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2025-04-19 22:36本頁(yè)面
【正文】 xt auction: A3 auction will be held 22nd March 2022. Mexico: Target: of renewable energy by 2022, 7GW by 2022 but no generic regulation (FiT or REC) for renewables. Chile: Target: 20% of its energy ing from renewables. 5% of power distributed by utilities es from renewables and will increase % . until reaching 10% in 2024. Peru: Renewable energy tenders every 2 years (next auction: 2022). Government forecasts USD33m investment in wind energy until 2020. 31 AFRICA South Africa: 2030 Target: of wind power. Tender system since August 2022. 634MW awarded in August auctions. Next auction: March 2022. Egypt: 2020 Target: of wind power (5GW to e from private investors). Projects tendered through petitive bids and FiT planned for 2022. Outlook and risks CoE outlook The COE of an average onshore wind farm will be fully petitive with traditional energy sources by 2022(1) AVERAGE TURBINE HUB HEIGHT (METRES) 80 32 60 40 20 1980 1990 2022 2022 AVERAGE TURBINE POWER CURVE 1984 2022 (%) 100% 75% 50% 25% 0% 2022 1984 Source: The Economics of Wind Energy, EWEA Report 2022。M service margin improvement 2,405 2,802 18 % % 2,802 2,405 EBITDA margin (1) 2022 2022 EBIT margin (1) MWe sold (1) Wind Turbine Division 2022 results and KPIs WTG Solid financial position Net debt increase YOY, in line with guidance, to acmodate BP202213 investment needs and sales and manufacturing internationalization EUR MM Strong decrease of debt and working capital in Q4 on the back of sales delivery and intrapany payments 24% 19 Working capital ratio of 24% due to ? Partial localization of new manufacturing hubs in India and Brazil ? Increasing sales internationalization EUR405MM EUR273MM 1% 2022 Net financial debt Working capital as % of sales 2022 ? Grid connection delays in China Capex of EUR229MM in 2022 Wind Farm Division 20 2022 results and KPIs Wind Farms Financial Statements Increasing sales, with 417MW signed in 2022, show Gamesa’s mitment to the wind farm business value realisation plan EUR MM 2022 2022 Q4 2022 21 Sales 432 534 300 EBITDA 1 35 27 Strong sales activity in the year with 417MW in sales agreements signed and 177MW delivered Positive EBIT impacted by the recovery in construction and sales activity EBIT 0 26 17 NI 5 1 2 NFD 196 438 438 2022 Results and KPIs Wind Farms Activity 417 MW in sales agreements signed of which 177MW already delivered Activity progress (MW) (1) 734 370 230 166 364 396 The recovery of the sales activity continues in Q4 2022 with sales agreements signed for 131MW in Spain, France, Germany and US. Increase of MW under construction, reaching 370 in Q4, in USA and Europe in line with the strategy of value realization of Gamesa Energ237。 Risks 4. Conclusions Wind Turbine Generation Division 14 2022 results and KPIs Wind Turbine Generators Financial Statements EUR MM 2022 2022 Var. 11/10 Q4 11 Sales 2,623 2,875 +% 865 MWe 2,405 2,802 +% 837 15 EBITDA EBITDA/Sales 338 % 340 % +% . 101 % EBIT EBIT/Sales 127 % 116 % % . 19 % Net Ine NI/Sales 64 % 61 % % . 6 % NFD NFD/EBITDA 405 273 + 273 2022 results and KPIs Wind turbine generators Activity 15% increase in deliveries and the reduction of Exworks highlight management effectiveness during 2022 Evolution of MWe sold 2,802 2,405 16 15% 2,685 3,092 o WIP increase to acmodate sales and manufacturing internationalization 138 142 2022 (2) Exworks (1) 497 787 2022 Delivered (1) Stock variation of invoiced finished products available for delivery (2) Stock variation of noninvoiced finished products 16 2022 results and KPIs Wind turbine generators Activity India and Latin America key drivers of growth in 2022 Geographic mix (MWe sold) 28% 28% Increasingly diversified geographic mix Latin America and South Cone treble its contribution while India more than doubles it 3% 1% 17 23% 19% 22% 15% 20% 14% 7% 8% 8% 5% Europe, including Spain, remain stable Low gas and PPA prices negatively impact US demand Spain USA China India Latam amp。 購(gòu)物中心經(jīng)營(yíng)情況假設(shè) 出租面積： 14287平方米 年平均租金： 75/平方米 租金年增長(zhǎng)率： 5% 出租率：調(diào)整后首年： 90% 二年： 95% 其后：保持在 95% 營(yíng)銷費(fèi)用：開(kāi)業(yè)前一年投入啟動(dòng)營(yíng)銷計(jì)劃，費(fèi)用設(shè)定為開(kāi)業(yè)首年的 50% 首年：當(dāng)年租金的 10% 二年：當(dāng)年租金的 8% 三年：當(dāng)年租金的 6% 其后：保持為當(dāng)年租金收入的 5% 房產(chǎn)稅： 12% 營(yíng)業(yè)附加稅 :% 購(gòu)物中心經(jīng)營(yíng)情況 2022 2022 2022 2022 2022 2022 2020 2021 2022 平均租金 元 /㎡ /月 75 出租率 90% 95% 95% 95% 95% 95% 95% 95% 95% 租金總收入 1068846 1122186 1178377 1237282 1299174 1364051 1432321 1505071 營(yíng)業(yè)稅 /附加稅 54004 58786 61720 64810 68050 71455 75022 78777 82778 房產(chǎn)稅 128261 134662 141405 148473 155900 163686 171878 180608 營(yíng)銷費(fèi)用 96437 85507 67331 58918 61864 64958 68202 71616 75253 經(jīng)營(yíng)支出小計(jì) 266165 272554 263713 265133 278387 292313 306910 322271 338639 經(jīng)營(yíng)利潤(rùn) 698206 796292 858473 913244 958895 1006861 1057141 1110050 1166432 假設(shè)購(gòu)物中心在 2022年?duì)I業(yè)，首年出租率為 90%，月平均租金 75元 /平方米，租金收 入為 ，扣除經(jīng)營(yíng)費(fèi)用，利潤(rùn)為 ，凈利潤(rùn)率為 72% 零售商業(yè)物業(yè)現(xiàn)金流模型 .計(jì)算本項(xiàng)目購(gòu)物中心 5年現(xiàn)金流，考慮無(wú)債務(wù)情況下的項(xiàng)目財(cái)務(wù)收益。 免管 理費(fèi) 免除全部或優(yōu)質(zhì)租戶管理費(fèi)，一般 為 312個(gè)月。 .主力店一般對(duì)商鋪建筑規(guī)格有特定要求，因此在項(xiàng)目整改設(shè)計(jì)階段，可針對(duì)特定類型客（如電影院），為其提供量身訂造物業(yè)的機(jī)會(huì)，增加其進(jìn)駐吸引力。主力店憑借其品牌、經(jīng)營(yíng)實(shí)力和規(guī)模優(yōu)勢(shì)，具有引消費(fèi)人流、聚攏人氣的作用，因此中小型租戶往往以主力店作為其選址的重要考量依據(jù)，采取跟隨策略。參耂零售商家一般租金支付能力，本項(xiàng)目租金存在一定上升空間。 . 項(xiàng)目周邊及零售市場(chǎng)仍有待培育，因此目前租金水平較低。 .維持穩(wěn)定租金水平，獲取穩(wěn)定收益。 綜合型購(gòu)物中心 本項(xiàng)目建議調(diào)整發(fā)展 整體定位： 以生活購(gòu)物為核心，提供多元化餐飲及完善配套服務(wù)的 綜合型購(gòu)物中心 生活購(gòu)物 多元化餐飲 完善配套體驗(yàn)服務(wù) 零售商業(yè)物業(yè)經(jīng)營(yíng)策略 模式 只租不售 優(yōu)點(diǎn) . 有利亍統(tǒng)一招商，維持經(jīng)營(yíng)檔次和形象 .有利亍統(tǒng)一經(jīng)營(yíng)管理，減少運(yùn)營(yíng)難度 ,可以畝受長(zhǎng)期癿物業(yè)升值 缺點(diǎn) . 投資回收期長(zhǎng) . 業(yè)主需承擔(dān)招商風(fēng)險(xiǎn)
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