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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)",97069079.375824481]
[null,"Inversion inicial con inflacion (USD valor nominal)",100473865.25308904]
[null,"Inflacion sobre inversion inicial (USD valor nominal)",3404785.8772645593]
[null,"Locales comerciales (m2)",500]
[null,"Alquiler mensual de locales comerciales ($/m2)",20]
[null,"Depreciation de activos "]
[null,"Duracion de vida infinida",0.19892985465190019,"de los activos"]
[null,"Duracion de vida de 50 años",0.28678519589313783,"de los activos"]
[null,"Duracion de vida de 40 años",0.4538304930939599,"de los activos"]
[null,"Duracion de vida de 15 años",9.4289139459596605E-2,"de los activos"]
[null,"Duracion de vida de 10 años",3.4214853963729482E-2,"de los activos"]
[null,"Duracion de vida de 5 años",5.8727698758471707E-3,"de los activos"]
[null,"Renta concesional",0,"de la Utilitad neta de operacion antes de impuestos"]
[null,"Impuesto a la renta",0.35,"Impuesto a la renta para sociedades en Ecuador"]
[null,"Hipotesis general de Inflacion 2019 - 2050 ",0.02]
[null,"Tasa de actualizacion",0.13]
[]
[]
[null,null,"Tarifa (USD 2019)"]
[null,null,"1,00$"]
[null,"TRI 30 años",{"$f":"AJ104","v":1.4443623659237792E-2}]
[null,"VAN 30 años",{"$f":"AJ116","v":-59239842.785374776}]
[]
[]
[null,null,"Tarifa de 1,00$ (USD 2019)"]
[null,null,2020,2025,2030,2035,2040,2045,2050]
[null,"Ratio de cobertura (Ingresos / Egresos) de la operacion",{"$f":"H112","v":2.0470890712000624},{"$f":"M112","v":2.1073849817341901},{"$f":"R112","v":2.2139945757325927},{"$f":"W112","v":2.470326853999985},{"$f":"AB112","v":2.7333191031942978},{"$f":"AG112","v":2.7352857841070475},{"$f":"AL112","v":2.6317522951427295}]
[null,"Margen neta de la operacion",{"$f":"H113","v":1.0470890712000624},{"$f":"M113","v":1.1073849817341901},{"$f":"R113","v":1.2139945757325927},{"$f":"W113","v":1.470326853999985},{"$f":"AB113","v":1.7333191031942978},{"$f":"AG113","v":1.7352857841070475},{"$f":"AL113","v":1.6317522951427295}]
[]
[]
[]
[]
[]
[]
[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",0,0,0,0,2781385.9464699812,2662939.2285330845,2924588.514047171,2993635.5456799311,6236057.3001692127,3136760.0262136133,3210920.1825820408,3286869.1498029972,3364650.9139767447,6929227.6577587705,3525894.3131083371,3609449.5406949222,3695024.8088078182,3782669.8989622821,7701488.6475260863,3964374.9495657254,4058540.8476398122,4154988.5092806723,4253774.2894672332,8562129.2077075187,4458592.7474636352,4564745.3669758551,4673476.0637765378,4784848.6506534554,9521563.2290997729,5015782.8272636784,5135480.2487434773,5258091.3094530441,5383688.2853901507,10591470.114860574,5644138.2593135601,5779145.123475939,5917445.7326383181,6059121.9693054315,11784953.44640965,6352939.2682528105,6505254.6699239314,6661294.4887018651,6821151.5140086189,13116720.155555634]
[null,"Trafico anual",0,0,0,0,8183160.0000000037,10910880.000000004,11128320.000000004,11345760.000000004,11563200.000000004,11780640.000000004,11998080,12220032,12441984.000000002,12663936.000000002,12885888.000000004,13107840.000000002,13413504.000000002,13719168,14024832,14330496,14636160,15080688,15525216,15969743.999999998,16414271.999999998,16858800,16858800,16858800,16858800,16858800,16858800,16858800,16858800,16858800,16858800,16858800,16858800,16858800,16858800,16858800,16858800,16858800,16858800,16858800]
[null,"Ingresos de pasajeros (valor actualizado)",0,0,0,0,3996655.3440000014,5328873.7920000032,5682367.2407040009,5793396.9318720018,6142965.4586108178,6258480.7493020045,6631505.480008916,6754181.433519721,7154682.4254665598,7282314.4874992045,7709308.3901329357,7842096.7874716986,8349176.7133925296,8539435.9290995076,9082374.8286566697,9280320.5166782103,9861188.1593696158,10160691.188176917,10882786.063350383,11194389.014521498,11970834.041106591,12295025.751505019,12791744.791865824,12791744.791865824,13308531.281457201,13308531.281457201,13846195.945228074,13846195.945228074,14405582.261415286,14405582.261415286,14987567.784776464,14987567.784776464,15593065.523281429,15593065.523281429,16223025.370422004,16223025.370422004,16878435.595387053,16878435.595387053,17560324.39344069,17560324.39344069]
[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$18/50","v":-576288.34257495753},-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753,-576288.34257495753]
[null,"Activos iniciales - Depreciacion 40 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$19/40","v":-1139952.5952716372},-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372,-1139952.5952716372]
[null,"Activos iniciales - Depreciacion 15 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$20/15","v":-631572.95285954874},-631572.95285954874,-631572.95285954874,-631572.95285954874,-631572.95285954874,-631572.95285954874,-631572.95285954874,-631572.95285954874,-631572.95285954874,-631572.95285954874,-631572.95285954874,-631572.95285954874,-631572.95285954874,-631572.95285954874,-631572.95285954874,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 10 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$21/10","v":-343769.86268058757},-343769.86268058757,-343769.86268058757,-343769.86268058757,-343769.86268058757,-343769.86268058757,-343769.86268058757,-343769.86268058757,-343769.86268058757,-343769.86268058757,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 5 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-118011.97783365383},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-118011.97783365383},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-118011.97783365383},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-118011.97783365383},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-118011.97783365383},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Valor residual",0,0,0,0,{"$f":"-(SUM(C96:F96))+SUM(G56:G60)","v":97664269.521868661},{"$f":"G61+SUM(H56:H60)","v":94854673.790648282},{"$f":"H61+SUM(I56:I60)","v":92045078.059427902},89235482.328207523,86425886.596987143,83734302.843600407,81042719.090213671,78351135.336826935,75659551.583440199,72967967.830053464,70620153.939347327,68272340.04864119,65924526.157935046,63576712.267228901,61228898.376522757,59512657.438676164,57796416.50082957,56080175.562982976,54363934.625136383,52647693.687289789,50931452.749443196,49215211.811596602,47498970.873750009,45782729.935903415,44066488.998056822,42350248.060210228,40634007.122363634,38917766.184517041,37201525.246670447,35485284.308823854,33769043.37097726,32052802.433130667,30336561.495284073,28620320.557437479,26904079.619590886,25187838.681744292,23471597.743897699,21755356.806051105,20039115.868204512,18322874.930357918]
[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$97)/10","v":-440154.86139536824},{"$f":"SUM($P$97:$Q$97)/10","v":-440154.86139536824},-440154.86139536824,-440154.86139536824,-440154.86139536824,-440154.86139536824,-440154.86139536824,-440154.86139536824,-440154.86139536824,-440154.86139536824,-440154.86139536824,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos nuevos 1 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-SUM(P97:Q97)","v":4401548.6139536826},{"$f":"R63+S62","v":3961393.7525583142},{"$f":"S63+T62","v":3521238.8911629459},3081084.0297675775,2640929.1683722092,2200774.3069768408,1760619.4455814725,1320464.5841861041,880309.72279073589,440154.86139536765,-5.8207660913467407E-10,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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$97)/15","v":-876844.10994955001},-876844.10994955001,-876844.10994955001,-876844.10994955001,-876844.10994955001,-876844.10994955001,-876844.10994955001,-876844.10994955001,-876844.10994955001,-876844.10994955001,-876844.10994955001,-876844.10994955001,-876844.10994955001,-876844.10994955001,-876844.10994955001,0,0,{"$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$97))+X64","v":12275817.539293701},{"$f":"X65+Y64","v":11398973.429344151},{"$f":"Y65+Z64","v":10522129.319394602},9645285.2094450518,8768441.0994955022,7891596.9895459525,7014752.8795964029,6137908.7696468532,5261064.6596973035,4384220.5497477539,3507376.4397982038,2630532.3298486536,1753688.2198991035,876844.1099495535,3.4924596548080444E-9,0,0,{"$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$97)/10","v":-546180.29656304885},{"$f":"SUM($AA$97:$AB$97)/10","v":-546180.29656304885},-546180.29656304885,-546180.29656304885,-546180.29656304885,-546180.29656304885,-546180.29656304885,-546180.29656304885,-546180.29656304885,-546180.29656304885,-546180.29656304885,0,{"$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":5461802.9656304885},{"$f":"AC67+AD66","v":4915622.6690674396},{"$f":"AD67+AE66","v":4369442.3725043908},3823262.0759413419,3277081.7793782931,2730901.4828152442,2184721.1862521954,1638540.8896891465,1092360.5931260977,546180.29656304885,0,0,{"$f":"AN67+AO66","v":0},0,0,0,0,0]
[null,"Activos nuevos 4 - Depreciacion 15 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($AL$97:$AN$97)/14","v":-1766081.313924568},{"$f":"SUM($AL$97:$AN$97)/14","v":-1766081.313924568},-1766081.313924568,-1766081.313924568,-1766081.313924568,-1766081.313924568]
[null,"Activos nuevos 4 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-(SUM(AL97:AN97))-AO68","v":26491219.708868522},{"$f":"AO69+AP68","v":24725138.394943953},{"$f":"AP69+AQ68","v":22959057.081019383},21192975.767094813,19426894.453170244,17660813.139245674]
[null,"Depreciacion de activos",0,0,0,0,{"$f":"SUM(G56:G60)+G62+G64+G66+G68","v":-2809595.7312203846},{"$f":"SUM(H56:H60)+H62+H64+H66+H68","v":-2809595.7312203846},-2809595.7312203846,-2809595.7312203846,-2809595.7312203846,-2691583.7533867308,-2691583.7533867308,-2691583.7533867308,-2691583.7533867308,-2691583.7533867308,-2347813.8907061433,-2787968.7521015117,-2787968.7521015117,-2787968.7521015117,-2787968.7521015117,-2156395.7992419628,-2156395.7992419628,-3033239.909191513,-3033239.909191513,-3033239.909191513,-3033239.909191513,-3033239.909191513,-3139265.3443591935,-3139265.3443591935,-3139265.3443591935,-3139265.3443591935,-3139265.3443591935,-3139265.3443591935,-3139265.3443591935,-3139265.3443591935,-3139265.3443591935,-3139265.3443591935,-2262421.2344096433,-1716240.9378465947,-3482322.2517711627,-3482322.2517711627,-3482322.2517711627,-3482322.2517711627,-3482322.2517711627,-3482322.2517711627]
[null,"Valor residual de activos",{"$f":"C61+C65+C69","v":0},{"$f":"D61+D65+D69","v":0},0,0,{"$f":"G61+G63+G65+G67+G69","v":97664269.521868661},{"$f":"H61+H63+H65+H67+H69","v":94854673.790648282},92045078.059427902,89235482.328207523,86425886.596987143,83734302.843600407,81042719.090213671,78351135.336826935,75659551.583440199,72967967.830053464,70620153.939347327,72673888.66259487,69885919.910493359,67097951.158391848,64309982.406290337,62153586.60704837,59997190.80780641,70116612.547858149,67083372.638666645,64050132.729475126,61016892.820283614,57983652.911092103,60852370.828926444,57713105.484567262,54573840.140208066,51434574.795848869,48295309.451489687,45156044.10713049,42016778.762771294,38877513.418412104,35738248.074052908,32598982.729693718,30336561.495284073,28620320.557437479,53395299.328459412,49912977.076688245,46430654.824917078,42948332.573145919,39466010.321374759,35983688.069603592]
[]
[]
[null,"A. GASTOS "]
[null,"1. Costos anuales de O&M",0,0,0,0,{"$f":"-G51","v":-2781385.9464699812},{"$f":"-H51","v":-2662939.2285330845},-2924588.514047171,-2993635.5456799311,-6236057.3001692127,-3136760.0262136133,-3210920.1825820408,-3286869.1498029972,-3364650.9139767447,-6929227.6577587705,-3525894.3131083371,-3609449.5406949222,-3695024.8088078182,-3782669.8989622821,-7701488.6475260863,-3964374.9495657254,-4058540.8476398122,-4154988.5092806723,-4253774.2894672332,-8562129.2077075187,-4458592.7474636352,-4564745.3669758551,-4673476.0637765378,-4784848.6506534554,-9521563.2290997729,-5015782.8272636784,-5135480.2487434773,-5258091.3094530441,-5383688.2853901507,-10591470.114860574,-5644138.2593135601,-5779145.123475939,-5917445.7326383181,-6059121.9693054315,-11784953.44640965,-6352939.2682528105,-6505254.6699239314,-6661294.4887018651,-6821151.5140086189,-13116720.155555634]
[null,"Gasto totale",null,null,null,null,{"$f":"G75","v":-2781385.9464699812},{"$f":"H75","v":-2662939.2285330845},-2924588.514047171,-2993635.5456799311,-6236057.3001692127,-3136760.0262136133,-3210920.1825820408,-3286869.1498029972,-3364650.9139767447,-6929227.6577587705,-3525894.3131083371,-3609449.5406949222,-3695024.8088078182,-3782669.8989622821,-7701488.6475260863,-3964374.9495657254,-4058540.8476398122,-4154988.5092806723,-4253774.2894672332,-8562129.2077075187,-4458592.7474636352,-4564745.3669758551,-4673476.0637765378,-4784848.6506534554,-9521563.2290997729,-5015782.8272636784,-5135480.2487434773,-5258091.3094530441,-5383688.2853901507,-10591470.114860574,-5644138.2593135601,-5779145.123475939,-5917445.7326383181,-6059121.9693054315,-11784953.44640965,-6352939.2682528105,-6505254.6699239314,-6661294.4887018651,-6821151.5140086189,-13116720.155555634]
[]
[null,"B. INGRESOS"]
[null,"1. Ingresos de pasajeros",0,0,0,0,{"$f":"G53","v":3996655.3440000014},5328873.7920000032,5682367.2407040009,5793396.9318720018,6142965.4586108178,6258480.7493020045,6631505.480008916,6754181.433519721,7154682.4254665598,7282314.4874992045,7709308.3901329357,7842096.7874716986,8349176.7133925296,8539435.9290995076,9082374.8286566697,9280320.5166782103,9861188.1593696158,10160691.188176917,10882786.063350383,11194389.014521498,11970834.041106591,12295025.751505019,12791744.791865824,12791744.791865824,13308531.281457201,13308531.281457201,13846195.945228074,13846195.945228074,14405582.261415286,14405582.261415286,14987567.784776464,14987567.784776464,15593065.523281429,15593065.523281429,16223025.370422004,16223025.370422004,16878435.595387053,16878435.595387053,17560324.39344069,17560324.39344069]
[null,"2. Ingresos comerciales",0,0,0,0,120000,122400,124848,127344.95999999999,129891.85919999999,132489.69638400001,135139.49031168001,137842.28011791359,140599.12572027187,143411.10823467729,146279.33039937084,149204.91700735825,152189.01534750542,155232.79565445552,158337.45156754466,161504.20059889552,164734.28461087344,168028.97030309093,171389.54970915272,174817.34070333577,178313.68751740252,181879.96126775054,185517.56049310556,189227.91170296766,193012.469937027,196872.71933576756,200810.17372248293,204826.37719693253,208922.90474087122,213101.36283568863,217363.39009240241,221710.65789425041,226144.87105213548,230667.76847317821,235281.12384264174,239986.74631949456,244786.48124588444,249682.21087080217,254675.85508821823,259769.3721899825]
[null,"Ingreso totale",0,0,0,0,{"$f":"G79+G80","v":4116655.3440000014},{"$f":"H79+H80","v":5451273.7920000032},5807215.2407040009,5920741.8918720018,6272857.3178108176,6390970.4456860041,6766644.9703205964,6892023.7136376342,7295281.5511868317,7425725.5957338819,7855587.7205323065,7991301.7044790564,8501365.7287400346,8694668.7247539628,9240712.2802242152,9441824.7172771059,10025922.443980489,10328720.158480007,11054175.613059536,11369206.355224835,12149147.728623994,12476905.71277277,12977262.35235893,12980972.703568792,13501543.751394227,13505404.000792969,14047006.118950557,14051022.322425006,14614505.166156158,14618683.624250975,15204931.174868867,15209278.442670714,15819210.394333564,15823733.291754607,16458306.494264646,16463012.116741499,17123222.076632936,17128117.806257855,17815000.248528909,17820093.765630674]
[]
[null,"Flujo de caja neto (Ingreso total - Gasto total)",null,null,null,null,{"$f":"G81+G76","v":1335269.3975300202},{"$f":"H81+H76","v":2788334.5634669187},2882626.7266568299,2927106.3461920707,36800.017641604878,3254210.4194723908,3555724.7877385556,3605154.5638346369,3930630.6372100869,496497.93797511142,4329693.4074239694,4381852.1637841342,4806340.9199322164,4911998.8257916812,1539223.6326981289,5477449.7677113805,5967381.5963406768,6173731.6491993349,6800401.3235923024,2807077.147517316,7690554.9811603585,7912160.3457969148,8303786.288582392,8196124.0529153366,3979980.5222944543,8489621.1735292897,8911525.8702070788,8792931.0129719619,9230816.880766008,4027213.5093904007,9560792.9155553058,9430133.3191947751,9901764.6616952457,9764611.3224491756,4673353.0478549954,10110072.848488688,10617967.406709004,10466823.31755599,10993848.73452029,4703373.6100750398]
[]
[null,"C. FLUJO DE CAJA DE OPERACION"]
[null,"1. Utilitad antes de impuestos",0,0,0,0,{"$f":"G83","v":1335269.3975300202},{"$f":"H83","v":2788334.5634669187},2882626.7266568299,2927106.3461920707,36800.017641604878,3254210.4194723908,3555724.7877385556,3605154.5638346369,3930630.6372100869,496497.93797511142,4329693.4074239694,4381852.1637841342,4806340.9199322164,4911998.8257916812,1539223.6326981289,5477449.7677113805,5967381.5963406768,6173731.6491993349,6800401.3235923024,2807077.147517316,7690554.9811603585,7912160.3457969148,8303786.288582392,8196124.0529153366,3979980.5222944543,8489621.1735292897,8911525.8702070788,8792931.0129719619,9230816.880766008,4027213.5093904007,9560792.9155553058,9430133.3191947751,9901764.6616952457,9764611.3224491756,4673353.0478549954,10110072.848488688,10617967.406709004,10466823.31755599,10993848.73452029,4703373.6100750398]
[null,"2. Renta concessional",0,0,0,0,{"$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":-2809595.7312203846},{"$f":"H70","v":-2809595.7312203846},-2809595.7312203846,-2809595.7312203846,-2809595.7312203846,-2691583.7533867308,-2691583.7533867308,-2691583.7533867308,-2691583.7533867308,-2691583.7533867308,-2347813.8907061433,-2787968.7521015117,-2787968.7521015117,-2787968.7521015117,-2787968.7521015117,-2156395.7992419628,-2156395.7992419628,-3033239.909191513,-3033239.909191513,-3033239.909191513,-3033239.909191513,-3033239.909191513,-3139265.3443591935,-3139265.3443591935,-3139265.3443591935,-3139265.3443591935,-3139265.3443591935,-3139265.3443591935,-3139265.3443591935,-3139265.3443591935,-3139265.3443591935,-3139265.3443591935,-2262421.2344096433,-1716240.9378465947,-3482322.2517711627,-3482322.2517711627,-3482322.2517711627,-3482322.2517711627,-3482322.2517711627,-3482322.2517711627]
[null,"4. Base imponible ( 1-2-3)",0,0,0,0,{"$f":"G86+G87+G88","v":-1474326.3336903644},-21261.167753465939,73030.995436445344,117510.61497168615,-2772795.7135787797,562626.66608565999,864141.03435182478,913570.81044790614,1239046.8838233561,-2195085.8154116194,1981879.516717826,1593883.4116826225,2018372.1678307047,2124030.0736901695,-1248745.1194033828,3321053.9684694177,3810985.7970987139,3140491.7400078219,3767161.4144007894,-226162.76167419693,4657315.071968846,4878920.4366054013,5164520.944223199,5056858.7085561436,840715.17793526081,5350355.8291700967,5772260.5258478858,5653665.6686127689,6091551.5364068151,887948.16503120726,6421527.5711961128,6290867.9748355821,7639343.4272856023,8048370.3846025812,1191030.7960838326,6627750.5967175253,7135645.154937841,6984501.0657848269,7511526.4827491269,1221051.3583038771]
[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$24*H89,0)","v":0},-25560.84840275587,-41128.715240090154,0,-196919.33312998098,-302449.36202313867,-319749.7836567671,-433666.40933817462,0,-693657.83085123904,-557859.19408891781,-706430.25874074665,-743410.52579155925,0,-1162368.8889642961,-1333845.0289845497,-1099172.1090027376,-1318506.4950402763,0,-1630060.2751890961,-1707622.1528118905,-1807582.3304781197,-1769900.5479946502,-294250.31227734126,-1872624.5402095336,-2020291.18404676,-1978782.984014469,-2132043.0377423852,-310781.85776092252,-2247534.6499186391,-2201803.7911924534,-2673770.1995499604,-2816929.6346109034,-416860.7786293414,-2319712.7088511335,-2497475.8042282443,-2444575.373024689,-2629034.2689621942,-427367.97540635697]
[null,"6. Utilidad despues de impuestos",0,0,0,0,{"$f":"G89+G90","v":-1474326.3336903644},{"$f":"H89+H90","v":-21261.167753465939},47470.147033689471,76381.899731596,-2772795.7135787797,365707.33295567904,561691.67232868611,593821.02679113904,805380.4744851815,-2195085.8154116194,1288221.6858665869,1036024.2175937047,1311941.9090899581,1380619.5478986101,-1248745.1194033828,2158685.0795051213,2477140.7681141645,2041319.6310050844,2448654.9193605129,-226162.76167419693,3027254.7967797499,3171298.2837935109,3356938.6137450794,3286958.1605614936,546464.86565791955,3477731.288960563,3751969.3418011256,3674882.6845982997,3959508.4986644299,577166.30727028474,4173992.9212774737,4089064.1836431287,4965573.2277356423,5231440.7499916777,774170.01745449123,4308037.8878663918,4638169.3507095966,4539925.6927601378,4882492.2137869326,793683.38289752009]
[null,"7.Depreciacion (agrego)",0,0,0,0,{"$f":"-G88","v":2809595.7312203846},{"$f":"-H88","v":2809595.7312203846},2809595.7312203846,2809595.7312203846,2809595.7312203846,2691583.7533867308,2691583.7533867308,2691583.7533867308,2691583.7533867308,2691583.7533867308,2347813.8907061433,2787968.7521015117,2787968.7521015117,2787968.7521015117,2787968.7521015117,2156395.7992419628,2156395.7992419628,3033239.909191513,3033239.909191513,3033239.909191513,3033239.909191513,3033239.909191513,3139265.3443591935,3139265.3443591935,3139265.3443591935,3139265.3443591935,3139265.3443591935,3139265.3443591935,3139265.3443591935,3139265.3443591935,3139265.3443591935,3139265.3443591935,2262421.2344096433,1716240.9378465947,3482322.2517711627,3482322.2517711627,3482322.2517711627,3482322.2517711627,3482322.2517711627,3482322.2517711627]
[null,"Flujo de caja de operacion (6+7)",null,null,null,null,{"$f":"G91+G92","v":1335269.3975300202},{"$f":"H91+H92","v":2788334.5634669187},2857065.8782540741,2885977.6309519806,36800.017641604878,3057291.0863424097,3253275.4257154167,3285404.7801778698,3496964.2278719125,496497.93797511142,3636035.5765727302,3823992.9696952165,4099910.66119147,4168588.3000001218,1539223.6326981289,4315080.8787470842,4633536.5673561273,5074559.5401965976,5481894.8285520263,2807077.147517316,6060494.7059712633,6204538.1929850243,6496203.9581042733,6426223.5049206875,3685730.210017113,6616996.633319756,6891234.6861603186,6814148.0289574936,7098773.8430236233,3716431.6516294782,7313258.2656366676,7228329.5280023217,7227994.4621452857,6947681.6878382722,4256492.2692256542,7790360.1396375541,8120491.6024807598,8022247.944531301,8364814.4655580949,4276005.6346686827]
[]
[null,"D. FLUJO DE CAJA DE INVERSION"]
[null," 1. Inversion inicial",-5417644.877764266,-21455968.216601714,-53023280.959698707,-20576971.199024353]
[null," 2. Nuevos equipos",null,null,null,null,0,0,0,0,0,0,0,0,0,-1953269.0979018339,-2448279.5160518484,0,0,0,-2401289.2479880508,-7283352.0412259623,-3468020.3600292369,0,0,0,-2423774.5348916287,-3038028.4307388593,0,0,0,0,0,0,0,0,0,-6326608.4877883652,-13661780.494634973,-4736749.4125206126,0,0,0,0,0,0]
[null," 3. Valor residual despues tasas",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AJ71","v":38877513.418412104},null,null,null,null,null,null,null,null,null,{"$f":"AT71","v":35983688.069603592}]
[null,"Flujo de caja del capital",{"$f":"C96+C97+C98","v":-5417644.877764266},-21455968.216601714,-53023280.959698707,-20576971.199024353,0,0,0,0,0,0,0,0,0,-1953269.0979018339,-2448279.5160518484,0,0,0,-2401289.2479880508,-7283352.0412259623,-3468020.3600292369,0,0,0,-2423774.5348916287,-3038028.4307388593,0,0,0,0,0,0,0,38877513.418412104,0,-6326608.4877883652,-13661780.494634973,-4736749.4125206126,0,0,0,0,0,35983688.069603592]
[]
[null,null,null,null,"Inversion inicial con la inflacion",{"$f":"C99+D99+E99+F99","v":-100473865.25308904}]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C93+C99","v":-5417644.877764266},-21455968.216601714,-53023280.959698707,-20576971.199024353,1335269.3975300202,2788334.5634669187,2857065.8782540741,2885977.6309519806,36800.017641604878,3057291.0863424097,3253275.4257154167,3285404.7801778698,3496964.2278719125,-1456771.1599267225,1187756.0605208818,3823992.9696952165,4099910.66119147,4168588.3000001218,-862065.61528992187,-2968271.1624788782,1165516.2073268904,5074559.5401965976,5481894.8285520263,2807077.147517316,3636720.1710796347,3166509.762246165,6496203.9581042733,6426223.5049206875,3685730.210017113,6616996.633319756,6891234.6861603186,6814148.0289574936,7098773.8430236233,42593945.070041582]
[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,{"$f":"IRR(C103:AJ103)","v":1.4443623659237792E-2}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C93+C99","v":-5417644.877764266},{"$f":"D93+D99","v":-21455968.216601714},-53023280.959698707,-20576971.199024353,1335269.3975300202,2788334.5634669187,2857065.8782540741,2885977.6309519806,36800.017641604878,3057291.0863424097,3253275.4257154167,3285404.7801778698,3496964.2278719125,-1456771.1599267225,1187756.0605208818,3823992.9696952165,4099910.66119147,4168588.3000001218,-862065.61528992187,-2968271.1624788782,1165516.2073268904,5074559.5401965976,5481894.8285520263,2807077.147517316,3636720.1710796347,3166509.762246165,6496203.9581042733,6426223.5049206875,3685730.210017113,6616996.633319756,6891234.6861603186,6814148.0289574936,7098773.8430236233,{"$f":"AJ93+AJ97","v":3716431.6516294782},7313258.2656366676,901721.0402139565,-6433786.0324896872,2210932.2753176596,4256492.2692256542,7790360.1396375541,8120491.6024807598,8022247.944531301,8364814.4655580949,40259693.704272278]
[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,{"$f":"IRR(C106:AT106)","v":2.1878220718331232E-2}]
[]
[null,"EBE (Excedente Bruto de Explotacion)",{"$f":"C83","v":0},{"$f":"D83","v":0},0,0,1335269.3975300202,2788334.5634669187,2882626.7266568299,2927106.3461920707,36800.017641604878,3254210.4194723908,3555724.7877385556,3605154.5638346369,3930630.6372100869,496497.93797511142,4329693.4074239694,4381852.1637841342,4806340.9199322164,4911998.8257916812,1539223.6326981289,5477449.7677113805,5967381.5963406768,6173731.6491993349,6800401.3235923024,2807077.147517316,7690554.9811603585,7912160.3457969148,8303786.288582392,8196124.0529153366,3979980.5222944543,8489621.1735292897,8911525.8702070788,8792931.0129719619,9230816.880766008,4027213.5093904007,9560792.9155553058,9430133.3191947751,9901764.6616952457,9764611.3224491756,4673353.0478549954,10110072.848488688,10617967.406709004,10466823.31755599,10993848.73452029,4703373.6100750398]
[null,"ENE (Excedente Neto de Explotacion)",{"$f":"C109+C70","v":0},{"$f":"D109+D70","v":0},0,0,-1474326.3336903644,-21261.167753465939,73030.995436445344,117510.61497168615,-2772795.7135787797,562626.66608565999,864141.03435182478,913570.81044790614,1239046.8838233561,-2195085.8154116194,1981879.516717826,1593883.4116826225,2018372.1678307047,2124030.0736901695,-1248745.1194033828,3321053.9684694177,3810985.7970987139,3140491.7400078219,3767161.4144007894,-226162.76167419693,4657315.071968846,4878920.4366054013,5164520.944223199,5056858.7085561436,840715.17793526081,5350355.8291700967,5772260.5258478858,5653665.6686127689,6091551.5364068151,887948.16503120726,6421527.5711961128,6290867.9748355821,7639343.4272856023,8048370.3846025812,1191030.7960838326,6627750.5967175253,7135645.154937841,6984501.0657848269,7511526.4827491269,1221051.3583038771]
[]
[null,"Ratio de coberture (Ingresos/Egresos)",null,null,null,null,{"$f":"ABS(G81)/ABS(G76)","v":1.4800733962234505},{"$f":"ABS(H81)/ABS(H76)","v":2.0470890712000624},1.9856520713294219,1.9777764532546831,1.0059011673354263,2.0374432192062049,2.1073849817341901,2.0968354380796437,2.1682135049678601,1.0716527097243189,2.2279702744711662,2.2139945757325927,2.3007601216845304,2.2985533913861245,1.1998605338712751,2.381667939434287,2.470326853999985,2.4858601017570936,2.5986746970639159,1.327848024646769,2.7248839301448409,2.7333191031942978,2.7767901611701582,2.7129327699416388,1.4179965439005697,2.6925814904471728,2.7352857841070475,2.672266702018649,2.7145897740431786,1.380231777620742,2.693933152643587,2.6317522951427295,2.6733173583799816,2.6115554979607896,1.3965525251420283,2.5914008337858969,2.632213947871954,2.5712896848065543,2.6117291504142943,1.3585784826005387]
[null,"Margen neta de la operacion",null,null,null,null,{"$f":"G112-1","v":0.48007339622345047},{"$f":"H112-1","v":1.0470890712000624},0.9856520713294219,0.9777764532546831,5.9011673354263383E-3,1.0374432192062049,1.1073849817341901,1.0968354380796437,1.1682135049678601,7.1652709724318919E-2,1.2279702744711662,1.2139945757325927,1.3007601216845304,1.2985533913861245,0.19986053387127511,1.381667939434287,1.470326853999985,1.4858601017570936,1.5986746970639159,0.32784802464676899,1.7248839301448409,1.7333191031942978,1.7767901611701582,1.7129327699416388,0.41799654390056973,1.6925814904471728,1.7352857841070475,1.672266702018649,1.7145897740431786,0.38023177762074201,1.693933152643587,1.6317522951427295,1.6733173583799816,1.6115554979607896,0.39655252514202832,1.5914008337858969,1.632213947871954,1.5712896848065543,1.6117291504142943,0.35857848260053871]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C103","v":-5417644.877764266},{"$f":"D103","v":-21455968.216601714},-53023280.959698707,-20576971.199024353,1335269.3975300202,2788334.5634669187,2857065.8782540741,2885977.6309519806,36800.017641604878,3057291.0863424097,3253275.4257154167,3285404.7801778698,3496964.2278719125,-1456771.1599267225,1187756.0605208818,3823992.9696952165,4099910.66119147,4168588.3000001218,-862065.61528992187,-2968271.1624788782,1165516.2073268904,5074559.5401965976,5481894.8285520263,2807077.147517316,3636720.1710796347,3166509.762246165,6496203.9581042733,6426223.5049206875,3685730.210017113,6616996.633319756,6891234.6861603186,6814148.0289574936,7098773.8430236233,42593945.070041582]
[null,"VAN (30 años]",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"NPV(C26,C115:AJ115)","v":-59239842.785374776}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C106","v":-5417644.877764266},{"$f":"D106","v":-21455968.216601714},-53023280.959698707,-20576971.199024353,1335269.3975300202,2788334.5634669187,2857065.8782540741,2885977.6309519806,36800.017641604878,3057291.0863424097,3253275.4257154167,3285404.7801778698,3496964.2278719125,-1456771.1599267225,1187756.0605208818,3823992.9696952165,4099910.66119147,4168588.3000001218,-862065.61528992187,-2968271.1624788782,1165516.2073268904,5074559.5401965976,5481894.8285520263,2807077.147517316,3636720.1710796347,3166509.762246165,6496203.9581042733,6426223.5049206875,3685730.210017113,6616996.633319756,6891234.6861603186,6814148.0289574936,7098773.8430236233,3716431.6516294782,7313258.2656366676,901721.0402139565,-6433786.0324896872,2210932.2753176596,4256492.2692256542,7790360.1396375541,8120491.6024807598,8022247.944531301,8364814.4655580949,40259693.704272278]
[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,{"$f":"NPV(C26,C118:AT118)","v":-59359576.982712299}]
[]
[]
[]
[null,null,-15374793.702004252,-32471752.923079427,-62793043.621870533,-31184167.865535051,4461627.0876138387,7085887.3224892067,7506676.6422383776,7866933.6835564012,4138496.9480227539,8621725.0100111552,9016880.0393200647,9408111.1130052563,9811291.0381158479,3028760.3722510524,6759476.3316930179,11095752.577078201,11666827.927642517,12256200.784473658,5145482.9160697088,4835774.0456957947,9963796.0466147065,14965506.412886936,15819114.660764625,11262213.876171863,14269356.723393489,13717569.790471114,18902277.061604355,19259777.254964769,13648271.158759808,19994678.368752308,20372314.83298843,20756902.165421762,21148563.030060068,14981724.136930339]
[]
[null,null,{"$f":"C123-C103","v":-9957148.824239986},{"$f":"D123-D103","v":-11015784.706477713},-9769762.6621718258,-10607196.666510697,3126357.6900838185,4297552.759022288,4649610.7639843039,4980956.0526044201,4101696.9303811491,5564433.9236687459,5763604.613604648,6122706.3328273864,6314326.8102439353,4485531.5321777752,5571720.2711721361,7271759.6073829848,7566917.2664510468,8087612.4844735358,6007548.5313596306,7804045.2081746729,8798279.8392878156,9890946.8726903386,10337219.832212599,8455136.7286545467,10632636.552313853,10551060.028224949,12406073.103500081,12833553.750044081,9962540.9487426952,13377681.735432552,13481080.146828111,13942754.136464268,14049789.187036444,-27612220.933111243]

{"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",{"$f":"E313","v":1.9131611792306356}]
[null,null,null,{"$f":"E315","v":"2023-12-31"}]
[null,null,"LLCR",{"$f":"E296","v":17.022155589077215}]
[]
[null,null,"NPV project",{"$f":"E255","v":-60009792.975706406}]
[null,null,"IRR Project",{"$f":"E257","v":-3.2395605409973882E-4}]
[]
[null,null,"PRIVATE FINANCE"]
[null,null,"NPV Equity",{"$f":"IF(E58<0.01,\"N/A\",E272)","v":-61564.251075416658}]
[null,null,"IRR Equity",{"$f":"IF(E58<0.01,\"N/A\",E274)","v":0.12948470340355978}]
[null,null,"Debt / Equity",{"$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",{"$f":"'Global Financial Model'!C11","v":97069079.375824481},null," "]
[null,null,"Municipal direct subsidies (yearly)","USD 2015",0]
[null,null,"Treasury","%",0.23,"of DSRA"]
[null,null,"Discount Factor (WACC)","%",{"$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$59*E26*E58","v":1630760.5335138515}]
[null,null,"Private Amortisation Start","Date",{"$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 ",{"$f":"E26*H58","v":80761474.040685967}]
[null,null,"Municipal Amortisation Start","Date",{"$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 ",{"$f":"E52*E37","v":16307.605335138514}]
[null,null,"Upfront fee on municipal loan","USD ",{"$f":"E52*E43","v":807614.74040685967}]
[]
[null,null,"FUNDING SCHEME"]
[null,null,"Initial dibursment",null,"YES",{"$f":"IF($E$57=\"NO\",0,1)","v":1},"(if no : Equity is back ended)"]
[null,null,"Private funding vs Municipal funding ratio",null,0.16800000000000001,null,"Initial Municipal debt",{"$f":"1-E58","v":0.83199999999999996}]
[null,null,"Private funding: Inital Debt vs Equity ratio",null,0.1]
[]
[null,null,"INITIAL TREASURY",null,100000]
[]
[]
[null,null,null,null,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,2039,2040,2041,2042,2043,2044,2045,2046,2047,2048]
[null,null,"Private loan - BBSY","% p.a.",3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2]
[null,null,"Municipal loan - BBSY","% p.a.",3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2]
[]
[null,null,"Timing"]
[]
[null,null,null,null,"Construction","Operation"]
[null,null,"Start date",null,"2015-06-01",{"$f":"E73+1","v":"2019-01-01"}]
[null,null,"Duration",null,4,30]
[null,null,"End date",null,{"$f":"DATE(YEAR(E71),MONTH(E72)+E72*12,0)","v":"2018-12-31"},{"$f":"DATE(YEAR(F71),MONTH(F72)+F72*12,0)","v":"2048-12-31"}]
[]
[null,null," ",null," "]
[null,null,null,"Start","End",{"$f":"E71","v":"2015-06-01"},{"$f":"F77+1","v":"2016-01-01"},{"$f":"G77+1","v":"2017-01-01"},"2018-01-01","2019-01-01","2020-01-01","2021-01-01","2022-01-01","2023-01-01","2024-01-01","2025-01-01","2026-01-01","2027-01-01","2028-01-01","2029-01-01","2030-01-01","2031-01-01","2032-01-01","2033-01-01","2034-01-01","2035-01-01","2036-01-01","2037-01-01","2038-01-01","2039-01-01","2040-01-01","2041-01-01","2042-01-01","2043-01-01","2044-01-01","2045-01-01","2046-01-01","2047-01-01","2048-01-01"]
[null,null,null,null,null,{"$f":"DATE(YEAR(F76),12,31)","v":"2015-12-31"},{"$f":"DATE(YEAR(G76),12,31)","v":"2016-12-31"},"2017-12-31","2018-12-31","2019-12-31","2020-12-31","2021-12-31","2022-12-31","2023-12-31","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31","2035-12-31","2036-12-31","2037-12-31","2038-12-31","2039-12-31","2040-12-31","2041-12-31","2042-12-31","2043-12-31","2044-12-31","2045-12-31","2046-12-31","2047-12-31","2048-12-31"]
[null,null,"Construction",{"$f":"E71","v":"2015-06-01"},{"$f":"E73","v":"2018-12-31"},{"$f":"IF(AND(F$76>=$D78,F$77<=$E78),1,0)","v":1},1,1,1,0,0,0,0,0,0,{"$f":"IF(AND(P$76>=$D78,P$77<=$E78),1,0)","v":0},0,0,0,0,0,0,0,0,0,{"$f":"IF(AND(Z$76>=$D78,Z$77<=$E78),1,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Operation",{"$f":"F71","v":"2019-01-01"},{"$f":"F73","v":"2048-12-31"},0,0,0,0,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[]
[null,null,"Number of days","Num#",null,{"$f":"F77-$E$71","v":213},579,944,1309,1674,2040,2405,2770,3135,3501,3866,4231,4596,4962,5327,5692,6057,6423,6788,7153,7518,7884,8249,8614,8979,9345,9710,10075,10440,10806,11171,11536,11901,12267]
[null,null,{"$f":"C29","v":"Discount Factor (WACC)"},{"$f":"D29","v":"%"},null,{"$f":"POWER(1+$E$29,-F81/365)","v":0.93116245416459142},0.82376169317596137,0.72899264882828441,0.64512623790113677,0.57090817513374947,0.50505932975799217,0.4469551590778692,0.39553553900696398,0.35003145044864076,0.30965864119285325,0.27403419574588789,0.24250813782821937,0.2146089715293977,0.18985586131306764,0.16801403656023683,0.14868498810640432,0.13157963549239318,0.11640317200926432,0.10301165664536668,9.1160758093244865E-2,8.0673237250659155E-2,7.1368344174927809E-2,6.3157826703475958E-2,5.5891882038474304E-2,4.9461842511924176E-2,4.3756887912518215E-2,3.8722909657095753E-2,3.4268061643447575E-2,3.0325718268537687E-2,2.682793417619064E-2,2.374153466919526E-2,2.1010207671854207E-2,1.8593104134384256E-2,1.6448565848672027E-2]
[]
[null,null,"Flags & Counters"]
[]
[null,null,"Days in Period","Days",null,{"$f":"F77-F76+1","v":214},366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366]
[null,null,"Year: Calendar","Num#",null,{"$f":"YEAR(F77)","v":2015},2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,2039,2040,2041,2042,2043,2044,2045,2046,2047,2048]
[null,null,"Year: Operations","Num#",null,{"$f":"(E88+1)*F79","v":0},0,0,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,null,"Month: Construction","Num#",null,{"$f":"(E89+MONTH(E73-E71))*F78","v":8},{"$f":"(F89+12)*G78","v":20},32,44,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Year: Construction","Num#",null,{"$f":"(E90+1)*F78","v":1},2,3,4,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Year: Project","Num#",null,{"$f":"IF(F78=1,F90,(E91+1)*F79)","v":1},2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34]
[]
[null,null,null,"Start","End"]
[null,null,"Flag: End of Construction",{"$f":"D78","v":"2015-06-01"},{"$f":"E78","v":"2018-12-31"},{"$f":"IF(AND(F89<>0,G89=0),1,0)","v":0},0,0,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF(AND(AA89<>0,AD89=0),1,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Start","End"]
[null,null,"Flag: Municipal Debt Repayment",{"$f":"E44","v":"2016-12-31"},{"$f":"E46","v":"2031-12-31"},{"$f":"IF(AND(F77>=$D97,F77<=$E97),1,0)","v":0},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Flag: Private Debt Repayment",{"$f":"E38","v":"2019-12-31"},{"$f":"E40","v":"2034-12-31"},{"$f":"IF(AND(F77>=$D98,F77<=$E98),1,0)","v":0},0,0,0,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Technical inputs"]
[]
[null,null,"Construction"]
[null,null,"Construction: CapEx"]
[null,null,"Construction Costs","USD ",{"$f":"SUM(F105:AM105)","v":100473865.25308904},{"$f":"-'Global Financial Model'!C96","v":5417644.877764266},{"$f":"-'Global Financial Model'!D96","v":21455968.216601714},{"$f":"-'Global Financial Model'!E96","v":53023280.959698707},{"$f":"-'Global Financial Model'!F96","v":20576971.199024353},{"$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":23016013.228827417},{"$f":"-'Global Financial Model'!C97","v":0},{"$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":1953269.0979018339},{"$f":"-'Global Financial Model'!Q97","v":2448279.5160518484},{"$f":"-'Global Financial Model'!R97","v":0},{"$f":"-'Global Financial Model'!S97","v":0},{"$f":"-'Global Financial Model'!T97","v":0},{"$f":"-'Global Financial Model'!U97","v":2401289.2479880508},{"$f":"-'Global Financial Model'!V97","v":7283352.0412259623},{"$f":"-'Global Financial Model'!W97","v":3468020.3600292369},{"$f":"-'Global Financial Model'!X97","v":0},{"$f":"-'Global Financial Model'!Y97","v":0},{"$f":"-'Global Financial Model'!Z97","v":0},{"$f":"-'Global Financial Model'!AA97","v":2423774.5348916287},{"$f":"-'Global Financial Model'!AB97","v":3038028.4307388593},{"$f":"-'Global Financial Model'!AC97","v":0},{"$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 ",{"$f":"SUM(F109:AM109)","v":100473865.25308904},{"$f":"F105","v":5417644.877764266},{"$f":"G105","v":21455968.216601714},53023280.959698707,20576971.199024353,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",100000,null,null,null,{"$f":"E61","v":100000}]
[null,null,"Renewal Costs","USD ",23016013.228827417,{"$f":"F106","v":0},{"$f":"G106","v":0},0,0,0,0,0,0,0,0,0,0,0,1953269.0979018339,2448279.5160518484,0,0,0,2401289.2479880508,7283352.0412259623,3468020.3600292369,0,0,0,2423774.5348916287,3038028.4307388593,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Interest During Construction","USD ",132061.17801486384,{"$f":"F151","v":0},{"$f":"G151","v":6408.4365002289878},{"$f":"H151","v":31630.083064172813},94022.65845046204,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB151","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Upfront Fee","USD ",16307.605335138514,{"$f":"F138","v":16307.605335138514},{"$f":"G138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB138","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Required Funding","USD ",123738247.26526646,{"$f":"SUM(F109:F113)","v":5433952.4830994047},{"$f":"SUM(G109:G113)","v":21462376.653101943},{"$f":"SUM(H109:H113)","v":53054911.042762883},20770993.857474815,0,0,0,0,0,0,0,0,0,1953269.0979018339,2448279.5160518484,0,0,0,2401289.2479880508,7283352.0412259623,3468020.3600292369,0,0,0,2423774.5348916287,3038028.4307388593,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Release","USD ",-23016013.228827417,{"$f":"IF(F79=1,-F114,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-1953269.0979018339,-2448279.5160518484,0,0,0,-2401289.2479880508,-7283352.0412259623,-3468020.3600292369,0,0,0,-2423774.5348916287,-3038028.4307388593,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding through debt","USD ",-83800898.718317285,{"$f":"IF(F78=1,-F114*(1-$E$58),0)","v":-4521048.4659387041},-17856697.375380818,-44141685.98757872,-17281466.889419045,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Debt funding","USD ",-1630760.5335138515,{"$f":"IF(F78=1,IF($F$57=1,-MIN(F114*$E$59*$E$58,F135),-MIN(F114*$E$58,F135)),0)","v":-91290.401716070002},-360567.92777211266,-891322.50551841652,-287579.69850725215,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sub Total","USD ",15290574.784607906,{"$f":"SUM(F114:F117)","v":821613.61544463062},3245111.349949013,8021902.5496657463,3201947.2695485177,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Equity Funding","USD ",-15290574.784607906,{"$f":"-F118","v":-821613.61544463062},{"$f":"-G118","v":-3245111.349949013},-8021902.5496657463,-3201947.2695485177,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AB118","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Funding Shortfall","USD ",0,{"$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},{"$f":"F127","v":91290.401716070002},{"$f":"G127","v":451858.32948818267},1343180.8350065993,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Z127","v":0},{"$f":"AA127","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Disbursement to Fund Project Costs (SPV)","USD ",{"$f":"SUM(F124:AM124)","v":1630760.5335138515},{"$f":"-F117","v":91290.401716070002},360567.92777211266,891322.50551841652,287579.69850725215,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":-1630760.5335138515},{"$f":"-SUM(F123:F125)*F94","v":0},{"$f":"-SUM(G123:G125)*G94","v":0},{"$f":"-SUM(H123:H125)*H94","v":0},-1630760.5335138515,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F123:F126)","v":91290.401716070002},{"$f":"SUM(G123:G126)","v":451858.32948818267},1343180.8350065993,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipaly)","USD ",null,{"$f":"E133","v":0},{"$f":"F133","v":4521048.4659387041},22215899.272208903,65473511.885854699,{"$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 ",{"$f":"SUM(F130:AM130)","v":83800898.718317285},{"$f":"-F116","v":4521048.4659387041},{"$f":"-G116","v":17856697.375380818},44141685.98757872,17281466.889419045,{"$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 ",{"$f":"SUM(F131:AM131)","v":-3949338.8088473133},{"$f":"IF(F78=1,-F204,0)","v":0},{"$f":"IF(G78=1,-G204,0)","v":-161846.5691106192},-884073.37393291784,-2903418.8658037763,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",-79851559.909469962,{"$f":"-SUM(F129:F131)*F94","v":0},{"$f":"-SUM(G129:G131)*G94","v":0},{"$f":"-SUM(H129:H131)*H94","v":0},-79851559.909469962,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality)","USD ",null,{"$f":"SUM(F129:F132)","v":4521048.4659387041},{"$f":"SUM(G129:G132)","v":22215899.272208903},65473511.885854699,0,{"$f":"SUM(J129:J132)","v":0},{"$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 ",{"$f":"E37","v":1630760.5335138515},{"$f":"MAX(0,$E135-F123)*F78","v":1630760.5335138515},1539470.1317977814,1178902.2040256688,287579.69850725215,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E43","v":80761474.040685967},{"$f":"MAX(0,$E136-F129)*F78","v":80761474.040685967},76240425.574747264,58545574.768477067,15287962.154831268,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Upfront Fee (SPV)","USD ",{"$f":"E53","v":16307.605335138514},{"$f":"$E138*IF(F90=1,1,0)","v":16307.605335138514},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E54","v":807614.74040685967},{"$f":"$E139*IF(F90=1,1,0)","v":807614.74040685967},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[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 ",{"$f":"SUM(F151:AM151)","v":132061.17801486384},{"$f":"F144*F123","v":0},6408.4365002289878,31630.083064172813,94022.65845046204,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during construction for Municipality",null,{"$f":"SUM(F152:AM152)","v":6455628.9696472269},{"$f":"F149*F129","v":0},317370.1885827689,1555112.9490546247,4583145.8320098333,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Operations"]
[null,null,"Revenue"]
[null,null,"Revenue","USD ",{"$f":"SUM(F156:AM156)","v":291765328.79099768},{"$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":4116655.3440000014},{"$f":"'Global Financial Model'!H81","v":5451273.7920000032},{"$f":"'Global Financial Model'!I81","v":5807215.2407040009},{"$f":"'Global Financial Model'!J81","v":5920741.8918720018},{"$f":"'Global Financial Model'!K81","v":6272857.3178108176},{"$f":"'Global Financial Model'!L81","v":6390970.4456860041},{"$f":"'Global Financial Model'!M81","v":6766644.9703205964},{"$f":"'Global Financial Model'!N81","v":6892023.7136376342},{"$f":"'Global Financial Model'!O81","v":7295281.5511868317},{"$f":"'Global Financial Model'!P81","v":7425725.5957338819},{"$f":"'Global Financial Model'!Q81","v":7855587.7205323065},{"$f":"'Global Financial Model'!R81","v":7991301.7044790564},{"$f":"'Global Financial Model'!S81","v":8501365.7287400346},{"$f":"'Global Financial Model'!T81","v":8694668.7247539628},{"$f":"'Global Financial Model'!U81","v":9240712.2802242152},{"$f":"'Global Financial Model'!V81","v":9441824.7172771059},{"$f":"'Global Financial Model'!W81","v":10025922.443980489},{"$f":"'Global Financial Model'!X81","v":10328720.158480007},{"$f":"'Global Financial Model'!Y81","v":11054175.613059536},{"$f":"'Global Financial Model'!Z81","v":11369206.355224835},{"$f":"'Global Financial Model'!AA81","v":12149147.728623994},{"$f":"'Global Financial Model'!AB81","v":12476905.71277277},{"$f":"'Global Financial Model'!AC81","v":12977262.35235893},{"$f":"'Global Financial Model'!AD81","v":12980972.703568792},{"$f":"'Global Financial Model'!AE81","v":13501543.751394227},{"$f":"'Global Financial Model'!AF81","v":13505404.000792969},{"$f":"'Global Financial Model'!AG81","v":14047006.118950557},{"$f":"'Global Financial Model'!AH81","v":14051022.322425006},{"$f":"'Global Financial Model'!AI81","v":14614505.166156158},{"$f":"'Global Financial Model'!AJ81","v":14618683.624250975}]
[null,null,"Municipal direct subsidies (if any)","USD ",{"$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":144223108.32167414},{"$f":"-'Global Financial Model'!C76","v":0},{"$f":"-'Global Financial Model'!D76","v":0},{"$f":"-'Global Financial Model'!E76","v":0},{"$f":"-'Global Financial Model'!F76","v":0},{"$f":"-'Global Financial Model'!G76","v":2781385.9464699812},{"$f":"-'Global Financial Model'!H76","v":2662939.2285330845},{"$f":"-'Global Financial Model'!I76","v":2924588.514047171},{"$f":"-'Global Financial Model'!J76","v":2993635.5456799311},{"$f":"-'Global Financial Model'!K76","v":6236057.3001692127},{"$f":"-'Global Financial Model'!L76","v":3136760.0262136133},{"$f":"-'Global Financial Model'!M76","v":3210920.1825820408},{"$f":"-'Global Financial Model'!N76","v":3286869.1498029972},{"$f":"-'Global Financial Model'!O76","v":3364650.9139767447},{"$f":"-'Global Financial Model'!P76","v":6929227.6577587705},{"$f":"-'Global Financial Model'!Q76","v":3525894.3131083371},{"$f":"-'Global Financial Model'!R76","v":3609449.5406949222},{"$f":"-'Global Financial Model'!S76","v":3695024.8088078182},{"$f":"-'Global Financial Model'!T76","v":3782669.8989622821},{"$f":"-'Global Financial Model'!U76","v":7701488.6475260863},{"$f":"-'Global Financial Model'!V76","v":3964374.9495657254},{"$f":"-'Global Financial Model'!W76","v":4058540.8476398122},{"$f":"-'Global Financial Model'!X76","v":4154988.5092806723},{"$f":"-'Global Financial Model'!Y76","v":4253774.2894672332},{"$f":"-'Global Financial Model'!Z76","v":8562129.2077075187},{"$f":"-'Global Financial Model'!AA76","v":4458592.7474636352},{"$f":"-'Global Financial Model'!AB76","v":4564745.3669758551},{"$f":"-'Global Financial Model'!AC76","v":4673476.0637765378},{"$f":"-'Global Financial Model'!AD76","v":4784848.6506534554},{"$f":"-'Global Financial Model'!AE76","v":9521563.2290997729},{"$f":"-'Global Financial Model'!AF76","v":5015782.8272636784},{"$f":"-'Global Financial Model'!AG76","v":5135480.2487434773},{"$f":"-'Global Financial Model'!AH76","v":5258091.3094530441},{"$f":"-'Global Financial Model'!AI76","v":5383688.2853901507},{"$f":"-'Global Financial Model'!AJ76","v":10591470.114860574}]
[]
[null,null,"Operation: Debt"]
[null,null,"Balance B/f (SPV)","USD ",null,{"$f":"E166","v":0},{"$f":"F166","v":0},0,0,1630760.5335138515,1572285.2967772519,1509812.3275113418,1442859.7925203694,1371220.5800800289,1294566.6227688645,1212633.0673659581,1124865.7142253858,1030954.6463649734,930469.80375433213,823016.17412287509,707961.96984732826,584853.97127249313,453128.41279741959,312209.3684439651,161383.58658697709,0,{"$f":"Z166","v":0},{"$f":"AA166","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (SPV)","USD ",{"$f":"SUM(F164:AM164)","v":1630760.5335138515},{"$f":"-F126","v":0},0,0,1630760.5335138515,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (SPV)","USD ",{"$f":"SUM(F165:AM165)","v":-1630760.5335138517},{"$f":"IF(F79=1,-F198,0)","v":0},{"$f":"IF(G79=1,-G198,0)","v":0},0,0,-58475.236736599487,-62472.969265910011,-66952.534990972475,-71639.212440340547,-76653.957311164413,-81933.555402906379,-87767.353140572333,-93911.067860412382,-100484.84261064125,-107453.62963145706,-115054.20427554689,-123107.9985748351,-131725.55847507357,-140919.04435345452,-150825.781856988,-161383.58658697721,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F163:F165)","v":0},{"$f":"SUM(G163:G165)","v":0},0,1630760.5335138515,1572285.2967772519,1509812.3275113418,1442859.7925203694,1371220.5800800289,1294566.6227688645,1212633.0673659581,1124865.7142253858,1030954.6463649734,930469.80375433213,823016.17412287509,707961.96984732826,584853.97127249313,453128.41279741959,312209.3684439651,161383.58658697709,0,0,0,{"$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},0,0,79851559.909469962,75886862.234961614,71649585.795687765,67110089.806874007,62252829.098843291,57055560.141250424,51498453.714523472,45547641.581784047,39180272.599752858,32367187.788979489,25079327.999712683,17278361.251225114,8931326.8303434141,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",{"$f":"SUM(F169:AM169)","v":79851559.909469962},{"$f":"-F132","v":0},0,0,79851559.909469962,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (Municipality)","USD ",{"$f":"SUM(F170:AM170)","v":-79851559.909469977},{"$f":"IF(F79=1,-F204,0)","v":0},{"$f":"IF(G79=1,-G204,0)","v":0},0,0,-3964697.6745083444,-4237276.4392738547,-4539495.9888137523,-4857260.7080307174,-5197268.9575928682,-5557106.4267269531,-5950812.1327394266,-6367368.9820311889,-6813084.8107733689,-7287859.7892668042,-7800966.7484875694,-8347034.4208816998,-8931326.8303434197,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality","USD ",null,{"$f":"SUM(F168:F170)","v":0},{"$f":"SUM(G168:G170)","v":0},0,79851559.909469962,75886862.234961614,71649585.795687765,67110089.806874007,62252829.098843291,57055560.141250424,51498453.714523472,45547641.581784047,39180272.599752858,32367187.788979489,25079327.999712683,17278361.251225114,8931326.8303434141,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY","% p.a.",null,{"$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 ",{"$f":"SUM(F183:AM183)","v":1132251.8507916073},{"$f":"F176*F163","v":0},0,0,0,114153.2373459697,110371.84956178183,105686.86292579402,101000.18547642595,95985.440605602111,90876.454056284187,84884.314715617147,78740.599995777069,72166.8252455482,65317.454416355293,57611.13218860131,49557.337889313021,40939.777989074559,31808.871527297084,21854.655791077577,11296.851061088406,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during Operation for Municipality","USD ",{"$f":"SUM(F184:AM184)","v":44391024.95601958},{"$f":"F181*F168","v":0},{"$f":"G181*G168","v":0},0,0,5589609.1936629023,5327133.2877569068,5015471.0056981482,4697706.2864811849,4357698.0369190341,4005206.7608092884,3604891.7600166462,3188334.9107248862,2742619.0819827025,2272123.5062781977,1755552.9599798894,1209485.2875857591,625192.8781240395,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt repayment"]
[]
[null,null,"Flag: Municipal Debt Repayment",{"$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},91290.401716070002,451858.32948818267,1343180.8350065993,1630760.5335138515,1572285.2967772519,1509812.3275113418,1442859.7925203694,1371220.5800800289,1294566.6227688645,1212633.0673659581,1124865.7142253858,1030954.6463649734,930469.80375433213,823016.17412287509,707961.96984732826,584853.97127249313,453128.41279741959,312209.3684439651,161383.58658697709,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":2763012.3843054585},{"$f":"IF(F191=0,0,F195*F194/(1-(1+F195)^(-F192)))","v":0},{"$f":"IF(G191=0,0,G195*G194/(1-(1+G195)^(-G192)))","v":0},0,0,172628.47408256918,172844.81882769184,172639.39791676649,172639.39791676649,172639.39791676652,172810.00945919057,172651.66785618948,172651.66785618945,172651.66785618945,172771.08404781236,172665.33646414819,172665.33646414813,172665.33646414813,172727.91588075159,172680.43764806559,172680.43764806562,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (SPV)"," ",{"$f":"SUM(F197:AM197)","v":-1132251.8507916073},{"$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,-114153.2373459697,-110371.84956178183,-105686.86292579402,-101000.18547642595,-95985.440605602111,-90876.454056284187,-84884.314715617147,-78740.599995777069,-72166.8252455482,-65317.454416355293,-57611.13218860131,-49557.337889313021,-40939.777989074559,-31808.871527297084,-21854.655791077577,-11296.851061088406,{"$f":"IF(Z191=0,0,-Z183)","v":0},{"$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":1630760.5335138517},{"$f":"IF(F196=0,0,SUM(F196:F197))","v":0},{"$f":"IF(G196=0,0,SUM(G196:G197))","v":0},0,0,58475.236736599487,{"$f":"IF(K196=0,0,SUM(K196:K197))","v":62472.969265910011},{"$f":"IF(L196=0,0,SUM(L196:L197))","v":66952.534990972475},{"$f":"IF(M196=0,0,SUM(M196:M197))","v":71639.212440340547},76653.957311164413,{"$f":"IF(O196=0,0,SUM(O196:O197))","v":81933.555402906379},{"$f":"IF(P196=0,0,SUM(P196:P197))","v":87767.353140572333},{"$f":"IF(Q196=0,0,SUM(Q196:Q197))","v":93911.067860412382},100484.84261064125,{"$f":"IF(S196=0,0,SUM(S196:S197))","v":107453.62963145706},{"$f":"IF(T196=0,0,SUM(T196:T197))","v":115054.20427554689},{"$f":"IF(U196=0,0,SUM(U196:U197))","v":123107.9985748351},131725.55847507357,{"$f":"IF(W196=0,0,SUM(W196:W197))","v":140919.04435345452},{"$f":"IF(X196=0,0,SUM(X196:X197))","v":150825.781856988},{"$f":"IF(Y196=0,0,SUM(Y196:Y197))","v":161383.58658697721},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,{"$f":"IF(F78=1,F129,F168)","v":0},4521048.4659387041,22215899.272208903,65473511.885854699,79851559.909469962,75886862.234961614,71649585.795687765,67110089.806874007,62252829.098843291,57055560.141250424,51498453.714523472,45547641.581784047,39180272.599752858,32367187.788979489,25079327.999712683,17278361.251225114,8931326.8303434141,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$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)"," ",{"$f":"SUM(F202:AM202)","v":134647552.64398408},{"$f":"IF(F188=0,0,F201*F200/(1-(1+F201)^(-F189)))","v":0},{"$f":"IF(G188=0,0,G201*G200/(1-(1+G201)^(-G189)))","v":479216.75769338809},2439186.3229875425,7486564.6978136096,9554306.8681712467,9564409.7270307615,9554966.9945119005,9554966.9945119023,9554966.9945119023,9562313.1875362415,9555703.8927560728,9555703.8927560747,9555703.8927560709,9559983.2955450024,9556519.7084674593,9556519.7084674593,9556519.7084674593,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (Municipality)"," ",{"$f":"SUM(F203:AM203)","v":-50846653.925666809},{"$f":"IF(F78=1,-F152,-F184)","v":0},{"$f":"IF(G78=1,-G152,-G184)","v":-317370.1885827689},-1555112.9490546247,-4583145.8320098333,-5589609.1936629023,-5327133.2877569068,-5015471.0056981482,-4697706.2864811849,-4357698.0369190341,-4005206.7608092884,-3604891.7600166462,-3188334.9107248862,-2742619.0819827025,-2272123.5062781977,-1755552.9599798894,-1209485.2875857591,-625192.8781240395,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment (Municipality)"," ",{"$f":"SUM(F204:AM204)","v":83800898.718317285},{"$f":"IF(F202=0,0,SUM(F202:F203))","v":0},{"$f":"IF(G202=0,0,SUM(G202:G203))","v":161846.5691106192},884073.37393291784,2903418.8658037763,3964697.6745083444,{"$f":"IF(K202=0,0,SUM(K202:K203))","v":4237276.4392738547},{"$f":"IF(L202=0,0,SUM(L202:L203))","v":4539495.9888137523},{"$f":"IF(M202=0,0,SUM(M202:M203))","v":4857260.7080307174},5197268.9575928682,{"$f":"IF(O202=0,0,SUM(O202:O203))","v":5557106.4267269531},{"$f":"IF(P202=0,0,SUM(P202:P203))","v":5950812.1327394266},{"$f":"IF(Q202=0,0,SUM(Q202:Q203))","v":6367368.9820311889},6813084.8107733689,{"$f":"IF(S202=0,0,SUM(S202:S203))","v":7287859.7892668042},{"$f":"IF(T202=0,0,SUM(T202:T203))","v":7800966.7484875694},{"$f":"IF(U202=0,0,SUM(U202:U203))","v":8347034.4208816998},8931326.8303434197,{"$f":"IF(W202=0,0,SUM(W202:W203))","v":0},{"$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":291765328.79099768},{"$f":"F156","v":0},0,0,0,4116655.3440000014,5451273.7920000032,5807215.2407040009,5920741.8918720018,6272857.3178108176,6390970.4456860041,6766644.9703205964,6892023.7136376342,7295281.5511868317,7425725.5957338819,7855587.7205323065,7991301.7044790564,8501365.7287400346,8694668.7247539628,9240712.2802242152,9441824.7172771059,10025922.443980489,10328720.158480007,11054175.613059536,11369206.355224835,12149147.728623994,12476905.71277277,12977262.35235893,12980972.703568792,13501543.751394227,13505404.000792969,14047006.118950557,14051022.322425006,14614505.166156158,14618683.624250975]
[null,null,"OpEx","USD ",-144223108.32167414,{"$f":"-F160","v":0},0,0,0,-2781385.9464699812,-2662939.2285330845,-2924588.514047171,-2993635.5456799311,-6236057.3001692127,-3136760.0262136133,-3210920.1825820408,-3286869.1498029972,-3364650.9139767447,-6929227.6577587705,-3525894.3131083371,-3609449.5406949222,-3695024.8088078182,-3782669.8989622821,-7701488.6475260863,-3964374.9495657254,-4058540.8476398122,-4154988.5092806723,-4253774.2894672332,-8562129.2077075187,-4458592.7474636352,-4564745.3669758551,-4673476.0637765378,-4784848.6506534554,-9521563.2290997729,-5015782.8272636784,-5135480.2487434773,-5258091.3094530441,-5383688.2853901507,-10591470.114860574]
[null,null,"Operational Cashflow","USD ",147542220.46932358,{"$f":"SUM(F208:F209)","v":0},{"$f":"SUM(G208:G209)","v":0},{"$f":"SUM(H208:H209)","v":0},0,1335269.3975300202,2788334.5634669187,2882626.7266568299,2927106.3461920707,36800.017641604878,3254210.4194723908,3555724.7877385556,3605154.5638346369,3930630.6372100869,496497.93797511142,4329693.4074239694,4381852.1637841342,4806340.9199322164,4911998.8257916812,1539223.6326981289,5477449.7677113805,5967381.5963406768,6173731.6491993349,6800401.3235923024,2807077.147517316,7690554.9811603585,7912160.3457969148,8303786.288582392,8196124.0529153366,3979980.5222944543,8489621.1735292897,8911525.8702070788,8792931.0129719619,9230816.880766008,4027213.5093904007]
[null,null,"Revenue Tax","USD ",-24458664.005780399,{"$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":-25560.84840275587},{"$f":"'Global Financial Model'!J90","v":-41128.715240090154},{"$f":"'Global Financial Model'!K90","v":0},{"$f":"'Global Financial Model'!L90","v":-196919.33312998098},{"$f":"'Global Financial Model'!M90","v":-302449.36202313867},{"$f":"'Global Financial Model'!N90","v":-319749.7836567671},{"$f":"'Global Financial Model'!O90","v":-433666.40933817462},{"$f":"'Global Financial Model'!P90","v":0},{"$f":"'Global Financial Model'!Q90","v":-693657.83085123904},{"$f":"'Global Financial Model'!R90","v":-557859.19408891781},{"$f":"'Global Financial Model'!S90","v":-706430.25874074665},{"$f":"'Global Financial Model'!T90","v":-743410.52579155925},{"$f":"'Global Financial Model'!U90","v":0},{"$f":"'Global Financial Model'!V90","v":-1162368.8889642961},{"$f":"'Global Financial Model'!W90","v":-1333845.0289845497},{"$f":"'Global Financial Model'!X90","v":-1099172.1090027376},{"$f":"'Global Financial Model'!Y90","v":-1318506.4950402763},{"$f":"'Global Financial Model'!Z90","v":0},{"$f":"'Global Financial Model'!AA90","v":-1630060.2751890961},{"$f":"'Global Financial Model'!AB90","v":-1707622.1528118905},{"$f":"'Global Financial Model'!AC90","v":-1807582.3304781197},{"$f":"'Global Financial Model'!AD90","v":-1769900.5479946502},{"$f":"'Global Financial Model'!AE90","v":-294250.31227734126},{"$f":"'Global Financial Model'!AF90","v":-1872624.5402095336},{"$f":"'Global Financial Model'!AG90","v":-2020291.18404676},{"$f":"'Global Financial Model'!AH90","v":-1978782.984014469},{"$f":"'Global Financial Model'!AI90","v":-2132043.0377423852},{"$f":"'Global Financial Model'!AJ90","v":-310781.85776092252}]
[null,null,"CapEx (including intesrests during construction)","USD ",-123638247.26526646,{"$f":"-F114","v":-5433952.4830994047},-21462376.653101943,-53054911.042762883,{"$f":"-I114+I110","v":-20670993.857474815},0,0,0,0,0,0,0,0,0,-1953269.0979018339,-2448279.5160518484,0,0,0,-2401289.2479880508,-7283352.0412259623,-3468020.3600292369,0,0,0,-2423774.5348916287,-3038028.4307388593,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",null,{"$f":"-F110","v":0},{"$f":"-G110","v":0},{"$f":"-H110","v":0},-100000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow before Funding","USD ",-654690.80172330653,{"$f":"SUM(F210:F213)","v":-5433952.4830994047},{"$f":"SUM(G210:G213)","v":-21462376.653101943},{"$f":"SUM(H210:H213)","v":-53054911.042762883},-20770993.857474815,1335269.3975300202,2788334.5634669187,2857065.8782540741,2885977.6309519806,36800.017641604878,3057291.0863424097,3253275.4257154167,3285404.7801778698,3496964.2278719125,-1456771.1599267225,1187756.0605208818,3823992.9696952165,4099910.66119147,4168588.3000001218,-862065.61528992187,-2968271.1624788782,1165516.2073268904,5074559.5401965976,5481894.8285520263,2807077.147517316,3636720.1710796338,3166509.762246165,6496203.9581042724,6426223.5049206866,3685730.210017113,6616996.633319756,6891234.6861603186,6814148.0289574927,7098773.8430236224,3716431.6516294782]
[null,null,"Municipality: Funding (through debt )","USD ",83800898.718317285,{"$f":"-F116","v":4521048.4659387041},17856697.375380818,44141685.98757872,17281466.889419045,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding (through subsidies)","USD ",0,{"$f":"+F157","v":0},{"$f":"+G157","v":0},{"$f":"+H157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt: Funding","USD ",1630760.5335138515,{"$f":"F124","v":91290.401716070002},360567.92777211266,891322.50551841652,287579.69850725215,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity: Funding","USD ",15290574.784607906,{"$f":"-F119","v":821613.61544463062},3245111.349949013,8021902.5496657463,3201947.2695485177,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CashFlow after Funding","USD ",100067543.23471573,{"$f":"SUM(F214:F218)","v":0},0,0,0,1335269.3975300202,2788334.5634669187,2857065.8782540741,2885977.6309519806,36800.017641604878,3057291.0863424097,3253275.4257154167,3285404.7801778698,3496964.2278719125,-1456771.1599267225,1187756.0605208818,3823992.9696952165,4099910.66119147,4168588.3000001218,-862065.61528992187,-2968271.1624788782,1165516.2073268904,5074559.5401965976,5481894.8285520263,2807077.147517316,3636720.1710796338,3166509.762246165,6496203.9581042724,6426223.5049206866,3685730.210017113,6616996.633319756,6891234.6861603186,6814148.0289574927,7098773.8430236224,3716431.6516294782]
[null,null,"Treasury: Funding","USD ",29477432.47386615,{"$f":"IF(F78=1,0,-F115+IF(F191=1,IF(F219/F196>1.7,0,1.7*F196+IF(F219<0,-F219,0)),0))","v":0},0,0,0,0,0,0,0,293486.97645850311,0,0,0,0,3703751.1007098374,2448279.5160518484,0,0,0,3556911.6072796844,10545179.947706552,3468020.3600292369,0,0,0,2423774.5348916287,3038028.4307388593,0,0,0,0,0,0,0,0]
[null,null,"CashFlow Available for Debt Service (CFADS)","USD ",129544975.70858186,{"$f":"SUM(F219:F220)","v":0},{"$f":"SUM(G219:G220)","v":0},0,0,1335269.3975300202,2788334.5634669187,2857065.8782540741,2885977.6309519806,330286.99410010799,3057291.0863424097,3253275.4257154167,3285404.7801778698,3496964.2278719125,2246979.9407831151,3636035.5765727302,3823992.9696952165,4099910.66119147,4168588.3000001218,2694845.9919897625,7576908.7852276741,4633536.5673561273,5074559.5401965976,5481894.8285520263,2807077.147517316,6060494.7059712624,6204538.1929850243,6496203.9581042724,6426223.5049206866,3685730.210017113,6616996.633319756,6891234.6861603186,6814148.0289574927,7098773.8430236224,3716431.6516294782]
[null,null,"Interests","USD ",-1132251.8507916073,{"$f":"-F197","v":0},{"$f":"-G197","v":0},0,0,{"$f":"J197","v":-114153.2373459697},{"$f":"K197","v":-110371.84956178183},-105686.86292579402,-101000.18547642595,-95985.440605602111,-90876.454056284187,-84884.314715617147,-78740.599995777069,-72166.8252455482,-65317.454416355293,-57611.13218860131,-49557.337889313021,-40939.777989074559,-31808.871527297084,-21854.655791077577,-11296.851061088406,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment","USD ",-1630760.5335138517,{"$f":"F198","v":0},{"$f":"G198","v":0},{"$f":"H198","v":0},0,{"$f":"-J198","v":-58475.236736599487},{"$f":"-K198","v":-62472.969265910011},-66952.534990972475,-71639.212440340547,-76653.957311164413,-81933.555402906379,-87767.353140572333,-93911.067860412382,-100484.84261064125,-107453.62963145706,-115054.20427554689,-123107.9985748351,-131725.55847507357,-140919.04435345452,-150825.781856988,-161383.58658697721,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow available for Debt Service reserve Account (DSRA)","USD ",126781963.32427642,{"$f":"SUM(F221:F223)","v":0},{"$f":"SUM(G221:G223)","v":0},0,0,1162640.9234474509,2615489.7446392272,2684426.4803373078,2713338.2330352142,157647.59618334146,2884481.0768832192,3080623.7578592268,3112753.1123216804,3324312.5600157231,2074208.8567353028,3463370.2401085817,3651327.633231068,3927245.324727322,3995860.3841193705,2522165.5543416967,7404228.3475796087,4633536.5673561273,5074559.5401965976,5481894.8285520263,2807077.147517316,6060494.7059712624,6204538.1929850243,6496203.9581042724,6426223.5049206866,3685730.210017113,6616996.633319756,6891234.6861603186,6814148.0289574927,7098773.8430236224,3716431.6516294782]
[null,null,"Treasury: Deduction","USD ",-29159851.564583573,{"$f":"IF(F231<$E$220,IF(F224>0,-F224*$E$28,0),0)","v":0},0,0,0,-267407.41239291371,-601562.64126702223,-617418.09047758079,-624067.79359809926,-36258.947122168538,-663430.64768314047,-708543.46430762217,-715933.21583398653,-764591.8888036164,-477068.03704911965,-796575.1552249738,-839805.35564314574,-903266.42468728404,-919047.8883474553,-580098.07749859022,-1702972.5199433102,-1065713.4104919094,-1167148.6942452176,-1260835.8105669662,-645627.74392898276,-1393913.7823733904,-1427043.7843865557,-1494126.9103639827,-1478031.4061317579,-847717.94830393605,-1521909.2256635439,-1584983.9778168732,-1567254.0466602233,-1632717.9838954331,-854779.27987477998]
[null,null,"Cashflow available to Equity","USD ",97622111.759692848,{"$f":"F224+F225","v":0},{"$f":"G224+G225","v":0},{"$f":"H224+H225","v":0},0,895233.51105453714,2013927.103372205,2067008.3898597271,2089270.4394371151,121388.64906117292,2221050.4292000788,2372080.2935516047,2396819.8964876938,2559720.6712121069,1597140.8196861832,2666795.0848836079,2811522.2775879223,3023978.9000400379,3076812.4957719152,1942067.4768431066,5701255.8276362987,3567823.1568642179,3907410.8459513802,4221059.0179850599,2161449.4035883332,4666580.9235978723,4777494.4085984686,5002077.0477402899,4948192.0987889282,2838012.261713177,5095087.4076562123,5306250.7083434453,5246893.9822972696,5466055.8591281893,2861652.3717546985]
[null,null,"Distributions to Equity","USD ",-97622111.759692848,{"$f":"-MAX(F226,0)*F79","v":0},0,0,0,-895233.51105453714,-2013927.103372205,-2067008.3898597271,-2089270.4394371151,-121388.64906117292,-2221050.4292000788,-2372080.2935516047,-2396819.8964876938,-2559720.6712121069,-1597140.8196861832,-2666795.0848836079,-2811522.2775879223,-3023978.9000400379,-3076812.4957719152,-1942067.4768431066,-5701255.8276362987,-3567823.1568642179,-3907410.8459513802,-4221059.0179850599,-2161449.4035883332,-4666580.9235978723,-4777494.4085984686,-5002077.0477402899,-4948192.0987889282,-2838012.261713177,-5095087.4076562123,-5306250.7083434453,-5246893.9822972696,-5466055.8591281893,-2861652.3717546985]
[null,null,"Treasury: Add back","USD ",-317580.90928257373,{"$f":"-F225-F220","v":0},0,0,0,{"$f":"-J225-J220","v":267407.41239291371},{"$f":"-K225-K220","v":601562.64126702223},617418.09047758079,624067.79359809926,-257228.02933633456,663430.64768314047,708543.46430762217,715933.21583398653,764591.8888036164,-3226683.0636607176,-1651704.3608268746,839805.35564314574,903266.42468728404,919047.8883474553,-2976813.5297810943,-8842207.4277632423,-2402306.9495373275,1167148.6942452176,1260835.8105669662,645627.74392898276,-1029860.7525182383,-1610984.6463523037,1494126.9103639827,1478031.4061317579,847717.94830393605,1521909.2256635439,1584983.9778168732,1567254.0466602233,1632717.9838954331,854779.27987477998]
[null,null,"Net Cashflow","USD ",28942270.655301005,{"$f":"F224+F227+F228-F213","v":0},{"$f":"G224+G227+G228-G213","v":0},0,100000,{"$f":"J224+J227+J228-J213","v":534814.82478582743},{"$f":"K224+K227+K228-K213","v":1203125.2825340442},{"$f":"L224+L227+L228-L213","v":1234836.1809551613},{"$f":"M224+M227+M228-M213","v":1248135.5871961983},{"$f":"N224+N227+N228-N213","v":-220969.082214166},{"$f":"O224+O227+O228-O213","v":1326861.2953662807},{"$f":"P224+P227+P228-P213","v":1417086.9286152441},{"$f":"Q224+Q227+Q228-Q213","v":1431866.4316679733},{"$f":"R224+R227+R228-R213","v":1529183.7776072326},{"$f":"S224+S227+S228-S213","v":-2749615.0266115982},{"$f":"T224+T227+T228-T213","v":-855129.20560190082},{"$f":"U224+U227+U228-U213","v":1679610.7112862915},{"$f":"V224+V227+V228-V213","v":1806532.8493745681},{"$f":"W224+W227+W228-W213","v":1838095.7766949106},{"$f":"X224+X227+X228-X213","v":-2396715.4522825042},{"$f":"Y224+Y227+Y228-Y213","v":-7139234.9078199323},{"$f":"Z224+Z227+Z228-Z213","v":-1336593.5390454181},{"$f":"AA224+AA227+AA228-AA213","v":2334297.3884904347},{"$f":"AB224+AB227+AB228-AB213","v":2521671.6211339328},{"$f":"AC224+AC227+AC228-AC213","v":1291255.4878579658},{"$f":"AD224+AD227+AD228-AD213","v":364053.02985515189},{"$f":"AE224+AE227+AE228-AE213","v":-183940.86196574802},{"$f":"AF224+AF227+AF228-AF213","v":2988253.8207279649},{"$f":"AG224+AG227+AG228-AG213","v":2956062.8122635162},{"$f":"AH224+AH227+AH228-AH213","v":1695435.8966078721},{"$f":"AI224+AI227+AI228-AI213","v":3043818.4513270874},{"$f":"AJ224+AJ227+AJ228-AJ213","v":3169967.9556337465},{"$f":"AK224+AK227+AK228-AK213","v":3134508.0933204461},{"$f":"AL224+AL227+AL228-AL213","v":3265435.9677908663},{"$f":"AM224+AM227+AM228-AM213","v":1709558.5597495597}]
[]
[null,null,"Cash Balance B/f",null,null,{"$f":"E232","v":0},{"$f":"F232","v":0},0,0,100000,{"$f":"J232","v":634814.82478582743},{"$f":"K232","v":1837940.1073198717},{"$f":"L232","v":3072776.2882750332},{"$f":"M232","v":4320911.8754712315},{"$f":"N232","v":4099942.7932570656},{"$f":"O232","v":5426804.0886233468},{"$f":"P232","v":6843891.0172385909},{"$f":"Q232","v":8275757.4489065642},{"$f":"R232","v":9804941.2265137974},{"$f":"S232","v":7055326.1999021992},{"$f":"T232","v":6200196.9943002984},{"$f":"U232","v":7879807.7055865899},{"$f":"V232","v":9686340.554961158},{"$f":"W232","v":11524436.331656069},{"$f":"X232","v":9127720.8793735653},{"$f":"Y232","v":1988485.971553633},{"$f":"Z232","v":651892.43250821484},{"$f":"AA232","v":2986189.8209986496},{"$f":"AB232","v":5507861.4421325829},{"$f":"AC232","v":6799116.9299905486},{"$f":"AD232","v":7163169.9598457003},{"$f":"AE232","v":6979229.0978799518},{"$f":"AF232","v":9967482.9186079167},{"$f":"AG232","v":12923545.730871433},{"$f":"AH232","v":14618981.627479305},{"$f":"AI232","v":17662800.078806393},{"$f":"AJ232","v":20832768.034440137},{"$f":"AK232","v":23967276.127760582},{"$f":"AL232","v":27232712.095551446}]
[null,null,"Cash Balance C/f","USD ",null,{"$f":"F229+F231","v":0},{"$f":"G229+G231","v":0},0,100000,{"$f":"J229+J231","v":634814.82478582743},{"$f":"K229+K231","v":1837940.1073198717},3072776.2882750332,4320911.8754712315,4099942.7932570656,5426804.0886233468,6843891.0172385909,8275757.4489065642,9804941.2265137974,7055326.1999021992,6200196.9943002984,7879807.7055865899,9686340.554961158,11524436.331656069,9127720.8793735653,1988485.971553633,651892.43250821484,2986189.8209986496,5507861.4421325829,6799116.9299905486,7163169.9598457003,6979229.0978799518,9967482.9186079167,12923545.730871433,14618981.627479305,17662800.078806393,20832768.034440137,23967276.127760582,27232712.095551446,28942270.655301005]
[]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F234:AM234)","v":-28942270.655301005},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AM232","v":-28942270.655301005}]
[null,null,"Close out: Asset transfer to municipality","USD ",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Municipality Cashflow Waterfall"]
[]
[null,null,{"$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":50846653.925666809},{"$f":"-F203","v":0},{"$f":"-G203","v":317370.1885827689},{"$f":"-H203","v":1555112.9490546247},4583145.8320098333,5589609.1936629023,5327133.2877569068,5015471.0056981482,4697706.2864811849,4357698.0369190341,4005206.7608092884,3604891.7600166462,3188334.9107248862,2742619.0819827025,2272123.5062781977,1755552.9599798894,1209485.2875857591,625192.8781240395,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Principal","USD ",{"$f":"E204","v":83800898.718317285},{"$f":"F204","v":0},{"$f":"G204","v":161846.5691106192},884073.37393291784,2903418.8658037763,3964697.6745083444,4237276.4392738547,4539495.9888137523,4857260.7080307174,5197268.9575928682,5557106.4267269531,5950812.1327394266,6367368.9820311889,6813084.8107733689,7287859.7892668042,7800966.7484875694,8347034.4208816998,8931326.8303434197,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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},{"$f":"SUM(G240:G243)","v":479216.75769338809},2439186.3229875425,7486564.6978136096,9554306.8681712467,9564409.7270307615,9554966.9945119005,9554966.9945119023,9554966.9945119023,9562313.1875362415,9555703.8927560728,9555703.8927560747,9555703.8927560709,9559983.2955450024,9556519.7084674593,9556519.7084674593,9556519.7084674593,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Project Return"]
[]
[null,null,"Date",null,null,{"$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":-654690.80172330653},{"$f":"F214","v":-5433952.4830994047},-21462376.653101943,-53054911.042762883,-20770993.857474815,1335269.3975300202,2788334.5634669187,2857065.8782540741,2885977.6309519806,36800.017641604878,3057291.0863424097,3253275.4257154167,3285404.7801778698,3496964.2278719125,-1456771.1599267225,1187756.0605208818,3823992.9696952165,4099910.66119147,4168588.3000001218,-862065.61528992187,-2968271.1624788782,1165516.2073268904,5074559.5401965976,5481894.8285520263,2807077.147517316,3636720.1710796338,3166509.762246165,6496203.9581042724,6426223.5049206866,3685730.210017113,6616996.633319756,6891234.6861603186,6814148.0289574927,7098773.8430236224,3716431.6516294782]
[null,null,"Residual value ","USD ",{"$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,{"$f":"SUM(F249:F250)","v":-5433952.4830994047},{"$f":"SUM(G249:G250)","v":-21462376.653101943},-53054911.042762883,-20770993.857474815,1335269.3975300202,2788334.5634669187,2857065.8782540741,2885977.6309519806,36800.017641604878,3057291.0863424097,3253275.4257154167,3285404.7801778698,3496964.2278719125,-1456771.1599267225,1187756.0605208818,3823992.9696952165,4099910.66119147,4168588.3000001218,-862065.61528992187,-2968271.1624788782,1165516.2073268904,5074559.5401965976,5481894.8285520263,2807077.147517316,3636720.1710796338,3166509.762246165,6496203.9581042724,6426223.5049206866,3685730.210017113,6616996.633319756,6891234.6861603186,6814148.0289574927,7098773.8430236224,3716431.6516294782]
[null,null," "]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV project @ WACC","USD ",{"$f":"NPV(E254,F251:AM251)","v":-60009792.975706406}]
[]
[null,null,"IRR Project","%",{"$f":"IRR(F251:AM251)","v":-3.2395605409973882E-4}]
[null,null,"Check: NPV @ IRR","USD ",{"$f":"NPV(E257,F251:AM251)","v":2.2126079024371048E-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 ",{"$f":"SUM(F264:AM264)","v":-15290574.784607906},{"$f":"-F218","v":-821613.61544463062},-3245111.349949013,-8021902.5496657463,-3201947.2695485177,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Distributions to Equity","USD ",{"$f":"SUM(F265:AM265)","v":97622111.759692848},{"$f":"-F227","v":0},0,0,0,895233.51105453714,2013927.103372205,2067008.3898597271,2089270.4394371151,121388.64906117292,2221050.4292000788,2372080.2935516047,2396819.8964876938,2559720.6712121069,1597140.8196861832,2666795.0848836079,2811522.2775879223,3023978.9000400379,3076812.4957719152,1942067.4768431066,5701255.8276362987,3567823.1568642179,3907410.8459513802,4221059.0179850599,2161449.4035883332,4666580.9235978723,4777494.4085984686,5002077.0477402899,4948192.0987889282,2838012.261713177,5095087.4076562123,5306250.7083434453,5246893.9822972696,5466055.8591281893,2861652.3717546985]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F266:AM266)","v":28942270.655301005},{"$f":"-F234","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,28942270.655301005]
[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,{"$f":"SUM(F264:F267)","v":-821613.61544463062},{"$f":"SUM(G264:G267)","v":-3245111.349949013},-8021902.5496657463,-3201947.2695485177,895233.51105453714,2013927.103372205,2067008.3898597271,2089270.4394371151,121388.64906117292,2221050.4292000788,2372080.2935516047,2396819.8964876938,2559720.6712121069,1597140.8196861832,2666795.0848836079,2811522.2775879223,3023978.9000400379,3076812.4957719152,1942067.4768431066,5701255.8276362987,3567823.1568642179,3907410.8459513802,4221059.0179850599,2161449.4035883332,4666580.9235978723,4777494.4085984686,5002077.0477402899,4948192.0987889282,2838012.261713177,5095087.4076562123,5306250.7083434453,5246893.9822972696,5466055.8591281893,31803923.027055703]
[]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV Equity @ WACC","USD ",{"$f":"NPV(E271,F268:AM268)","v":-61564.251075416658}]
[]
[null,null,"IRR Equity","%",{"$f":"IRR(F268:AM268)","v":0.12948470340355978}]
[null,null,"Check: NPV Equity @ IRR","USD ",{"$f":"NPV(E274,F268:AM268)","v":-2.8859434761105606E-9},{"$f":"IF(ROUND(E275,3)=0,0,1)","v":0}]
[]
[]
[null,null,"Financial viability indicators"]
[]
[null,null,"LLCR"]
[]
[null,null,"Cost of Debt \"r\"","% p.a.",null,{"$f":"F143+F175","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,"\"1+r\"","Factor",null,{"$f":"(1+F282)","v":1.07},{"$f":"(1+G282)","v":1.07},{"$f":"(1+H282)","v":1.07},{"$f":"(1+I282)","v":1.07},{"$f":"(1+J282)","v":1.07},1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,{"$f":"(1+AC282)","v":1.07},1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07]
[]
[null,null,null,"Start","End"]
[null,null,"Flag: Debt Repayment",{"$f":"E38","v":"2019-12-31"},{"$f":"E40","v":"2034-12-31"},{"$f":"F98","v":0},0,0,0,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Numerator"]
[null,null,"CFADS @ Period End","USD ",{"$f":"SUM(F289:AA289)","v":61245228.317423522},{"$f":"F221","v":0},{"$f":"G221","v":0},0,0,{"$f":"J221","v":1335269.3975300202},2788334.5634669187,2857065.8782540741,2885977.6309519806,330286.99410010799,3057291.0863424097,3253275.4257154167,3285404.7801778698,3496964.2278719125,2246979.9407831151,3636035.5765727302,3823992.9696952165,4099910.66119147,4168588.3000001218,2694845.9919897625,7576908.7852276741,4633536.5673561273,5074559.5401965976,5481894.8285520263,2807077.147517316,6060494.7059712624,6204538.1929850243,6496203.9581042724,6426223.5049206866,3685730.210017113,6616996.633319756,6891234.6861603186,6814148.0289574927,7098773.8430236224,3716431.6516294782]
[null,null,"CFADS (Qualifying) @ Period End","USD ",{"$f":"SUM(F290:AA290)","v":51537132.2098708},{"$f":"F289*F286","v":0},{"$f":"G289*G286","v":0},0,0,1335269.3975300202,2788334.5634669187,2857065.8782540741,2885977.6309519806,330286.99410010799,3057291.0863424097,3253275.4257154167,3285404.7801778698,3496964.2278719125,2246979.9407831151,3636035.5765727302,3823992.9696952165,4099910.66119147,4168588.3000001218,2694845.9919897625,7576908.7852276741,0,0,0,{"$f":"AC289*AC286","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"NPV (CFADS) @ Period Start","USD ",null,{"$f":"(G291+F290)/F283*F286","v":0},0,0,0,27759059.529999349,28366924.299569286,27564274.437072221,26636707.769413203,25615299.682320148,27078083.665982451,25916258.436258815,24477121.101081517,22905114.797979355,21011508.605965998,20235334.267600503,18015772.089759808,15452883.166347781,12434674.326800657,9136513.2296765819,7081223.1637641806,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AN291+AM290)/AM283*AM286","v":0}]
[null,null,null,null,null,null,null,null,null,{"$f":"NPV(0.08,J219:Y219)","v":18532288.865347371},{"$f":"IF(J291=J292,\"OK\")","v":false}]
[null,null,"Denominator"]
[null,null,"Debt Balance B/f","USD ",null,{"$f":"F163","v":0},0,0,0,1630760.5335138515,1572285.2967772519,1509812.3275113418,1442859.7925203694,1371220.5800800289,1294566.6227688645,1212633.0673659581,1124865.7142253858,1030954.6463649734,930469.80375433213,823016.17412287509,707961.96984732826,584853.97127249313,453128.41279741959,312209.3684439651,161383.58658697709,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"LLCR (Loan Life Cover Ratio)","x @ Period Start",{"$f":"MIN(F297:AM297)","v":17.022155589077215},{"$f":"IF(F294=0,0,F291/F294)","v":0},0,0,0,{"$f":"IF(J294=0,0,J291/J294)","v":17.022155589077215},18.041842888001053,18.256755448875587,18.461050690784401,18.680655799977242,20.916716984458393,21.371888276602306,21.760038368612872,22.21738354712318,22.581612558717246,24.58680024018507,25.44737267970044,26.421780350958798,27.441833210224747,29.264058523331567,43.878211616940249,0,0,0,{"$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},10000000,10000000,17.022155589077215,18.041842888001053,18.256755448875587,18.461050690784401,18.680655799977242,20.916716984458393,21.371888276602306,21.760038368612872,22.21738354712318,22.581612558717246,24.58680024018507,25.44737267970044,26.421780350958798,27.441833210224747,29.264058523331567,43.878211616940249,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[]
[null,null,"DSCR"]
[]
[null,null,"Numerator"]
[null,null,{"$f":"C289","v":"CFADS @ Period End"},"USD ",{"$f":"SUM(F302:AM302)","v":129544975.70858186},{"$f":"F289","v":0},{"$f":"G289","v":0},0,0,1335269.3975300202,2788334.5634669187,2857065.8782540741,2885977.6309519806,330286.99410010799,3057291.0863424097,3253275.4257154167,3285404.7801778698,3496964.2278719125,2246979.9407831151,3636035.5765727302,3823992.9696952165,4099910.66119147,4168588.3000001218,2694845.9919897625,7576908.7852276741,4633536.5673561273,5074559.5401965976,5481894.8285520263,{"$f":"AC289","v":2807077.147517316},6060494.7059712624,6204538.1929850243,6496203.9581042724,6426223.5049206866,3685730.210017113,6616996.633319756,6891234.6861603186,6814148.0289574927,7098773.8430236224,3716431.6516294782]
[]
[null,null,"Denominator"]
[null,null,"Interest","USD ",{"$f":"SUM(F305:AM305)","v":1132251.8507916073},{"$f":"-F222","v":0},0,0,0,114153.2373459697,110371.84956178183,105686.86292579402,101000.18547642595,95985.440605602111,90876.454056284187,84884.314715617147,78740.599995777069,72166.8252455482,65317.454416355293,57611.13218860131,49557.337889313021,40939.777989074559,31808.871527297084,21854.655791077577,11296.851061088406,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal","USD ",{"$f":"SUM(F306:AM306)","v":1630760.5335138517},{"$f":"-F223","v":0},0,0,0,58475.236736599487,62472.969265910011,66952.534990972475,71639.212440340547,76653.957311164413,81933.555402906379,87767.353140572333,93911.067860412382,100484.84261064125,107453.62963145706,115054.20427554689,123107.9985748351,131725.55847507357,140919.04435345452,150825.781856988,161383.58658697721,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Debt Service","USD ",null,{"$f":"SUM(F305:F306)","v":0},0,0,0,172628.47408256918,172844.81882769184,172639.39791676649,172639.39791676649,172639.39791676652,172810.00945919057,172651.66785618948,172651.66785618945,172651.66785618945,172771.08404781236,172665.33646414819,172665.33646414813,172665.33646414813,172727.91588075159,172680.43764806559,172680.43764806562,0,0,0,{"$f":"SUM(AC305:AC306)","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"DSCR (Debt Service Cover Ratio)",null,"Average",{"$f":"IF(F307=0,0,F302/F307)","v":0},0,0,0,7.7349313583769108,16.132011259455776,16.549327168248887,16.716796199343666,1.9131611792306356,17.691631959920674,18.843000279761203,19.029093787350227,20.254447995166288,13.005532454500836,21.058283330236975,22.146848047229344,23.744839266234347,24.133842400310346,15.60597151995897,43.87821161694022,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"AVERAGEIF(F286:AM286,1,F310:AM310)","v":18.652370613891584}]
[null,null,null,null,"Min"]
[null,null,null,null,{"$f":"MIN(F313:AM313)","v":1.9131611792306356},{"$f":"IF(F310=0,10000000,F310)","v":10000000},{"$f":"IF(G310=0,10000000,G310)","v":10000000},10000000,10000000,7.7349313583769108,16.132011259455776,16.549327168248887,16.716796199343666,1.9131611792306356,17.691631959920674,18.843000279761203,19.029093787350227,20.254447995166288,13.005532454500836,21.058283330236975,22.146848047229344,23.744839266234347,24.133842400310346,15.60597151995897,43.87821161694022,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[null,null,null,null,"Min Period",null,null,null,null,null,null,null,null,null,null,null,null,null," "]
[null,null,null,null,{"$f":"INDEX(F248:AA248,1,MATCH(E313,F313:AM313,0))","v":"2023-12-31"}]

{"sheet":"Balance_SPV","index":3,"n_rows":181,"n_cols":7,"rows_kept":181,"cut":false,"hidden":true,"merged":[[1,1,1,6]]}
[]
[null,"Usos y recursos del concesionario (flujos de caja)"]
[null,"Usos","USD 2015","%","Recursos","USD 2015","%"]
[null,"Durante la construccion",null,null,"Durante la construccion"]
[]
[null,"Inversion inicial",{"$f":"NPV(0,'Project Finance Model'!$F$109:$AM$109)","v":100473865.25308904},{"$f":"C6/C$21","v":0.23810947915560143},"Deuda privada",{"$f":"-NPV(0,'Project Finance Model'!$F$117:$AM$117)","v":1630760.5335138515},{"$f":"F6/F$21","v":3.8646820273549268E-3}]
[null,"Interes durante la construccion",{"$f":"NPV(0,'Project Finance Model'!$F$112:$AM$112)","v":132061.17801486384},{"$f":"C7/C$21","v":3.1296714060503032E-4},"Aportacion de capital privado",{"$f":"-NPV(0,'Project Finance Model'!$F$119:$AM$119)","v":15290574.784607906},{"$f":"F7/F$21","v":3.6236595345283833E-2}]
[null,"Upfront fee",{"$f":"NPV(0,'Project Finance Model'!$F$113:$AM$113)","v":16307.605335138514},{"$f":"C8/C$21","v":3.8646820273549269E-5},"Aportacion municipal",{"$f":"-NPV(0,'Project Finance Model'!$F$116:$AM$116)","v":83800898.718317285},{"$f":"F8/F$21","v":0.19859680222640147}]
[]
[]
[null,"Durante la operacion",null,null,"Durante la operacion"]
[]
[null,"Operacion y mantenimiento",{"$f":"-NPV(0,'Project Finance Model'!$F$209:$AM$209)","v":144223108.32167414},{"$f":"C13/C$21","v":0.34178927145056676},"Deuda",0,{"$f":"F13/F$21","v":0}]
[null,"Renovaciones",{"$f":"NPV(0,'Project Finance Model'!$F$106:$AM$106)","v":23016013.228827417},5.4544840176595451E-2,"Aportacion de capital privado",0,{"$f":"F14/F$21","v":0}]
[null,"Impuesto a la renta",{"$f":"-NPV(0,'Project Finance Model'!$F$211:$AM$211)","v":24458664.005780399},5.796372750852416E-2,"Aportacion municipal",{"$f":"NPV(0,'Project Finance Model'!$F$157:$AM$157)","v":0},{"$f":"F15/F$21","v":0}]
[null,"Intereses",{"$f":"-NPV(0,'Project Finance Model'!$F$222:$AM$222)","v":1132251.8507916073},2.6832838349141403E-3,"Autofinanciamento sobre Tesoreria",{"$f":"'Project Finance Model'!E220","v":29477432.47386615},{"$f":"F16/F$21","v":6.9857530368882551E-2}]
[null,"Principal de la deuda",{"$f":"-NPV(0,'Project Finance Model'!$F$223:$AM$223)","v":1630760.5335138517},3.8646820273549273E-3,"Ingresos de operacion",{"$f":"NPV(0,'Project Finance Model'!$F$208:$AM$208)","v":291765328.79099768},{"$f":"F17/F$21","v":0.69144439003207714}]
[null,"Constitucion de la Tesoreria",{"$f":"'Project Finance Model'!E229-'Project Finance Model'!E228","v":29259851.564583577},6.9341893025251219E-2]
[null,"Dividendo a privados (Equity)",{"$f":"-NPV(0,'Project Finance Model'!$F$227:$AM$227)","v":97622111.759692848},0.2313512088603133]
[]
[null,"Total",{"$f":"SUM(C6:C19)","v":421964995.30130291},{"$f":"SUM(D6:D19)","v":0.99999999999999978},"Total",{"$f":"SUM(F6:F19)","v":421964995.30130291},{"$f":"SUM(G6:G19)","v":0.99999999999999989}]
[]
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[null,"Financement des renouvellements d'équipement sur la trésorerie du SPV. Déblocage de fonds de la part du SPV pour financer les renouvellements d'équipement. "]
[null,"Part de la dette municipale dans le financement de la construction"]
[null,"Part de la dette privée dans le financement de la construction"]
[]
[null,"Part du capital privé dans le financement de la construction"]
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[]
[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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[]
[]
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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,{"$f":"C4+D4+E4+F4","v":134647552.64398408},{"$f":"'Project Finance Model'!E241","v":50846653.925666809},{"$f":"'Project Finance Model'!E242","v":83800898.718317285},{"$f":"SUM('Project Finance Model'!$F$157:$AM$157)","v":0},{"$f":"SUM('Project Finance Model'!$F$243:$AM$243)","v":0}]