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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",{"$f":"AJ104","v":-2.0951521789043137E-2}]
[null,"VAN 30 años",{"$f":"AJ116","v":-126947765.537265}]
[]
[]
[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",{"$f":"H112","v":1.5173041306603379},{"$f":"M112","v":1.4169160254056115},{"$f":"R112","v":1.4854483840064692},{"$f":"W112","v":1.6571594808527161},{"$f":"AB112","v":1.8295505171579518},{"$f":"AG112","v":1.8319770928558974},{"$f":"AL112","v":1.7634124124130537}]
[null,"Margen neta de la operacion",{"$f":"H113","v":0.51730413066033787},{"$f":"M113","v":0.41691602540561146},{"$f":"R113","v":0.48544838400646917},{"$f":"W113","v":0.65715948085271614},{"$f":"AB113","v":0.82955051715795181},{"$f":"AG113","v":0.83197709285589738},{"$f":"AL113","v":0.76341241241305369}]
[]
[]
[]
[]
[]
[]
[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",0,0,0,0,7944422.4999999991,10592563.333333334,10785189.333333334,10977815.333333334,11170441.333333336,11363067.333333336,11555693.333333334,11761498,11967302.666666666,12173107.333333334,12378912,12584716.66666667,12874647.333333334,13164578.000000002,13454508.666666666,13744439.333333334,14034370,14450356.666666664,14866343.333333332,15282329.999999998,15698316.666666666,16114303.333333334,16114303.333333334,16114303.333333334,16114303.333333334,16114303.333333334,16114303.333333334,16114303.333333334,16114303.333333334,16114303.333333334,16114303.333333334,16114303.333333334,16114303.333333334,16114303.333333334,16114303.333333334,16114303.333333334,16114303.333333334,16114303.333333334,16114303.333333334,16114303.333333334]
[null,"Ingresos de pasajeros (valor actualizado)",0,0,0,0,4850069.9362499993,6466759.915,6883946.3810040019,7006895.2708755005,7417889.8648411818,7545805.8898634873,7983740.2802471817,8125929.1528429855,8602149.9936665148,8750083.2967151888,9257496.4703943226,9411406.2788861655,10017209.68180722,10242792.271061277,10891297.204672072,11125993.330531994,11819661.310430137,12170002.758578846,13026166.112679353,13390661.355333272,14310864.924545871,14690085.775003005,15283565.240313129,15283565.240313129,15901021.276021775,15901021.276021775,16543422.535573056,16543422.535573056,17211776.806010205,17211776.806010205,17907132.588973019,17907132.588973019,18630580.745567527,18630580.745567527,19383256.207688462,19383256.207688462,20166339.758479074,20166339.758479074,20981059.884721629,20981059.884721629]
[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,{"$f":"G53","v":4850069.9362499993},6466759.915,6883946.3810040019,7006895.2708755005,7417889.8648411818,7545805.8898634873,7983740.2802471817,8125929.1528429855,8602149.9936665148,8750083.2967151888,9257496.4703943226,9411406.2788861655,10017209.68180722,10242792.271061277,10891297.204672072,11125993.330531994,11819661.310430137,12170002.758578846,13026166.112679353,13390661.355333272,14310864.924545871,14690085.775003005,15283565.240313129,15283565.240313129,15901021.276021775,15901021.276021775,16543422.535573056,16543422.535573056,17211776.806010205,17211776.806010205,17907132.588973019,17907132.588973019,18630580.745567527,18630580.745567527,19383256.207688462,19383256.207688462,20166339.758479074,20166339.758479074,20981059.884721629,20981059.884721629]
[null,"2. Ingresos comerciales",0,0,0,0,120000,122400,124848,127344.95999999999,129891.85919999999,132489.69638400001,135139.49031168001,137842.28011791359,140599.12572027187,143411.10823467729,146279.33039937084,149204.91700735825,152189.01534750542,155232.79565445552,158337.45156754466,161504.20059889552,164734.28461087344,168028.97030309093,171389.54970915272,174817.34070333577,178313.68751740252,181879.96126775054,185517.56049310556,189227.91170296766,193012.469937027,196872.71933576756,200810.17372248293,204826.37719693253,208922.90474087122,213101.36283568863,217363.39009240241,221710.65789425041,226144.87105213548,230667.76847317821,235281.12384264174,239986.74631949456,244786.48124588444,249682.21087080217,254675.85508821823,259769.3721899825]
[null,"Ingreso totale",0,0,0,0,{"$f":"G79+G80","v":4970069.9362499993},{"$f":"H79+H80","v":6589159.915},7008794.3810040019,7134240.2308755005,7547781.7240411816,7678295.586247487,8118879.770558862,8263771.4329608986,8742749.1193867866,8893494.4049498662,9403775.8007936943,9560611.1958935242,10169398.697154725,10398025.066715732,11049634.656239618,11287497.531130889,11984395.595041011,12338031.728881937,13197555.662388505,13565478.696036609,14489178.612063274,14871965.736270756,15469082.800806236,15472793.152016098,16094033.745958801,16097893.995357543,16744232.709295539,16748248.912769988,17420699.710751075,17424878.168845896,18124495.979065422,18128843.246867269,18856725.616619661,18861248.514040705,19618537.331531104,19623242.954007957,20411126.239724956,20416021.969349876,21235735.739809848,21240829.256911613]
[]
[null,"Flujo de caja neto (Ingreso total - Gasto total)",null,null,null,null,{"$f":"G81+G76","v":-959.28702933900058},{"$f":"H81+H76","v":2246484.124529195},1786313.167305924,1789373.5416038241,-5803341.7571541732,2079760.2138353232,2388914.3915345669,2399211.3097720295,2740351.4007534441,-5909232.8493925128,3115651.9625166869,3124432.5317065045,3581589.6463541854,3654921.5625359435,-5366780.4232076369,4222447.6253816746,4752505.2830269486,4935259.9069477599,5619760.9125624727,-4645382.6422906164,6548499.6869446021,6743211.9266339131,7147685.276877298,6954069.3484225646,-4112935.244906839,7170000.4331014957,7604253.4079208169,7391016.6298778672,7840918.2089572418,-5003267.488198299,8083194.7891597152,7848296.7795438599,8331087.8393417988,8084527.0447125584,-5282077.8750049807,8325772.7206841875,8843679.1034713946,8571981.6822806783,9108319.9610073417,-6412940.3306599855]
[]
[null,"C. FLUJO DE CAJA DE OPERACION"]
[null,"1. Utilitad antes de impuestos",0,0,0,0,{"$f":"G83","v":-959.28702933900058},{"$f":"H83","v":2246484.124529195},1786313.167305924,1789373.5416038241,-5803341.7571541732,2079760.2138353232,2388914.3915345669,2399211.3097720295,2740351.4007534441,-5909232.8493925128,3115651.9625166869,3124432.5317065045,3581589.6463541854,3654921.5625359435,-5366780.4232076369,4222447.6253816746,4752505.2830269486,4935259.9069477599,5619760.9125624727,-4645382.6422906164,6548499.6869446021,6743211.9266339131,7147685.276877298,6954069.3484225646,-4112935.244906839,7170000.4331014957,7604253.4079208169,7391016.6298778672,7840918.2089572418,-5003267.488198299,8083194.7891597152,7848296.7795438599,8331087.8393417988,8084527.0447125584,-5282077.8750049807,8325772.7206841875,8843679.1034713946,8571981.6822806783,9108319.9610073417,-6412940.3306599855]
[null,"2. Renta concessional",0,0,0,0,{"$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":-5307403.8219527509},-3059960.4103942169,-3520131.3676174879,-3517070.9933195878,-11109786.292077586,-2939664.4583025705,-2630510.2806033269,-2620213.3623658642,-2279073.2713844497,-10928657.521530407,-1197662.8513990166,-2060737.4290982392,-1603580.3144505583,-1530248.3982688002,-10551950.384012381,228631.60833183862,758689.26597711258,-731736.8745461842,-47235.86893147137,-10312379.423784561,881502.90545065794,1076215.145139969,1270680.4350188738,1077064.5065641403,-9989940.0867652632,1292995.5912430715,1727248.5660623927,1514011.7880194429,1963913.3670988176,-10880272.330056723,2206189.9473012909,1971291.9376854356,4127263.7619274836,4962566.1745517626,-11797510.620664265,1810339.9750249032,2328246.3578121103,2056548.936621394,2592887.2153480574,-12928373.07631927]
[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$24*H89,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,-80021.062916143506,-265541.24309198937,0,0,0,-308526.01690773026,-376675.30079898913,-444738.1522566058,-376972.57729744911,0,-452548.456935075,-604536.99812183739,-529904.12580680498,-687369.67848458607,0,-772166.48155545176,-689952.17818990245,-1444542.3166746192,-1736898.1610931167,0,-633618.99125871609,-814886.22523423855,-719792.12781748781,-907510.52537182008,0]
[null,"6. Utilidad despues de impuestos",0,0,0,0,{"$f":"G89+G90","v":-5307403.8219527509},{"$f":"H89+H90","v":-3059960.4103942169},-3520131.3676174879,-3517070.9933195878,-11109786.292077586,-2939664.4583025705,-2630510.2806033269,-2620213.3623658642,-2279073.2713844497,-10928657.521530407,-1197662.8513990166,-2060737.4290982392,-1603580.3144505583,-1530248.3982688002,-10551950.384012381,148610.54541569512,493148.02288512321,-731736.8745461842,-47235.86893147137,-10312379.423784561,572976.88854292769,699539.84434097982,825942.28276226798,700091.92926669121,-9989940.0867652632,840447.13430799649,1122711.5679405553,984107.66221263795,1276543.6886142315,-10880272.330056723,1434023.4657458393,1281339.7594955331,2682721.4452528646,3225668.0134586459,-11797510.620664265,1176720.983766187,1513360.1325778719,1336756.8088039062,1685376.6899762372,-12928373.07631927]
[null,"7.Depreciacion (agrego)",0,0,0,0,{"$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":-959.28702933900058},{"$f":"H91+H92","v":2246484.124529195},1786313.167305924,1789373.5416038241,-5803341.7571541741,2079760.2138353232,2388914.3915345669,2399211.3097720295,2740351.4007534441,-5909232.8493925128,3115651.9625166869,3124432.5317065045,3581589.6463541854,3654921.5625359435,-5366780.4232076369,4142426.5624655313,4486964.0399349593,4935259.9069477599,5619760.9125624727,-4645382.6422906173,6239973.6700368719,6366536.6258349242,6702947.1246206919,6577096.7711251155,-4112935.244906839,6717451.9761664206,6999716.4097989798,6861112.5040710624,7153548.5304726558,-5003267.488198299,7311028.3076042635,7158344.6013539573,6886545.5226671798,6347628.8836194417,-5282077.8750049807,7692153.7294254713,8028792.8782371562,7852189.554463191,8200809.435635522,-6412940.3306599855]
[]
[null,"D. FLUJO DE CAJA DE INVERSION"]
[null," 1. Inversion inicial",-8933258.2779432349,-37733597.418939129,-97650771.113497496,-39923780.229390368]
[null," 2. Nuevos equipos",null,null,null,null,0,0,0,0,0,0,0,0,0,-3909973.2335269996,-4808578.2353634043,0,0,0,-4495444.5036358396,-13899923.005595665,-6702343.9574301168,0,0,0,-4851783.5236342447,-5966848.5489009526,0,0,0,0,0,0,0,0,0,-12231187.509222817,-26160531.87903551,-9116886.8687205203,0,0,0,0,0,0]
[null," 3. Valor residual despues tasas",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$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,-959.28702933900058,2246484.124529195,1786313.167305924,1789373.5416038241,-5803341.7571541741,2079760.2138353232,2388914.3915345669,2399211.3097720295,2740351.4007534441,-9819206.0829195119,-1692926.2728467174,3124432.5317065045,3581589.6463541854,3654921.5625359435,-9862224.9268434756,-9757496.4431301337,-2215379.9174951576,4935259.9069477599,5619760.9125624727,-4645382.6422906173,1388190.1464026272,399688.07693397161,6702947.1246206919,6577096.7711251155,-4112935.244906839,6717451.9761664206,6999716.4097989798,6861112.5040710624,7153548.5304726558,65804757.544923931]
[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,{"$f":"IRR(C103:AJ103)","v":-2.0951521789043137E-2}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C93+C99","v":-8933258.2779432349},{"$f":"D93+D99","v":-37733597.418939129},-97650771.113497496,-39923780.229390368,-959.28702933900058,2246484.124529195,1786313.167305924,1789373.5416038241,-5803341.7571541741,2079760.2138353232,2388914.3915345669,2399211.3097720295,2740351.4007534441,-9819206.0829195119,-1692926.2728467174,3124432.5317065045,3581589.6463541854,3654921.5625359435,-9862224.9268434756,-9757496.4431301337,-2215379.9174951576,4935259.9069477599,5619760.9125624727,-4645382.6422906173,1388190.1464026272,399688.07693397161,6702947.1246206919,6577096.7711251155,-4112935.244906839,6717451.9761664206,6999716.4097989798,6861112.5040710624,7153548.5304726558,{"$f":"AJ93+AJ97","v":-5003267.488198299},7311028.3076042635,-5072842.9078688594,-19273986.356368329,-2769257.9851010786,-5282077.8750049807,7692153.7294254713,8028792.8782371562,7852189.554463191,8200809.435635522,60518243.605190404]
[null,"TRI (40 años)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IRR(C106:AT106)","v":-1.7491426800168464E-2}]
[]
[null,"EBE (Excedente Bruto de Explotacion)",{"$f":"C83","v":0},{"$f":"D83","v":0},0,0,-959.28702933900058,2246484.124529195,1786313.167305924,1789373.5416038241,-5803341.7571541732,2079760.2138353232,2388914.3915345669,2399211.3097720295,2740351.4007534441,-5909232.8493925128,3115651.9625166869,3124432.5317065045,3581589.6463541854,3654921.5625359435,-5366780.4232076369,4222447.6253816746,4752505.2830269486,4935259.9069477599,5619760.9125624727,-4645382.6422906164,6548499.6869446021,6743211.9266339131,7147685.276877298,6954069.3484225646,-4112935.244906839,7170000.4331014957,7604253.4079208169,7391016.6298778672,7840918.2089572418,-5003267.488198299,8083194.7891597152,7848296.7795438599,8331087.8393417988,8084527.0447125584,-5282077.8750049807,8325772.7206841875,8843679.1034713946,8571981.6822806783,9108319.9610073417,-6412940.3306599855]
[null,"ENE (Excedente Neto de Explotacion)",{"$f":"C109+C70","v":0},{"$f":"D109+D70","v":0},0,0,-5307403.8219527509,-3059960.4103942169,-3520131.3676174879,-3517070.9933195878,-11109786.292077586,-2939664.4583025705,-2630510.2806033269,-2620213.3623658642,-2279073.2713844497,-10928657.521530407,-1197662.8513990166,-2060737.4290982392,-1603580.3144505583,-1530248.3982688002,-10551950.384012381,228631.60833183862,758689.26597711258,-731736.8745461842,-47235.86893147137,-10312379.423784561,881502.90545065794,1076215.145139969,1270680.4350188738,1077064.5065641403,-9989940.0867652632,1292995.5912430715,1727248.5660623927,1514011.7880194429,1963913.3670988176,-10880272.330056723,2206189.9473012909,1971291.9376854356,4127263.7619274836,4962566.1745517626,-11797510.620664265,1810339.9750249032,2328246.3578121103,2056548.936621394,2592887.2153480574,-12928373.07631927]
[]
[null,"Ratio de coberture (Ingresos/Egresos)",null,null,null,null,{"$f":"ABS(G81)/ABS(G76)","v":0.99980702446389846},{"$f":"ABS(H81)/ABS(H76)","v":1.5173041306603379},1.3420430048882881,1.3347835681655991,0.56532933237206584,1.3714829103489696,1.4169160254056115,1.4091033699672351,1.4565427899331838,0.6008010721362822,1.4954819661074612,1.4854483840064692,1.5436693168753817,1.5420236483498138,0.67308450735223868,1.5976529085726117,1.6571594808527161,1.666677296782908,1.7416090166194444,0.74491142642913988,1.8246775557477581,1.8295505171579518,1.8589525084366512,1.8163275989167609,0.7964595656693465,1.8031010207619076,1.8319770928558974,1.7898720910659558,1.81848612178566,0.77692014468316595,1.8049947547918956,1.7634124124130537,1.7915043264481767,1.7501842807872598,0.78787359945956259,1.7369590314233301,1.7645316204432351,1.7237379707023786,1.7510520070506499,0.76809887309026592]
[null,"Margen neta de la operacion",null,null,null,null,{"$f":"G112-1","v":-1.9297553610153617E-4},{"$f":"H112-1","v":0.51730413066033787},0.34204300488828809,0.33478356816559907,-0.43467066762793416,0.37148291034896963,0.41691602540561146,0.40910336996723506,0.45654278993318376,-0.3991989278637178,0.4954819661074612,0.48544838400646917,0.54366931687538167,0.54202364834981376,-0.32691549264776132,0.59765290857261166,0.65715948085271614,0.66667729678290799,0.74160901661944445,-0.25508857357086012,0.82467755574775814,0.82955051715795181,0.85895250843665116,0.81632759891676088,-0.2035404343306535,0.80310102076190759,0.83197709285589738,0.78987209106595579,0.81848612178566005,-0.22307985531683405,0.80499475479189564,0.76341241241305369,0.7915043264481767,0.75018428078725985,-0.21212640054043741,0.73695903142333008,0.76453162044323508,0.72373797070237855,0.75105200705064989,-0.23190112690973408]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C103","v":-8933258.2779432349},{"$f":"D103","v":-37733597.418939129},-97650771.113497496,-39923780.229390368,-959.28702933900058,2246484.124529195,1786313.167305924,1789373.5416038241,-5803341.7571541741,2079760.2138353232,2388914.3915345669,2399211.3097720295,2740351.4007534441,-9819206.0829195119,-1692926.2728467174,3124432.5317065045,3581589.6463541854,3654921.5625359435,-9862224.9268434756,-9757496.4431301337,-2215379.9174951576,4935259.9069477599,5619760.9125624727,-4645382.6422906173,1388190.1464026272,399688.07693397161,6702947.1246206919,6577096.7711251155,-4112935.244906839,6717451.9761664206,6999716.4097989798,6861112.5040710624,7153548.5304726558,65804757.544923931]
[null,"VAN (30 años]",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"NPV(C26,C115:AJ115)","v":-126947765.537265}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C106","v":-8933258.2779432349},{"$f":"D106","v":-37733597.418939129},-97650771.113497496,-39923780.229390368,-959.28702933900058,2246484.124529195,1786313.167305924,1789373.5416038241,-5803341.7571541741,2079760.2138353232,2388914.3915345669,2399211.3097720295,2740351.4007534441,-9819206.0829195119,-1692926.2728467174,3124432.5317065045,3581589.6463541854,3654921.5625359435,-9862224.9268434756,-9757496.4431301337,-2215379.9174951576,4935259.9069477599,5619760.9125624727,-4645382.6422906173,1388190.1464026272,399688.07693397161,6702947.1246206919,6577096.7711251155,-4112935.244906839,6717451.9761664206,6999716.4097989798,6861112.5040710624,7153548.5304726558,-5003267.488198299,7311028.3076042635,-5072842.9078688594,-19273986.356368329,-2769257.9851010786,-5282077.8750049807,7692153.7294254713,8028792.8782371562,7852189.554463191,8200809.435635522,60518243.605190404]
[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,{"$f":"NPV(C26,C118:AT118)","v":-127819783.38074651}]
[]
[]
[]
[null,null,-15374793.702004252,-32471752.923079427,-62793043.621870533,-31184167.865535051,4461627.0876138387,7085887.3224892067,7506676.6422383776,7866933.6835564012,4138496.9480227539,8621725.0100111552,9016880.0393200647,9408111.1130052563,9811291.0381158479,3028760.3722510524,6759476.3316930179,11095752.577078201,11666827.927642517,12256200.784473658,5145482.9160697088,4835774.0456957947,9963796.0466147065,14965506.412886936,15819114.660764625,11262213.876171863,14269356.723393489,13717569.790471114,18902277.061604355,19259777.254964769,13648271.158759808,19994678.368752308,20372314.83298843,20756902.165421762,21148563.030060068,14981724.136930339]
[]
[null,null,{"$f":"C123-C103","v":-6441535.4240610171},{"$f":"D123-D103","v":5261844.4958597012},34857727.491626963,8739612.3638553172,4462586.3746431777,4839403.1979600117,5720363.4749324536,6077560.141952577,9941838.7051769271,6541964.7961758319,6627965.6477854978,7008899.8032332268,7070939.6373624038,12847966.455170564,8452402.6045397352,7971320.0453716964,8085238.2812883314,8601279.2219377141,15007707.842913184,14593270.488825928,12179175.964109864,10030246.505939176,10199353.748202153,15907596.518462479,12881166.576990861,13317881.713537142,12199329.936983664,12682680.483839653,17761206.403666645,13277226.392585889,13372598.42318945,13895789.661350699,13995014.499587413,-50823033.407993592]

{"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",{"$f":"E313","v":1.7000000000000002}]
[null,null,null,{"$f":"E315","v":"2019-12-31"}]
[null,null,"LLCR",{"$f":"E296","v":32.383970660347671}]
[]
[null,null,"NPV project",{"$f":"E255","v":-128289371.11319025}]
[null,null,"IRR Project",{"$f":"E257","v":-6.6843960272774172E-2}]
[]
[null,null,"PRIVATE FINANCE"]
[null,null,"NPV Equity",{"$f":"IF(E58<0.01,\"N/A\",E272)","v":-34275.861608845582}]
[null,null,"IRR Equity",{"$f":"IF(E58<0.01,\"N/A\",E274)","v":0.12954267882610693}]
[null,null,"Debt / Equity",{"$f":"IF(E58<0.01,\"N/A\",E59)","v":0.1}]
[]
[null,null,"Test \"CASH BALANCE > 0\"",{"$f":"IF(MIN(F232:AM232)<0,\"NOK\",\"OK\")","v":"OK"}]
[null,null,"Test \"INITIAL TREASURY\"",{"$f":"IF(I232>J220,\"OK\",\"NOK\")","v":"OK"}]
[]
[null,null,"General inputs"]
[]
[null,null,"Construction Costs (excluding inflation)","USD 2015",{"$f":"'Global Financial Model'!C11","v":177913459.77327687},null," "]
[null,null,"Municipal direct subsidies (yearly)","USD 2015",0]
[null,null,"Treasury","%",0.63,"of DSRA"]
[null,null,"Discount Factor (WACC)","%",{"$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$59*E26*E58","v":800610.56897974585}]
[null,null,"Private Amortisation Start","Date",{"$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 ",{"$f":"E26*H58","v":169907354.0834794}]
[null,null,"Municipal Amortisation Start","Date",{"$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 ",{"$f":"E52*E37","v":8006.1056897974586}]
[null,null,"Upfront fee on municipal loan","USD ",{"$f":"E52*E43","v":1699073.5408347941}]
[]
[null,null,"FUNDING SCHEME"]
[null,null,"Initial dibursment",null,"YES",{"$f":"IF($E$57=\"NO\",0,1)","v":1},"(if no : Equity is back ended)"]
[null,null,"Private funding vs Municipal funding ratio",null,4.4999999999999998E-2,null,"Initial Municipal debt",{"$f":"1-E58","v":0.95499999999999996}]
[null,null,"Private funding: Inital Debt vs Equity ratio",null,0.1]
[]
[null,null,"INITIAL TREASURY",null,300000]
[]
[]
[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},{"$f":"G105","v":37733597.418939129},97650771.113497496,39923780.229390368,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",300000,null,null,null,{"$f":"E61","v":300000}]
[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 ",62996.04629115943,{"$f":"F151","v":0},{"$f":"G151","v":2824.4794393191041},{"$f":"H151","v":14703.47117883363},45468.095673006697,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB151","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Upfront Fee","USD ",8006.1056897974586,{"$f":"F138","v":8006.1056897974586},{"$f":"G138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB138","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Required Funding","USD ",229247304.19983843,{"$f":"SUM(F109:F113)","v":8941264.3836330324},{"$f":"SUM(G109:G113)","v":37736421.898378447},{"$f":"SUM(H109:H113)","v":97665474.584676325},40269248.325063378,0,0,0,0,0,0,0,0,0,3909973.2335269996,4808578.2353634043,0,0,0,4495444.5036358396,13899923.005595665,6702343.9574301168,0,0,0,4851783.5236342447,5966848.5489009526,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Release","USD ",-44634895.008087233,{"$f":"IF(F79=1,-F114,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-3909973.2335269996,-4808578.2353634043,0,0,0,-4495444.5036358396,-13899923.005595665,-6702343.9574301168,0,0,0,-4851783.5236342447,-5966848.5489009526,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding through debt","USD ",-176304850.77812237,{"$f":"IF(F78=1,-F114*(1-$E$58),0)","v":-8538907.4863695465},-36038282.912951417,-93270528.228365883,-38457132.150435522,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Debt funding","USD ",-800610.56897974585,{"$f":"IF(F78=1,IF($F$57=1,-MIN(F114*$E$59*$E$58,F135),-MIN(F114*$E$58,F135)),0)","v":-40235.689726348646},-169813.89854270301,-439494.63563104346,-151066.34507965075,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sub Total","USD ",7506947.8446490671,{"$f":"SUM(F114:F117)","v":362121.20753713732},1528325.0868843263,3955451.7206793986,1661049.8295482048,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Equity Funding","USD ",-7506947.8446490671,{"$f":"-F118","v":-362121.20753713732},{"$f":"-G118","v":-1528325.0868843263},-3955451.7206793986,-1661049.8295482048,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AB118","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Funding Shortfall","USD ",0,{"$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},{"$f":"F127","v":40235.689726348646},{"$f":"G127","v":210049.58826905166},649544.22390009509,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Z127","v":0},{"$f":"AA127","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Disbursement to Fund Project Costs (SPV)","USD ",{"$f":"SUM(F124:AM124)","v":800610.56897974585},{"$f":"-F117","v":40235.689726348646},169813.89854270301,439494.63563104346,151066.34507965075,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":-800610.56897974585},{"$f":"-SUM(F123:F125)*F94","v":0},{"$f":"-SUM(G123:G125)*G94","v":0},{"$f":"-SUM(H123:H125)*H94","v":0},-800610.56897974585,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F123:F126)","v":40235.689726348646},{"$f":"SUM(G123:G126)","v":210049.58826905166},649544.22390009509,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipaly)","USD ",null,{"$f":"E133","v":0},{"$f":"F133","v":8538907.4863695465},44271510.667941451,135780270.74433002,{"$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 ",{"$f":"SUM(F130:AM130)","v":176304850.77812237},{"$f":"-F116","v":8538907.4863695465},{"$f":"-G116","v":36038282.912951417},93270528.228365883,38457132.150435522,{"$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 ",{"$f":"SUM(F131:AM131)","v":-8088615.6552998032},{"$f":"IF(F78=1,-F204,0)","v":0},{"$f":"IF(G78=1,-G204,0)","v":-305679.73137951083},-1761768.1519773379,-6021167.7719429545,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",-168216235.12282261,{"$f":"-SUM(F129:F131)*F94","v":0},{"$f":"-SUM(G129:G131)*G94","v":0},{"$f":"-SUM(H129:H131)*H94","v":0},-168216235.12282261,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality)","USD ",null,{"$f":"SUM(F129:F132)","v":8538907.4863695465},{"$f":"SUM(G129:G132)","v":44271510.667941451},135780270.74433002,0,{"$f":"SUM(J129:J132)","v":0},{"$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 ",{"$f":"E37","v":800610.56897974585},{"$f":"MAX(0,$E135-F123)*F78","v":800610.56897974585},760374.87925339723,590560.98071069422,151066.34507965075,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E43","v":169907354.0834794},{"$f":"MAX(0,$E136-F129)*F78","v":169907354.0834794},161368446.59710985,125635843.41553795,34127083.339149386,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Upfront Fee (SPV)","USD ",{"$f":"E53","v":8006.1056897974586},{"$f":"$E138*IF(F90=1,1,0)","v":8006.1056897974586},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E54","v":1699073.5408347941},{"$f":"$E139*IF(F90=1,1,0)","v":1699073.5408347941},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[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 ",{"$f":"SUM(F151:AM151)","v":62996.04629115943},{"$f":"F144*F123","v":0},2824.4794393191041,14703.47117883363,45468.095673006697,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during construction for Municipality",null,{"$f":"SUM(F152:AM152)","v":13203042.002092291},{"$f":"F149*F129","v":0},599417.30323327659,3099005.7467559045,9504618.95210311,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Operations"]
[null,null,"Revenue"]
[null,null,"Revenue","USD ",{"$f":"SUM(F156:AM156)","v":348734648.67568594},{"$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":4970069.9362499993},{"$f":"'Global Financial Model'!H81","v":6589159.915},{"$f":"'Global Financial Model'!I81","v":7008794.3810040019},{"$f":"'Global Financial Model'!J81","v":7134240.2308755005},{"$f":"'Global Financial Model'!K81","v":7547781.7240411816},{"$f":"'Global Financial Model'!L81","v":7678295.586247487},{"$f":"'Global Financial Model'!M81","v":8118879.770558862},{"$f":"'Global Financial Model'!N81","v":8263771.4329608986},{"$f":"'Global Financial Model'!O81","v":8742749.1193867866},{"$f":"'Global Financial Model'!P81","v":8893494.4049498662},{"$f":"'Global Financial Model'!Q81","v":9403775.8007936943},{"$f":"'Global Financial Model'!R81","v":9560611.1958935242},{"$f":"'Global Financial Model'!S81","v":10169398.697154725},{"$f":"'Global Financial Model'!T81","v":10398025.066715732},{"$f":"'Global Financial Model'!U81","v":11049634.656239618},{"$f":"'Global Financial Model'!V81","v":11287497.531130889},{"$f":"'Global Financial Model'!W81","v":11984395.595041011},{"$f":"'Global Financial Model'!X81","v":12338031.728881937},{"$f":"'Global Financial Model'!Y81","v":13197555.662388505},{"$f":"'Global Financial Model'!Z81","v":13565478.696036609},{"$f":"'Global Financial Model'!AA81","v":14489178.612063274},{"$f":"'Global Financial Model'!AB81","v":14871965.736270756},{"$f":"'Global Financial Model'!AC81","v":15469082.800806236},{"$f":"'Global Financial Model'!AD81","v":15472793.152016098},{"$f":"'Global Financial Model'!AE81","v":16094033.745958801},{"$f":"'Global Financial Model'!AF81","v":16097893.995357543},{"$f":"'Global Financial Model'!AG81","v":16744232.709295539},{"$f":"'Global Financial Model'!AH81","v":16748248.912769988},{"$f":"'Global Financial Model'!AI81","v":17420699.710751075},{"$f":"'Global Financial Model'!AJ81","v":17424878.168845896}]
[null,null,"Municipal direct subsidies (if any)","USD ",{"$f":"SUM(F157:AM157)","v":0},0,0,0,0,{"$f":"$E27*(1+E32)*(1+F32)*(1+G32)*(1+H32)","v":0},{"$f":"J157*(1+I32)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"OpEx"]
[null,null,"OpEx","USD ",{"$f":"SUM(F160:AM160)","v":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},0,0,800610.56897974585,771902.55723136326,741231.88643577916,708362.0039287142,673191.22964615468,635558.50116381608,595333.79063055909,552245.01757550344,506140.03040659381,456807.69413586054,404054.08022983145,347569.01693848643,287129.9992167473,222460.2502544864,153277.02318876778,79230.152083082838,0,{"$f":"Z166","v":0},{"$f":"AA166","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (SPV)","USD ",{"$f":"SUM(F164:AM164)","v":800610.56897974585},{"$f":"-F126","v":0},0,0,800610.56897974585,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (SPV)","USD ",{"$f":"SUM(F165:AM165)","v":-800610.56897974585},{"$f":"IF(F79=1,-F198,0)","v":0},{"$f":"IF(G79=1,-G198,0)","v":0},0,0,-28708.01174838256,-30670.670795584083,-32869.88250706494,-35170.774282559476,-37632.728482338629,-40224.710533256977,-43088.773055055695,-46104.987168909603,-49332.336270733256,-52753.613906029073,-56485.063291345024,-60439.017721739147,-64669.748962260885,-69183.227065718616,-74046.871105684942,-79230.152083082896,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F163:F165)","v":0},{"$f":"SUM(G163:G165)","v":0},0,800610.56897974585,771902.55723136326,741231.88643577916,708362.0039287142,673191.22964615468,635558.50116381608,595333.79063055909,552245.01757550344,506140.03040659381,456807.69413586054,404054.08022983145,347569.01693848643,287129.9992167473,222460.2502544864,153277.02318876778,79230.152083082838,0,0,0,{"$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},0,0,168216235.12282261,159864156.3786864,150937860.00329453,141374904.37087935,131142541.8441951,120193913.94064295,108487248.19309019,95951197.375453934,82537623.000583142,68185098.419471398,52832407.285530508,36398798.997393861,18814838.129087642,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",{"$f":"SUM(F169:AM169)","v":168216235.12282261},{"$f":"-F132","v":0},0,0,168216235.12282261,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (Municipality)","USD ",{"$f":"SUM(F170:AM170)","v":-168216235.12282261},{"$f":"IF(F79=1,-F204,0)","v":0},{"$f":"IF(G79=1,-G204,0)","v":0},0,0,-8352078.7441362143,-8926296.3753918558,-9562955.6324151848,-10232362.526684254,-10948627.90355215,-11706665.747552769,-12536050.81763625,-13413574.374870792,-14352524.58111174,-15352691.133940889,-16433608.28813665,-17583960.86830622,-18814838.129087657,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality","USD ",null,{"$f":"SUM(F168:F170)","v":0},{"$f":"SUM(G168:G170)","v":0},0,168216235.12282261,159864156.3786864,150937860.00329453,141374904.37087935,131142541.8441951,120193913.94064295,108487248.19309019,95951197.375453934,82537623.000583142,68185098.419471398,52832407.285530508,36398798.997393861,18814838.129087642,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY","% p.a.",null,{"$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 ",{"$f":"SUM(F183:AM183)","v":555871.19007435779},{"$f":"F176*F163","v":0},0,0,0,56042.739828582256,54186.293732901715,51886.232050504586,49585.340275010036,47123.386075230868,44615.164577286123,41673.365344139173,38657.151230285279,35429.802128461597,32067.151043879887,28283.785616088226,24329.831185694071,20099.099945172329,15616.344772091972,10729.391623213754,5546.1106458158038,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during Operation for Municipality","USD ",{"$f":"SUM(F184:AM184)","v":93514655.190340206},{"$f":"F181*F168","v":0},{"$f":"G181*G168","v":0},0,0,11775136.458597593,11222201.628620371,10565650.200230626,9896243.3059615642,9179977.9290936645,8437415.6617059652,7594107.3735163193,6716583.8162817815,5777633.6100408249,4786482.0974506419,3698268.5099871387,2547915.9298175727,1317038.669036136,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt repayment"]
[]
[null,null,"Flag: Municipal Debt Repayment",{"$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},40235.689726348646,210049.58826905166,649544.22390009509,800610.56897974585,771902.55723136326,741231.88643577916,708362.0039287142,673191.22964615468,635558.50116381608,595333.79063055909,552245.01757550344,506140.03040659381,456807.69413586054,404054.08022983145,347569.01693848643,287129.9992167473,222460.2502544864,153277.02318876778,79230.152083082838,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":1356481.7590541036},{"$f":"IF(F191=0,0,F195*F194/(1-(1+F195)^(-F192)))","v":0},{"$f":"IF(G191=0,0,G195*G194/(1-(1+G195)^(-G192)))","v":0},0,0,84750.751576964816,84856.964528485798,84756.114557569526,84756.114557569512,84756.114557569497,84839.8751105431,84762.138399194868,84762.138399194882,84762.138399194853,84820.76494990896,84768.848907433246,84768.848907433217,84768.848907433217,84799.571837810596,84776.262728898699,84776.262728898699,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (SPV)"," ",{"$f":"SUM(F197:AM197)","v":-555871.19007435779},{"$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,-56042.739828582256,-54186.293732901715,-51886.232050504586,-49585.340275010036,-47123.386075230868,-44615.164577286123,-41673.365344139173,-38657.151230285279,-35429.802128461597,-32067.151043879887,-28283.785616088226,-24329.831185694071,-20099.099945172329,-15616.344772091972,-10729.391623213754,-5546.1106458158038,{"$f":"IF(Z191=0,0,-Z183)","v":0},{"$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":800610.56897974585},{"$f":"IF(F196=0,0,SUM(F196:F197))","v":0},{"$f":"IF(G196=0,0,SUM(G196:G197))","v":0},0,0,28708.01174838256,{"$f":"IF(K196=0,0,SUM(K196:K197))","v":30670.670795584083},{"$f":"IF(L196=0,0,SUM(L196:L197))","v":32869.88250706494},{"$f":"IF(M196=0,0,SUM(M196:M197))","v":35170.774282559476},37632.728482338629,{"$f":"IF(O196=0,0,SUM(O196:O197))","v":40224.710533256977},{"$f":"IF(P196=0,0,SUM(P196:P197))","v":43088.773055055695},{"$f":"IF(Q196=0,0,SUM(Q196:Q197))","v":46104.987168909603},49332.336270733256,{"$f":"IF(S196=0,0,SUM(S196:S197))","v":52753.613906029073},{"$f":"IF(T196=0,0,SUM(T196:T197))","v":56485.063291345024},{"$f":"IF(U196=0,0,SUM(U196:U197))","v":60439.017721739147},64669.748962260885,{"$f":"IF(W196=0,0,SUM(W196:W197))","v":69183.227065718616},{"$f":"IF(X196=0,0,SUM(X196:X197))","v":74046.871105684942},{"$f":"IF(Y196=0,0,SUM(Y196:Y197))","v":79230.152083082896},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,{"$f":"IF(F78=1,F129,F168)","v":0},8538907.4863695465,44271510.667941451,135780270.74433002,168216235.12282261,159864156.3786864,150937860.00329453,141374904.37087935,131142541.8441951,120193913.94064295,108487248.19309019,95951197.375453934,82537623.000583142,68185098.419471398,52832407.285530508,36398798.997393861,18814838.129087642,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$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)"," ",{"$f":"SUM(F202:AM202)","v":283022547.97055489},{"$f":"IF(F188=0,0,F201*F200/(1-(1+F201)^(-F189)))","v":0},{"$f":"IF(G188=0,0,G201*G200/(1-(1+G201)^(-G189)))","v":905097.03461278742},4860773.8987332424,15525786.724046065,20127215.202733807,20148498.004012227,20128605.832645811,20128605.832645819,20128605.832645815,20144081.409258734,20130158.191152569,20130158.191152573,20130158.191152565,20139173.23139153,20131876.798123788,20131876.798123792,20131876.798123792,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (Municipality)"," ",{"$f":"SUM(F203:AM203)","v":-106717697.19243251},{"$f":"IF(F78=1,-F152,-F184)","v":0},{"$f":"IF(G78=1,-G152,-G184)","v":-599417.30323327659},-3099005.7467559045,-9504618.95210311,-11775136.458597593,-11222201.628620371,-10565650.200230626,-9896243.3059615642,-9179977.9290936645,-8437415.6617059652,-7594107.3735163193,-6716583.8162817815,-5777633.6100408249,-4786482.0974506419,-3698268.5099871387,-2547915.9298175727,-1317038.669036136,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment (Municipality)"," ",{"$f":"SUM(F204:AM204)","v":176304850.77812245},{"$f":"IF(F202=0,0,SUM(F202:F203))","v":0},{"$f":"IF(G202=0,0,SUM(G202:G203))","v":305679.73137951083},1761768.1519773379,6021167.7719429545,8352078.7441362143,{"$f":"IF(K202=0,0,SUM(K202:K203))","v":8926296.3753918558},{"$f":"IF(L202=0,0,SUM(L202:L203))","v":9562955.6324151848},{"$f":"IF(M202=0,0,SUM(M202:M203))","v":10232362.526684254},10948627.90355215,{"$f":"IF(O202=0,0,SUM(O202:O203))","v":11706665.747552769},{"$f":"IF(P202=0,0,SUM(P202:P203))","v":12536050.81763625},{"$f":"IF(Q202=0,0,SUM(Q202:Q203))","v":13413574.374870792},14352524.58111174,{"$f":"IF(S202=0,0,SUM(S202:S203))","v":15352691.133940889},{"$f":"IF(T202=0,0,SUM(T202:T203))","v":16433608.28813665},{"$f":"IF(U202=0,0,SUM(U202:U203))","v":17583960.86830622},18814838.129087657,{"$f":"IF(W202=0,0,SUM(W202:W203))","v":0},{"$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":348734648.67568594},{"$f":"F156","v":0},0,0,0,4970069.9362499993,6589159.915,7008794.3810040019,7134240.2308755005,7547781.7240411816,7678295.586247487,8118879.770558862,8263771.4329608986,8742749.1193867866,8893494.4049498662,9403775.8007936943,9560611.1958935242,10169398.697154725,10398025.066715732,11049634.656239618,11287497.531130889,11984395.595041011,12338031.728881937,13197555.662388505,13565478.696036609,14489178.612063274,14871965.736270756,15469082.800806236,15472793.152016098,16094033.745958801,16097893.995357543,16744232.709295539,16748248.912769988,17420699.710751075,17424878.168845896]
[null,null,"OpEx","USD ",-273739915.86876315,{"$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 ",74994732.806922883,{"$f":"SUM(F208:F209)","v":0},{"$f":"SUM(G208:G209)","v":0},{"$f":"SUM(H208:H209)","v":0},0,-959.28702933900058,2246484.124529195,1786313.167305924,1789373.5416038241,-5803341.7571541732,2079760.2138353232,2388914.3915345669,2399211.3097720295,2740351.4007534441,-5909232.8493925128,3115651.9625166869,3124432.5317065045,3581589.6463541854,3654921.5625359435,-5366780.4232076369,4222447.6253816746,4752505.2830269486,4935259.9069477599,5619760.9125624727,-4645382.6422906164,6548499.6869446021,6743211.9266339131,7147685.276877298,6954069.3484225646,-4112935.244906839,7170000.4331014957,7604253.4079208169,7391016.6298778672,7840918.2089572418,-5003267.488198299]
[null,null,"Revenue Tax","USD ",-4126833.6126172105,{"$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},{"$f":"'Global Financial Model'!V90","v":-80021.062916143506},{"$f":"'Global Financial Model'!W90","v":-265541.24309198937},{"$f":"'Global Financial Model'!X90","v":0},{"$f":"'Global Financial Model'!Y90","v":0},{"$f":"'Global Financial Model'!Z90","v":0},{"$f":"'Global Financial Model'!AA90","v":-308526.01690773026},{"$f":"'Global Financial Model'!AB90","v":-376675.30079898913},{"$f":"'Global Financial Model'!AC90","v":-444738.1522566058},{"$f":"'Global Financial Model'!AD90","v":-376972.57729744911},{"$f":"'Global Financial Model'!AE90","v":0},{"$f":"'Global Financial Model'!AF90","v":-452548.456935075},{"$f":"'Global Financial Model'!AG90","v":-604536.99812183739},{"$f":"'Global Financial Model'!AH90","v":-529904.12580680498},{"$f":"'Global Financial Model'!AI90","v":-687369.67848458607},{"$f":"'Global Financial Model'!AJ90","v":0}]
[null,null,"CapEx (including intesrests during construction)","USD ",-228947304.19983843,{"$f":"-F114","v":-8941264.3836330324},-37736421.898378447,-97665474.584676325,{"$f":"-I114+I110","v":-39969248.325063378},0,0,0,0,0,0,0,0,0,-3909973.2335269996,-4808578.2353634043,0,0,0,-4495444.5036358396,-13899923.005595665,-6702343.9574301168,0,0,0,-4851783.5236342447,-5966848.5489009526,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",null,{"$f":"-F110","v":0},{"$f":"-G110","v":0},{"$f":"-H110","v":0},-300000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow before Funding","USD ",-158379405.00553271,{"$f":"SUM(F210:F213)","v":-8941264.3836330324},{"$f":"SUM(G210:G213)","v":-37736421.898378447},{"$f":"SUM(H210:H213)","v":-97665474.584676325},-40269248.325063378,-959.28702933900058,2246484.124529195,1786313.167305924,1789373.5416038241,-5803341.7571541732,2079760.2138353232,2388914.3915345669,2399211.3097720295,2740351.4007534441,-9819206.0829195119,-1692926.2728467174,3124432.5317065045,3581589.6463541854,3654921.5625359435,-9862224.9268434756,-9757496.4431301337,-2215379.9174951576,4935259.9069477599,5619760.9125624727,-4645382.6422906164,1388190.1464026272,399688.07693397161,6702947.1246206919,6577096.7711251155,-4112935.244906839,6717451.9761664206,6999716.4097989798,6861112.5040710624,7153548.5304726558,-5003267.488198299]
[null,null,"Municipality: Funding (through debt )","USD ",176304850.77812237,{"$f":"-F116","v":8538907.4863695465},36038282.912951417,93270528.228365883,38457132.150435522,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding (through subsidies)","USD ",0,{"$f":"+F157","v":0},{"$f":"+G157","v":0},{"$f":"+H157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt: Funding","USD ",800610.56897974585,{"$f":"F124","v":40235.689726348646},169813.89854270301,439494.63563104346,151066.34507965075,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity: Funding","USD ",7506947.8446490671,{"$f":"-F119","v":362121.20753713732},1528325.0868843263,3955451.7206793986,1661049.8295482048,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CashFlow after Funding","USD ",26233004.186218433,{"$f":"SUM(F214:F218)","v":0},0,0,0,-959.28702933900058,2246484.124529195,1786313.167305924,1789373.5416038241,-5803341.7571541732,2079760.2138353232,2388914.3915345669,2399211.3097720295,2740351.4007534441,-9819206.0829195119,-1692926.2728467174,3124432.5317065045,3581589.6463541854,3654921.5625359435,-9862224.9268434756,-9757496.4431301337,-2215379.9174951576,4935259.9069477599,5619760.9125624727,-4645382.6422906164,1388190.1464026272,399688.07693397161,6702947.1246206919,6577096.7711251155,-4112935.244906839,6717451.9761664206,6999716.4097989798,6861112.5040710624,7153548.5304726558,-5003267.488198299]
[null,null,"Treasury: Funding","USD ",82435753.087274998,{"$f":"IF(F78=1,0,-F115+IF(F191=1,IF(F219/F196>1.7,0,1.7*F196+IF(F219<0,-F219,0)),0))","v":0},0,0,0,145035.5647101792,0,0,0,5947427.1519020414,0,0,0,0,13873374.616861356,6645611.551352758,0,0,0,14501789.077118441,23801539.095364928,6702343.9574301168,0,0,0,4851783.5236342447,5966848.5489009526,0,0,0,0,0,0,0,0]
[null,null,"CashFlow Available for Debt Service (CFADS)","USD ",108668757.27349347,{"$f":"SUM(F219:F220)","v":0},{"$f":"SUM(G219:G220)","v":0},0,0,144076.2776808402,2246484.124529195,1786313.167305924,1789373.5416038241,144085.39474786818,2079760.2138353232,2388914.3915345669,2399211.3097720295,2740351.4007534441,4054168.5339418445,4952685.2785060406,3124432.5317065045,3581589.6463541854,3654921.5625359435,4639564.1502749659,14044042.652234795,4486964.0399349593,4935259.9069477599,5619760.9125624727,-4645382.6422906164,6239973.6700368719,6366536.6258349242,6702947.1246206919,6577096.7711251155,-4112935.244906839,6717451.9761664206,6999716.4097989798,6861112.5040710624,7153548.5304726558,-5003267.488198299]
[null,null,"Interests","USD ",-555871.19007435779,{"$f":"-F197","v":0},{"$f":"-G197","v":0},0,0,{"$f":"J197","v":-56042.739828582256},{"$f":"K197","v":-54186.293732901715},-51886.232050504586,-49585.340275010036,-47123.386075230868,-44615.164577286123,-41673.365344139173,-38657.151230285279,-35429.802128461597,-32067.151043879887,-28283.785616088226,-24329.831185694071,-20099.099945172329,-15616.344772091972,-10729.391623213754,-5546.1106458158038,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment","USD ",-800610.56897974585,{"$f":"F198","v":0},{"$f":"G198","v":0},{"$f":"H198","v":0},0,{"$f":"-J198","v":-28708.01174838256},{"$f":"-K198","v":-30670.670795584083},-32869.88250706494,-35170.774282559476,-37632.728482338629,-40224.710533256977,-43088.773055055695,-46104.987168909603,-49332.336270733256,-52753.613906029073,-56485.063291345024,-60439.017721739147,-64669.748962260885,-69183.227065718616,-74046.871105684942,-79230.152083082896,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow available for Debt Service reserve Account (DSRA)","USD ",107312275.51443937,{"$f":"SUM(F221:F223)","v":0},{"$f":"SUM(G221:G223)","v":0},0,0,59325.526103875382,2161627.1600007094,1701557.0527483546,1704617.4270462545,59329.280190298683,1994920.3387247801,2304152.253135372,2314449.1713728346,2655589.2623542491,3969347.7689919355,4867916.4295986071,3039663.6827990715,3496820.7974467524,3570121.9906981327,4554787.8875460671,13959266.389505897,4486964.0399349593,4935259.9069477599,5619760.9125624727,-4645382.6422906164,6239973.6700368719,6366536.6258349242,6702947.1246206919,6577096.7711251155,-4112935.244906839,6717451.9761664206,6999716.4097989798,6861112.5040710624,7153548.5304726558,-5003267.488198299]
[null,null,"Treasury: Deduction","USD ",-76276532.360596105,{"$f":"IF(F231<$E$220,IF(F224>0,-F224*$E$28,0),0)","v":0},0,0,0,-37375.081445441494,-1361825.1108004469,-1071980.9432314634,-1073908.9790391403,-37377.446519888173,-1256799.8133966115,-1451615.9194752844,-1458102.9779648858,-1673021.2352831769,-2500689.0944649195,-3066787.3506471226,-1914988.1201634151,-2202997.1023914539,-2249176.8541398235,-2869516.3691540225,-8794337.8253887147,-2826787.3451590245,-3109213.7413770887,-3540449.3749143579,0,-3931183.4121232294,-4010918.0742760021,-4222856.6885110363,-4143570.9658088228,0,-4231994.7449848447,-4409821.3381733568,-4322500.8775647692,-4506735.5741977729,0]
[null,null,"Cashflow available to Equity","USD ",31035743.153843235,{"$f":"F224+F225","v":0},{"$f":"G224+G225","v":0},{"$f":"H224+H225","v":0},0,21950.444658433888,799802.04920026241,629576.10951689119,630708.44800711423,21951.83367041051,738120.52532816865,852536.33366008755,856346.19340794883,982568.02707107225,1468658.674527016,1801129.0789514845,1124675.5626356564,1293823.6950552985,1320945.1365583092,1685271.5183920446,5164928.564117182,1660176.6947759348,1826046.1655706712,2079311.5376481148,-4645382.6422906164,2308790.2579136426,2355618.551558922,2480090.4361096555,2433525.8053162927,-4112935.244906839,2485457.2311815759,2589895.0716256229,2538611.6265062932,2646812.9562748829,-5003267.488198299]
[null,null,"Distributions to Equity","USD ",-44797328.529238984,{"$f":"-MAX(F226,0)*F79","v":0},0,0,0,-21950.444658433888,-799802.04920026241,-629576.10951689119,-630708.44800711423,-21951.83367041051,-738120.52532816865,-852536.33366008755,-856346.19340794883,-982568.02707107225,-1468658.674527016,-1801129.0789514845,-1124675.5626356564,-1293823.6950552985,-1320945.1365583092,-1685271.5183920446,-5164928.564117182,-1660176.6947759348,-1826046.1655706712,-2079311.5376481148,0,-2308790.2579136426,-2355618.551558922,-2480090.4361096555,-2433525.8053162927,0,-2485457.2311815759,-2589895.0716256229,-2538611.6265062932,-2646812.9562748829,0]
[null,null,"Treasury: Add back","USD ",-6159220.7266788967,{"$f":"-F225-F220","v":0},0,0,0,{"$f":"-J225-J220","v":-107660.4832647377},{"$f":"-K225-K220","v":1361825.1108004469},1071980.9432314634,1073908.9790391403,-5910049.7053821534,1256799.8133966115,1451615.9194752844,1458102.9779648858,1673021.2352831769,-11372685.522396438,-3578824.2007056354,1914988.1201634151,2202997.1023914539,2249176.8541398235,-11632272.707964418,-15007201.269976214,-3875556.6122710924,3109213.7413770887,3540449.3749143579,0,-920600.11151101533,-1955930.4746249504,4222856.6885110363,4143570.9658088228,0,4231994.7449848447,4409821.3381733568,4322500.8775647692,4506735.5741977729,0]
[null,null,"Net Cashflow","USD ",56655726.258521453,{"$f":"F224+F227+F228-F213","v":0},{"$f":"G224+G227+G228-G213","v":0},0,300000,{"$f":"J224+J227+J228-J213","v":-70285.40181929621},{"$f":"K224+K227+K228-K213","v":2723650.2216008939},{"$f":"L224+L227+L228-L213","v":2143961.8864629269},{"$f":"M224+M227+M228-M213","v":2147817.9580782806},{"$f":"N224+N227+N228-N213","v":-5872672.2588622654},{"$f":"O224+O227+O228-O213","v":2513599.626793223},{"$f":"P224+P227+P228-P213","v":2903231.8389505688},{"$f":"Q224+Q227+Q228-Q213","v":2916205.9559297715},{"$f":"R224+R227+R228-R213","v":3346042.4705663538},{"$f":"S224+S227+S228-S213","v":-8871996.4279315174},{"$f":"T224+T227+T228-T213","v":-512036.85005851276},{"$f":"U224+U227+U228-U213","v":3829976.2403268302},{"$f":"V224+V227+V228-V213","v":4405994.2047829079},{"$f":"W224+W227+W228-W213","v":4498353.7082796469},{"$f":"X224+X227+X228-X213","v":-8762756.3388103954},{"$f":"Y224+Y227+Y228-Y213","v":-6212863.4445874989},{"$f":"Z224+Z227+Z228-Z213","v":-1048769.2671120679},{"$f":"AA224+AA227+AA228-AA213","v":6218427.4827541774},{"$f":"AB224+AB227+AB228-AB213","v":7080898.7498287158},{"$f":"AC224+AC227+AC228-AC213","v":-4645382.6422906164},{"$f":"AD224+AD227+AD228-AD213","v":3010583.300612214},{"$f":"AE224+AE227+AE228-AE213","v":2054987.5996510517},{"$f":"AF224+AF227+AF228-AF213","v":8445713.3770220727},{"$f":"AG224+AG227+AG228-AG213","v":8287141.9316176455},{"$f":"AH224+AH227+AH228-AH213","v":-4112935.244906839},{"$f":"AI224+AI227+AI228-AI213","v":8463989.4899696894},{"$f":"AJ224+AJ227+AJ228-AJ213","v":8819642.6763467137},{"$f":"AK224+AK227+AK228-AK213","v":8645001.7551295385},{"$f":"AL224+AL227+AL228-AL213","v":9013471.1483955458},{"$f":"AM224+AM227+AM228-AM213","v":-5003267.488198299}]
[]
[null,null,"Cash Balance B/f",null,null,{"$f":"E232","v":0},{"$f":"F232","v":0},0,0,300000,{"$f":"J232","v":229714.59818070379},{"$f":"K232","v":2953364.8197815977},{"$f":"L232","v":5097326.7062445246},{"$f":"M232","v":7245144.6643228047},{"$f":"N232","v":1372472.4054605393},{"$f":"O232","v":3886072.0322537622},{"$f":"P232","v":6789303.8712043315},{"$f":"Q232","v":9705509.8271341026},{"$f":"R232","v":13051552.297700457},{"$f":"S232","v":4179555.8697689399},{"$f":"T232","v":3667519.0197104272},{"$f":"U232","v":7497495.2600372573},{"$f":"V232","v":11903489.464820165},{"$f":"W232","v":16401843.173099812},{"$f":"X232","v":7639086.8342894167},{"$f":"Y232","v":1426223.3897019178},{"$f":"Z232","v":377454.12258984987},{"$f":"AA232","v":6595881.6053440273},{"$f":"AB232","v":13676780.355172742},{"$f":"AC232","v":9031397.7128821258},{"$f":"AD232","v":12041981.013494339},{"$f":"AE232","v":14096968.613145391},{"$f":"AF232","v":22542681.990167461},{"$f":"AG232","v":30829823.921785109},{"$f":"AH232","v":26716888.67687827},{"$f":"AI232","v":35180878.166847959},{"$f":"AJ232","v":44000520.843194671},{"$f":"AK232","v":52645522.598324209},{"$f":"AL232","v":61658993.746719755}]
[null,null,"Cash Balance C/f","USD ",null,{"$f":"F229+F231","v":0},{"$f":"G229+G231","v":0},0,300000,{"$f":"J229+J231","v":229714.59818070379},{"$f":"K229+K231","v":2953364.8197815977},5097326.7062445246,7245144.6643228047,1372472.4054605393,3886072.0322537622,6789303.8712043315,9705509.8271341026,13051552.297700457,4179555.8697689399,3667519.0197104272,7497495.2600372573,11903489.464820165,16401843.173099812,7639086.8342894167,1426223.3897019178,377454.12258984987,6595881.6053440273,13676780.355172742,9031397.7128821258,12041981.013494339,14096968.613145391,22542681.990167461,30829823.921785109,26716888.67687827,35180878.166847959,44000520.843194671,52645522.598324209,61658993.746719755,56655726.258521453]
[]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F234:AM234)","v":-56655726.258521453},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AM232","v":-56655726.258521453}]
[null,null,"Close out: Asset transfer to municipality","USD ",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Municipality Cashflow Waterfall"]
[]
[null,null,{"$f":"C157","v":"Municipal direct subsidies (if any)"},"USD ",{"$f":"E157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Interest","USD ",{"$f":"-E203","v":106717697.19243251},{"$f":"-F203","v":0},{"$f":"-G203","v":599417.30323327659},{"$f":"-H203","v":3099005.7467559045},9504618.95210311,11775136.458597593,11222201.628620371,10565650.200230626,9896243.3059615642,9179977.9290936645,8437415.6617059652,7594107.3735163193,6716583.8162817815,5777633.6100408249,4786482.0974506419,3698268.5099871387,2547915.9298175727,1317038.669036136,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Principal","USD ",{"$f":"E204","v":176304850.77812245},{"$f":"F204","v":0},{"$f":"G204","v":305679.73137951083},1761768.1519773379,6021167.7719429545,8352078.7441362143,8926296.3753918558,9562955.6324151848,10232362.526684254,10948627.90355215,11706665.747552769,12536050.81763625,13413574.374870792,14352524.58111174,15352691.133940889,16433608.28813665,17583960.86830622,18814838.129087657,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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},{"$f":"SUM(G240:G243)","v":905097.03461278742},4860773.8987332424,15525786.724046065,20127215.202733807,20148498.004012227,20128605.832645811,20128605.832645819,20128605.832645815,20144081.409258734,20130158.191152569,20130158.191152573,20130158.191152565,20139173.23139153,20131876.798123788,20131876.798123792,20131876.798123792,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Project Return"]
[]
[null,null,"Date",null,null,{"$f":"F77","v":"2015-12-31"},"2016-12-31","2017-12-31","2018-12-31","2019-12-31","2020-12-31","2021-12-31","2022-12-31","2023-12-31","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31","2035-12-31","2036-12-31","2037-12-31","2038-12-31","2039-12-31","2040-12-31","2041-12-31","2042-12-31","2043-12-31","2044-12-31","2045-12-31","2046-12-31","2047-12-31","2048-12-31"]
[null,null,{"$f":"C214","v":"Cashflow before Funding"},"USD ",{"$f":"SUM(F249:AM249)","v":-158379405.00553271},{"$f":"F214","v":-8941264.3836330324},-37736421.898378447,-97665474.584676325,-40269248.325063378,-959.28702933900058,2246484.124529195,1786313.167305924,1789373.5416038241,-5803341.7571541732,2079760.2138353232,2388914.3915345669,2399211.3097720295,2740351.4007534441,-9819206.0829195119,-1692926.2728467174,3124432.5317065045,3581589.6463541854,3654921.5625359435,-9862224.9268434756,-9757496.4431301337,-2215379.9174951576,4935259.9069477599,5619760.9125624727,-4645382.6422906164,1388190.1464026272,399688.07693397161,6702947.1246206919,6577096.7711251155,-4112935.244906839,6717451.9761664206,6999716.4097989798,6861112.5040710624,7153548.5304726558,-5003267.488198299]
[null,null,"Residual value ","USD ",{"$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,{"$f":"SUM(F249:F250)","v":-8941264.3836330324},{"$f":"SUM(G249:G250)","v":-37736421.898378447},-97665474.584676325,-40269248.325063378,-959.28702933900058,2246484.124529195,1786313.167305924,1789373.5416038241,-5803341.7571541732,2079760.2138353232,2388914.3915345669,2399211.3097720295,2740351.4007534441,-9819206.0829195119,-1692926.2728467174,3124432.5317065045,3581589.6463541854,3654921.5625359435,-9862224.9268434756,-9757496.4431301337,-2215379.9174951576,4935259.9069477599,5619760.9125624727,-4645382.6422906164,1388190.1464026272,399688.07693397161,6702947.1246206919,6577096.7711251155,-4112935.244906839,6717451.9761664206,6999716.4097989798,6861112.5040710624,7153548.5304726558,-5003267.488198299]
[null,null," "]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV project @ WACC","USD ",{"$f":"NPV(E254,F251:AM251)","v":-128289371.11319025}]
[]
[null,null,"IRR Project","%",{"$f":"IRR(F251:AM251)","v":-6.6843960272774172E-2}]
[null,null,"Check: NPV @ IRR","USD ",{"$f":"NPV(E257,F251:AM251)","v":-2.554970111657376E-7},{"$f":"IF(ROUND(E258,3)=0,0,1)","v":0}]
[]
[]
[null,null,"Equity Return"]
[]
[null,null,"Date",null,null,{"$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 ",{"$f":"SUM(F264:AM264)","v":-7506947.8446490671},{"$f":"-F218","v":-362121.20753713732},-1528325.0868843263,-3955451.7206793986,-1661049.8295482048,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Distributions to Equity","USD ",{"$f":"SUM(F265:AM265)","v":44797328.529238984},{"$f":"-F227","v":0},0,0,0,21950.444658433888,799802.04920026241,629576.10951689119,630708.44800711423,21951.83367041051,738120.52532816865,852536.33366008755,856346.19340794883,982568.02707107225,1468658.674527016,1801129.0789514845,1124675.5626356564,1293823.6950552985,1320945.1365583092,1685271.5183920446,5164928.564117182,1660176.6947759348,1826046.1655706712,2079311.5376481148,0,2308790.2579136426,2355618.551558922,2480090.4361096555,2433525.8053162927,0,2485457.2311815759,2589895.0716256229,2538611.6265062932,2646812.9562748829,0]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F266:AM266)","v":56655726.258521453},{"$f":"-F234","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,56655726.258521453]
[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,{"$f":"SUM(F264:F267)","v":-362121.20753713732},{"$f":"SUM(G264:G267)","v":-1528325.0868843263},-3955451.7206793986,-1661049.8295482048,21950.444658433888,799802.04920026241,629576.10951689119,630708.44800711423,21951.83367041051,738120.52532816865,852536.33366008755,856346.19340794883,982568.02707107225,1468658.674527016,1801129.0789514845,1124675.5626356564,1293823.6950552985,1320945.1365583092,1685271.5183920446,5164928.564117182,1660176.6947759348,1826046.1655706712,2079311.5376481148,0,2308790.2579136426,2355618.551558922,2480090.4361096555,2433525.8053162927,0,2485457.2311815759,2589895.0716256229,2538611.6265062932,2646812.9562748829,56655726.258521453]
[]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV Equity @ WACC","USD ",{"$f":"NPV(E271,F268:AM268)","v":-34275.861608845582}]
[]
[null,null,"IRR Equity","%",{"$f":"IRR(F268:AM268)","v":0.12954267882610693}]
[null,null,"Check: NPV Equity @ IRR","USD ",{"$f":"NPV(E274,F268:AM268)","v":1.5974938549402814E-8},{"$f":"IF(ROUND(E275,3)=0,0,1)","v":0}]
[]
[]
[null,null,"Financial viability indicators"]
[]
[null,null,"LLCR"]
[]
[null,null,"Cost of Debt \"r\"","% p.a.",null,{"$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":63192198.124200016},{"$f":"F221","v":0},{"$f":"G221","v":0},0,0,{"$f":"J221","v":144076.2776808402},2246484.124529195,1786313.167305924,1789373.5416038241,144085.39474786818,2079760.2138353232,2388914.3915345669,2399211.3097720295,2740351.4007534441,4054168.5339418445,4952685.2785060406,3124432.5317065045,3581589.6463541854,3654921.5625359435,4639564.1502749659,14044042.652234795,4486964.0399349593,4935259.9069477599,5619760.9125624727,-4645382.6422906164,6239973.6700368719,6366536.6258349242,6702947.1246206919,6577096.7711251155,-4112935.244906839,6717451.9761664206,6999716.4097989798,6861112.5040710624,7153548.5304726558,-5003267.488198299]
[null,null,"CFADS (Qualifying) @ Period End","USD ",{"$f":"SUM(F290:AA290)","v":53769974.177317291},{"$f":"F289*F286","v":0},{"$f":"G289*G286","v":0},0,0,144076.2776808402,2246484.124529195,1786313.167305924,1789373.5416038241,144085.39474786818,2079760.2138353232,2388914.3915345669,2399211.3097720295,2740351.4007534441,4054168.5339418445,4952685.2785060406,3124432.5317065045,3581589.6463541854,3654921.5625359435,4639564.1502749659,14044042.652234795,0,0,0,{"$f":"AC289*AC286","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"NPV (CFADS) @ Period Start","USD ",null,{"$f":"(G291+F290)/F283*F286","v":0},0,0,0,25926949.176204342,27597759.340857808,27283118.370188661,27406623.488795944,27535713.591407839,29319128.148058522,29291706.904587299,28953211.996373843,28580725.526347984,27841024.912438903,25735728.122367784,22584543.812427491,21041029.347590912,18932311.755568095,16602652.015921919,13125273.506761489,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AN291+AM290)/AM283*AM286","v":0}]
[null,null,null,null,null,null,null,null,null,{"$f":"NPV(0.08,J219:Y219)","v":-1348991.1625987284},{"$f":"IF(J291=J292,\"OK\")","v":false}]
[null,null,"Denominator"]
[null,null,"Debt Balance B/f","USD ",null,{"$f":"F163","v":0},0,0,0,800610.56897974585,771902.55723136326,741231.88643577916,708362.0039287142,673191.22964615468,635558.50116381608,595333.79063055909,552245.01757550344,506140.03040659381,456807.69413586054,404054.08022983145,347569.01693848643,287129.9992167473,222460.2502544864,153277.02318876778,79230.152083082838,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"LLCR (Loan Life Cover Ratio)","x @ Period Start",{"$f":"MIN(F297:AM297)","v":32.383970660347671},{"$f":"IF(F294=0,0,F291/F294)","v":0},0,0,0,{"$f":"IF(J294=0,0,J291/J294)","v":32.383970660347671},35.752905703337241,36.807804506872749,38.690137721664136,40.903256576710405,46.131281533281665,49.202157454496962,52.428199576133494,56.468020329054859,60.946926397782214,63.693771159862941,64.978587594948252,73.280498049622338,85.104245517615936,108.31794401092316,165.66008219948864,0,0,0,{"$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},10000000,10000000,32.383970660347671,35.752905703337241,36.807804506872749,38.690137721664136,40.903256576710405,46.131281533281665,49.202157454496962,52.428199576133494,56.468020329054859,60.946926397782214,63.693771159862941,64.978587594948252,73.280498049622338,85.104245517615936,108.31794401092316,165.66008219948864,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[]
[null,null,"DSCR"]
[]
[null,null,"Numerator"]
[null,null,{"$f":"C289","v":"CFADS @ Period End"},"USD ",{"$f":"SUM(F302:AM302)","v":108668757.27349347},{"$f":"F289","v":0},{"$f":"G289","v":0},0,0,144076.2776808402,2246484.124529195,1786313.167305924,1789373.5416038241,144085.39474786818,2079760.2138353232,2388914.3915345669,2399211.3097720295,2740351.4007534441,4054168.5339418445,4952685.2785060406,3124432.5317065045,3581589.6463541854,3654921.5625359435,4639564.1502749659,14044042.652234795,4486964.0399349593,4935259.9069477599,5619760.9125624727,{"$f":"AC289","v":-4645382.6422906164},6239973.6700368719,6366536.6258349242,6702947.1246206919,6577096.7711251155,-4112935.244906839,6717451.9761664206,6999716.4097989798,6861112.5040710624,7153548.5304726558,-5003267.488198299]
[]
[null,null,"Denominator"]
[null,null,"Interest","USD ",{"$f":"SUM(F305:AM305)","v":555871.19007435779},{"$f":"-F222","v":0},0,0,0,56042.739828582256,54186.293732901715,51886.232050504586,49585.340275010036,47123.386075230868,44615.164577286123,41673.365344139173,38657.151230285279,35429.802128461597,32067.151043879887,28283.785616088226,24329.831185694071,20099.099945172329,15616.344772091972,10729.391623213754,5546.1106458158038,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal","USD ",{"$f":"SUM(F306:AM306)","v":800610.56897974585},{"$f":"-F223","v":0},0,0,0,28708.01174838256,30670.670795584083,32869.88250706494,35170.774282559476,37632.728482338629,40224.710533256977,43088.773055055695,46104.987168909603,49332.336270733256,52753.613906029073,56485.063291345024,60439.017721739147,64669.748962260885,69183.227065718616,74046.871105684942,79230.152083082896,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Debt Service","USD ",null,{"$f":"SUM(F305:F306)","v":0},0,0,0,84750.751576964816,84856.964528485798,84756.114557569526,84756.114557569512,84756.114557569497,84839.8751105431,84762.138399194868,84762.138399194882,84762.138399194853,84820.76494990896,84768.848907433246,84768.848907433217,84768.848907433217,84799.571837810596,84776.262728898699,84776.262728898699,0,0,0,{"$f":"SUM(AC305:AC306)","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"DSCR (Debt Service Cover Ratio)",null,"Average",{"$f":"IF(F307=0,0,F302/F307)","v":0},0,0,0,1.7000000000000002,26.473774274297408,21.075920912969568,21.112028919027605,1.7000000000000004,24.513947140132814,28.183743787630288,28.305223948842926,32.329899321882543,47.796887193083442,58.425770107062846,36.858263052720645,42.251247864238991,43.100707743270469,54.727160657123683,165.66008219948853,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"AVERAGEIF(F286:AM286,1,F310:AM310)","v":39.638416070110736}]
[null,null,null,null,"Min"]
[null,null,null,null,{"$f":"MIN(F313:AM313)","v":1.7000000000000002},{"$f":"IF(F310=0,10000000,F310)","v":10000000},{"$f":"IF(G310=0,10000000,G310)","v":10000000},10000000,10000000,1.7000000000000002,26.473774274297408,21.075920912969568,21.112028919027605,1.7000000000000004,24.513947140132814,28.183743787630288,28.305223948842926,32.329899321882543,47.796887193083442,58.425770107062846,36.858263052720645,42.251247864238991,43.100707743270469,54.727160657123683,165.66008219948853,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[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$21","v":0.29919868460459559},"Deuda privada",{"$f":"-NPV(0,'Project Finance Model'!$F$117:$AM$117)","v":800610.56897974585},{"$f":"F6/F$21","v":1.3001508888149638E-3}]
[null,"Interes durante la construccion",{"$f":"NPV(0,'Project Finance Model'!$F$112:$AM$112)","v":62996.04629115943},{"$f":"C7/C$21","v":1.0230237864790364E-4},"Aportacion de capital privado",{"$f":"-NPV(0,'Project Finance Model'!$F$119:$AM$119)","v":7506947.8446490671},{"$f":"F7/F$21","v":1.2190901907460302E-2}]
[null,"Upfront fee",{"$f":"NPV(0,'Project Finance Model'!$F$113:$AM$113)","v":8006.1056897974586},{"$f":"C8/C$21","v":1.3001508888149639E-5},"Aportacion municipal",{"$f":"-NPV(0,'Project Finance Model'!$F$116:$AM$116)","v":176304850.77812237},{"$f":"F8/F$21","v":0.28631012045428583}]
[]
[]
[null,"Durante la operacion",null,null,"Durante la operacion"]
[]
[null,"Operacion y mantenimiento",{"$f":"-NPV(0,'Project Finance Model'!$F$209:$AM$209)","v":273739915.86876315},{"$f":"C13/C$21","v":0.44453971595010205},"Deuda",0,{"$f":"F13/F$21","v":0}]
[null,"Renovaciones",{"$f":"NPV(0,'Project Finance Model'!$F$106:$AM$106)","v":44634895.008087233},7.2484801806801183E-2,"Aportacion de capital privado",0,{"$f":"F14/F$21","v":0}]
[null,"Impuesto a la renta",{"$f":"-NPV(0,'Project Finance Model'!$F$211:$AM$211)","v":4126833.6126172105},6.7017681221386337E-3,"Aportacion municipal",{"$f":"NPV(0,'Project Finance Model'!$F$157:$AM$157)","v":0},{"$f":"F15/F$21","v":0}]
[null,"Intereses",{"$f":"-NPV(0,'Project Finance Model'!$F$222:$AM$222)","v":555871.19007435779},9.0270657151428574E-4,"Autofinanciamento sobre Tesoreria",{"$f":"'Project Finance Model'!E220","v":82435753.087274998},{"$f":"F16/F$21","v":0.13387147484592218}]
[null,"Principal de la deuda",{"$f":"-NPV(0,'Project Finance Model'!$F$223:$AM$223)","v":800610.56897974585},1.3001508888149638E-3,"Ingresos de operacion",{"$f":"NPV(0,'Project Finance Model'!$F$208:$AM$208)","v":348734648.67568594},{"$f":"F17/F$21","v":0.56632735190351668}]
[null,"Constitucion de la Tesoreria",{"$f":"'Project Finance Model'!E229-'Project Finance Model'!E228","v":62814946.985200346},0.1020082825758189]
[null,"Dividendo a privados (Equity)",{"$f":"-NPV(0,'Project Finance Model'!$F$227:$AM$227)","v":44797328.529238984},7.2748585592678411E-2]
[]
[null,"Total",{"$f":"SUM(C6:C19)","v":615782810.95471215},{"$f":"SUM(D6:D19)","v":1},"Total",{"$f":"SUM(F6:F19)","v":615782810.95471215},{"$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"]
[]
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[]
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[]
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[]
[null,"Calcul des intérêts à rembourser par le SPV durant la construction"]
[null,"Calcul des intérêts à rembourser par le maire durant la construction"]
[]
[]
[]
[]
[]
[]
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[]
[null,"Calcul des intérêts à rembourser par le SPV durant l'exploitation"]
[null,"Calcul des intérêts à rembourser par le maire durant l'exploitation"]
[]
[]
[]
[null,"Hypothèse: le remboursement de la dette du SPV commence à la fin de la première année de construction"]
[null,"Hypothèse: le remboursement de la dette du SPV commence à la fin de la première année d'exploitation"]

{"sheet":"Balance_Municipality","index":4,"n_rows":4,"n_cols":6,"rows_kept":4,"cut":false,"hidden":true,"merged":[[1,1,1,5]]}
[]
[null,"Aportacion municipal (flujos de caja)"]
[null,"Total","Pago de la deuda - Intereses","Pago de la deuda - Principal","Subsidios Municipal","Transferencia de activos"]
[null,{"$f":"C4+D4+E4+F4","v":283022547.97055495},{"$f":"'Project Finance Model'!E241","v":106717697.19243251},{"$f":"'Project Finance Model'!E242","v":176304850.77812245},{"$f":"SUM('Project Finance Model'!$F$157:$AM$157)","v":0},{"$f":"SUM('Project Finance Model'!$F$243:$AM$243)","v":0}]