Description
The excel sheet about Financial Analysis of Mumbai International Airport: Revenue, Growth, Operational Expenses, Loan EMI, Depreciation, Cash Flows, Balance Sheet, Income statements, Ratios.
Name Amit Agarwal Salman Hamdare Pramod Mallya Dhruv Parikh Ameya Shisani Jigar Jani
Roll No 101 124 134 143 154 CM09
Sales Break-Up Aero Revenue Non Aero Revenue Cargo
38% 45% 17%
Particulars Aero Revenues Growth Passenger Growth ATM Growth Non Aero Revenues Growth Cargo Growth Total Revenue Growth Revenue Forecasts
2009
2010 1.97% 2% 2% 23% 4% 12% 9437.79 10549.56
2011 12.63% 9% 14% 21% 8% 16% 12196.35
No of Passengers (millions) Domestic International Airport Development Charges Domestic (Rs per Passenger) International (Rs per passenger)
65% 35%
23 15 8
25 16 9
100 600
2012 12.08% 13% 12% 21% 10% 16% 14116.05
2013 9.39% 8% 10% 20% 7% 14% 16058.42
2014 7.93% 5% 9% 20% 5% 13% 18124.34
2015 6.95% 4% 8% 20% 4% 12% 20357.26
28 18 10
31 20 11
32 21 11
33 22 12
2016 6.20% 4% 7% 18% 3% 11% 22589.43
2017 5.45% 4% 6% 17% 3% 10% 24900.33
2018 4.70% 4% 5% 16% 3% 9% 27264.62
2019 4.70% 4% 5% 15% 3% 9% 29730.70
35 23 12
36 24 13
38 25 13
39 25 14
2020 3.95% 4% 4% 15% 3% 9% 32335.11
2021 2.25% 0% 3% 13% 3% 7% 34668.09
2022 2.25% 0% 3% 12% 3% 7% 37013.38
2023 2.25% 0% 3% 11% 3% 6% 39350.78
41 27 14
41 27 14
41 27 14
41 27 14
2024 2.25% 0% 3% 10% 3% 6% 41658.70
2025 2.25% 0% 3% 10% 1% 6% 43960.34
2026 0.75% 0% 1% 5% 0% 3% 45074.74
2027 0.75% 0% 1% 5% 0% 3% 46217.38
2028 0.75% 0% 1% 5% 0% 3% 47388.99
2029 0.75% 0% 1% 5% 0% 3% 48590.31
2030 0.75% 0% 1% 5% 0% 3% 49822.07
41 27 14
41 27 14
41 27 14
41 27 14
41 27 14
41 27 14
41 27 14
2031 0.75% 0% 1% 5% 0% 3% 51085.06
2032 0.75% 0% 1% 2% 0% 1% 51690.42
2033 0.75% 0% 1% 2% 0% 1% 52302.95
2034 0.75% 0% 1% 2% 0% 1% 52922.74
2035 0.75% 0% 1% 2% 0% 1% 53549.87
2036 0.75% 0% 1% 2% 0% 1% 54184.44
2037 0.75% 0% 1% 2% 0% 1% 54826.52
41 27 14
41 27 14
41 27 14
41 27 14
41 27 14
41 27 14
41 27 14
Aero Revenue Charges Landing Charges Aircraft Parking Charges Passenger Service Fees X-Ray Charges Total
Percentage 2007 27.0% 1.5% 9.0% 0.5% 38.0%
2008 2009 2010 2011 2,574.04 2,639.36 2,848.38 3,293.01 143.00 146.63 158.24 182.95 858.01 879.79 949.46 1,097.67 47.67 48.88 52.75 60.98 3,622.72 3,714.65 4,008.83 4,634.61
2012 2013 2014 2015 2016 2017 2018 2019 2020 3,811.33 4,335.77 4,893.57 5,496.46 6,099.15 6,723.09 7,361.45 8,027.29 8,730.48 211.74 240.88 271.87 305.36 338.84 373.50 408.97 445.96 485.03 1,270.44 1,445.26 1,631.19 1,832.15 2,033.05 2,241.03 2,453.82 2,675.76 2,910.16 70.58 80.29 90.62 101.79 112.95 124.50 136.32 148.65 161.68 5,364.10 6,102.20 6,887.25 7,735.76 8,583.98 9,462.12 10,360.55 11,297.67 12,287.34
2021 2022 2023 2024 2025 2026 2027 2028 2029 9,360.38 9,993.61 10,624.71 11,247.85 11,869.29 12,675.77 13,019.92 13,373.41 13,736.50 520.02 555.20 590.26 624.88 659.41 704.21 723.33 742.97 763.14 3,120.13 3,331.20 3,541.57 3,749.28 3,956.43 4,225.26 4,339.97 4,457.80 4,578.83 173.34 185.07 196.75 208.29 219.80 234.74 241.11 247.66 254.38 13,173.87 14,065.09 14,953.30 15,830.31 16,704.93 17,839.97 18,324.33 18,821.83 19,332.85
2030 2031 2032 2033 2034 2035 2036 2037 14,109.44 14,492.51 14,690.34 14,890.86 15,094.12 15,300.15 15,509.00 15,720.70 783.86 805.14 816.13 827.27 838.56 850.01 861.61 873.37 4,703.15 4,830.84 4,896.78 4,963.62 5,031.37 5,100.05 5,169.67 5,240.23 261.29 268.38 272.04 275.76 279.52 283.34 287.20 291.12 19,857.73 20,396.87 20,675.29 20,957.51 21,243.58 21,533.55 21,827.48 22,125.43
Non Aero Revenue Charges Oil Throughput Food and Business Advertisement Duty Free Ground Handling Others Total
Percentage 8.1% 4.5% 3.2% 8.6% 5.9% 14.9% 45.0%
2007
2008 571.56 317.53 222.27 603.31 412.79 1,047.86 3,175.33
2009 703.55 390.86 273.60 742.63 508.12 1,289.83 3,908.59
2010 854.51 474.73 332.31 901.99 617.15 1,566.61 4,747.30
2011 987.90 548.84 384.18 1,042.79 713.49 1,811.16 5,488.36
2012 1,143.40 635.22 444.66 1,206.92 825.79 2,096.23 6,352.22
2013 1,300.73 722.63 505.84 1,373.00 939.42 2,384.68 7,226.29
2014 1,468.07 815.60 570.92 1,549.63 1,060.27 2,691.46 8,155.95
2015 2016 2017 1,648.94 1,829.74 2,016.93 916.08 1,016.52 1,120.51 641.25 711.57 784.36 1,740.55 1,931.40 2,128.98 1,190.90 1,321.48 1,456.67 3,023.05 3,354.53 3,697.70 9,160.77 10,165.24 11,205.15
2018 2019 2020 2,208.43 2,408.19 2,619.14 1,226.91 1,337.88 1,455.08 858.84 936.52 1,018.56 2,331.12 2,541.97 2,764.65 1,594.98 1,739.25 1,891.60 4,048.80 4,415.01 4,801.76 12,269.08 13,378.81 14,550.80
2021 2022 2023 2024 2025 2026 2027 2028 2029 2,808.12 2,998.08 3,187.41 3,374.35 3,560.79 3,802.73 3,905.98 4,012.02 4,120.95 1,560.06 1,665.60 1,770.79 1,874.64 1,978.22 2,112.63 2,169.99 2,228.90 2,289.42 1,092.04 1,165.92 1,239.55 1,312.25 1,384.75 1,478.84 1,518.99 1,560.23 1,602.59 2,964.12 3,164.64 3,364.49 3,561.82 3,758.61 4,013.99 4,122.97 4,234.91 4,349.89 2,028.08 2,165.28 2,302.02 2,437.03 2,571.68 2,746.42 2,820.98 2,897.57 2,976.24 5,148.21 5,496.49 5,843.59 6,186.32 6,528.11 6,971.67 7,160.95 7,355.37 7,555.07 15,600.64 16,656.02 17,707.85 18,746.42 19,782.16 21,126.28 21,699.86 22,289.01 22,894.16
2030 2031 2032 2033 2034 2035 2036 2037 4,232.83 4,347.75 4,407.10 4,467.26 4,528.24 4,590.05 4,652.70 4,716.21 2,351.57 2,415.42 2,448.39 2,481.81 2,515.69 2,550.03 2,584.83 2,620.12 1,646.10 1,690.79 1,713.87 1,737.27 1,760.98 1,785.02 1,809.38 1,834.08 4,467.99 4,589.30 4,651.94 4,715.44 4,779.80 4,845.05 4,911.18 4,978.22 3,057.05 3,140.04 3,182.91 3,226.35 3,270.39 3,315.03 3,360.28 3,406.15 7,760.19 7,970.88 8,079.69 8,189.97 8,301.77 8,415.09 8,529.95 8,646.38 23,515.74 24,154.19 24,483.89 24,818.10 25,156.87 25,500.26 25,848.34 26,201.17
Operating and Admin Expenses Power and Fuel Operation Support Costs Salaries and Bonus Contract Services Others Total
Percentage 19.8% 29.3% 15.6% 8.3% 27.0% 100.0%
2007
2008 551.27 855.40 326.72 220.55 1,120.06 3,074.00
2009 655.44 968.55 514.27 273.37 890.37 3,302.00
2010 711.98 1,052.10 558.63 296.95 967.18 3,586.85
2011 823.12 1,216.34 645.84 343.31 1,118.16 4,146.76
2012 952.68 1,407.79 747.49 397.34 1,294.15 4,799.46
2013 1,083.77 1,601.50 850.35 452.02 1,472.23 5,459.86
2014 1,223.20 1,807.53 959.74 510.17 1,661.63 6,162.28
2015 1,373.90 2,030.22 1,077.98 573.02 1,866.34 6,921.47
2016 1,524.54 2,252.83 1,196.18 635.85 2,070.99 7,680.41
2017 1,680.51 2,483.30 1,318.55 700.90 2,282.85 8,466.11
2018 2019 2020 1,840.07 2,006.50 2,182.27 2,719.09 2,965.03 3,224.77 1,443.75 1,574.34 1,712.25 767.45 836.87 910.18 2,499.61 2,725.70 2,964.47 9,269.97 10,108.44 10,993.94
2021 2022 2023 2024 2025 2026 2027 2028 2029 2,339.72 2,498.01 2,655.76 2,811.52 2,966.85 3,168.44 3,254.46 3,342.82 3,433.58 3,457.43 3,691.33 3,924.44 4,154.60 4,384.15 4,682.03 4,809.15 4,939.72 5,073.83 1,835.79 1,959.98 2,083.75 2,205.97 2,327.85 2,486.01 2,553.51 2,622.84 2,694.05 975.85 1,041.87 1,107.66 1,172.62 1,237.41 1,321.49 1,357.37 1,394.22 1,432.07 3,178.35 3,393.37 3,607.66 3,819.25 4,030.26 4,304.11 4,420.96 4,540.99 4,664.28 11,787.15 12,584.55 13,379.26 14,163.96 14,946.52 15,962.08 16,395.45 16,840.59 17,297.81
2030 2031 2032 2033 2034 2035 2036 2037 3,526.80 3,622.55 3,672.00 3,722.12 3,772.93 3,824.43 3,876.63 3,929.55 5,211.59 5,353.08 5,426.15 5,500.22 5,575.30 5,651.40 5,728.54 5,806.73 2,767.19 2,842.32 2,881.12 2,920.45 2,960.31 3,000.72 3,041.68 3,083.20 1,470.95 1,510.89 1,531.51 1,552.42 1,573.61 1,595.09 1,616.86 1,638.93 4,790.91 4,920.99 4,988.16 5,056.25 5,125.27 5,195.23 5,266.14 5,338.02 17,767.45 18,249.83 18,498.94 18,751.45 19,007.41 19,266.86 19,529.85 19,796.44
Annual Interest Rate Spread Overall Interest Rate Loan Amount Period Moratorium and DrawDown Period Payment EMI Yearly Payment
7% 2.15% 10% 42000 17 7 Monthly -544.62 6535.44
Millions Years Years
Month 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 31 32
EMI -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62
Interest Principal Loan Amount -334.25 -210.37 41,789.63 -332.58 -212.04 41,577.59 -330.89 -213.73 41,363.85 -329.19 -215.43 41,148.42 -327.47 -217.15 40,931.27 -325.74 -218.88 40,712.40 -324.00 -220.62 40,491.78 -322.25 -222.37 40,269.41 -320.48 -224.14 40,045.26 -318.69 -225.93 39,819.34 -316.90 -227.72 39,591.61 -315.08 -229.54 39,362.08 -313.26 -231.36 39,130.71 -311.42 -233.20 38,897.51 -309.56 -235.06 38,662.45 -307.69 -236.93 38,425.52 -305.80 -238.82 38,186.70 -303.90 -240.72 37,945.98 -301.99 -242.63 37,703.35 -300.06 -244.56 37,458.78 -298.11 -246.51 37,212.27 -296.15 -248.47 36,963.80 -294.17 -250.45 36,713.35 -292.18 -252.44 36,460.91 -290.17 -254.45 36,206.45 -288.14 -256.48 35,949.98 -286.10 -258.52 35,691.46 -284.04 -260.58 35,430.88 -281.97 -262.65 35,168.23 -279.88 -264.74 34,903.49 -277.77 -266.85 34,636.65 -275.65 -268.97 34,367.68
33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79
-544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62
-273.51 -271.35 -269.18 -266.99 -264.78 -262.55 -260.30 -258.04 -255.76 -253.46 -251.14 -248.81 -246.45 -244.08 -241.69 -239.28 -236.85 -234.40 -231.93 -229.44 -226.93 -224.41 -221.86 -219.29 -216.70 -214.09 -211.46 -208.81 -206.14 -203.44 -200.73 -197.99 -195.23 -192.45 -189.65 -186.82 -183.98 -181.11 -178.21 -175.30 -172.36 -169.39 -166.41 -163.40 -160.36 -157.31 -154.22
-271.11 -273.27 -275.44 -277.64 -279.84 -282.07 -284.32 -286.58 -288.86 -291.16 -293.48 -295.81 -298.17 -300.54 -302.93 -305.34 -307.77 -310.22 -312.69 -315.18 -317.69 -320.21 -322.76 -325.33 -327.92 -330.53 -333.16 -335.81 -338.48 -341.18 -343.89 -346.63 -349.39 -352.17 -354.97 -357.80 -360.64 -363.51 -366.41 -369.32 -372.26 -375.23 -378.21 -381.22 -384.26 -387.31 -390.40
34,096.57 33,823.30 33,547.86 33,270.22 32,990.38 32,708.30 32,423.99 32,137.41 31,848.55 31,557.39 31,263.91 30,968.10 30,669.94 30,369.40 30,066.47 29,761.13 29,453.36 29,143.13 28,830.45 28,515.27 28,197.58 27,877.37 27,554.60 27,229.27 26,901.35 26,570.82 26,237.66 25,901.85 25,563.36 25,222.19 24,878.29 24,531.66 24,182.27 23,830.10 23,475.13 23,117.33 22,756.69 22,393.17 22,026.77 21,657.44 21,285.18 20,909.95 20,531.74 20,150.52 19,766.27 19,378.95 18,988.56
80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120
-544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62
-151.12 -147.99 -144.83 -141.65 -138.44 -135.21 -131.95 -128.67 -125.36 -122.02 -118.66 -115.27 -111.85 -108.40 -104.93 -101.43 -97.91 -94.35 -90.77 -87.16 -83.52 -79.85 -76.15 -72.42 -68.66 -64.87 -61.05 -57.21 -53.33 -49.42 -45.48 -41.50 -37.50 -33.46 -29.40 -25.30 -21.16 -17.00 -12.80 -8.57 -4.30
-393.50 -396.63 -399.79 -402.97 -406.18 -409.41 -412.67 -415.95 -419.26 -422.60 -425.96 -429.35 -432.77 -436.22 -439.69 -443.19 -446.71 -450.27 -453.85 -457.46 -461.10 -464.77 -468.47 -472.20 -475.96 -479.75 -483.57 -487.41 -491.29 -495.20 -499.14 -503.12 -507.12 -511.16 -515.22 -519.32 -523.46 -527.62 -531.82 -536.05 -540.32
18,595.05 18,198.42 17,798.63 17,395.65 16,989.47 16,580.06 16,167.39 15,751.44 15,332.17 14,909.57 14,483.61 14,054.25 13,621.48 13,185.26 12,745.58 12,302.39 11,855.68 11,405.41 10,951.55 10,494.09 10,032.99 9,568.21 9,099.74 8,627.54 8,151.58 7,671.83 7,188.27 6,700.85 6,209.56 5,714.36 5,215.21 4,712.10 4,204.98 3,693.82 3,178.60 2,659.28 2,135.82 1,608.20 1,076.37 540.32 0.00
Annual Interest Rate Spread Overall Interest Rate Loan Amount Period Moratorium and DrawDown Period Payment EMI Yearly Payment
Year 1 2 3 4 5 6 7 8 9 10
Interest Principal Total 3,897.52 2,637.92 6,535.44 3,634.27 2,901.17 6,535.44 3,344.76 3,190.69 6,535.44 3,026.35 3,509.09 6,535.44 2,676.16 3,859.28 6,535.44 2,291.04 4,244.41 6,535.44 1,867.47 4,667.97 6,535.44 1,401.64 5,133.80 6,535.44 889.33 5,646.12 6,535.44 325.88 6,209.56 6,535.44
Month 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 31 32
33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79
80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120
7% 2.15% 10% 15000 Millions 17 Years 7 Years Monthly -194.51 2334.09
EMI Interest Principal -194.51 -119.38 -75.13 -194.51 -118.78 -75.73 -194.51 -118.17 -76.33 -194.51 -117.57 -76.94 -194.51 -116.95 -77.55 -194.51 -116.34 -78.17 -194.51 -115.72 -78.79 -194.51 -115.09 -79.42 -194.51 -114.46 -80.05 -194.51 -113.82 -80.69 -194.51 -113.18 -81.33 -194.51 -112.53 -81.98 -194.51 -111.88 -82.63 -194.51 -111.22 -83.29 -194.51 -110.56 -83.95 -194.51 -109.89 -84.62 -194.51 -109.22 -85.29 -194.51 -108.54 -85.97 -194.51 -107.85 -86.65 -194.51 -107.16 -87.34 -194.51 -106.47 -88.04 -194.51 -105.77 -88.74 -194.51 -105.06 -89.45 -194.51 -104.35 -90.16 -194.51 -103.63 -90.88 -194.51 -102.91 -91.60 -194.51 -102.18 -92.33 -194.51 -101.44 -93.06 -194.51 -100.70 -93.80 -194.51 -99.96 -94.55 -194.51 -99.20 -95.30 -194.51 -98.45 -96.06
Loan Amount 14,924.87 14,849.14 14,772.80 14,695.86 14,618.31 14,540.14 14,461.35 14,381.93 14,301.88 14,221.19 14,139.86 14,057.88 13,975.25 13,891.97 13,808.02 13,723.40 13,638.11 13,552.14 13,465.48 13,378.14 13,290.10 13,201.36 13,111.91 13,021.75 12,930.88 12,839.28 12,746.95 12,653.89 12,560.08 12,465.53 12,370.23 12,274.17
Year 1 2 3 4 5 6 7 8 9 10
Interest Principal Total 1,391.97 942.12 2,334.09 1,297.95 1,036.13 2,334.09 1,194.56 1,139.53 2,334.09 1,080.84 1,253.25 2,334.09 955.77 1,378.31 2,334.09 818.23 1,515.86 2,334.09 666.95 1,667.13 2,334.09 500.59 1,833.50 2,334.09 317.62 2,016.47 2,334.09 116.39 2,217.70 2,334.09
-194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51
-97.68 -96.91 -96.13 -95.35 -94.56 -93.77 -92.97 -92.16 -91.34 -90.52 -89.69 -88.86 -88.02 -87.17 -86.32 -85.46 -84.59 -83.71 -82.83 -81.94 -81.05 -80.14 -79.23 -78.32 -77.39 -76.46 -75.52 -74.57 -73.62 -72.66 -71.69 -70.71 -69.73 -68.73 -67.73 -66.72 -65.71 -64.68 -63.65 -62.61 -61.56 -60.50 -59.43 -58.36 -57.27 -56.18 -55.08
-96.83 -97.60 -98.37 -99.16 -99.94 -100.74 -101.54 -102.35 -103.16 -103.99 -104.81 -105.65 -106.49 -107.34 -108.19 -109.05 -109.92 -110.79 -111.67 -112.56 -113.46 -114.36 -115.27 -116.19 -117.11 -118.05 -118.99 -119.93 -120.89 -121.85 -122.82 -123.80 -124.78 -125.77 -126.78 -127.78 -128.80 -129.83 -130.86 -131.90 -132.95 -134.01 -135.08 -136.15 -137.23 -138.33 -139.43
12,177.35 12,079.75 11,981.38 11,882.22 11,782.28 11,681.54 11,580.00 11,477.65 11,374.48 11,270.50 11,165.68 11,060.04 10,953.55 10,846.21 10,738.02 10,628.97 10,519.06 10,408.26 10,296.59 10,184.02 10,070.56 9,956.20 9,840.93 9,724.74 9,607.63 9,489.58 9,370.59 9,250.66 9,129.77 9,007.92 8,885.10 8,761.31 8,636.53 8,510.75 8,383.98 8,256.19 8,127.39 7,997.56 7,866.70 7,734.80 7,601.85 7,467.84 7,332.77 7,196.61 7,059.38 6,921.05 6,781.63
-194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51
-53.97 -52.85 -51.72 -50.59 -49.44 -48.29 -47.12 -45.95 -44.77 -43.58 -42.38 -41.17 -39.95 -38.72 -37.48 -36.23 -34.97 -33.70 -32.42 -31.13 -29.83 -28.52 -27.20 -25.86 -24.52 -23.17 -21.81 -20.43 -19.05 -17.65 -16.24 -14.82 -13.39 -11.95 -10.50 -9.03 -7.56 -6.07 -4.57 -3.06 -1.54
-140.54 -141.66 -142.78 -143.92 -145.06 -146.22 -147.38 -148.56 -149.74 -150.93 -152.13 -153.34 -154.56 -155.79 -157.03 -158.28 -159.54 -160.81 -162.09 -163.38 -164.68 -165.99 -167.31 -168.64 -169.99 -171.34 -172.70 -174.08 -175.46 -176.86 -178.27 -179.68 -181.11 -182.56 -184.01 -185.47 -186.95 -188.44 -189.94 -191.45 -192.97
6,641.09 6,499.44 6,356.65 6,212.73 6,067.67 5,921.45 5,774.07 5,625.51 5,475.78 5,324.85 5,172.72 5,019.38 4,864.81 4,709.02 4,551.99 4,393.71 4,234.17 4,073.36 3,911.27 3,747.89 3,583.21 3,417.22 3,249.91 3,081.26 2,911.28 2,739.94 2,567.24 2,393.16 2,217.70 2,040.84 1,862.58 1,682.89 1,501.78 1,319.22 1,135.21 949.74 762.79 574.36 384.42 192.97 0.00
Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Interest Principal Total 3897.52 2637.92 6535.44 3634.27 2901.17 6535.44 3344.76 3190.69 6535.44 3026.35 3509.09 6535.44 2676.16 3859.28 6535.44 2291.04 4244.41 6535.44 3259.44 5610.08 8869.53 2699.60 6169.93 8869.53 2083.88 6785.65 8869.53 1406.72 7462.81 8869.53 955.77 1378.31 2334.09 818.23 1515.86 2334.09 666.95 1667.13 2334.09 500.59 1833.50 2334.09 317.62 2016.47 2334.09 116.39 2217.70 2334.09
E. Depreciation Schedule
90% 2007 2008 2009 2010 2011 2012
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total Depreciation Cumulative
8,005.00 18,000.00 20,000.00 20,000.00 18,600.00 10,200.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 117.00 254.00 395.00 766.00
1,080.00
1,080.00 1,200.00
1,080.00 1,200.00 1,200.00
480.30 1,246.30
1,290.30 2,536.60
2,190.30 4,726.90
2013
2014
2015
2016
2017
2018
2019
2020
2021
1,080.00 1,200.00 1,200.00 1,116.00
1,080.00 1,200.00 1,200.00 1,116.00 612.00
1,080.00 1,200.00 1,200.00 1,116.00 612.00 18.00
1,080.00 1,200.00 1,200.00 1,116.00 612.00 18.00 18.00
1,080.00 1,200.00 1,200.00 1,116.00 612.00 18.00 18.00 18.00
1,080.00 1,200.00 1,200.00 1,116.00 612.00 18.00 18.00 18.00 18.00
1,080.00 1,200.00 1,200.00 1,116.00 612.00 18.00 18.00 18.00 18.00 18.00
1,080.00 1,200.00 1,200.00 1,116.00 612.00 18.00 18.00 18.00 18.00 18.00 18.00
1,080.00 1,200.00 1,200.00 1,116.00 612.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00
3,090.30
5,208.00
5,226.00
5,244.00
5,262.00
5,280.00
5,298.00
5,316.00
5,334.00
7,817.20 13,025.20 18,251.20 23,495.20 28,757.20 34,037.20 39,335.20 44,651.20 49,985.20
2022
2023
2024
2025
2026
2027
2028
2029
2030
1,080.00 1,200.00 1,200.00 1,116.00 612.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00
1,080.00 1,200.00 1,200.00 1,116.00 612.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00
1,080.00 1,200.00 1,200.00 1,116.00 612.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 5,388.00
5,352.00
5,370.00
1,200.00 1,200.00 1,116.00 612.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 4,326.00
1,200.00 1,200.00 1,116.00 612.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 4,326.00
1,200.00 1,116.00 612.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 3,126.00
1,116.00 612.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 1,926.00
612.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 810.00
18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 198.00
55,337.20 60,707.20 66,095.20 70,421.20 74,747.20 77,873.20 79,799.20 80,609.20 80,807.20
2031
2032
2033
2034
2035
2036
2037
18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 180.00
18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 162.00
18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 144.00
18.00 18.00 18.00 18.00 18.00 18.00 18.00 126.00
18.00 18.00 18.00 18.00 18.00 18.00 108.00
18.00 18.00 18.00 18.00 18.00 90.00
18.00 18.00 18.00 18.00 72.00
80,987.20 81,149.20 81,293.20 81,419.20 81,527.20 81,617.20 81,689.20
Income Statement Particulars Aero Revenue (38%) Non Aero Revenue (45%) Cargo (17%) Total Sales Lease Revenue Total Revenue Annual Fees (to AAI @38.9%) Operating and Admin Expenses Total Expenses EBITDA Depreciation EBIT Interest EBT Other Income Exceptional Items PBT Tax @ 36.4% PAT 2008 3,622.72 3,175.33 1,730.48 8,528.53 8,528.53 3,316.00 3,074.00 6,390.00 2,138.53 254.00 1,884.53 197.00 1,687.53 39.80 0.00 1,727.33 628.75 1,098.58 2009 2010 3,714.65 4,008.83 3,908.59 4,747.30 1,814.55 1,793.43 9,437.79 10,549.56 2011 4,634.61 5,488.36 2,073.38 12,196.35 2012 5,364.10 6,352.22 2,399.73 14,116.05 2013 6,102.20 7,226.29 2,729.93 16,058.42 238.00 16,296.42 6,241.91 5,459.86 11,701.77 4,594.65 3,090.30 1,504.35 0.00 1,504.35 0.00 0.00 1,504.35 547.58 956.77
9,437.79 10,549.56 12,196.35 14,116.05 3,696.00 4,100.61 4,740.72 5,486.91 3,302.00 3,586.85 4,146.76 4,799.46 6,998.00 7,687.47 8,887.48 10,286.37 2,439.79 400.00 2,039.79 273.00 1,766.79 113.20 540.00 1,339.99 487.76 852.23 2,862.10 480.30 2,381.80 0.00 2,381.80 60.00 0.00 2,441.80 888.81 1,552.98 3,308.87 1,290.30 2,018.57 0.00 2,018.57 60.00 0.00 2,078.57 756.60 1,321.97 3,829.69 2,190.30 1,639.39 0.00 1,639.39 0.00 0.00 1,639.39 596.74 1,042.65
2014 6,887.25 8,155.95 3,081.14 18,124.34 744.00 18,868.34 7,044.93 6,162.28 13,207.21 5,661.13 5,208.00 453.13 3,897.52 -3,444.39 0.00 0.00
2015 7,735.76 9,160.77 3,460.73 20,357.26 1,218.00 21,575.26 7,912.87 6,921.47 14,834.33 6,740.92 5,226.00 1,514.92 3,634.27 -2,119.35 0.00 0.00
2016 8,583.98 10,165.24 3,840.20 22,589.43 2,032.00 24,621.43 8,780.51 7,680.41 16,460.92 8,160.51 5,244.00 2,916.51 3,344.76 -428.24 0.00 0.00 -428.24 0.00 -428.24
30.58% 2017 9,462.12 11,205.15 4,233.06 24,900.33 2,653.45 27,553.78 9,678.76 8,466.11 18,144.87
2018 10,360.55 12,269.08 4,634.98 27,264.62 3,464.95 30,729.57 10,597.76 9,269.97 19,867.73
2019 11,297.67 13,378.81 5,054.22 29,730.70 4,524.64 34,255.34 11,556.32 10,108.44 21,664.76
2020 12,287.34 14,550.80 5,496.97 32,335.11 5,908.42 38,243.53 12,568.66 10,993.94 23,562.59 14,680.93 5,316.00 9,364.93 3,259.44 6,105.49 0.00 0.00 6,105.49 2,222.40 3,883.09
2021 13,173.87 15,600.64 5,893.57 34,668.09 7,715.39 42,383.48 13,475.49 11,787.15 25,262.63 17,120.85 5,334.00 11,786.85 2,699.60 9,087.25 0.00 0.00
2022 14,065.09 16,656.02 6,292.28 37,013.38 10,075.00 47,088.38 14,387.10 12,584.55 26,971.65 20,116.73 5,352.00 14,764.73 2,083.88 12,680.85 0.00 0.00
9,408.91 10,861.84 12,590.58 5,262.00 5,280.00 5,298.00 4,146.91 5,581.84 7,292.58 3,026.35 3,859.28 2,291.04 1,120.56 1,722.57 5,001.55 0.00 0.00 0.00 0.00 0.00 0.00 1,120.56 407.88 712.68 1,722.57 627.01 1,095.55 5,001.55 1,820.56 3,180.98
-3,444.39 -2,119.35 0.00 0.00 -3,444.39 -2,119.35
9,087.25 12,680.85 3,307.76 4,615.83 5,779.49 8,065.02
2023 14,953.30 17,707.85 6,689.63 39,350.78 10,075.00 49,425.78 15,295.65 13,379.26 28,674.91 20,750.87 5,370.00 15,380.87 1,406.72 13,974.14 0.00 0.00
2024 15,830.31 18,746.42 7,081.98 41,658.70 10,075.00 51,733.70 16,192.74 14,163.96 30,356.70 21,377.01 5,388.00 15,989.01 955.77 15,033.23 0.00 0.00
2025 16,704.93 19,782.16 7,473.26 43,960.34 10,075.00 54,035.34 17,087.39 14,946.52 32,033.90 22,001.44 4,326.00 17,675.44 818.23 16,857.21 0.00 0.00
2026 17,839.97 21,126.28 7,981.04 46,947.30 10,075.00 57,022.30 18,248.41 15,962.08 34,210.50 22,811.80 4,326.00 18,485.80 666.95 17,818.85 0.00 0.00
2027 18,324.33 21,699.86 8,197.73 48,221.92 10,075.00 58,296.92 18,743.86 16,395.45 35,139.31 23,157.61 3,126.00 20,031.61 500.59 19,531.02 0.00 0.00
2028 18,821.83 22,289.01 8,420.29 49,531.14 10,075.00 59,606.14 19,252.76 16,840.59 36,093.34
2029 19,332.85 22,894.16 8,648.91 50,875.91 10,075.00 60,950.91 19,775.47 17,297.81 37,073.28
2030 19,857.73 23,515.74 8,883.72 52,257.19 10,075.00 62,332.19 20,312.37 17,767.45 38,079.82
2031 20,396.87 24,154.19 9,124.92 53,675.98 10,075.00 63,750.98 20,863.85 18,249.83 39,113.68
23,512.80 23,877.64 24,252.38 24,637.29 1,926.00 810.00 198.00 180.00 21,586.80 23,067.64 24,054.38 24,457.29 317.62 116.39 0.00 0.00 21,269.18 22,951.25 24,054.38 24,457.29 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
13,974.14 15,033.23 16,857.21 17,818.85 19,531.02 21,269.18 22,951.25 24,054.38 24,457.29 5,086.59 5,472.10 6,136.03 6,486.06 7,109.29 7,741.98 8,354.25 8,755.79 8,902.45 8,887.56 9,561.14 10,721.19 11,332.79 12,421.73 13,527.20 14,596.99 15,298.58 15,554.84
2032 20,675.29 24,483.89 9,249.47 54,408.65 10,075.00 64,483.65 21,148.64 18,498.94 39,647.59
2033 20,957.51 24,818.10 9,375.73 55,151.33 10,075.00 65,226.33 21,437.32 18,751.45 40,188.78
2034 21,243.58 25,156.87 9,503.71 55,904.15 10,075.00 65,979.15 21,729.94 19,007.41 40,737.35
2035 21,533.55 25,500.26 9,633.43 56,667.24 10,075.00 66,742.24 22,026.56 19,266.86 41,293.42
2036 21,827.48 25,848.34 9,764.93 57,440.75 10,075.00 67,515.75 22,327.22 19,529.85 41,857.07
2037 22,125.43 26,201.17 9,898.22 58,224.81 10,075.00 68,299.81 22,631.99 19,796.44 42,428.42
24,836.07 25,037.56 25,241.80 25,448.82 25,658.67 25,871.39 162.00 144.00 126.00 108.00 90.00 72.00 24,674.07 24,893.56 25,115.80 25,340.82 25,568.67 25,799.39 0.00 0.00 0.00 0.00 0.00 0.00 24,674.07 24,893.56 25,115.80 25,340.82 25,568.67 25,799.39 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 24,674.07 24,893.56 25,115.80 25,340.82 25,568.67 25,799.39 8,981.36 9,061.25 9,142.15 9,224.06 9,307.00 9,390.98 15,692.71 15,832.30 15,973.65 16,116.76 16,261.68 16,408.41
Cash Flow Statement Net Profit Depreciation Net Working Capital CFO Capital Expenditure CFI Equity Raised Real Estate Deposits Airport Development Fund Loan Borrowed (or Repaid) CFF Net change Cash Flows 2008 1,098.58 254.00 -1,286.00 66.58 5,221.00 5,221.00 0.00 0.00 0.00 9,500.00 9,500.00 4,345.58 2009 852.23 395.00 1,023.00 2,270.23 8,005.00 8,005.00 2,000.00 0.00 0.00 5,201.00 7,201.00 1,466.23 2010 1,552.98 480.30 272.00 2,305.28 2011 1,321.97 1,290.30 402.89 3,015.16 2012 1,042.65 2,190.30 469.66 3,702.61
18,000.00 20,000.00 20,000.00 18,000.00 20,000.00 20,000.00 4,000.00 4,000.00 0.00 0.00 2,500.00 3,300.00 3,150.00 3,433.50 3,879.86 10,000.00 10,000.00 7,299.00 17,150.00 19,933.50 14,478.86 1,455.28 2,948.66 -1,818.53
FCFE Terminal Value Total FCFE Equity IRR Cost of Equity Equity NPV (Rs mn)
4,345.58 4346 18% 15% 4,251.42
-533.77 -534
-5,694.72 -5695
-6,984.84 -6985
-8,998.39 -8998
2013 956.77 3,090.30 475.21 4,522.28
2014 2015 2016 -3,444.39 -2,119.35 -428.24 5,208.00 5,226.00 5,244.00 505.44 546.29 546.11 2,269.05 3,652.95 5,361.87 300.00 300.00 300.00 300.00
2017 712.68 5,262.00 565.37 6,540.05 300.00 300.00
2018 1,095.55 5,280.00 578.43 6,953.99 300.00 300.00
2019 3,180.98 5,298.00 603.34 9,082.32 300.00 300.00
2020 2021 3,883.09 5,779.49 5,316.00 5,334.00 637.18 570.77 9,836.27 11,684.26 300.00 300.00 300.00 300.00
18,600.00 10,200.00 18,600.00 10,200.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,190.24 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15,000.00 -2,637.92 -2,901.17 -3,190.69 -3,509.09 -3,859.28 -4,244.41 -5,610.08 -6,169.93 19,190.24 -2,637.92 -2,901.17 -3,190.69 -3,509.09 -3,859.28 -4,244.41 -5,610.08 -6,169.93 5,112.52 -10,568.87 451.78 1,871.18 2,730.95 2,794.71 4,537.92 3,926.19 5,214.33
922.28 -10,568.87 922 -10569
451.78 452
1,871.18 1871
2,730.95 2731
2,794.71 2795
4,537.92 4538
3,926.19 3926
5,214.33 5214
2022 2023 2024 2025 2026 2027 2028 2029 2030 8,065.02 8,887.56 9,561.14 10,721.19 11,332.79 12,421.73 13,527.20 14,596.99 15,298.58 5,352.00 5,370.00 5,388.00 4,326.00 4,326.00 3,126.00 1,926.00 810.00 198.00 573.79 571.85 564.64 563.11 272.64 279.55 286.64 293.91 301.36 13,990.81 14,829.41 15,513.78 15,610.30 15,931.43 15,827.28 15,739.84 15,700.90 15,797.94 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -6,785.65 -7,462.81 -1,378.31 -1,515.86 -1,667.13 -1,833.50 -2,016.47 -2,217.70 -6,785.65 -7,462.81 -1,378.31 -1,515.86 -1,667.13 -1,833.50 -2,016.47 -2,217.70 6,905.16
7,066.60 13,835.47 13,794.44 13,964.30 13,693.78 13,423.37 13,183.20 15,497.94
6,905.16 6905
7,066.60 13,835.47 13,794.44 13,964.30 13,693.78 13,423.37 13,183.20 15,497.94 7067 13835 13794 13964 13694 13423 13183 15498
2031 2032 2033 2034 2035 2036 2037 15,554.84 15,692.71 15,832.30 15,973.65 16,116.76 16,261.68 16408.41 180.00 162.00 144.00 126.00 108.00 90.00 72 309.00 148.10 149.86 151.63 153.43 155.25 157.09 16,043.83 16,002.81 16,126.16 16,251.28 16,378.19 16,506.93 16,637.50 300.00 300.00 0.00 0.00 0.00 0.00 0.00 300.00 300.00 0.00 0.00 0.00 0.00 0.00 300.00 300.00 0.00 0.00 0.00 0.00 0.00 300.00 300.00 0.00 0.00 0.00 0.00 0.00 300.00 300.00 0.00 0.00 0.00 0.00 0.00 300.00 300.00 0.00 0.00 0.00 0.00 0.00 300.00 300.00 0.00 0.00 0.00 0.00 0.00 16337.50
15,743.83 15,702.81 15,826.16 15,951.28 16,078.19 16,206.93
15,743.83 15,702.81 15,826.16 15,951.28 16,078.19 16,206.93 15744 15703 15826 15951 16078
16,337.50 136,145.85 16207 152483
Balance Sheet 2008 Assets Fixed Assets Gross Block Less: Accrued Depreciation CWIP Net Block Cash and Cash Equivalents Receivables Inventory Other current Assets Total Current Assets Loans and Advances Investments 2009 2010 2011 2012
4,628.00 11,551.00 19,556.00 37,556.00 57,556.00 371.00 766.00 1,246.30 2,536.60 4,726.90 5,221.00 8,005.00 18,000.00 20,000.00 20,000.00 9,478.00 18,790.00 36,309.70 55,019.40 72,829.10 2,007.00 1,410.00 19.00 355.00 3,791.00 559.00 2,008.00 2,938.00 2,168.00 34.00 391.00 5,531.00 723.00 426.00 4,393.28 7,341.95 2,423.39 2,801.68 38.01 43.94 437.06 505.28 7,291.74 10,692.85 723.00 426.00 723.00 426.00 5,523.42 3,242.67 50.85 584.82 9,401.75 723.00 426.00
Expenses Pending Allocation Total Assets
1,027.00
1,560.00
1,560.00
1,560.00
1,560.00
16,863.00 27,030.00 46,310.44 68,421.25 84,939.85
Liabilities Current Liabilities Provisions Total Current Liabilities CA-CL Borrowings Deferred Tax Liability Airport Development Fund Real Estate Deposits Equity Reserves Shareholder's Funds Total Liabilities and Equity
3,048.00 4,853.00 5,424.68 22.00 49.00 54.77 3,070.00 4,902.00 5,479.46 -1,286.00 -2,309.00 -2,581.00 9,500.00 14,701.00 24,701.00 285.00 566.00 566.00 3,150.00 0.00 2,000.00 4,000.00 8,000.00 2,008.00 2,861.00 4,413.98 4,008.00 6,861.00 12,413.98
6,271.48 63.32 6,334.80 -2,983.89 34,701.00 566.00 6,583.50 2,500.00 12,000.00 5,735.95 17,735.95
7,258.61 73.29 7,331.90 -3,453.56 42,000.00 566.00 10,463.36 5,800.00 12,000.00 6,778.60 18,778.60
16,863.00 27,030.00 46,310.44 68,421.25 84,939.85
2013
2014
2015
2016
2017
2018
2019
2020
77,556.00 7,817.20 18,600.00 88,338.80 10,635.94 3,688.86 57.85 665.29 15,047.93 723.00 426.00
96,156.00 106,356.00 106,656.00 106,956.00 107,256.00 107,556.00 107,856.00 13,025.20 18,251.20 23,495.20 28,757.20 34,037.20 39,335.20 44,651.20 10,200.00 300.00 300.00 300.00 300.00 300.00 300.00 93,330.80 88,404.80 83,460.80 78,498.80 73,518.80 68,520.80 63,504.80 67.06 4,163.43 65.29 750.88 5,046.66 723.00 426.00 518.84 4,676.36 73.34 843.38 6,111.92 723.00 426.00 2,390.02 5,189.13 81.38 935.86 8,596.39 723.00 426.00 5,120.97 5,719.97 89.70 1,031.60 11,962.25 723.00 426.00 7,915.68 6,263.09 98.22 1,129.55 15,406.54 723.00 426.00 12,453.60 6,829.58 107.11 1,231.72 20,622.01 723.00 426.00 16,379.79 7,427.85 116.49 1,339.62 25,263.75 723.00 426.00
1,560.00
1,560.00
1,560.00 97,225.72
1,560.00 94,766.19
1,560.00 93,170.05
1,560.00 91,634.34
1,560.00 91,851.81
1,560.00 91,477.55
106,095.73 101,086.46
8,257.39 83.37 8,340.76 -3,928.77 57,000.00 566.00 14,653.60 5,800.00 12,000.00 7,735.37 19,735.37
9,319.70 94.10 9,413.80 -4,434.21 54,362.08 566.00 14,653.60 5,800.00 12,000.00 4,290.98 16,290.98
10,467.89 105.69 10,573.58 -4,980.50 51,460.91 566.00 14,653.60 5,800.00 12,000.00 2,171.63 14,171.63 97,225.72
11,615.70 117.28 11,732.98 -5,526.61 48,270.22 566.00 14,653.60 5,800.00 12,000.00 1,743.39 13,743.39 94,766.19
12,803.98 129.28 12,933.26 -6,091.98 44,761.13 566.00 14,653.60 5,800.00 12,000.00 2,456.07 14,456.07 93,170.05
14,019.72 141.55 14,161.28 -6,670.42 40,901.85 566.00 14,653.60 5,800.00 12,000.00 3,551.62 15,551.62 91,634.34
15,287.80 154.36 15,442.16 -7,273.76 36,657.44 566.00 14,653.60 5,800.00 12,000.00 6,732.60 18,732.60 91,851.81
16,627.02 167.88 16,794.90 -7,910.94 31,047.36 566.00 14,653.60 5,800.00 12,000.00 10,615.69 22,615.69 91,477.55
106,095.73 101,086.46
2021
2022
2023
2024
2025
2026
2027
2028
108,156.00 108,456.00 108,756.00 109,056.00 109,356.00 109,656.00 109,956.00 110,256.00 49,985.20 55,337.20 60,707.20 66,095.20 70,421.20 74,747.20 77,873.20 79,799.20 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 58,470.80 53,418.80 48,348.80 43,260.80 39,234.80 35,208.80 32,382.80 30,756.80 21,594.12 7,963.77 124.89 1,436.27 31,119.06 723.00 426.00 28,499.28 8,502.52 133.34 1,533.43 38,668.58 723.00 426.00 35,565.89 9,039.46 141.76 1,630.27 46,377.38 723.00 426.00 49,401.35 9,569.62 150.08 1,725.89 60,846.94 723.00 426.00 63,195.79 10,098.34 158.37 1,821.24 75,273.74 723.00 426.00 77,160.09 90,853.87 104,277.24 10,354.33 10,616.82 10,885.95 162.38 166.50 170.72 1,867.41 1,914.75 1,963.29 89,544.22 103,551.94 117,297.20 723.00 426.00 723.00 426.00 723.00 426.00
1,560.00 92,298.86
1,560.00 94,796.38
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
97,435.18 106,816.74 117,217.54 127,462.02 138,643.74 150,763.00
17,826.65 179.99 18,006.65 -8,481.71 24,877.43 566.00 14,653.60 5,800.00 12,000.00 16,395.18 28,395.18 92,298.86
19,032.63 192.17 19,224.80 -9,055.50 18,091.78 566.00 14,653.60 5,800.00 12,000.00 24,460.20 36,460.20 94,796.38
20,234.54 204.31 20,438.84 -9,627.35 10,628.97 566.00 14,653.60 5,800.00 12,000.00 33,347.76 45,347.76
21,421.29 216.29 21,637.58 -10,192.00 9,250.66 566.00 14,653.60 5,800.00 12,000.00 42,908.90 54,908.90
22,604.82 228.24 22,833.06 -10,755.11 7,734.80 566.00 14,653.60 5,800.00 12,000.00 53,630.09 65,630.09
23,177.85 234.02 23,411.88 -11,027.75 6,067.67 566.00 14,653.60 5,800.00 12,000.00 64,962.87 76,962.87
23,765.41 24,367.86 239.96 246.04 24,005.37 24,613.90 -11,307.30 -11,593.94 4,234.17 2,217.70 566.00 566.00 14,653.60 14,653.60 5,800.00 5,800.00 12,000.00 12,000.00 77,384.60 90,911.80 89,384.60 102,911.80
97,435.18 106,816.74 117,217.54 127,462.02 138,643.74 150,763.00
2029
2030
2031
2032
2033
2034
2035
2036
110,556.00 110,856.00 111,156.00 111,456.00 111,756.00 112,056.00 112,356.00 112,656.00 80,609.20 80,807.20 80,987.20 81,149.20 81,293.20 81,419.20 81,527.20 81,617.20 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 30,246.80 30,348.80 30,468.80 30,606.80 30,762.80 30,936.80 31,128.80 31,338.80 117,460.44 132,958.38 148,702.22 164,405.03 180,231.19 196,182.47 212,260.66 228,467.59 11,161.91 11,444.87 11,734.99 11,874.05 12,014.76 12,157.14 12,301.20 12,446.97 175.05 179.49 184.04 186.22 188.42 190.66 192.92 195.20 2,013.06 2,064.09 2,116.41 2,141.49 2,166.87 2,192.55 2,218.53 2,244.82 130,810.46 146,646.82 162,737.66 178,606.79 194,601.24 210,722.81 226,973.30 243,354.58 723.00 426.00 723.00 426.00 723.00 426.00 723.00 426.00 723.00 426.00 723.00 426.00 723.00 426.00 723.00 426.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
163,766.26 179,704.62 195,915.46 211,922.59 228,073.04 244,368.61 260,811.10 277,402.38
24,985.59 25,618.97 26,268.42 26,579.70 26,894.67 27,213.37 27,535.85 27,862.15 252.28 258.67 265.23 268.37 271.55 274.77 278.03 281.32 25,237.87 25,877.65 26,533.64 26,848.07 27,166.22 27,488.14 27,813.87 28,143.47 -11,887.85 -12,189.21 -12,498.20 -12,646.31 -12,796.16 -12,947.80 -13,101.23 -13,256.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 566.00 566.00 566.00 566.00 566.00 566.00 566.00 566.00 14,653.60 14,653.60 14,653.60 14,653.60 14,653.60 14,653.60 14,653.60 14,653.60 5,800.00 5,800.00 5,800.00 5,800.00 5,800.00 5,800.00 5,800.00 5,800.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 105,508.79 120,807.38 136,362.22 152,054.92 167,887.23 183,860.87 199,977.63 216,239.31 117,508.79 132,807.38 148,362.22 164,054.92 179,887.23 195,860.87 211,977.63 228,239.31 163,766.26 179,704.62 195,915.46 211,922.59 228,073.04 244,368.61 260,811.10 277,402.38
2037
112,956.00 81,689.20 300.00 31,566.80 244,805.09 12,594.46 197.51 2,271.42 259,868.49 723.00 426.00
1,560.00 294,144.29
28,192.31 284.65 28,476.97 -13,413.57 0.00 566.00 14,653.60 5,800.00 12,000.00 232,647.72 244,647.72 294,144.29
Ratios EBITDA Margin Gross Profit Margin PAT Margin D/E Interest Coverage 2008 25% 20% 13% 3.13 9.57 2009 2010 2011 2012 2013 2014 26% 27% 27% 27% 29% 31% 19% 23% 17% 12% 9% N/A 9% 15% 11% 7% 6% N/A 2.85 1.94 1.53 1.41 1.62 1.73 7.47 N/A N/A N/A N/A 0.12
2015 33% N/A N/A 1.79 0.42 N/A N/A
2016 36%
1.75 0.87
2017 38% 5% 3% 1.65 1.37
2018 40% 6% 4% 1.53 1.45
2019 42% 17% 11% 1.33 3.18
2020 45% 19% 12% 1.11 2.87
2021 49% 26% 17% 0.87 4.37
2022 54% 34% 22% 0.65 7.09
2023 53% 36% 23% 0.47 10.93
2024 51% 36% 23% 0.41 16.73
2025 50% 38% 24% 0.35 21.60
2026 49% 38% 24% 0.30 27.72
2027 48% 41% 26% 0.25 40.02
2028 47% 43% 27% 0.22 67.97
2029 2030 2031 2032 47% 46% 46% 46% 45% 46% 46% 45% 29% 29% 29% 29% 0.18 0.17 0.16 0.14 198.20 ######## ######## ########
2033 2034 2035 2036 2037 45% 45% 45% 45% 44% 45% 45% 45% 45% 44% 29% 29% 28% 28% 28% 0.13 0.13 0.12 0.11 0.11 ######## ######## ######## ######## ########
doc_727894972.xls
The excel sheet about Financial Analysis of Mumbai International Airport: Revenue, Growth, Operational Expenses, Loan EMI, Depreciation, Cash Flows, Balance Sheet, Income statements, Ratios.
Name Amit Agarwal Salman Hamdare Pramod Mallya Dhruv Parikh Ameya Shisani Jigar Jani
Roll No 101 124 134 143 154 CM09
Sales Break-Up Aero Revenue Non Aero Revenue Cargo
38% 45% 17%
Particulars Aero Revenues Growth Passenger Growth ATM Growth Non Aero Revenues Growth Cargo Growth Total Revenue Growth Revenue Forecasts
2009
2010 1.97% 2% 2% 23% 4% 12% 9437.79 10549.56
2011 12.63% 9% 14% 21% 8% 16% 12196.35
No of Passengers (millions) Domestic International Airport Development Charges Domestic (Rs per Passenger) International (Rs per passenger)
65% 35%
23 15 8
25 16 9
100 600
2012 12.08% 13% 12% 21% 10% 16% 14116.05
2013 9.39% 8% 10% 20% 7% 14% 16058.42
2014 7.93% 5% 9% 20% 5% 13% 18124.34
2015 6.95% 4% 8% 20% 4% 12% 20357.26
28 18 10
31 20 11
32 21 11
33 22 12
2016 6.20% 4% 7% 18% 3% 11% 22589.43
2017 5.45% 4% 6% 17% 3% 10% 24900.33
2018 4.70% 4% 5% 16% 3% 9% 27264.62
2019 4.70% 4% 5% 15% 3% 9% 29730.70
35 23 12
36 24 13
38 25 13
39 25 14
2020 3.95% 4% 4% 15% 3% 9% 32335.11
2021 2.25% 0% 3% 13% 3% 7% 34668.09
2022 2.25% 0% 3% 12% 3% 7% 37013.38
2023 2.25% 0% 3% 11% 3% 6% 39350.78
41 27 14
41 27 14
41 27 14
41 27 14
2024 2.25% 0% 3% 10% 3% 6% 41658.70
2025 2.25% 0% 3% 10% 1% 6% 43960.34
2026 0.75% 0% 1% 5% 0% 3% 45074.74
2027 0.75% 0% 1% 5% 0% 3% 46217.38
2028 0.75% 0% 1% 5% 0% 3% 47388.99
2029 0.75% 0% 1% 5% 0% 3% 48590.31
2030 0.75% 0% 1% 5% 0% 3% 49822.07
41 27 14
41 27 14
41 27 14
41 27 14
41 27 14
41 27 14
41 27 14
2031 0.75% 0% 1% 5% 0% 3% 51085.06
2032 0.75% 0% 1% 2% 0% 1% 51690.42
2033 0.75% 0% 1% 2% 0% 1% 52302.95
2034 0.75% 0% 1% 2% 0% 1% 52922.74
2035 0.75% 0% 1% 2% 0% 1% 53549.87
2036 0.75% 0% 1% 2% 0% 1% 54184.44
2037 0.75% 0% 1% 2% 0% 1% 54826.52
41 27 14
41 27 14
41 27 14
41 27 14
41 27 14
41 27 14
41 27 14
Aero Revenue Charges Landing Charges Aircraft Parking Charges Passenger Service Fees X-Ray Charges Total
Percentage 2007 27.0% 1.5% 9.0% 0.5% 38.0%
2008 2009 2010 2011 2,574.04 2,639.36 2,848.38 3,293.01 143.00 146.63 158.24 182.95 858.01 879.79 949.46 1,097.67 47.67 48.88 52.75 60.98 3,622.72 3,714.65 4,008.83 4,634.61
2012 2013 2014 2015 2016 2017 2018 2019 2020 3,811.33 4,335.77 4,893.57 5,496.46 6,099.15 6,723.09 7,361.45 8,027.29 8,730.48 211.74 240.88 271.87 305.36 338.84 373.50 408.97 445.96 485.03 1,270.44 1,445.26 1,631.19 1,832.15 2,033.05 2,241.03 2,453.82 2,675.76 2,910.16 70.58 80.29 90.62 101.79 112.95 124.50 136.32 148.65 161.68 5,364.10 6,102.20 6,887.25 7,735.76 8,583.98 9,462.12 10,360.55 11,297.67 12,287.34
2021 2022 2023 2024 2025 2026 2027 2028 2029 9,360.38 9,993.61 10,624.71 11,247.85 11,869.29 12,675.77 13,019.92 13,373.41 13,736.50 520.02 555.20 590.26 624.88 659.41 704.21 723.33 742.97 763.14 3,120.13 3,331.20 3,541.57 3,749.28 3,956.43 4,225.26 4,339.97 4,457.80 4,578.83 173.34 185.07 196.75 208.29 219.80 234.74 241.11 247.66 254.38 13,173.87 14,065.09 14,953.30 15,830.31 16,704.93 17,839.97 18,324.33 18,821.83 19,332.85
2030 2031 2032 2033 2034 2035 2036 2037 14,109.44 14,492.51 14,690.34 14,890.86 15,094.12 15,300.15 15,509.00 15,720.70 783.86 805.14 816.13 827.27 838.56 850.01 861.61 873.37 4,703.15 4,830.84 4,896.78 4,963.62 5,031.37 5,100.05 5,169.67 5,240.23 261.29 268.38 272.04 275.76 279.52 283.34 287.20 291.12 19,857.73 20,396.87 20,675.29 20,957.51 21,243.58 21,533.55 21,827.48 22,125.43
Non Aero Revenue Charges Oil Throughput Food and Business Advertisement Duty Free Ground Handling Others Total
Percentage 8.1% 4.5% 3.2% 8.6% 5.9% 14.9% 45.0%
2007
2008 571.56 317.53 222.27 603.31 412.79 1,047.86 3,175.33
2009 703.55 390.86 273.60 742.63 508.12 1,289.83 3,908.59
2010 854.51 474.73 332.31 901.99 617.15 1,566.61 4,747.30
2011 987.90 548.84 384.18 1,042.79 713.49 1,811.16 5,488.36
2012 1,143.40 635.22 444.66 1,206.92 825.79 2,096.23 6,352.22
2013 1,300.73 722.63 505.84 1,373.00 939.42 2,384.68 7,226.29
2014 1,468.07 815.60 570.92 1,549.63 1,060.27 2,691.46 8,155.95
2015 2016 2017 1,648.94 1,829.74 2,016.93 916.08 1,016.52 1,120.51 641.25 711.57 784.36 1,740.55 1,931.40 2,128.98 1,190.90 1,321.48 1,456.67 3,023.05 3,354.53 3,697.70 9,160.77 10,165.24 11,205.15
2018 2019 2020 2,208.43 2,408.19 2,619.14 1,226.91 1,337.88 1,455.08 858.84 936.52 1,018.56 2,331.12 2,541.97 2,764.65 1,594.98 1,739.25 1,891.60 4,048.80 4,415.01 4,801.76 12,269.08 13,378.81 14,550.80
2021 2022 2023 2024 2025 2026 2027 2028 2029 2,808.12 2,998.08 3,187.41 3,374.35 3,560.79 3,802.73 3,905.98 4,012.02 4,120.95 1,560.06 1,665.60 1,770.79 1,874.64 1,978.22 2,112.63 2,169.99 2,228.90 2,289.42 1,092.04 1,165.92 1,239.55 1,312.25 1,384.75 1,478.84 1,518.99 1,560.23 1,602.59 2,964.12 3,164.64 3,364.49 3,561.82 3,758.61 4,013.99 4,122.97 4,234.91 4,349.89 2,028.08 2,165.28 2,302.02 2,437.03 2,571.68 2,746.42 2,820.98 2,897.57 2,976.24 5,148.21 5,496.49 5,843.59 6,186.32 6,528.11 6,971.67 7,160.95 7,355.37 7,555.07 15,600.64 16,656.02 17,707.85 18,746.42 19,782.16 21,126.28 21,699.86 22,289.01 22,894.16
2030 2031 2032 2033 2034 2035 2036 2037 4,232.83 4,347.75 4,407.10 4,467.26 4,528.24 4,590.05 4,652.70 4,716.21 2,351.57 2,415.42 2,448.39 2,481.81 2,515.69 2,550.03 2,584.83 2,620.12 1,646.10 1,690.79 1,713.87 1,737.27 1,760.98 1,785.02 1,809.38 1,834.08 4,467.99 4,589.30 4,651.94 4,715.44 4,779.80 4,845.05 4,911.18 4,978.22 3,057.05 3,140.04 3,182.91 3,226.35 3,270.39 3,315.03 3,360.28 3,406.15 7,760.19 7,970.88 8,079.69 8,189.97 8,301.77 8,415.09 8,529.95 8,646.38 23,515.74 24,154.19 24,483.89 24,818.10 25,156.87 25,500.26 25,848.34 26,201.17
Operating and Admin Expenses Power and Fuel Operation Support Costs Salaries and Bonus Contract Services Others Total
Percentage 19.8% 29.3% 15.6% 8.3% 27.0% 100.0%
2007
2008 551.27 855.40 326.72 220.55 1,120.06 3,074.00
2009 655.44 968.55 514.27 273.37 890.37 3,302.00
2010 711.98 1,052.10 558.63 296.95 967.18 3,586.85
2011 823.12 1,216.34 645.84 343.31 1,118.16 4,146.76
2012 952.68 1,407.79 747.49 397.34 1,294.15 4,799.46
2013 1,083.77 1,601.50 850.35 452.02 1,472.23 5,459.86
2014 1,223.20 1,807.53 959.74 510.17 1,661.63 6,162.28
2015 1,373.90 2,030.22 1,077.98 573.02 1,866.34 6,921.47
2016 1,524.54 2,252.83 1,196.18 635.85 2,070.99 7,680.41
2017 1,680.51 2,483.30 1,318.55 700.90 2,282.85 8,466.11
2018 2019 2020 1,840.07 2,006.50 2,182.27 2,719.09 2,965.03 3,224.77 1,443.75 1,574.34 1,712.25 767.45 836.87 910.18 2,499.61 2,725.70 2,964.47 9,269.97 10,108.44 10,993.94
2021 2022 2023 2024 2025 2026 2027 2028 2029 2,339.72 2,498.01 2,655.76 2,811.52 2,966.85 3,168.44 3,254.46 3,342.82 3,433.58 3,457.43 3,691.33 3,924.44 4,154.60 4,384.15 4,682.03 4,809.15 4,939.72 5,073.83 1,835.79 1,959.98 2,083.75 2,205.97 2,327.85 2,486.01 2,553.51 2,622.84 2,694.05 975.85 1,041.87 1,107.66 1,172.62 1,237.41 1,321.49 1,357.37 1,394.22 1,432.07 3,178.35 3,393.37 3,607.66 3,819.25 4,030.26 4,304.11 4,420.96 4,540.99 4,664.28 11,787.15 12,584.55 13,379.26 14,163.96 14,946.52 15,962.08 16,395.45 16,840.59 17,297.81
2030 2031 2032 2033 2034 2035 2036 2037 3,526.80 3,622.55 3,672.00 3,722.12 3,772.93 3,824.43 3,876.63 3,929.55 5,211.59 5,353.08 5,426.15 5,500.22 5,575.30 5,651.40 5,728.54 5,806.73 2,767.19 2,842.32 2,881.12 2,920.45 2,960.31 3,000.72 3,041.68 3,083.20 1,470.95 1,510.89 1,531.51 1,552.42 1,573.61 1,595.09 1,616.86 1,638.93 4,790.91 4,920.99 4,988.16 5,056.25 5,125.27 5,195.23 5,266.14 5,338.02 17,767.45 18,249.83 18,498.94 18,751.45 19,007.41 19,266.86 19,529.85 19,796.44
Annual Interest Rate Spread Overall Interest Rate Loan Amount Period Moratorium and DrawDown Period Payment EMI Yearly Payment
7% 2.15% 10% 42000 17 7 Monthly -544.62 6535.44
Millions Years Years
Month 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 31 32
EMI -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62
Interest Principal Loan Amount -334.25 -210.37 41,789.63 -332.58 -212.04 41,577.59 -330.89 -213.73 41,363.85 -329.19 -215.43 41,148.42 -327.47 -217.15 40,931.27 -325.74 -218.88 40,712.40 -324.00 -220.62 40,491.78 -322.25 -222.37 40,269.41 -320.48 -224.14 40,045.26 -318.69 -225.93 39,819.34 -316.90 -227.72 39,591.61 -315.08 -229.54 39,362.08 -313.26 -231.36 39,130.71 -311.42 -233.20 38,897.51 -309.56 -235.06 38,662.45 -307.69 -236.93 38,425.52 -305.80 -238.82 38,186.70 -303.90 -240.72 37,945.98 -301.99 -242.63 37,703.35 -300.06 -244.56 37,458.78 -298.11 -246.51 37,212.27 -296.15 -248.47 36,963.80 -294.17 -250.45 36,713.35 -292.18 -252.44 36,460.91 -290.17 -254.45 36,206.45 -288.14 -256.48 35,949.98 -286.10 -258.52 35,691.46 -284.04 -260.58 35,430.88 -281.97 -262.65 35,168.23 -279.88 -264.74 34,903.49 -277.77 -266.85 34,636.65 -275.65 -268.97 34,367.68
33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79
-544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62
-273.51 -271.35 -269.18 -266.99 -264.78 -262.55 -260.30 -258.04 -255.76 -253.46 -251.14 -248.81 -246.45 -244.08 -241.69 -239.28 -236.85 -234.40 -231.93 -229.44 -226.93 -224.41 -221.86 -219.29 -216.70 -214.09 -211.46 -208.81 -206.14 -203.44 -200.73 -197.99 -195.23 -192.45 -189.65 -186.82 -183.98 -181.11 -178.21 -175.30 -172.36 -169.39 -166.41 -163.40 -160.36 -157.31 -154.22
-271.11 -273.27 -275.44 -277.64 -279.84 -282.07 -284.32 -286.58 -288.86 -291.16 -293.48 -295.81 -298.17 -300.54 -302.93 -305.34 -307.77 -310.22 -312.69 -315.18 -317.69 -320.21 -322.76 -325.33 -327.92 -330.53 -333.16 -335.81 -338.48 -341.18 -343.89 -346.63 -349.39 -352.17 -354.97 -357.80 -360.64 -363.51 -366.41 -369.32 -372.26 -375.23 -378.21 -381.22 -384.26 -387.31 -390.40
34,096.57 33,823.30 33,547.86 33,270.22 32,990.38 32,708.30 32,423.99 32,137.41 31,848.55 31,557.39 31,263.91 30,968.10 30,669.94 30,369.40 30,066.47 29,761.13 29,453.36 29,143.13 28,830.45 28,515.27 28,197.58 27,877.37 27,554.60 27,229.27 26,901.35 26,570.82 26,237.66 25,901.85 25,563.36 25,222.19 24,878.29 24,531.66 24,182.27 23,830.10 23,475.13 23,117.33 22,756.69 22,393.17 22,026.77 21,657.44 21,285.18 20,909.95 20,531.74 20,150.52 19,766.27 19,378.95 18,988.56
80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120
-544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62 -544.62
-151.12 -147.99 -144.83 -141.65 -138.44 -135.21 -131.95 -128.67 -125.36 -122.02 -118.66 -115.27 -111.85 -108.40 -104.93 -101.43 -97.91 -94.35 -90.77 -87.16 -83.52 -79.85 -76.15 -72.42 -68.66 -64.87 -61.05 -57.21 -53.33 -49.42 -45.48 -41.50 -37.50 -33.46 -29.40 -25.30 -21.16 -17.00 -12.80 -8.57 -4.30
-393.50 -396.63 -399.79 -402.97 -406.18 -409.41 -412.67 -415.95 -419.26 -422.60 -425.96 -429.35 -432.77 -436.22 -439.69 -443.19 -446.71 -450.27 -453.85 -457.46 -461.10 -464.77 -468.47 -472.20 -475.96 -479.75 -483.57 -487.41 -491.29 -495.20 -499.14 -503.12 -507.12 -511.16 -515.22 -519.32 -523.46 -527.62 -531.82 -536.05 -540.32
18,595.05 18,198.42 17,798.63 17,395.65 16,989.47 16,580.06 16,167.39 15,751.44 15,332.17 14,909.57 14,483.61 14,054.25 13,621.48 13,185.26 12,745.58 12,302.39 11,855.68 11,405.41 10,951.55 10,494.09 10,032.99 9,568.21 9,099.74 8,627.54 8,151.58 7,671.83 7,188.27 6,700.85 6,209.56 5,714.36 5,215.21 4,712.10 4,204.98 3,693.82 3,178.60 2,659.28 2,135.82 1,608.20 1,076.37 540.32 0.00
Annual Interest Rate Spread Overall Interest Rate Loan Amount Period Moratorium and DrawDown Period Payment EMI Yearly Payment
Year 1 2 3 4 5 6 7 8 9 10
Interest Principal Total 3,897.52 2,637.92 6,535.44 3,634.27 2,901.17 6,535.44 3,344.76 3,190.69 6,535.44 3,026.35 3,509.09 6,535.44 2,676.16 3,859.28 6,535.44 2,291.04 4,244.41 6,535.44 1,867.47 4,667.97 6,535.44 1,401.64 5,133.80 6,535.44 889.33 5,646.12 6,535.44 325.88 6,209.56 6,535.44
Month 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 31 32
33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79
80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120
7% 2.15% 10% 15000 Millions 17 Years 7 Years Monthly -194.51 2334.09
EMI Interest Principal -194.51 -119.38 -75.13 -194.51 -118.78 -75.73 -194.51 -118.17 -76.33 -194.51 -117.57 -76.94 -194.51 -116.95 -77.55 -194.51 -116.34 -78.17 -194.51 -115.72 -78.79 -194.51 -115.09 -79.42 -194.51 -114.46 -80.05 -194.51 -113.82 -80.69 -194.51 -113.18 -81.33 -194.51 -112.53 -81.98 -194.51 -111.88 -82.63 -194.51 -111.22 -83.29 -194.51 -110.56 -83.95 -194.51 -109.89 -84.62 -194.51 -109.22 -85.29 -194.51 -108.54 -85.97 -194.51 -107.85 -86.65 -194.51 -107.16 -87.34 -194.51 -106.47 -88.04 -194.51 -105.77 -88.74 -194.51 -105.06 -89.45 -194.51 -104.35 -90.16 -194.51 -103.63 -90.88 -194.51 -102.91 -91.60 -194.51 -102.18 -92.33 -194.51 -101.44 -93.06 -194.51 -100.70 -93.80 -194.51 -99.96 -94.55 -194.51 -99.20 -95.30 -194.51 -98.45 -96.06
Loan Amount 14,924.87 14,849.14 14,772.80 14,695.86 14,618.31 14,540.14 14,461.35 14,381.93 14,301.88 14,221.19 14,139.86 14,057.88 13,975.25 13,891.97 13,808.02 13,723.40 13,638.11 13,552.14 13,465.48 13,378.14 13,290.10 13,201.36 13,111.91 13,021.75 12,930.88 12,839.28 12,746.95 12,653.89 12,560.08 12,465.53 12,370.23 12,274.17
Year 1 2 3 4 5 6 7 8 9 10
Interest Principal Total 1,391.97 942.12 2,334.09 1,297.95 1,036.13 2,334.09 1,194.56 1,139.53 2,334.09 1,080.84 1,253.25 2,334.09 955.77 1,378.31 2,334.09 818.23 1,515.86 2,334.09 666.95 1,667.13 2,334.09 500.59 1,833.50 2,334.09 317.62 2,016.47 2,334.09 116.39 2,217.70 2,334.09
-194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51
-97.68 -96.91 -96.13 -95.35 -94.56 -93.77 -92.97 -92.16 -91.34 -90.52 -89.69 -88.86 -88.02 -87.17 -86.32 -85.46 -84.59 -83.71 -82.83 -81.94 -81.05 -80.14 -79.23 -78.32 -77.39 -76.46 -75.52 -74.57 -73.62 -72.66 -71.69 -70.71 -69.73 -68.73 -67.73 -66.72 -65.71 -64.68 -63.65 -62.61 -61.56 -60.50 -59.43 -58.36 -57.27 -56.18 -55.08
-96.83 -97.60 -98.37 -99.16 -99.94 -100.74 -101.54 -102.35 -103.16 -103.99 -104.81 -105.65 -106.49 -107.34 -108.19 -109.05 -109.92 -110.79 -111.67 -112.56 -113.46 -114.36 -115.27 -116.19 -117.11 -118.05 -118.99 -119.93 -120.89 -121.85 -122.82 -123.80 -124.78 -125.77 -126.78 -127.78 -128.80 -129.83 -130.86 -131.90 -132.95 -134.01 -135.08 -136.15 -137.23 -138.33 -139.43
12,177.35 12,079.75 11,981.38 11,882.22 11,782.28 11,681.54 11,580.00 11,477.65 11,374.48 11,270.50 11,165.68 11,060.04 10,953.55 10,846.21 10,738.02 10,628.97 10,519.06 10,408.26 10,296.59 10,184.02 10,070.56 9,956.20 9,840.93 9,724.74 9,607.63 9,489.58 9,370.59 9,250.66 9,129.77 9,007.92 8,885.10 8,761.31 8,636.53 8,510.75 8,383.98 8,256.19 8,127.39 7,997.56 7,866.70 7,734.80 7,601.85 7,467.84 7,332.77 7,196.61 7,059.38 6,921.05 6,781.63
-194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51 -194.51
-53.97 -52.85 -51.72 -50.59 -49.44 -48.29 -47.12 -45.95 -44.77 -43.58 -42.38 -41.17 -39.95 -38.72 -37.48 -36.23 -34.97 -33.70 -32.42 -31.13 -29.83 -28.52 -27.20 -25.86 -24.52 -23.17 -21.81 -20.43 -19.05 -17.65 -16.24 -14.82 -13.39 -11.95 -10.50 -9.03 -7.56 -6.07 -4.57 -3.06 -1.54
-140.54 -141.66 -142.78 -143.92 -145.06 -146.22 -147.38 -148.56 -149.74 -150.93 -152.13 -153.34 -154.56 -155.79 -157.03 -158.28 -159.54 -160.81 -162.09 -163.38 -164.68 -165.99 -167.31 -168.64 -169.99 -171.34 -172.70 -174.08 -175.46 -176.86 -178.27 -179.68 -181.11 -182.56 -184.01 -185.47 -186.95 -188.44 -189.94 -191.45 -192.97
6,641.09 6,499.44 6,356.65 6,212.73 6,067.67 5,921.45 5,774.07 5,625.51 5,475.78 5,324.85 5,172.72 5,019.38 4,864.81 4,709.02 4,551.99 4,393.71 4,234.17 4,073.36 3,911.27 3,747.89 3,583.21 3,417.22 3,249.91 3,081.26 2,911.28 2,739.94 2,567.24 2,393.16 2,217.70 2,040.84 1,862.58 1,682.89 1,501.78 1,319.22 1,135.21 949.74 762.79 574.36 384.42 192.97 0.00
Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Interest Principal Total 3897.52 2637.92 6535.44 3634.27 2901.17 6535.44 3344.76 3190.69 6535.44 3026.35 3509.09 6535.44 2676.16 3859.28 6535.44 2291.04 4244.41 6535.44 3259.44 5610.08 8869.53 2699.60 6169.93 8869.53 2083.88 6785.65 8869.53 1406.72 7462.81 8869.53 955.77 1378.31 2334.09 818.23 1515.86 2334.09 666.95 1667.13 2334.09 500.59 1833.50 2334.09 317.62 2016.47 2334.09 116.39 2217.70 2334.09
E. Depreciation Schedule
90% 2007 2008 2009 2010 2011 2012
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total Depreciation Cumulative
8,005.00 18,000.00 20,000.00 20,000.00 18,600.00 10,200.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 117.00 254.00 395.00 766.00
1,080.00
1,080.00 1,200.00
1,080.00 1,200.00 1,200.00
480.30 1,246.30
1,290.30 2,536.60
2,190.30 4,726.90
2013
2014
2015
2016
2017
2018
2019
2020
2021
1,080.00 1,200.00 1,200.00 1,116.00
1,080.00 1,200.00 1,200.00 1,116.00 612.00
1,080.00 1,200.00 1,200.00 1,116.00 612.00 18.00
1,080.00 1,200.00 1,200.00 1,116.00 612.00 18.00 18.00
1,080.00 1,200.00 1,200.00 1,116.00 612.00 18.00 18.00 18.00
1,080.00 1,200.00 1,200.00 1,116.00 612.00 18.00 18.00 18.00 18.00
1,080.00 1,200.00 1,200.00 1,116.00 612.00 18.00 18.00 18.00 18.00 18.00
1,080.00 1,200.00 1,200.00 1,116.00 612.00 18.00 18.00 18.00 18.00 18.00 18.00
1,080.00 1,200.00 1,200.00 1,116.00 612.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00
3,090.30
5,208.00
5,226.00
5,244.00
5,262.00
5,280.00
5,298.00
5,316.00
5,334.00
7,817.20 13,025.20 18,251.20 23,495.20 28,757.20 34,037.20 39,335.20 44,651.20 49,985.20
2022
2023
2024
2025
2026
2027
2028
2029
2030
1,080.00 1,200.00 1,200.00 1,116.00 612.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00
1,080.00 1,200.00 1,200.00 1,116.00 612.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00
1,080.00 1,200.00 1,200.00 1,116.00 612.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 5,388.00
5,352.00
5,370.00
1,200.00 1,200.00 1,116.00 612.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 4,326.00
1,200.00 1,200.00 1,116.00 612.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 4,326.00
1,200.00 1,116.00 612.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 3,126.00
1,116.00 612.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 1,926.00
612.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 810.00
18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 198.00
55,337.20 60,707.20 66,095.20 70,421.20 74,747.20 77,873.20 79,799.20 80,609.20 80,807.20
2031
2032
2033
2034
2035
2036
2037
18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 180.00
18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 162.00
18.00 18.00 18.00 18.00 18.00 18.00 18.00 18.00 144.00
18.00 18.00 18.00 18.00 18.00 18.00 18.00 126.00
18.00 18.00 18.00 18.00 18.00 18.00 108.00
18.00 18.00 18.00 18.00 18.00 90.00
18.00 18.00 18.00 18.00 72.00
80,987.20 81,149.20 81,293.20 81,419.20 81,527.20 81,617.20 81,689.20
Income Statement Particulars Aero Revenue (38%) Non Aero Revenue (45%) Cargo (17%) Total Sales Lease Revenue Total Revenue Annual Fees (to AAI @38.9%) Operating and Admin Expenses Total Expenses EBITDA Depreciation EBIT Interest EBT Other Income Exceptional Items PBT Tax @ 36.4% PAT 2008 3,622.72 3,175.33 1,730.48 8,528.53 8,528.53 3,316.00 3,074.00 6,390.00 2,138.53 254.00 1,884.53 197.00 1,687.53 39.80 0.00 1,727.33 628.75 1,098.58 2009 2010 3,714.65 4,008.83 3,908.59 4,747.30 1,814.55 1,793.43 9,437.79 10,549.56 2011 4,634.61 5,488.36 2,073.38 12,196.35 2012 5,364.10 6,352.22 2,399.73 14,116.05 2013 6,102.20 7,226.29 2,729.93 16,058.42 238.00 16,296.42 6,241.91 5,459.86 11,701.77 4,594.65 3,090.30 1,504.35 0.00 1,504.35 0.00 0.00 1,504.35 547.58 956.77
9,437.79 10,549.56 12,196.35 14,116.05 3,696.00 4,100.61 4,740.72 5,486.91 3,302.00 3,586.85 4,146.76 4,799.46 6,998.00 7,687.47 8,887.48 10,286.37 2,439.79 400.00 2,039.79 273.00 1,766.79 113.20 540.00 1,339.99 487.76 852.23 2,862.10 480.30 2,381.80 0.00 2,381.80 60.00 0.00 2,441.80 888.81 1,552.98 3,308.87 1,290.30 2,018.57 0.00 2,018.57 60.00 0.00 2,078.57 756.60 1,321.97 3,829.69 2,190.30 1,639.39 0.00 1,639.39 0.00 0.00 1,639.39 596.74 1,042.65
2014 6,887.25 8,155.95 3,081.14 18,124.34 744.00 18,868.34 7,044.93 6,162.28 13,207.21 5,661.13 5,208.00 453.13 3,897.52 -3,444.39 0.00 0.00
2015 7,735.76 9,160.77 3,460.73 20,357.26 1,218.00 21,575.26 7,912.87 6,921.47 14,834.33 6,740.92 5,226.00 1,514.92 3,634.27 -2,119.35 0.00 0.00
2016 8,583.98 10,165.24 3,840.20 22,589.43 2,032.00 24,621.43 8,780.51 7,680.41 16,460.92 8,160.51 5,244.00 2,916.51 3,344.76 -428.24 0.00 0.00 -428.24 0.00 -428.24
30.58% 2017 9,462.12 11,205.15 4,233.06 24,900.33 2,653.45 27,553.78 9,678.76 8,466.11 18,144.87
2018 10,360.55 12,269.08 4,634.98 27,264.62 3,464.95 30,729.57 10,597.76 9,269.97 19,867.73
2019 11,297.67 13,378.81 5,054.22 29,730.70 4,524.64 34,255.34 11,556.32 10,108.44 21,664.76
2020 12,287.34 14,550.80 5,496.97 32,335.11 5,908.42 38,243.53 12,568.66 10,993.94 23,562.59 14,680.93 5,316.00 9,364.93 3,259.44 6,105.49 0.00 0.00 6,105.49 2,222.40 3,883.09
2021 13,173.87 15,600.64 5,893.57 34,668.09 7,715.39 42,383.48 13,475.49 11,787.15 25,262.63 17,120.85 5,334.00 11,786.85 2,699.60 9,087.25 0.00 0.00
2022 14,065.09 16,656.02 6,292.28 37,013.38 10,075.00 47,088.38 14,387.10 12,584.55 26,971.65 20,116.73 5,352.00 14,764.73 2,083.88 12,680.85 0.00 0.00
9,408.91 10,861.84 12,590.58 5,262.00 5,280.00 5,298.00 4,146.91 5,581.84 7,292.58 3,026.35 3,859.28 2,291.04 1,120.56 1,722.57 5,001.55 0.00 0.00 0.00 0.00 0.00 0.00 1,120.56 407.88 712.68 1,722.57 627.01 1,095.55 5,001.55 1,820.56 3,180.98
-3,444.39 -2,119.35 0.00 0.00 -3,444.39 -2,119.35
9,087.25 12,680.85 3,307.76 4,615.83 5,779.49 8,065.02
2023 14,953.30 17,707.85 6,689.63 39,350.78 10,075.00 49,425.78 15,295.65 13,379.26 28,674.91 20,750.87 5,370.00 15,380.87 1,406.72 13,974.14 0.00 0.00
2024 15,830.31 18,746.42 7,081.98 41,658.70 10,075.00 51,733.70 16,192.74 14,163.96 30,356.70 21,377.01 5,388.00 15,989.01 955.77 15,033.23 0.00 0.00
2025 16,704.93 19,782.16 7,473.26 43,960.34 10,075.00 54,035.34 17,087.39 14,946.52 32,033.90 22,001.44 4,326.00 17,675.44 818.23 16,857.21 0.00 0.00
2026 17,839.97 21,126.28 7,981.04 46,947.30 10,075.00 57,022.30 18,248.41 15,962.08 34,210.50 22,811.80 4,326.00 18,485.80 666.95 17,818.85 0.00 0.00
2027 18,324.33 21,699.86 8,197.73 48,221.92 10,075.00 58,296.92 18,743.86 16,395.45 35,139.31 23,157.61 3,126.00 20,031.61 500.59 19,531.02 0.00 0.00
2028 18,821.83 22,289.01 8,420.29 49,531.14 10,075.00 59,606.14 19,252.76 16,840.59 36,093.34
2029 19,332.85 22,894.16 8,648.91 50,875.91 10,075.00 60,950.91 19,775.47 17,297.81 37,073.28
2030 19,857.73 23,515.74 8,883.72 52,257.19 10,075.00 62,332.19 20,312.37 17,767.45 38,079.82
2031 20,396.87 24,154.19 9,124.92 53,675.98 10,075.00 63,750.98 20,863.85 18,249.83 39,113.68
23,512.80 23,877.64 24,252.38 24,637.29 1,926.00 810.00 198.00 180.00 21,586.80 23,067.64 24,054.38 24,457.29 317.62 116.39 0.00 0.00 21,269.18 22,951.25 24,054.38 24,457.29 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
13,974.14 15,033.23 16,857.21 17,818.85 19,531.02 21,269.18 22,951.25 24,054.38 24,457.29 5,086.59 5,472.10 6,136.03 6,486.06 7,109.29 7,741.98 8,354.25 8,755.79 8,902.45 8,887.56 9,561.14 10,721.19 11,332.79 12,421.73 13,527.20 14,596.99 15,298.58 15,554.84
2032 20,675.29 24,483.89 9,249.47 54,408.65 10,075.00 64,483.65 21,148.64 18,498.94 39,647.59
2033 20,957.51 24,818.10 9,375.73 55,151.33 10,075.00 65,226.33 21,437.32 18,751.45 40,188.78
2034 21,243.58 25,156.87 9,503.71 55,904.15 10,075.00 65,979.15 21,729.94 19,007.41 40,737.35
2035 21,533.55 25,500.26 9,633.43 56,667.24 10,075.00 66,742.24 22,026.56 19,266.86 41,293.42
2036 21,827.48 25,848.34 9,764.93 57,440.75 10,075.00 67,515.75 22,327.22 19,529.85 41,857.07
2037 22,125.43 26,201.17 9,898.22 58,224.81 10,075.00 68,299.81 22,631.99 19,796.44 42,428.42
24,836.07 25,037.56 25,241.80 25,448.82 25,658.67 25,871.39 162.00 144.00 126.00 108.00 90.00 72.00 24,674.07 24,893.56 25,115.80 25,340.82 25,568.67 25,799.39 0.00 0.00 0.00 0.00 0.00 0.00 24,674.07 24,893.56 25,115.80 25,340.82 25,568.67 25,799.39 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 24,674.07 24,893.56 25,115.80 25,340.82 25,568.67 25,799.39 8,981.36 9,061.25 9,142.15 9,224.06 9,307.00 9,390.98 15,692.71 15,832.30 15,973.65 16,116.76 16,261.68 16,408.41
Cash Flow Statement Net Profit Depreciation Net Working Capital CFO Capital Expenditure CFI Equity Raised Real Estate Deposits Airport Development Fund Loan Borrowed (or Repaid) CFF Net change Cash Flows 2008 1,098.58 254.00 -1,286.00 66.58 5,221.00 5,221.00 0.00 0.00 0.00 9,500.00 9,500.00 4,345.58 2009 852.23 395.00 1,023.00 2,270.23 8,005.00 8,005.00 2,000.00 0.00 0.00 5,201.00 7,201.00 1,466.23 2010 1,552.98 480.30 272.00 2,305.28 2011 1,321.97 1,290.30 402.89 3,015.16 2012 1,042.65 2,190.30 469.66 3,702.61
18,000.00 20,000.00 20,000.00 18,000.00 20,000.00 20,000.00 4,000.00 4,000.00 0.00 0.00 2,500.00 3,300.00 3,150.00 3,433.50 3,879.86 10,000.00 10,000.00 7,299.00 17,150.00 19,933.50 14,478.86 1,455.28 2,948.66 -1,818.53
FCFE Terminal Value Total FCFE Equity IRR Cost of Equity Equity NPV (Rs mn)
4,345.58 4346 18% 15% 4,251.42
-533.77 -534
-5,694.72 -5695
-6,984.84 -6985
-8,998.39 -8998
2013 956.77 3,090.30 475.21 4,522.28
2014 2015 2016 -3,444.39 -2,119.35 -428.24 5,208.00 5,226.00 5,244.00 505.44 546.29 546.11 2,269.05 3,652.95 5,361.87 300.00 300.00 300.00 300.00
2017 712.68 5,262.00 565.37 6,540.05 300.00 300.00
2018 1,095.55 5,280.00 578.43 6,953.99 300.00 300.00
2019 3,180.98 5,298.00 603.34 9,082.32 300.00 300.00
2020 2021 3,883.09 5,779.49 5,316.00 5,334.00 637.18 570.77 9,836.27 11,684.26 300.00 300.00 300.00 300.00
18,600.00 10,200.00 18,600.00 10,200.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,190.24 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15,000.00 -2,637.92 -2,901.17 -3,190.69 -3,509.09 -3,859.28 -4,244.41 -5,610.08 -6,169.93 19,190.24 -2,637.92 -2,901.17 -3,190.69 -3,509.09 -3,859.28 -4,244.41 -5,610.08 -6,169.93 5,112.52 -10,568.87 451.78 1,871.18 2,730.95 2,794.71 4,537.92 3,926.19 5,214.33
922.28 -10,568.87 922 -10569
451.78 452
1,871.18 1871
2,730.95 2731
2,794.71 2795
4,537.92 4538
3,926.19 3926
5,214.33 5214
2022 2023 2024 2025 2026 2027 2028 2029 2030 8,065.02 8,887.56 9,561.14 10,721.19 11,332.79 12,421.73 13,527.20 14,596.99 15,298.58 5,352.00 5,370.00 5,388.00 4,326.00 4,326.00 3,126.00 1,926.00 810.00 198.00 573.79 571.85 564.64 563.11 272.64 279.55 286.64 293.91 301.36 13,990.81 14,829.41 15,513.78 15,610.30 15,931.43 15,827.28 15,739.84 15,700.90 15,797.94 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -6,785.65 -7,462.81 -1,378.31 -1,515.86 -1,667.13 -1,833.50 -2,016.47 -2,217.70 -6,785.65 -7,462.81 -1,378.31 -1,515.86 -1,667.13 -1,833.50 -2,016.47 -2,217.70 6,905.16
7,066.60 13,835.47 13,794.44 13,964.30 13,693.78 13,423.37 13,183.20 15,497.94
6,905.16 6905
7,066.60 13,835.47 13,794.44 13,964.30 13,693.78 13,423.37 13,183.20 15,497.94 7067 13835 13794 13964 13694 13423 13183 15498
2031 2032 2033 2034 2035 2036 2037 15,554.84 15,692.71 15,832.30 15,973.65 16,116.76 16,261.68 16408.41 180.00 162.00 144.00 126.00 108.00 90.00 72 309.00 148.10 149.86 151.63 153.43 155.25 157.09 16,043.83 16,002.81 16,126.16 16,251.28 16,378.19 16,506.93 16,637.50 300.00 300.00 0.00 0.00 0.00 0.00 0.00 300.00 300.00 0.00 0.00 0.00 0.00 0.00 300.00 300.00 0.00 0.00 0.00 0.00 0.00 300.00 300.00 0.00 0.00 0.00 0.00 0.00 300.00 300.00 0.00 0.00 0.00 0.00 0.00 300.00 300.00 0.00 0.00 0.00 0.00 0.00 300.00 300.00 0.00 0.00 0.00 0.00 0.00 16337.50
15,743.83 15,702.81 15,826.16 15,951.28 16,078.19 16,206.93
15,743.83 15,702.81 15,826.16 15,951.28 16,078.19 16,206.93 15744 15703 15826 15951 16078
16,337.50 136,145.85 16207 152483
Balance Sheet 2008 Assets Fixed Assets Gross Block Less: Accrued Depreciation CWIP Net Block Cash and Cash Equivalents Receivables Inventory Other current Assets Total Current Assets Loans and Advances Investments 2009 2010 2011 2012
4,628.00 11,551.00 19,556.00 37,556.00 57,556.00 371.00 766.00 1,246.30 2,536.60 4,726.90 5,221.00 8,005.00 18,000.00 20,000.00 20,000.00 9,478.00 18,790.00 36,309.70 55,019.40 72,829.10 2,007.00 1,410.00 19.00 355.00 3,791.00 559.00 2,008.00 2,938.00 2,168.00 34.00 391.00 5,531.00 723.00 426.00 4,393.28 7,341.95 2,423.39 2,801.68 38.01 43.94 437.06 505.28 7,291.74 10,692.85 723.00 426.00 723.00 426.00 5,523.42 3,242.67 50.85 584.82 9,401.75 723.00 426.00
Expenses Pending Allocation Total Assets
1,027.00
1,560.00
1,560.00
1,560.00
1,560.00
16,863.00 27,030.00 46,310.44 68,421.25 84,939.85
Liabilities Current Liabilities Provisions Total Current Liabilities CA-CL Borrowings Deferred Tax Liability Airport Development Fund Real Estate Deposits Equity Reserves Shareholder's Funds Total Liabilities and Equity
3,048.00 4,853.00 5,424.68 22.00 49.00 54.77 3,070.00 4,902.00 5,479.46 -1,286.00 -2,309.00 -2,581.00 9,500.00 14,701.00 24,701.00 285.00 566.00 566.00 3,150.00 0.00 2,000.00 4,000.00 8,000.00 2,008.00 2,861.00 4,413.98 4,008.00 6,861.00 12,413.98
6,271.48 63.32 6,334.80 -2,983.89 34,701.00 566.00 6,583.50 2,500.00 12,000.00 5,735.95 17,735.95
7,258.61 73.29 7,331.90 -3,453.56 42,000.00 566.00 10,463.36 5,800.00 12,000.00 6,778.60 18,778.60
16,863.00 27,030.00 46,310.44 68,421.25 84,939.85
2013
2014
2015
2016
2017
2018
2019
2020
77,556.00 7,817.20 18,600.00 88,338.80 10,635.94 3,688.86 57.85 665.29 15,047.93 723.00 426.00
96,156.00 106,356.00 106,656.00 106,956.00 107,256.00 107,556.00 107,856.00 13,025.20 18,251.20 23,495.20 28,757.20 34,037.20 39,335.20 44,651.20 10,200.00 300.00 300.00 300.00 300.00 300.00 300.00 93,330.80 88,404.80 83,460.80 78,498.80 73,518.80 68,520.80 63,504.80 67.06 4,163.43 65.29 750.88 5,046.66 723.00 426.00 518.84 4,676.36 73.34 843.38 6,111.92 723.00 426.00 2,390.02 5,189.13 81.38 935.86 8,596.39 723.00 426.00 5,120.97 5,719.97 89.70 1,031.60 11,962.25 723.00 426.00 7,915.68 6,263.09 98.22 1,129.55 15,406.54 723.00 426.00 12,453.60 6,829.58 107.11 1,231.72 20,622.01 723.00 426.00 16,379.79 7,427.85 116.49 1,339.62 25,263.75 723.00 426.00
1,560.00
1,560.00
1,560.00 97,225.72
1,560.00 94,766.19
1,560.00 93,170.05
1,560.00 91,634.34
1,560.00 91,851.81
1,560.00 91,477.55
106,095.73 101,086.46
8,257.39 83.37 8,340.76 -3,928.77 57,000.00 566.00 14,653.60 5,800.00 12,000.00 7,735.37 19,735.37
9,319.70 94.10 9,413.80 -4,434.21 54,362.08 566.00 14,653.60 5,800.00 12,000.00 4,290.98 16,290.98
10,467.89 105.69 10,573.58 -4,980.50 51,460.91 566.00 14,653.60 5,800.00 12,000.00 2,171.63 14,171.63 97,225.72
11,615.70 117.28 11,732.98 -5,526.61 48,270.22 566.00 14,653.60 5,800.00 12,000.00 1,743.39 13,743.39 94,766.19
12,803.98 129.28 12,933.26 -6,091.98 44,761.13 566.00 14,653.60 5,800.00 12,000.00 2,456.07 14,456.07 93,170.05
14,019.72 141.55 14,161.28 -6,670.42 40,901.85 566.00 14,653.60 5,800.00 12,000.00 3,551.62 15,551.62 91,634.34
15,287.80 154.36 15,442.16 -7,273.76 36,657.44 566.00 14,653.60 5,800.00 12,000.00 6,732.60 18,732.60 91,851.81
16,627.02 167.88 16,794.90 -7,910.94 31,047.36 566.00 14,653.60 5,800.00 12,000.00 10,615.69 22,615.69 91,477.55
106,095.73 101,086.46
2021
2022
2023
2024
2025
2026
2027
2028
108,156.00 108,456.00 108,756.00 109,056.00 109,356.00 109,656.00 109,956.00 110,256.00 49,985.20 55,337.20 60,707.20 66,095.20 70,421.20 74,747.20 77,873.20 79,799.20 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 58,470.80 53,418.80 48,348.80 43,260.80 39,234.80 35,208.80 32,382.80 30,756.80 21,594.12 7,963.77 124.89 1,436.27 31,119.06 723.00 426.00 28,499.28 8,502.52 133.34 1,533.43 38,668.58 723.00 426.00 35,565.89 9,039.46 141.76 1,630.27 46,377.38 723.00 426.00 49,401.35 9,569.62 150.08 1,725.89 60,846.94 723.00 426.00 63,195.79 10,098.34 158.37 1,821.24 75,273.74 723.00 426.00 77,160.09 90,853.87 104,277.24 10,354.33 10,616.82 10,885.95 162.38 166.50 170.72 1,867.41 1,914.75 1,963.29 89,544.22 103,551.94 117,297.20 723.00 426.00 723.00 426.00 723.00 426.00
1,560.00 92,298.86
1,560.00 94,796.38
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
97,435.18 106,816.74 117,217.54 127,462.02 138,643.74 150,763.00
17,826.65 179.99 18,006.65 -8,481.71 24,877.43 566.00 14,653.60 5,800.00 12,000.00 16,395.18 28,395.18 92,298.86
19,032.63 192.17 19,224.80 -9,055.50 18,091.78 566.00 14,653.60 5,800.00 12,000.00 24,460.20 36,460.20 94,796.38
20,234.54 204.31 20,438.84 -9,627.35 10,628.97 566.00 14,653.60 5,800.00 12,000.00 33,347.76 45,347.76
21,421.29 216.29 21,637.58 -10,192.00 9,250.66 566.00 14,653.60 5,800.00 12,000.00 42,908.90 54,908.90
22,604.82 228.24 22,833.06 -10,755.11 7,734.80 566.00 14,653.60 5,800.00 12,000.00 53,630.09 65,630.09
23,177.85 234.02 23,411.88 -11,027.75 6,067.67 566.00 14,653.60 5,800.00 12,000.00 64,962.87 76,962.87
23,765.41 24,367.86 239.96 246.04 24,005.37 24,613.90 -11,307.30 -11,593.94 4,234.17 2,217.70 566.00 566.00 14,653.60 14,653.60 5,800.00 5,800.00 12,000.00 12,000.00 77,384.60 90,911.80 89,384.60 102,911.80
97,435.18 106,816.74 117,217.54 127,462.02 138,643.74 150,763.00
2029
2030
2031
2032
2033
2034
2035
2036
110,556.00 110,856.00 111,156.00 111,456.00 111,756.00 112,056.00 112,356.00 112,656.00 80,609.20 80,807.20 80,987.20 81,149.20 81,293.20 81,419.20 81,527.20 81,617.20 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 30,246.80 30,348.80 30,468.80 30,606.80 30,762.80 30,936.80 31,128.80 31,338.80 117,460.44 132,958.38 148,702.22 164,405.03 180,231.19 196,182.47 212,260.66 228,467.59 11,161.91 11,444.87 11,734.99 11,874.05 12,014.76 12,157.14 12,301.20 12,446.97 175.05 179.49 184.04 186.22 188.42 190.66 192.92 195.20 2,013.06 2,064.09 2,116.41 2,141.49 2,166.87 2,192.55 2,218.53 2,244.82 130,810.46 146,646.82 162,737.66 178,606.79 194,601.24 210,722.81 226,973.30 243,354.58 723.00 426.00 723.00 426.00 723.00 426.00 723.00 426.00 723.00 426.00 723.00 426.00 723.00 426.00 723.00 426.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
1,560.00
163,766.26 179,704.62 195,915.46 211,922.59 228,073.04 244,368.61 260,811.10 277,402.38
24,985.59 25,618.97 26,268.42 26,579.70 26,894.67 27,213.37 27,535.85 27,862.15 252.28 258.67 265.23 268.37 271.55 274.77 278.03 281.32 25,237.87 25,877.65 26,533.64 26,848.07 27,166.22 27,488.14 27,813.87 28,143.47 -11,887.85 -12,189.21 -12,498.20 -12,646.31 -12,796.16 -12,947.80 -13,101.23 -13,256.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 566.00 566.00 566.00 566.00 566.00 566.00 566.00 566.00 14,653.60 14,653.60 14,653.60 14,653.60 14,653.60 14,653.60 14,653.60 14,653.60 5,800.00 5,800.00 5,800.00 5,800.00 5,800.00 5,800.00 5,800.00 5,800.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 105,508.79 120,807.38 136,362.22 152,054.92 167,887.23 183,860.87 199,977.63 216,239.31 117,508.79 132,807.38 148,362.22 164,054.92 179,887.23 195,860.87 211,977.63 228,239.31 163,766.26 179,704.62 195,915.46 211,922.59 228,073.04 244,368.61 260,811.10 277,402.38
2037
112,956.00 81,689.20 300.00 31,566.80 244,805.09 12,594.46 197.51 2,271.42 259,868.49 723.00 426.00
1,560.00 294,144.29
28,192.31 284.65 28,476.97 -13,413.57 0.00 566.00 14,653.60 5,800.00 12,000.00 232,647.72 244,647.72 294,144.29
Ratios EBITDA Margin Gross Profit Margin PAT Margin D/E Interest Coverage 2008 25% 20% 13% 3.13 9.57 2009 2010 2011 2012 2013 2014 26% 27% 27% 27% 29% 31% 19% 23% 17% 12% 9% N/A 9% 15% 11% 7% 6% N/A 2.85 1.94 1.53 1.41 1.62 1.73 7.47 N/A N/A N/A N/A 0.12
2015 33% N/A N/A 1.79 0.42 N/A N/A
2016 36%
1.75 0.87
2017 38% 5% 3% 1.65 1.37
2018 40% 6% 4% 1.53 1.45
2019 42% 17% 11% 1.33 3.18
2020 45% 19% 12% 1.11 2.87
2021 49% 26% 17% 0.87 4.37
2022 54% 34% 22% 0.65 7.09
2023 53% 36% 23% 0.47 10.93
2024 51% 36% 23% 0.41 16.73
2025 50% 38% 24% 0.35 21.60
2026 49% 38% 24% 0.30 27.72
2027 48% 41% 26% 0.25 40.02
2028 47% 43% 27% 0.22 67.97
2029 2030 2031 2032 47% 46% 46% 46% 45% 46% 46% 45% 29% 29% 29% 29% 0.18 0.17 0.16 0.14 198.20 ######## ######## ########
2033 2034 2035 2036 2037 45% 45% 45% 45% 44% 45% 45% 45% 45% 44% 29% 29% 28% 28% 28% 0.13 0.13 0.12 0.11 0.11 ######## ######## ######## ######## ########
doc_727894972.xls