Synergy by combining

Green and Energy

Investment Plan
FOR THE DEVELOPMENT OF
1. 10.0 HA GLASS VENLO-TYPE

GREENHOUSE

2. 4,8 MW COGENERATING HEAT AND POWER UNIT (CHP)

3. A 2000 LITER PER HOUR COLD CATALYTIC CONVERSION DIESEL
PRODUCTION FACILITY BY THE CONVERSION OF BIOMASS TO
SYNTHETIC DIESEL OIL TYPE EN 590. (BML)

PROPOSED BUDGET: 69.980M

EURO

MFC/PBR System

Business Concept
Un-sorted Waste to Fuel

Biocomponents convert
into electricity by
Microbial Fuel Cell System

Controlled Environment
Agriculuture

Location

The project
1. 10 HA MODERN GREENHOUSE

The Project
10 HA MODERN GREENHOUSE

Dutch Venlo type Greenhouse

Climate controlled
Artificial lightning to increase production
Reuse of water and fertilizers
Soilless, growing on Rockwool
Protected environment to control diseases
Integrated Pest management. Using biological
treatments against pests and diseases
Food safe production. Chemical residue free products.
Proven technology (4000 ha in The Netherlands only)

The Project
10 HA MODERN GREENHOUSE
GASA

Without
Artificial
lightning

Plastic
Greenhouse

Open field

Cluster Productivity kg /m2

85

55

25

1.5

Specialty Productivity kg/m2

48

32

15

Production

Of take agreements:

Reputable companies in Greece (Retail)

EC Countries Importers
Russia

Greece imports 50.000 ton tomato from the Netherlands only!

Total imports 200.000 tons
project produces 6.700 tons

Competitive
10 HA MODERN GREENHOUSE

COMPETITIVE
Labor Costs
Gas and electricity
Total

SAVING OF 3.3M EURO COMPARED

GASA
1.629.000
138.700
1.767.700

NW Europe
2.400.000
2.700.000
5.100.000

TO THE NETHERLANDS

LOCAL COMPETITION
- AGRITEX ENERGY SA - 10 HA GREENHOUSE, THESSALONIKI AREA
- THERMOKIPIA DRAMAS SA 10 HA GREENHOUSE, MACEDONIA AREA
- WONDERPLANT 12 HA GREENHOUSE, MACEDONIA AREA

Competitive
COMPETITIVE

Greenhouse

Note: Sales prices

per m2

29.83

37.4%

4.61

5.8%

Finance Costs

20.39

25.6%

Cost price without depreciation

54.83

Depreciation Costs

24.85

Cost price per unit

79.68

Input Costs
Overhead Costs

Assumed return per unit

Assumed profit per unit

31.2%

120.33

40.64

33.8%

source Recent
Developments and
market opportunities for
IPM in greenhouse
tomatoes in southern
Europe LEI
Memorandum 12-077
September 2012
Project code
2275000311 LEI
Wageningen UR, The
Hague Netherlands))

The Project
2.

4.8MWEL COGENERATING
HEAT & POWER UNIT

Greece is a net importer of electricity

Current production facilities demands renewal
To support the Greek government imposed Fixed Sales price per MWhr to the
national grid (180Euro per MWHhel) when produced by CHP

Benefits using CHP in this project

Zero pollution production of electricity

Thermal heat for greenhouse
CO2 as fertilizer for the plants in the greenhouse
Carbon Credits

The Project
4.8MWEL CHP UNIT

The Project
4.8MWEL CHP UNIT
Summary of support schemes
Feed-in tariff. Law No. 3468/2006 sets rules for the guaranteed feed-in tariff. Plant
operators are contractually entitled against the grid operator/ electricity market operator to
the payment of electricity exported to the grid. The grid operator is obliged to enter into
these contracts. The amount of feed-in tariff varies for each electricity generation
technology. The support scheme based on regulation FEK 1079/2009 incentivizes
electricity generation by small PV installations (capacity of 10 kW or less) through a feedin tariff, which is deduced from the consumers electricity bill.
Subsidy combined with tax exemption. RES-related projects come under the
provisions of Art. 6 of Law No.3098/2011 (General Investment Plans) and are thus eligible
for a combined subsidy and tax exemption scheme. PV is not eligible for that scheme.

Competitive
per
MWElhr

Input Costs

83.46

50.5%

Overhead Costs

14.05

8.5%

Finance Costs

49.48

30.0%

CHP

Cost price without depreciation

Note: The savings of

146.99

Depreciation Costs

18.20

Cost price per unit

165.19

Assumed return per unit

187.00

Assumed profit per unit

21.81

11.0%

11.7%

delivery of the heat to

the greenhouse are not
taken into consideration

3.

Investment Plan

A 2000 LITER PER HOUR BML DIESEL PRODUCTION

FACILITY

The Project
3.

A 2000 LITER PER HOUR COLD CATALYTIC

CONVERSION DIESEL PRODUCTION FACILITY
(BML)

History
Process originally from Standard Oil USA and used in the 20s
in the Ford Rouge Complex
In the 80s SVZ in Germany started to use similar technology
for producing methanol for fuel cells for Mercedes Benz
Siemens Group decided that it is not part of their core
business and decided to sell the concept
Some of their engineers continued on own account to get the
Furth plant up and running and modified it to present ability
to convert waste at 300 C using aluminum silicate

Process Principal

High-Tec solar hall

The need to change

THE RED LINE IS THE WORLD ENERGY OUTLOOK (WEO), FROM THE
INTERNATIONAL ENERGY AGENCY (IEA), WHICH PREDICTS THE DEMA ND FOR OIL
WILL RISE FROM THE 85 MILLION BARRELS PER DAY (MB/D) RANGE TO NEARLY
120 MB/D AROUND 2030.
THIS IS THE FUNDAMENTAL DISCONNECT: A PROJECTED DEMAND BY
CONSUMERS OF 120 MB/D AND A PROJECTED SUPPLY BY THE PRODUCE RS OF
ONLY 1/3 OF THAT AMOUNT.
THIS MEANS THAT IN YEAR 2030 2/3 OF THE FOSSIL FUEL DEMAND HAS TO BE
COVERED BY NEW FUELS THAT WE DO NOT HAVE TODAY

Control & Manage

Conversion

Low temperature
catalytic
conversion
No pyrolysis
No dioxins and
Furans
German / Dutch
Quality GASA
Know How

Production
Control

Central
Management

Continuous
production process

Continuous business
Process Monitoring

Remote
management
Automated fuel
adaptation
High quality

Business Process
Quality Management
(ISO EN etc.)
Remote support
management

System delivers:
Long life cycle
Low maintenance
cost
High synthetic
diesel conversion
efficiency

No sulfur or other contaminates in the

end product!

Greenhouse Gases
ZERO TOXIC PRODUCTION
1.
2.
3.
4.

0%
0%
0%
0%

NITROUS OXIDE
METHANE
FLUORINATED GASSES
DIOXINS AND FURANS

Project delivers
- Sulfur free Diesel
- CO2 for Greenhouse plant fertilizer
- fertilizers for agro industry
- toxic free road fill

5. 0% NITRIC ACIDS
6. 0% SULFUR
Base material different from crude oil

Competitive
BML

per L

Input Costs

0.21

35.2%

Overhead Costs

0.07

10.8%

Finance Costs

0.20

33.2%

Cost price without depreciation

0.48

Depreciation Costs

0.13

Cost price per unit

0.61

Assumed return per unit

0.86

Assumed profit per unit

0.26

20.8%

29.8%

Note: Prices based

on ex refinery
calculations and
excluded tax relieve
(20%) for biodiesel.

A Unique Concept
EACH UNIT CONTRIBUTES TO
COST REDUCTION OF THE OTHER
PRODUCER
->
CONSUMER
->
PRODUCING
_______________________________________________________________________
CO2
CHP & BML
-> 100% GREENHOUSE
->
HIGHER YIELD
_______________________________________________________________________
THERMAL WASTE
HEAT
CHP & BML
-> 100% GREENHOUSE
->
HIGHER YIELD
_______________________________________________________________________
GREEN WASTE
GREENHOUSE -> BML
->
DIESEL
___ _BIOMASS ______________________________________________________________
COMBUSTIBLE
WASTE GAS
BML
-> CHP
->
ELECTRICITY
PRODUCT

A Unique Concept
SYNERGY COST SAVING
1. GREENHOUSE SAVES COMPARING TO TRADITIONAL OPERATIONS
1.8 M EURO ON ENERGY BILL AND CO2 BY USING
CHP
2. CHP USE OPTIMIZATION, WASTE HEAT DOESNT NEED TO BE BLOWN
OF = ELECTRICAL POWER = REVENUE
SAVING APPROX 200K
3. BML UNIT PRODUCES BESIDES TO DIESEL GAS FOR THE CHP
ENGINES SAVING COSTS FOR THE GAS BILL OF CHP I.E.
900K

TOTAL SYNERGY SAVINGS

2.9 M

SAVING

EURO ANNUALLY

A Unique Concept
Investments 100% financed by AVIS Infrastructure Fund
Fix biannual leas rate with 10 year term
Secured by project pledge and Collateral
The project has:

Diesel

produced

can be defined

Carbon

credits,

all CO2 produced

141 FTEs
69.98M Euro Investment

as Biodiesel
consumed

and could receive

by the greenhouse

incentives
operations

A Unique Concept
ENVIRONMENT
1. GREENHOUSE +/- 1% OF USE OF CHEMICAL PESTICIDES
COMPARED TO TRADITIONAL GREENHOUSES. INTEGRATED PEST
MANAGEMENT SYSTEMS AND FULL HACCP
2. CHP NO CO2 BLOWN IN THE ENVIRONMENT
AS IT GETS CONSUMED BY PLANTS IN THE GREENHOUSE
3. BML NON FOOD-PRODUCTION COMPETING RAW MATERIALS.
INPUT CAN BE ANY TYPE OF CELLULOSES CONTAINING WASTE,
LIGNITE, WASTE PLASTICS ETC.
4. Biocomponents convert into electricity by Microbial Fuel Cell System

Cost of Investment
Cost
A. Buildings

Sub total

1,450,000

2.1%

B. Greenhouse Unit

33,960,000

48.5%

C. CCC Mechanical and Electrical Installations

22,400,000

32.0%

D. CHP

6,880,000

9.8%

E. Land

600,000

0.9%

F. Infrastructure

1,450,000

2.1%

G. Studies, Licenses & Insurance

2,484,000

3.5%

756,000

1.1%

H. Other Expenses Incl project management

Total

69,980,000

100.0%

Financing
100% AVIS Infrastructure Fund Lease finance
Value of Lease including Collateral

130.000.000,00

Lease rate for 10 years

Capital pay-out by project start

70.000.000,00

Lease rate payment interval

biannual

Security

first ranking pledge

Overall risk coverage

Marsh McLennan

5.200.000,00

Depreciation
Tangible assets

Percentage per
Years Depreciation
year

2016

A. Industrial Building for BML

15

6.7%

96,667

B. Greenhouse Unit

15

6.7%

4,528,000

C. BML Mechanical and Electrical Installations

15

6.7%

1,493,333

D. CHP

15

6.7%

458,667

E. Land

0.0%

15

6.7%

96,667

0.0%

6,673,333

Years
Depreciation

Percentage per
year

2016

G. Studies, Licences & Insurance

20.0%

496,800

H. Other Expenses Incl project management

20.0%

151,200

0.0%

648,000

F. Infrastructure
Total Depreciation tangible Assets

Intangible Assets

Total Depreciation Intangible Assets

Discussion of Costs
Direct Input Cost per year
Annual Gas Cost

2016
2,488,320

Overhead Expenses

2016

General manager

167,504

Annual Electr. Cost

485,450

Enginering

101,959

Annual Labor Cost

1,694,812

Accountant

58,262

Biomass Cost

2,036,700

General Manager Assistant

18,935

Catalisator
Greenhouse input
Waste removal
Total

Production Cost Analysis

403,267
1,255,000
61,101
8,424,649

2016

Annual Labor Cost

1,694,812

Maintenance Expenses

992,100

Liscenses

Financial auditting Monthly Cost

48,000

General Expenses

60,000

Insurance cost

1,201,200

Total

1,655,861

Total project running costs:

12,767,422 with estimated
annual increase of 2%

Turnover
Total Project turnover

Yearly

Greenhouse

13,009,989

Electricity

6,683,530

BML

13,400,790

Total

33,094,308
16,000,000
14,000,000
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
-

Greenhouse
Electricity
BML

2016

2017

2018

P&L
2015

2016

2017

2018

2019

Total Turnover

26,511,218

33,094,308

33,753,920

33,975,212

34,665,323

Net Operating Profit

18,842,844

22,936,236

23,258,485

23,431,267

24,071,898

N/a

21,675,036

21,997,285

22,170,067

22,810,698

Net Profit Before Tax & Depreciation

18,046,083

21,587,986

19,727,012

19,334,515

20,129,605

Net Profit Before Tax

13,669,417

14,266,653

9,437,597

7,893,189

8,532,331

EBITDA

Profit & Loss Account

Note:
10 year lease of
2.600.000,00 fix
rate each 6 months

40,000,000
35,000,000
30,000,000
25,000,000
20,000,000
15,000,000
10,000,000
5,000,000
-

Total Turnover
Net Operating Profit
Net Profit Before Tax
& Depreciation
Net Profit Before Tax

Profit Distribution
Profit Distribution

2015

2016

2017

2018

2019

13,669,417

14,266,653

9,437,597

7,893,189

8,532,331

(+ or -) Transfer of previous fiscal year

Income Tax percentages to be payed

22%

10,662,145
22%

43,275,862
22%

50,637,188
22%

56,793,876
22%

MINUS: income tax

3,007,272

6,145,935

2,076,271

1,736,502

1,877,113

10,662,145

18,782,862

50,637,188

56,793,876

63,449,094

1. Regural reserves

2. Other reserves

24,493,000

3. Dividends Payable

10,662,145

43,275,862

50,637,188

56,793,876

63,449,094

NET PROFIT BEFORE TAX

PROFIT TO BE DISTRIBUTED

4. Transfer to next fiscal year

Note: Other reserves is the potential income for the grants

Profit Distribution
Financial ratios
I. Profitability Ratios
Gross Profit Margin
Net Profit Margin
II. Liquidity Ratios
Current Ratio
Acid Test Ratio
Cash Ratio

2015

2016

2017

2018

72.5%
51.6%

70.5%
43.1%

71.0%
28.0%

71.0%
23.2%

III. Efficiency Ratios

Days in Inventory

IRR=
17.01%

26.97
25.44
24.99

72.45
70.88
70.45

81.70
80.13
79.70

91.50
89.93
89.50

44.86

45.46

46.14

46.24

Receivables Average

3.60

3.60

3.60

3.60

Assets turnover
IV. Financial Structure & Viability Ratios

0.32

0.29

0.29

0.29

Bank Loans to Equity

Interest coverage ratio
Sales Revenue Per Employer

7.12
n/a

1.83
n/a
234,711

1.48
10.08
239,390

1.25
8.07
240,959

Equity to Fixed Assets

0.16

0.73

0.97

1.24

Total Debt to total Assets

Net Working Capital
ROE
ROA
Free Cash flow
Quick ratio

0.93

0.69
55,284,271
43,275,862
158,609,514
58,870,344
138,309,914

0.64
63,455,143
50,637,188
167,329,687
73,024,931
142,350,548

0.60
71,610,089
56,793,876
174,821,750
85,993,748
146,585,377

188,023

15,145,453
10,662,145
92,490,844
19,908,762
134,096,406

Investment Planning
Payments

20%
Oct

A. Industrial Building for BML

290,000.00

35%
Nov

35%

10%

Dec

Jan Feb

Mar

April May

Jun

507,500.00

507,500.00

145,000.00

B. Greenhouse Unit

6,792,000.00

- 11,886,000.00

- 11,886,000.00

3,396,000.00

C. BML Mechanical and Electrical Installations

4,480,000.00

- 7,840,000.00

- 7,840,000.00

2,240,000.00

D. CHP

1,376,000.00

- 2,408,000.00

- 2,408,000.00

688,000.00

E. Land

600,000.00

F. Infrastructure

290,000.00

507,500.00

507,500.00

145,000.00

G. Studies, Licences & Insurance

496,800.00

869,400.00

869,400.00

248,400.00

H. Other Expenses Incl project management

151,200.00

264,600.00

264,600.00

264,600.00

14,476,000.00

24,283,000.00

24,283,000.00

7,127,000.00

Total

Proposed Constructors
1. Greenhouse
Dalsem Greenhouses BV Netherlands
WWW. DALSEM.NL
2. CHP
Caterpillar Europe
Caterpillar.com
3. BML
Green Alliance with AVIS Energy
Prof. Werner Rammensee
Rhein Ruhr International GmbH Germany

Risk Assessment
1. Greenhouse
Risk of diseases
Integrated Pest Management
Biological Control
Statistical control measurements
Computerized pest identification system (PRIVA)
Risk Of Natural forces damaging greenhouse and
crops
Insurance Marsh McLennan
Risk of oversupply market
Export to surrounding countries and Russia
Cost price below average costs in Netherlands

Risk Assessment
2.

CHP
Risk break down
Maintenance contract 24/7 Caterpillar
Risk Of Natural Gas closure
Able to run on own produced Diesel as well
Risk not able to sell electrical power
Reduce/ switch of and use electrical power for
artificial lightning
Risk coverage
Marsh McLennan provide overall Insurance wrap for
any Risk event including non-performance.

Risk Assessment
3.

BML
Risk break down
Maintenance and service contract 24/7
System is build to last and requires little to none
maintenance
Risk of natural disasters and fire
Insurance
Environmental impact limited through spillage
facilities
System can be switched on and of with one click

Summary
-

Investment of 69.98M Euro

14.4M Liter Synthetic Diesel

4.8MWel Electrical Power
8.500 (mix aver:6.000) tons of fresh tomatoes

Turnover 33M Euro

Costs 13M Euro

Synergy between the individual projects

Synergy cost saving 2.9M Euro/year!

EBITDA 21M Euro

Break Even 16M

IRR 17%

Self sustainable cash flow

Copy paste project

Synergy
by
combining
green and
Energy

&

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Email: info@avisglobal.eu