ZEMCH 2015 - International Conference Proceedings

Table 5: MUCB Sensitivity Analysis results L = 20 L = 25 DSCRpre-tax1,25 DSCRpre-tax1,35 DSCRpre-tax 1,45 DSCRpre-tax1,55 D% D% D% D% 80% 70% 65% Average 1,17 DSCRpost-tax Average 1,25 DSCRpost-tax Average 1,34 DSCRpost-tax Average 1,44 DSCRpost-tax Revenue 1.767RM Revenue 1.786RM Revenue 1.795RM Revenue 1.794RM NPV 1.859RM NPV 1.412RM NPV 839RM NPV 155RM IRR 8,4% IRR 8,2% IRR 7,8% IRR 7,5% Pay-Back 24 years Pay-Back 25 years Pay-Back 26 years Pay-Back 30 years D% 87% D% 83% D% 78% D% 74% Average 1,20 DSCRpost-tax L = 30 75% Average 1,27 DSCRpost-tax Average 1,36 DSCRpost-tax Average 1,44 DSCRpost-tax Revenue 1.725RM Revenue 1.752RM Revenue 1.776RM Revenue 1.789RM NPV 2.567RM NPV 2.451RM NPV 2.142RM NPV 1.778RM IRR 11,4% IRR 10,6% IRR 9,8% IRR 9,3% Pay-Back 13 years Pay-Back 14 years Pay-Back 17 years Pay-Back 19 years D% 93% D% 88% D% 84% D% 80% Average 1,20 DSCRpost-tax Average 1,29 DSCRpost-tax Average 1,37 DSCRpost-tax Average 1,45 DSCRpost-tax Revenue 1.673RM Revenue 1.717RM Revenue 1.745RM Revenue 1.767RM NPV 2.622RM NPV 2.860RM NPV 2.829RM NPV 2.659RM IRR 20,5% IRR 15,6% IRR 13,5% IRR 12,1% Pay-Back 6 years Pay-Back 8 years Pay-Back 9 years Pay-Back 11 years Table 6: MUGB Sensitivity Analysis results L = 20 DSCRpre-tax 1,25 D% 80% AverageDSCRpost- 1,19 tax L = 25 D% 75% Average 1,28 DSCRpost-tax DSCRpre-tax 1,45 D% 70% Average 1,38 DSCRpost-tax DSCRpre-tax 1,55 D% 65% Average 1,48 DSCRpost-tax Revenue 1.895RM Revenue 1.917RM Revenue 1.927RM Revenue 1.926RM NPV 2.613RM NPV 2.204RM NPV 1.626RM NPV 900RM IRR 9,2% IRR 9,0% IRR 8,7% IRR 8,3% Pay-Back 23 years Pay-Back 23 years Pay-Back 24 years Pay-Back 26 years D% 87% D% 83% D% 78% D% 74% Average DSCRpost- 1,21 tax L = 30 DSCRpre-tax 1,35 Average 1,28 DSCRpost-tax Average 1,38 DSCRpost-tax Average 1,47 DSCRpost-tax Revenue 1.847RM Revenue 1.877RM Revenue 1.905RM Revenue 1.920RM NPV 3.165RM NPV 3.150RM NPV 2.919RM NPV 2.584RM IRR 12,0% IRR 11,4% IRR 10,7% IRR 10,2% Pay-Back 11 years Pay-Back 12 years Pay-Back 14 years Pay-Back 16 years D% 93% D% 88% D% 84% D% 80% Average DSCRpost- 1,20 tax Average 1,30 DSCRpost-tax Average 1,38 DSCRpost-tax Average 1,47 DSCRpost-tax Revenue 1.788RM Revenue 1.838RM Revenue 1.870RM Revenue 1.895RM NPV 3.028RM NPV 3.421RM NPV 3.510RM NPV 3.424RM IRR 20,6% IRR 16,1% IRR 14,3% IRR 13,0% Pay-Back 6 years Pay-Back 8 years Pay-Back 9 years Pay-Back 10 years The first scenario is not considerably bankable for both MUCB and MUGB; both buildings have an average DSCRpost-tax lower than 1.20 that is the minimum threshold to claim the project fi- 106 ZEMCH 2015 | International Conference | Bari - Lecce, Italy

ZEMCH 2015 - International Conference Proceedings | Page 108