Download M: Toll Road SPV Financial Model (BOT) (.xlsx)

What it does

BOT-toll project model: traffic x tariff (fixed % + WPI-linked escalation), O&M, major maintenance, tax with loss carry-forward, debt by repayment schedule or sculpting, DSCR, LLCR, debt capacity, project and equity IRR/NPV, and payback. No circular references.

Who it is for

Analysts, bid teams and students learning project finance.

How to use it

  1. Go to 'Inputs'. Fill the yellow cells: start year, construction years and phasing, total concession years, project cost (including interest during construction and pre-operative costs), debt % (gearing), interest rate, moratorium and repayment years, target DSCR, tax rate and discount rates.
  2. Fill the traffic block: for each vehicle class, average daily traffic (ADT) in the first operation year, traffic growth %, and toll rate per vehicle in the first operation year. Then the toll escalation formula (fixed % + share of WPI), leakage / exemptions, O&M cost, major maintenance cost and cycle, and any revenue share payable to the authority.
  3. Read the results box on 'Inputs': project IRR, equity IRR, NPVs, minimum and average DSCR, LLCR, and whether the debt is within the capacity at your target DSCR.
  4. Open 'Model' to see every year: traffic, revenue, costs, EBITDA, tax, debt schedule, DSCR and cash flows to equity.
  5. Change one input at a time (for example traffic growth -2%) to see how sensitive the results are. Keep a copy of each case.
  6. Check the checks at the bottom of 'Model'. All should read OK.

Tabs in the file

TabWhat it holds
InputsAll assumptions and the results summary.
ModelAnnual model for up to 30 years with checks.

For computation and reconciliation assistance only; not a substitute for formal statutory audit or legal tax advice. All sample data is illustrative and made up. Rates, limits and rules must be checked against current law and your own agreements before use. No tax saving, audit outcome or compliance result is promised.