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[null,null,"ACTIVAR MACRO PARA ACCEDER AL CONTENIDO"]

{"sheet":"Global Financial Model","index":1,"n_rows":125,"n_cols":46,"rows_kept":125,"cut":false,"hidden":true,"merged":[[3,1,6,1],[34,2,34,8]]}
[]
[]
[]
[null,"Legenda","Dato de entrada"]
[null,null,"Celda llave"]
[null,null,"Error"]
[null,null,"Dato calculado"]
[]
[]
[null,"DATOS"]
[null,"Inversion inicial (USD 2015)",145479878.9181675]
[null,"Inversion inicial con inflacion (USD valor nominal)",150605089.92668322]
[null,"Inflacion sobre inversion inicial (USD valor nominal)",5125211.0085157156]
[null,"Locales comerciales (m2)",500]
[null,"Alquiler mensual de locales comerciales ($/m2)",20]
[null,"Depreciation de activos "]
[null,"Duracion de vida infinida",0.23879923689930951,"de los activos"]
[null,"Duracion de vida de 50 años",0.27399818588184388,"de los activos"]
[null,"Duracion de vida de 40 años",0.4585993297023665,"de los activos"]
[null,"Duracion de vida de 15 años",9.6993989806353043E-2,"de los activos"]
[null,"Duracion de vida de 10 años",3.8325253240699006E-2,"de los activos"]
[null,"Duracion de vida de 5 años",7.7892333595661854E-3,"de los activos"]
[null,"Renta concesional",0,"de la Utilitad neta de operacion antes de impuestos"]
[null,"Impuesto a la renta",0.35,"Impuesto a la renta para sociedades en Ecuador"]
[null,"Hipotesis general de Inflacion 2019 - 2050 ",0.02]
[null,"Tasa de actualizacion",0.13]
[]
[]
[null,null,"Tarifa (USD 2019)"]
[null,null,"1,00$"]
[null,"TRI 30 años",{"$f":"AJ104","v":5.8014369359202789E-3}]
[null,"VAN 30 años",{"$f":"AJ116","v":-92290493.830370203}]
[]
[]
[null,null,"Tarifa de 1,00$ (USD 2019)"]
[null,null,2020,2025,2030,2035,2040,2045,2050]
[null,"Ratio de cobertura (Ingresos / Egresos) de la operacion",{"$f":"H112","v":2.16254422460164},{"$f":"M112","v":2.0199541977610438},{"$f":"R112","v":2.1179294376650994},{"$f":"W112","v":2.3633030316903936},{"$f":"AB112","v":2.6096480801114663},{"$f":"AG112","v":2.6131868240297949},{"$f":"AL112","v":2.5153095109104098}]
[null,"Margen neta de la operacion",{"$f":"H113","v":1.16254422460164},{"$f":"M113","v":1.0199541977610438},{"$f":"R113","v":1.1179294376650994},{"$f":"W113","v":1.3633030316903936},{"$f":"AB113","v":1.6096480801114663},{"$f":"AG113","v":1.6131868240297949},{"$f":"AL113","v":1.5153095109104098}]
[]
[]
[]
[]
[]
[]
[null,"Año",2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,2039,2040,2041,2042,2043,2044,2045,2046,2047,2048,2049,2050,2051,2052,2053,2054,2055,2056,2057,2058]
[null,null,"Y0","Y1","Y2","Y3","Y4","Y5","Y6","Y7","Y8","Y9","Y10","Y11","Y12","Y13","Y14","Y15","Y16","Y17","Y18","Y19","Y20","Y21","Y22","Y23","Y24","Y25","Y26","Y27","Y28","Y29","Y30","Y31","Y32","Y33","Y34","Y35","Y36","Y37","Y38","Y39","Y40","Y41","Y42","Y43"]
[null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43]
[null,null,0,0,0,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[]
[null,"DATOS PROYECTADOS"]
[null,"Costos anuales de O&M",0,0,0,0,3976823.3786234707,3474140.6323766443,4177984.970958462,4275893.3514173413,10680898.784956284,4478828.2979297312,4583972.3032194357,4691648.0985510955,4801918.1749066738,11842181.803473903,5030499.070621606,5148942.9313496156,5270247.2406404316,5394482.8033438306,13133132.063557804,5652039.9245993719,5785512.2496112492,5922217.4575473415,6062235.7998608258,14568689.070661781,6352543.1400949378,6503003.0477094743,6657118.0191431502,6814979.0428748261,16165575.192692511,7142314.8498048382,7311983.4410997778,7485785.8263136968,7663825.2014350668,17942516.525635354,8033040.9519245662,8224437.1738587273,8420510.2218222897,8621377.1754625179,19920492.165228866,9037976.1866590157,9253957.7090028487,9475232.2296553589,9701932.623042006,22123015.670057278]
[null,"Trafico anual",0,0,0,0,9079340,12105786.666666668,12325930.66666667,12546074.66666667,12766218.666666672,12986362.666666672,13206506.66666667,13441712,13676917.333333336,13912122.66666667,14147328,14382533.333333338,14713882.66666667,15045232.000000004,15376581.333333336,15707930.66666667,16039280,16514693.333333332,16990106.666666668,17465520,17940933.333333336,18416346.666666668,18416346.666666668,18416346.666666668,18416346.666666668,18416346.666666668,18416346.666666668,18416346.666666668,18416346.666666668,18416346.666666668,18416346.666666668,18416346.666666668,18416346.666666668,18416346.666666668,18416346.666666668,18416346.666666668,18416346.666666668,18416346.666666668,18416346.666666668,18416346.666666668]
[null,"Ingresos de pasajeros (valor actualizado)",0,0,0,0,5542937.0700000003,7390582.7600000016,7867367.2925760038,8007880.309572001,8477588.4169613514,8623778.1598439869,9124274.6059967801,9286776.1746776979,9831028.5641903039,10000095.196245931,10579995.966164941,10755892.890155621,11448239.63635111,11706048.309784317,12447196.805339511,12715420.949179424,13508184.354777301,13908574.581232969,14887046.985919261,15303612.977523742,16355274.199480996,16788669.457146294,17466931.703215007,17466931.703215007,18172595.744024888,18172595.744024888,18906768.612083495,18906768.612083495,19670602.064011667,19670602.064011667,20465294.38739774,20465294.38739774,21292092.280648604,21292092.280648604,22152292.808786817,22152292.808786817,23047245.438261803,23047245.438261803,23978354.153967578,23978354.153967578]
[null,"Alquiler de areas comerciales (valor actualizado)",0,0,0,0,{"$f":"$C$14*$C$15*12","v":120000},{"$f":"$G$54*((1+$C$25)^G48)","v":122400},124848,127344.95999999999,129891.85919999999,132489.69638400001,135139.49031168001,137842.28011791359,140599.12572027187,143411.10823467729,146279.33039937084,149204.91700735825,152189.01534750542,155232.79565445552,158337.45156754466,161504.20059889552,164734.28461087344,168028.97030309093,171389.54970915272,174817.34070333577,178313.68751740252,181879.96126775054,185517.56049310556,189227.91170296766,193012.469937027,196872.71933576756,200810.17372248293,204826.37719693253,208922.90474087122,213101.36283568863,217363.39009240241,221710.65789425041,226144.87105213548,230667.76847317821,235281.12384264174,239986.74631949456,244786.48124588444,249682.21087080217,254675.85508821823,259769.3721899825]
[]
[null,"Activos iniciales - Depreciacion 50 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$18/50","v":-825310.42848966329},-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329]
[null,"Activos iniciales - Depreciacion 40 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$19/40","v":-1726684.8322535388},-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388]
[null,"Activos iniciales - Depreciacion 15 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$20/15","v":-973852.57047557295},-973852.57047557295,-973852.57047557295,-973852.57047557295,-973852.57047557295,-973852.57047557295,-973852.57047557295,-973852.57047557295,-973852.57047557295,-973852.57047557295,-973852.57047557295,-973852.57047557295,-973852.57047557295,-973852.57047557295,-973852.57047557295,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 10 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$21/10","v":-577197.82107783807},-577197.82107783807,-577197.82107783807,-577197.82107783807,-577197.82107783807,-577197.82107783807,-577197.82107783807,-577197.82107783807,-577197.82107783807,-577197.82107783807,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 5 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-234619.63811547722},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-234619.63811547722},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-234619.63811547722},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-234619.63811547722},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-234619.63811547722},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Valor residual",0,0,0,0,{"$f":"-(SUM(C96:F96))+SUM(G56:G60)","v":146267424.63627112},{"$f":"G61+SUM(H56:H60)","v":141929759.34585902},{"$f":"H61+SUM(I56:I60)","v":137592094.05544692},133254428.76503482,128916763.47462273,124813717.82232611,120710672.17002949,116607626.51773287,112504580.86543626,108401535.21313964,104875687.38192086,101349839.55070208,97823991.719483301,94298143.888264522,90772296.057045743,88220300.796302542,85668305.535559341,83116310.274816141,80564315.01407294,78012319.753329739,75460324.492586538,72908329.231843337,70356333.971100137,67804338.710356936,65252343.449613735,62700348.188870534,60148352.928127334,57596357.667384133,55044362.406640932,52492367.145897731,49940371.88515453,47388376.62441133,44836381.363668129,42284386.102924928,39732390.842181727,37180395.581438527,34628400.320695326,32076405.059952125,29524409.799208924,26972414.538465723]
[null,"Activos nuevos 1 - Depreciacion 10 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($P$97:$Q$97)/10","v":-738827.87074309995},{"$f":"SUM($P$97:$Q$97)/10","v":-738827.87074309995},-738827.87074309995,-738827.87074309995,-738827.87074309995,-738827.87074309995,-738827.87074309995,-738827.87074309995,-738827.87074309995,-738827.87074309995,-738827.87074309995,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos nuevos 1 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-SUM(P97:Q97)","v":7388278.7074309997},{"$f":"R63+S62","v":6649450.8366879001},{"$f":"S63+T62","v":5910622.9659448005},5171795.0952017009,4432967.2244586013,3694139.3537155013,2955311.4829724012,2216483.6122293011,1477655.7414862011,738827.87074310111,1.1641532182693481E-9,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos nuevos 2 - Depreciacion 15 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($U$97:$W$97)/15","v":-1352729.118819399},-1352729.118819399,-1352729.118819399,-1352729.118819399,-1352729.118819399,-1352729.118819399,-1352729.118819399,-1352729.118819399,-1352729.118819399,-1352729.118819399,-1352729.118819399,-1352729.118819399,-1352729.118819399,-1352729.118819399,-1352729.118819399,0,0,{"$f":"-$C$16*AN65","v":0},0,0,0,0,0]
[null,"Activos nuevos 2 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-(SUM($U$97:$W$97))+X64","v":18938207.663471583},{"$f":"X65+Y64","v":17585478.544652183},{"$f":"Y65+Z64","v":16232749.425832784},14880020.307013385,13527291.188193986,12174562.069374587,10821832.950555189,9469103.8317357898,8116374.712916391,6763645.5940969922,5410916.4752775934,4058187.3564581946,2705458.2376387957,1352729.1188193967,-2.3283064365386963E-9,0,0,{"$f":"AN65+AO64","v":0},0,0,0,0,0]
[null,"Activos nuevos 3 - Depreciacion 10 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($AA$97:$AB$97)/10","v":-916792.99331147503},{"$f":"SUM($AA$97:$AB$97)/10","v":-916792.99331147503},-916792.99331147503,-916792.99331147503,-916792.99331147503,-916792.99331147503,-916792.99331147503,-916792.99331147503,-916792.99331147503,-916792.99331147503,-916792.99331147503,0,{"$f":"-$C$16*AN67","v":0},0,0,0,0,0]
[null,"Activos nuevos 3 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-SUM(AA97:AB97)","v":9167929.9331147503},{"$f":"AC67+AD66","v":8251136.9398032753},{"$f":"AD67+AE66","v":7334343.9464918002},6417550.9531803252,5500757.9598688502,4583964.9665573752,3667171.9732459001,2750378.9799344251,1833585.9866229501,916792.99331147503,0,0,{"$f":"AN67+AO66","v":0},0,0,0,0,0]
[null,"Activos nuevos 4 - Depreciacion 15 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($AL$97:$AN$97)/14","v":-2781199.8081257916},{"$f":"SUM($AL$97:$AN$97)/14","v":-2781199.8081257916},-2781199.8081257916,-2781199.8081257916,-2781199.8081257916,-2781199.8081257916]
[null,"Activos nuevos 4 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-(SUM(AL97:AN97))-AO68","v":41717997.121886879},{"$f":"AO69+AP68","v":38936797.313761085},{"$f":"AP69+AQ68","v":36155597.505635291},33374397.697509501,30593197.889383711,27811998.081257921]
[null,"Depreciacion de activos",0,0,0,0,{"$f":"SUM(G56:G60)+G62+G64+G66+G68","v":-4337665.2904120907},{"$f":"SUM(H56:H60)+H62+H64+H66+H68","v":-4337665.2904120907},-4337665.2904120907,-4337665.2904120907,-4337665.2904120907,-4103045.6522966134,-4103045.6522966134,-4103045.6522966134,-4103045.6522966134,-4103045.6522966134,-3525847.8312187754,-4264675.701961875,-4264675.701961875,-4264675.701961875,-4264675.701961875,-3290823.1314863022,-3290823.1314863022,-4643552.250305701,-4643552.250305701,-4643552.250305701,-4643552.250305701,-4643552.250305701,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-3468788.2540546772,-2551995.2607432022,-5333195.0688689938,-5333195.0688689938,-5333195.0688689938,-5333195.0688689938,-5333195.0688689938,-5333195.0688689938]
[null,"Valor residual de activos",{"$f":"C61+C65+C69","v":0},{"$f":"D61+D65+D69","v":0},0,0,{"$f":"G61+G63+G65+G67+G69","v":146267424.63627112},{"$f":"H61+H63+H65+H67+H69","v":141929759.34585902},137592094.05544692,133254428.76503482,128916763.47462273,124813717.82232611,120710672.17002949,116607626.51773287,112504580.86543626,108401535.21313964,104875687.38192086,108738118.25813308,104473442.55617121,100208766.85420932,95944091.152247444,92653268.020761147,89362444.889274836,105009829.42126012,100366277.17095442,95722724.920648724,91079172.670343012,86435620.420037329,91698825.97358948,86877308.600715399,82055791.227841318,77234273.854967251,72412756.48209317,67591239.109219104,62769721.736345023,57948204.363470949,53126686.990596876,48305169.617722802,44836381.363668129,42284386.102924928,81450387.964068606,76117192.895199612,70783997.826330617,65450802.757461622,60117607.688592635,54784412.619723648]
[]
[]
[null,"A. GASTOS "]
[null,"1. Costos anuales de O&M",0,0,0,0,{"$f":"-G51","v":-3976823.3786234707},{"$f":"-H51","v":-3474140.6323766443},-4177984.970958462,-4275893.3514173413,-10680898.784956284,-4478828.2979297312,-4583972.3032194357,-4691648.0985510955,-4801918.1749066738,-11842181.803473903,-5030499.070621606,-5148942.9313496156,-5270247.2406404316,-5394482.8033438306,-13133132.063557804,-5652039.9245993719,-5785512.2496112492,-5922217.4575473415,-6062235.7998608258,-14568689.070661781,-6352543.1400949378,-6503003.0477094743,-6657118.0191431502,-6814979.0428748261,-16165575.192692511,-7142314.8498048382,-7311983.4410997778,-7485785.8263136968,-7663825.2014350668,-17942516.525635354,-8033040.9519245662,-8224437.1738587273,-8420510.2218222897,-8621377.1754625179,-19920492.165228866,-9037976.1866590157,-9253957.7090028487,-9475232.2296553589,-9701932.623042006,-22123015.670057278]
[null,"Gasto totale",null,null,null,null,{"$f":"G75","v":-3976823.3786234707},{"$f":"H75","v":-3474140.6323766443},-4177984.970958462,-4275893.3514173413,-10680898.784956284,-4478828.2979297312,-4583972.3032194357,-4691648.0985510955,-4801918.1749066738,-11842181.803473903,-5030499.070621606,-5148942.9313496156,-5270247.2406404316,-5394482.8033438306,-13133132.063557804,-5652039.9245993719,-5785512.2496112492,-5922217.4575473415,-6062235.7998608258,-14568689.070661781,-6352543.1400949378,-6503003.0477094743,-6657118.0191431502,-6814979.0428748261,-16165575.192692511,-7142314.8498048382,-7311983.4410997778,-7485785.8263136968,-7663825.2014350668,-17942516.525635354,-8033040.9519245662,-8224437.1738587273,-8420510.2218222897,-8621377.1754625179,-19920492.165228866,-9037976.1866590157,-9253957.7090028487,-9475232.2296553589,-9701932.623042006,-22123015.670057278]
[]
[null,"B. INGRESOS"]
[null,"1. Ingresos de pasajeros",0,0,0,0,{"$f":"G53","v":5542937.0700000003},7390582.7600000016,7867367.2925760038,8007880.309572001,8477588.4169613514,8623778.1598439869,9124274.6059967801,9286776.1746776979,9831028.5641903039,10000095.196245931,10579995.966164941,10755892.890155621,11448239.63635111,11706048.309784317,12447196.805339511,12715420.949179424,13508184.354777301,13908574.581232969,14887046.985919261,15303612.977523742,16355274.199480996,16788669.457146294,17466931.703215007,17466931.703215007,18172595.744024888,18172595.744024888,18906768.612083495,18906768.612083495,19670602.064011667,19670602.064011667,20465294.38739774,20465294.38739774,21292092.280648604,21292092.280648604,22152292.808786817,22152292.808786817,23047245.438261803,23047245.438261803,23978354.153967578,23978354.153967578]
[null,"2. Ingresos comerciales",0,0,0,0,120000,122400,124848,127344.95999999999,129891.85919999999,132489.69638400001,135139.49031168001,137842.28011791359,140599.12572027187,143411.10823467729,146279.33039937084,149204.91700735825,152189.01534750542,155232.79565445552,158337.45156754466,161504.20059889552,164734.28461087344,168028.97030309093,171389.54970915272,174817.34070333577,178313.68751740252,181879.96126775054,185517.56049310556,189227.91170296766,193012.469937027,196872.71933576756,200810.17372248293,204826.37719693253,208922.90474087122,213101.36283568863,217363.39009240241,221710.65789425041,226144.87105213548,230667.76847317821,235281.12384264174,239986.74631949456,244786.48124588444,249682.21087080217,254675.85508821823,259769.3721899825]
[null,"Ingreso totale",0,0,0,0,{"$f":"G79+G80","v":5662937.0700000003},{"$f":"H79+H80","v":7512982.7600000016},7992215.2925760038,8135225.269572001,8607480.2761613522,8756267.8562279865,9259414.0963084605,9424618.454795612,9971627.6899105757,10143506.304480609,10726275.296564313,10905097.80716298,11600428.651698615,11861281.105438773,12605534.256907057,12876925.14977832,13672918.639388174,14076603.551536059,15058436.535628414,15478430.318227079,16533587.886998398,16970549.418414045,17652449.263708111,17656159.614917975,18365608.213961914,18369468.463360656,19107578.785805978,19111594.989280429,19879524.968752537,19883703.426847357,20682657.777490143,20687005.04529199,21518237.151700739,21522760.049121782,22387573.932629459,22392279.555106312,23292031.919507686,23296927.649132606,24233030.009055797,24238123.526157562]
[]
[null,"Flujo de caja neto (Ingreso total - Gasto total)",null,null,null,null,{"$f":"G81+G76","v":1686113.6913765296},{"$f":"H81+H76","v":4038842.1276233573},3814230.3216175418,3859331.9181546597,-2073418.5087949317,4277439.5582982553,4675441.7930890247,4732970.3562445166,5169709.5150039019,-1698675.4989932943,5695776.2259427067,5756154.8758133641,6330181.4110581838,6466798.302094942,-527597.80665074661,7224885.2251789477,7887406.3897769246,8154386.0939887175,8996200.735767588,909741.24756529741,10181044.74690346,10467546.370704571,10995331.244564962,10841180.572043149,2200033.0212694034,11227153.613555819,11795595.3447062,11625809.162966732,12215699.76731747,1941186.9012120031,12649616.825565577,12462567.871433262,13097726.929878449,12901382.873659264,2467081.7674005926,13354303.368447296,14038074.210504837,13821695.419477247,14531097.386013791,2115107.8561002836]
[]
[null,"C. FLUJO DE CAJA DE OPERACION"]
[null,"1. Utilitad antes de impuestos",0,0,0,0,{"$f":"G83","v":1686113.6913765296},{"$f":"H83","v":4038842.1276233573},3814230.3216175418,3859331.9181546597,-2073418.5087949317,4277439.5582982553,4675441.7930890247,4732970.3562445166,5169709.5150039019,-1698675.4989932943,5695776.2259427067,5756154.8758133641,6330181.4110581838,6466798.302094942,-527597.80665074661,7224885.2251789477,7887406.3897769246,8154386.0939887175,8996200.735767588,909741.24756529741,10181044.74690346,10467546.370704571,10995331.244564962,10841180.572043149,2200033.0212694034,11227153.613555819,11795595.3447062,11625809.162966732,12215699.76731747,1941186.9012120031,12649616.825565577,12462567.871433262,13097726.929878449,12901382.873659264,2467081.7674005926,13354303.368447296,14038074.210504837,13821695.419477247,14531097.386013791,2115107.8561002836]
[null,"2. Renta concessional",0,0,0,0,{"$f":"IF(G86>0,-$C$23*G86,0)","v":0},{"$f":"IF(H86>0,-$C$23*H86,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"3. Depreciation",0,0,0,0,{"$f":"G70","v":-4337665.2904120907},{"$f":"H70","v":-4337665.2904120907},-4337665.2904120907,-4337665.2904120907,-4337665.2904120907,-4103045.6522966134,-4103045.6522966134,-4103045.6522966134,-4103045.6522966134,-4103045.6522966134,-3525847.8312187754,-4264675.701961875,-4264675.701961875,-4264675.701961875,-4264675.701961875,-3290823.1314863022,-3290823.1314863022,-4643552.250305701,-4643552.250305701,-4643552.250305701,-4643552.250305701,-4643552.250305701,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-3468788.2540546772,-2551995.2607432022,-5333195.0688689938,-5333195.0688689938,-5333195.0688689938,-5333195.0688689938,-5333195.0688689938,-5333195.0688689938]
[null,"4. Base imponible ( 1-2-3)",0,0,0,0,{"$f":"G86+G87+G88","v":-2651551.5990355611},-298823.16278873337,-523434.96879454888,-478333.37225743104,-6411083.7992070224,174393.90600164188,572396.14079241129,629924.70394790312,1066663.8627072885,-5801721.1512899082,2169928.3947239313,1491479.1738514891,2065505.7090963088,2202122.600133067,-4792273.5086126216,3934062.0936926454,4596583.2582906224,3510833.8436830165,4352648.485461887,-3733811.0027404036,5537492.4965977594,5823994.1203988697,6173813.8716908852,6019663.1991690723,-2621484.3516046731,6405636.2406817423,6974077.9718321236,6804291.7900926555,7394182.3944433937,-2880330.4716620734,7828099.4526915001,7641050.4985591853,9628938.6758237723,10349387.612916062,-2866113.3014684012,8021108.2995783025,8704879.1416358426,8488500.350608252,9197902.3171447963,-3218087.2127687102]
[null,"5. Impuesta a la renta",0,0,0,0,{"$f":"IF(G89>0,-$C$24*G89,0)","v":0},{"$f":"IF(H89>0,-$C$24*H89,0)","v":0},0,0,0,-61037.867100574651,-200338.64927734394,-220473.64638176607,-373332.35194755095,0,-759474.93815337587,-522017.71084802115,-722926.99818370806,-770742.91004657338,0,-1376921.7327924259,-1608804.1404017177,-1228791.8452890557,-1523426.9699116603,0,-1938122.3738092156,-2038397.9421396044,-2160834.8550918098,-2106882.1197091751,0,-2241972.6842386099,-2440927.290141243,-2381502.1265324294,-2587963.8380551878,0,-2739834.808442025,-2674367.6744957147,-3370128.5365383201,-3622285.6645206213,0,-2807387.9048524057,-3046707.6995725445,-2970975.1227128878,-3219265.8110006787,0]
[null,"6. Utilidad despues de impuestos",0,0,0,0,{"$f":"G89+G90","v":-2651551.5990355611},{"$f":"H89+H90","v":-298823.16278873337},-523434.96879454888,-478333.37225743104,-6411083.7992070224,113356.03890106722,372057.49151506735,409451.05756613705,693331.51075973758,-5801721.1512899082,1410453.4565705555,969461.463003468,1342578.7109126006,1431379.6900864937,-4792273.5086126216,2557140.3609002195,2987779.1178889046,2282041.9983939608,2829221.5155502269,-3733811.0027404036,3599370.1227885438,3785596.1782592656,4012979.0165990754,3912781.0794598972,-2621484.3516046731,4163663.5564431325,4533150.681690881,4422789.6635602266,4806218.5563882058,-2880330.4716620734,5088264.6442494746,4966682.8240634706,6258810.1392854527,6727101.9483954404,-2866113.3014684012,5213720.3947258964,5658171.4420632981,5517525.2278953642,5978636.5061441176,-3218087.2127687102]
[null,"7.Depreciacion (agrego)",0,0,0,0,{"$f":"-G88","v":4337665.2904120907},{"$f":"-H88","v":4337665.2904120907},4337665.2904120907,4337665.2904120907,4337665.2904120907,4103045.6522966134,4103045.6522966134,4103045.6522966134,4103045.6522966134,4103045.6522966134,3525847.8312187754,4264675.701961875,4264675.701961875,4264675.701961875,4264675.701961875,3290823.1314863022,3290823.1314863022,4643552.250305701,4643552.250305701,4643552.250305701,4643552.250305701,4643552.250305701,4821517.3728740765,4821517.3728740765,4821517.3728740765,4821517.3728740765,4821517.3728740765,4821517.3728740765,4821517.3728740765,4821517.3728740765,4821517.3728740765,4821517.3728740765,3468788.2540546772,2551995.2607432022,5333195.0688689938,5333195.0688689938,5333195.0688689938,5333195.0688689938,5333195.0688689938,5333195.0688689938]
[null,"Flujo de caja de operacion (6+7)",null,null,null,null,{"$f":"G91+G92","v":1686113.6913765296},{"$f":"H91+H92","v":4038842.1276233573},3814230.3216175418,3859331.9181546597,-2073418.5087949317,4216401.6911976803,4475103.1438116804,4512496.70986275,4796377.1630563512,-1698675.4989932948,4936301.2877893308,5234137.1649653427,5607254.4128744751,5696055.3920483682,-527597.80665074661,5847963.4923865218,6278602.2493752073,6925594.2486996613,7472773.765855928,909741.24756529741,8242922.3730942449,8429148.4285649657,8834496.3894731514,8734298.4523339737,2200033.0212694034,8985180.9293172099,9354668.0545649566,9244307.036434304,9627735.9292622823,1941186.9012120031,9909782.0171235502,9788200.1969375461,9727598.3933401294,9279097.209138643,2467081.7674005926,10546915.463594891,10991366.510932293,10850720.296764359,11311831.575013112,2115107.8561002836]
[]
[null,"D. FLUJO DE CAJA DE INVERSION"]
[null," 1. Inversion inicial",-8094204.2264863513,-31297166.618133117,-78828625.756357536,-32385093.325706225]
[null," 2. Nuevos equipos",null,null,null,null,0,0,0,0,0,0,0,0,0,-3313391.2314414764,-4074887.4759895233,0,0,0,-3638110.1890236586,-11247589.865815822,-5405236.7274515033,0,0,0,-4111500.5203144769,-5056429.4128002729,0,0,0,0,0,0,0,0,0,-10128006.504407987,-21455506.940962143,-7353283.8683909513,0,0,0,0,0,0]
[null," 3. Valor residual despues tasas",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AJ71","v":57948204.363470949},null,null,null,null,null,null,null,null,null,{"$f":"AT71","v":54784412.619723648}]
[null,"Flujo de caja del capital",{"$f":"C96+C97+C98","v":-8094204.2264863513},-31297166.618133117,-78828625.756357536,-32385093.325706225,0,0,0,0,0,0,0,0,0,-3313391.2314414764,-4074887.4759895233,0,0,0,-3638110.1890236586,-11247589.865815822,-5405236.7274515033,0,0,0,-4111500.5203144769,-5056429.4128002729,0,0,0,0,0,0,0,57948204.363470949,0,-10128006.504407987,-21455506.940962143,-7353283.8683909513,0,0,0,0,0,54784412.619723648]
[]
[null,null,null,null,"Inversion inicial con la inflacion",{"$f":"C99+D99+E99+F99","v":-150605089.92668322}]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C93+C99","v":-8094204.2264863513},-31297166.618133117,-78828625.756357536,-32385093.325706225,1686113.6913765296,4038842.1276233573,3814230.3216175418,3859331.9181546597,-2073418.5087949317,4216401.6911976803,4475103.1438116804,4512496.70986275,4796377.1630563512,-5012066.7304347716,861413.81179980747,5234137.1649653427,5607254.4128744751,5696055.3920483682,-4165707.9956744052,-5399626.3734293003,873365.52192370407,6925594.2486996613,7472773.765855928,909741.24756529741,4131421.8527797679,3372719.0157646928,8834496.3894731514,8734298.4523339737,2200033.0212694034,8985180.9293172099,9354668.0545649566,9244307.036434304,9627735.9292622823,59889391.264682949]
[null,"TRI (30 años)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IRR(C103:AJ103)","v":5.8014369359202789E-3}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C93+C99","v":-8094204.2264863513},{"$f":"D93+D99","v":-31297166.618133117},-78828625.756357536,-32385093.325706225,1686113.6913765296,4038842.1276233573,3814230.3216175418,3859331.9181546597,-2073418.5087949317,4216401.6911976803,4475103.1438116804,4512496.70986275,4796377.1630563512,-5012066.7304347716,861413.81179980747,5234137.1649653427,5607254.4128744751,5696055.3920483682,-4165707.9956744052,-5399626.3734293003,873365.52192370407,6925594.2486996613,7472773.765855928,909741.24756529741,4131421.8527797679,3372719.0157646928,8834496.3894731514,8734298.4523339737,2200033.0212694034,8985180.9293172099,9354668.0545649566,9244307.036434304,9627735.9292622823,{"$f":"AJ93+AJ97","v":1941186.9012120031},9909782.0171235502,-339806.30747044086,-11727908.547622014,1925813.3407476917,2467081.7674005926,10546915.463594891,10991366.510932293,10850720.296764359,11311831.575013112,56899520.475823931]
[null,"TRI (40 años)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IRR(C106:AT106)","v":1.2967727036809595E-2}]
[]
[null,"EBE (Excedente Bruto de Explotacion)",{"$f":"C83","v":0},{"$f":"D83","v":0},0,0,1686113.6913765296,4038842.1276233573,3814230.3216175418,3859331.9181546597,-2073418.5087949317,4277439.5582982553,4675441.7930890247,4732970.3562445166,5169709.5150039019,-1698675.4989932943,5695776.2259427067,5756154.8758133641,6330181.4110581838,6466798.302094942,-527597.80665074661,7224885.2251789477,7887406.3897769246,8154386.0939887175,8996200.735767588,909741.24756529741,10181044.74690346,10467546.370704571,10995331.244564962,10841180.572043149,2200033.0212694034,11227153.613555819,11795595.3447062,11625809.162966732,12215699.76731747,1941186.9012120031,12649616.825565577,12462567.871433262,13097726.929878449,12901382.873659264,2467081.7674005926,13354303.368447296,14038074.210504837,13821695.419477247,14531097.386013791,2115107.8561002836]
[null,"ENE (Excedente Neto de Explotacion)",{"$f":"C109+C70","v":0},{"$f":"D109+D70","v":0},0,0,-2651551.5990355611,-298823.16278873337,-523434.96879454888,-478333.37225743104,-6411083.7992070224,174393.90600164188,572396.14079241129,629924.70394790312,1066663.8627072885,-5801721.1512899082,2169928.3947239313,1491479.1738514891,2065505.7090963088,2202122.600133067,-4792273.5086126216,3934062.0936926454,4596583.2582906224,3510833.8436830165,4352648.485461887,-3733811.0027404036,5537492.4965977594,5823994.1203988697,6173813.8716908852,6019663.1991690723,-2621484.3516046731,6405636.2406817423,6974077.9718321236,6804291.7900926555,7394182.3944433937,-2880330.4716620734,7828099.4526915001,7641050.4985591853,9628938.6758237723,10349387.612916062,-2866113.3014684012,8021108.2995783025,8704879.1416358426,8488500.350608252,9197902.3171447963,-3218087.2127687102]
[]
[null,"Ratio de coberture (Ingresos/Egresos)",null,null,null,null,{"$f":"ABS(G81)/ABS(G76)","v":1.423985058134555},{"$f":"ABS(H81)/ABS(H76)","v":2.16254422460164},1.9129353858691664,1.9025790872158672,0.80587602686439852,1.9550353962609899,2.0199541977610438,2.0088076208670005,2.0765925879410423,0.85655721832483711,2.1322487383421569,2.1179294376650994,2.2011165932110903,2.1987800383915257,0.95982696251759014,2.2782792268918839,2.3633030316903936,2.3769143319107058,2.4839740704203752,1.0624449628345298,2.6026722719353792,2.6096480801114663,2.6516653622403692,2.5907870741550969,1.1360937049900894,2.5719208477434452,2.6131868240297949,2.5530512671228465,2.5939429000846803,1.1081892218652012,2.5746984113824247,2.5153095109104098,2.5554552615986208,2.4964410686471483,1.1238464264305112,2.4775767376063267,2.5169805884078862,2.4587183811937008,2.4977528653932888,1.0956066698882743]
[null,"Margen neta de la operacion",null,null,null,null,{"$f":"G112-1","v":0.423985058134555},{"$f":"H112-1","v":1.16254422460164},0.91293538586916645,0.90257908721586722,-0.19412397313560148,0.95503539626098988,1.0199541977610438,1.0088076208670005,1.0765925879410423,-0.14344278167516289,1.1322487383421569,1.1179294376650994,1.2011165932110903,1.1987800383915257,-4.0173037482409857E-2,1.2782792268918839,1.3633030316903936,1.3769143319107058,1.4839740704203752,6.2444962834529827E-2,1.6026722719353792,1.6096480801114663,1.6516653622403692,1.5907870741550969,0.13609370499008944,1.5719208477434452,1.6131868240297949,1.5530512671228465,1.5939429000846803,0.10818922186520119,1.5746984113824247,1.5153095109104098,1.5554552615986208,1.4964410686471483,0.12384642643051125,1.4775767376063267,1.5169805884078862,1.4587183811937008,1.4977528653932888,9.5606669888274265E-2]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C103","v":-8094204.2264863513},{"$f":"D103","v":-31297166.618133117},-78828625.756357536,-32385093.325706225,1686113.6913765296,4038842.1276233573,3814230.3216175418,3859331.9181546597,-2073418.5087949317,4216401.6911976803,4475103.1438116804,4512496.70986275,4796377.1630563512,-5012066.7304347716,861413.81179980747,5234137.1649653427,5607254.4128744751,5696055.3920483682,-4165707.9956744052,-5399626.3734293003,873365.52192370407,6925594.2486996613,7472773.765855928,909741.24756529741,4131421.8527797679,3372719.0157646928,8834496.3894731514,8734298.4523339737,2200033.0212694034,8985180.9293172099,9354668.0545649566,9244307.036434304,9627735.9292622823,59889391.264682949]
[null,"VAN (30 años]",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"NPV(C26,C115:AJ115)","v":-92290493.830370203}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C106","v":-8094204.2264863513},{"$f":"D106","v":-31297166.618133117},-78828625.756357536,-32385093.325706225,1686113.6913765296,4038842.1276233573,3814230.3216175418,3859331.9181546597,-2073418.5087949317,4216401.6911976803,4475103.1438116804,4512496.70986275,4796377.1630563512,-5012066.7304347716,861413.81179980747,5234137.1649653427,5607254.4128744751,5696055.3920483682,-4165707.9956744052,-5399626.3734293003,873365.52192370407,6925594.2486996613,7472773.765855928,909741.24756529741,4131421.8527797679,3372719.0157646928,8834496.3894731514,8734298.4523339737,2200033.0212694034,8985180.9293172099,9354668.0545649566,9244307.036434304,9627735.9292622823,1941186.9012120031,9909782.0171235502,-339806.30747044086,-11727908.547622014,1925813.3407476917,2467081.7674005926,10546915.463594891,10991366.510932293,10850720.296764359,11311831.575013112,56899520.475823931]
[null,"VAN (40 años]",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"NPV(C26,C118:AT118)","v":-92615146.37143825}]
[]
[]
[]
[null,null,-15374793.702004252,-32471752.923079427,-62793043.621870533,-31184167.865535051,4461627.0876138387,7085887.3224892067,7506676.6422383776,7866933.6835564012,4138496.9480227539,8621725.0100111552,9016880.0393200647,9408111.1130052563,9811291.0381158479,3028760.3722510524,6759476.3316930179,11095752.577078201,11666827.927642517,12256200.784473658,5145482.9160697088,4835774.0456957947,9963796.0466147065,14965506.412886936,15819114.660764625,11262213.876171863,14269356.723393489,13717569.790471114,18902277.061604355,19259777.254964769,13648271.158759808,19994678.368752308,20372314.83298843,20756902.165421762,21148563.030060068,14981724.136930339]
[]
[null,null,{"$f":"C123-C103","v":-7280589.4755179007},{"$f":"D123-D103","v":-1174586.3049463108},16035582.134487003,1200925.4601711743,2775513.3962373091,3047045.1948658493,3692446.3206208358,4007601.7654017415,6211915.4568176856,4405323.3188134748,4541776.8955083843,4895614.4031425063,5014913.8750594966,8040827.102685824,5898062.5198932104,5861615.4121128581,6059573.5147680417,6560145.3924252894,9311190.911744114,10235400.419125095,9090430.5246910024,8039912.1641872749,8346340.8949086973,10352472.628606565,10137934.87061372,10344850.774706421,10067780.672131203,10525478.802630795,11448238.137490405,11009497.439435098,11017646.778423473,11512595.128987458,11520827.100797785,-44907667.12775261]

{"sheet":"Project Finance Model","index":2,"n_rows":315,"n_cols":39,"rows_kept":315,"cut":false,"hidden":true,"merged":[[1,2,4,2],[75,3,76,3],[75,4,76,4]]}
[]
[null,null,"Legend","Input"]
[null,null,null,"Key celd"]
[null,null,null,"Error"]
[null,null,null,"Calculated"]
[]
[null,null,"OUTPUTS"]
[]
[null,null,"Min DSCR",{"$f":"E313","v":1.7000000000000008}]
[null,null,null,{"$f":"E315","v":"2023-12-31"}]
[null,null,"LLCR",{"$f":"E296","v":19.279411093672252}]
[]
[null,null,"NPV project",{"$f":"E255","v":-93380819.76103358}]
[null,null,"IRR Project",{"$f":"E257","v":-1.3093396286729897E-2}]
[]
[null,null,"PRIVATE FINANCE"]
[null,null,"NPV Equity",{"$f":"IF(E58<0.01,\"N/A\",E272)","v":84860.771345494388}]
[null,null,"IRR Equity",{"$f":"IF(E58<0.01,\"N/A\",E274)","v":0.130572123175698}]
[null,null,"Debt / Equity",{"$f":"IF(E58<0.01,\"N/A\",E59)","v":0.1}]
[]
[null,null,"Test \"CASH BALANCE > 0\"",{"$f":"IF(MIN(F232:AM232)<0,\"NOK\",\"OK\")","v":"OK"}]
[null,null,"Test \"INITIAL TREASURY\"",{"$f":"IF(I232>J220,\"OK\",\"NOK\")","v":"OK"}]
[]
[null,null,"General inputs"]
[]
[null,null,"Construction Costs (excluding inflation)","USD 2015",{"$f":"'Global Financial Model'!C11","v":145479878.9181675},null," "]
[null,null,"Municipal direct subsidies (yearly)","USD 2015",0]
[null,null,"Treasury","%",0.31,"of DSRA"]
[null,null,"Discount Factor (WACC)","%",{"$f":"'Global Financial Model'!C26","v":0.13}]
[]
[null,null,null,null,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,2039,2040,2041,2042,2043,2044,2045,2046,2047,2048]
[null,null,"CPI","%",2.5499999999999998E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[]
[]
[null,null,"Debt Facility"]
[]
[null,null,"Private Facility Limit","USD ",{"$f":"$E$59*E26*E58","v":2007622.3290707117}]
[null,null,"Private Amortisation Start","Date",{"$f":"DATE(YEAR(E73)+1,12,31)","v":"2019-12-31"}]
[null,null,"Amortisation Period","Years",15,null,"TOTAL INSTALMENTS",null,{"$f":"+D191","v":16},"REPAYMENTS"]
[null,null,"Private Debt Term End","Date",{"$f":"DATE(YEAR(E38)+E39,12,31)","v":"2034-12-31"}]
[]
[]
[null,null,"Municipal Facility limit","USD ",{"$f":"E26*H58","v":125403655.62746039}]
[null,null,"Municipal Amortisation Start","Date",{"$f":"DATE(YEAR(E71)+1,12,31)","v":"2016-12-31"}]
[null,null,"Amortisation Period","Years",15,null,"TOTAL INSTALMENTS",null,{"$f":"+D188","v":16},"REPAYMENTS"]
[null,null,"Municipal Debt Term End","Date",{"$f":"DATE(YEAR(E44)+E45,12,31)","v":"2031-12-31"}]
[]
[null,null,null,null,"Construction",1,2,3,4]
[null,null,"Private loan - Interest Margin","% p.a.",{"$f":"0.07-E65","v":3.6700000000000003E-2},{"$f":"0.07-F65","v":3.6700000000000003E-2},3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2]
[null,null,"Municipal loan - Interest Margin",null,{"$f":"E49","v":3.6700000000000003E-2},{"$f":"F49","v":3.6700000000000003E-2},3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2]
[]
[null,null,"Upfront Fee","%",0.01]
[null,null,"Upfront Fee on private loan","USD ",{"$f":"E52*E37","v":20076.223290707119}]
[null,null,"Upfront fee on municipal loan","USD ",{"$f":"E52*E43","v":1254036.5562746038}]
[]
[null,null,"FUNDING SCHEME"]
[null,null,"Initial dibursment",null,"YES",{"$f":"IF($E$57=\"NO\",0,1)","v":1},"(if no : Equity is back ended)"]
[null,null,"Private funding vs Municipal funding ratio",null,0.13800000000000001,null,"Initial Municipal debt",{"$f":"1-E58","v":0.86199999999999999}]
[null,null,"Private funding: Inital Debt vs Equity ratio",null,0.1]
[]
[null,null,"INITIAL TREASURY",null,100000]
[]
[]
[null,null,null,null,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,2039,2040,2041,2042,2043,2044,2045,2046,2047,2048]
[null,null,"Private loan - BBSY","% p.a.",3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2]
[null,null,"Municipal loan - BBSY","% p.a.",3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2]
[]
[null,null,"Timing"]
[]
[null,null,null,null,"Construction","Operation"]
[null,null,"Start date",null,"2015-06-01",{"$f":"E73+1","v":"2019-01-01"}]
[null,null,"Duration",null,4,30]
[null,null,"End date",null,{"$f":"DATE(YEAR(E71),MONTH(E72)+E72*12,0)","v":"2018-12-31"},{"$f":"DATE(YEAR(F71),MONTH(F72)+F72*12,0)","v":"2048-12-31"}]
[]
[null,null," ",null," "]
[null,null,null,"Start","End",{"$f":"E71","v":"2015-06-01"},{"$f":"F77+1","v":"2016-01-01"},{"$f":"G77+1","v":"2017-01-01"},"2018-01-01","2019-01-01","2020-01-01","2021-01-01","2022-01-01","2023-01-01","2024-01-01","2025-01-01","2026-01-01","2027-01-01","2028-01-01","2029-01-01","2030-01-01","2031-01-01","2032-01-01","2033-01-01","2034-01-01","2035-01-01","2036-01-01","2037-01-01","2038-01-01","2039-01-01","2040-01-01","2041-01-01","2042-01-01","2043-01-01","2044-01-01","2045-01-01","2046-01-01","2047-01-01","2048-01-01"]
[null,null,null,null,null,{"$f":"DATE(YEAR(F76),12,31)","v":"2015-12-31"},{"$f":"DATE(YEAR(G76),12,31)","v":"2016-12-31"},"2017-12-31","2018-12-31","2019-12-31","2020-12-31","2021-12-31","2022-12-31","2023-12-31","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31","2035-12-31","2036-12-31","2037-12-31","2038-12-31","2039-12-31","2040-12-31","2041-12-31","2042-12-31","2043-12-31","2044-12-31","2045-12-31","2046-12-31","2047-12-31","2048-12-31"]
[null,null,"Construction",{"$f":"E71","v":"2015-06-01"},{"$f":"E73","v":"2018-12-31"},{"$f":"IF(AND(F$76>=$D78,F$77<=$E78),1,0)","v":1},1,1,1,0,0,0,0,0,0,{"$f":"IF(AND(P$76>=$D78,P$77<=$E78),1,0)","v":0},0,0,0,0,0,0,0,0,0,{"$f":"IF(AND(Z$76>=$D78,Z$77<=$E78),1,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Operation",{"$f":"F71","v":"2019-01-01"},{"$f":"F73","v":"2048-12-31"},0,0,0,0,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[]
[null,null,"Number of days","Num#",null,{"$f":"F77-$E$71","v":213},579,944,1309,1674,2040,2405,2770,3135,3501,3866,4231,4596,4962,5327,5692,6057,6423,6788,7153,7518,7884,8249,8614,8979,9345,9710,10075,10440,10806,11171,11536,11901,12267]
[null,null,{"$f":"C29","v":"Discount Factor (WACC)"},{"$f":"D29","v":"%"},null,{"$f":"POWER(1+$E$29,-F81/365)","v":0.93116245416459142},0.82376169317596137,0.72899264882828441,0.64512623790113677,0.57090817513374947,0.50505932975799217,0.4469551590778692,0.39553553900696398,0.35003145044864076,0.30965864119285325,0.27403419574588789,0.24250813782821937,0.2146089715293977,0.18985586131306764,0.16801403656023683,0.14868498810640432,0.13157963549239318,0.11640317200926432,0.10301165664536668,9.1160758093244865E-2,8.0673237250659155E-2,7.1368344174927809E-2,6.3157826703475958E-2,5.5891882038474304E-2,4.9461842511924176E-2,4.3756887912518215E-2,3.8722909657095753E-2,3.4268061643447575E-2,3.0325718268537687E-2,2.682793417619064E-2,2.374153466919526E-2,2.1010207671854207E-2,1.8593104134384256E-2,1.6448565848672027E-2]
[]
[null,null,"Flags & Counters"]
[]
[null,null,"Days in Period","Days",null,{"$f":"F77-F76+1","v":214},366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366]
[null,null,"Year: Calendar","Num#",null,{"$f":"YEAR(F77)","v":2015},2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,2039,2040,2041,2042,2043,2044,2045,2046,2047,2048]
[null,null,"Year: Operations","Num#",null,{"$f":"(E88+1)*F79","v":0},0,0,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,null,"Month: Construction","Num#",null,{"$f":"(E89+MONTH(E73-E71))*F78","v":8},{"$f":"(F89+12)*G78","v":20},32,44,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Year: Construction","Num#",null,{"$f":"(E90+1)*F78","v":1},2,3,4,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Year: Project","Num#",null,{"$f":"IF(F78=1,F90,(E91+1)*F79)","v":1},2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34]
[]
[null,null,null,"Start","End"]
[null,null,"Flag: End of Construction",{"$f":"D78","v":"2015-06-01"},{"$f":"E78","v":"2018-12-31"},{"$f":"IF(AND(F89<>0,G89=0),1,0)","v":0},0,0,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF(AND(AA89<>0,AD89=0),1,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Start","End"]
[null,null,"Flag: Municipal Debt Repayment",{"$f":"E44","v":"2016-12-31"},{"$f":"E46","v":"2031-12-31"},{"$f":"IF(AND(F77>=$D97,F77<=$E97),1,0)","v":0},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Flag: Private Debt Repayment",{"$f":"E38","v":"2019-12-31"},{"$f":"E40","v":"2034-12-31"},{"$f":"IF(AND(F77>=$D98,F77<=$E98),1,0)","v":0},0,0,0,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Technical inputs"]
[]
[null,null,"Construction"]
[null,null,"Construction: CapEx"]
[null,null,"Construction Costs","USD ",{"$f":"SUM(F105:AM105)","v":150605089.92668322},{"$f":"-'Global Financial Model'!C96","v":8094204.2264863513},{"$f":"-'Global Financial Model'!D96","v":31297166.618133117},{"$f":"-'Global Financial Model'!E96","v":78828625.756357536},{"$f":"-'Global Financial Model'!F96","v":32385093.325706225},{"$f":"-'Global Financial Model'!G96","v":0},{"$f":"-'Global Financial Model'!H96","v":0},{"$f":"-'Global Financial Model'!I96","v":0},{"$f":"-'Global Financial Model'!J96","v":0},{"$f":"-'Global Financial Model'!K96","v":0},{"$f":"-'Global Financial Model'!L96","v":0},{"$f":"-'Global Financial Model'!M96","v":0},{"$f":"-'Global Financial Model'!N96","v":0},{"$f":"-'Global Financial Model'!O96","v":0},{"$f":"-'Global Financial Model'!P96","v":0},{"$f":"-'Global Financial Model'!Q96","v":0},{"$f":"-'Global Financial Model'!R96","v":0},{"$f":"-'Global Financial Model'!S96","v":0},{"$f":"-'Global Financial Model'!T96","v":0},{"$f":"-'Global Financial Model'!U96","v":0},{"$f":"-'Global Financial Model'!V96","v":0},{"$f":"-'Global Financial Model'!W96","v":0},{"$f":"-'Global Financial Model'!X96","v":0},{"$f":"-'Global Financial Model'!Y96","v":0},{"$f":"-'Global Financial Model'!Z96","v":0},{"$f":"-'Global Financial Model'!AA96","v":0},{"$f":"-'Global Financial Model'!AB96","v":0},{"$f":"-'Global Financial Model'!AC96","v":0},{"$f":"-'Global Financial Model'!AD96","v":0},{"$f":"-'Global Financial Model'!AE96","v":0},{"$f":"-'Global Financial Model'!AF96","v":0},{"$f":"-'Global Financial Model'!AG96","v":0},{"$f":"-'Global Financial Model'!AH96","v":0},{"$f":"-'Global Financial Model'!AI96","v":0},{"$f":"-'Global Financial Model'!AJ96","v":0}]
[null,null,"Renewal Costs","UDS ",{"$f":"SUM(F106:AM106)","v":36847145.422836736},{"$f":"-'Global Financial Model'!C97","v":0},{"$f":"-'Global Financial Model'!D97","v":0},{"$f":"-'Global Financial Model'!E97","v":0},{"$f":"-'Global Financial Model'!F97","v":0},{"$f":"-'Global Financial Model'!G97","v":0},{"$f":"-'Global Financial Model'!H97","v":0},{"$f":"-'Global Financial Model'!I97","v":0},{"$f":"-'Global Financial Model'!J97","v":0},{"$f":"-'Global Financial Model'!K97","v":0},{"$f":"-'Global Financial Model'!L97","v":0},{"$f":"-'Global Financial Model'!M97","v":0},{"$f":"-'Global Financial Model'!N97","v":0},{"$f":"-'Global Financial Model'!O97","v":0},{"$f":"-'Global Financial Model'!P97","v":3313391.2314414764},{"$f":"-'Global Financial Model'!Q97","v":4074887.4759895233},{"$f":"-'Global Financial Model'!R97","v":0},{"$f":"-'Global Financial Model'!S97","v":0},{"$f":"-'Global Financial Model'!T97","v":0},{"$f":"-'Global Financial Model'!U97","v":3638110.1890236586},{"$f":"-'Global Financial Model'!V97","v":11247589.865815822},{"$f":"-'Global Financial Model'!W97","v":5405236.7274515033},{"$f":"-'Global Financial Model'!X97","v":0},{"$f":"-'Global Financial Model'!Y97","v":0},{"$f":"-'Global Financial Model'!Z97","v":0},{"$f":"-'Global Financial Model'!AA97","v":4111500.5203144769},{"$f":"-'Global Financial Model'!AB97","v":5056429.4128002729},{"$f":"-'Global Financial Model'!AC97","v":0},{"$f":"-'Global Financial Model'!AD97","v":0},{"$f":"-'Global Financial Model'!AE97","v":0},{"$f":"-'Global Financial Model'!AF97","v":0},{"$f":"-'Global Financial Model'!AG97","v":0},{"$f":"-'Global Financial Model'!AH97","v":0},{"$f":"-'Global Financial Model'!AI97","v":0},{"$f":"-'Global Financial Model'!AJ97","v":0}]
[]
[null,null,"Construction: Funding"]
[null,null,"Construction Costs","USD ",{"$f":"SUM(F109:AM109)","v":150605089.92668322},{"$f":"F105","v":8094204.2264863513},{"$f":"G105","v":31297166.618133117},78828625.756357536,32385093.325706225,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",100000,null,null,null,{"$f":"E61","v":100000}]
[null,null,"Renewal Costs","USD ",36847145.422836736,{"$f":"F106","v":0},{"$f":"G106","v":0},0,0,0,0,0,0,0,0,0,0,0,3313391.2314414764,4074887.4759895233,0,0,0,3638110.1890236586,11247589.865815822,5405236.7274515033,0,0,0,4111500.5203144769,5056429.4128002729,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Interest During Construction","USD ",160203.94597725268,{"$f":"F151","v":0},{"$f":"G151","v":7860.6067057806813},{"$f":"H151","v":38079.051213679057},114264.28805779293,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB151","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Upfront Fee","USD ",20076.223290707119,{"$f":"F138","v":20076.223290707119},{"$f":"G138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB138","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Required Funding","USD ",187732515.51878792,{"$f":"SUM(F109:F113)","v":8114280.4497770583},{"$f":"SUM(G109:G113)","v":31305027.224838898},{"$f":"SUM(H109:H113)","v":78866704.807571217},32599357.613764018,0,0,0,0,0,0,0,0,0,3313391.2314414764,4074887.4759895233,0,0,0,3638110.1890236586,11247589.865815822,5405236.7274515033,0,0,0,4111500.5203144769,5056429.4128002729,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Release","USD ",-36847145.422836736,{"$f":"IF(F79=1,-F114,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-3313391.2314414764,-4074887.4759895233,0,0,0,-3638110.1890236586,-11247589.865815822,-5405236.7274515033,0,0,0,-4111500.5203144769,-5056429.4128002729,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding through debt","USD ",-130063189.02270992,{"$f":"IF(F78=1,-F114*(1-$E$58),0)","v":-6994509.7477078242},-26984933.46781113,-67983099.544126391,-28100646.263064582,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Debt funding","USD ",-2007622.3290707117,{"$f":"IF(F78=1,IF($F$57=1,-MIN(F114*$E$59*$E$58,F135),-MIN(F114*$E$58,F135)),0)","v":-111977.07020692342},-432009.37570277689,-1088360.526344483,-375275.35681652837,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sub Total","USD ",18814558.744170554,{"$f":"SUM(F114:F117)","v":1007793.6318623107},3888084.3813249907,9795244.7371003423,4123435.9938829076,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Equity Funding","USD ",-18814558.744170554,{"$f":"-F118","v":-1007793.6318623107},{"$f":"-G118","v":-3888084.3813249907},-9795244.7371003423,-4123435.9938829076,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AB118","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Funding Shortfall","USD ",0,{"$f":"SUM(F118:F119)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(AB118:AB119)","v":0},0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Construction: Debt"]
[null,null,"Balance B/f (SPV)","USD ",null,{"$f":"E127","v":0},{"$f":"F127","v":111977.07020692342},{"$f":"G127","v":543986.44590970036},1632346.9722541834,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Z127","v":0},{"$f":"AA127","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Disbursement to Fund Project Costs (SPV)","USD ",{"$f":"SUM(F124:AM124)","v":2007622.3290707117},{"$f":"-F117","v":111977.07020692342},432009.37570277689,1088360.526344483,375275.35681652837,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during construction (SPV)","USD ",{"$f":"SUM(F125:AM125)","v":0},{"$f":"IF(F78=1,-F198,0)","v":0},{"$f":"IF(G78=1,-G198,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (SPV)","USD ",{"$f":"SUM(F126:AM126)","v":-2007622.3290707117},{"$f":"-SUM(F123:F125)*F94","v":0},{"$f":"-SUM(G123:G125)*G94","v":0},{"$f":"-SUM(H123:H125)*H94","v":0},-2007622.3290707117,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F123:F126)","v":111977.07020692342},{"$f":"SUM(G123:G126)","v":543986.44590970036},1632346.9722541834,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipaly)","USD ",null,{"$f":"E133","v":0},{"$f":"F133","v":6994509.7477078242},33729050.543596499,100369915.1798192,{"$f":"I133","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Disbursement to Fund Project Costs (Municipality)","USD ",{"$f":"SUM(F130:AM130)","v":130063189.02270992},{"$f":"-F116","v":6994509.7477078242},{"$f":"-G116","v":26984933.46781113},67983099.544126391,28100646.263064582,{"$f":"-J116","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during construction (Municipality)","USD ",{"$f":"SUM(F131:AM131)","v":-6043525.3077540686},{"$f":"IF(F78=1,-F204,0)","v":0},{"$f":"IF(G78=1,-G204,0)","v":-250392.67192245182},-1342234.9079037039,-4450897.727927913,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",-124019663.71495587,{"$f":"-SUM(F129:F131)*F94","v":0},{"$f":"-SUM(G129:G131)*G94","v":0},{"$f":"-SUM(H129:H131)*H94","v":0},-124019663.71495587,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality)","USD ",null,{"$f":"SUM(F129:F132)","v":6994509.7477078242},{"$f":"SUM(G129:G132)","v":33729050.543596499},100369915.1798192,0,{"$f":"SUM(J129:J132)","v":0},{"$f":"SUM(K129:K132)","v":0},{"$f":"SUM(L129:L132)","v":0},{"$f":"SUM(M129:M132)","v":0},{"$f":"SUM(N129:N132)","v":0},{"$f":"SUM(O129:O132)","v":0},{"$f":"SUM(P129:P132)","v":0},{"$f":"SUM(Q129:Q132)","v":0},{"$f":"SUM(R129:R132)","v":0},{"$f":"SUM(S129:S132)","v":0},{"$f":"SUM(T129:T132)","v":0},{"$f":"SUM(U129:U132)","v":0},{"$f":"SUM(V129:V132)","v":0},{"$f":"SUM(W129:W132)","v":0},{"$f":"SUM(X129:X132)","v":0},{"$f":"SUM(Y129:Y132)","v":0},{"$f":"SUM(Z129:Z132)","v":0},{"$f":"SUM(AA129:AA132)","v":0},{"$f":"SUM(AB129:AB132)","v":0},{"$f":"SUM(AC129:AC132)","v":0},{"$f":"SUM(AD129:AD132)","v":0},{"$f":"SUM(AE129:AE132)","v":0},{"$f":"SUM(AF129:AF132)","v":0},{"$f":"SUM(AG129:AG132)","v":0},{"$f":"SUM(AH129:AH132)","v":0},{"$f":"SUM(AI129:AI132)","v":0},{"$f":"SUM(AJ129:AJ132)","v":0},{"$f":"SUM(AK129:AK132)","v":0},{"$f":"SUM(AL129:AL132)","v":0},{"$f":"SUM(AM129:AM132)","v":0}]
[]
[null,null,"Undrawn Facility (SPV)","USD ",{"$f":"E37","v":2007622.3290707117},{"$f":"MAX(0,$E135-F123)*F78","v":2007622.3290707117},1895645.2588637883,1463635.8831610114,375275.35681652837,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E43","v":125403655.62746039},{"$f":"MAX(0,$E136-F129)*F78","v":125403655.62746039},118409145.87975256,91674605.083863884,25033740.447641194,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Upfront Fee (SPV)","USD ",{"$f":"E53","v":20076.223290707119},{"$f":"$E138*IF(F90=1,1,0)","v":20076.223290707119},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E54","v":1254036.5562746038},{"$f":"$E139*IF(F90=1,1,0)","v":1254036.5562746038},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY (REFERENCE RATE FOR SWAP)","% p.a.",null,{"$f":"LOOKUP(F87,$E$64:$AL$64,$E$65:$AL$65)*F78","v":3.3300000000000003E-2},3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest Margin (SPV)","% p.a.",null,{"$f":"$E$49*F78","v":3.6700000000000003E-2},3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-in-Rate (SPV)","% p.a.",null,{"$f":"SUM(F141:F142)","v":7.0000000000000007E-2},{"$f":"SUM(G141:G142)","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,0,0,{"$f":"SUM(L141:L142)","v":0},{"$f":"SUM(M141:M142)","v":0},{"$f":"SUM(N141:N142)","v":0},{"$f":"SUM(O141:O142)","v":0},0,{"$f":"SUM(Q141:Q142)","v":0},{"$f":"SUM(R141:R142)","v":0},{"$f":"SUM(S141:S142)","v":0},{"$f":"SUM(T141:T142)","v":0},0,{"$f":"SUM(V141:V142)","v":0},{"$f":"SUM(W141:W142)","v":0},{"$f":"SUM(X141:X142)","v":0},{"$f":"SUM(Y141:Y142)","v":0},0,{"$f":"SUM(AA141:AA142)","v":0},{"$f":"SUM(AB141:AB142)","v":0},{"$f":"SUM(AC141:AC142)","v":0},{"$f":"SUM(AD141:AD142)","v":0},0,{"$f":"SUM(AF141:AF142)","v":0},{"$f":"SUM(AG141:AG142)","v":0},{"$f":"SUM(AH141:AH142)","v":0},{"$f":"SUM(AI141:AI142)","v":0},0,{"$f":"SUM(AK141:AK142)","v":0},{"$f":"SUM(AL141:AL142)","v":0},{"$f":"SUM(AM141:AM142)","v":0}]
[null,null,"All-in-Rate (SPV)","% p.p.",null,{"$f":"(1+F143)^(F86/365)-1","v":4.0465655151550761E-2},7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY (REFERENCE RATE FOR SWAP)","% p.a.",null,{"$f":"LOOKUP(F87,$E$64:$AL$64,$E$66:$AL$66)*F78","v":3.3300000000000003E-2},3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest Margin (Municipality)","% p.a.",null,{"$f":"$E$50*F78","v":3.6700000000000003E-2},{"$f":"$E$50*G78","v":3.6700000000000003E-2},{"$f":"$E$50*H78","v":3.6700000000000003E-2},{"$f":"$E$50*I78","v":3.6700000000000003E-2},{"$f":"$E$49*J78","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-in-Rate (Municipality)","% p.a.",null,{"$f":"SUM(F146:F147)","v":7.0000000000000007E-2},{"$f":"SUM(G146:G147)","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-in-Rate (Municipality)","% p.p.",null,{"$f":"(1+F148)^(F86/365)-1","v":4.0465655151550761E-2},7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Interest during construction for SPV","USD ",{"$f":"SUM(F151:AM151)","v":160203.94597725268},{"$f":"F144*F123","v":0},7860.6067057806813,38079.051213679057,114264.28805779293,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during construction for Municipality",null,{"$f":"SUM(F152:AM152)","v":9877930.7151596099},{"$f":"F149*F129","v":0},491003.11452050332,2361033.538051757,7025894.0625873497,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Operations"]
[null,null,"Revenue"]
[null,null,"Revenue","USD ",{"$f":"SUM(F156:AM156)","v":397858431.41440976},{"$f":"'Global Financial Model'!C81","v":0},{"$f":"'Global Financial Model'!D81","v":0},{"$f":"'Global Financial Model'!E81","v":0},{"$f":"'Global Financial Model'!F81","v":0},{"$f":"'Global Financial Model'!G81","v":5662937.0700000003},{"$f":"'Global Financial Model'!H81","v":7512982.7600000016},{"$f":"'Global Financial Model'!I81","v":7992215.2925760038},{"$f":"'Global Financial Model'!J81","v":8135225.269572001},{"$f":"'Global Financial Model'!K81","v":8607480.2761613522},{"$f":"'Global Financial Model'!L81","v":8756267.8562279865},{"$f":"'Global Financial Model'!M81","v":9259414.0963084605},{"$f":"'Global Financial Model'!N81","v":9424618.454795612},{"$f":"'Global Financial Model'!O81","v":9971627.6899105757},{"$f":"'Global Financial Model'!P81","v":10143506.304480609},{"$f":"'Global Financial Model'!Q81","v":10726275.296564313},{"$f":"'Global Financial Model'!R81","v":10905097.80716298},{"$f":"'Global Financial Model'!S81","v":11600428.651698615},{"$f":"'Global Financial Model'!T81","v":11861281.105438773},{"$f":"'Global Financial Model'!U81","v":12605534.256907057},{"$f":"'Global Financial Model'!V81","v":12876925.14977832},{"$f":"'Global Financial Model'!W81","v":13672918.639388174},{"$f":"'Global Financial Model'!X81","v":14076603.551536059},{"$f":"'Global Financial Model'!Y81","v":15058436.535628414},{"$f":"'Global Financial Model'!Z81","v":15478430.318227079},{"$f":"'Global Financial Model'!AA81","v":16533587.886998398},{"$f":"'Global Financial Model'!AB81","v":16970549.418414045},{"$f":"'Global Financial Model'!AC81","v":17652449.263708111},{"$f":"'Global Financial Model'!AD81","v":17656159.614917975},{"$f":"'Global Financial Model'!AE81","v":18365608.213961914},{"$f":"'Global Financial Model'!AF81","v":18369468.463360656},{"$f":"'Global Financial Model'!AG81","v":19107578.785805978},{"$f":"'Global Financial Model'!AH81","v":19111594.989280429},{"$f":"'Global Financial Model'!AI81","v":19879524.968752537},{"$f":"'Global Financial Model'!AJ81","v":19883703.426847357}]
[null,null,"Municipal direct subsidies (if any)","USD ",{"$f":"SUM(F157:AM157)","v":0},0,0,0,0,{"$f":"$E27*(1+E32)*(1+F32)*(1+G32)*(1+H32)","v":0},{"$f":"J157*(1+I32)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"OpEx"]
[null,null,"OpEx","USD ",{"$f":"SUM(F160:AM160)","v":218991932.69501054},{"$f":"-'Global Financial Model'!C76","v":0},{"$f":"-'Global Financial Model'!D76","v":0},{"$f":"-'Global Financial Model'!E76","v":0},{"$f":"-'Global Financial Model'!F76","v":0},{"$f":"-'Global Financial Model'!G76","v":3976823.3786234707},{"$f":"-'Global Financial Model'!H76","v":3474140.6323766443},{"$f":"-'Global Financial Model'!I76","v":4177984.970958462},{"$f":"-'Global Financial Model'!J76","v":4275893.3514173413},{"$f":"-'Global Financial Model'!K76","v":10680898.784956284},{"$f":"-'Global Financial Model'!L76","v":4478828.2979297312},{"$f":"-'Global Financial Model'!M76","v":4583972.3032194357},{"$f":"-'Global Financial Model'!N76","v":4691648.0985510955},{"$f":"-'Global Financial Model'!O76","v":4801918.1749066738},{"$f":"-'Global Financial Model'!P76","v":11842181.803473903},{"$f":"-'Global Financial Model'!Q76","v":5030499.070621606},{"$f":"-'Global Financial Model'!R76","v":5148942.9313496156},{"$f":"-'Global Financial Model'!S76","v":5270247.2406404316},{"$f":"-'Global Financial Model'!T76","v":5394482.8033438306},{"$f":"-'Global Financial Model'!U76","v":13133132.063557804},{"$f":"-'Global Financial Model'!V76","v":5652039.9245993719},{"$f":"-'Global Financial Model'!W76","v":5785512.2496112492},{"$f":"-'Global Financial Model'!X76","v":5922217.4575473415},{"$f":"-'Global Financial Model'!Y76","v":6062235.7998608258},{"$f":"-'Global Financial Model'!Z76","v":14568689.070661781},{"$f":"-'Global Financial Model'!AA76","v":6352543.1400949378},{"$f":"-'Global Financial Model'!AB76","v":6503003.0477094743},{"$f":"-'Global Financial Model'!AC76","v":6657118.0191431502},{"$f":"-'Global Financial Model'!AD76","v":6814979.0428748261},{"$f":"-'Global Financial Model'!AE76","v":16165575.192692511},{"$f":"-'Global Financial Model'!AF76","v":7142314.8498048382},{"$f":"-'Global Financial Model'!AG76","v":7311983.4410997778},{"$f":"-'Global Financial Model'!AH76","v":7485785.8263136968},{"$f":"-'Global Financial Model'!AI76","v":7663825.2014350668},{"$f":"-'Global Financial Model'!AJ76","v":17942516.525635354}]
[]
[null,null,"Operation: Debt"]
[null,null,"Balance B/f (SPV)","USD ",null,{"$f":"E166","v":0},{"$f":"F166","v":0},0,0,2007622.3290707117,1935633.714827555,1858723.5091388398,1776298.529214819,1688103.8006961169,1593735.4411811056,1492867.3910004995,1384817.3773367668,1269203.8627165731,1145497.4020729656,1013211.6974864221,871568.95791181445,720011.2265669842,557844.45402801584,384359.62028256012,198678.64430064696,0,{"$f":"Z166","v":0},{"$f":"AA166","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (SPV)","USD ",{"$f":"SUM(F164:AM164)","v":2007622.3290707117},{"$f":"-F126","v":0},0,0,2007622.3290707117,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (SPV)","USD ",{"$f":"SUM(F165:AM165)","v":-2007622.329070712},{"$f":"IF(F79=1,-F198,0)","v":0},{"$f":"IF(G79=1,-G198,0)","v":0},0,0,-71988.614243156742,-76910.205688715214,-82424.979924020721,-88194.728518702163,-94368.359515011311,-100868.05018060609,-108050.01366373258,-115613.51462019383,-123706.46064360738,-132285.70458654352,-141642.73957460772,-151557.73134483024,-162166.77253896836,-173484.83374545572,-185680.97598191316,-198678.64430064711,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F163:F165)","v":0},{"$f":"SUM(G163:G165)","v":0},0,2007622.3290707117,1935633.714827555,1858723.5091388398,1776298.529214819,1688103.8006961169,1593735.4411811056,1492867.3910004995,1384817.3773367668,1269203.8627165731,1145497.4020729656,1013211.6974864221,871568.95791181445,720011.2265669842,557844.45402801584,384359.62028256012,198678.64430064696,0,0,0,{"$f":"SUM(AB163:AB165)","v":0},0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipality)","USD ",null,{"$f":"E171","v":0},{"$f":"F171","v":0},0,0,124019663.71495587,117861982.22593489,111280951.12695786,104230534.49632038,96686588.701538265,88614566.701121405,79983671.18634057,70741300.462838918,60851963.788692154,50270373.547355115,38951397.170546383,26835500.20001965,13871490.441556048,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",{"$f":"SUM(F169:AM169)","v":124019663.71495587},{"$f":"-F132","v":0},0,0,124019663.71495587,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (Municipality)","USD ",{"$f":"SUM(F170:AM170)","v":-124019663.71495587},{"$f":"IF(F79=1,-F204,0)","v":0},{"$f":"IF(G79=1,-G204,0)","v":0},0,0,-6157681.4890209734,-6581031.0989770275,-7050416.6306374883,-7543945.7947821161,-8072022.0004168628,-8630895.5147808269,-9242370.723501645,-9889336.674146764,-10581590.241337035,-11318976.376808736,-12115896.970526731,-12964009.758463603,-13871490.441556059,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality","USD ",null,{"$f":"SUM(F168:F170)","v":0},{"$f":"SUM(G168:G170)","v":0},0,124019663.71495587,117861982.22593489,111280951.12695786,104230534.49632038,96686588.701538265,88614566.701121405,79983671.18634057,70741300.462838918,60851963.788692154,50270373.547355115,38951397.170546383,26835500.20001965,13871490.441556048,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY","% p.a.",null,{"$f":"LOOKUP(F87,$E$64:$AL$64,$E$65:$AL$65)*F79","v":0},{"$f":"LOOKUP(G87,$E$64:$H$64,$E$65:$H$65)*G79","v":0},0,0,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2]
[null,null,"Interest Margin (SPV)","% p.a.",null,{"$f":"IF(F88=0,0,LOOKUP(F88,$E$48:$I$48,$E$49:$I$49))","v":0},0,0,0,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2]
[null,null,"All-in-Rate (SPV)","% p.a.",null,{"$f":"SUM(F173:F174)","v":0},{"$f":"SUM(G173:G174)","v":0},0,0,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,{"$f":"SUM(AB173:AB174)","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,"All-in-Rate (SPV)","% p.p.",null,{"$f":"(1+F175)^(F86/365)-1","v":0},0,0,0,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2]
[]
[null,null,"BBSY","% p.a.",null,{"$f":"LOOKUP(F87,$E$64:$AL$64,$E$66:$AL$66)*F79","v":0},0,0,0,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2]
[null,null,"Interest Margin (Municipality)","% p.a.",null,{"$f":"IF(F88=0,0,LOOKUP(F88,$E$48:$I$48,$E$49:$I$49))","v":0},0,0,0,{"$f":"IF(J88=0,0,LOOKUP(J88,$E$48:$I$48,$E$50:$I$50))","v":3.6700000000000003E-2},{"$f":"IF(K88=0,0,LOOKUP(K88,$E$48:$I$48,$E$50:$I$50))","v":3.6700000000000003E-2},3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2]
[null,null,"All-in-Rate (Municipality)","% p.a.",null,{"$f":"SUM(F178:F179)","v":0},{"$f":"SUM(G178:G179)","v":0},0,0,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,"All-in-Rate (Municipality)","% p.p.",null,{"$f":"(1+F180)^(F86/365)-1","v":0},0,0,0,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2]
[]
[null,null,"Interest during Operation for SPV","USD ",{"$f":"SUM(F183:AM183)","v":1393910.4185228692},{"$f":"F176*F163","v":0},0,0,0,140533.56303494994,135878.31268126809,130110.6456397189,124340.89704503743,118167.26604872828,111877.61452445963,104500.71737003505,96937.216413573769,88844.270390160193,80412.039210795279,70924.818824049609,61009.827053827066,50400.785859688942,39159.765905752945,26905.173419779232,13907.505101045299,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during Operation for Municipality","USD ",{"$f":"SUM(F184:AM184)","v":68944927.228088588},{"$f":"F181*F168","v":0},{"$f":"G181*G168","v":0},0,0,8681376.4600469191,8273717.8792922627,7789666.5788870575,7296137.4147424335,6768061.2091076849,6220597.2700794647,5598856.9830438448,4951891.0323987287,4259637.465208455,3528897.7884331835,2726597.8019382493,1878485.0140013772,971004.33090892422,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt repayment"]
[]
[null,null,"Flag: Municipal Debt Repayment",{"$f":"SUM(F188:AM188)","v":16},null,{"$f":"F97","v":0},{"$f":"G97","v":1},{"$f":"H97","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Remaining Repayments"," ",null,{"$f":"IF(F188=0,0,$D188-SUM($E188:E188))","v":0},{"$f":"IF(G188=0,0,$D188-SUM($E188:F188))","v":16},{"$f":"IF(H188=0,0,$D188-SUM($E188:G188))","v":15},{"$f":"IF(I188=0,0,$D188-SUM($E188:H188))","v":14},{"$f":"IF(J188=0,0,$D188-SUM($E188:I188))","v":13},{"$f":"IF(K188=0,0,$D188-SUM($E188:J188))","v":12},{"$f":"IF(L188=0,0,$D188-SUM($E188:K188))","v":11},{"$f":"IF(M188=0,0,$D188-SUM($E188:L188))","v":10},{"$f":"IF(N188=0,0,$D188-SUM($E188:M188))","v":9},{"$f":"IF(O188=0,0,$D188-SUM($E188:N188))","v":8},{"$f":"IF(P188=0,0,$D188-SUM($E188:O188))","v":7},{"$f":"IF(Q188=0,0,$D188-SUM($E188:P188))","v":6},{"$f":"IF(R188=0,0,$D188-SUM($E188:Q188))","v":5},{"$f":"IF(S188=0,0,$D188-SUM($E188:R188))","v":4},{"$f":"IF(T188=0,0,$D188-SUM($E188:S188))","v":3},{"$f":"IF(U188=0,0,$D188-SUM($E188:T188))","v":2},{"$f":"IF(V188=0,0,$D188-SUM($E188:U188))","v":1},{"$f":"IF(W188=0,0,$D188-SUM($E188:V188))","v":0},{"$f":"IF(X188=0,0,$D188-SUM($E188:W188))","v":0},{"$f":"IF(Y188=0,0,$D188-SUM($E188:X188))","v":0},{"$f":"IF(Z188=0,0,$D188-SUM($E188:Y188))","v":0},{"$f":"IF(AA188=0,0,$D188-SUM($E188:Z188))","v":0},{"$f":"IF(AB188=0,0,$D188-SUM($E188:AA188))","v":0},{"$f":"IF(AC188=0,0,$D188-SUM($E188:AB188))","v":0},{"$f":"IF(AD188=0,0,$D188-SUM($E188:AC188))","v":0},{"$f":"IF(AE188=0,0,$D188-SUM($E188:AD188))","v":0},{"$f":"IF(AF188=0,0,$D188-SUM($E188:AE188))","v":0},{"$f":"IF(AG188=0,0,$D188-SUM($E188:AF188))","v":0},{"$f":"IF(AH188=0,0,$D188-SUM($E188:AG188))","v":0},{"$f":"IF(AI188=0,0,$D188-SUM($E188:AH188))","v":0},{"$f":"IF(AJ188=0,0,$D188-SUM($E188:AI188))","v":0},{"$f":"IF(AK188=0,0,$D188-SUM($E188:AJ188))","v":0},{"$f":"IF(AL188=0,0,$D188-SUM($E188:AK188))","v":0},{"$f":"IF(AM188=0,0,$D188-SUM($E188:AL188))","v":0}]
[]
[null,null,"Flag: Private Debt Repayment",{"$f":"SUM(F191:AM191)","v":16},null,{"$f":"F98","v":0},0,0,0,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Remaining Repayments"," ",null,{"$f":"IF(F191=0,0,$D191-SUM($E191:E191))","v":0},{"$f":"IF(G191=0,0,$D191-SUM($E191:F191))","v":0},{"$f":"IF(H191=0,0,$D191-SUM($E191:G191))","v":0},{"$f":"IF(I191=0,0,$D191-SUM($E191:H191))","v":0},{"$f":"IF(J191=0,0,$D191-SUM($E191:I191))","v":16},{"$f":"IF(K191=0,0,$D191-SUM($E191:J191))","v":15},{"$f":"IF(L191=0,0,$D191-SUM($E191:K191))","v":14},{"$f":"IF(M191=0,0,$D191-SUM($E191:L191))","v":13},{"$f":"IF(N191=0,0,$D191-SUM($E191:M191))","v":12},{"$f":"IF(O191=0,0,$D191-SUM($E191:N191))","v":11},{"$f":"IF(P191=0,0,$D191-SUM($E191:O191))","v":10},{"$f":"IF(Q191=0,0,$D191-SUM($E191:P191))","v":9},{"$f":"IF(R191=0,0,$D191-SUM($E191:Q191))","v":8},{"$f":"IF(S191=0,0,$D191-SUM($E191:R191))","v":7},{"$f":"IF(T191=0,0,$D191-SUM($E191:S191))","v":6},{"$f":"IF(U191=0,0,$D191-SUM($E191:T191))","v":5},{"$f":"IF(V191=0,0,$D191-SUM($E191:U191))","v":4},{"$f":"IF(W191=0,0,$D191-SUM($E191:V191))","v":3},{"$f":"IF(X191=0,0,$D191-SUM($E191:W191))","v":2},{"$f":"IF(Y191=0,0,$D191-SUM($E191:X191))","v":1},{"$f":"IF(Z191=0,0,$D191-SUM($E191:Y191))","v":0},{"$f":"IF(AA191=0,0,$D191-SUM($E191:Z191))","v":0},{"$f":"IF(AB191=0,0,$D191-SUM($E191:AA191))","v":0},{"$f":"IF(AC191=0,0,$D191-SUM($E191:AB191))","v":0},{"$f":"IF(AD191=0,0,$D191-SUM($E191:AC191))","v":0},{"$f":"IF(AE191=0,0,$D191-SUM($E191:AD191))","v":0},{"$f":"IF(AF191=0,0,$D191-SUM($E191:AE191))","v":0},{"$f":"IF(AG191=0,0,$D191-SUM($E191:AF191))","v":0},{"$f":"IF(AH191=0,0,$D191-SUM($E191:AG191))","v":0},{"$f":"IF(AI191=0,0,$D191-SUM($E191:AH191))","v":0},{"$f":"IF(AJ191=0,0,$D191-SUM($E191:AI191))","v":0},{"$f":"IF(AK191=0,0,$D191-SUM($E191:AJ191))","v":0},{"$f":"IF(AL191=0,0,$D191-SUM($E191:AK191))","v":0},{"$f":"IF(AM191=0,0,$D191-SUM($E191:AL191))","v":0}]
[]
[null,null,"Balance B/f"," ",null,{"$f":"IF(F78=1,F123,F163)","v":0},111977.07020692342,543986.44590970036,1632346.9722541834,2007622.3290707117,1935633.714827555,1858723.5091388398,1776298.529214819,1688103.8006961169,1593735.4411811056,1492867.3910004995,1384817.3773367668,1269203.8627165731,1145497.4020729656,1013211.6974864221,871568.95791181445,720011.2265669842,557844.45402801584,384359.62028256012,198678.64430064696,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$f":"IF(F78=1,F144,F176)","v":4.0465655151550761E-2},7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2]
[null,null,"Annuity Payment (SPV)"," ",{"$f":"SUM(F196:AM196)","v":3401532.7475935812},{"$f":"IF(F191=0,0,F195*F194/(1-(1+F195)^(-F192)))","v":0},{"$f":"IF(G191=0,0,G195*G194/(1-(1+G195)^(-G192)))","v":0},0,0,212522.17727810668,212788.5183699833,212535.62556373962,212535.6255637396,212535.6255637396,212745.66470506572,212550.73103376763,212550.7310337676,212550.73103376757,212697.7437973388,212567.55839865733,212567.5583986573,212567.5583986573,212644.59965120867,212586.14940169238,212586.14940169241,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (SPV)"," ",{"$f":"SUM(F197:AM197)","v":-1393910.4185228692},{"$f":"IF(F191=0,0,-F183)","v":0},{"$f":"IF(G191=0,0,-G183)","v":0},{"$f":"IF(H191=0,0,-H183)","v":0},0,-140533.56303494994,-135878.31268126809,-130110.6456397189,-124340.89704503743,-118167.26604872828,-111877.61452445963,-104500.71737003505,-96937.216413573769,-88844.270390160193,-80412.039210795279,-70924.818824049609,-61009.827053827066,-50400.785859688942,-39159.765905752945,-26905.173419779232,-13907.505101045299,{"$f":"IF(Z191=0,0,-Z183)","v":0},{"$f":"IF(AA191=0,0,-AA183)","v":0},{"$f":"IF(AB191=0,0,-AB183)","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment (SPV)"," ",{"$f":"SUM(F198:AM198)","v":2007622.329070712},{"$f":"IF(F196=0,0,SUM(F196:F197))","v":0},{"$f":"IF(G196=0,0,SUM(G196:G197))","v":0},0,0,71988.614243156742,{"$f":"IF(K196=0,0,SUM(K196:K197))","v":76910.205688715214},{"$f":"IF(L196=0,0,SUM(L196:L197))","v":82424.979924020721},{"$f":"IF(M196=0,0,SUM(M196:M197))","v":88194.728518702163},94368.359515011311,{"$f":"IF(O196=0,0,SUM(O196:O197))","v":100868.05018060609},{"$f":"IF(P196=0,0,SUM(P196:P197))","v":108050.01366373258},{"$f":"IF(Q196=0,0,SUM(Q196:Q197))","v":115613.51462019383},123706.46064360738,{"$f":"IF(S196=0,0,SUM(S196:S197))","v":132285.70458654352},{"$f":"IF(T196=0,0,SUM(T196:T197))","v":141642.73957460772},{"$f":"IF(U196=0,0,SUM(U196:U197))","v":151557.73134483024},162166.77253896836,{"$f":"IF(W196=0,0,SUM(W196:W197))","v":173484.83374545572},{"$f":"IF(X196=0,0,SUM(X196:X197))","v":185680.97598191316},{"$f":"IF(Y196=0,0,SUM(Y196:Y197))","v":198678.64430064711},0,{"$f":"IF(AA196=0,0,SUM(AA196:AA197))","v":0},{"$f":"IF(AB196=0,0,SUM(AB196:AB197))","v":0},{"$f":"IF(AC196=0,0,SUM(AC196:AC197))","v":0},0,{"$f":"IF(AE196=0,0,SUM(AE196:AE197))","v":0},{"$f":"IF(AF196=0,0,SUM(AF196:AF197))","v":0},{"$f":"IF(AG196=0,0,SUM(AG196:AG197))","v":0},0,{"$f":"IF(AI196=0,0,SUM(AI196:AI197))","v":0},{"$f":"IF(AJ196=0,0,SUM(AJ196:AJ197))","v":0},{"$f":"IF(AK196=0,0,SUM(AK196:AK197))","v":0},0,{"$f":"IF(AM196=0,0,SUM(AM196:AM197))","v":0}]
[]
[null,null,"Balance B/f"," ",null,{"$f":"IF(F78=1,F129,F168)","v":0},6994509.7477078242,33729050.543596499,100369915.1798192,124019663.71495587,117861982.22593489,111280951.12695786,104230534.49632038,96686588.701538265,88614566.701121405,79983671.18634057,70741300.462838918,60851963.788692154,50270373.547355115,38951397.170546383,26835500.20001965,13871490.441556048,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$f":"IF(F78=1,F149,F181)","v":4.0465655151550761E-2},7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2]
[null,null,"Annuity Payment (Municipality)"," ",{"$f":"SUM(F202:AM202)","v":208886046.96595818},{"$f":"IF(F188=0,0,F201*F200/(1-(1+F201)^(-F189)))","v":0},{"$f":"IF(G188=0,0,G201*G200/(1-(1+G201)^(-G189)))","v":741395.78644295514},3703268.4459554609,11476791.790515263,14839057.949067893,14854748.97826929,14840083.209524546,14840083.20952455,14840083.209524548,14851492.784860292,14841227.706545491,14841227.706545493,14841227.706545489,14847874.165241919,14842494.772464979,14842494.772464979,14842494.772464983,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (Municipality)"," ",{"$f":"SUM(F203:AM203)","v":-78822857.943248197},{"$f":"IF(F78=1,-F152,-F184)","v":0},{"$f":"IF(G78=1,-G152,-G184)","v":-491003.11452050332},-2361033.538051757,-7025894.0625873497,-8681376.4600469191,-8273717.8792922627,-7789666.5788870575,-7296137.4147424335,-6768061.2091076849,-6220597.2700794647,-5598856.9830438448,-4951891.0323987287,-4259637.465208455,-3528897.7884331835,-2726597.8019382493,-1878485.0140013772,-971004.33090892422,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment (Municipality)"," ",{"$f":"SUM(F204:AM204)","v":130063189.02270994},{"$f":"IF(F202=0,0,SUM(F202:F203))","v":0},{"$f":"IF(G202=0,0,SUM(G202:G203))","v":250392.67192245182},1342234.9079037039,4450897.727927913,6157681.4890209734,{"$f":"IF(K202=0,0,SUM(K202:K203))","v":6581031.0989770275},{"$f":"IF(L202=0,0,SUM(L202:L203))","v":7050416.6306374883},{"$f":"IF(M202=0,0,SUM(M202:M203))","v":7543945.7947821161},8072022.0004168628,{"$f":"IF(O202=0,0,SUM(O202:O203))","v":8630895.5147808269},{"$f":"IF(P202=0,0,SUM(P202:P203))","v":9242370.723501645},{"$f":"IF(Q202=0,0,SUM(Q202:Q203))","v":9889336.674146764},10581590.241337035,{"$f":"IF(S202=0,0,SUM(S202:S203))","v":11318976.376808736},{"$f":"IF(T202=0,0,SUM(T202:T203))","v":12115896.970526731},{"$f":"IF(U202=0,0,SUM(U202:U203))","v":12964009.758463603},13871490.441556059,{"$f":"IF(W202=0,0,SUM(W202:W203))","v":0},{"$f":"IF(X202=0,0,SUM(X202:X203))","v":0},{"$f":"IF(Y202=0,0,SUM(Y202:Y203))","v":0},0,{"$f":"IF(AA202=0,0,SUM(AA202:AA203))","v":0},{"$f":"IF(AB202=0,0,SUM(AB202:AB203))","v":0},{"$f":"IF(AC202=0,0,SUM(AC202:AC203))","v":0},0,{"$f":"IF(AE202=0,0,SUM(AE202:AE203))","v":0},{"$f":"IF(AF202=0,0,SUM(AF202:AF203))","v":0},{"$f":"IF(AG202=0,0,SUM(AG202:AG203))","v":0},0,{"$f":"IF(AI202=0,0,SUM(AI202:AI203))","v":0},{"$f":"IF(AJ202=0,0,SUM(AJ202:AJ203))","v":0},{"$f":"IF(AK202=0,0,SUM(AK202:AK203))","v":0},0,{"$f":"IF(AM202=0,0,SUM(AM202:AM203))","v":0}]
[]
[]
[null,null,"SPV Cashflow Waterfall"]
[null,null,"Revenue","USD ",{"$f":"SUM(F208:AM208)","v":397858431.41440976},{"$f":"F156","v":0},0,0,0,5662937.0700000003,7512982.7600000016,7992215.2925760038,8135225.269572001,8607480.2761613522,8756267.8562279865,9259414.0963084605,9424618.454795612,9971627.6899105757,10143506.304480609,10726275.296564313,10905097.80716298,11600428.651698615,11861281.105438773,12605534.256907057,12876925.14977832,13672918.639388174,14076603.551536059,15058436.535628414,15478430.318227079,16533587.886998398,16970549.418414045,17652449.263708111,17656159.614917975,18365608.213961914,18369468.463360656,19107578.785805978,19111594.989280429,19879524.968752537,19883703.426847357]
[null,null,"OpEx","USD ",-218991932.69501054,{"$f":"-F160","v":0},0,0,0,-3976823.3786234707,-3474140.6323766443,-4177984.970958462,-4275893.3514173413,-10680898.784956284,-4478828.2979297312,-4583972.3032194357,-4691648.0985510955,-4801918.1749066738,-11842181.803473903,-5030499.070621606,-5148942.9313496156,-5270247.2406404316,-5394482.8033438306,-13133132.063557804,-5652039.9245993719,-5785512.2496112492,-5922217.4575473415,-6062235.7998608258,-14568689.070661781,-6352543.1400949378,-6503003.0477094743,-6657118.0191431502,-6814979.0428748261,-16165575.192692511,-7142314.8498048382,-7311983.4410997778,-7485785.8263136968,-7663825.2014350668,-17942516.525635354]
[null,null,"Operational Cashflow","USD ",178866498.71939927,{"$f":"SUM(F208:F209)","v":0},{"$f":"SUM(G208:G209)","v":0},{"$f":"SUM(H208:H209)","v":0},0,1686113.6913765296,4038842.1276233573,3814230.3216175418,3859331.9181546597,-2073418.5087949317,4277439.5582982553,4675441.7930890247,4732970.3562445166,5169709.5150039019,-1698675.4989932943,5695776.2259427067,5756154.8758133641,6330181.4110581838,6466798.302094942,-527597.80665074661,7224885.2251789477,7887406.3897769246,8154386.0939887175,8996200.735767588,909741.24756529741,10181044.74690346,10467546.370704571,10995331.244564962,10841180.572043149,2200033.0212694034,11227153.613555819,11795595.3447062,11625809.162966732,12215699.76731747,1941186.9012120031]
[null,null,"Revenue Tax","USD ",-27264892.990051046,{"$f":"'Global Financial Model'!C90","v":0},{"$f":"'Global Financial Model'!D90","v":0},{"$f":"'Global Financial Model'!E90","v":0},{"$f":"'Global Financial Model'!F90","v":0},{"$f":"'Global Financial Model'!G90","v":0},{"$f":"'Global Financial Model'!H90","v":0},{"$f":"'Global Financial Model'!I90","v":0},{"$f":"'Global Financial Model'!J90","v":0},{"$f":"'Global Financial Model'!K90","v":0},{"$f":"'Global Financial Model'!L90","v":-61037.867100574651},{"$f":"'Global Financial Model'!M90","v":-200338.64927734394},{"$f":"'Global Financial Model'!N90","v":-220473.64638176607},{"$f":"'Global Financial Model'!O90","v":-373332.35194755095},{"$f":"'Global Financial Model'!P90","v":0},{"$f":"'Global Financial Model'!Q90","v":-759474.93815337587},{"$f":"'Global Financial Model'!R90","v":-522017.71084802115},{"$f":"'Global Financial Model'!S90","v":-722926.99818370806},{"$f":"'Global Financial Model'!T90","v":-770742.91004657338},{"$f":"'Global Financial Model'!U90","v":0},{"$f":"'Global Financial Model'!V90","v":-1376921.7327924259},{"$f":"'Global Financial Model'!W90","v":-1608804.1404017177},{"$f":"'Global Financial Model'!X90","v":-1228791.8452890557},{"$f":"'Global Financial Model'!Y90","v":-1523426.9699116603},{"$f":"'Global Financial Model'!Z90","v":0},{"$f":"'Global Financial Model'!AA90","v":-1938122.3738092156},{"$f":"'Global Financial Model'!AB90","v":-2038397.9421396044},{"$f":"'Global Financial Model'!AC90","v":-2160834.8550918098},{"$f":"'Global Financial Model'!AD90","v":-2106882.1197091751},{"$f":"'Global Financial Model'!AE90","v":0},{"$f":"'Global Financial Model'!AF90","v":-2241972.6842386099},{"$f":"'Global Financial Model'!AG90","v":-2440927.290141243},{"$f":"'Global Financial Model'!AH90","v":-2381502.1265324294},{"$f":"'Global Financial Model'!AI90","v":-2587963.8380551878},{"$f":"'Global Financial Model'!AJ90","v":0}]
[null,null,"CapEx (including intesrests during construction)","USD ",-187632515.51878792,{"$f":"-F114","v":-8114280.4497770583},-31305027.224838898,-78866704.807571217,{"$f":"-I114+I110","v":-32499357.613764018},0,0,0,0,0,0,0,0,0,-3313391.2314414764,-4074887.4759895233,0,0,0,-3638110.1890236586,-11247589.865815822,-5405236.7274515033,0,0,0,-4111500.5203144769,-5056429.4128002729,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",null,{"$f":"-F110","v":0},{"$f":"-G110","v":0},{"$f":"-H110","v":0},-100000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow before Funding","USD ",-36130909.789439708,{"$f":"SUM(F210:F213)","v":-8114280.4497770583},{"$f":"SUM(G210:G213)","v":-31305027.224838898},{"$f":"SUM(H210:H213)","v":-78866704.807571217},-32599357.613764018,1686113.6913765296,4038842.1276233573,3814230.3216175418,3859331.9181546597,-2073418.5087949317,4216401.6911976803,4475103.1438116804,4512496.70986275,4796377.1630563512,-5012066.7304347707,861413.81179980747,5234137.1649653427,5607254.4128744761,5696055.3920483682,-4165707.9956744052,-5399626.3734293003,873365.52192370407,6925594.2486996613,7472773.765855928,909741.24756529741,4131421.8527797679,3372719.0157646928,8834496.3894731514,8734298.4523339737,2200033.0212694034,8985180.9293172099,9354668.0545649566,9244307.0364343021,9627735.9292622823,1941186.9012120031]
[null,null,"Municipality: Funding (through debt )","USD ",130063189.02270992,{"$f":"-F116","v":6994509.7477078242},26984933.46781113,67983099.544126391,28100646.263064582,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding (through subsidies)","USD ",0,{"$f":"+F157","v":0},{"$f":"+G157","v":0},{"$f":"+H157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt: Funding","USD ",2007622.3290707117,{"$f":"F124","v":111977.07020692342},432009.37570277689,1088360.526344483,375275.35681652837,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity: Funding","USD ",18814558.744170554,{"$f":"-F119","v":1007793.6318623107},3888084.3813249907,9795244.7371003423,4123435.9938829076,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CashFlow after Funding","USD ",114754460.30651148,{"$f":"SUM(F214:F218)","v":0},0,0,0,1686113.6913765296,4038842.1276233573,3814230.3216175418,3859331.9181546597,-2073418.5087949317,4216401.6911976803,4475103.1438116804,4512496.70986275,4796377.1630563512,-5012066.7304347707,861413.81179980747,5234137.1649653427,5607254.4128744761,5696055.3920483682,-4165707.9956744052,-5399626.3734293003,873365.52192370407,6925594.2486996613,7472773.765855928,909741.24756529741,4131421.8527797679,3372719.0157646928,8834496.3894731514,8734298.4523339737,2200033.0212694034,8985180.9293172099,9354668.0545649566,9244307.0364343021,9627735.9292622823,1941186.9012120031]
[null,null,"Treasury: Funding","USD ",54943654.667049728,{"$f":"IF(F78=1,0,-F115+IF(F191=1,IF(F219/F196>1.7,0,1.7*F196+IF(F219<0,-F219,0)),0))","v":0},0,0,0,0,0,0,0,2434729.0722532892,0,0,0,0,8687044.1263317242,4074887.4759895233,0,0,0,8165214.6386809405,17008612.693227999,5405236.7274515033,0,0,0,4111500.5203144769,5056429.4128002729,0,0,0,0,0,0,0,0]
[null,null,"CashFlow Available for Debt Service (CFADS)","USD ",169698114.9735612,{"$f":"SUM(F219:F220)","v":0},{"$f":"SUM(G219:G220)","v":0},0,0,1686113.6913765296,4038842.1276233573,3814230.3216175418,3859331.9181546597,361310.56345835747,4216401.6911976803,4475103.1438116804,4512496.70986275,4796377.1630563512,3674977.3958969535,4936301.2877893308,5234137.1649653427,5607254.4128744761,5696055.3920483682,3999506.6430065352,11608986.319798699,6278602.2493752073,6925594.2486996613,7472773.765855928,909741.24756529741,8242922.3730942449,8429148.4285649657,8834496.3894731514,8734298.4523339737,2200033.0212694034,8985180.9293172099,9354668.0545649566,9244307.0364343021,9627735.9292622823,1941186.9012120031]
[null,null,"Interests","USD ",-1393910.4185228692,{"$f":"-F197","v":0},{"$f":"-G197","v":0},0,0,{"$f":"J197","v":-140533.56303494994},{"$f":"K197","v":-135878.31268126809},-130110.6456397189,-124340.89704503743,-118167.26604872828,-111877.61452445963,-104500.71737003505,-96937.216413573769,-88844.270390160193,-80412.039210795279,-70924.818824049609,-61009.827053827066,-50400.785859688942,-39159.765905752945,-26905.173419779232,-13907.505101045299,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment","USD ",-2007622.329070712,{"$f":"F198","v":0},{"$f":"G198","v":0},{"$f":"H198","v":0},0,{"$f":"-J198","v":-71988.614243156742},{"$f":"-K198","v":-76910.205688715214},-82424.979924020721,-88194.728518702163,-94368.359515011311,-100868.05018060609,-108050.01366373258,-115613.51462019383,-123706.46064360738,-132285.70458654352,-141642.73957460772,-151557.73134483024,-162166.77253896836,-173484.83374545572,-185680.97598191316,-198678.64430064711,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow available for Debt Service reserve Account (DSRA)","USD ",166296582.22596762,{"$f":"SUM(F221:F223)","v":0},{"$f":"SUM(G221:G223)","v":0},0,0,1473591.5140984231,3826053.6092533739,3601694.696053802,3646796.2925909203,148774.93789461788,4003656.0264926148,4262552.4127779128,4299945.9788289825,4583826.4320225837,3462279.6520996145,4723733.7293906733,5021569.6065666853,5394686.8544758186,5483410.7923971601,3786920.493604843,11396400.170397006,6278602.2493752073,6925594.2486996613,7472773.765855928,909741.24756529741,8242922.3730942449,8429148.4285649657,8834496.3894731514,8734298.4523339737,2200033.0212694034,8985180.9293172099,9354668.0545649566,9244307.0364343021,9627735.9292622823,1941186.9012120031]
[null,null,"Treasury: Deduction","USD ",-51551940.490049951,{"$f":"IF(F231<$E$220,IF(F224>0,-F224*$E$28,0),0)","v":0},0,0,0,-456813.36937051115,-1186076.6188685459,-1116525.3557766785,-1130506.8507031852,-46120.230747331545,-1241133.3682127106,-1321391.247961153,-1332983.2534369845,-1420986.193927001,-1073306.6921508806,-1464357.4561111087,-1556686.5780356724,-1672352.9248875037,-1699857.3456431197,-1173945.3530175013,-3532884.0528230718,-1946366.6973063143,-2146934.217096895,-2316559.8674153378,-282019.78674524219,-2555305.9356592158,-2613036.0128551396,-2738693.880736677,-2707632.5202235319,-682010.23659351503,-2785406.088088335,-2899947.0969151366,-2865735.1812946335,-2984598.1380713074,-601767.93937572092]
[null,null,"Cashflow available to Equity","USD ",114744641.73591766,{"$f":"F224+F225","v":0},{"$f":"G224+G225","v":0},{"$f":"H224+H225","v":0},0,1016778.1447279119,2639976.9903848283,2485169.3402771233,2516289.4418877354,102654.70714728633,2762522.6582799042,2941161.1648167595,2966962.725391998,3162840.2380955825,2388972.9599487339,3259376.2732795645,3464883.0285310131,3722333.9295883151,3783553.4467540402,2612975.140587342,7863516.1175739337,4332235.5520688929,4778660.0316027664,5156213.8984405901,627721.46082005522,5687616.4374350291,5816112.4157098262,6095802.5087364744,6026665.9321104418,1518022.7846758883,6199774.8412288744,6454720.9576498196,6378571.855139669,6643137.7911909744,1339418.9618362822]
[null,null,"Distributions to Equity","USD ",-114744641.73591766,{"$f":"-MAX(F226,0)*F79","v":0},0,0,0,-1016778.1447279119,-2639976.9903848283,-2485169.3402771233,-2516289.4418877354,-102654.70714728633,-2762522.6582799042,-2941161.1648167595,-2966962.725391998,-3162840.2380955825,-2388972.9599487339,-3259376.2732795645,-3464883.0285310131,-3722333.9295883151,-3783553.4467540402,-2612975.140587342,-7863516.1175739337,-4332235.5520688929,-4778660.0316027664,-5156213.8984405901,-627721.46082005522,-5687616.4374350291,-5816112.4157098262,-6095802.5087364744,-6026665.9321104418,-1518022.7846758883,-6199774.8412288744,-6454720.9576498196,-6378571.855139669,-6643137.7911909744,-1339418.9618362822]
[null,null,"Treasury: Add back","USD ",-3391714.1769997613,{"$f":"-F225-F220","v":0},0,0,0,{"$f":"-J225-J220","v":456813.36937051115},{"$f":"-K225-K220","v":1186076.6188685459},1116525.3557766785,1130506.8507031852,-2388608.8415059578,1241133.3682127106,1321391.247961153,1332983.2534369845,1420986.193927001,-7613737.4341808436,-2610530.0198784145,1556686.5780356724,1672352.9248875037,1699857.3456431197,-6991269.285663439,-13475728.640404927,-3458870.0301451888,2146934.217096895,2316559.8674153378,282019.78674524219,-1556194.5846552611,-2443393.3999451334,2738693.880736677,2707632.5202235319,682010.23659351503,2785406.088088335,2899947.0969151366,2865735.1812946335,2984598.1380713074,601767.93937572092]
[null,null,"Net Cashflow","USD ",48260226.313050196,{"$f":"F224+F227+F228-F213","v":0},{"$f":"G224+G227+G228-G213","v":0},0,100000,{"$f":"J224+J227+J228-J213","v":913626.7387410223},{"$f":"K224+K227+K228-K213","v":2372153.2377370913},{"$f":"L224+L227+L228-L213","v":2233050.7115533575},{"$f":"M224+M227+M228-M213","v":2261013.7014063699},{"$f":"N224+N227+N228-N213","v":-2342488.6107586264},{"$f":"O224+O227+O228-O213","v":2482266.7364254212},{"$f":"P224+P227+P228-P213","v":2642782.4959223066},{"$f":"Q224+Q227+Q228-Q213","v":2665966.506873969},{"$f":"R224+R227+R228-R213","v":2841972.3878540024},{"$f":"S224+S227+S228-S213","v":-6540430.7420299631},{"$f":"T224+T227+T228-T213","v":-1146172.5637673056},{"$f":"U224+U227+U228-U213","v":3113373.1560713444},{"$f":"V224+V227+V228-V213","v":3344705.849775007},{"$f":"W224+W227+W228-W213","v":3399714.6912862398},{"$f":"X224+X227+X228-X213","v":-5817323.9326459374},{"$f":"Y224+Y227+Y228-Y213","v":-9942844.5875818543},{"$f":"Z224+Z227+Z228-Z213","v":-1512503.3328388743},{"$f":"AA224+AA227+AA228-AA213","v":4293868.43419379},{"$f":"AB224+AB227+AB228-AB213","v":4633119.7348306756},{"$f":"AC224+AC227+AC228-AC213","v":564039.57349048438},{"$f":"AD224+AD227+AD228-AD213","v":999111.35100395465},{"$f":"AE224+AE227+AE228-AE213","v":169642.6129100062},{"$f":"AF224+AF227+AF228-AF213","v":5477387.761473354},{"$f":"AG224+AG227+AG228-AG213","v":5415265.0404470637},{"$f":"AH224+AH227+AH228-AH213","v":1364020.4731870303},{"$f":"AI224+AI227+AI228-AI213","v":5570812.1761766709},{"$f":"AJ224+AJ227+AJ228-AJ213","v":5799894.193830274},{"$f":"AK224+AK227+AK228-AK213","v":5731470.3625892662},{"$f":"AL224+AL227+AL228-AL213","v":5969196.2761426158},{"$f":"AM224+AM227+AM228-AM213","v":1203535.8787514418}]
[]
[null,null,"Cash Balance B/f",null,null,{"$f":"E232","v":0},{"$f":"F232","v":0},0,0,100000,{"$f":"J232","v":1013626.7387410223},{"$f":"K232","v":3385779.9764781138},{"$f":"L232","v":5618830.6880314713},{"$f":"M232","v":7879844.3894378413},{"$f":"N232","v":5537355.7786792144},{"$f":"O232","v":8019622.5151046356},{"$f":"P232","v":10662405.011026941},{"$f":"Q232","v":13328371.51790091},{"$f":"R232","v":16170343.905754913},{"$f":"S232","v":9629913.1637249496},{"$f":"T232","v":8483740.5999576449},{"$f":"U232","v":11597113.756028989},{"$f":"V232","v":14941819.605803996},{"$f":"W232","v":18341534.297090236},{"$f":"X232","v":12524210.364444299},{"$f":"Y232","v":2581365.7768624444},{"$f":"Z232","v":1068862.44402357},{"$f":"AA232","v":5362730.87821736},{"$f":"AB232","v":9995850.6130480357},{"$f":"AC232","v":10559890.186538519},{"$f":"AD232","v":11559001.537542474},{"$f":"AE232","v":11728644.15045248},{"$f":"AF232","v":17206031.911925834},{"$f":"AG232","v":22621296.952372897},{"$f":"AH232","v":23985317.425559927},{"$f":"AI232","v":29556129.601736598},{"$f":"AJ232","v":35356023.795566872},{"$f":"AK232","v":41087494.158156142},{"$f":"AL232","v":47056690.434298754}]
[null,null,"Cash Balance C/f","USD ",null,{"$f":"F229+F231","v":0},{"$f":"G229+G231","v":0},0,100000,{"$f":"J229+J231","v":1013626.7387410223},{"$f":"K229+K231","v":3385779.9764781138},5618830.6880314713,7879844.3894378413,5537355.7786792144,8019622.5151046356,10662405.011026941,13328371.51790091,16170343.905754913,9629913.1637249496,8483740.5999576449,11597113.756028989,14941819.605803996,18341534.297090236,12524210.364444299,2581365.7768624444,1068862.44402357,5362730.87821736,9995850.6130480357,10559890.186538519,11559001.537542474,11728644.15045248,17206031.911925834,22621296.952372897,23985317.425559927,29556129.601736598,35356023.795566872,41087494.158156142,47056690.434298754,48260226.313050196]
[]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F234:AM234)","v":-48260226.313050196},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AM232","v":-48260226.313050196}]
[null,null,"Close out: Asset transfer to municipality","USD ",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Municipality Cashflow Waterfall"]
[]
[null,null,{"$f":"C157","v":"Municipal direct subsidies (if any)"},"USD ",{"$f":"E157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Interest","USD ",{"$f":"-E203","v":78822857.943248197},{"$f":"-F203","v":0},{"$f":"-G203","v":491003.11452050332},{"$f":"-H203","v":2361033.538051757},7025894.0625873497,8681376.4600469191,8273717.8792922627,7789666.5788870575,7296137.4147424335,6768061.2091076849,6220597.2700794647,5598856.9830438448,4951891.0323987287,4259637.465208455,3528897.7884331835,2726597.8019382493,1878485.0140013772,971004.33090892422,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Principal","USD ",{"$f":"E204","v":130063189.02270994},{"$f":"F204","v":0},{"$f":"G204","v":250392.67192245182},1342234.9079037039,4450897.727927913,6157681.4890209734,6581031.0989770275,7050416.6306374883,7543945.7947821161,8072022.0004168628,8630895.5147808269,9242370.723501645,9889336.674146764,10581590.241337035,11318976.376808736,12115896.970526731,12964009.758463603,13871490.441556059,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"C235","v":"Close out: Asset transfer to municipality"},"USD ",{"$f":"-E235","v":0},{"$f":"-F235","v":0},{"$f":"-G235","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"TOTAL","USD ",{"$f":"-E236","v":0},{"$f":"SUM(F240:F243)","v":0},{"$f":"SUM(G240:G243)","v":741395.78644295514},3703268.4459554609,11476791.790515263,14839057.949067893,14854748.97826929,14840083.209524546,14840083.20952455,14840083.209524548,14851492.784860291,14841227.706545491,14841227.706545493,14841227.706545491,14847874.165241919,14842494.772464979,14842494.772464979,14842494.772464983,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Project Return"]
[]
[null,null,"Date",null,null,{"$f":"F77","v":"2015-12-31"},"2016-12-31","2017-12-31","2018-12-31","2019-12-31","2020-12-31","2021-12-31","2022-12-31","2023-12-31","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31","2035-12-31","2036-12-31","2037-12-31","2038-12-31","2039-12-31","2040-12-31","2041-12-31","2042-12-31","2043-12-31","2044-12-31","2045-12-31","2046-12-31","2047-12-31","2048-12-31"]
[null,null,{"$f":"C214","v":"Cashflow before Funding"},"USD ",{"$f":"SUM(F249:AM249)","v":-36130909.789439708},{"$f":"F214","v":-8114280.4497770583},-31305027.224838898,-78866704.807571217,-32599357.613764018,1686113.6913765296,4038842.1276233573,3814230.3216175418,3859331.9181546597,-2073418.5087949317,4216401.6911976803,4475103.1438116804,4512496.70986275,4796377.1630563512,-5012066.7304347707,861413.81179980747,5234137.1649653427,5607254.4128744761,5696055.3920483682,-4165707.9956744052,-5399626.3734293003,873365.52192370407,6925594.2486996613,7472773.765855928,909741.24756529741,4131421.8527797679,3372719.0157646928,8834496.3894731514,8734298.4523339737,2200033.0212694034,8985180.9293172099,9354668.0545649566,9244307.0364343021,9627735.9292622823,1941186.9012120031]
[null,null,"Residual value ","USD ",{"$f":"SUM(F250:AM250)","v":0},{"$f":"-F235","v":0},{"$f":"-G235","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow for Project Return calculation","USD ",null,{"$f":"SUM(F249:F250)","v":-8114280.4497770583},{"$f":"SUM(G249:G250)","v":-31305027.224838898},-78866704.807571217,-32599357.613764018,1686113.6913765296,4038842.1276233573,3814230.3216175418,3859331.9181546597,-2073418.5087949317,4216401.6911976803,4475103.1438116804,4512496.70986275,4796377.1630563512,-5012066.7304347707,861413.81179980747,5234137.1649653427,5607254.4128744761,5696055.3920483682,-4165707.9956744052,-5399626.3734293003,873365.52192370407,6925594.2486996613,7472773.765855928,909741.24756529741,4131421.8527797679,3372719.0157646928,8834496.3894731514,8734298.4523339737,2200033.0212694034,8985180.9293172099,9354668.0545649566,9244307.0364343021,9627735.9292622823,1941186.9012120031]
[null,null," "]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV project @ WACC","USD ",{"$f":"NPV(E254,F251:AM251)","v":-93380819.76103358}]
[]
[null,null,"IRR Project","%",{"$f":"IRR(F251:AM251)","v":-1.3093396286729897E-2}]
[null,null,"Check: NPV @ IRR","USD ",{"$f":"NPV(E257,F251:AM251)","v":9.0121299767509381E-8},{"$f":"IF(ROUND(E258,3)=0,0,1)","v":0}]
[]
[]
[null,null,"Equity Return"]
[]
[null,null,"Date",null,null,{"$f":"F248","v":"2015-12-31"},{"$f":"G248","v":"2016-12-31"},"2017-12-31","2018-12-31","2019-12-31","2020-12-31","2021-12-31","2022-12-31","2023-12-31","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31","2035-12-31","2036-12-31","2037-12-31","2038-12-31","2039-12-31","2040-12-31","2041-12-31","2042-12-31","2043-12-31","2044-12-31","2045-12-31","2046-12-31","2047-12-31","2048-12-31"]
[null,null,{"$f":"C218","v":"Equity: Funding"},"USD ",{"$f":"SUM(F264:AM264)","v":-18814558.744170554},{"$f":"-F218","v":-1007793.6318623107},-3888084.3813249907,-9795244.7371003423,-4123435.9938829076,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Distributions to Equity","USD ",{"$f":"SUM(F265:AM265)","v":114744641.73591766},{"$f":"-F227","v":0},0,0,0,1016778.1447279119,2639976.9903848283,2485169.3402771233,2516289.4418877354,102654.70714728633,2762522.6582799042,2941161.1648167595,2966962.725391998,3162840.2380955825,2388972.9599487339,3259376.2732795645,3464883.0285310131,3722333.9295883151,3783553.4467540402,2612975.140587342,7863516.1175739337,4332235.5520688929,4778660.0316027664,5156213.8984405901,627721.46082005522,5687616.4374350291,5816112.4157098262,6095802.5087364744,6026665.9321104418,1518022.7846758883,6199774.8412288744,6454720.9576498196,6378571.855139669,6643137.7911909744,1339418.9618362822]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F266:AM266)","v":48260226.313050196},{"$f":"-F234","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,48260226.313050196]
[null,null,"Close out: Asset transfer to municipality","USD ",{"$f":"SUM(F267:AM267)","v":0},{"$f":"-F235","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow for Equity Return calculation","USD ",null,{"$f":"SUM(F264:F267)","v":-1007793.6318623107},{"$f":"SUM(G264:G267)","v":-3888084.3813249907},-9795244.7371003423,-4123435.9938829076,1016778.1447279119,2639976.9903848283,2485169.3402771233,2516289.4418877354,102654.70714728633,2762522.6582799042,2941161.1648167595,2966962.725391998,3162840.2380955825,2388972.9599487339,3259376.2732795645,3464883.0285310131,3722333.9295883151,3783553.4467540402,2612975.140587342,7863516.1175739337,4332235.5520688929,4778660.0316027664,5156213.8984405901,627721.46082005522,5687616.4374350291,5816112.4157098262,6095802.5087364744,6026665.9321104418,1518022.7846758883,6199774.8412288744,6454720.9576498196,6378571.855139669,6643137.7911909744,49599645.274886474]
[]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV Equity @ WACC","USD ",{"$f":"NPV(E271,F268:AM268)","v":84860.771345494388}]
[]
[null,null,"IRR Equity","%",{"$f":"IRR(F268:AM268)","v":0.130572123175698}]
[null,null,"Check: NPV Equity @ IRR","USD ",{"$f":"NPV(E274,F268:AM268)","v":-3.7069298807736066E-9},{"$f":"IF(ROUND(E275,3)=0,0,1)","v":0}]
[]
[]
[null,null,"Financial viability indicators"]
[]
[null,null,"LLCR"]
[]
[null,null,"Cost of Debt \"r\"","% p.a.",null,{"$f":"F143+F175","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,"\"1+r\"","Factor",null,{"$f":"(1+F282)","v":1.07},{"$f":"(1+G282)","v":1.07},{"$f":"(1+H282)","v":1.07},{"$f":"(1+I282)","v":1.07},{"$f":"(1+J282)","v":1.07},1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,{"$f":"(1+AC282)","v":1.07},1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07]
[]
[null,null,null,"Start","End"]
[null,null,"Flag: Debt Repayment",{"$f":"E38","v":"2019-12-31"},{"$f":"E40","v":"2034-12-31"},{"$f":"F98","v":0},0,0,0,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Numerator"]
[null,null,"CFADS @ Period End","USD ",{"$f":"SUM(F289:AA289)","v":85721622.444613487},{"$f":"F221","v":0},{"$f":"G221","v":0},0,0,{"$f":"J221","v":1686113.6913765296},4038842.1276233573,3814230.3216175418,3859331.9181546597,361310.56345835747,4216401.6911976803,4475103.1438116804,4512496.70986275,4796377.1630563512,3674977.3958969535,4936301.2877893308,5234137.1649653427,5607254.4128744761,5696055.3920483682,3999506.6430065352,11608986.319798699,6278602.2493752073,6925594.2486996613,7472773.765855928,909741.24756529741,8242922.3730942449,8429148.4285649657,8834496.3894731514,8734298.4523339737,2200033.0212694034,8985180.9293172099,9354668.0545649566,9244307.0364343021,9627735.9292622823,1941186.9012120031]
[null,null,"CFADS (Qualifying) @ Period End","USD ",{"$f":"SUM(F290:AA290)","v":72517425.946538612},{"$f":"F289*F286","v":0},{"$f":"G289*G286","v":0},0,0,1686113.6913765296,4038842.1276233573,3814230.3216175418,3859331.9181546597,361310.56345835747,4216401.6911976803,4475103.1438116804,4512496.70986275,4796377.1630563512,3674977.3958969535,4936301.2877893308,5234137.1649653427,5607254.4128744761,5696055.3920483682,3999506.6430065352,11608986.319798699,0,0,0,{"$f":"AC289*AC286","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"NPV (CFADS) @ Period Start","USD ",null,{"$f":"(G291+F290)/F283*F286","v":0},0,0,0,38705776.202990003,39729066.845822774,38471259.39740701,37350017.233607963,36105186.521805868,38271239.014873922,36733824.054717422,34830088.594735965,32755698.086504728,30252219.789503708,28694897.778872017,25767239.335603729,22336808.924130648,18293131.13594532,13877594.923413128,10849519.925045513,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AN291+AM290)/AM283*AM286","v":0}]
[null,null,null,null,null,null,null,null,null,{"$f":"NPV(0.08,J219:Y219)","v":20821087.406016074},{"$f":"IF(J291=J292,\"OK\")","v":false}]
[null,null,"Denominator"]
[null,null,"Debt Balance B/f","USD ",null,{"$f":"F163","v":0},0,0,0,2007622.3290707117,1935633.714827555,1858723.5091388398,1776298.529214819,1688103.8006961169,1593735.4411811056,1492867.3910004995,1384817.3773367668,1269203.8627165731,1145497.4020729656,1013211.6974864221,871568.95791181445,720011.2265669842,557844.45402801584,384359.62028256012,198678.64430064696,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"LLCR (Loan Life Cover Ratio)","x @ Period Start",{"$f":"MIN(F297:AM297)","v":19.279411093672252},{"$f":"IF(F294=0,0,F291/F294)","v":0},0,0,0,{"$f":"IF(J294=0,0,J291/J294)","v":19.279411093672252},20.525095497916674,20.697677308246359,21.026880684362144,21.388013288588837,24.013545803129904,24.606220402536163,25.151394808259841,25.808066811580002,26.409679965015503,28.320732824204836,29.564200401697722,31.022862005405976,32.79253025436838,36.105756669264792,54.608385129846504,0,0,0,{"$f":"IF(AC294=0,0,AC291/AC294)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,{"$f":"IF(F296=0,10000000,F296)","v":10000000},{"$f":"IF(G296=0,10000000,G296)","v":10000000},10000000,10000000,19.279411093672252,20.525095497916674,20.697677308246359,21.026880684362144,21.388013288588837,24.013545803129904,24.606220402536163,25.151394808259841,25.808066811580002,26.409679965015503,28.320732824204836,29.564200401697722,31.022862005405976,32.79253025436838,36.105756669264792,54.608385129846504,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[]
[null,null,"DSCR"]
[]
[null,null,"Numerator"]
[null,null,{"$f":"C289","v":"CFADS @ Period End"},"USD ",{"$f":"SUM(F302:AM302)","v":169698114.9735612},{"$f":"F289","v":0},{"$f":"G289","v":0},0,0,1686113.6913765296,4038842.1276233573,3814230.3216175418,3859331.9181546597,361310.56345835747,4216401.6911976803,4475103.1438116804,4512496.70986275,4796377.1630563512,3674977.3958969535,4936301.2877893308,5234137.1649653427,5607254.4128744761,5696055.3920483682,3999506.6430065352,11608986.319798699,6278602.2493752073,6925594.2486996613,7472773.765855928,{"$f":"AC289","v":909741.24756529741},8242922.3730942449,8429148.4285649657,8834496.3894731514,8734298.4523339737,2200033.0212694034,8985180.9293172099,9354668.0545649566,9244307.0364343021,9627735.9292622823,1941186.9012120031]
[]
[null,null,"Denominator"]
[null,null,"Interest","USD ",{"$f":"SUM(F305:AM305)","v":1393910.4185228692},{"$f":"-F222","v":0},0,0,0,140533.56303494994,135878.31268126809,130110.6456397189,124340.89704503743,118167.26604872828,111877.61452445963,104500.71737003505,96937.216413573769,88844.270390160193,80412.039210795279,70924.818824049609,61009.827053827066,50400.785859688942,39159.765905752945,26905.173419779232,13907.505101045299,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal","USD ",{"$f":"SUM(F306:AM306)","v":2007622.329070712},{"$f":"-F223","v":0},0,0,0,71988.614243156742,76910.205688715214,82424.979924020721,88194.728518702163,94368.359515011311,100868.05018060609,108050.01366373258,115613.51462019383,123706.46064360738,132285.70458654352,141642.73957460772,151557.73134483024,162166.77253896836,173484.83374545572,185680.97598191316,198678.64430064711,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Debt Service","USD ",null,{"$f":"SUM(F305:F306)","v":0},0,0,0,212522.17727810668,212788.5183699833,212535.62556373962,212535.6255637396,212535.6255637396,212745.66470506572,212550.73103376763,212550.7310337676,212550.73103376757,212697.7437973388,212567.55839865733,212567.5583986573,212567.5583986573,212644.59965120867,212586.14940169238,212586.14940169241,0,0,0,{"$f":"SUM(AC305:AC306)","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"DSCR (Debt Service Cover Ratio)",null,"Average",{"$f":"IF(F307=0,0,F302/F307)","v":0},0,0,0,7.9338246623084423,18.980545372287768,17.946310466777017,18.158517697529458,1.7000000000000008,19.818978201238444,21.054282533146061,21.230210255761747,22.565799419877596,17.27793313782642,23.222270251284545,24.623405398245399,26.378693226359676,26.78673900673401,18.813580537880025,54.608385129846461,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"AVERAGEIF(F286:AM286,1,F310:AM310)","v":21.318717206068943}]
[null,null,null,null,"Min"]
[null,null,null,null,{"$f":"MIN(F313:AM313)","v":1.7000000000000008},{"$f":"IF(F310=0,10000000,F310)","v":10000000},{"$f":"IF(G310=0,10000000,G310)","v":10000000},10000000,10000000,7.9338246623084423,18.980545372287768,17.946310466777017,18.158517697529458,1.7000000000000008,19.818978201238444,21.054282533146061,21.230210255761747,22.565799419877596,17.27793313782642,23.222270251284545,24.623405398245399,26.378693226359676,26.78673900673401,18.813580537880025,54.608385129846461,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[null,null,null,null,"Min Period",null,null,null,null,null,null,null,null,null,null,null,null,null," "]
[null,null,null,null,{"$f":"INDEX(F248:AA248,1,MATCH(E313,F313:AM313,0))","v":"2023-12-31"}]

{"sheet":"Balance_SPV","index":3,"n_rows":181,"n_cols":7,"rows_kept":181,"cut":false,"hidden":true,"merged":[[1,1,1,6]]}
[]
[null,"Usos y recursos del concesionario (flujos de caja)"]
[null,"Usos","USD 2015","%","Recursos","USD 2015","%"]
[null,"Durante la construccion",null,null,"Durante la construccion"]
[]
[null,"Inversion inicial",{"$f":"NPV(0,'Project Finance Model'!$F$109:$AM$109)","v":150605089.92668322},{"$f":"C6/C$21","v":0.24947526801422162},"Deuda privada",{"$f":"-NPV(0,'Project Finance Model'!$F$117:$AM$117)","v":2007622.3290707117},{"$f":"F6/F$21","v":3.3255988815522361E-3}]
[null,"Interes durante la construccion",{"$f":"NPV(0,'Project Finance Model'!$F$112:$AM$112)","v":160203.94597725268},{"$f":"C7/C$21","v":2.6537564154749009E-4},"Aportacion de capital privado",{"$f":"-NPV(0,'Project Finance Model'!$F$119:$AM$119)","v":18814558.744170554},{"$f":"F7/F$21","v":3.1166058780325825E-2}]
[null,"Upfront fee",{"$f":"NPV(0,'Project Finance Model'!$F$113:$AM$113)","v":20076.223290707119},{"$f":"C8/C$21","v":3.3255988815522368E-5},"Aportacion municipal",{"$f":"-NPV(0,'Project Finance Model'!$F$116:$AM$116)","v":130063189.02270992},{"$f":"F8/F$21","v":0.21544789061260064}]
[]
[]
[null,"Durante la operacion",null,null,"Durante la operacion"]
[]
[null,"Operacion y mantenimiento",{"$f":"-NPV(0,'Project Finance Model'!$F$209:$AM$209)","v":218991932.69501054},{"$f":"C13/C$21","v":0.36275713608773996},"Deuda",0,{"$f":"F13/F$21","v":0}]
[null,"Renovaciones",{"$f":"NPV(0,'Project Finance Model'!$F$106:$AM$106)","v":36847145.422836736},6.1036791547989619E-2,"Aportacion de capital privado",0,{"$f":"F14/F$21","v":0}]
[null,"Impuesto a la renta",{"$f":"-NPV(0,'Project Finance Model'!$F$211:$AM$211)","v":27264892.990051046},4.5163921680092825E-2,"Aportacion municipal",{"$f":"NPV(0,'Project Finance Model'!$F$157:$AM$157)","v":0},{"$f":"F15/F$21","v":0}]
[null,"Intereses",{"$f":"-NPV(0,'Project Finance Model'!$F$222:$AM$222)","v":1393910.4185228692},2.3089935102332637E-3,"Autofinanciamento sobre Tesoreria",{"$f":"'Project Finance Model'!E220","v":54943654.667049728},{"$f":"F16/F$21","v":9.1013411169674818E-2}]
[null,"Principal de la deuda",{"$f":"-NPV(0,'Project Finance Model'!$F$223:$AM$223)","v":2007622.329070712},3.3255988815522365E-3,"Ingresos de operacion",{"$f":"NPV(0,'Project Finance Model'!$F$208:$AM$208)","v":397858431.41440976},{"$f":"F17/F$21","v":0.6590470405558464}]
[null,"Constitucion de la Tesoreria",{"$f":"'Project Finance Model'!E229-'Project Finance Model'!E228","v":51651940.490049958},8.5560731735447176E-2]
[null,"Dividendo a privados (Equity)",{"$f":"-NPV(0,'Project Finance Model'!$F$227:$AM$227)","v":114744641.73591766},0.19007292691236022]
[]
[null,"Total",{"$f":"SUM(C6:C19)","v":603687456.17741072},{"$f":"SUM(D6:D19)","v":1},"Total",{"$f":"SUM(F6:F19)","v":603687456.17741072},{"$f":"SUM(G6:G19)","v":0.99999999999999989}]
[]
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[null,"Financement des renouvellements d'équipement sur la trésorerie du SPV. Déblocage de fonds de la part du SPV pour financer les renouvellements d'équipement. "]
[null,"Part de la dette municipale dans le financement de la construction"]
[null,"Part de la dette privée dans le financement de la construction"]
[]
[null,"Part du capital privé dans le financement de la construction"]
[]
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[]
[]
[]
[]
[]
[]
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[]
[]
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[]
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[]
[]
[]
[]
[]
[]
[null,"Calcul des intérêts à rembourser par le SPV durant la construction"]
[null,"Calcul des intérêts à rembourser par le maire durant la construction"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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[null,"Calcul des intérêts à rembourser par le SPV durant l'exploitation"]
[null,"Calcul des intérêts à rembourser par le maire durant l'exploitation"]
[]
[]
[]
[null,"Hypothèse: le remboursement de la dette du SPV commence à la fin de la première année de construction"]
[null,"Hypothèse: le remboursement de la dette du SPV commence à la fin de la première année d'exploitation"]

{"sheet":"Balance_Municipality","index":4,"n_rows":4,"n_cols":6,"rows_kept":4,"cut":false,"hidden":true,"merged":[[1,1,1,5]]}
[]
[null,"Aportacion municipal (flujos de caja)"]
[null,"Total","Pago de la deuda - Intereses","Pago de la deuda - Principal","Subsidios Municipal","Transferencia de activos"]
[null,{"$f":"C4+D4+E4+F4","v":208886046.96595812},{"$f":"'Project Finance Model'!E241","v":78822857.943248197},{"$f":"'Project Finance Model'!E242","v":130063189.02270994},{"$f":"SUM('Project Finance Model'!$F$157:$AM$157)","v":0},{"$f":"SUM('Project Finance Model'!$F$243:$AM$243)","v":0}]