{"text_format":"1","workbook":"xlsx","n_sheets":5,"sheets":["Mensaje","Global Financial Model","Project Finance Model","Balance_SPV","Balance_Municipality"],"not_rendered":{"charts":1,"images":0,"macros":1,"external_links":0,"defined_names":0,"comments":1,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Mensaje","index":0,"n_rows":10,"n_cols":3,"rows_kept":10,"cut":false,"hidden":false,"merged":[]}
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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)",177913459.77327687]
[null,"Inversion inicial con inflacion (USD valor nominal)",184241407.03977025]
[null,"Inflacion sobre inversion inicial (USD valor nominal)",6327947.2664933801]
[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",{"$f":"AJ104","v":-3.796644239482172E-2}]
[null,"VAN 30 años",{"$f":"AJ116","v":-133994287.60628098}]
[]
[]
[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",{"$f":"H112","v":1.230593820456634},{"$f":"M112","v":1.1550717839500051},{"$f":"R112","v":1.2145306668891485},{"$f":"W112","v":1.356058548343041},{"$f":"AB112","v":1.4973311091677575},{"$f":"AG112","v":1.4992372640022962},{"$f":"AL112","v":1.4432027094284774}]
[null,"Margen neta de la operacion",{"$f":"H113","v":0.23059382045663401},{"$f":"M113","v":0.15507178395000509},{"$f":"R113","v":0.21453066688914846},{"$f":"W113","v":0.35605854834304096},{"$f":"AB113","v":0.49733110916775747},{"$f":"AG113","v":0.49923726400229618},{"$f":"AL113","v":0.44320270942847739}]
[]
[]
[]
[]
[]
[]
[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",0,0,0,0,4971029.2232793383,4342675.790470805,5222481.2136980779,5344866.6892716764,13351123.481195355,5598535.3724121638,5729965.3790242951,5864560.1231888691,6002397.7186333425,14802727.254342379,6288123.8382770075,6436178.6641870197,6587809.0508005396,6743103.5041797888,16416415.079447255,7065049.9057492148,7231890.312014062,7402771.8219341766,7577794.7498260327,18210861.338327225,7940678.9251186717,8128753.8096368425,8321397.5239289375,8518723.8035935331,20206968.99086564,8927893.5622560475,9139979.3013747223,9357232.282892121,9579781.5017938334,22428145.657044195,10041301.189905707,10280546.467323409,10525637.777277863,10776721.469328146,24900615.206536084,11297470.23332377,11567447.136253562,11844040.287069198,12127415.778802507,27653769.587571599]
[null,"Trafico anual",0,0,0,0,8018535.0000000009,10691380.000000002,10899121.333333334,11106862.666666666,11314604,11522345.333333332,11730086.666666666,11947348,12164609.333333334,12381870.666666666,12599132,12816393.333333332,13115321.333333332,13414249.333333332,13713177.333333334,14012105.333333332,14311033.333333334,14736815.333333332,15162597.333333328,15588379.333333328,16014161.333333327,16439943.333333332,16439943.333333332,16439943.333333332,16439943.333333332,16439943.333333332,16439943.333333332,16439943.333333332,16439943.333333332,16439943.333333332,16439943.333333332,16439943.333333332,16439943.333333332,16439943.333333332,16439943.333333332,16439943.333333332,16439943.333333332,16439943.333333332,16439943.333333332,16439943.333333332]
[null,"Ingresos de pasajeros (valor actualizado)",0,0,0,0,3916252.4940000009,5221669.9920000015,5565333.3132935995,5671410.6499511991,6010898.5012677936,6121261.3623263622,6483381.8420096794,6603465.1988962851,6995179.9174365196,7120114.6419413444,7537749.3608505949,7667731.4482254125,8163574.2207947243,8349640.6428557308,8880549.6303393748,9074133.1358516458,9642132.3936750181,9929005.2084620055,10628599.495388253,10927061.971892634,11679035.636112252,11989555.996667417,12473934.058932779,12473934.058932779,12977880.994913662,12977880.994913662,13502187.387108173,13502187.387108173,14047675.757547343,14047675.757547343,14615201.858152257,14615201.858152257,15205656.013221607,15205656.013221607,15819964.516155764,15819964.516155764,16459091.082608456,16459091.082608456,17124038.362345837,17124038.362345837]
[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$18/50","v":-1009636.2258643084},-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084,-1009636.2258643084]
[null,"Activos iniciales - Depreciacion 40 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$19/40","v":-2112324.6442964873},-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873,-2112324.6442964873]
[null,"Activos iniciales - Depreciacion 15 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$20/15","v":-1191353.9437549077},-1191353.9437549077,-1191353.9437549077,-1191353.9437549077,-1191353.9437549077,-1191353.9437549077,-1191353.9437549077,-1191353.9437549077,-1191353.9437549077,-1191353.9437549077,-1191353.9437549077,-1191353.9437549077,-1191353.9437549077,-1191353.9437549077,-1191353.9437549077,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 10 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$21/10","v":-706109.85822218994},-706109.85822218994,-706109.85822218994,-706109.85822218994,-706109.85822218994,-706109.85822218994,-706109.85822218994,-706109.85822218994,-706109.85822218994,-706109.85822218994,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 5 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-287019.86278551811},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-287019.86278551811},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-287019.86278551811},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-287019.86278551811},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-287019.86278551811},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Valor residual",0,0,0,0,{"$f":"-(SUM(C96:F96))+SUM(G56:G60)","v":178934962.50484684},{"$f":"G61+SUM(H56:H60)","v":173628517.96992344},{"$f":"H61+SUM(I56:I60)","v":168322073.43500003},163015628.90007663,157709184.36515322,152689759.69301534,147670335.02087745,142650910.34873956,137631485.67660168,132612061.00446379,128298746.19054809,123985431.37663239,119672116.56271669,115358801.74880099,111045486.93488529,107923526.0647245,104801565.19456372,101679604.32440293,98557643.45424214,95435682.584081352,92313721.713920563,89191760.843759775,86069799.973598987,82947839.103438199,79825878.23327741,76703917.363116622,73581956.492955834,70459995.622795045,67338034.752634257,64216073.882473461,61094113.012312666,57972152.14215187,54850191.271991074,51728230.401830278,48606269.531669483,45484308.661508687,42362347.791347891,39240386.921187095,36118426.0510263,32996465.180865504]
[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$97)/10","v":-871855.14688904048},{"$f":"SUM($P$97:$Q$97)/10","v":-871855.14688904048},-871855.14688904048,-871855.14688904048,-871855.14688904048,-871855.14688904048,-871855.14688904048,-871855.14688904048,-871855.14688904048,-871855.14688904048,-871855.14688904048,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos nuevos 1 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-SUM(P97:Q97)","v":8718551.4688904043},{"$f":"R63+S62","v":7846696.3220013641},{"$f":"S63+T62","v":6974841.1751123238},6102986.0282232836,5231130.8813342433,4359275.7344452031,3487420.5875561628,2615565.4406671226,1743710.2937780821,871855.14688904164,1.1641532182693481E-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$97)/15","v":-1673180.7644441081},-1673180.7644441081,-1673180.7644441081,-1673180.7644441081,-1673180.7644441081,-1673180.7644441081,-1673180.7644441081,-1673180.7644441081,-1673180.7644441081,-1673180.7644441081,-1673180.7644441081,-1673180.7644441081,-1673180.7644441081,-1673180.7644441081,-1673180.7644441081,0,0,{"$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$97))+X64","v":23424530.702217512},{"$f":"X65+Y64","v":21751349.937773403},{"$f":"Y65+Z64","v":20078169.173329294},18404988.408885185,16731807.644441076,15058626.879996967,13385446.115552858,11712265.351108748,10039084.586664639,8365903.8222205313,6692723.0577764232,5019542.2933323151,3346361.5288882069,1673180.7644440988,-9.3132257461547852E-9,0,0,{"$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$97)/10","v":-1081863.2072535199},{"$f":"SUM($AA$97:$AB$97)/10","v":-1081863.2072535199},-1081863.2072535199,-1081863.2072535199,-1081863.2072535199,-1081863.2072535199,-1081863.2072535199,-1081863.2072535199,-1081863.2072535199,-1081863.2072535199,-1081863.2072535199,0,{"$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":10818632.072535198},{"$f":"AC67+AD66","v":9736768.8652816787},{"$f":"AD67+AE66","v":8654905.6580281593},7573042.4507746398,6491179.2435211204,5409316.036267601,4327452.8290140815,3245589.6217605616,2163726.4145070417,1081863.2072535218,1.862645149230957E-9,0,{"$f":"AN67+AO66","v":0},0,0,0,0,0]
[null,"Activos nuevos 4 - Depreciacion 15 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($AL$97:$AN$97)/14","v":-3393471.8754984885},{"$f":"SUM($AL$97:$AN$97)/14","v":-3393471.8754984885},-3393471.8754984885,-3393471.8754984885,-3393471.8754984885,-3393471.8754984885]
[null,"Activos nuevos 4 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-(SUM(AL97:AN97))-AO68","v":50902078.132477328},{"$f":"AO69+AP68","v":47508606.25697884},{"$f":"AP69+AQ68","v":44115134.381480351},40721662.505981863,37328190.630483374,33934718.754984885]
[null,"Depreciacion de activos",0,0,0,0,{"$f":"SUM(G56:G60)+G62+G64+G66+G68","v":-5306444.5349234119},{"$f":"SUM(H56:H60)+H62+H64+H66+H68","v":-5306444.5349234119},-5306444.5349234119,-5306444.5349234119,-5306444.5349234119,-5019424.6721378937,-5019424.6721378937,-5019424.6721378937,-5019424.6721378937,-5019424.6721378937,-4313314.8139157034,-5185169.9608047437,-5185169.9608047437,-5185169.9608047437,-5185169.9608047437,-3993816.017049836,-3993816.017049836,-5666996.7814939441,-5666996.7814939441,-5666996.7814939441,-5666996.7814939441,-5666996.7814939441,-5877004.8418584242,-5877004.8418584242,-5877004.8418584242,-5877004.8418584242,-5877004.8418584242,-5877004.8418584242,-5877004.8418584242,-5877004.8418584242,-5877004.8418584242,-5877004.8418584242,-4203824.0774143152,-3121960.8701607957,-6515432.7456592843,-6515432.7456592843,-6515432.7456592843,-6515432.7456592843,-6515432.7456592843,-6515432.7456592843]
[null,"Valor residual de activos",{"$f":"C61+C65+C69","v":0},{"$f":"D61+D65+D69","v":0},0,0,{"$f":"G61+G63+G65+G67+G69","v":178934962.50484684},{"$f":"H61+H63+H65+H67+H69","v":173628517.96992344},168322073.43500003,163015628.90007663,157709184.36515322,152689759.69301534,147670335.02087745,142650910.34873956,137631485.67660168,132612061.00446379,128298746.19054809,132703982.84552279,127518812.88471806,122333642.92391331,117148472.96310857,113154656.94605875,109160840.92900892,128591555.6141766,122924558.83268267,117257562.05118872,111590565.26969479,105923568.48820084,111947058.92613116,106070054.08427274,100193049.24241431,94316044.400555909,88439039.558697492,82562034.716839075,76685029.874980643,70808025.033122227,64931020.191263802,59054015.349405386,54850191.271991074,51728230.401830278,99508347.664146811,92992914.918487519,86477482.172828242,79962049.427168965,73446616.681509674,66931183.935850389]
[]
[]
[null,"A. GASTOS "]
[null,"1. Costos anuales de O&M",0,0,0,0,{"$f":"-G51","v":-4971029.2232793383},{"$f":"-H51","v":-4342675.790470805},-5222481.2136980779,-5344866.6892716764,-13351123.481195355,-5598535.3724121638,-5729965.3790242951,-5864560.1231888691,-6002397.7186333425,-14802727.254342379,-6288123.8382770075,-6436178.6641870197,-6587809.0508005396,-6743103.5041797888,-16416415.079447255,-7065049.9057492148,-7231890.312014062,-7402771.8219341766,-7577794.7498260327,-18210861.338327225,-7940678.9251186717,-8128753.8096368425,-8321397.5239289375,-8518723.8035935331,-20206968.99086564,-8927893.5622560475,-9139979.3013747223,-9357232.282892121,-9579781.5017938334,-22428145.657044195,-10041301.189905707,-10280546.467323409,-10525637.777277863,-10776721.469328146,-24900615.206536084,-11297470.23332377,-11567447.136253562,-11844040.287069198,-12127415.778802507,-27653769.587571599]
[null,"Gasto totale",null,null,null,null,{"$f":"G75","v":-4971029.2232793383},{"$f":"H75","v":-4342675.790470805},-5222481.2136980779,-5344866.6892716764,-13351123.481195355,-5598535.3724121638,-5729965.3790242951,-5864560.1231888691,-6002397.7186333425,-14802727.254342379,-6288123.8382770075,-6436178.6641870197,-6587809.0508005396,-6743103.5041797888,-16416415.079447255,-7065049.9057492148,-7231890.312014062,-7402771.8219341766,-7577794.7498260327,-18210861.338327225,-7940678.9251186717,-8128753.8096368425,-8321397.5239289375,-8518723.8035935331,-20206968.99086564,-8927893.5622560475,-9139979.3013747223,-9357232.282892121,-9579781.5017938334,-22428145.657044195,-10041301.189905707,-10280546.467323409,-10525637.777277863,-10776721.469328146,-24900615.206536084,-11297470.23332377,-11567447.136253562,-11844040.287069198,-12127415.778802507,-27653769.587571599]
[]
[null,"B. INGRESOS"]
[null,"1. Ingresos de pasajeros",0,0,0,0,{"$f":"G53","v":3916252.4940000009},5221669.9920000015,5565333.3132935995,5671410.6499511991,6010898.5012677936,6121261.3623263622,6483381.8420096794,6603465.1988962851,6995179.9174365196,7120114.6419413444,7537749.3608505949,7667731.4482254125,8163574.2207947243,8349640.6428557308,8880549.6303393748,9074133.1358516458,9642132.3936750181,9929005.2084620055,10628599.495388253,10927061.971892634,11679035.636112252,11989555.996667417,12473934.058932779,12473934.058932779,12977880.994913662,12977880.994913662,13502187.387108173,13502187.387108173,14047675.757547343,14047675.757547343,14615201.858152257,14615201.858152257,15205656.013221607,15205656.013221607,15819964.516155764,15819964.516155764,16459091.082608456,16459091.082608456,17124038.362345837,17124038.362345837]
[null,"2. Ingresos comerciales",0,0,0,0,120000,122400,124848,127344.95999999999,129891.85919999999,132489.69638400001,135139.49031168001,137842.28011791359,140599.12572027187,143411.10823467729,146279.33039937084,149204.91700735825,152189.01534750542,155232.79565445552,158337.45156754466,161504.20059889552,164734.28461087344,168028.97030309093,171389.54970915272,174817.34070333577,178313.68751740252,181879.96126775054,185517.56049310556,189227.91170296766,193012.469937027,196872.71933576756,200810.17372248293,204826.37719693253,208922.90474087122,213101.36283568863,217363.39009240241,221710.65789425041,226144.87105213548,230667.76847317821,235281.12384264174,239986.74631949456,244786.48124588444,249682.21087080217,254675.85508821823,259769.3721899825]
[null,"Ingreso totale",0,0,0,0,{"$f":"G79+G80","v":4036252.4940000009},{"$f":"H79+H80","v":5344069.9920000015},5690181.3132935995,5798755.609951199,6140790.3604677934,6253751.0587103618,6618521.3323213598,6741307.4790141983,7135779.0431567915,7263525.7501760218,7684028.6912499657,7816936.3652327703,8315763.2361422293,8504873.438510187,9038887.0819069203,9235637.3364505414,9806866.6782858912,10097034.178765096,10799989.045097405,11101879.312595971,11857349.323629655,12171435.957935167,12659451.619425885,12663161.970635748,13170893.464850688,13174753.71424943,13702997.560830656,13707013.764305105,14256598.662288215,14260777.120383032,14832565.24824466,14836912.516046507,15431800.884273741,15436323.781694785,16055245.639998406,16059951.26247526,16703877.56385434,16708773.293479258,17378714.217434056,17383807.734535821]
[]
[null,"Flujo de caja neto (Ingreso total - Gasto total)",null,null,null,null,{"$f":"G81+G76","v":-934776.72927933745},{"$f":"H81+H76","v":1001394.2015291965},467700.09959552158,453888.92067952268,-7210333.1207275614,655215.68629819807,888555.95329706464,876747.3558253292,1133381.3245234489,-7539201.5041663572,1395904.8529729582,1380757.7010457506,1727954.1853416897,1761769.9343303982,-7377527.9975403342,2170587.4307013266,2574976.3662718292,2694262.3568309192,3222194.2952713724,-7108982.0257312544,3916670.3985109832,4042682.148298325,4338054.0954969479,4144438.1670422144,-7036075.526014952,4246860.1519933827,4563018.2594559342,4349781.4814129844,4676817.1604943816,-8167368.536661163,4791264.0583389532,4556366.0487230979,4906163.1069958787,4659602.3123666383,-8845369.5665376782,4762481.02915149,5136430.4276007786,4864733.0064100605,5251298.4386315495,-10269961.853035778]
[]
[null,"C. FLUJO DE CAJA DE OPERACION"]
[null,"1. Utilitad antes de impuestos",0,0,0,0,{"$f":"G83","v":-934776.72927933745},{"$f":"H83","v":1001394.2015291965},467700.09959552158,453888.92067952268,-7210333.1207275614,655215.68629819807,888555.95329706464,876747.3558253292,1133381.3245234489,-7539201.5041663572,1395904.8529729582,1380757.7010457506,1727954.1853416897,1761769.9343303982,-7377527.9975403342,2170587.4307013266,2574976.3662718292,2694262.3568309192,3222194.2952713724,-7108982.0257312544,3916670.3985109832,4042682.148298325,4338054.0954969479,4144438.1670422144,-7036075.526014952,4246860.1519933827,4563018.2594559342,4349781.4814129844,4676817.1604943816,-8167368.536661163,4791264.0583389532,4556366.0487230979,4906163.1069958787,4659602.3123666383,-8845369.5665376782,4762481.02915149,5136430.4276007786,4864733.0064100605,5251298.4386315495,-10269961.853035778]
[null,"2. Renta concessional",0,0,0,0,{"$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":-5306444.5349234119},{"$f":"H70","v":-5306444.5349234119},-5306444.5349234119,-5306444.5349234119,-5306444.5349234119,-5019424.6721378937,-5019424.6721378937,-5019424.6721378937,-5019424.6721378937,-5019424.6721378937,-4313314.8139157034,-5185169.9608047437,-5185169.9608047437,-5185169.9608047437,-5185169.9608047437,-3993816.017049836,-3993816.017049836,-5666996.7814939441,-5666996.7814939441,-5666996.7814939441,-5666996.7814939441,-5666996.7814939441,-5877004.8418584242,-5877004.8418584242,-5877004.8418584242,-5877004.8418584242,-5877004.8418584242,-5877004.8418584242,-5877004.8418584242,-5877004.8418584242,-5877004.8418584242,-5877004.8418584242,-4203824.0774143152,-3121960.8701607957,-6515432.7456592843,-6515432.7456592843,-6515432.7456592843,-6515432.7456592843,-6515432.7456592843,-6515432.7456592843]
[null,"4. Base imponible ( 1-2-3)",0,0,0,0,{"$f":"G86+G87+G88","v":-6241221.2642027494},-4305050.3333942154,-4838744.4353278903,-4852555.6142438892,-12516777.655650973,-4364208.9858396957,-4130868.7188408291,-4142677.3163125645,-3886043.3476144448,-12558626.176304251,-2917409.9609427452,-3804412.2597589931,-3457215.775463054,-3423400.0264743455,-12562697.958345078,-1823228.5863485094,-1418839.6507780068,-2972734.424663025,-2444802.4862225717,-12775978.807225198,-1750326.3829829609,-1624314.6331956191,-1538950.7463614764,-1732566.6748162098,-12913080.367873376,-1630144.6898650415,-1313986.5824024901,-1527223.3604454398,-1200187.6813640427,-14044373.378519587,-1085740.7835194711,-1320638.7931353264,702339.02958156355,1537641.4422058426,-15360802.312196963,-1752951.7165077943,-1379002.3180585057,-1650699.7392492238,-1264134.3070277348,-16785394.598695062]
[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$24*H89,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-245818.66035354722,-538174.50477204483,0,0,0,0,0,0]
[null,"6. Utilidad despues de impuestos",0,0,0,0,{"$f":"G89+G90","v":-6241221.2642027494},{"$f":"H89+H90","v":-4305050.3333942154},-4838744.4353278903,-4852555.6142438892,-12516777.655650973,-4364208.9858396957,-4130868.7188408291,-4142677.3163125645,-3886043.3476144448,-12558626.176304251,-2917409.9609427452,-3804412.2597589931,-3457215.775463054,-3423400.0264743455,-12562697.958345078,-1823228.5863485094,-1418839.6507780068,-2972734.424663025,-2444802.4862225717,-12775978.807225198,-1750326.3829829609,-1624314.6331956191,-1538950.7463614764,-1732566.6748162098,-12913080.367873376,-1630144.6898650415,-1313986.5824024901,-1527223.3604454398,-1200187.6813640427,-14044373.378519587,-1085740.7835194711,-1320638.7931353264,456520.36922801635,999466.93743379775,-15360802.312196963,-1752951.7165077943,-1379002.3180585057,-1650699.7392492238,-1264134.3070277348,-16785394.598695062]
[null,"7.Depreciacion (agrego)",0,0,0,0,{"$f":"-G88","v":5306444.5349234119},{"$f":"-H88","v":5306444.5349234119},5306444.5349234119,5306444.5349234119,5306444.5349234119,5019424.6721378937,5019424.6721378937,5019424.6721378937,5019424.6721378937,5019424.6721378937,4313314.8139157034,5185169.9608047437,5185169.9608047437,5185169.9608047437,5185169.9608047437,3993816.017049836,3993816.017049836,5666996.7814939441,5666996.7814939441,5666996.7814939441,5666996.7814939441,5666996.7814939441,5877004.8418584242,5877004.8418584242,5877004.8418584242,5877004.8418584242,5877004.8418584242,5877004.8418584242,5877004.8418584242,5877004.8418584242,5877004.8418584242,5877004.8418584242,4203824.0774143152,3121960.8701607957,6515432.7456592843,6515432.7456592843,6515432.7456592843,6515432.7456592843,6515432.7456592843,6515432.7456592843]
[null,"Flujo de caja de operacion (6+7)",null,null,null,null,{"$f":"G91+G92","v":-934776.72927933745},{"$f":"H91+H92","v":1001394.2015291965},467700.09959552158,453888.92067952268,-7210333.1207275614,655215.68629819807,888555.95329706464,876747.3558253292,1133381.3245234489,-7539201.5041663572,1395904.8529729582,1380757.7010457506,1727954.1853416897,1761769.9343303982,-7377527.9975403342,2170587.4307013266,2574976.3662718292,2694262.3568309192,3222194.2952713724,-7108982.0257312534,3916670.3985109832,4042682.148298325,4338054.0954969479,4144438.1670422144,-7036075.526014952,4246860.1519933827,4563018.2594559342,4349781.4814129844,4676817.1604943816,-8167368.536661163,4791264.0583389532,4556366.0487230979,4660344.4466423318,4121427.8075945936,-8845369.5665376782,4762481.02915149,5136430.4276007786,4864733.0064100605,5251298.4386315495,-10269961.853035778]
[]
[null,"D. FLUJO DE CAJA DE INVERSION"]
[null," 1. Inversion inicial",-8933258.2779432349,-37733597.418939129,-97650771.113497496,-39923780.229390368]
[null," 2. Nuevos equipos",null,null,null,null,0,0,0,0,0,0,0,0,0,-3909973.2335269996,-4808578.2353634043,0,0,0,-4495444.5036358396,-13899923.005595665,-6702343.9574301168,0,0,0,-4851783.5236342447,-5966848.5489009526,0,0,0,0,0,0,0,0,0,-12231187.509222817,-26160531.87903551,-9116886.8687205203,0,0,0,0,0,0]
[null," 3. Valor residual despues tasas",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AJ71","v":70808025.033122227},null,null,null,null,null,null,null,null,null,{"$f":"AT71","v":66931183.935850389}]
[null,"Flujo de caja del capital",{"$f":"C96+C97+C98","v":-8933258.2779432349},-37733597.418939129,-97650771.113497496,-39923780.229390368,0,0,0,0,0,0,0,0,0,-3909973.2335269996,-4808578.2353634043,0,0,0,-4495444.5036358396,-13899923.005595665,-6702343.9574301168,0,0,0,-4851783.5236342447,-5966848.5489009526,0,0,0,0,0,0,0,70808025.033122227,0,-12231187.509222817,-26160531.87903551,-9116886.8687205203,0,0,0,0,0,66931183.935850389]
[]
[null,null,null,null,"Inversion inicial con la inflacion",{"$f":"C99+D99+E99+F99","v":-184241407.03977025}]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C93+C99","v":-8933258.2779432349},-37733597.418939129,-97650771.113497496,-39923780.229390368,-934776.72927933745,1001394.2015291965,467700.09959552158,453888.92067952268,-7210333.1207275614,655215.68629819807,888555.95329706464,876747.3558253292,1133381.3245234489,-11449174.737693356,-3412673.382390446,1380757.7010457506,1727954.1853416897,1761769.9343303982,-11872972.501176175,-11729335.574894339,-4127367.5911582876,2694262.3568309192,3222194.2952713724,-7108982.0257312534,-935113.12512326147,-1924166.4006026275,4338054.0954969479,4144438.1670422144,-7036075.526014952,4246860.1519933827,4563018.2594559342,4349781.4814129844,4676817.1604943816,62640656.496461064]
[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,{"$f":"IRR(C103:AJ103)","v":-3.796644239482172E-2}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C93+C99","v":-8933258.2779432349},{"$f":"D93+D99","v":-37733597.418939129},-97650771.113497496,-39923780.229390368,-934776.72927933745,1001394.2015291965,467700.09959552158,453888.92067952268,-7210333.1207275614,655215.68629819807,888555.95329706464,876747.3558253292,1133381.3245234489,-11449174.737693356,-3412673.382390446,1380757.7010457506,1727954.1853416897,1761769.9343303982,-11872972.501176175,-11729335.574894339,-4127367.5911582876,2694262.3568309192,3222194.2952713724,-7108982.0257312534,-935113.12512326147,-1924166.4006026275,4338054.0954969479,4144438.1670422144,-7036075.526014952,4246860.1519933827,4563018.2594559342,4349781.4814129844,4676817.1604943816,{"$f":"AJ93+AJ97","v":-8167368.536661163},4791264.0583389532,-7674821.4604997188,-21500187.432393178,-4995459.0611259267,-8845369.5665376782,4762481.02915149,5136430.4276007786,4864733.0064100605,5251298.4386315495,56661222.082814611]
[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,{"$f":"IRR(C106:AT106)","v":-3.9498911011493831E-2}]
[]
[null,"EBE (Excedente Bruto de Explotacion)",{"$f":"C83","v":0},{"$f":"D83","v":0},0,0,-934776.72927933745,1001394.2015291965,467700.09959552158,453888.92067952268,-7210333.1207275614,655215.68629819807,888555.95329706464,876747.3558253292,1133381.3245234489,-7539201.5041663572,1395904.8529729582,1380757.7010457506,1727954.1853416897,1761769.9343303982,-7377527.9975403342,2170587.4307013266,2574976.3662718292,2694262.3568309192,3222194.2952713724,-7108982.0257312544,3916670.3985109832,4042682.148298325,4338054.0954969479,4144438.1670422144,-7036075.526014952,4246860.1519933827,4563018.2594559342,4349781.4814129844,4676817.1604943816,-8167368.536661163,4791264.0583389532,4556366.0487230979,4906163.1069958787,4659602.3123666383,-8845369.5665376782,4762481.02915149,5136430.4276007786,4864733.0064100605,5251298.4386315495,-10269961.853035778]
[null,"ENE (Excedente Neto de Explotacion)",{"$f":"C109+C70","v":0},{"$f":"D109+D70","v":0},0,0,-6241221.2642027494,-4305050.3333942154,-4838744.4353278903,-4852555.6142438892,-12516777.655650973,-4364208.9858396957,-4130868.7188408291,-4142677.3163125645,-3886043.3476144448,-12558626.176304251,-2917409.9609427452,-3804412.2597589931,-3457215.775463054,-3423400.0264743455,-12562697.958345078,-1823228.5863485094,-1418839.6507780068,-2972734.424663025,-2444802.4862225717,-12775978.807225198,-1750326.3829829609,-1624314.6331956191,-1538950.7463614764,-1732566.6748162098,-12913080.367873376,-1630144.6898650415,-1313986.5824024901,-1527223.3604454398,-1200187.6813640427,-14044373.378519587,-1085740.7835194711,-1320638.7931353264,702339.02958156355,1537641.4422058426,-15360802.312196963,-1752951.7165077943,-1379002.3180585057,-1650699.7392492238,-1264134.3070277348,-16785394.598695062]
[]
[null,"Ratio de coberture (Ingresos/Egresos)",null,null,null,null,{"$f":"ABS(G81)/ABS(G76)","v":0.81195509273979394},{"$f":"ABS(H81)/ABS(H76)","v":1.230593820456634},1.0895551521312874,1.0849205316178563,0.45994558953161557,1.1170334101177419,1.1550717839500051,1.1494992526990406,1.1888214306434701,0.49068834582798027,1.2219906746231395,1.2145306668891485,1.2622957301914681,1.2612698934901927,0.55060054452590401,1.3072288886360168,1.356058548343041,1.3639531815431492,1.4252153036139368,0.60962955602932201,1.49324124995426,1.4973311091677575,1.5213131668115214,1.4865092779852691,0.65179955840009751,1.4756844514754963,1.4992372640022962,1.4648577004298284,1.488196642023478,0.63584289751141465,1.4771556960322536,1.4432027094284774,1.466115518205179,1.4323766115351901,0.64477305106036553,1.4215528725274937,1.4440418328347213,1.4107325615669479,1.4330105056520193,0.6286234388221924]
[null,"Margen neta de la operacion",null,null,null,null,{"$f":"G112-1","v":-0.18804490726020606},{"$f":"H112-1","v":0.23059382045663401},8.9555152131287397E-2,8.4920531617856287E-2,-0.54005441046838443,0.11703341011774193,0.15507178395000509,0.14949925269904063,0.18882143064347012,-0.50931165417201973,0.22199067462313948,0.21453066688914846,0.26229573019146812,0.2612698934901927,-0.44939945547409599,0.30722888863601683,0.35605854834304096,0.36395318154314915,0.42521530361393678,-0.39037044397067799,0.49324124995426,0.49733110916775747,0.5213131668115214,0.48650927798526911,-0.34820044159990249,0.47568445147549632,0.49923726400229618,0.46485770042982844,0.48819664202347801,-0.36415710248858535,0.47715569603225361,0.44320270942847739,0.46611551820517905,0.43237661153519014,-0.35522694893963447,0.42155287252749374,0.44404183283472132,0.41073256156694793,0.43301050565201926,-0.3713765611778076]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C103","v":-8933258.2779432349},{"$f":"D103","v":-37733597.418939129},-97650771.113497496,-39923780.229390368,-934776.72927933745,1001394.2015291965,467700.09959552158,453888.92067952268,-7210333.1207275614,655215.68629819807,888555.95329706464,876747.3558253292,1133381.3245234489,-11449174.737693356,-3412673.382390446,1380757.7010457506,1727954.1853416897,1761769.9343303982,-11872972.501176175,-11729335.574894339,-4127367.5911582876,2694262.3568309192,3222194.2952713724,-7108982.0257312534,-935113.12512326147,-1924166.4006026275,4338054.0954969479,4144438.1670422144,-7036075.526014952,4246860.1519933827,4563018.2594559342,4349781.4814129844,4676817.1604943816,62640656.496461064]
[null,"VAN (30 años]",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"NPV(C26,C115:AJ115)","v":-133994287.60628098}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C106","v":-8933258.2779432349},{"$f":"D106","v":-37733597.418939129},-97650771.113497496,-39923780.229390368,-934776.72927933745,1001394.2015291965,467700.09959552158,453888.92067952268,-7210333.1207275614,655215.68629819807,888555.95329706464,876747.3558253292,1133381.3245234489,-11449174.737693356,-3412673.382390446,1380757.7010457506,1727954.1853416897,1761769.9343303982,-11872972.501176175,-11729335.574894339,-4127367.5911582876,2694262.3568309192,3222194.2952713724,-7108982.0257312534,-935113.12512326147,-1924166.4006026275,4338054.0954969479,4144438.1670422144,-7036075.526014952,4246860.1519933827,4563018.2594559342,4349781.4814129844,4676817.1604943816,-8167368.536661163,4791264.0583389532,-7674821.4604997188,-21500187.432393178,-4995459.0611259267,-8845369.5665376782,4762481.02915149,5136430.4276007786,4864733.0064100605,5251298.4386315495,56661222.082814611]
[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,{"$f":"NPV(C26,C118:AT118)","v":-135101315.04770273}]
[]
[]
[]
[null,null,-15374793.702004252,-32471752.923079427,-62793043.621870533,-31184167.865535051,4461627.0876138387,7085887.3224892067,7506676.6422383776,7866933.6835564012,4138496.9480227539,8621725.0100111552,9016880.0393200647,9408111.1130052563,9811291.0381158479,3028760.3722510524,6759476.3316930179,11095752.577078201,11666827.927642517,12256200.784473658,5145482.9160697088,4835774.0456957947,9963796.0466147065,14965506.412886936,15819114.660764625,11262213.876171863,14269356.723393489,13717569.790471114,18902277.061604355,19259777.254964769,13648271.158759808,19994678.368752308,20372314.83298843,20756902.165421762,21148563.030060068,14981724.136930339]
[]
[null,null,{"$f":"C123-C103","v":-6441535.4240610171},{"$f":"D123-D103","v":5261844.4958597012},34857727.491626963,8739612.3638553172,5396403.8168931762,6084493.1209600102,7038976.542642856,7413044.7628768785,11348830.068750314,7966509.3237129571,8128324.0860230001,8531363.7571799271,8677909.7135923989,14477935.109944409,10172149.714083463,9714994.8760324493,9938873.7423008271,10494430.850143259,17018455.417245883,16565109.620590134,14091163.637772994,12271244.056056017,12596920.365493253,18371195.901903115,15204469.848516751,15641736.191073742,14564222.966107406,15115339.087922554,20684346.68477476,15747818.216758925,15809296.573532496,16407120.684008777,16471745.869565686,-47658932.359530725]

{"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",{"$f":"E313","v":1.6999999999986306}]
[null,null,null,{"$f":"E315","v":"2019-12-31"}]
[null,null,"LLCR",{"$f":"E296","v":109005.75088964902}]
[]
[null,null,"NPV project",{"$f":"E255","v":-135533857.49004456}]
[null,null,"IRR Project",{"$f":"E257","v":-0.20882607310056778}]
[]
[null,null,"PRIVATE FINANCE"]
[null,null,"NPV Equity",{"$f":"IF(E58<0.01,\"N/A\",E272)","v":"N/A"}]
[null,null,"IRR Equity",{"$f":"IF(E58<0.01,\"N/A\",E274)","v":"N/A"}]
[null,null,"Debt / Equity",{"$f":"IF(E58<0.01,\"N/A\",E59)","v":"N/A"}]
[]
[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",{"$f":"'Global Financial Model'!C11","v":177913459.77327687},null," "]
[null,null,"Municipal direct subsidies (yearly)","USD 2015",400000]
[null,null,"Treasury","%",1,"of DSRA"]
[null,null,"Discount Factor (WACC)","%",{"$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$59*E26*E58","v":177.91345977327688}]
[null,null,"Private Amortisation Start","Date",{"$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 ",{"$f":"E26*H58","v":177911680.63867915}]
[null,null,"Municipal Amortisation Start","Date",{"$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 ",{"$f":"E52*E37","v":1.7791345977327688}]
[null,null,"Upfront fee on municipal loan","USD ",{"$f":"E52*E43","v":1779116.8063867914}]
[]
[null,null,"FUNDING SCHEME"]
[null,null,"Initial dibursment",null,"YES",{"$f":"IF($E$57=\"NO\",0,1)","v":1},"(if no : Equity is back ended)"]
[null,null,"Private funding vs Municipal funding ratio",null,1.0000000000000001E-5,null,"Initial Municipal debt",{"$f":"1-E58","v":0.99999000000000005}]
[null,null,"Private funding: Inital Debt vs Equity ratio",null,0.1]
[]
[null,null,"INITIAL TREASURY",null,700000]
[]
[]
[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 ",{"$f":"SUM(F105:AM105)","v":184241407.03977025},{"$f":"-'Global Financial Model'!C96","v":8933258.2779432349},{"$f":"-'Global Financial Model'!D96","v":37733597.418939129},{"$f":"-'Global Financial Model'!E96","v":97650771.113497496},{"$f":"-'Global Financial Model'!F96","v":39923780.229390368},{"$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":44634895.008087233},{"$f":"-'Global Financial Model'!C97","v":0},{"$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":3909973.2335269996},{"$f":"-'Global Financial Model'!Q97","v":4808578.2353634043},{"$f":"-'Global Financial Model'!R97","v":0},{"$f":"-'Global Financial Model'!S97","v":0},{"$f":"-'Global Financial Model'!T97","v":0},{"$f":"-'Global Financial Model'!U97","v":4495444.5036358396},{"$f":"-'Global Financial Model'!V97","v":13899923.005595665},{"$f":"-'Global Financial Model'!W97","v":6702343.9574301168},{"$f":"-'Global Financial Model'!X97","v":0},{"$f":"-'Global Financial Model'!Y97","v":0},{"$f":"-'Global Financial Model'!Z97","v":0},{"$f":"-'Global Financial Model'!AA97","v":4851783.5236342447},{"$f":"-'Global Financial Model'!AB97","v":5966848.5489009526},{"$f":"-'Global Financial Model'!AC97","v":0},{"$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 ",{"$f":"SUM(F109:AM109)","v":184241407.03977025},{"$f":"F105","v":8933258.2779432349},{"$f":"G105","v":37733597.418939129},97650771.113497496,39923780.229390368,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",700000,null,null,null,{"$f":"E61","v":700000}]
[null,null,"Renewal Costs","USD ",44634895.008087233,{"$f":"F106","v":0},{"$f":"G106","v":0},0,0,0,0,0,0,0,0,0,0,0,3909973.2335269996,4808578.2353634043,0,0,0,4495444.5036358396,13899923.005595665,6702343.9574301168,0,0,0,4851783.5236342447,5966848.5489009526,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Interest During Construction","USD ",13.996014548076829,{"$f":"F151","v":0},{"$f":"G151","v":0.62710020702798352},{"$f":"H151","v":3.2666800672182048},10.102234273830641,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB151","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Upfront Fee","USD ",1.7791345977327688,{"$f":"F138","v":1.7791345977327688},{"$f":"G138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB138","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Required Funding","USD ",229576317.8230066,{"$f":"SUM(F109:F113)","v":8933260.0570778325},{"$f":"SUM(G109:G113)","v":37733598.046039335},{"$f":"SUM(H109:H113)","v":97650774.380177557},40623790.331624642,0,0,0,0,0,0,0,0,0,3909973.2335269996,4808578.2353634043,0,0,0,4495444.5036358396,13899923.005595665,6702343.9574301168,0,0,0,4851783.5236342447,5966848.5489009526,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Release","USD ",-44634895.008087233,{"$f":"IF(F79=1,-F114,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-3909973.2335269996,-4808578.2353634043,0,0,0,-4495444.5036358396,-13899923.005595665,-6702343.9574301168,0,0,0,-4851783.5236342447,-5966848.5489009526,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding through debt","USD ",-184939573.40069124,{"$f":"IF(F78=1,-F114*(1-$E$58),0)","v":-8933170.7244772613},-37733220.710058875,-97649797.872433767,-40623384.09372133,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Debt funding","USD ",-177.91345977327688,{"$f":"IF(F78=1,IF($F$57=1,-MIN(F114*$E$59*$E$58,F135),-MIN(F114*$E$58,F135)),0)","v":-8.9332600570778329},-37.73359804603934,-97.650774380177566,-33.59582728998214,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sub Total","USD ",1671.5007683605804,{"$f":"SUM(F114:F117)","v":80.399340514137322},339.60238241400839,878.85696941056813,372.6420760218665,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Equity Funding","USD ",-1671.5007683605804,{"$f":"-F118","v":-80.399340514137322},{"$f":"-G118","v":-339.60238241400839},-878.85696941056813,-372.6420760218665,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AB118","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Funding Shortfall","USD ",0,{"$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},{"$f":"F127","v":8.9332600570778329},{"$f":"G127","v":46.666858103117171},144.31763248329474,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Z127","v":0},{"$f":"AA127","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Disbursement to Fund Project Costs (SPV)","USD ",{"$f":"SUM(F124:AM124)","v":177.91345977327688},{"$f":"-F117","v":8.9332600570778329},37.73359804603934,97.650774380177566,33.59582728998214,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":-177.91345977327688},{"$f":"-SUM(F123:F125)*F94","v":0},{"$f":"-SUM(G123:G125)*G94","v":0},{"$f":"-SUM(H123:H125)*H94","v":0},-177.91345977327688,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F123:F126)","v":8.9332600570778329},{"$f":"SUM(G123:G126)","v":46.666858103117171},144.31763248329474,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipaly)","USD ",null,{"$f":"E133","v":0},{"$f":"F133","v":8933170.7244772613},46346597.686707802,142152050.09803051,{"$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 ",{"$f":"SUM(F130:AM130)","v":184939573.40069124},{"$f":"-F116","v":8933170.7244772613},{"$f":"-G116","v":37733220.710058875},97649797.872433767,40623384.09372133,{"$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 ",{"$f":"SUM(F131:AM131)","v":-8467863.1452213917},{"$f":"IF(F78=1,-F204,0)","v":0},{"$f":"IF(G78=1,-G204,0)","v":-319793.74782833201},-1844345.4611110752,-6303723.9362819847,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",-176471710.25546986,{"$f":"-SUM(F129:F131)*F94","v":0},{"$f":"-SUM(G129:G131)*G94","v":0},{"$f":"-SUM(H129:H131)*H94","v":0},-176471710.25546986,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality)","USD ",null,{"$f":"SUM(F129:F132)","v":8933170.7244772613},{"$f":"SUM(G129:G132)","v":46346597.686707802},142152050.09803051,0,{"$f":"SUM(J129:J132)","v":0},{"$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 ",{"$f":"E37","v":177.91345977327688},{"$f":"MAX(0,$E135-F123)*F78","v":177.91345977327688},168.98019971619905,131.24660167015972,33.59582728998214,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E43","v":177911680.63867915},{"$f":"MAX(0,$E136-F129)*F78","v":177911680.63867915},168978509.91420189,131565082.95197135,35759630.540648639,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Upfront Fee (SPV)","USD ",{"$f":"E53","v":1.7791345977327688},{"$f":"$E138*IF(F90=1,1,0)","v":1.7791345977327688},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E54","v":1779116.8063867914},{"$f":"$E139*IF(F90=1,1,0)","v":1779116.8063867914},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[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 ",{"$f":"SUM(F151:AM151)","v":13.996014548076829},{"$f":"F144*F123","v":0},0.62710020702798352,3.2666800672182048,10.102234273830641,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during construction for Municipality",null,{"$f":"SUM(F152:AM152)","v":13821999.280957608},{"$f":"F149*F129","v":0},627093.93602591322,3244261.8380695488,9950643.5068621449,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Operations"]
[null,null,"Revenue"]
[null,null,"Revenue","USD ",{"$f":"SUM(F156:AM156)","v":285049262.95586187},{"$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":4036252.4940000009},{"$f":"'Global Financial Model'!H81","v":5344069.9920000015},{"$f":"'Global Financial Model'!I81","v":5690181.3132935995},{"$f":"'Global Financial Model'!J81","v":5798755.609951199},{"$f":"'Global Financial Model'!K81","v":6140790.3604677934},{"$f":"'Global Financial Model'!L81","v":6253751.0587103618},{"$f":"'Global Financial Model'!M81","v":6618521.3323213598},{"$f":"'Global Financial Model'!N81","v":6741307.4790141983},{"$f":"'Global Financial Model'!O81","v":7135779.0431567915},{"$f":"'Global Financial Model'!P81","v":7263525.7501760218},{"$f":"'Global Financial Model'!Q81","v":7684028.6912499657},{"$f":"'Global Financial Model'!R81","v":7816936.3652327703},{"$f":"'Global Financial Model'!S81","v":8315763.2361422293},{"$f":"'Global Financial Model'!T81","v":8504873.438510187},{"$f":"'Global Financial Model'!U81","v":9038887.0819069203},{"$f":"'Global Financial Model'!V81","v":9235637.3364505414},{"$f":"'Global Financial Model'!W81","v":9806866.6782858912},{"$f":"'Global Financial Model'!X81","v":10097034.178765096},{"$f":"'Global Financial Model'!Y81","v":10799989.045097405},{"$f":"'Global Financial Model'!Z81","v":11101879.312595971},{"$f":"'Global Financial Model'!AA81","v":11857349.323629655},{"$f":"'Global Financial Model'!AB81","v":12171435.957935167},{"$f":"'Global Financial Model'!AC81","v":12659451.619425885},{"$f":"'Global Financial Model'!AD81","v":12663161.970635748},{"$f":"'Global Financial Model'!AE81","v":13170893.464850688},{"$f":"'Global Financial Model'!AF81","v":13174753.71424943},{"$f":"'Global Financial Model'!AG81","v":13702997.560830656},{"$f":"'Global Financial Model'!AH81","v":13707013.764305105},{"$f":"'Global Financial Model'!AI81","v":14256598.662288215},{"$f":"'Global Financial Model'!AJ81","v":14260777.120383032}]
[null,null,"Municipal direct subsidies (if any)","USD ",{"$f":"SUM(F157:AM157)","v":18006245.498679101},0,0,0,0,{"$f":"$E27*(1+E32)*(1+F32)*(1+G32)*(1+H32)","v":441740.53437499993},{"$f":"J157*(1+I32)","v":452784.04773437488},461839.72868906241,471076.52326284366,480498.05372810055,490108.0148026626,499910.17509871587,509908.37860069022,520106.54617270402,530508.67709615815,541118.85063808132,551941.22765084298,562980.0522038599,574239.65324793709,585724.44631289586,597438.9352391538,609387.71394393686,621575.46822281566,634006.97758727195,646687.11713901744,659620.85948179779,672813.2766714337,686269.54220486234,699994.93304895959,713994.83170993882,728274.72834413766,742840.22291102039,757697.02736924076,772850.96791662555,788307.98727495805]
[]
[null,null,"OpEx"]
[null,null,"OpEx","USD ",{"$f":"SUM(F160:AM160)","v":273739915.86876315},{"$f":"-'Global Financial Model'!C76","v":0},{"$f":"-'Global Financial Model'!D76","v":0},{"$f":"-'Global Financial Model'!E76","v":0},{"$f":"-'Global Financial Model'!F76","v":0},{"$f":"-'Global Financial Model'!G76","v":4971029.2232793383},{"$f":"-'Global Financial Model'!H76","v":4342675.790470805},{"$f":"-'Global Financial Model'!I76","v":5222481.2136980779},{"$f":"-'Global Financial Model'!J76","v":5344866.6892716764},{"$f":"-'Global Financial Model'!K76","v":13351123.481195355},{"$f":"-'Global Financial Model'!L76","v":5598535.3724121638},{"$f":"-'Global Financial Model'!M76","v":5729965.3790242951},{"$f":"-'Global Financial Model'!N76","v":5864560.1231888691},{"$f":"-'Global Financial Model'!O76","v":6002397.7186333425},{"$f":"-'Global Financial Model'!P76","v":14802727.254342379},{"$f":"-'Global Financial Model'!Q76","v":6288123.8382770075},{"$f":"-'Global Financial Model'!R76","v":6436178.6641870197},{"$f":"-'Global Financial Model'!S76","v":6587809.0508005396},{"$f":"-'Global Financial Model'!T76","v":6743103.5041797888},{"$f":"-'Global Financial Model'!U76","v":16416415.079447255},{"$f":"-'Global Financial Model'!V76","v":7065049.9057492148},{"$f":"-'Global Financial Model'!W76","v":7231890.312014062},{"$f":"-'Global Financial Model'!X76","v":7402771.8219341766},{"$f":"-'Global Financial Model'!Y76","v":7577794.7498260327},{"$f":"-'Global Financial Model'!Z76","v":18210861.338327225},{"$f":"-'Global Financial Model'!AA76","v":7940678.9251186717},{"$f":"-'Global Financial Model'!AB76","v":8128753.8096368425},{"$f":"-'Global Financial Model'!AC76","v":8321397.5239289375},{"$f":"-'Global Financial Model'!AD76","v":8518723.8035935331},{"$f":"-'Global Financial Model'!AE76","v":20206968.99086564},{"$f":"-'Global Financial Model'!AF76","v":8927893.5622560475},{"$f":"-'Global Financial Model'!AG76","v":9139979.3013747223},{"$f":"-'Global Financial Model'!AH76","v":9357232.282892121},{"$f":"-'Global Financial Model'!AI76","v":9579781.5017938334},{"$f":"-'Global Financial Model'!AJ76","v":22428145.657044195}]
[]
[null,null,"Operation: Debt"]
[null,null,"Balance B/f (SPV)","USD ",null,{"$f":"E166","v":0},{"$f":"F166","v":0},0,0,177.91345977327688,171.53390160696964,164.71819698572872,157.41377865082541,149.59805103247885,141.23522248084805,132.29639791790206,122.72111501677857,112.47556231257644,101.51282091908016,89.789795606629241,77.237559319663674,63.806666492610525,49.435611167663659,34.061560708615076,17.606700462907305,0,{"$f":"Z166","v":0},{"$f":"AA166","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (SPV)","USD ",{"$f":"SUM(F164:AM164)","v":177.91345977327688},{"$f":"-F126","v":0},0,0,177.91345977327688,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (SPV)","USD ",{"$f":"SUM(F165:AM165)","v":-177.91345977327691},{"$f":"IF(F79=1,-F198,0)","v":0},{"$f":"IF(G79=1,-G198,0)","v":0},0,0,-6.3795581663072376,-6.8157046212409096,-7.3044183349033194,-7.8157276183465516,-8.3628285516308107,-8.9388245629459995,-9.5752829011234883,-10.245552704202133,-10.962741393496282,-11.723025312450909,-12.552236286965561,-13.430892827053148,-14.371055324946866,-15.374050459048584,-16.454860245707771,-17.606700462907323,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F163:F165)","v":0},{"$f":"SUM(G163:G165)","v":0},0,177.91345977327688,171.53390160696964,164.71819698572872,157.41377865082541,149.59805103247885,141.23522248084805,132.29639791790206,122.72111501677857,112.47556231257644,101.51282091908016,89.789795606629241,77.237559319663674,63.806666492610525,49.435611167663659,34.061560708615076,17.606700462907305,0,0,0,{"$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},0,0,176471710.25546986,167709740.16922992,158345371.82236704,148313099.16855752,137578567.42898133,126092618.46763481,113811429.76815312,100660152.62761745,86588286.087244287,71531388.889045,55425240.398369655,38185127.051649801,19738205.770659555,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",{"$f":"SUM(F169:AM169)","v":176471710.25546986},{"$f":"-F132","v":0},0,0,176471710.25546986,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (Municipality)","USD ",{"$f":"SUM(F170:AM170)","v":-176471710.25546986},{"$f":"IF(F79=1,-F204,0)","v":0},{"$f":"IF(G79=1,-G204,0)","v":0},0,0,-8761970.086239934,-9364368.3468628712,-10032272.653809521,-10734531.739576193,-11485948.961346526,-12281188.699481698,-13151277.140535668,-14071866.540373165,-15056897.198199287,-16106148.490675343,-17240113.346719854,-18446921.280990247,-19738205.770659573,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality","USD ",null,{"$f":"SUM(F168:F170)","v":0},{"$f":"SUM(G168:G170)","v":0},0,176471710.25546986,167709740.16922992,158345371.82236704,148313099.16855752,137578567.42898133,126092618.46763481,113811429.76815312,100660152.62761745,86588286.087244287,71531388.889045,55425240.398369655,38185127.051649801,19738205.770659555,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY","% p.a.",null,{"$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 ",{"$f":"SUM(F183:AM183)","v":123.52693112763509},{"$f":"F176*F163","v":0},0,0,0,12.453942184129392,12.041398607311494,11.53027378900102,11.018964505557788,10.471863572273529,9.9144810171746975,9.2607478542531521,8.5904780511745074,7.8732893618803583,7.1260335653066438,6.2852856924640523,5.4066291523764622,4.4664666544827405,3.4702988382426612,2.3843092496030573,1.2324690324035126,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during Operation for Municipality","USD ",{"$f":"SUM(F184:AM184)","v":98104033.319616839},{"$f":"F181*F168","v":0},{"$f":"G181*G168","v":0},0,0,12353019.717882901,11772948.745335858,11084176.027565703,10381916.941799035,9630499.7200287022,8851495.0466604773,7966800.0837707249,7046210.6839332273,6061180.0261071054,5021386.201085547,3879766.8278858792,2672958.8936154884,1381674.4039461701,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt repayment"]
[]
[null,null,"Flag: Municipal Debt Repayment",{"$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},8.9332600570778329,46.666858103117171,144.31763248329474,177.91345977327688,171.53390160696964,164.71819698572872,157.41377865082541,149.59805103247885,141.23522248084805,132.29639791790206,122.72111501677857,112.47556231257644,101.51282091908016,89.789795606629241,77.237559319663674,63.806666492610525,49.435611167663659,34.061560708615076,17.606700462907305,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":301.44039090091201},{"$f":"IF(F191=0,0,F195*F194/(1-(1+F195)^(-F192)))","v":0},{"$f":"IF(G191=0,0,G195*G194/(1-(1+G195)^(-G192)))","v":0},0,0,18.83350035043663,18.857103228552404,18.83469212390434,18.83469212390434,18.83469212390434,18.853305580120697,18.83603075537664,18.83603075537664,18.83603075537664,18.849058877757553,18.837521979429614,18.83752197942961,18.837521979429606,18.844349297291245,18.839169495310827,18.839169495310834,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (SPV)"," ",{"$f":"SUM(F197:AM197)","v":-123.52693112763509},{"$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,-12.453942184129392,-12.041398607311494,-11.53027378900102,-11.018964505557788,-10.471863572273529,-9.9144810171746975,-9.2607478542531521,-8.5904780511745074,-7.8732893618803583,-7.1260335653066438,-6.2852856924640523,-5.4066291523764622,-4.4664666544827405,-3.4702988382426612,-2.3843092496030573,-1.2324690324035126,{"$f":"IF(Z191=0,0,-Z183)","v":0},{"$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":177.91345977327691},{"$f":"IF(F196=0,0,SUM(F196:F197))","v":0},{"$f":"IF(G196=0,0,SUM(G196:G197))","v":0},0,0,6.3795581663072376,{"$f":"IF(K196=0,0,SUM(K196:K197))","v":6.8157046212409096},{"$f":"IF(L196=0,0,SUM(L196:L197))","v":7.3044183349033194},{"$f":"IF(M196=0,0,SUM(M196:M197))","v":7.8157276183465516},8.3628285516308107,{"$f":"IF(O196=0,0,SUM(O196:O197))","v":8.9388245629459995},{"$f":"IF(P196=0,0,SUM(P196:P197))","v":9.5752829011234883},{"$f":"IF(Q196=0,0,SUM(Q196:Q197))","v":10.245552704202133},10.962741393496282,{"$f":"IF(S196=0,0,SUM(S196:S197))","v":11.723025312450909},{"$f":"IF(T196=0,0,SUM(T196:T197))","v":12.552236286965561},{"$f":"IF(U196=0,0,SUM(U196:U197))","v":13.430892827053148},14.371055324946866,{"$f":"IF(W196=0,0,SUM(W196:W197))","v":15.374050459048584},{"$f":"IF(X196=0,0,SUM(X196:X197))","v":16.454860245707771},{"$f":"IF(Y196=0,0,SUM(Y196:Y197))","v":17.606700462907323},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,{"$f":"IF(F78=1,F129,F168)","v":0},8933170.7244772613,46346597.686707802,142152050.09803051,176471710.25546986,167709740.16922992,158345371.82236704,148313099.16855752,137578567.42898133,126092618.46763481,113811429.76815312,100660152.62761745,86588286.087244287,71531388.889045,55425240.398369655,38185127.051649801,19738205.770659555,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$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)"," ",{"$f":"SUM(F202:AM202)","v":296865606.00126576},{"$f":"IF(F188=0,0,F201*F200/(1-(1+F201)^(-F189)))","v":0},{"$f":"IF(G188=0,0,G201*G200/(1-(1+G201)^(-G189)))","v":946887.68385424523},5088607.2991806241,16254367.44314413,21114989.804122835,21137317.09219873,21116448.681375224,21116448.681375228,21116448.681375228,21132683.746142175,21118077.224306393,21118077.224306393,21118077.224306393,21127534.69176089,21119880.174605731,21119880.174605735,21119880.174605742,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (Municipality)"," ",{"$f":"SUM(F203:AM203)","v":-111926032.60057445},{"$f":"IF(F78=1,-F152,-F184)","v":0},{"$f":"IF(G78=1,-G152,-G184)","v":-627093.93602591322},-3244261.8380695488,-9950643.5068621449,-12353019.717882901,-11772948.745335858,-11084176.027565703,-10381916.941799035,-9630499.7200287022,-8851495.0466604773,-7966800.0837707249,-7046210.6839332273,-6061180.0261071054,-5021386.201085547,-3879766.8278858792,-2672958.8936154884,-1381674.4039461701,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment (Municipality)"," ",{"$f":"SUM(F204:AM204)","v":184939573.40069124},{"$f":"IF(F202=0,0,SUM(F202:F203))","v":0},{"$f":"IF(G202=0,0,SUM(G202:G203))","v":319793.74782833201},1844345.4611110752,6303723.9362819847,8761970.086239934,{"$f":"IF(K202=0,0,SUM(K202:K203))","v":9364368.3468628712},{"$f":"IF(L202=0,0,SUM(L202:L203))","v":10032272.653809521},{"$f":"IF(M202=0,0,SUM(M202:M203))","v":10734531.739576193},11485948.961346526,{"$f":"IF(O202=0,0,SUM(O202:O203))","v":12281188.699481698},{"$f":"IF(P202=0,0,SUM(P202:P203))","v":13151277.140535668},{"$f":"IF(Q202=0,0,SUM(Q202:Q203))","v":14071866.540373165},15056897.198199287,{"$f":"IF(S202=0,0,SUM(S202:S203))","v":16106148.490675343},{"$f":"IF(T202=0,0,SUM(T202:T203))","v":17240113.346719854},{"$f":"IF(U202=0,0,SUM(U202:U203))","v":18446921.280990247},19738205.770659573,{"$f":"IF(W202=0,0,SUM(W202:W203))","v":0},{"$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":285049262.95586187},{"$f":"F156","v":0},0,0,0,4036252.4940000009,5344069.9920000015,5690181.3132935995,5798755.609951199,6140790.3604677934,6253751.0587103618,6618521.3323213598,6741307.4790141983,7135779.0431567915,7263525.7501760218,7684028.6912499657,7816936.3652327703,8315763.2361422293,8504873.438510187,9038887.0819069203,9235637.3364505414,9806866.6782858912,10097034.178765096,10799989.045097405,11101879.312595971,11857349.323629655,12171435.957935167,12659451.619425885,12663161.970635748,13170893.464850688,13174753.71424943,13702997.560830656,13707013.764305105,14256598.662288215,14260777.120383032]
[null,null,"OpEx","USD ",-273739915.86876315,{"$f":"-F160","v":0},0,0,0,-4971029.2232793383,-4342675.790470805,-5222481.2136980779,-5344866.6892716764,-13351123.481195355,-5598535.3724121638,-5729965.3790242951,-5864560.1231888691,-6002397.7186333425,-14802727.254342379,-6288123.8382770075,-6436178.6641870197,-6587809.0508005396,-6743103.5041797888,-16416415.079447255,-7065049.9057492148,-7231890.312014062,-7402771.8219341766,-7577794.7498260327,-18210861.338327225,-7940678.9251186717,-8128753.8096368425,-8321397.5239289375,-8518723.8035935331,-20206968.99086564,-8927893.5622560475,-9139979.3013747223,-9357232.282892121,-9579781.5017938334,-22428145.657044195]
[null,null,"Operational Cashflow","USD ",11309347.087098718,{"$f":"SUM(F208:F209)","v":0},{"$f":"SUM(G208:G209)","v":0},{"$f":"SUM(H208:H209)","v":0},0,-934776.72927933745,1001394.2015291965,467700.09959552158,453888.92067952268,-7210333.1207275614,655215.68629819807,888555.95329706464,876747.3558253292,1133381.3245234489,-7539201.5041663572,1395904.8529729582,1380757.7010457506,1727954.1853416897,1761769.9343303982,-7377527.9975403342,2170587.4307013266,2574976.3662718292,2694262.3568309192,3222194.2952713724,-7108982.0257312544,3916670.3985109832,4042682.148298325,4338054.0954969479,4144438.1670422144,-7036075.526014952,4246860.1519933827,4563018.2594559342,4349781.4814129844,4676817.1604943816,-8167368.536661163]
[null,null,"Revenue Tax","USD ",0,{"$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},{"$f":"'Global Financial Model'!L90","v":0},{"$f":"'Global Financial Model'!M90","v":0},{"$f":"'Global Financial Model'!N90","v":0},{"$f":"'Global Financial Model'!O90","v":0},{"$f":"'Global Financial Model'!P90","v":0},{"$f":"'Global Financial Model'!Q90","v":0},{"$f":"'Global Financial Model'!R90","v":0},{"$f":"'Global Financial Model'!S90","v":0},{"$f":"'Global Financial Model'!T90","v":0},{"$f":"'Global Financial Model'!U90","v":0},{"$f":"'Global Financial Model'!V90","v":0},{"$f":"'Global Financial Model'!W90","v":0},{"$f":"'Global Financial Model'!X90","v":0},{"$f":"'Global Financial Model'!Y90","v":0},{"$f":"'Global Financial Model'!Z90","v":0},{"$f":"'Global Financial Model'!AA90","v":0},{"$f":"'Global Financial Model'!AB90","v":0},{"$f":"'Global Financial Model'!AC90","v":0},{"$f":"'Global Financial Model'!AD90","v":0},{"$f":"'Global Financial Model'!AE90","v":0},{"$f":"'Global Financial Model'!AF90","v":0},{"$f":"'Global Financial Model'!AG90","v":0},{"$f":"'Global Financial Model'!AH90","v":0},{"$f":"'Global Financial Model'!AI90","v":0},{"$f":"'Global Financial Model'!AJ90","v":0}]
[null,null,"CapEx (including intesrests during construction)","USD ",-228876317.8230066,{"$f":"-F114","v":-8933260.0570778325},-37733598.046039335,-97650774.380177557,{"$f":"-I114+I110","v":-39923790.331624642},0,0,0,0,0,0,0,0,0,-3909973.2335269996,-4808578.2353634043,0,0,0,-4495444.5036358396,-13899923.005595665,-6702343.9574301168,0,0,0,-4851783.5236342447,-5966848.5489009526,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",null,{"$f":"-F110","v":0},{"$f":"-G110","v":0},{"$f":"-H110","v":0},-700000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow before Funding","USD ",-218266970.73590791,{"$f":"SUM(F210:F213)","v":-8933260.0570778325},{"$f":"SUM(G210:G213)","v":-37733598.046039335},{"$f":"SUM(H210:H213)","v":-97650774.380177557},-40623790.331624642,-934776.72927933745,1001394.2015291965,467700.09959552158,453888.92067952268,-7210333.1207275614,655215.68629819807,888555.95329706464,876747.3558253292,1133381.3245234489,-11449174.737693356,-3412673.382390446,1380757.7010457506,1727954.1853416897,1761769.9343303982,-11872972.501176175,-11729335.574894339,-4127367.5911582876,2694262.3568309192,3222194.2952713724,-7108982.0257312544,-935113.12512326147,-1924166.4006026275,4338054.0954969479,4144438.1670422144,-7036075.526014952,4246860.1519933827,4563018.2594559342,4349781.4814129844,4676817.1604943816,-8167368.536661163]
[null,null,"Municipality: Funding (through debt )","USD ",184939573.40069124,{"$f":"-F116","v":8933170.7244772613},37733220.710058875,97649797.872433767,40623384.09372133,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding (through subsidies)","USD ",18006245.498679101,{"$f":"+F157","v":0},{"$f":"+G157","v":0},{"$f":"+H157","v":0},0,441740.53437499993,452784.04773437488,461839.72868906241,471076.52326284366,480498.05372810055,490108.0148026626,499910.17509871587,509908.37860069022,520106.54617270402,530508.67709615815,541118.85063808132,551941.22765084298,562980.0522038599,574239.65324793709,585724.44631289586,597438.9352391538,609387.71394393686,621575.46822281566,634006.97758727195,646687.11713901744,659620.85948179779,672813.2766714337,686269.54220486234,699994.93304895959,713994.83170993882,728274.72834413766,742840.22291102039,757697.02736924076,772850.96791662555,788307.98727495805]
[null,null,"Debt: Funding","USD ",177.91345977327688,{"$f":"F124","v":8.9332600570778329},37.73359804603934,97.650774380177566,33.59582728998214,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity: Funding","USD ",1671.5007683605804,{"$f":"-F119","v":80.399340514137322},339.60238241400839,878.85696941056813,372.6420760218665,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CashFlow after Funding","USD ",-15319302.422309402,{"$f":"SUM(F214:F218)","v":0},0,0,0,-493036.19490433752,1454178.2492635713,929539.82828458399,924965.4439423664,-6729835.0669994606,1145323.7011008607,1388466.1283957805,1386655.7344260195,1653487.870696153,-10918666.060597198,-2871554.5317523647,1932698.9286965937,2290934.2375455499,2336009.5875783353,-11287248.05486328,-11131896.639655186,-3517979.8772143507,3315837.8250537347,3856201.2728586444,-6462294.9085922372,-275492.26564146369,-1251353.1239311937,5024323.6377018103,4844433.1000911742,-6322080.6943050129,4975134.8803375205,5305858.4823669549,5107478.5087822247,5449668.1284110071,-7379060.5493862052]
[null,null,"Treasury: Funding","USD ",88067323.713149995,{"$f":"IF(F78=1,0,-F115+IF(F191=1,IF(F219/F196>1.7,0,1.7*F196+IF(F219<0,-F219,0)),0))","v":0},0,0,0,493068.21185493324,0,0,0,6729867.0859760717,0,0,0,0,14828671.337524289,7680164.7909031343,0,0,0,15782724.585087262,25031851.671838991,6702343.9574301168,0,0,0,4851783.5236342447,5966848.5489009526,0,0,0,0,0,0,0,0]
[null,null,"CashFlow Available for Debt Service (CFADS)","USD ",72748021.290840596,{"$f":"SUM(F219:F220)","v":0},{"$f":"SUM(G219:G220)","v":0},0,0,32.01695059571648,1454178.2492635713,929539.82828458399,924965.4439423664,32.018976611085236,1145323.7011008607,1388466.1283957805,1386655.7344260195,1653487.870696153,3910005.2769270912,4808610.2591507696,1932698.9286965937,2290934.2375455499,2336009.5875783353,4495476.5302239824,13899955.032183805,3184364.0802157661,3315837.8250537347,3856201.2728586444,-6462294.9085922372,4576291.2579927808,4715495.4249697588,5024323.6377018103,4844433.1000911742,-6322080.6943050129,4975134.8803375205,5305858.4823669549,5107478.5087822247,5449668.1284110071,-7379060.5493862052]
[null,null,"Interests","USD ",-123.52693112763509,{"$f":"-F197","v":0},{"$f":"-G197","v":0},0,0,{"$f":"J197","v":-12.453942184129392},{"$f":"K197","v":-12.041398607311494},-11.53027378900102,-11.018964505557788,-10.471863572273529,-9.9144810171746975,-9.2607478542531521,-8.5904780511745074,-7.8732893618803583,-7.1260335653066438,-6.2852856924640523,-5.4066291523764622,-4.4664666544827405,-3.4702988382426612,-2.3843092496030573,-1.2324690324035126,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment","USD ",-177.91345977327691,{"$f":"F198","v":0},{"$f":"G198","v":0},{"$f":"H198","v":0},0,{"$f":"-J198","v":-6.3795581663072376},{"$f":"-K198","v":-6.8157046212409096},-7.3044183349033194,-7.8157276183465516,-8.3628285516308107,-8.9388245629459995,-9.5752829011234883,-10.245552704202133,-10.962741393496282,-11.723025312450909,-12.552236286965561,-13.430892827053148,-14.371055324946866,-15.374050459048584,-16.454860245707771,-17.606700462907323,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow available for Debt Service reserve Account (DSRA)","USD ",72747719.850449696,{"$f":"SUM(F221:F223)","v":0},{"$f":"SUM(G221:G223)","v":0},0,0,13.18345024527985,1454159.3921603428,929520.99359246017,924946.60925024259,13.184284487180898,1145304.8477952804,1388447.292365025,1386636.8983952641,1653469.0346653976,3909986.427868213,4808591.42162879,1932680.0911746144,2290915.4000235703,2335990.7432290381,4495457.6910544867,13899936.193014311,3184364.0802157661,3315837.8250537347,3856201.2728586444,-6462294.9085922372,4576291.2579927808,4715495.4249697588,5024323.6377018103,4844433.1000911742,-6322080.6943050129,4975134.8803375205,5305858.4823669549,5107478.5087822247,5449668.1284110071,-7379060.5493862052]
[null,null,"Treasury: Deduction","USD ",-92911156.002733141,{"$f":"IF(F231<$E$220,IF(F224>0,-F224*$E$28,0),0)","v":0},0,0,0,-13.18345024527985,-1454159.3921603428,-929520.99359246017,-924946.60925024259,-13.184284487180898,-1145304.8477952804,-1388447.292365025,-1386636.8983952641,-1653469.0346653976,-3909986.427868213,-4808591.42162879,-1932680.0911746144,-2290915.4000235703,-2335990.7432290381,-4495457.6910544867,-13899936.193014311,-3184364.0802157661,-3315837.8250537347,-3856201.2728586444,0,-4576291.2579927808,-4715495.4249697588,-5024323.6377018103,-4844433.1000911742,0,-4975134.8803375205,-5305858.4823669549,-5107478.5087822247,-5449668.1284110071,0]
[null,null,"Cashflow available to Equity","USD ",-20163436.152283452,{"$f":"F224+F225","v":0},{"$f":"G224+G225","v":0},{"$f":"H224+H225","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-6462294.9085922372,0,0,0,0,-6322080.6943050129,0,0,0,0,-7379060.5493862052]
[null,null,"Distributions to Equity","USD ",0,{"$f":"-MAX(F226,0)*F79","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Add back","USD ",4843832.2895831512,{"$f":"-F225-F220","v":0},0,0,0,{"$f":"-J225-J220","v":-493055.02840468794},{"$f":"-K225-K220","v":1454159.3921603428},929520.99359246017,924946.60925024259,-6729853.9016915848,1145304.8477952804,1388447.292365025,1386636.8983952641,1653469.0346653976,-10918684.909656076,-2871573.3692743443,1932680.0911746144,2290915.4000235703,2335990.7432290381,-11287266.894032776,-11131915.478824681,-3517979.8772143507,3315837.8250537347,3856201.2728586444,0,-275492.26564146392,-1251353.1239311937,5024323.6377018103,4844433.1000911742,0,4975134.8803375205,5305858.4823669549,5107478.5087822247,5449668.1284110071,0]
[null,null,"Net Cashflow","USD ",78291552.140032843,{"$f":"F224+F227+F228-F213","v":0},{"$f":"G224+G227+G228-G213","v":0},0,700000,{"$f":"J224+J227+J228-J213","v":-493041.84495444264},{"$f":"K224+K227+K228-K213","v":2908318.7843206855},{"$f":"L224+L227+L228-L213","v":1859041.9871849203},{"$f":"M224+M227+M228-M213","v":1849893.2185004852},{"$f":"N224+N227+N228-N213","v":-6729840.717407098},{"$f":"O224+O227+O228-O213","v":2290609.6955905608},{"$f":"P224+P227+P228-P213","v":2776894.5847300501},{"$f":"Q224+Q227+Q228-Q213","v":2773273.7967905281},{"$f":"R224+R227+R228-R213","v":3306938.0693307952},{"$f":"S224+S227+S228-S213","v":-7008698.4817878623},{"$f":"T224+T227+T228-T213","v":1937018.0523544457},{"$f":"U224+U227+U228-U213","v":3865360.1823492288},{"$f":"V224+V227+V228-V213","v":4581830.8000471406},{"$f":"W224+W227+W228-W213","v":4671981.4864580762},{"$f":"X224+X227+X228-X213","v":-6791809.2029782897},{"$f":"Y224+Y227+Y228-Y213","v":2768020.71418963},{"$f":"Z224+Z227+Z228-Z213","v":-333615.79699858464},{"$f":"AA224+AA227+AA228-AA213","v":6631675.6501074694},{"$f":"AB224+AB227+AB228-AB213","v":7712402.5457172887},{"$f":"AC224+AC227+AC228-AC213","v":-6462294.9085922372},{"$f":"AD224+AD227+AD228-AD213","v":4300798.9923513168},{"$f":"AE224+AE227+AE228-AE213","v":3464142.3010385651},{"$f":"AF224+AF227+AF228-AF213","v":10048647.275403621},{"$f":"AG224+AG227+AG228-AG213","v":9688866.2001823485},{"$f":"AH224+AH227+AH228-AH213","v":-6322080.6943050129},{"$f":"AI224+AI227+AI228-AI213","v":9950269.760675041},{"$f":"AJ224+AJ227+AJ228-AJ213","v":10611716.96473391},{"$f":"AK224+AK227+AK228-AK213","v":10214957.017564449},{"$f":"AL224+AL227+AL228-AL213","v":10899336.256822014},{"$f":"AM224+AM227+AM228-AM213","v":-7379060.5493862052}]
[]
[null,null,"Cash Balance B/f",null,null,{"$f":"E232","v":0},{"$f":"F232","v":0},0,0,700000,{"$f":"J232","v":206958.15504555736},{"$f":"K232","v":3115276.9393662428},{"$f":"L232","v":4974318.9265511632},{"$f":"M232","v":6824212.1450516488},{"$f":"N232","v":94371.4276445508},{"$f":"O232","v":2384981.1232351116},{"$f":"P232","v":5161875.7079651617},{"$f":"Q232","v":7935149.5047556898},{"$f":"R232","v":11242087.574086485},{"$f":"S232","v":4233389.0922986232},{"$f":"T232","v":6170407.1446530689},{"$f":"U232","v":10035767.327002298},{"$f":"V232","v":14617598.127049439},{"$f":"W232","v":19289579.613507517},{"$f":"X232","v":12497770.410529226},{"$f":"Y232","v":15265791.124718856},{"$f":"Z232","v":14932175.327720271},{"$f":"AA232","v":21563850.977827743},{"$f":"AB232","v":29276253.523545031},{"$f":"AC232","v":22813958.614952795},{"$f":"AD232","v":27114757.607304111},{"$f":"AE232","v":30578899.908342674},{"$f":"AF232","v":40627547.183746293},{"$f":"AG232","v":50316413.383928642},{"$f":"AH232","v":43994332.689623632},{"$f":"AI232","v":53944602.450298674},{"$f":"AJ232","v":64556319.41503258},{"$f":"AK232","v":74771276.432597026},{"$f":"AL232","v":85670612.689419046}]
[null,null,"Cash Balance C/f","USD ",null,{"$f":"F229+F231","v":0},{"$f":"G229+G231","v":0},0,700000,{"$f":"J229+J231","v":206958.15504555736},{"$f":"K229+K231","v":3115276.9393662428},4974318.9265511632,6824212.1450516488,94371.4276445508,2384981.1232351116,5161875.7079651617,7935149.5047556898,11242087.574086485,4233389.0922986232,6170407.1446530689,10035767.327002298,14617598.127049439,19289579.613507517,12497770.410529226,15265791.124718856,14932175.327720271,21563850.977827743,29276253.523545031,22813958.614952795,27114757.607304111,30578899.908342674,40627547.183746293,50316413.383928642,43994332.689623632,53944602.450298674,64556319.41503258,74771276.432597026,85670612.689419046,78291552.140032843]
[]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F234:AM234)","v":-78291552.140032843},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AM232","v":-78291552.140032843}]
[null,null,"Close out: Asset transfer to municipality","USD ",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Municipality Cashflow Waterfall"]
[]
[null,null,{"$f":"C157","v":"Municipal direct subsidies (if any)"},"USD ",{"$f":"E157","v":18006245.498679101},0,0,0,0,441740.53437499993,452784.04773437488,461839.72868906241,471076.52326284366,480498.05372810055,490108.0148026626,499910.17509871587,509908.37860069022,520106.54617270402,530508.67709615815,541118.85063808132,551941.22765084298,562980.0522038599,574239.65324793709,585724.44631289586,597438.9352391538,609387.71394393686,621575.46822281566,634006.97758727195,646687.11713901744,659620.85948179779,672813.2766714337,686269.54220486234,699994.93304895959,713994.83170993882,728274.72834413766,742840.22291102039,757697.02736924076,772850.96791662555,788307.98727495805]
[null,null,"Annuity payment - Interest","USD ",{"$f":"-E203","v":111926032.60057445},{"$f":"-F203","v":0},{"$f":"-G203","v":627093.93602591322},{"$f":"-H203","v":3244261.8380695488},9950643.5068621449,12353019.717882901,11772948.745335858,11084176.027565703,10381916.941799035,9630499.7200287022,8851495.0466604773,7966800.0837707249,7046210.6839332273,6061180.0261071054,5021386.201085547,3879766.8278858792,2672958.8936154884,1381674.4039461701,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Principal","USD ",{"$f":"E204","v":184939573.40069124},{"$f":"F204","v":0},{"$f":"G204","v":319793.74782833201},1844345.4611110752,6303723.9362819847,8761970.086239934,9364368.3468628712,10032272.653809521,10734531.739576193,11485948.961346526,12281188.699481698,13151277.140535668,14071866.540373165,15056897.198199287,16106148.490675343,17240113.346719854,18446921.280990247,19738205.770659573,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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},{"$f":"SUM(G240:G243)","v":946887.68385424523},5088607.2991806241,16254367.44314413,21556730.338497836,21590101.139933102,21578288.410064287,21587525.204638071,21596946.735103328,21622791.760944836,21617987.399405107,21627985.602907084,21638183.770479098,21658043.368857048,21660999.025243815,21671821.402256578,21682860.226809602,574239.65324793709,585724.44631289586,597438.9352391538,609387.71394393686,621575.46822281566,634006.97758727195,646687.11713901744,659620.85948179779,672813.2766714337,686269.54220486234,699994.93304895959,713994.83170993882,728274.72834413766,742840.22291102039,757697.02736924076,772850.96791662555,788307.98727495805]
[]
[null,null,"Project Return"]
[]
[null,null,"Date",null,null,{"$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":-218266970.73590791},{"$f":"F214","v":-8933260.0570778325},-37733598.046039335,-97650774.380177557,-40623790.331624642,-934776.72927933745,1001394.2015291965,467700.09959552158,453888.92067952268,-7210333.1207275614,655215.68629819807,888555.95329706464,876747.3558253292,1133381.3245234489,-11449174.737693356,-3412673.382390446,1380757.7010457506,1727954.1853416897,1761769.9343303982,-11872972.501176175,-11729335.574894339,-4127367.5911582876,2694262.3568309192,3222194.2952713724,-7108982.0257312544,-935113.12512326147,-1924166.4006026275,4338054.0954969479,4144438.1670422144,-7036075.526014952,4246860.1519933827,4563018.2594559342,4349781.4814129844,4676817.1604943816,-8167368.536661163]
[null,null,"Residual value ","USD ",{"$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,{"$f":"SUM(F249:F250)","v":-8933260.0570778325},{"$f":"SUM(G249:G250)","v":-37733598.046039335},-97650774.380177557,-40623790.331624642,-934776.72927933745,1001394.2015291965,467700.09959552158,453888.92067952268,-7210333.1207275614,655215.68629819807,888555.95329706464,876747.3558253292,1133381.3245234489,-11449174.737693356,-3412673.382390446,1380757.7010457506,1727954.1853416897,1761769.9343303982,-11872972.501176175,-11729335.574894339,-4127367.5911582876,2694262.3568309192,3222194.2952713724,-7108982.0257312544,-935113.12512326147,-1924166.4006026275,4338054.0954969479,4144438.1670422144,-7036075.526014952,4246860.1519933827,4563018.2594559342,4349781.4814129844,4676817.1604943816,-8167368.536661163]
[null,null," "]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV project @ WACC","USD ",{"$f":"NPV(E254,F251:AM251)","v":-135533857.49004456}]
[]
[null,null,"IRR Project","%",{"$f":"IRR(F251:AM251)","v":-0.20882607310056778}]
[null,null,"Check: NPV @ IRR","USD ",{"$f":"NPV(E257,F251:AM251)","v":0},{"$f":"IF(ROUND(E258,3)=0,0,1)","v":0}]
[]
[]
[null,null,"Equity Return"]
[]
[null,null,"Date",null,null,{"$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 ",{"$f":"SUM(F264:AM264)","v":-1671.5007683605804},{"$f":"-F218","v":-80.399340514137322},-339.60238241400839,-878.85696941056813,-372.6420760218665,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Distributions to Equity","USD ",{"$f":"SUM(F265:AM265)","v":0},{"$f":"-F227","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,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F266:AM266)","v":78291552.140032843},{"$f":"-F234","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,78291552.140032843]
[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,{"$f":"SUM(F264:F267)","v":-80.399340514137322},{"$f":"SUM(G264:G267)","v":-339.60238241400839},-878.85696941056813,-372.6420760218665,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,78291552.140032843]
[]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV Equity @ WACC","USD ",{"$f":"NPV(E271,F268:AM268)","v":1226399.6559629065}]
[]
[null,null,"IRR Equity","%",{"$f":"IRR(F268:AM268)","v":0.41177043960081861}]
[null,null,"Check: NPV Equity @ IRR","USD ",{"$f":"NPV(E274,F268:AM268)","v":6.2006444242022916E-12},{"$f":"IF(ROUND(E275,3)=0,0,1)","v":0}]
[]
[]
[null,null,"Financial viability indicators"]
[]
[null,null,"LLCR"]
[]
[null,null,"Cost of Debt \"r\"","% p.a.",null,{"$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":49056572.749612167},{"$f":"F221","v":0},{"$f":"G221","v":0},0,0,{"$f":"J221","v":32.01695059571648},1454178.2492635713,929539.82828458399,924965.4439423664,32.018976611085236,1145323.7011008607,1388466.1283957805,1386655.7344260195,1653487.870696153,3910005.2769270912,4808610.2591507696,1932698.9286965937,2290934.2375455499,2336009.5875783353,4495476.5302239824,13899955.032183805,3184364.0802157661,3315837.8250537347,3856201.2728586444,-6462294.9085922372,4576291.2579927808,4715495.4249697588,5024323.6377018103,4844433.1000911742,-6322080.6943050129,4975134.8803375205,5305858.4823669549,5107478.5087822247,5449668.1284110071,-7379060.5493862052]
[null,null,"CFADS (Qualifying) @ Period End","USD ",{"$f":"SUM(F290:AA290)","v":42556370.844342664},{"$f":"F289*F286","v":0},{"$f":"G289*G286","v":0},0,0,32.01695059571648,1454178.2492635713,929539.82828458399,924965.4439423664,32.018976611085236,1145323.7011008607,1388466.1283957805,1386655.7344260195,1653487.870696153,3910005.2769270912,4808610.2591507696,1932698.9286965937,2290934.2375455499,2336009.5875783353,4495476.5302239824,13899955.032183805,0,0,0,{"$f":"AC289*AC286","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"NPV (CFADS) @ Period Start","USD ",null,{"$f":"(G291+F290)/F283*F286","v":0},0,0,0,19393590.27596141,20751109.578328114,20749508.999547515,21272434.801231258,21836539.793375079,23365065.559934724,23855296.448029298,24136701.070995569,24439614.411539242,24496899.549650837,22301677.241199307,19054184.388932489,18455278.367461167,17456213.615637898,16342138.981154218,12990612.179611033,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AN291+AM290)/AM283*AM286","v":0}]
[null,null,null,null,null,null,null,null,null,{"$f":"NPV(0.08,J219:Y219)","v":-9955328.906001607},{"$f":"IF(J291=J292,\"OK\")","v":false}]
[null,null,"Denominator"]
[null,null,"Debt Balance B/f","USD ",null,{"$f":"F163","v":0},0,0,0,177.91345977327688,171.53390160696964,164.71819698572872,157.41377865082541,149.59805103247885,141.23522248084805,132.29639791790206,122.72111501677857,112.47556231257644,101.51282091908016,89.789795606629241,77.237559319663674,63.806666492610525,49.435611167663659,34.061560708615076,17.606700462907305,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"LLCR (Loan Life Cover Ratio)","x @ Period Start",{"$f":"MIN(F297:AM297)","v":109005.75088964902},{"$f":"IF(F294=0,0,F291/F294)","v":0},0,0,0,{"$f":"IF(J294=0,0,J291/J294)","v":109005.75088964902},120973.80974796746,125969.74335109595,135137.05714680595,145968.07674074714,165433.70095305442,180317.05188854013,196679.28430812882,217288.21718285847,241318.28204417918,248376.52308401914,246695.83757913415,289237.46344903443,353110.10025615274,479782.44804915402,737822.06989769835,0,0,0,{"$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},10000000,10000000,109005.75088964902,120973.80974796746,125969.74335109595,135137.05714680595,145968.07674074714,165433.70095305442,180317.05188854013,196679.28430812882,217288.21718285847,241318.28204417918,248376.52308401914,246695.83757913415,289237.46344903443,353110.10025615274,479782.44804915402,737822.06989769835,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[]
[null,null,"DSCR"]
[]
[null,null,"Numerator"]
[null,null,{"$f":"C289","v":"CFADS @ Period End"},"USD ",{"$f":"SUM(F302:AM302)","v":72748021.290840596},{"$f":"F289","v":0},{"$f":"G289","v":0},0,0,32.01695059571648,1454178.2492635713,929539.82828458399,924965.4439423664,32.018976611085236,1145323.7011008607,1388466.1283957805,1386655.7344260195,1653487.870696153,3910005.2769270912,4808610.2591507696,1932698.9286965937,2290934.2375455499,2336009.5875783353,4495476.5302239824,13899955.032183805,3184364.0802157661,3315837.8250537347,3856201.2728586444,{"$f":"AC289","v":-6462294.9085922372},4576291.2579927808,4715495.4249697588,5024323.6377018103,4844433.1000911742,-6322080.6943050129,4975134.8803375205,5305858.4823669549,5107478.5087822247,5449668.1284110071,-7379060.5493862052]
[]
[null,null,"Denominator"]
[null,null,"Interest","USD ",{"$f":"SUM(F305:AM305)","v":123.52693112763509},{"$f":"-F222","v":0},0,0,0,12.453942184129392,12.041398607311494,11.53027378900102,11.018964505557788,10.471863572273529,9.9144810171746975,9.2607478542531521,8.5904780511745074,7.8732893618803583,7.1260335653066438,6.2852856924640523,5.4066291523764622,4.4664666544827405,3.4702988382426612,2.3843092496030573,1.2324690324035126,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal","USD ",{"$f":"SUM(F306:AM306)","v":177.91345977327691},{"$f":"-F223","v":0},0,0,0,6.3795581663072376,6.8157046212409096,7.3044183349033194,7.8157276183465516,8.3628285516308107,8.9388245629459995,9.5752829011234883,10.245552704202133,10.962741393496282,11.723025312450909,12.552236286965561,13.430892827053148,14.371055324946866,15.374050459048584,16.454860245707771,17.606700462907323,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Debt Service","USD ",null,{"$f":"SUM(F305:F306)","v":0},0,0,0,18.83350035043663,18.857103228552404,18.83469212390434,18.83469212390434,18.83469212390434,18.853305580120697,18.83603075537664,18.83603075537664,18.83603075537664,18.849058877757553,18.837521979429614,18.83752197942961,18.837521979429606,18.844349297291245,18.839169495310827,18.839169495310834,0,0,0,{"$f":"SUM(AC305:AC306)","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"DSCR (Debt Service Cover Ratio)",null,"Average",{"$f":"IF(F307=0,0,F302/F307)","v":0},0,0,0,1.6999999999986306,77115.675278360533,49352.536381778402,49109.666240226579,1.7000000000237785,60749.224916213789,73713.307566109725,73617.194218596516,87783.243304812189,207437.6923688754,255267.66548178281,102598.36356433092,121615.47787693243,123963.39882715514,238623.92295705664,737822.06989769777,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"AVERAGEIF(F286:AM286,1,F310:AM310)","v":141173.30242999556}]
[null,null,null,null,"Min"]
[null,null,null,null,{"$f":"MIN(F313:AM313)","v":1.6999999999986306},{"$f":"IF(F310=0,10000000,F310)","v":10000000},{"$f":"IF(G310=0,10000000,G310)","v":10000000},10000000,10000000,1.6999999999986306,77115.675278360533,49352.536381778402,49109.666240226579,1.7000000000237785,60749.224916213789,73713.307566109725,73617.194218596516,87783.243304812189,207437.6923688754,255267.66548178281,102598.36356433092,121615.47787693243,123963.39882715514,238623.92295705664,737822.06989769777,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[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":"2019-12-31"}]

{"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$109)","v":184241407.03977025},{"$f":"C6/C$21","v":0.31982787587702682},"Deuda privada",{"$f":"-NPV(0,'Project Finance Model'!$F$117:$AM$117)","v":177.91345977327688},{"$f":"F6/F$21","v":3.0884308171255578E-7}]
[null,"Interes durante la construccion",{"$f":"NPV(0,'Project Finance Model'!$F$112:$AM$112)","v":13.996014548076829},{"$f":"C7/C$21","v":2.4295926065572888E-8},"Aportacion de capital privado",{"$f":"-NPV(0,'Project Finance Model'!$F$119:$AM$119)","v":1671.5007683605804},{"$f":"F7/F$21","v":2.9015873731152407E-6}]
[null,"Upfront fee",{"$f":"NPV(0,'Project Finance Model'!$F$113:$AM$113)","v":1.7791345977327688},{"$f":"C8/C$21","v":3.0884308171255575E-9},"Aportacion municipal",{"$f":"-NPV(0,'Project Finance Model'!$F$116:$AM$116)","v":184939573.40069124},{"$f":"F8/F$21","v":0.32103983505498707}]
[]
[]
[null,"Durante la operacion",null,null,"Durante la operacion"]
[]
[null,"Operacion y mantenimiento",{"$f":"-NPV(0,'Project Finance Model'!$F$209:$AM$209)","v":273739915.86876315},{"$f":"C13/C$21","v":0.47518990026039115},"Deuda",0,{"$f":"F13/F$21","v":0}]
[null,"Renovaciones",{"$f":"NPV(0,'Project Finance Model'!$F$106:$AM$106)","v":44634895.008087233},7.7482493701044902E-2,"Aportacion de capital privado",0,{"$f":"F14/F$21","v":0}]
[null,"Impuesto a la renta",{"$f":"-NPV(0,'Project Finance Model'!$F$211:$AM$211)","v":0},0,"Aportacion municipal",{"$f":"NPV(0,'Project Finance Model'!$F$157:$AM$157)","v":18006245.498679101},{"$f":"F15/F$21","v":3.1257356003147004E-2}]
[null,"Intereses",{"$f":"-NPV(0,'Project Finance Model'!$F$222:$AM$222)","v":123.52693112763509},2.1443255688788397E-7,"Autofinanciamento sobre Tesoreria",{"$f":"'Project Finance Model'!E220","v":88067323.713149995},{"$f":"F16/F$21","v":0.15287760514807239}]
[null,"Principal de la deuda",{"$f":"-NPV(0,'Project Finance Model'!$F$223:$AM$223)","v":177.91345977327691},3.0884308171255578E-7,"Ingresos de operacion",{"$f":"NPV(0,'Project Finance Model'!$F$208:$AM$208)","v":285049262.95586187},{"$f":"F17/F$21","v":0.49482199336333871}]
[null,"Constitucion de la Tesoreria",{"$f":"'Project Finance Model'!E229-'Project Finance Model'!E228","v":73447719.850449696},0.12749917950154166]
[null,"Dividendo a privados (Equity)",{"$f":"-NPV(0,'Project Finance Model'!$F$227:$AM$227)","v":0},0]
[]
[null,"Total",{"$f":"SUM(C6:C19)","v":576064254.98261034},{"$f":"SUM(D6:D19)","v":1},"Total",{"$f":"SUM(F6:F19)","v":576064254.98261034},{"$f":"SUM(G6:G19)","v":1}]
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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"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Calcul des intérêts à rembourser par le SPV durant la construction"]
[null,"Calcul des intérêts à rembourser par le maire durant la construction"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[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,{"$f":"C4+D4+E4+F4","v":314871851.49994481},{"$f":"'Project Finance Model'!E241","v":111926032.60057445},{"$f":"'Project Finance Model'!E242","v":184939573.40069124},{"$f":"SUM('Project Finance Model'!$F$157:$AM$157)","v":18006245.498679101},{"$f":"SUM('Project Finance Model'!$F$243:$AM$243)","v":0}]