Financial Metrics. As of the Signing Date, the Insurer’s most recent Projected RBC Ratio for December 31, 2015 determined in accordance with Schedule 6.07 was [ * * * ].
Financial Metrics. The Companies have had, in the aggregate, at least Forty Million Euros (€40 million) in Revenues, Eight Million Euros (€8 million) in net income, and a Twelve (12)-Month Trailing EBITDA of at least Ten Million Euros (€10 million) in each of their last two (2) completed fiscal years ended on December 31, 2021 and December 31, 2022, as calculated in accordance with IFRS and demonstrated in the Financial Statements (hereinafter defined).
Financial Metrics. (a) The RBC Ratio at December 31, 2014 was [ * * * ] and (b) on the Signing Date, the Insurer’s most current Projected RBC Ratio was [ * * * ].
Financial Metrics. Purchaser has had the Revenues, net income, and (12)-Month Trailing EBITDA in each of their last two (2) completed fiscal years ended on October 31, 2021 and October 31, 2022, as calculated in accordance with GAAP, as set forth in the Financial Statements released to the public in the SEC Filings pursuant to Nasdaq requirements and applicable securities Laws.
Financial Metrics. The financial metrics used in the Space@Sea business case is summarised as the following: ▪ Annual finance profit ▪ Return on Investment (ROI) ▪ Discounted Cash Flow (DCF) and Net Present Value (NPV) ▪ Payback Period ▪ Internal Rate of Return (IRR) The most basic metric for assessing the financial feasibility of a business case is the annual financial profit, which is calculated as revenue less expenses. Expenses include both operating costs for day-to-day activities of the farm, and capital costs of financing borrowings and depreciation. The latter is not a cash expense or outflow, but needs to be accounted for in the financial performance of the business case as it captures the loss in value in the capital investment, which needs to be recovered or replaced over time. More specifically, annual financial profit is calculated as: 𝐹𝑖𝑛𝑎𝑛𝑐𝑖𝑎𝑙 xxxxxxx = 𝑅𝑒𝑣𝑒𝑛𝑢𝑒𝑡 − 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑐𝑜𝑠𝑡𝑡 − 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑐𝑜𝑠𝑡𝑡 Or 𝐹𝑖𝑛𝑎𝑛𝑐𝑖𝑎𝑙 xxxxxxx = ��𝑒𝑣𝑒𝑛𝑢𝑒𝑡 − 𝐶𝑎𝑠ℎ 𝑐��𝑠𝑡𝑡 − 𝐷��𝑝𝑟��𝑐𝑖𝑎𝑡𝑖𝑜��𝑡 where t is the time period, whether it is a calendar year or a financial year. The next metric that needs to be considered is the Return on Investment (ROI), which measures the annual return as a percentage of initial capital investment. This is calculated as: 𝑅𝑂𝐼 (%) = 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑔𝑎𝑖𝑛𝑠𝑡 + 𝑁𝑒𝑡 𝑝𝑟𝑜𝑓𝑖�� 𝑜𝑟 𝑑𝑖𝑣𝑖𝑑𝑒𝑛𝑑 𝑦𝑖𝑒𝑙𝑑𝑡 × 100 𝑡 𝐶𝑎𝑝𝑡𝑖𝑎�� 𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡𝑡 For the purpose of this study, we do not assume that any capital investments are sold during the period of operation, so that the ROI simplifies to: 𝑅��𝐼 (%) = 𝑁𝑒𝑡 xxxxxxx × 100 𝑡 𝐶𝑎𝑝𝑡𝑖𝑎𝑙 𝑖𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡𝑡 As the value of money declines with time, it is important to establish the worth of cash flows in today’s dollars, or present value, so that it can be accurately weighed against the capital investment needed upfront. The present value of cash flows is reflected by the metric Discounted Cash Flow (DCF) and the cumulative sum of all DCF over the period of interest is defined by the Net Present Value (NPV). The two metrics can be calculated as the following: 𝐷𝐶𝐹 = 𝑃𝑟𝑒𝑠𝑒𝑛𝑡 𝑉𝑎𝑙𝑢𝑒 = 𝑁𝑒𝑡 𝑐𝑎𝑠ℎ 𝑓𝑙𝑜H𝑡/(1 + 𝑖)�� 𝑛 𝑁𝑒𝑡 𝑐𝑎𝑠ℎ 𝑓��𝑜H 𝑁𝑃𝑉 = J 𝑡 (1 + 𝑖)𝑡 𝑡LM where i is the discount rate or the return that could be earned in alternative investments, and t is the time period (with the maximum number of periods set to n). Related to the concept of NPV are the Payback Period and Internal Rate...
Financial Metrics. The financial metric results for the entire vertically integrated farming and processing operations are summarised in the following: § Annual financial profit: €1,19 million accounting for depreciation § Return on Investment (ROI): 6% p.a. § Discounted Cash Flow (DCF) and Net Present Value (NPV): graphed in Figure 2 and Figure 3 below § Payback Period: 15 years § Internal Rate of Return (IRR): 7.4% As illustrated in Figure 2, Discounted Cash Flow (DCF) in the first two years of operation is hugely negative owing to the initial capital investment and operating costs, which must be paid before the inflow of income. As discussed in section 4.1, income in the first year is only that of seed mussels and this further reduces the capital repayment capabilities. Over the first 14 years, the cumulated discounted cash profit does not cover the NPV of capital investment and hence, total NPV is negative (Figure 3). However, by year 15, the cumulated discounted cash profit covers the NPV of initial investment and total NPV becomes positive henceforth. By year 25, the total cumulative NPV reaches €11 million in today’s value. This equates to an IRR of 7.4%, that is the discount rate which yields a NPV of zero in the final year. The annual ROI for the average operating year is 6%, not including the first two years of operation for reasons discussed above. Discounted Cash Flow € Millions 2 0 -2 -4 -6 -8 -10 -12 -14 Figure 2 Discounted cash flow over a time period of 25 years. PU=Public, CO=Confidential, only for members of the consortium (including the Commission Services), CI=Classified, as referred to in Commission Decision 2001/844/EC. Cumulative Net Present Value € Millions 10 5 0 -5 -10 -15 -20
Financial Metrics. The financial metric results for the entire vertically integrated farming and processing operations are summarised in the following: ▪ Annual financial profit: −€2,9 million for gutted fish output and −€3,1 million for filleted fish output, accounting for depreciation ▪ Return on Investment (ROI): not applicable for negative returns. ▪ Discounted Cash Flow (DCF) and Net Present Value (NPV): graphed in Figure 10 and Figure 11 below ▪ Payback Period: never ▪ Internal Rate of Return (IRR): not applicable for negative returns As illustrated in Figure 10, Discounted Cash Flow (DCF) is negative for the entire time period of 25 years, with spikes of larger losses in years of new capital investment, which occurs at 5, 10 and 20 year intervals depending on the capital item. The gradual decline in annual cash flow loss over the period is due to the discounting of future losses, which become less as the cost of money declines. By year 25, the total cumulative NPV for the integrated farming and simple processing seabream model reaches −€59.9 million in today’s value. For the integrated fish filleting model, the total cumulative NPV is −€65.6 million. These results are calculated for the production of 1000 tonnes of whole fish. For 100.000 tonnes of seabream production, the losses should be multiplied by a factor of one hundred. The IRR, the rate in which positive NPV returns equals zero over the 25 year period, and the annual ROI cannot be calculated as returns are negative over the entire period. €Millions -6 -8 -10 -12 -14 -16 -18 Discounted Cash Flow Gutted fish Fish fillet Figure 10 Discounted cash flow over a time period of 25 years. PU=Public, CO=Confidential, only for members of the consortium (including the Commission Services), CI=Classified, as referred to in Commission Decision 2001/844/EC. €Millions -20 -30 -40 -50 -60 -70 Cumulative Net Present Value 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 Gutted fish Fish fillet Figure 11 The cumulative net present value over a time period of 25 years.
Financial Metrics. The financial metrics used in the Space@Sea business case is summarised as the following: § Annual finance profit § Return on Investment (ROI) § Discounted Cash Flow (DCF) and Net Present Value (NPV) § Payback Period § Internal Rate of Return (IRR) The most basic metric for assessing the financial feasibility of a business case is the annual financial profit, which is calculated as revenue less expenses. Expenses include both operating costs for day-to-day activities of the farm, and capital costs of financing borrowings and depreciation. The latter is not a cash expense or outflow, but needs to be accounted for in the financial performance of the business case as it captures the loss in value in the capital investment, which needs to be recovered or replaced over time. More specifically, annual financial profit is calculated as: !"#$#%"$& ()*+",- = /010#20- − 4(0)$,"#5 %*6,- − 7$(",$& %*6,- Or !"#$#%"$& ()*+",- = /010#20- − 7$6ℎ %*6,- − 90()0%"$,"*#- where t is the time period, whether it is a calendar year or a financial year. The next metric that needs to be considered is the Return on Investment (ROI), which measures the annual return as a percentage of initial capital investment. This is calculated as: /4: (%) = 7$(",$& 5$"#6- + ?0, ()*+", *) @"1"@0#@ A"0&@- × 100 - 7$(,"$& "#106,B0#,- For the purpose of this study, we do not assume that any capital investments are sold during the period of operation, so that the ROI simplifies to: /4: (%) = ?0, ()*+",- × 100 - 7$(,"$& "#106,B0#,- As the value of money declines with time, it is important to establish the worth of cash flows in today’s dollars, or present value, so that it can be accurately weighed against the capital investment needed upfront. The present value of cash flows is reflected by the metric Discounted Cash Flow (DCF) and the cumulative sum of all DCF over the period of interest is defined by the Net Present Value (NPV). The two metrics can be calculated as the following: 97! = F)060#, G$&20 = ?0, %$6ℎ +&*H-/(1 + ")- K ?0, %$6ℎ +&*H ?FG = J - (1 + ")- -LM where i is the discount rate or the return that could be earned in alternative investments, and t is the time period (with the maximum number of periods set to n). Related to the concept of NPV are the Payback Period and Internal Rate of Return (IRR). The Payback Period is specified as the number of years for the NPV to become positive – that is, the number of years for initial investment to be recuperated or paid back with discounted cash ...
Financial Metrics. It is the Parties’ mutual understanding that this Project Development Agreement will include the evaluation of multiple project financing options for the City to review and ultimately approve. The project financing options will conform to the guidelines set forth in California Public Resource Code 25008; California Government Code Chapter 3.2. Energy Conservation Agreements, Section 4217.10-4217.18. Project Determinants in the table below will be used by JCI and the City to determine the economic merit of the project, the values can change at any time throughout development as better information is made known. However, for the purposes of determining whether or not JCI has met the success criteria identified in Paragraph 2 “Deliverables”, the values indicated herein will be used upon completion of development to make such determination. Each party has a duty to inform the other of changes to any of the values indicated in a timely manner that may affect the success of the project. • Final financial cash flow must be at least revenue neutral to the City • Average annual utility escalation rate is 3% • Average annual water rate increase of 3% • Operational Savings Percentage annual increase of 3% • Planned Service Agreement (PSA) or Measurement and Verification annual percentage increase of 3% • Any applicable rebates and grants are estimates and subsequently not guaranteed.
Financial Metrics. Adjusted Earnings Per Share (EPS) and Adjusted Return on Invested Capital (ROIC) Tranche Performance Period Portion of Target Award Performance Goal Performance Goal Threshold Target Maximum Tranche 1 January 1, 20__ to December 31, 20__ 50% Cumulative Adjusted EPS for the Performance Period Tranche 2 January 1, 20__ to December 31, 20__ 35% Average ROIC % for Performance Period Payout of each Tranche as a percentage of Target shall be (i) 0% for performance below “threshold”,
