tax Savings (Liability) 8,270.69
After Tax Net Equity Cost Flow 0.00 6,115.75
After Tax Cash Flow 0.00 6,905.45

Payback - expenses included


payback cash flow (including -27,568.96 8,361.78
cummulative payback cash flo -27,568.96 -19,207.18
Payback Fraction 1.00
non-discounted payback (includes expenses) >30 years

Payback - expenses excluded


payback cashflow (excluding -27,568.96 8,513.87
cummulative payback cashflow -27,568.96 -19,055.09
Payback Fraction 1.00
non-discounted payback (excludes expenses) >30 years

Without Incentives
Financing
Debt Funds 27,568.96
Equity Funds 0.00
Total Capital Investment 27,568.96

Cash Available Before Debt 0.00


Debt Interest Payment 1,654.14
Debt Repayment 348.72
Total Debt Payment 2,002.85

State Taxable income 0.00


State Income Taxes 0
Federal Taxable Income 0.00
Federal Income Taxes 0

After Tax Cost Flow 0.00 -2,154.94


After Tax Cash Flow 0.00 -1,365.23

Payback - expenses included


payback cash flow (including -27,568.96 91.09
cummulative payback cash flo -27,568.96 -27,477.87
Payback Fraction 1.00
non-discounted payback (includes expenses) >30 years
Intermediate Values
Costs Effective Tax Rate 33.04%
Total Capital Cost $18,288.96 Credit Basis - Fed $27,568.96
Total Indirect Cost $9,280.00 Credit Basis - State $27,568.96
f Direct Costs Sales Tax Applies 0% Nominal Discount Rate 8.14%
Total Installed Cost $27,568.96 First Costs $0.00
O and M Adjusted Installed Costs $27,568.96
Fixed O&M ($/kW-yr) $36.00 NPV(Nominal,Costflow)) ($16,766.51)
Fixed O&M Real Esc. 0% NPV(Nominal,Output)) 66,924.86
Variable O&M ($/MWh) $0.00 NPV(Real,Output)) 86,218.25
Variable O&M Real Esc. 0% Results LCOE (¢/kWh)
Fuel Cost ($/MMBtu) $0.00 Real 19.45
Fuel Cost Real Esc. 0% Nominal 25.05
Fixed (Annual) O&M ($/yr) $15.00 Real w/o Incentives 28.32
Fixed (Annual) O&M Real Esc. 0% Nominal w/o incentives 36.48
System Results Payback (years)
Degradation (%/year) 1.00% Incentives >30 years
System Size (kW) 3.808 No Incentives >30 years
Heat Rate (MMBtus/MWh) 10 Results NPV (nominal dollars)
First Year Annual Output (kWh) 6580.9 NPV ($6,672.66)
Incentives Taxable
Federal

1.00E+12 $ x
1.00E+12 $ x
1.00E+12 $ x
1.00E+12 $ x
Maximum
1.00E+12 $
1.00E+12 $ x
1.00E+12 $
1.00E+12 $ x

n/a
no

1.00E+12 $ n/a
1.00E+12 $ no
Term Escal.
30 years 2 % n/a
10 years 2 % no
Term
10 years 2 % x
10 years 2 % x
10 years 2 % x
10 years 2 % x
2 3 4 5 6
6,515.09 6,449.94 6,385.44 6,321.59 6,258.37
0.123 0.126 0.129 0.132 0.136

801.36 813.18 825.17 837.34 849.69

15.38 15.76 16.15 16.56 16.97


140.52 144.03 147.63 151.32 155.10
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
155.89 159.79 163.78 167.88 172.07

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


1,633.21 1,611.04 1,587.53 1,562.61 1,536.19
369.64 391.82 415.33 440.25 466.66
2,002.85 2,002.85 2,002.85 2,002.85 2,002.85

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
-2,158.75 -2,162.64 -2,166.64 -2,170.73 -2,174.93
-1,357.39 -1,349.47 -1,341.47 -1,333.39 -1,325.24

105.85 121.10 136.87 153.18 170.06


-19,101.33 -18,980.22 -18,843.36 -18,690.18 -18,520.11
1.00 1.00 1.00 1.00 1.00

261.74 280.89 300.65 321.06 342.13


-18,793.35 -18,512.46 -18,211.81 -17,890.75 -17,548.62
1.00 1.00 1.00 1.00 1.00
0.00 0.00 0.00 0.00 0.00
1,633.21 1,611.04 1,587.53 1,562.61 1,536.19
369.64 391.82 415.33 440.25 466.66
2,002.85 2,002.85 2,002.85 2,002.85 2,002.85

0.00 0.00 0.00 0.00 0.00


0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
0 0 0 0 0

-2,158.75 -2,162.64 -2,166.64 -2,170.73 -2,174.93


-1,357.39 -1,349.47 -1,341.47 -1,333.39 -1,325.24

105.85 121.10 136.87 153.18 170.06


-27,372.02 -27,250.91 -27,114.04 -26,960.86 -26,790.80
1.00 1.00 1.00 1.00 1.00
After Tax Cash Flow

7,000.00

6,000.00

5,000.00
Dollars

4,000.00

3,000.00

2,000.00

1,000.00

0.00
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
-1,000.00

-2,000.00

-3,000.00 Year

Reduced Basis if non-taxed (Fixed &CBI) or Reduce Basis (ITC)?


State Fed ITC Basis State ITC Basis Fed Depr Basis

x n/a
x n/a
x n/a
x n/a

x x n/a
x n/a
n/a
x n/a

no n/a
n/a n/a

no n/a
n/a n/a

no no assume no n/a
n/a no assume no n/a

x no assume no n/a
x no assume no n/a
x no assume no n/a
x no assume no n/a
7 8 9 10
6,195.79 6,133.83 6,072.49 6,011.77
0.139 0.143 0.146 0.150

862.23 874.94 887.85 900.94

17.40 17.83 18.28 18.73


158.98 162.95 167.03 171.20
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
176.38 180.78 185.30 189.94

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00


1,508.19 1,478.51 1,447.05 1,413.70
494.66 524.34 555.80 589.15
2,002.85 2,002.85 2,002.85 2,002.85

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00
-2,179.23 -2,183.64 -2,188.16 -2,192.79
-1,317.00 -1,308.70 -1,300.31 -1,291.85

187.54 205.66 224.44 243.92


-18,332.57 -18,126.91 -17,902.48 -17,658.56
1.00 1.00 1.00 1.00

363.92 386.44 409.74 433.86


-17,184.70 -16,798.26 -16,388.51 -15,954.66
1.00 1.00 1.00 1.00
0.00 0.00 0.00 0.00
1,508.19 1,478.51 1,447.05 1,413.70
494.66 524.34 555.80 589.15
2,002.85 2,002.85 2,002.85 2,002.85

0.00 0.00 0.00 0.00


0 0 0 0
0.00 0.00 0.00 0.00
0 0 0 0

-2,179.23 -2,183.64 -2,188.16 -2,192.79


-1,317.00 -1,308.70 -1,300.31 -1,291.85

187.54 205.66 224.44 243.92


-26,603.26 -26,397.60 -26,173.16 -25,929.24
1.00 1.00 1.00 1.00
21 22 23 24 25 26 27 28 29 30

Reduce Basis (ITC)?


State Depr Basis

n/a
n/a
n/a
n/a

n/a
n/a
n/a
n/a

n/a

n/a

n/a
n/a

n/a
n/a
n/a
n/a
11 12 13 14 15
5,951.65 5,892.13 5,833.21 5,774.88 5,717.13
0.154 0.157 0.161 0.165 0.170

914.23 927.72 941.40 955.29 969.38

19.20 19.68 20.17 20.68 21.19


175.48 179.87 184.37 188.98 193.70
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
194.69 199.55 204.54 209.65 214.90

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


1,378.36 1,340.89 1,301.17 1,259.07 1,214.44
624.50 661.97 701.69 743.79 788.42
2,002.85 2,002.85 2,002.85 2,002.85 2,002.85

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
-2,197.54 -2,202.41 -2,207.40 -2,212.51 -2,217.75
-1,283.31 -1,274.69 -1,265.99 -1,257.22 -1,248.37

264.14 285.14 306.96 329.64 353.23


-17,394.42 -17,109.28 -16,802.32 -16,472.69 -16,119.45
1.00 1.00 1.00 1.00 1.00

458.82 484.69 511.50 539.29 568.13


-15,495.83 -15,011.14 -14,499.64 -13,960.35 -13,392.22
1.00 1.00 1.00 1.00 1.00
0.00 0.00 0.00 0.00 0.00
1,378.36 1,340.89 1,301.17 1,259.07 1,214.44
624.50 661.97 701.69 743.79 788.42
2,002.85 2,002.85 2,002.85 2,002.85 2,002.85

0.00 0.00 0.00 0.00 0.00


0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
0 0 0 0 0

-2,197.54 -2,202.41 -2,207.40 -2,212.51 -2,217.75


-1,283.31 -1,274.69 -1,265.99 -1,257.22 -1,248.37

264.14 285.14 306.96 329.64 353.23


-25,665.10 -25,379.97 -25,073.01 -24,743.37 -24,390.14
1.00 1.00 1.00 1.00 1.00
16 17 18 19 20
5,659.96 5,603.36 5,547.32 5,491.85 5,436.93
0.174 0.178 0.183 0.187 0.192

983.68 998.19 1,012.91 1,027.85 1,043.01

21.72 22.27 22.82 23.39 23.98


198.54 203.51 208.60 213.81 219.16
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
220.27 225.78 231.42 237.21 243.14

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


1,167.13 1,116.99 1,063.84 1,007.50 947.78
835.72 885.86 939.02 995.36 1,055.08
2,002.85 2,002.85 2,002.85 2,002.85 2,002.85

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
-2,223.12 -2,228.63 -2,234.27 -2,240.06 -2,245.99
-1,239.45 -1,230.44 -1,221.37 -1,212.21 -1,202.98

377.79 403.36 430.00 457.77 486.73


-15,741.67 -15,338.31 -14,908.31 -14,450.55 -13,963.82
1.00 1.00 1.00 1.00 1.00

598.06 629.13 661.42 694.97 729.87


-12,794.17 -12,165.04 -11,503.62 -10,808.65 -10,078.78
1.00 1.00 1.00 1.00 1.00
0.00 0.00 0.00 0.00 0.00
1,167.13 1,116.99 1,063.84 1,007.50 947.78
835.72 885.86 939.02 995.36 1,055.08
2,002.85 2,002.85 2,002.85 2,002.85 2,002.85

0.00 0.00 0.00 0.00 0.00


0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
0 0 0 0 0

-2,223.12 -2,228.63 -2,234.27 -2,240.06 -2,245.99


-1,239.45 -1,230.44 -1,221.37 -1,212.21 -1,202.98

377.79 403.36 430.00 457.77 486.73


-24,012.36 -23,609.00 -23,179.00 -22,721.23 -22,234.50
1.00 1.00 1.00 1.00 1.00
21 22 23 24 25
5,382.56 5,328.74 5,275.45 5,222.70 5,170.47
0.197 0.202 0.207 0.212 0.217

1,058.39 1,074.01 1,089.85 1,105.92 1,122.24

24.58 25.19 25.82 26.47 27.13


224.63 230.25 236.01 241.91 247.95
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
249.21 255.44 261.83 268.38 275.09

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


884.47 817.37 746.24 670.84 590.92
1,118.38 1,185.49 1,256.62 1,332.01 1,411.93
2,002.85 2,002.85 2,002.85 2,002.85 2,002.85

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
-2,252.07 -2,258.30 -2,264.69 -2,271.23 -2,277.94
-1,193.67 -1,184.29 -1,174.84 -1,165.31 -1,155.71

516.95 548.50 581.46 615.90 651.91


-13,446.86 -12,898.36 -12,316.90 -11,701.00 -11,049.09
1.00 1.00 1.00 1.00 1.00

766.17 803.95 843.29 884.28 927.00


-9,312.61 -8,508.67 -7,665.38 -6,781.10 -5,854.10
1.00 1.00 1.00 1.00 1.00
0.00 0.00 0.00 0.00 0.00
884.47 817.37 746.24 670.84 590.92
1,118.38 1,185.49 1,256.62 1,332.01 1,411.93
2,002.85 2,002.85 2,002.85 2,002.85 2,002.85

0.00 0.00 0.00 0.00 0.00


0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
0 0 0 0 0

-2,252.07 -2,258.30 -2,264.69 -2,271.23 -2,277.94


-1,193.67 -1,184.29 -1,174.84 -1,165.31 -1,155.71

516.95 548.50 581.46 615.90 651.91


-21,717.55 -21,169.05 -20,587.59 -19,971.69 -19,319.78
1.00 1.00 1.00 1.00 1.00
26 27 28 29 30
5,118.76 5,067.58 5,016.90 4,966.73 4,917.06
0.222 0.228 0.234 0.240 0.246

1,138.79 1,155.59 1,172.63 1,189.93 1,207.48

27.81 28.50 29.22 29.95 30.70


254.15 260.51 267.02 273.70 280.54
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
281.96 289.01 296.24 303.64 311.23

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


506.21 416.41 321.22 220.32 113.37
1,496.65 1,586.45 1,681.64 1,782.53 1,889.49
2,002.85 2,002.85 2,002.85 2,002.85 2,002.85

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
-2,284.82 -2,291.87 -2,299.09 -2,306.50 -2,314.09
-1,146.03 -1,136.28 -1,126.46 -1,116.57 -1,106.61

689.58 728.99 770.26 813.49 858.79


-10,359.51 -9,630.52 -8,860.26 -8,046.77 -7,187.98
1.00 1.00 1.00 1.00 1.00

971.54 1,018.00 1,066.50 1,117.13 1,170.02


-4,882.57 -3,864.56 -2,798.06 -1,680.93 -510.91
1.00 1.00 1.00 1.00 1.00
0.00 0.00 0.00 0.00 0.00
506.21 416.41 321.22 220.32 113.37
1,496.65 1,586.45 1,681.64 1,782.53 1,889.49
2,002.85 2,002.85 2,002.85 2,002.85 2,002.85

0.00 0.00 0.00 0.00 0.00


0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
0 0 0 0 0

-2,284.82 -2,291.87 -2,299.09 -2,306.50 -2,314.09


-1,146.03 -1,136.28 -1,126.46 -1,116.57 -1,106.61

689.58 728.99 770.26 813.49 858.79


-18,630.20 -17,901.21 -17,130.95 -16,317.46 -15,458.67
1.00 1.00 1.00 1.00 1.00

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