Feasibility Study Report on Passenger Ferry Service at...

Feasibility Study Report on

Passenger Ferry Service at Sardar Sarovar

Statue of Unity Site, Kevadia, Gujarat, India

Prepared as part of RFP Ref No.________

for

Sardar Sarovar Narmada Nigam Ltd.(SSNNL) By

The Shipping Corporation of India Ltd. (SCI)

May 2019

Feasibility Study Report on Passenger Ferry Service at

Sardar Sarovar Statue of Unity site, Kevadia, Gujarat, India

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D I S C L A I M E R

This report is strictly private and confidential and has been prepared for the benefit and

the internal use of The Shipping Corporation of India Ltd (SCI) and the Sardar Sarovar

Narmada Nigam Ltd. (SSNNL). This preliminary report is prepared with reference to the

RFP being published for selection of integrated operator for running passenger ferry

vessels at Statue of Unity site, Kevadia, Gujarat, India.

The information and observations contained in this document are intended solely for the

use of SCI and SSNNL, and are not to be used circulated, quoted or otherwise referred to for

any other purpose or relied upon without the express prior written permission of

SCI/SSNNL.

This document is limited to the matters expressly set forth herein and no comment is

implied or may be inferred beyond matters expressly stated herein.

It is hereby clarified that in no event SCI/SSNNL shall be responsible for any unauthorised

use of this document, or be liable for any loss or damage, whether direct, indirect, or

consequential, that may be suffered or incurred by any party.



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ACKNOWLEDGEMENTS

The preparation of this report was invaluably aided by our interactions with the industry

stakeholders and participants. In particular, we would like to record our appreciation to

officials of the SSNNL especially Mr A.K.Sharma, Deputy General Manager (SoU-II), and

Mr.Kanungo, for the time they took off from their busy schedule to share with us their

invaluable experience and perceptions. We are thankful to them for sharing with us so

clearly their insights. It has enabled us to develop a complete understanding of this project

in a very short period of time.

We would also like to thank all the other industry participants with whom we have

interacted during the inspection at site, including government officials, ferry operators etc.

for their valuable inputs and feedback.



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GLOSSARY OF TERMS SSD Sardar Sarovar Dam

CHPH Canal Head Power House

RBPH River Bed Power House

CD Chart Datum

GMB Gujarat Maritime Board

MSL Main Sea water Level

HTL High Tide Line

IRR Internal Rate of Return

IRS Class Indian Registry of Shipping Class

KL kilo Litres

KM Kilo Meters

LTL Low Tide Line

NM Nautical Mile

SoU Statue of Unity

SCI The Shipping Corporation of India Ltd

SSNNL Sardar Sarovar Narmada Nigam Limited

GOI The Government of India

GOG Government of Gujarat

SBB Shrestha Bharat Bhavan

M&VC Memorial & Visiting Centre

IMD India Meteorology Department



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TABLE OF CONTENTS

D I S C L A I M E R 2

ACKNOWLEDGEMENTS 3

GLOSSARY OF TERMS 4

EXECUTIVE SUMMARY 7

CHAPTER-1: INTRODUCTION 9

1.1 BACKGROUND 9 1.2 OBJECTIVE AND SCOPE OF STUDY: 11 1.3 PROJECT APPROACH AND METHODOLOGY: 11

CHAPTER 2 - BASIC INFORMATION ABOUT SITE 13

2.1 GENERAL INFORMATION 13 2.2 HOW TO REACH STATUE OF UNITY SITE 14 2.3 ATTRACTION POINTS SURROUNDING STATUE OF UNITY: 14

CHAPTER-3: SITE INSPECTION AND ANALYSIS 16

3.1 INTRODUCTION: 16 3.2 LOCATION DETAIL / AREA MAP: 18 3.4 BRIDGE CLEARANCE DETAILS (OLD AND PROPOSED BRIDGE) 22 3.5 DREDGING FOR MAKING NAVIGATION CHANNEL 24 3.6 OTHER SUPPORTING INFRASTRUCTURE: 26

CHAPTER 4- FACILITIES 27

4.1 PASSENGER TERMINAL FACILITIES: 27

CHAPTER 5: PROPOSED FERRY FOR THE PROJECT 28

5.1 PASSENGER FERRY FOR THIS PROJECT: 28 5.2 TECHNO-COMMERCIAL FACTORS FOR ENSURING OPERATIONAL SUSTAINABILITY: 29 5.3 COMPLIANCE: 29

CHAPTER-6: PURPOSE OF THIS PROJECT 30

6.1. PURPOSE 30



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6.2 PROJECT BENIFITS 30

CHAPTER 7- NUMBER OF VESSELS AND SCHEDULING 31

CHAPTER 8- COMMERCIAL FEASIBILITY STUDY 34

8.1 INTRODUCTION 34 8.2 METHODOLOGY & ASSUMPTIONS: 34 8.3 SUMMARY OF THE CALCULATIONS 35

CHAPTER-9: CONCLUSION 38



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EXECUTIVE SUMMARY

The “Statue of Unity” is a colossal and imposing statue of Indian statesman and Freedom

Fighter Sardar Vallabhbhai Patel (1875–1950) who was the first Home minister of

independent India and highly respected for his leadership in uniting the 562 princely states

of India to form the single Union of India without any armed conflict.

The statue is located in the state of Gujarat, India. It is the world's tallest statue with a

height of 182 metres. It is located on a river island facing the Sardar Sarovar Dam on

river Narmada in Kevadiya colony, 100 kilometres (62 miles) southeast of the city

of Vadodara.

The project was first announced in 2010 and the construction of statue started in October

2013 by Larsen & Toubro. It was inaugurated by Indian Prime Minister Narendra Modi on

31 October 2018, the 143th anniversary of Patel's birth.

Government has decided to introduce ferry services around the statue site for the tourists

considering the huge footfall of tourists visiting the statue on a daily basis. In order to

commence the ferry services at the earliest, SSNNL has appointed SCI as Consultants for

selection of integrated operator for operation of passenger ferry services at Sardar Sarovar

Statue of Unity, Kevadia, Gujarat.

SCI team carried out inspection of site on 26th -27th April 2019 and interacted with the

SSNNL officials to assess feasibility of operation of proposed passenger ferry services.

Detailed analysis was carried out to arrive at the techno-commercial feasibility of the

proposed passenger ferry services. This inter-alia includes study on appropriate vessel

selection, its capacity, terminal improvements and fare analysis.

https://en.wikipedia.org/wiki/Indian_people

https://en.wikipedia.org/wiki/Vallabhbhai_Patel

https://en.wikipedia.org/wiki/India

https://en.wikipedia.org/wiki/Union_of_India

https://en.wikipedia.org/wiki/Gujarat


https://en.wikipedia.org/wiki/List_of_tallest_statues

https://en.wikipedia.org/wiki/River_island

https://en.wikipedia.org/wiki/Sardar_Sarovar_Dam

https://en.wikipedia.org/wiki/Narmada

https://en.wikipedia.org/wiki/Kevadiya

https://en.wikipedia.org/wiki/Vadodara

https://en.wikipedia.org/wiki/Larsen_%26_Toubro

https://en.wikipedia.org/wiki/List_of_Prime_Ministers_of_India

https://en.wikipedia.org/wiki/Narendra_Modi



8

SCI evaluated the project site and undertook the detailed study of the existing

infrastructure and ongoing infrastructural activities such as construction of jetties at both

ends i.e., at Shrestha Bharat Bhavan, Statue of Unity site, Dredging works, construction of

new bridge. The construction of jetties at both ends is expected to be completed by

September 2019.

Based on the information received from the officials and operators, SCI has estimated the

capital and the operational cost for this service. Based on the capital and operational costs,

SCI has carried out feasibility study for a range of fares assuming the ridership of 3000

passengers every day. Primary objective of this project is for plying the passengers from

the Shreshta Bharah Bhawan to the Statue of Unity and vice versa; the other objectives

would be touring around the area, floatel, and other tourist attractions.

It may be noted that this project is built upon the information gathered from various

stakeholders, site visits, and discussions with operators, designers etc. and logical

assumptions have been considered where necessary.

Considering huge tourist footfall visiting the site on daily basis, this project of operating

passenger ferry service at proposed site has high revenue earning potential. Given the

assumptions made and analysis undertaken here, this study has demonstrated that a

passenger ferry service at proposed site would be feasible. The model is that the authority

would provide basic infrastructure i.e. jetty facilities for the operators and the operators

are expected to bring the vessels for plying and all costs involved in acquisition of vessels,

operating the vessels and all other ancillary activities. Authority is proposing to award the

contract to the highest quoted bidder(s).



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CHAPTER-1: INTRODUCTION

1.1 Background

The Sardar Sarovar Narmada Nigam Limited (SSNNL) is a wholly owned Government of

Gujarat undertaking that is in charge of the Sardar Sarovar water resources project on the

river Narmada in South Gujarat. SSNNL was incorporated under the Indian Companies Act,

1956 in March 1988. The main objective of SSNNL is to execute the Sardar Sarovar

Narmada Project comprising the Dam, power houses, canal system and other works

incidental to / ancillary to the Sardar Sarovar Project. SSNNL has been tasked with

overseeing the implementation of the Statue of Unity project.

Statue of Unity has been unveiled on 31st October 2018 (the birth anniversary of Sardar

Patel) dedicated to the Iron man of India, Sardar Vallabhbhai Patel (1875–1950), who was

the first Home minister of independent India and the chief adherent of Mahatma Gandhi

during the non-violent Indian Independence movement; highly respected for his leadership

in uniting the 562 princely states of India to form the single Union of India without any

armed conflict. The 182-meter-tall Statue of Unity has many things for tourists to engage in.

Apart from a luxury nature retreat and museum, it also has an audio-visual gallery, selfie

points for social media enthusiasts, light and sound shows, and guided tours to the scenic

valley of flowers. The Statue of Unity has a complete package for tourists.

One of the main attractions at the site, however, is its 153-meter-high viewers’ gallery,

which is located inside the statue. It can accommodate 200 persons at a time and can be

reached by two high-speed elevators. The gallery offers a stunning view of the surrounding

areas.

Located in a picturesque surrounding, where on the south side, tourists can see lofty hills of

the Satpura range and in the south side, they can see the mighty Vindhyachal hills and a

serene Narmada river streams between the two ranges, which gives them a perfect view of

the area with the Statue in the center of it all.


https://en.wikipedia.org/wiki/Mahatma_Gandhi

https://en.wikipedia.org/wiki/Indian_Independence_movement

https://en.wikipedia.org/wiki/Union_of_India



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Apart from the towering statue, there are many other tourist attractions nearby, including

the newly developed valley of flowers. Nature lovers can also go to see the beauty and

greenery of the Satpura and Vindhyachal hill ranges. There is also the tall Sardar Sarovar

dam on the Narmada river.

Just 10 minutes away from the statue, one can find a new luxury nature retreat and Tent

City Narmada. The luxurious resort is set up near the quiet Panchmuli lake and is

surrounded by meadows, thick forest areas, water cascades, and wildlife. This resort also

has a selfie point to click memorable images as the mighty Statue of Unity is also visible in

the background. The statue can be seen within a 7 km (4.3 mi) radius.

In order to evaluate the feasibility of such service, SSNNL has appointed SCI as consultant

for this project and requested to arrange a detailed technical feasibility and economic

viability study for the proposed passenger ferry service at the Statue of Unity site, Kevadia,

Gujarat.



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1.2 OBJECTIVE AND SCOPE OF STUDY:

The objective of this study is to evaluate the feasibility of the passenger ferry services at

Statue of Unity, Kevadia. This techno-economic feasibility study may form the basis of an

important investment decision.

In order to serve this objective, the proposed study covers the following broad areas:

► Existing Infrastructure Study and Planning

► Technical Study of the vessel

► Financial Study and Operating Model.

► Mode of acquisition of the vessel

► Suitable recommendations /conclusion

1.3 PROJECT APPROACH AND METHODOLOGY:

During the analysis, following approach and methodology was adopted:

S.No. Step-By-Step approach Broad Methodology

1) Project Commencement With-in one week of acceptance of the

offer, SCI team undertook a site visit to

familiarize itself with the present

infrastructure, collect the data, discuss

and finalise the detailed plan of activities.

2) Review of relevant technical data

and assessment of additional data.

Undertook a detailed review of the

relevant existing available data like area

maps, technical data regarding river

water movement (tidal, wave patterns,

wind movement), site data etc. applicable

for the project and assessed the



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requirement of additional data required

for the above study.

3) Project Site Analysis /

Infrastructure Study

Evaluated the project sites by deputing

SCI team. The objectives of the site visit

was to gain an appreciation of the site

environment, collect relevant data, and

interact with various agencies relevant to

the project and obtain a first-hand

information about status of infrastructure

development.

4) Market Assessment

Also interacted with various stakeholders

such as ferry operators to gain market

insights.

5) Technical Study of the Vessel Based on the requirement, we evaluated

suitable ferry / boat to meet the overall

objective of the project.

6) Development of Financial Model

Commercial viability check was made for

different passenger capacity ferries to

cater to 3,000 tourists and advised the

client range of fare/ticket price for their

consideration.



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CHAPTER 2 - BASIC INFORMATION ABOUT SITE

2.1 GENERAL INFORMATION

The proposed Sardar Sarovar boating site lies, just to the north of the Narmada River

Estuary and almost beyond the Sardar Soravar Dam. The site is 45 Km from Bharuch.

Bharuch and Vadodara are the district headquarters and major towns. Bharuch is located

on national highway (NH No. 8) connecting Mumbai to major cities of Vadodara,

Ahmadabad and it is also an important junction on Mumbai -Delhi rail and road trunk

route. The proposed location of terminals at site is approximately at Latitude 21°39.8'N

and Longitude 72° 33.8' E.

The navigational channel is 6 km long and 60 m width with intended depth of 2.5m to 5m

at all times connecting terminals at both ends at Statue of Unity site. The selected operator

shall finance, operate, maintain and manage the passenger ferries, standby boats, rescue

team, insurance for passengers as required by rules and regulations. To meet any

eventuality, a rescue boat of fully enclosed type of capacity 20 persons. This boat may

sometimes be used for transporting VVIPs.

The operator shall select suitable number of air conditioned passenger ferries of identical

type, size and features with suitable nos. of decks to cater to at least 3000 passengers per

day.

The marine facilities like berthing jetties/ pontoon and connecting walkways for access of

passengers to the boat are under progress and shall be provided by SSNNL. To establish

uninterrupted operation of ferry boats from the terminals the water depth up to 5m below

chart datum will be required. Construction of navigation channel and jetties is under

progress and works are proceeding with rapid pace.



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2.2 HOW TO REACH STATUE OF UNITY SITE

The Statue of Unity is accessible via airways, railways and roadways. On arrival at

Vadodara, cabs, taxi services and other public transport facilities are available for the

commute. The distance between Vadodara and the Narmada Dam is 93 km and can take

around 2 hours to reach. From the dam, the visitors would have to further travel 3.5 kms to

reach an island named Sadhu Bet where the statue is located.

Another nearest airport to the site is Ahmedabad. The distance between Ahmedabad

airport and Statue of Unity site is about 205 KM and it takes about 3 hours 30 minutes by

road to reach the place.

2.3 ATTRACTION POINTS SURROUNDING STATUE OF UNITY:

a) RIGHT BANK:

Food Court having capacity of 400 persons, Mirror Maze and Nutrition Park are

being constructed near PRO at Kevadia.

Ekta Mall is constructed near PRO at Kevadia by SSNNL.

Shreshta Bharat Bhavan (SBB) having 3 star facility hotel is being constructed by

SSNNL.

Proposed planning of Interpretation Centre of Forest Department is to be

constructed near PRO at Kevadia.

Vishwa-Van being developed and constructed by Forest Department near Statue of

Unity.

Valley of Flower and small Food Court stalls are constructed near View Point No 1 of

Sardar Sarovar Dam.

Sardar Patel Zoological Park (Jungle Safari) is under construction besides View

Point No 1 of Sardar Sarovar Dam.

Entrance Gate and Entrance Plaza.



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Enclosures for Herbivore and Carnivore Animals.

Geo Domes for Exotic and Indian Birds Aviary.

Sardar Sarovar Dam (SSD) with Canal Head Power House (CHPH) and River Bed

Power House (RBPH) are already constructed in the main dam.

Garudeshwar Weir is being constructed by SSNNL near Garudeshwar village in river

Narmada.

b) LEFT BANK:

Cactus Garden is developed and constructed by Forest Department near Dam

Vicinity.

Proposed planning for construction of Arogya-Van is to be done by Forest

Department.

Eco Tourism Development in Surpaneshwar Sanctuary at Zarwani is being

developed by Forest Department.

Ekta Nursery is developed by Forest Department near Gora Submersible Bridge.

Surpaneshwar Temple was constructed on 1984 near Gora Submersible Bridge on

small hills.



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CHAPTER-3: SITE INSPECTION AND ANALYSIS

3.1 INTRODUCTION:

Presently the tourists are being transported by shuttle buses from Shrestha Bharat Bhavan

(SBB) to the Memorial and Visitor Centre near the Statue of Unity. The shuttle bus bays are

located adjacent to the Shrestha Bharat Bhavan and visitors parking area on South West

corner. The bus would travel in the 5.8 km stretch road along the river side and drop

visitors at site and vice versa.

During the site visit made on 26 April 2019, the following information has been obtained

from SSNNL and other agencies.

Statue of Unity:



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Shrestha Bharat Bhavan (SBB):

Bus Stand at SBB:



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3.2 LOCATION DETAIL / AREA MAP:

Location details and area map are as follows:



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STATUE SITE



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View from 157 M height from inside the statue

3.3 JETTY / PONTOON DETAILS: The construction of Jetties is in the progress. SSNNL has entrusted the job of construction

of jetties at both ends (SSB & Statue of Unity) to M/s. Emjay Constructions. The

construction work is going on a rapid pace and expected to complete by end September

2019. Depth of water at jetties will be maintained at 2.5 m.

The generic dimensions of the jetty are as follows:

Length 58.0 m

Breadth 30.0 m

Water Depth to be maintained at Jetty 2.5 m

5-6 boats may be parked on each jetty



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Excavation work in progress:

Concrete Block Casting Work for Jetty:



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Cast Blocks:

3.4 BRIDGE CLEARANCE DETAILS (OLD AND PROPOSED BRIDGE)

The new high level bridge connecting Kevadia (on right bank) and Rajpipla (left bank is

open foundation and pillar construction type having 23 spans each 40 M wide (24 pillars)

and top RL of road being 55.575 M while clear height /air draft below bridge will be 52 M-

31.75 M = 20.25M. It was observed that of 24 pillars, 21 are already installed and overall

completion achieved as on 25th April 2019 is abt. 55%.

Older existing bridge (RL 31.48 M) known as Gora Bridge is located 6.3 KM downstream of

Sardar Sarovar Dam (SSB), presently used to travel from Kevadia to Rajpipla across river

which will be dismantled after construction of new bridge.



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New Bridge:



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Old bridge (Existing):

3.5 DREDGING FOR MAKING NAVIGATION CHANNEL

Narmada River is flowing between two ranges of mountains named Satpura and

Vindhyachal. Because of this the entire river bed contains rocky terrain. To facilitate

smooth navigation, the bedrock needs to be removed. For this purpose, work of navigation

channel (dredging of rock) is in progress.

Garudeshwar weir is located at 12 KM downstream of Sardar Sarovar Dam (SSD). The river

water stored by Garudeshwar weir is recirculated for power generation. During non-peak

power demand hour, the water in the river will be pumped back to dam and during peak

power demand hour, water will be released from dam for power generation. As a

consequence the river water level keeps varying.

After completion of the Garudeshwar weir, due to operation of River Bed Power House

(RBPH) in generation and pumping mode sequentially, water level in the Garudeshwar

Pond will fluctuate between EL 31.75 m and 26.71 m. Considering this minimum bottom



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level of the channel of 60.0 m width at EL 24.00 m and trench will be formed wherever

required keeping side slope as 1:8. It is learnt that after completing the survey, rock

dredging is required only at M&VC and SBB on banks where jetties are to be constructed.

This navigation channel is approximately 6-7 kms in length. Vertical channel section /

floaters will be used instead, for demarcation of channel.

Excavation of rocky terrain at river bed near statue of unity is progress in full swing. About

15-20 excavators and JCBs including trucks have been employed to excavate the rocks and

shift the same using JCBs and trucks. It was informed that the river bed 24.5 M from MSL

will be the datum and the water level across navigation channel will be maintained 2.5 M

for safe navigation. The water level in the channel will keep fluctuating between 26.5 M and

31.75 M however minimum water level of 26.5 M will be maintained ensuring water depth

of 2.5 M always for safe navigation of intended passenger ferries. Most of excavation is

required at SoU /M&VC and SSB on banks where jetties are to be constructed (90% and

10% respectively). Of 2.5 Lakh m3 of total estimated excavation about 1 Lakh m3 has been

achieved till 25th April 2019.

Navigation channel area map is as follows:



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Construction schedule is from 8th March 2019 to 8th June 2019.

3.6 OTHER SUPPORTING INFRASTRUCTURE:

► Crane facilities shall be provided by SSNNL at jetty side for lifting and lowering

during maintenance of boats

► Maintenance space for vessels.

► Lighting facilities along the channel shall be provided considering the ferry running

hours.

► Tourists waiting halls, toilets, food stalls etc. to be provided at terminals.

► Marking for navigation channel



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CHAPTER 4- FACILITIES

4.1 PASSENGER TERMINAL FACILITIES:

Regarding Facilities including safety / security issues, below mentioned amenities /

facilities are desirable at entry and exit points at SBB:

Jetty for Safe embarkation / disembarkation for Passengers

Ferry Terminal

Ground level structure as a ferry terminal and the associated offices for ferry

operations

Waiting lounge for Tourists

Retail outlets, Restaurants and Cafes for passengers

Drinking water facility for passengers

Toilet facility for passengers

Security check areas for passenger and baggage screening / CCTVs

Emergency service facilities (first Aid, ambulance etc.)

Firefighting and fire alarm system

Garbage collection and disposal system for garbage generated on ferry

Water tanks for storage of water to be supplied to ferries

Diesel storage tanks for re-fuelling ferries with appropriate licenses and safety

measures

Shore supply for ferries while parked at jetty.

Adequate security arrangements during over-night parking.

The proposed project and above-mentioned facilities are desirable to be functional before

full-fledged commencement of ferry operations.



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CHAPTER 5: PROPOSED FERRY FOR THE PROJECT

5.1 PASSENGER FERRY FOR THIS PROJECT:

The turn-around time per boat is considered as one and half hour to two hours for travel

between SBB to Statue site and back.

Capable of all-weather operation with the exception of very occasional extreme

conditions as per the data from IMD.

Passenger capacity to be 50-100 nos. with boat length of 20-25 m (max). The

passengers may be accommodated at 2 levels.

Monohull/Catamaran made of steel.

LSA and Fire Fighting equipment as per Statutory/Class

The speed of the ferry will be about 10-12 knots.

Boat must be Air Conditioned and enclosed type.

The boat must have valid insurances in place before commencing passenger ferry

operations

The boat must comply with the requirements of GMB and IRS Class.

The boat must have adequate propulsion power to maintain voyage schedule at

speed of approx.10-12 knots.

The boat must be fitted with maneuvering aid and shall be capable to berth & un-

berth safely without Tug assistance

The boat shall be fitted with twin screws to effect above safely.

The boat shall be fitted required number of Life jackets



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5.2 TECHNO-COMMERCIAL FACTORS FOR ENSURING OPERATIONAL SUSTAINABILITY:

Maintenance of channel depth, 2.5m to 5.0 m below CD throughout the year

Maintenance of 2.5 m draft along-side jetty and in way of the turning circle year-

round

Adequate width of the proposed navigable channel

Shortest turnaround time at both terminals based on infrastructural arrangements

Readily available technical competency and familiarity for efficient and safe

operations and maintenance of passenger ferry.

5.3 COMPLIANCE:

The ferry shall be registered under IV act of GMB, GOG. The ferries shall be manned

in compliance with the IV act of GMB. The ferries shall possess certificate of survey

issued by GMB and valid insurance necessary for hull and machinery and protection

and indemnity covering third party liability, pollution, and salvage. The operator

will be required to obtain requisite statutory permission of GMB, for the deployment

of ferry and the operation of passenger ferry service in line with the prevailing

act/rules. SSNNL will assist to facilitate such permission.

The proposed passenger craft is required to carry the following valid certificates:

a) Statutory certificates issued by Gujarat Maritime Board (GMB).

b) IRS Class certificates



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CHAPTER-6: PURPOSE OF THIS PROJECT

6.1. PURPOSE

Huge number of tourists (about 10,000 people) are visiting the site on daily basis and the

demand to visit the statue is only met with the shuttle bus service. By introducing

passenger ferry service between SBB & Statue of Unity, it would not only cater to tourist

demand but also tourists will enjoy the view of the Statue of Unity from water. This will

further enhance eco-tourism and regional development.

6.2 PROJECT BENIFITS

The proposed project has benefits for SSNNL and the State of Gujarat as listed below:

• This project will give further boost the tourism and generate revenue.

• The proposed project is expected to generate employment to people

• This proposal would generate funds for SSNNL, the Govt. of Gujarat in terms of lease rent

or the like, and lead to productive use of available space

• Inland water transport is generally considered to be a cost-effective, relatively fuel-

efficient, environmentally-friendly and employment-generating mode of transport.

General infrastructure of the area would be enhancing and thus would result in the social

uplift of the local inhabitants.



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CHAPTER 7- NUMBER OF VESSELS AND SCHEDULING

The number of trips and number of boats will depend on the capacity of passenger boat

offered by the operator. The higher the passenger capacity, lower will be the number of

boats required to meet the passenger demand.

It is proposed to operate these services only six days a week leaving a day for routine

maintenance & repair. Total number of operating days in a year will be 312. The operator

will have to provide two stand-by boats of same capacity to ensure availability of boats as

per schedule all the time.

In addition to above one no. enclosed rescue boat of 20 passengers’ capacity to meet any

eventuality will have to be provided by the operator. This boat may also be used for

ferrying VVIPs occasionally.

A typical scheduling plan for 65 Pax boat with 7 round trips is as follows:

Trip 1 Going Trip 1 Return Trip 2 Going Trip 2 Return

Effective Boat Capacity

SSB Pax Statue Pax Hotel Pax Statue Pax

Boat 1 08:00:00 65 09:00:00 30 10:00:00 65 11:00:00 65

Boat 2 08:15:00 65 09:15:00 30 10:15:00 65 11:15:00 65

Boat 3 08:30:00 65 09:30:00 30 10:30:00 65 11:30:00 65 Boat 4 08:45:00 65 09:45:00 30 10:45:00 65 11:45:00 65

Boat 5 09:00:00 65 10:00:00 30 11:00:00 65 12:00:00 65

Boat 6 09:15:00 65 10:15:00 65 11:15:00 65 12:15:00 65 Boat 7 09:30:00 65 10:30:00 65 11:30:00 65 12:30:00 65

Boat 8 09:45:00 65 10:45:00 65 11:45:00 65 12:45:00 65

Total for Trips 520 345 520 520

Boat 9 (Stand By)

65 65 65 65

Boat 10 (Stand By)

65 65 65 65



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Rescue Boat 11



SSB Pax Statue Pax SSB Pax Statue Pax

Boat 1 12:00:00 65 13:00:00 65 14:00:00 65 15:00:00 65

Boat 2 12:15:00 65 13:15:00 65 14:15:00 65 15:15:00 65

Boat 3 12:30:00 65 13:30:00 65 14:30:00 65 15:30:00 65 Boat 4 12:45:00 65 13:45:00 65 14:45:00 65 15:45:00 65

Boat 5 13:00:00 65 14:00:00 65 15:00:00 65 16:00:00 65

Boat 6 13:15:00 65 14:15:00 65 15:15:00 65 16:15:00 65 Boat 7 13:30:00 65 14:30:00 65 15:30:00 65 16:30:00 65

Boat 8 13:45:00 65 14:45:00 65 15:45:00 65 16:45:00 65

Total for Trips 520 520 520 520

Boat 9 (Stand By)

65 65 65 65

Boat 10 (Stand By)

65 65 65 65

Rescue Boat 11



SSB Pax Statue Pax SSB Pax Statue Pax

Boat 1 16:00:00 65 17:00:00 65 18:00:00 65 19:00:00 65 Boat 2 16:15:00 65 17:15:00 65 18:15:00 65 19:15:00 65

Boat 3 16:30:00 65 17:30:00 65 18:30:00 65 19:30:00 65

Boat 4 16:45:00 65 17:45:00 65 18:45:00 65 19:45:00 65

Boat 5 17:00:00 65 18:00:00 65 19:00:00 65 20:00:00 65

Boat 6 17:15:00 65 18:15:00 65 19:15:00 65 20:15:00 65

Boat 7 17:30:00 65 18:30:00 65 19:30:00 65 20:30:00 65 Boat 8 17:45:00 65 18:45:00 65 19:45:00 65 20:45:00 65

Total for Trips 520 520 520 520 Boat 9 (Stand

By) 65 65 65 65

Boat 10 (Stand By)

65 65 65 65

Rescue Boat 11



33

Trip 7 Going Trip 7 Return Close


Hotel Pax Statue Pax Hotel

Boat 1 20:00:00 25 21:00:00 50 22:00:00 Boat 2 20:15:00 25 21:15:00 25 22:15:00 Boat 3 20:30:00 0 21:30:00 25 22:30:00 Boat 4 20:45:00 0 21:45:00 25 22:45:00 Boat 5 21:00:00 0 22:00:00 25 23:00:00 Total

Boat 6 21:15:00 0 22:15:00 25 23:15:00

Boat 7 21:30:00 0 22:30:00 25 23:30:00

Boat 8 21:45:00 0 22:45:00 25 23:45:00

Total for Trips 50 225 6340 Boat 9 (Stand

By) 65 65 910

Boat 10 (Stand By)

65 65 910

Note: The above scheduling is only for guidance assuming 2 hours round trip. The number

of boats required and scheduling can be proposed by the operator taking into account the

boat capacity, speed, and operating hours from 8 AM to 10 PM.



34

CHAPTER 8- COMMERCIAL FEASIBILITY STUDY

8.1 INTRODUCTION

To carry out commercial feasibility study for the project and to propose ticket fare

per passenger, various scenarios with different passenger capacity vessels, fare structure

and number of trips are projected in this chapter.

The capital cost of acquisition of each vessel/ferry/boat is expected to be as follows:

50 Pax Ferry

65 Pax Ferry

75 Pax Ferry

100 Pax Ferry

Cost of a Vessel/Boat (INR)

2.75~3.00 Crore

3.00~3.25 Crore

3.20~3.35 Crore

4.00~4.25 Crore

The above costs are based on discussions with the shipyards, designers and

operators; and are subject to change as per the exact specifications of the boat offered.

Cost of existing and proposed infrastructure is not considered in the report. Same

are being facilitated/provided by SSNNL and the compensation by the proposed operators

would be in the form of “Share of Revenue” to SSNNL.

8.2 METHODOLOGY & ASSUMPTIONS:

The Equity IRR calculations have been done for various scenarios assuming

operator will avail 70% of the project cost through bank loan and 30% as equity/own

contribution.

Project IRR and Equity IRR have been calculated taking into account operating

period/concession period of 10 years. Residual value of the asset is projected at 5% of the

capital cost at the end of 10th year of operation.

Direct operating expenses, Indirect operating expenses, administrative cost have

been assumed on the basis of preliminary market information as obtained from the vessel



35

operators; it may vary depending on the operational efficiency, optimization, business

model and other factors.

The operator is expected to earn income from other sources (non-operational) viz.,

Advertisement rights on boats, on-board merchandise, etc., which is not considered while

evaluating the financial viability.

The operator is expected to share the gross revenue to the Authority as per the

contract to be executed between SSNNL and the successful bidder. This will depend on the

IRR margins, business model and the concept plan of the respective operators. Same is not

also not proposed or projected in the financial evaluation.

8.3 SUMMARY OF THE CALCULATIONS

Parameters 50 Pax Ferry

50- Pax Ferry

65 Pax Ferry

65 Pax Ferry

Nos. of Boats required

10 10 8 8

Stand by Boat 1+1 1+1 1+1 1+1

20 Pax Rescue Boat

1 1 1 1

Total Nos. of Boats

13 13 11 11

Mobilization cost 6.6 Cr 6.6 Cr 6.0 Cr 6.0 Cr

Total Capex 39.6 Cr 39.6 Cr 36.0 Cr 36.0 Cr

Loan 70% 70% 70% 70%

Interest 12% 12% 12% 12%

Project duration 10 years 10 years 10 years 10 years

Passengers (per day)

3000 3000 3000 3000

Fare per passenger

350 375 325 350

Revenue Per day (INR)

1050,000 1125,000 975,000 1050,000

Bunker/Port/PMC 3,52,800 3,52,800 2,94,000 2,94,000



36

Per day cost (INR)

Opex/Admin Cost per day (INR)

3,42,000 3,42,000 3,42,000 3,42,000

Project IRR 13% 21% 14% 22%

Equity IRR 15% 35% 17% 38%

Parameters 75 Pax Ferry

75 Pax Ferry

100 Pax Ferry

100 Pax Ferry

Nos. of Boats required

7 7 5 5

Stand by Boat 1 1 1 1

20 Pax Rescue Boat

1 1 1 1

Total Nos. of Boats

9 9 7 7

Mobilization cost 5.12 Cr 5.12 Cr 4.8 Cr 4.8 Cr

Total Capex* 30.72 Cr 30.72 Cr 28.8 Cr 28.8 Cr

Loan 70% 70% 70% 70%

Interest 12% 12% 12% 12%

Project duration 10 Years 10 Years 10 Years 10 Years

Passengers (per day)

3000 3000 3000 3000

Fare per passenger

275 300 270 290

Revenue Per day (INR)

825,000 900,000 810,000 870,000

Bunker/Port/PMC

Per day cost (INR)

205,800 205,800 176,400 176,400

Opex/Admin Cost per day (INR)

3,42,000 3,42,000 3,42,000 3,42,000

Project IRR 13% 20% 13% 29%

Equity IRR 14% 32% 15% 57%

*Cost of rescue boat has not been considered in the CAPEX

Detailed calculations are given at ANNEXURE-I.



37

It may be seen from the above analysis that any increase in the passenger capacity

of the boat, the fare would be reduced. For example, for a 100 Pax boat the per passenger

fare can be in the range of Rs.270 to Rs.290; For 75 Pax boat the per passenger fare can be

in the range of Rs.275 to Rs.300; for 65 Pax boat fare can be in the range of Rs.325 to

Rs.350; and for 50 Pax boat the per passenger fare can be in the range of Rs.350 to Rs.375.



38

CHAPTER-9: CONCLUSION

From the detailed analyses and feasibility study, it is concluded that the operation of ferry

service for the proposed transportation route i.e. from SBB to Statue of Unity will be

commercially viable with reasonable return on investment to the operator. The larger

capacity boats i.e. in the range of 75-100 Pax require less number of trips compared to

smaller boats of capacity 50 – 65 Pax.

The ticket fare is required to be fixed in the range of 270-375 and will depend on the size of

the boat. For larger capacity boat i.e. 75-100 Pax the fare can be fixed in the band of 270-

300 while for 50-65 Pax boats fare may be fixed between Rs. 325 & Rs.375. Further, the

operator is also expected to generate non-operational income like advertisement rights on

boats and ancillary activities.

The revenue sharing model is proposed to be as a share of gross receipts (net of

taxes/levies) by the operator to the Authority.



39

ANNEXURE-I

Project IRR & Equity IRR for 50 Passenger boat (Ticket price Rs.350)

Total Passengers 3000 Nos

Passengers per Boat 50 Nos

Number of boats required 12 Nos

Rate per Passenger 350 Rupees

Time to seat 10 Minutes

Time to sail 30 Minutes

Time to unload 10 Minutes

Time to go alongside 10 Minutes

One side trip 60 Minutes

Round trip 120 Minutes

Start time 08:00:00 AM

Stop time 22:00:00 PM

Total Operating hour 14:00:00 Hours

Price of boat 27500000 Rupees Finance

Capex 330000000 Loan 70%

Mobilization cost 66000000 Interest rate 12%

Tota Capex 396000000 Number of years 10

Days 312

Revenue per day 1050000

Bunker 352800

Opex days 365 Project IRR Equity IRR

Bunker 352800 Rupees Year Return Year Return

Dry dock cost 37000 rupees 0 -396000000 0 -118800000

PMC 25000 1 73352400 1 12368400

Project cost 414800 2 73352400 2 15694800

Crew 110000 3 73352400 3 19021200

Technical 110000 4 73352400 4 22347600

Insurance 22000 5 73352400 5 25674000

Admin 100000 6 73352400 6 29000400

Total Opex 342000 7 73352400 7 32326800

Loan 70% 8 73352400 8 35653200

Interest 12% 9 73352400 9 38979600

10 73352400 10 42306000

Project IRR 13% Equity IRR 15%

Year 1 2 3 4 5 6 7 8 9 10

Revenue 327600000 327600000 327600000 327600000 327600000 327600000 327600000 327600000 327600000 327600000

Direct Cost 129417600 129417600 129417600 129417600 129417600 129417600 129417600 129417600 129417600 129417600

Opex 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000

EBIDTA 73352400 73352400 73352400 73352400 73352400 73352400 73352400 73352400 73352400 73352400

Interest 33264000 29937600 26611200 23284800 19958400 16632000 13305600 9979200 6652800 3326400

PBT 40088400 43414800 46741200 50067600 53394000 56720400 60046800 63373200 66699600 70026000

Repayment 27720000 27720000 27720000 27720000 27720000 27720000 27720000 27720000 27720000 27720000

Residual Value 11000000

Net Cash 12368400 15694800 19021200 22347600 25674000 29000400 32326800 35653200 38979600 42306000



40
















Capex 330000000 Loan 70%



Days 312


Bunker 352800




PMC 25000 1 96752400 1 35768400

Project cost 414800 2 96752400 2 39094800

Crew 110000 3 96752400 3 42421200

Technical 110000 4 96752400 4 45747600

Insurance 22000 5 96752400 5 49074000

Admin 100000 6 96752400 6 52400400

Total Opex 342000 7 96752400 7 55726800

Loan 70% 8 96752400 8 59053200

Interest 12% 9 96752400 9 62379600

10 96752400 10 65706000


Year 1 2 3 4 5 6 7 8 9 10

Revenue 351000000 351000000 351000000 351000000 351000000 351000000 351000000 351000000 351000000 351000000

Direct Cost 129417600 129417600 129417600 129417600 129417600 129417600 129417600 129417600 129417600 129417600

Opex 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000

EBIDTA 96752400 96752400 96752400 96752400 96752400 96752400 96752400 96752400 96752400 96752400

Interest 33264000 29937600 26611200 23284800 19958400 16632000 13305600 9979200 6652800 3326400

PBT 63488400 66814800 70141200 73467600 76794000 80120400 83446800 86773200 90099600 93426000

Repayment 27720000 27720000 27720000 27720000 27720000 27720000 27720000 27720000 27720000 27720000


Net Cash 35768400 39094800 42421200 45747600 49074000 52400400 55726800 59053200 62379600 65706000



41
















Capex 300000000 Loan 70%



Days 312


Bunker 294000




PMC 25000 1 68298000 1 12858000

Project cost 356000 2 68298000 2 15882000

Crew 110000 3 68298000 3 18906000

Technical 110000 4 68298000 4 21930000

Insurance 22000 5 68298000 5 24954000

Admin 100000 6 68298000 6 27978000

Total Opex 342000 7 68298000 7 31002000

Loan 70% 8 68298000 8 34026000

Interest 12% 9 68298000 9 37050000

10 68298000 10 40074000


Year 1 2 3 4 5 6 7 8 9 10

Revenue 304200000 304200000 304200000 304200000 304200000 304200000 304200000 304200000 304200000 304200000

Direct Cost 111072000 111072000 111072000 111072000 111072000 111072000 111072000 111072000 111072000 111072000

Opex 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000

EBIDTA 68298000 68298000 68298000 68298000 68298000 68298000 68298000 68298000 68298000 68298000

Interest 30240000 27216000 24192000 21168000 18144000 15120000 12096000 9072000 6048000 3024000

PBT 38058000 41082000 44106000 47130000 50154000 53178000 56202000 59226000 62250000 65274000

Repayment 25200000 25200000 25200000 25200000 25200000 25200000 25200000 25200000 25200000 25200000


Net Cash 12858000 15882000 18906000 21930000 24954000 27978000 31002000 34026000 37050000 40074000



42
















Capex 300000000 Loan 70%



Days 312


Bunker 294000




PMC 25000 1 91698000 1 36258000

Project cost 356000 2 91698000 2 39282000

Crew 110000 3 91698000 3 42306000

Technical 110000 4 91698000 4 45330000

Insurance 22000 5 91698000 5 48354000

Admin 100000 6 91698000 6 51378000

Total Opex 342000 7 91698000 7 54402000

Loan 70% 8 91698000 8 57426000

Interest 12% 9 91698000 9 60450000

10 91698000 10 63474000


Year 1 2 3 4 5 6 7 8 9 10

Revenue 327600000 327600000 327600000 327600000 327600000 327600000 327600000 327600000 327600000 327600000

Direct Cost 111072000 111072000 111072000 111072000 111072000 111072000 111072000 111072000 111072000 111072000

Opex 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000

EBIDTA 91698000 91698000 91698000 91698000 91698000 91698000 91698000 91698000 91698000 91698000

Interest 30240000 27216000 24192000 21168000 18144000 15120000 12096000 9072000 6048000 3024000

PBT 61458000 64482000 67506000 70530000 73554000 76578000 79602000 82626000 85650000 88674000

Repayment 25200000 25200000 25200000 25200000 25200000 25200000 25200000 25200000 25200000 25200000


Net Cash 36258000 39282000 42306000 45330000 48354000 51378000 54402000 57426000 60450000 63474000



43
















Capex 224000000 Loan 70%



Days 312


Bunker 205800




PMC 25000 1 49016400 1 7621200

Project cost 267800 2 49016400 2 9879120

Crew 110000 3 49016400 3 12137040

Technical 110000 4 49016400 4 14394960

Insurance 22000 5 49016400 5 16652880

Admin 100000 6 49016400 6 18910800

Total Opex 342000 7 49016400 7 21168720

Loan 70% 8 49016400 8 23426640

Interest 12% 9 49016400 9 25684560

10 49016400 10 27942480


Year 1 2 3 4 5 6 7 8 9 10

Revenue 257400000 257400000 257400000 257400000 257400000 257400000 257400000 257400000 257400000 257400000

Direct Cost 83553600 83553600 83553600 83553600 83553600 83553600 83553600 83553600 83553600 83553600

Opex 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000

EBIDTA 49016400 49016400 49016400 49016400 49016400 49016400 49016400 49016400 49016400 49016400

Interest 22579200 20321280 18063360 15805440 13547520 11289600 9031680 6773760 4515840 2257920

PBT 26437200 28695120 30953040 33210960 35468880 37726800 39984720 42242640 44500560 46758480

Repayment 18816000 18816000 18816000 18816000 18816000 18816000 18816000 18816000 18816000 18816000


Net Cash 7621200 9879120 12137040 14394960 16652880 18910800 21168720 23426640 25684560 27942480



44
















Capex 224000000 Loan 70%



Days 312


Bunker 235200




PMC 25000 1 63243600 1 21848400

Project cost 297200 2 63243600 2 24106320

Crew 110000 3 63243600 3 26364240

Technical 110000 4 63243600 4 28622160

Insurance 22000 5 63243600 5 30880080

Admin 100000 6 63243600 6 33138000

Total Opex 342000 7 63243600 7 35395920

Loan 70% 8 63243600 8 37653840

Interest 12% 9 63243600 9 39911760

10 63243600 10 42169680


Year 1 2 3 4 5 6 7 8 9 10

Revenue 280800000 280800000 280800000 280800000 280800000 280800000 280800000 280800000 280800000 280800000

Direct Cost 92726400 92726400 92726400 92726400 92726400 92726400 92726400 92726400 92726400 92726400

Opex 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000

EBIDTA 63243600 63243600 63243600 63243600 63243600 63243600 63243600 63243600 63243600 63243600

Interest 22579200 20321280 18063360 15805440 13547520 11289600 9031680 6773760 4515840 2257920

PBT 40664400 42922320 45180240 47438160 49696080 51954000 54211920 56469840 58727760 60985680

Repayment 18816000 18816000 18816000 18816000 18816000 18816000 18816000 18816000 18816000 18816000


Net Cash 21848400 24106320 26364240 28622160 30880080 33138000 35395920 37653840 39911760 42169680



45

Total Passengers

3000 Nos Passengers per Boat 65 Nos Number of boats required 10 Nos Rate per Passenger

325 Rupees

Time to seat

10 Minutes Time to sail

30 Minutes

Time to unload

10 Minutes Time to go alongside 10 Minutes One side trip

60 Minutes

Round trip

120 Minutes

Start time

08:00:00 AM Stop time

22:00:00 PM


Price of boat

30000000 Rupees

Finance Capex

300000000

Loan

70% Mobilization cost

60000000

Interest rate

12% Tota Capex

360000000

Number of years

10

Days

312

Revenue per day

975000

Bunker

294000

Opex days

365

Project IRR

Equity IRR Bunker

294000 Rupees

Year Return

Year Return Dry dock cost

37000 rupees

0 -360000000

0 -108000000

PMC

25000

1 68298000

1 12858000 Project cost

356000

2 68298000

2 15882000 Crew

110000

3 68298000

3 18906000 Technical

110000

4 68298000

4 21930000 Insurance

22000

5 68298000

5 24954000 Admin

100000

6 68298000

6 27978000 Total Opex

342000

7 68298000

7 31002000 Loan

70%

8 68298000

8 34026000 Interest

12%

9 68298000

9 37050000

10 68298000

10 40074000

Project IRR 14%

Equity IRR 17%

Year

1 2 3 4 5 6 7 8 9 10



46

Revenue

304200000 304200000 304200000 304200000 304200000 304200000 304200000 304200000 304200000 304200000

Direct Cost

111072000 111072000 111072000 111072000 111072000 111072000 111072000 111072000 111072000 111072000

Opex

124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000

EBIDTA

68298000 68298000 68298000 68298000 68298000 68298000 68298000 68298000 68298000 68298000

Interest

30240000 27216000 24192000 21168000 18144000 15120000 12096000 9072000 6048000 3024000

PBT

38058000 41082000 44106000 47130000 50154000 53178000 56202000 59226000 62250000 65274000

Repayment

25200000 25200000 25200000 25200000 25200000 25200000 25200000 25200000 25200000 25200000

Residual Value

12000000

Net Cash

12858000 15882000 18906000 21930000 24954000 27978000 31002000 34026000 37050000 40074000 Project IRR & Equity IRR calculation for 100 Passenger boat (Ticket price Rs.270)



47

Project IRR & Equity IRR calculation for 100 Passenger boat (Ticket price Rs.290)















Capex 240000000 Loan 70%



Days 312


Bunker 176400




PMC 25000 1 53509200 1 9157200

Project cost 238400 2 53509200 2 11576400

Crew 110000 3 53509200 3 13995600

Technical 110000 4 53509200 4 16414800

Insurance 22000 5 53509200 5 18834000

Admin 100000 6 53509200 6 21253200

Total Opex 342000 7 53509200 7 23672400

Loan 70% 8 53509200 8 26091600

Interest 12% 9 53509200 9 28510800

10 53509200 10 30930000


Year 1 2 3 4 5 6 7 8 9 10

Revenue 252720000 252720000 252720000 252720000 252720000 252720000 252720000 252720000 252720000 252720000

Direct Cost 74380800 74380800 74380800 74380800 74380800 74380800 74380800 74380800 74380800 74380800

Opex 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000

EBIDTA 53509200 53509200 53509200 53509200 53509200 53509200 53509200 53509200 53509200 53509200

Interest 24192000 21772800 19353600 16934400 14515200 12096000 9676800 7257600 4838400 2419200

PBT 29317200 31736400 34155600 36574800 38994000 41413200 43832400 46251600 48670800 51090000

Repayment 20160000 20160000 20160000 20160000 20160000 20160000 20160000 20160000 20160000 20160000


Net Cash 9157200 11576400 13995600 16414800 18834000 21253200 23672400 26091600 28510800 30930000



48















Capex 192000000 Loan 70%



Days 312


Bunker 176400



Dry dock cost 37000 rupees 0 -2.3E+08 0 -69120000

PMC 25000 1 72229200 1 36747600

Project cost 238400 2 72229200 2 38682960

Crew 110000 3 72229200 3 40618320

Technical 110000 4 72229200 4 42553680

Insurance 22000 5 72229200 5 44489040

Admin 100000 6 72229200 6 46424400

Total Opex 342000 7 72229200 7 48359760

Loan 70% 8 72229200 8 50295120

Interest 12% 9 72229200 9 52230480

10 72229200 10 54165840


Year 1 2 3 4 5 6 7 8 9 10

Revenue 271440000 271440000 271440000 271440000 271440000 271440000 271440000 271440000 271440000 271440000

Direct Cost 74380800 74380800 74380800 74380800 74380800 74380800 74380800 74380800 74380800 74380800

Opex 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000 124830000

EBIDTA 72229200 72229200 72229200 72229200 72229200 72229200 72229200 72229200 72229200 72229200

Interest 19353600 17418240 15482880 13547520 11612160 9676800 7741440 5806080 3870720 1935360

PBT 52875600 54810960 56746320 58681680 60617040 62552400 64487760 66423120 68358480 70293840

Repayment 16128000 16128000 16128000 16128000 16128000 16128000 16128000 16128000 16128000 16128000


Net Cash 36747600 38682960 40618320 42553680 44489040 46424400 48359760 50295120 52230480 54165840

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