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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 ($/m2)",20]
[null,"Depreciation de activos "]
[null,"Duracion de vida infinida",0.19892985465190019,"de los activos"]
[null,"Duracion de vida de 50 años",0.28678519589313783,"de los activos"]
[null,"Duracion de vida de 40 años",0.4538304930939599,"de los activos"]
[null,"Duracion de vida de 15 años",9.4289139459596605E-2,"de los activos"]
[null,"Duracion de vida de 10 años",3.4214853963729482E-2,"de los activos"]
[null,"Duracion de vida de 5 años",5.8727698758471707E-3,"de los activos"]
[null,"Renta concesional",0,"de la Utilitad neta de operacion antes de impuestos"]
[null,"Impuesto a la renta",0.35,"Impuesto a la renta para sociedades en Ecuador"]
[null,"Hipotesis general de Inflacion 2019 - 2050 ",0.02]
[null,"Tasa de actualizacion",0.13]
[]
[]
[null,null,"Tarifa (USD 2019)"]
[null,null,"0,75$"]
[null,"TRI 30 años",{"$f":"AJ104","v":2.9176470089123052E-2}]
[null,"VAN 30 años",{"$f":"AJ116","v":-53954314.378570035}]
[]
[]
[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",{"$f":"H112","v":2.5249213380298756},{"$f":"M112","v":2.5813123458994167},{"$f":"R112","v":2.7155384402313962},{"$f":"W112","v":3.0217330763637382},{"$f":"AB112","v":3.3416467379452834},{"$f":"AG112","v":3.344225176595542},{"$f":"AL112","v":3.2174752160719691}]
[null,"Margen neta de la operacion",{"$f":"H113","v":1.5249213380298756},{"$f":"M113","v":1.5813123458994167},{"$f":"R113","v":1.7155384402313962},{"$f":"W113","v":2.0217330763637382},{"$f":"AB113","v":2.3416467379452834},{"$f":"AG113","v":2.344225176595542},{"$f":"AL113","v":2.2174752160719691}]
[]
[]
[]
[]
[]
[]
[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",0,0,0,0,8109720,10812960,11010576,11208192,11405808.000000002,11603424.000000002,11801040.000000002,12022224.000000002,12243408.000000002,12464592,12685776,12906960,13198800,13490640,13782480,14074320,14366160,14799552,15232944,15666336.000000004,16099728.000000004,16533120,16533120,16533120,16533120,16533120,16533120,16533120,16533120,16533120,16533120,16533120,16533120,16533120,16533120,16533120,16533120,16533120,16533120,16533120]
[null,"Ingresos de pasajeros (valor actualizado)",0,0,0,0,4950984.0599999996,6601312.080000001,7027805.6754840007,7153939.5713279992,7574188.4352457486,7705418.1404818483,8153248.418684951,8306062.7552382043,8800615.7262998298,8959603.762049837,9486982.906430956,9652394.05882526,10269418.938251084,10496487.097700365,11156786.889538495,11393028.602629531,12099092.83647567,12464092.950812828,13347388.424982047,13727134.543938426,14676798.641675748,15071886.503837962,15680790.718593016,15680790.718593016,16314294.663624171,16314294.663624171,16973392.168034591,16973392.168034591,17659117.211623184,17659117.211623184,18372545.546972763,18372545.546972763,19114796.387070458,19114796.387070458,19887034.16110811,19887034.16110811,20690470.341216877,20690470.341216877,21526365.34300204,21526365.34300204]
[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,{"$f":"G53","v":4950984.0599999996},6601312.080000001,7027805.6754840007,7153939.5713279992,7574188.4352457486,7705418.1404818483,8153248.418684951,8306062.7552382043,8800615.7262998298,8959603.762049837,9486982.906430956,9652394.05882526,10269418.938251084,10496487.097700365,11156786.889538495,11393028.602629531,12099092.83647567,12464092.950812828,13347388.424982047,13727134.543938426,14676798.641675748,15071886.503837962,15680790.718593016,15680790.718593016,16314294.663624171,16314294.663624171,16973392.168034591,16973392.168034591,17659117.211623184,17659117.211623184,18372545.546972763,18372545.546972763,19114796.387070458,19114796.387070458,19887034.16110811,19887034.16110811,20690470.341216877,20690470.341216877,21526365.34300204,21526365.34300204]
[null,"2. Ingresos comerciales",0,0,0,0,120000,122400,124848,127344.95999999999,129891.85919999999,132489.69638400001,135139.49031168001,137842.28011791359,140599.12572027187,143411.10823467729,146279.33039937084,149204.91700735825,152189.01534750542,155232.79565445552,158337.45156754466,161504.20059889552,164734.28461087344,168028.97030309093,171389.54970915272,174817.34070333577,178313.68751740252,181879.96126775054,185517.56049310556,189227.91170296766,193012.469937027,196872.71933576756,200810.17372248293,204826.37719693253,208922.90474087122,213101.36283568863,217363.39009240241,221710.65789425041,226144.87105213548,230667.76847317821,235281.12384264174,239986.74631949456,244786.48124588444,249682.21087080217,254675.85508821823,259769.3721899825]
[null,"Ingreso totale",0,0,0,0,{"$f":"G79+G80","v":5070984.0599999996},{"$f":"H79+H80","v":6723712.080000001},7152653.6754840007,7281284.5313279992,7704080.2944457484,7837907.8368658479,8288387.9089966314,8443905.0353561174,8941214.8520201016,9103014.8702845145,9633262.2368303277,9801598.9758326188,10421607.953598589,10651719.89335482,11315124.34110604,11554532.803228427,12263827.121086543,12632121.921115918,13518777.974691199,13901951.884641763,14855112.329193151,15253766.465105712,15866308.279086122,15870018.630295984,16507307.133561198,16511167.38295994,17174202.341757074,17178218.545231525,17868040.116364054,17872218.574458875,18589908.937065165,18594256.204867013,19340941.258122593,19345464.155543637,20122315.284950752,20127020.907427605,20935256.82246276,20940152.55208768,21781041.198090259,21786134.715192024]
[]
[null,"Flujo de caja neto (Ingreso total - Gasto total)",null,null,null,null,{"$f":"G81+G76","v":2289598.1135300184},{"$f":"H81+H76","v":4060772.8514669165},4228065.1614368297,4287648.9856480677,1468022.9942765357,4701147.8106522346,5077467.7264145911,5157035.8855531197,5576563.9380433569,2173787.212525744,6107367.9237219905,6192149.4351376966,6726583.1447907705,6869049.9943925384,3613635.6935799541,7590157.8536627013,8205286.2734467313,8477133.4118352458,9265003.6852239668,5339822.6769342441,10396519.581729516,10689021.098129857,11192832.215309585,11085169.979642529,6985743.9044614248,11495384.55569626,12038722.093013596,11920127.235778481,12484351.830973905,7280748.459598301,12945770.677751604,12815111.081391074,13423495.525484275,13286342.186238205,8337361.8385411017,13774081.639174795,14430002.152538829,14278858.063385814,14959889.68408164,8669414.5596363898]
[]
[null,"C. FLUJO DE CAJA DE OPERACION"]
[null,"1. Utilitad antes de impuestos",0,0,0,0,{"$f":"G83","v":2289598.1135300184},{"$f":"H83","v":4060772.8514669165},4228065.1614368297,4287648.9856480677,1468022.9942765357,4701147.8106522346,5077467.7264145911,5157035.8855531197,5576563.9380433569,2173787.212525744,6107367.9237219905,6192149.4351376966,6726583.1447907705,6869049.9943925384,3613635.6935799541,7590157.8536627013,8205286.2734467313,8477133.4118352458,9265003.6852239668,5339822.6769342441,10396519.581729516,10689021.098129857,11192832.215309585,11085169.979642529,6985743.9044614248,11495384.55569626,12038722.093013596,11920127.235778481,12484351.830973905,7280748.459598301,12945770.677751604,12815111.081391074,13423495.525484275,13286342.186238205,8337361.8385411017,13774081.639174795,14430002.152538829,14278858.063385814,14959889.68408164,8669414.5596363898]
[null,"2. Renta concessional",0,0,0,0,{"$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":-519997.61769036623},1251177.1202465319,1418469.4302164451,1478053.2544276831,-1341572.7369438489,2009564.0572655038,2385883.9730278603,2465452.1321663889,2884980.1846566261,-517796.5408609868,3759554.0330158472,3404180.6830361849,3938614.3926892588,4081081.2422910267,825666.9414784424,5433762.0544207385,6048890.4742047684,5443893.5026437324,6231763.7760324534,2306582.7677427311,7363279.672538003,7655781.1889383439,8053566.8709503915,7945904.635283336,3846478.5601022313,8356119.2113370672,8899456.7486544028,8780861.8914192878,9345086.4866147116,4141483.1152391075,9806505.3333924115,9675845.7370318808,11161074.291074632,11570101.24839161,4855039.5867699385,10291759.387403632,10947679.900767665,10796535.811614651,11477567.432310477,5187092.3078652266]
[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$24*H89,0)","v":-437911.99208628613},-496464.30057575577,-517318.63904968905,0,-703347.42004292633,-835059.39055975107,-862908.24625823612,-1009743.064629819,0,-1315843.9115555463,-1191463.2390626646,-1378515.0374412404,-1428378.4348018593,-288983.42951745482,-1901816.7190472584,-2117111.6659716689,-1905362.7259253061,-2181117.3216113588,-807303.96870995581,-2577147.8853883008,-2679523.4161284203,-2818748.4048326369,-2781066.6223491672,-1346267.496035781,-2924641.7239679731,-3114809.8620290407,-3073301.6619967506,-3270780.2703151489,-1449519.0903336876,-3432276.8666873439,-3386546.0079611582,-3906376.0018761209,-4049535.436937063,-1699263.8553694785,-3602115.7855912708,-3831687.9652686827,-3778787.5340651278,-4017148.6013086666,-1815482.3077528293]
[null,"6. Utilidad despues de impuestos",0,0,0,0,{"$f":"G89+G90","v":-519997.61769036623},{"$f":"H89+H90","v":813265.12816024572},922005.12964068935,960734.61537799402,-1341572.7369438489,1306216.6372225774,1550824.5824681092,1602543.8859081529,1875237.1200268071,-517796.5408609868,2443710.1214603009,2212717.4439735203,2560099.3552480182,2652702.8074891674,536683.51196098758,3531945.3353734799,3931778.8082330995,3538530.7767184265,4050646.4544210946,1499278.7990327752,4786131.7871497022,4976257.7728099236,5234818.4661177546,5164838.0129341688,2500211.0640664501,5431477.487369094,5784646.8866253626,5707560.2294225376,6074306.2162995627,2691964.0249054199,6374228.4667050671,6289299.7290707231,7254698.2891985103,7520565.8114545466,3155775.73140046,6689643.6018123608,7115991.9354989827,7017748.2775495239,7460418.8310018107,3371610.0001123976]
[null,"7.Depreciacion (agrego)",0,0,0,0,{"$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":2289598.1135300184},{"$f":"H91+H92","v":3622860.8593806303},3731600.8608610742,3770330.3465983784,1468022.9942765357,3997800.3906093081,4242408.3358548395,4294127.6392948832,4566820.8734135376,2173787.212525744,4791524.0121664442,5000686.1960750315,5348068.1073495299,5440671.5595906787,3324652.2640624992,5688341.1346154427,6088174.6074750628,6571770.6859099399,7083886.3636126071,4532518.7082242882,7819371.6963412147,8009497.6820014361,8374083.8104769476,8304103.3572933618,5639476.408425644,8570742.831728287,8923912.2309845556,8846825.5737817306,9213571.5606587566,5831229.3692646138,9513493.8110642601,9428565.0734299161,9517119.5236081537,9236806.7493011411,6638097.9831716232,10171965.853583524,10598314.187270146,10500070.529320687,10942741.082772974,6853932.2518835608]
[]
[null,"D. FLUJO DE CAJA DE INVERSION"]
[null," 1. Inversion inicial",-5417644.877764266,-21455968.216601714,-53023280.959698707,-20576971.199024353]
[null," 2. Nuevos equipos",null,null,null,null,0,0,0,0,0,0,0,0,0,-1953269.0979018339,-2448279.5160518484,0,0,0,-2401289.2479880508,-7283352.0412259623,-3468020.3600292369,0,0,0,-2423774.5348916287,-3038028.4307388593,0,0,0,0,0,0,0,0,0,-6326608.4877883652,-13661780.494634973,-4736749.4125206126,0,0,0,0,0,0]
[null," 3. Valor residual despues tasas",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$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,-20576971.199024353,2289598.1135300184,3622860.8593806303,3731600.8608610742,3770330.3465983784,1468022.9942765357,3997800.3906093081,4242408.3358548395,4294127.6392948832,4566820.8734135376,220518.11462391005,2343244.4961145958,5000686.1960750315,5348068.1073495299,5440671.5595906787,923363.01607444836,-1595010.9066105196,2620154.247445826,6571770.6859099399,7083886.3636126071,4532518.7082242882,5395597.161449586,4971469.2512625773,8374083.8104769476,8304103.3572933618,5639476.408425644,8570742.831728287,8923912.2309845556,8846825.5737817306,9213571.5606587566,44708742.787676722]
[null,"TRI (30 años)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IRR(C103:AJ103)","v":2.9176470089123052E-2}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C93+C99","v":-5417644.877764266},{"$f":"D93+D99","v":-21455968.216601714},-53023280.959698707,-20576971.199024353,2289598.1135300184,3622860.8593806303,3731600.8608610742,3770330.3465983784,1468022.9942765357,3997800.3906093081,4242408.3358548395,4294127.6392948832,4566820.8734135376,220518.11462391005,2343244.4961145958,5000686.1960750315,5348068.1073495299,5440671.5595906787,923363.01607444836,-1595010.9066105196,2620154.247445826,6571770.6859099399,7083886.3636126071,4532518.7082242882,5395597.161449586,4971469.2512625773,8374083.8104769476,8304103.3572933618,5639476.408425644,8570742.831728287,8923912.2309845556,8846825.5737817306,9213571.5606587566,{"$f":"AJ93+AJ97","v":5831229.3692646138},9513493.8110642601,3101956.5856415508,-4144660.9710268192,4500057.3367805285,6638097.9831716232,10171965.853583524,10598314.187270146,10500070.529320687,10942741.082772974,42837620.321487151]
[null,"TRI (40 años)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IRR(C106:AT106)","v":3.6777290041137389E-2}]
[]
[null,"EBE (Excedente Bruto de Explotacion)",{"$f":"C83","v":0},{"$f":"D83","v":0},0,0,2289598.1135300184,4060772.8514669165,4228065.1614368297,4287648.9856480677,1468022.9942765357,4701147.8106522346,5077467.7264145911,5157035.8855531197,5576563.9380433569,2173787.212525744,6107367.9237219905,6192149.4351376966,6726583.1447907705,6869049.9943925384,3613635.6935799541,7590157.8536627013,8205286.2734467313,8477133.4118352458,9265003.6852239668,5339822.6769342441,10396519.581729516,10689021.098129857,11192832.215309585,11085169.979642529,6985743.9044614248,11495384.55569626,12038722.093013596,11920127.235778481,12484351.830973905,7280748.459598301,12945770.677751604,12815111.081391074,13423495.525484275,13286342.186238205,8337361.8385411017,13774081.639174795,14430002.152538829,14278858.063385814,14959889.68408164,8669414.5596363898]
[null,"ENE (Excedente Neto de Explotacion)",{"$f":"C109+C70","v":0},{"$f":"D109+D70","v":0},0,0,-519997.61769036623,1251177.1202465319,1418469.4302164451,1478053.2544276831,-1341572.7369438489,2009564.0572655038,2385883.9730278603,2465452.1321663889,2884980.1846566261,-517796.5408609868,3759554.0330158472,3404180.6830361849,3938614.3926892588,4081081.2422910267,825666.9414784424,5433762.0544207385,6048890.4742047684,5443893.5026437324,6231763.7760324534,2306582.7677427311,7363279.672538003,7655781.1889383439,8053566.8709503915,7945904.635283336,3846478.5601022313,8356119.2113370672,8899456.7486544028,8780861.8914192878,9345086.4866147116,4141483.1152391075,9806505.3333924115,9675845.7370318808,11161074.291074632,11570101.24839161,4855039.5867699385,10291759.387403632,10947679.900767665,10796535.811614651,11477567.432310477,5187092.3078652266]
[]
[null,"Ratio de coberture (Ingresos/Egresos)",null,null,null,null,{"$f":"ABS(G81)/ABS(G76)","v":1.823186050981483},{"$f":"ABS(H81)/ABS(H76)","v":2.5249213380298756},2.4456957418552712,2.4322548353741684,1.2354088366437399,2.4987272763504946,2.5813123458994167,2.5689811947221002,2.6573974776635327,1.3137127714503245,2.7321471891589098,2.7155384402313962,2.8204432968235116,2.8159263636187122,1.4692126235543754,2.9145913164682264,3.0217330763637382,3.0402302901441334,3.1780665956266256,1.6236559327004088,3.3317939472367812,3.3416467379452834,3.3949694108981681,3.316723221355947,1.7336761555194651,3.2918425600909598,3.344225176595542,3.2670065113453561,3.3189217445692392,1.6874162302911002,3.2936664700566833,3.2174752160719691,3.2684611117674507,3.1927834187106225,1.7074581903487387,3.1681431314804542,3.2182071086707453,3.1435560441899093,3.1931619101787243,1.6609437768605917]
[null,"Margen neta de la operacion",null,null,null,null,{"$f":"G112-1","v":0.82318605098148301},{"$f":"H112-1","v":1.5249213380298756},1.4456957418552712,1.4322548353741684,0.2354088366437399,1.4987272763504946,1.5813123458994167,1.5689811947221002,1.6573974776635327,0.3137127714503245,1.7321471891589098,1.7155384402313962,1.8204432968235116,1.8159263636187122,0.46921262355437543,1.9145913164682264,2.0217330763637382,2.0402302901441334,2.1780665956266256,0.62365593270040875,2.3317939472367812,2.3416467379452834,2.3949694108981681,2.316723221355947,0.73367615551946508,2.2918425600909598,2.344225176595542,2.2670065113453561,2.3189217445692392,0.68741623029110022,2.2936664700566833,2.2174752160719691,2.2684611117674507,2.1927834187106225,0.70745819034873869,2.1681431314804542,2.2182071086707453,2.1435560441899093,2.1931619101787243,0.66094377686059169]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C103","v":-5417644.877764266},{"$f":"D103","v":-21455968.216601714},-53023280.959698707,-20576971.199024353,2289598.1135300184,3622860.8593806303,3731600.8608610742,3770330.3465983784,1468022.9942765357,3997800.3906093081,4242408.3358548395,4294127.6392948832,4566820.8734135376,220518.11462391005,2343244.4961145958,5000686.1960750315,5348068.1073495299,5440671.5595906787,923363.01607444836,-1595010.9066105196,2620154.247445826,6571770.6859099399,7083886.3636126071,4532518.7082242882,5395597.161449586,4971469.2512625773,8374083.8104769476,8304103.3572933618,5639476.408425644,8570742.831728287,8923912.2309845556,8846825.5737817306,9213571.5606587566,44708742.787676722]
[null,"VAN (30 años]",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"NPV(C26,C115:AJ115)","v":-53954314.378570035}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C106","v":-5417644.877764266},{"$f":"D106","v":-21455968.216601714},-53023280.959698707,-20576971.199024353,2289598.1135300184,3622860.8593806303,3731600.8608610742,3770330.3465983784,1468022.9942765357,3997800.3906093081,4242408.3358548395,4294127.6392948832,4566820.8734135376,220518.11462391005,2343244.4961145958,5000686.1960750315,5348068.1073495299,5440671.5595906787,923363.01607444836,-1595010.9066105196,2620154.247445826,6571770.6859099399,7083886.3636126071,4532518.7082242882,5395597.161449586,4971469.2512625773,8374083.8104769476,8304103.3572933618,5639476.408425644,8570742.831728287,8923912.2309845556,8846825.5737817306,9213571.5606587566,5831229.3692646138,9513493.8110642601,3101956.5856415508,-4144660.9710268192,4500057.3367805285,6638097.9831716232,10171965.853583524,10598314.187270146,10500070.529320687,10942741.082772974,42837620.321487151]
[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,{"$f":"NPV(C26,C118:AT118)","v":-53874917.162647069}]
[]
[]
[]
[null,null,-15374793.702004252,-32471752.923079427,-62793043.621870533,-31184167.865535051,4461627.0876138387,7085887.3224892067,7506676.6422383776,7866933.6835564012,4138496.9480227539,8621725.0100111552,9016880.0393200647,9408111.1130052563,9811291.0381158479,3028760.3722510524,6759476.3316930179,11095752.577078201,11666827.927642517,12256200.784473658,5145482.9160697088,4835774.0456957947,9963796.0466147065,14965506.412886936,15819114.660764625,11262213.876171863,14269356.723393489,13717569.790471114,18902277.061604355,19259777.254964769,13648271.158759808,19994678.368752308,20372314.83298843,20756902.165421762,21148563.030060068,14981724.136930339]
[]
[null,null,{"$f":"C123-C103","v":-9957148.824239986},{"$f":"D123-D103","v":-11015784.706477713},-9769762.6621718258,-10607196.666510697,2172028.9740838204,3463026.4631085764,3775075.7813773034,4096603.3369580228,2670473.9537462182,4623924.619401847,4774471.7034652252,5113983.473710373,5244470.1647023102,2808242.2576271426,4416231.8355784221,6095066.3810031693,6318759.8202929869,6815529.2248829789,4222119.8999952599,6430784.9523063144,7343641.799168881,8393735.7269769963,8735228.2971520182,6729695.1679475745,8873759.5619439036,8746100.539208537,10528193.251127407,10955673.897671407,8008794.7503341641,11423935.537024021,11448402.602003874,11910076.591640031,11934991.469401311,-29727018.650746383]

{"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",{"$f":"E313","v":5.9523846143683432}]
[null,null,null,{"$f":"E315","v":"2023-12-31"}]
[null,null,"LLCR",{"$f":"E296","v":15.676544626857703}]
[]
[null,null,"NPV project",{"$f":"E255","v":-54766753.743889935}]
[null,null,"IRR Project",{"$f":"E257","v":1.9146726451627183E-2}]
[]
[null,null,"PRIVATE FINANCE"]
[null,null,"NPV Equity",{"$f":"IF(E58<0.01,\"N/A\",E272)","v":62827.087913210504}]
[null,null,"IRR Equity",{"$f":"IF(E58<0.01,\"N/A\",E274)","v":0.13038530270520998}]
[null,null,"Debt / Equity",{"$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",{"$f":"'Global Financial Model'!C11","v":97069079.375824481},null," "]
[null,null,"Municipal direct subsidies (yearly)","USD 2015",0]
[null,null,"Treasury","%",0.15,"of DSRA"]
[null,null,"Discount Factor (WACC)","%",{"$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$59*E26*E58","v":2329657.9050197876}]
[null,null,"Private Amortisation Start","Date",{"$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 ",{"$f":"E26*H58","v":73772500.325626612}]
[null,null,"Municipal Amortisation Start","Date",{"$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 ",{"$f":"E52*E37","v":23296.579050197877}]
[null,null,"Upfront fee on municipal loan","USD ",{"$f":"E52*E43","v":737725.00325626612}]
[]
[null,null,"FUNDING SCHEME"]
[null,null,"Initial dibursment",null,"YES",{"$f":"IF($E$57=\"NO\",0,1)","v":1},"(if no : Equity is back ended)"]
[null,null,"Private funding vs Municipal funding ratio",null,0.24,null,"Initial Municipal debt",{"$f":"1-E58","v":0.76}]
[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 ",188726.15231713752,{"$f":"F151","v":0},{"$f":"G151","v":9166.6840338999718},{"$f":"H151","v":45202.20828051617},134357.26000272136,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB151","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Upfront Fee","USD ",23296.579050197877,{"$f":"F138","v":23296.579050197877},{"$f":"G138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB138","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Required Funding","USD ",123801901.21328382,{"$f":"SUM(F109:F113)","v":5440941.4568144642},{"$f":"SUM(G109:G113)","v":21465134.900635615},{"$f":"SUM(H109:H113)","v":53068483.167979226},20811328.459027074,0,0,0,0,0,0,0,0,0,1953269.0979018339,2448279.5160518484,0,0,0,2401289.2479880508,7283352.0412259623,3468020.3600292369,0,0,0,2423774.5348916287,3038028.4307388593,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Release","USD ",-23016013.228827417,{"$f":"IF(F79=1,-F114,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-1953269.0979018339,-2448279.5160518484,0,0,0,-2401289.2479880508,-7283352.0412259623,-3468020.3600292369,0,0,0,-2423774.5348916287,-3038028.4307388593,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding through debt","USD ",-76597274.868186846,{"$f":"IF(F78=1,-F114*(1-$E$58),0)","v":-4135115.507178993},-16313502.524483068,-40332047.207664214,-15816609.628860576,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Debt funding","USD ",-2329657.9050197876,{"$f":"IF(F78=1,IF($F$57=1,-MIN(F114*$E$59*$E$58,F135),-MIN(F114*$E$58,F135)),0)","v":-130582.59496354713},-515163.23761525477,-1273643.5960315017,-410268.47640948417,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sub Total","USD ",21858955.211249739,{"$f":"SUM(F114:F117)","v":1175243.3546719241},4636469.1385372924,11462792.36428351,4584450.3537570145,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Equity Funding","USD ",-21858955.211249739,{"$f":"-F118","v":-1175243.3546719241},{"$f":"-G118","v":-4636469.1385372924},-11462792.36428351,-4584450.3537570145,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AB118","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Funding Shortfall","USD ",0,{"$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},{"$f":"F127","v":130582.59496354713},{"$f":"G127","v":645745.8325788019},1919389.4286103034,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Z127","v":0},{"$f":"AA127","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Disbursement to Fund Project Costs (SPV)","USD ",{"$f":"SUM(F124:AM124)","v":2329657.9050197876},{"$f":"-F117","v":130582.59496354713},515163.23761525477,1273643.5960315017,410268.47640948417,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":-2329657.9050197876},{"$f":"-SUM(F123:F125)*F94","v":0},{"$f":"-SUM(G123:G125)*G94","v":0},{"$f":"-SUM(H123:H125)*H94","v":0},-2329657.9050197876,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F123:F126)","v":130582.59496354713},{"$f":"SUM(G123:G126)","v":645745.8325788019},1919389.4286103034,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipaly)","USD ",null,{"$f":"E133","v":0},{"$f":"F133","v":4135115.507178993},20300587.267834786,59824780.223965488,{"$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 ",{"$f":"SUM(F130:AM130)","v":76597274.868186846},{"$f":"-F116","v":4135115.507178993},{"$f":"-G116","v":16313502.524483068},40332047.207664214,15816609.628860576,{"$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 ",{"$f":"SUM(F131:AM131)","v":-3608811.2223381298},{"$f":"IF(F78=1,-F204,0)","v":0},{"$f":"IF(G78=1,-G204,0)","v":-148030.76382727543},-807854.25153351738,-2652926.2069773367,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",-72988463.645848721,{"$f":"-SUM(F129:F131)*F94","v":0},{"$f":"-SUM(G129:G131)*G94","v":0},{"$f":"-SUM(H129:H131)*H94","v":0},-72988463.645848721,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality)","USD ",null,{"$f":"SUM(F129:F132)","v":4135115.507178993},{"$f":"SUM(G129:G132)","v":20300587.267834786},59824780.223965488,0,{"$f":"SUM(J129:J132)","v":0},{"$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 ",{"$f":"E37","v":2329657.9050197876},{"$f":"MAX(0,$E135-F123)*F78","v":2329657.9050197876},2199075.3100562403,1683912.0724409856,410268.47640948417,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E43","v":73772500.325626612},{"$f":"MAX(0,$E136-F129)*F78","v":73772500.325626612},69637384.81844762,53471913.057791829,13947720.101661123,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Upfront Fee (SPV)","USD ",{"$f":"E53","v":23296.579050197877},{"$f":"$E138*IF(F90=1,1,0)","v":23296.579050197877},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E54","v":737725.00325626612},{"$f":"$E139*IF(F90=1,1,0)","v":737725.00325626612},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[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 ",{"$f":"SUM(F151:AM151)","v":188726.15231713752},{"$f":"F144*F123","v":0},9166.6840338999718,45202.20828051617,134357.26000272136,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during construction for Municipality",null,{"$f":"SUM(F152:AM152)","v":5899054.05216619},{"$f":"F149*F129","v":0},290278.32774016581,1421041.1087484362,4187734.6156775877,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Operations"]
[null,null,"Revenue"]
[null,null,"Revenue","USD ",{"$f":"SUM(F156:AM156)","v":357198030.04828089},{"$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":5070984.0599999996},{"$f":"'Global Financial Model'!H81","v":6723712.080000001},{"$f":"'Global Financial Model'!I81","v":7152653.6754840007},{"$f":"'Global Financial Model'!J81","v":7281284.5313279992},{"$f":"'Global Financial Model'!K81","v":7704080.2944457484},{"$f":"'Global Financial Model'!L81","v":7837907.8368658479},{"$f":"'Global Financial Model'!M81","v":8288387.9089966314},{"$f":"'Global Financial Model'!N81","v":8443905.0353561174},{"$f":"'Global Financial Model'!O81","v":8941214.8520201016},{"$f":"'Global Financial Model'!P81","v":9103014.8702845145},{"$f":"'Global Financial Model'!Q81","v":9633262.2368303277},{"$f":"'Global Financial Model'!R81","v":9801598.9758326188},{"$f":"'Global Financial Model'!S81","v":10421607.953598589},{"$f":"'Global Financial Model'!T81","v":10651719.89335482},{"$f":"'Global Financial Model'!U81","v":11315124.34110604},{"$f":"'Global Financial Model'!V81","v":11554532.803228427},{"$f":"'Global Financial Model'!W81","v":12263827.121086543},{"$f":"'Global Financial Model'!X81","v":12632121.921115918},{"$f":"'Global Financial Model'!Y81","v":13518777.974691199},{"$f":"'Global Financial Model'!Z81","v":13901951.884641763},{"$f":"'Global Financial Model'!AA81","v":14855112.329193151},{"$f":"'Global Financial Model'!AB81","v":15253766.465105712},{"$f":"'Global Financial Model'!AC81","v":15866308.279086122},{"$f":"'Global Financial Model'!AD81","v":15870018.630295984},{"$f":"'Global Financial Model'!AE81","v":16507307.133561198},{"$f":"'Global Financial Model'!AF81","v":16511167.38295994},{"$f":"'Global Financial Model'!AG81","v":17174202.341757074},{"$f":"'Global Financial Model'!AH81","v":17178218.545231525},{"$f":"'Global Financial Model'!AI81","v":17868040.116364054},{"$f":"'Global Financial Model'!AJ81","v":17872218.574458875}]
[null,null,"Municipal direct subsidies (if any)","USD ",{"$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},0,0,2329657.9050197876,2246121.8525389312,2156874.753587631,2061228.2750290988,1958886.5429714695,1849380.889669806,1732332.9533799398,1606951.0203219794,1472792.3519499619,1329242.576791903,1175737.3916041071,1011374.2426390402,835505.67324641871,647326.3039963136,446013.38349137863,230547.98083853864,0,{"$f":"Z166","v":0},{"$f":"AA166","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (SPV)","USD ",{"$f":"SUM(F164:AM164)","v":2329657.9050197876},{"$f":"-F126","v":0},0,0,2329657.9050197876,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (SPV)","USD ",{"$f":"SUM(F165:AM165)","v":-2329657.9050197876},{"$f":"IF(F79=1,-F198,0)","v":0},{"$f":"IF(G79=1,-G198,0)","v":0},0,0,-83536.052480856422,-89247.098951300024,-95646.478558532108,-102341.73205762936,-109505.65330166341,-117047.93628986624,-125381.93305796043,-134158.66837201768,-143549.77515805891,-153505.18518779581,-164363.14896506691,-175868.56939262155,-188179.36925010505,-201312.92050493497,-215465.40265283998,-230547.98083853882,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F163:F165)","v":0},{"$f":"SUM(G163:G165)","v":0},0,2329657.9050197876,2246121.8525389312,2156874.753587631,2061228.2750290988,1958886.5429714695,1849380.889669806,1732332.9533799398,1606951.0203219794,1472792.3519499619,1329242.576791903,1175737.3916041071,1011374.2426390402,835505.67324641871,647326.3039963136,446013.38349137863,230547.98083853864,0,0,0,{"$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},0,0,72988463.645848721,69364524.521669954,65491434.281529598,61342099.712165542,56902311.722946003,52151738.574481092,47072255.332536682,41632904.673562057,35812799.468459204,29585286.898999158,22923805.396471128,15793317.544136334,8163695.5421381034,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",{"$f":"SUM(F169:AM169)","v":72988463.645848721},{"$f":"-F132","v":0},0,0,72988463.645848721,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (Municipality)","USD ",{"$f":"SUM(F170:AM170)","v":-72988463.645848736},{"$f":"IF(F79=1,-F204,0)","v":0},{"$f":"IF(G79=1,-G204,0)","v":0},0,0,-3623939.1241787709,-3873090.2401403561,-4149334.5693640569,-4439787.9892195417,-4750573.1484649107,-5079483.241944408,-5439350.6589746252,-5820105.2051028498,-6227512.5694600455,-6661481.5025280304,-7130487.8523347937,-7629622.0019982308,-8163695.5421381099,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality","USD ",null,{"$f":"SUM(F168:F170)","v":0},{"$f":"SUM(G168:G170)","v":0},0,72988463.645848721,69364524.521669954,65491434.281529598,61342099.712165542,56902311.722946003,52151738.574481092,47072255.332536682,41632904.673562057,35812799.468459204,29585286.898999158,22923805.396471128,15793317.544136334,8163695.5421381034,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY","% p.a.",null,{"$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 ",{"$f":"SUM(F183:AM183)","v":1617502.6439880102},{"$f":"F176*F163","v":0},0,0,0,163076.05335138529,157674.07080254547,150981.23275113432,144285.97925203704,137122.05800800299,129823.50579469166,121263.30673659589,112486.57142253866,103095.46463649742,93310.649166221847,82301.617412287567,70796.196984732873,58485.397127249358,45441.245038995825,31220.936844396532,16138.35865869772,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during Operation for Municipality","USD ",{"$f":"SUM(F184:AM184)","v":40575697.142018497},{"$f":"F181*F168","v":0},{"$f":"G181*G168","v":0},0,0,5109192.4552094154,4869275.8757731393,4584400.3997070761,4293946.9798515914,3983161.8206062238,3660966.5282289255,3295057.8732775706,2914303.3271493465,2506895.9627921465,2076838.6256308686,1604666.3777529805,1105532.2280895445,571458.6879496678,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt repayment"]
[]
[null,null,"Flag: Municipal Debt Repayment",{"$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},130582.59496354713,645745.8325788019,1919389.4286103034,2329657.9050197876,2246121.8525389312,2156874.753587631,2061228.2750290988,1958886.5429714695,1849380.889669806,1732332.9533799398,1606951.0203219794,1472792.3519499619,1329242.576791903,1175737.3916041071,1011374.2426390402,835505.67324641871,647326.3039963136,446013.38349137863,230547.98083853864,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":3947160.5490077985},{"$f":"IF(F191=0,0,F195*F194/(1-(1+F195)^(-F192)))","v":0},{"$f":"IF(G191=0,0,G195*G194/(1-(1+G195)^(-G192)))","v":0},0,0,246612.10583224171,246921.16975384549,246627.71130966643,246627.7113096664,246627.7113096664,246871.4420845579,246645.23979455631,246645.23979455634,246645.23979455631,246815.83435401766,246664.76637735448,246664.76637735442,246664.76637735442,246754.16554393078,246686.33949723651,246686.33949723653,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (SPV)"," ",{"$f":"SUM(F197:AM197)","v":-1617502.6439880102},{"$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,-163076.05335138529,-157674.07080254547,-150981.23275113432,-144285.97925203704,-137122.05800800299,-129823.50579469166,-121263.30673659589,-112486.57142253866,-103095.46463649742,-93310.649166221847,-82301.617412287567,-70796.196984732873,-58485.397127249358,-45441.245038995825,-31220.936844396532,-16138.35865869772,{"$f":"IF(Z191=0,0,-Z183)","v":0},{"$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":2329657.9050197876},{"$f":"IF(F196=0,0,SUM(F196:F197))","v":0},{"$f":"IF(G196=0,0,SUM(G196:G197))","v":0},0,0,83536.052480856422,{"$f":"IF(K196=0,0,SUM(K196:K197))","v":89247.098951300024},{"$f":"IF(L196=0,0,SUM(L196:L197))","v":95646.478558532108},{"$f":"IF(M196=0,0,SUM(M196:M197))","v":102341.73205762936},109505.65330166341,{"$f":"IF(O196=0,0,SUM(O196:O197))","v":117047.93628986624},{"$f":"IF(P196=0,0,SUM(P196:P197))","v":125381.93305796043},{"$f":"IF(Q196=0,0,SUM(Q196:Q197))","v":134158.66837201768},143549.77515805891,{"$f":"IF(S196=0,0,SUM(S196:S197))","v":153505.18518779581},{"$f":"IF(T196=0,0,SUM(T196:T197))","v":164363.14896506691},{"$f":"IF(U196=0,0,SUM(U196:U197))","v":175868.56939262155},188179.36925010505,{"$f":"IF(W196=0,0,SUM(W196:W197))","v":201312.92050493497},{"$f":"IF(X196=0,0,SUM(X196:X197))","v":215465.40265283998},{"$f":"IF(Y196=0,0,SUM(Y196:Y197))","v":230547.98083853882},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,{"$f":"IF(F78=1,F129,F168)","v":0},4135115.507178993,20300587.267834786,59824780.223965488,72988463.645848721,69364524.521669954,65491434.281529598,61342099.712165542,56902311.722946003,52151738.574481092,47072255.332536682,41632904.673562057,35812799.468459204,29585286.898999158,22923805.396471128,15793317.544136334,8163695.5421381034,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$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)"," ",{"$f":"SUM(F202:AM202)","v":123072026.06237154},{"$f":"IF(F188=0,0,F201*F200/(1-(1+F201)^(-F189)))","v":0},{"$f":"IF(G188=0,0,G201*G200/(1-(1+G201)^(-G189)))","v":438309.09156744124},2228895.3602819536,6840660.8226549244,8733131.5793881863,8742366.1159134954,8733734.9690711331,8733734.9690711331,8733734.9690711349,8740449.7701733336,8734408.5322521962,8734408.5322521962,8734408.5322521925,8738320.128158899,8735154.2300877739,8735154.2300877757,8735154.2300877776,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (Municipality)"," ",{"$f":"SUM(F203:AM203)","v":-46474751.194184676},{"$f":"IF(F78=1,-F152,-F184)","v":0},{"$f":"IF(G78=1,-G152,-G184)","v":-290278.32774016581},-1421041.1087484362,-4187734.6156775877,-5109192.4552094154,-4869275.8757731393,-4584400.3997070761,-4293946.9798515914,-3983161.8206062238,-3660966.5282289255,-3295057.8732775706,-2914303.3271493465,-2506895.9627921465,-2076838.6256308686,-1604666.3777529805,-1105532.2280895445,-571458.6879496678,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment (Municipality)"," ",{"$f":"SUM(F204:AM204)","v":76597274.868186861},{"$f":"IF(F202=0,0,SUM(F202:F203))","v":0},{"$f":"IF(G202=0,0,SUM(G202:G203))","v":148030.76382727543},807854.25153351738,2652926.2069773367,3623939.1241787709,{"$f":"IF(K202=0,0,SUM(K202:K203))","v":3873090.2401403561},{"$f":"IF(L202=0,0,SUM(L202:L203))","v":4149334.5693640569},{"$f":"IF(M202=0,0,SUM(M202:M203))","v":4439787.9892195417},4750573.1484649107,{"$f":"IF(O202=0,0,SUM(O202:O203))","v":5079483.241944408},{"$f":"IF(P202=0,0,SUM(P202:P203))","v":5439350.6589746252},{"$f":"IF(Q202=0,0,SUM(Q202:Q203))","v":5820105.2051028498},6227512.5694600455,{"$f":"IF(S202=0,0,SUM(S202:S203))","v":6661481.5025280304},{"$f":"IF(T202=0,0,SUM(T202:T203))","v":7130487.8523347937},{"$f":"IF(U202=0,0,SUM(U202:U203))","v":7629622.0019982308},8163695.5421381099,{"$f":"IF(W202=0,0,SUM(W202:W203))","v":0},{"$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":357198030.04828089},{"$f":"F156","v":0},0,0,0,5070984.0599999996,6723712.080000001,7152653.6754840007,7281284.5313279992,7704080.2944457484,7837907.8368658479,8288387.9089966314,8443905.0353561174,8941214.8520201016,9103014.8702845145,9633262.2368303277,9801598.9758326188,10421607.953598589,10651719.89335482,11315124.34110604,11554532.803228427,12263827.121086543,12632121.921115918,13518777.974691199,13901951.884641763,14855112.329193151,15253766.465105712,15866308.279086122,15870018.630295984,16507307.133561198,16511167.38295994,17174202.341757074,17178218.545231525,17868040.116364054,17872218.574458875]
[null,null,"OpEx","USD ",-144223108.32167414,{"$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 ",212974921.72660667,{"$f":"SUM(F208:F209)","v":0},{"$f":"SUM(G208:G209)","v":0},{"$f":"SUM(H208:H209)","v":0},0,2289598.1135300184,4060772.8514669165,4228065.1614368297,4287648.9856480677,1468022.9942765357,4701147.8106522346,5077467.7264145911,5157035.8855531197,5576563.9380433569,2173787.212525744,6107367.9237219905,6192149.4351376966,6726583.1447907705,6869049.9943925384,3613635.6935799541,7590157.8536627013,8205286.2734467313,8477133.4118352458,9265003.6852239668,5339822.6769342441,10396519.581729516,10689021.098129857,11192832.215309585,11085169.979642529,6985743.9044614248,11495384.55569626,12038722.093013596,11920127.235778481,12484351.830973905,7280748.459598301]
[null,null,"Revenue Tax","USD ",-45414455.940223679,{"$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},{"$f":"'Global Financial Model'!H90","v":-437911.99208628613},{"$f":"'Global Financial Model'!I90","v":-496464.30057575577},{"$f":"'Global Financial Model'!J90","v":-517318.63904968905},{"$f":"'Global Financial Model'!K90","v":0},{"$f":"'Global Financial Model'!L90","v":-703347.42004292633},{"$f":"'Global Financial Model'!M90","v":-835059.39055975107},{"$f":"'Global Financial Model'!N90","v":-862908.24625823612},{"$f":"'Global Financial Model'!O90","v":-1009743.064629819},{"$f":"'Global Financial Model'!P90","v":0},{"$f":"'Global Financial Model'!Q90","v":-1315843.9115555463},{"$f":"'Global Financial Model'!R90","v":-1191463.2390626646},{"$f":"'Global Financial Model'!S90","v":-1378515.0374412404},{"$f":"'Global Financial Model'!T90","v":-1428378.4348018593},{"$f":"'Global Financial Model'!U90","v":-288983.42951745482},{"$f":"'Global Financial Model'!V90","v":-1901816.7190472584},{"$f":"'Global Financial Model'!W90","v":-2117111.6659716689},{"$f":"'Global Financial Model'!X90","v":-1905362.7259253061},{"$f":"'Global Financial Model'!Y90","v":-2181117.3216113588},{"$f":"'Global Financial Model'!Z90","v":-807303.96870995581},{"$f":"'Global Financial Model'!AA90","v":-2577147.8853883008},{"$f":"'Global Financial Model'!AB90","v":-2679523.4161284203},{"$f":"'Global Financial Model'!AC90","v":-2818748.4048326369},{"$f":"'Global Financial Model'!AD90","v":-2781066.6223491672},{"$f":"'Global Financial Model'!AE90","v":-1346267.496035781},{"$f":"'Global Financial Model'!AF90","v":-2924641.7239679731},{"$f":"'Global Financial Model'!AG90","v":-3114809.8620290407},{"$f":"'Global Financial Model'!AH90","v":-3073301.6619967506},{"$f":"'Global Financial Model'!AI90","v":-3270780.2703151489},{"$f":"'Global Financial Model'!AJ90","v":-1449519.0903336876}]
[null,null,"CapEx (including intesrests during construction)","USD ",-123701901.21328382,{"$f":"-F114","v":-5440941.4568144642},-21465134.900635615,-53068483.167979226,{"$f":"-I114+I110","v":-20711328.459027074},0,0,0,0,0,0,0,0,0,-1953269.0979018339,-2448279.5160518484,0,0,0,-2401289.2479880508,-7283352.0412259623,-3468020.3600292369,0,0,0,-2423774.5348916287,-3038028.4307388593,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",null,{"$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 ",43758564.573099211,{"$f":"SUM(F210:F213)","v":-5440941.4568144642},{"$f":"SUM(G210:G213)","v":-21465134.900635615},{"$f":"SUM(H210:H213)","v":-53068483.167979226},-20811328.459027074,2289598.1135300184,3622860.8593806303,3731600.8608610742,3770330.3465983784,1468022.9942765357,3997800.3906093081,4242408.3358548395,4294127.6392948832,4566820.8734135376,220518.11462391005,2343244.4961145958,5000686.1960750315,5348068.1073495299,5440671.5595906787,923363.01607444836,-1595010.9066105196,2620154.247445826,6571770.6859099399,7083886.3636126081,4532518.7082242882,5395597.161449587,4971469.2512625773,8374083.8104769476,8304103.3572933618,5639476.408425644,8570742.831728287,8923912.2309845556,8846825.5737817306,9213571.5606587566,5831229.3692646138]
[null,null,"Municipality: Funding (through debt )","USD ",76597274.868186846,{"$f":"-F116","v":4135115.507178993},16313502.524483068,40332047.207664214,15816609.628860576,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding (through subsidies)","USD ",0,{"$f":"+F157","v":0},{"$f":"+G157","v":0},{"$f":"+H157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt: Funding","USD ",2329657.9050197876,{"$f":"F124","v":130582.59496354713},515163.23761525477,1273643.5960315017,410268.47640948417,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity: Funding","USD ",21858955.211249739,{"$f":"-F119","v":1175243.3546719241},4636469.1385372924,11462792.36428351,4584450.3537570145,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CashFlow after Funding","USD ",144544452.55755559,{"$f":"SUM(F214:F218)","v":0},0,0,0,2289598.1135300184,3622860.8593806303,3731600.8608610742,3770330.3465983784,1468022.9942765357,3997800.3906093081,4242408.3358548395,4294127.6392948832,4566820.8734135376,220518.11462391005,2343244.4961145958,5000686.1960750315,5348068.1073495299,5440671.5595906787,923363.01607444836,-1595010.9066105196,2620154.247445826,6571770.6859099399,7083886.3636126081,4532518.7082242882,5395597.161449587,4971469.2512625773,8374083.8104769476,8304103.3572933618,5639476.408425644,8570742.831728287,8923912.2309845556,8846825.5737817306,9213571.5606587566,5831229.3692646138]
[null,null,"Treasury: Funding","USD ",25449977.830985069,{"$f":"IF(F78=1,0,-F115+IF(F191=1,IF(F219/F196>1.7,0,1.7*F196+IF(F219<0,-F219,0)),0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,2372856.0163036641,2448279.5160518484,0,0,0,2401289.2479880508,9297729.7249817848,3468020.3600292369,0,0,0,2423774.5348916287,3038028.4307388593,0,0,0,0,0,0,0,0]
[null,null,"CashFlow Available for Debt Service (CFADS)","USD ",169994430.38854069,{"$f":"SUM(F219:F220)","v":0},{"$f":"SUM(G219:G220)","v":0},0,0,2289598.1135300184,3622860.8593806303,3731600.8608610742,3770330.3465983784,1468022.9942765357,3997800.3906093081,4242408.3358548395,4294127.6392948832,4566820.8734135376,2593374.1309275739,4791524.0121664442,5000686.1960750315,5348068.1073495299,5440671.5595906787,3324652.2640624992,7702718.8183712652,6088174.6074750628,6571770.6859099399,7083886.3636126081,4532518.7082242882,7819371.6963412156,8009497.6820014361,8374083.8104769476,8304103.3572933618,5639476.408425644,8570742.831728287,8923912.2309845556,8846825.5737817306,9213571.5606587566,5831229.3692646138]
[null,null,"Interests","USD ",-1617502.6439880102,{"$f":"-F197","v":0},{"$f":"-G197","v":0},0,0,{"$f":"J197","v":-163076.05335138529},{"$f":"K197","v":-157674.07080254547},-150981.23275113432,-144285.97925203704,-137122.05800800299,-129823.50579469166,-121263.30673659589,-112486.57142253866,-103095.46463649742,-93310.649166221847,-82301.617412287567,-70796.196984732873,-58485.397127249358,-45441.245038995825,-31220.936844396532,-16138.35865869772,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment","USD ",-2329657.9050197876,{"$f":"F198","v":0},{"$f":"G198","v":0},{"$f":"H198","v":0},0,{"$f":"-J198","v":-83536.052480856422},{"$f":"-K198","v":-89247.098951300024},-95646.478558532108,-102341.73205762936,-109505.65330166341,-117047.93628986624,-125381.93305796043,-134158.66837201768,-143549.77515805891,-153505.18518779581,-164363.14896506691,-175868.56939262155,-188179.36925010505,-201312.92050493497,-215465.40265283998,-230547.98083853882,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow available for Debt Service reserve Account (DSRA)","USD ",166047269.83953288,{"$f":"SUM(F221:F223)","v":0},{"$f":"SUM(G221:G223)","v":0},0,0,2042986.0076977764,3375939.6896267845,3484973.1495514079,3523702.6352887121,1221395.2829668692,3750928.9485247498,3995763.096060283,4047482.3995003267,4320175.6336189816,2346558.2965735565,4544859.2457890892,4754021.4296976775,5101403.3409721758,5193917.3940467481,3077965.9245652626,7456032.4788740287,6088174.6074750628,6571770.6859099399,7083886.3636126081,4532518.7082242882,7819371.6963412156,8009497.6820014361,8374083.8104769476,8304103.3572933618,5639476.408425644,8570742.831728287,8923912.2309845556,8846825.5737817306,9213571.5606587566,5831229.3692646138]
[null,null,"Treasury: Deduction","USD ",-24907090.475929931,{"$f":"IF(F231<$E$220,IF(F224>0,-F224*$E$28,0),0)","v":0},0,0,0,-306447.90115466644,-506390.95344401768,-522745.97243271116,-528555.39529330679,-183209.29244503038,-562639.34227871243,-599364.46440904238,-607122.35992504901,-648026.34504284721,-351983.74448603345,-681728.88686836336,-713103.21445465158,-765210.5011458263,-779087.60910701216,-461694.88868478936,-1118404.8718311042,-913226.19112125935,-985765.60288649099,-1062582.9545418911,-679877.8062336432,-1172905.7544511822,-1201424.6523002153,-1256112.5715715422,-1245615.5035940043,-845921.46126384661,-1285611.4247592429,-1338586.8346476832,-1327023.8360672595,-1382035.7340988135,-874684.40538969205]
[null,null,"Cashflow available to Equity","USD ",141140179.36360297,{"$f":"F224+F225","v":0},{"$f":"G224+G225","v":0},{"$f":"H224+H225","v":0},0,1736538.10654311,2869548.736182767,2962227.1771186967,2995147.2399954051,1038185.9905218388,3188289.6062460374,3396398.6316512404,3440360.0395752778,3672149.2885761345,1994574.552087523,3863130.358920726,4040918.2152430257,4336192.8398263492,4414829.7849397361,2616271.0358804734,6337627.6070429245,5174948.4163538031,5586005.0830234494,6021303.4090707172,3852640.9019906451,6646465.941890033,6808073.0297012208,7117971.2389054056,7058487.8536993572,4793554.9471617974,7285131.4069690444,7585325.3963368721,7519801.7377144713,7831535.8265599431,4956544.9638749221]
[null,null,"Distributions to Equity","USD ",-141140179.36360297,{"$f":"-MAX(F226,0)*F79","v":0},0,0,0,-1736538.10654311,-2869548.736182767,-2962227.1771186967,-2995147.2399954051,-1038185.9905218388,-3188289.6062460374,-3396398.6316512404,-3440360.0395752778,-3672149.2885761345,-1994574.552087523,-3863130.358920726,-4040918.2152430257,-4336192.8398263492,-4414829.7849397361,-2616271.0358804734,-6337627.6070429245,-5174948.4163538031,-5586005.0830234494,-6021303.4090707172,-3852640.9019906451,-6646465.941890033,-6808073.0297012208,-7117971.2389054056,-7058487.8536993572,-4793554.9471617974,-7285131.4069690444,-7585325.3963368721,-7519801.7377144713,-7831535.8265599431,-4956544.9638749221]
[null,null,"Treasury: Add back","USD ",-542887.35505514278,{"$f":"-F225-F220","v":0},0,0,0,{"$f":"-J225-J220","v":306447.90115466644},{"$f":"-K225-K220","v":506390.95344401768},522745.97243271116,528555.39529330679,183209.29244503038,562639.34227871243,599364.46440904238,607122.35992504901,648026.34504284721,-2020872.2718176306,-1766550.6291834852,713103.21445465158,765210.5011458263,779087.60910701216,-1939594.3593032614,-8179324.8531506807,-2554794.1689079776,985765.60288649099,1062582.9545418911,679877.8062336432,-1250868.7804404465,-1836603.778438644,1256112.5715715422,1245615.5035940043,845921.46126384661,1285611.4247592429,1338586.8346476832,1327023.8360672595,1382035.7340988135,874684.40538969205]
[null,null,"Net Cashflow","USD ",24464203.120874792,{"$f":"F224+F227+F228-F213","v":0},{"$f":"G224+G227+G228-G213","v":0},0,100000,{"$f":"J224+J227+J228-J213","v":612895.80230933288},{"$f":"K224+K227+K228-K213","v":1012781.9068880352},{"$f":"L224+L227+L228-L213","v":1045491.9448654223},{"$f":"M224+M227+M228-M213","v":1057110.7905866138},{"$f":"N224+N227+N228-N213","v":366418.58489006083},{"$f":"O224+O227+O228-O213","v":1125278.6845574249},{"$f":"P224+P227+P228-P213","v":1198728.928818085},{"$f":"Q224+Q227+Q228-Q213","v":1214244.7198500978},{"$f":"R224+R227+R228-R213","v":1296052.6900856942},{"$f":"S224+S227+S228-S213","v":-1668888.5273315972},{"$f":"T224+T227+T228-T213","v":-1084821.7423151219},{"$f":"U224+U227+U228-U213","v":1426206.4289093034},{"$f":"V224+V227+V228-V213","v":1530421.0022916528},{"$f":"W224+W227+W228-W213","v":1558175.2182140241},{"$f":"X224+X227+X228-X213","v":-1477899.4706184722},{"$f":"Y224+Y227+Y228-Y213","v":-7060919.9813195765},{"$f":"Z224+Z227+Z228-Z213","v":-1641567.9777867179},{"$f":"AA224+AA227+AA228-AA213","v":1971531.2057729815},{"$f":"AB224+AB227+AB228-AB213","v":2125165.9090837818},{"$f":"AC224+AC227+AC228-AC213","v":1359755.6124672862},{"$f":"AD224+AD227+AD228-AD213","v":-77963.025989263784},{"$f":"AE224+AE227+AE228-AE213","v":-635179.12613842869},{"$f":"AF224+AF227+AF228-AF213","v":2512225.1431430839},{"$f":"AG224+AG227+AG228-AG213","v":2491231.0071880091},{"$f":"AH224+AH227+AH228-AH213","v":1691842.9225276932},{"$f":"AI224+AI227+AI228-AI213","v":2571222.8495184854},{"$f":"AJ224+AJ227+AJ228-AJ213","v":2677173.6692953669},{"$f":"AK224+AK227+AK228-AK213","v":2654047.6721345186},{"$f":"AL224+AL227+AL228-AL213","v":2764071.468197627},{"$f":"AM224+AM227+AM228-AM213","v":1749368.8107793839}]
[]
[null,null,"Cash Balance B/f",null,null,{"$f":"E232","v":0},{"$f":"F232","v":0},0,0,100000,{"$f":"J232","v":712895.80230933288},{"$f":"K232","v":1725677.709197368},{"$f":"L232","v":2771169.6540627903},{"$f":"M232","v":3828280.4446494039},{"$f":"N232","v":4194699.029539465},{"$f":"O232","v":5319977.7140968898},{"$f":"P232","v":6518706.6429149751},{"$f":"Q232","v":7732951.3627650728},{"$f":"R232","v":9029004.052850768},{"$f":"S232","v":7360115.5255191708},{"$f":"T232","v":6275293.7832040489},{"$f":"U232","v":7701500.2121133525},{"$f":"V232","v":9231921.2144050058},{"$f":"W232","v":10790096.43261903},{"$f":"X232","v":9312196.9620005582},{"$f":"Y232","v":2251276.9806809817},{"$f":"Z232","v":609709.00289426371},{"$f":"AA232","v":2581240.2086672452},{"$f":"AB232","v":4706406.1177510265},{"$f":"AC232","v":6066161.7302183127},{"$f":"AD232","v":5988198.7042290494},{"$f":"AE232","v":5353019.5780906212},{"$f":"AF232","v":7865244.7212337051},{"$f":"AG232","v":10356475.728421714},{"$f":"AH232","v":12048318.650949407},{"$f":"AI232","v":14619541.500467893},{"$f":"AJ232","v":17296715.16976326},{"$f":"AK232","v":19950762.841897778},{"$f":"AL232","v":22714834.310095407}]
[null,null,"Cash Balance C/f","USD ",null,{"$f":"F229+F231","v":0},{"$f":"G229+G231","v":0},0,100000,{"$f":"J229+J231","v":712895.80230933288},{"$f":"K229+K231","v":1725677.709197368},2771169.6540627903,3828280.4446494039,4194699.029539465,5319977.7140968898,6518706.6429149751,7732951.3627650728,9029004.052850768,7360115.5255191708,6275293.7832040489,7701500.2121133525,9231921.2144050058,10790096.43261903,9312196.9620005582,2251276.9806809817,609709.00289426371,2581240.2086672452,4706406.1177510265,6066161.7302183127,5988198.7042290494,5353019.5780906212,7865244.7212337051,10356475.728421714,12048318.650949407,14619541.500467893,17296715.16976326,19950762.841897778,22714834.310095407,24464203.120874792]
[]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F234:AM234)","v":-24464203.120874792},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AM232","v":-24464203.120874792}]
[null,null,"Close out: Asset transfer to municipality","USD ",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Municipality Cashflow Waterfall"]
[]
[null,null,{"$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":46474751.194184676},{"$f":"-F203","v":0},{"$f":"-G203","v":290278.32774016581},{"$f":"-H203","v":1421041.1087484362},4187734.6156775877,5109192.4552094154,4869275.8757731393,4584400.3997070761,4293946.9798515914,3983161.8206062238,3660966.5282289255,3295057.8732775706,2914303.3271493465,2506895.9627921465,2076838.6256308686,1604666.3777529805,1105532.2280895445,571458.6879496678,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Principal","USD ",{"$f":"E204","v":76597274.868186861},{"$f":"F204","v":0},{"$f":"G204","v":148030.76382727543},807854.25153351738,2652926.2069773367,3623939.1241787709,3873090.2401403561,4149334.5693640569,4439787.9892195417,4750573.1484649107,5079483.241944408,5439350.6589746252,5820105.2051028498,6227512.5694600455,6661481.5025280304,7130487.8523347937,7629622.0019982308,8163695.5421381099,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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},{"$f":"SUM(G240:G243)","v":438309.09156744124},2228895.3602819536,6840660.8226549244,8733131.5793881863,8742366.1159134954,8733734.9690711331,8733734.9690711331,8733734.9690711349,8740449.7701733336,8734408.5322521962,8734408.5322521962,8734408.5322521925,8738320.128158899,8735154.2300877739,8735154.2300877757,8735154.2300877776,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Project Return"]
[]
[null,null,"Date",null,null,{"$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":43758564.573099211},{"$f":"F214","v":-5440941.4568144642},-21465134.900635615,-53068483.167979226,-20811328.459027074,2289598.1135300184,3622860.8593806303,3731600.8608610742,3770330.3465983784,1468022.9942765357,3997800.3906093081,4242408.3358548395,4294127.6392948832,4566820.8734135376,220518.11462391005,2343244.4961145958,5000686.1960750315,5348068.1073495299,5440671.5595906787,923363.01607444836,-1595010.9066105196,2620154.247445826,6571770.6859099399,7083886.3636126081,4532518.7082242882,5395597.161449587,4971469.2512625773,8374083.8104769476,8304103.3572933618,5639476.408425644,8570742.831728287,8923912.2309845556,8846825.5737817306,9213571.5606587566,5831229.3692646138]
[null,null,"Residual value ","USD ",{"$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,{"$f":"SUM(F249:F250)","v":-5440941.4568144642},{"$f":"SUM(G249:G250)","v":-21465134.900635615},-53068483.167979226,-20811328.459027074,2289598.1135300184,3622860.8593806303,3731600.8608610742,3770330.3465983784,1468022.9942765357,3997800.3906093081,4242408.3358548395,4294127.6392948832,4566820.8734135376,220518.11462391005,2343244.4961145958,5000686.1960750315,5348068.1073495299,5440671.5595906787,923363.01607444836,-1595010.9066105196,2620154.247445826,6571770.6859099399,7083886.3636126081,4532518.7082242882,5395597.161449587,4971469.2512625773,8374083.8104769476,8304103.3572933618,5639476.408425644,8570742.831728287,8923912.2309845556,8846825.5737817306,9213571.5606587566,5831229.3692646138]
[null,null," "]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV project @ WACC","USD ",{"$f":"NPV(E254,F251:AM251)","v":-54766753.743889935}]
[]
[null,null,"IRR Project","%",{"$f":"IRR(F251:AM251)","v":1.9146726451627183E-2}]
[null,null,"Check: NPV @ IRR","USD ",{"$f":"NPV(E257,F251:AM251)","v":2.2845645049022363E-9},{"$f":"IF(ROUND(E258,3)=0,0,1)","v":0}]
[]
[]
[null,null,"Equity Return"]
[]
[null,null,"Date",null,null,{"$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 ",{"$f":"SUM(F264:AM264)","v":-21858955.211249739},{"$f":"-F218","v":-1175243.3546719241},-4636469.1385372924,-11462792.36428351,-4584450.3537570145,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Distributions to Equity","USD ",{"$f":"SUM(F265:AM265)","v":141140179.36360297},{"$f":"-F227","v":0},0,0,0,1736538.10654311,2869548.736182767,2962227.1771186967,2995147.2399954051,1038185.9905218388,3188289.6062460374,3396398.6316512404,3440360.0395752778,3672149.2885761345,1994574.552087523,3863130.358920726,4040918.2152430257,4336192.8398263492,4414829.7849397361,2616271.0358804734,6337627.6070429245,5174948.4163538031,5586005.0830234494,6021303.4090707172,3852640.9019906451,6646465.941890033,6808073.0297012208,7117971.2389054056,7058487.8536993572,4793554.9471617974,7285131.4069690444,7585325.3963368721,7519801.7377144713,7831535.8265599431,4956544.9638749221]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F266:AM266)","v":24464203.120874792},{"$f":"-F234","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,24464203.120874792]
[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,{"$f":"SUM(F264:F267)","v":-1175243.3546719241},{"$f":"SUM(G264:G267)","v":-4636469.1385372924},-11462792.36428351,-4584450.3537570145,1736538.10654311,2869548.736182767,2962227.1771186967,2995147.2399954051,1038185.9905218388,3188289.6062460374,3396398.6316512404,3440360.0395752778,3672149.2885761345,1994574.552087523,3863130.358920726,4040918.2152430257,4336192.8398263492,4414829.7849397361,2616271.0358804734,6337627.6070429245,5174948.4163538031,5586005.0830234494,6021303.4090707172,3852640.9019906451,6646465.941890033,6808073.0297012208,7117971.2389054056,7058487.8536993572,4793554.9471617974,7285131.4069690444,7585325.3963368721,7519801.7377144713,7831535.8265599431,29420748.084749714]
[]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV Equity @ WACC","USD ",{"$f":"NPV(E271,F268:AM268)","v":62827.087913210504}]
[]
[null,null,"IRR Equity","%",{"$f":"IRR(F268:AM268)","v":0.13038530270520998}]
[null,null,"Check: NPV Equity @ IRR","USD ",{"$f":"NPV(E274,F268:AM268)","v":-9.8867800816588172E-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":78845210.795747235},{"$f":"F221","v":0},{"$f":"G221","v":0},0,0,{"$f":"J221","v":2289598.1135300184},3622860.8593806303,3731600.8608610742,3770330.3465983784,1468022.9942765357,3997800.3906093081,4242408.3358548395,4294127.6392948832,4566820.8734135376,2593374.1309275739,4791524.0121664442,5000686.1960750315,5348068.1073495299,5440671.5595906787,3324652.2640624992,7702718.8183712652,6088174.6074750628,6571770.6859099399,7083886.3636126081,4532518.7082242882,7819371.6963412156,8009497.6820014361,8374083.8104769476,8304103.3572933618,5639476.408425644,8570742.831728287,8923912.2309845556,8846825.5737817306,9213571.5606587566,5831229.3692646138]
[null,null,"CFADS (Qualifying) @ Period End","USD ",{"$f":"SUM(F290:AA290)","v":66185265.502362229},{"$f":"F289*F286","v":0},{"$f":"G289*G286","v":0},0,0,2289598.1135300184,3622860.8593806303,3731600.8608610742,3770330.3465983784,1468022.9942765357,3997800.3906093081,4242408.3358548395,4294127.6392948832,4566820.8734135376,2593374.1309275739,4791524.0121664442,5000686.1960750315,5348068.1073495299,5440671.5595906787,3324652.2640624992,7702718.8183712652,0,0,0,{"$f":"AC289*AC286","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"NPV (CFADS) @ Period Start","USD ",null,{"$f":"(G291+F290)/F283*F286","v":0},0,0,0,36520986.113354526,36787857.027759328,35740146.160321854,34510355.530683316,33155750.071232777,34008629.581942536,32391433.262069207,30416425.254559215,28251447.383083481,25662227.82648579,24865209.643412225,21814250.306284636,18340561.631649531,14276332.838515468,9835004.5776208732,7198802.6339918366,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AN291+AM290)/AM283*AM286","v":0}]
[null,null,null,null,null,null,null,null,null,{"$f":"NPV(0.08,J219:Y219)","v":28295213.143418167},{"$f":"IF(J291=J292,\"OK\")","v":false}]
[null,null,"Denominator"]
[null,null,"Debt Balance B/f","USD ",null,{"$f":"F163","v":0},0,0,0,2329657.9050197876,2246121.8525389312,2156874.753587631,2061228.2750290988,1958886.5429714695,1849380.889669806,1732332.9533799398,1606951.0203219794,1472792.3519499619,1329242.576791903,1175737.3916041071,1011374.2426390402,835505.67324641871,647326.3039963136,446013.38349137863,230547.98083853864,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"LLCR (Loan Life Cover Ratio)","x @ Period Start",{"$f":"MIN(F297:AM297)","v":15.676544626857703},{"$f":"IF(F294=0,0,F291/F294)","v":0},0,0,0,{"$f":"IF(J294=0,0,J291/J294)","v":15.676544626857703},16.37838881544905,16.570339145040105,16.742616986561629,16.925814407269467,18.389197039888597,18.698156840387156,18.928035061370306,19.182233901254889,19.305902680623575,21.148608372051172,21.568920174754883,21.951450742860825,22.054306692590032,22.050918070289214,31.224748131858188,0,0,0,{"$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},10000000,10000000,15.676544626857703,16.37838881544905,16.570339145040105,16.742616986561629,16.925814407269467,18.389197039888597,18.698156840387156,18.928035061370306,19.182233901254889,19.305902680623575,21.148608372051172,21.568920174754883,21.951450742860825,22.054306692590032,22.050918070289214,31.224748131858188,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[]
[null,null,"DSCR"]
[]
[null,null,"Numerator"]
[null,null,{"$f":"C289","v":"CFADS @ Period End"},"USD ",{"$f":"SUM(F302:AM302)","v":169994430.38854069},{"$f":"F289","v":0},{"$f":"G289","v":0},0,0,2289598.1135300184,3622860.8593806303,3731600.8608610742,3770330.3465983784,1468022.9942765357,3997800.3906093081,4242408.3358548395,4294127.6392948832,4566820.8734135376,2593374.1309275739,4791524.0121664442,5000686.1960750315,5348068.1073495299,5440671.5595906787,3324652.2640624992,7702718.8183712652,6088174.6074750628,6571770.6859099399,7083886.3636126081,{"$f":"AC289","v":4532518.7082242882},7819371.6963412156,8009497.6820014361,8374083.8104769476,8304103.3572933618,5639476.408425644,8570742.831728287,8923912.2309845556,8846825.5737817306,9213571.5606587566,5831229.3692646138]
[]
[null,null,"Denominator"]
[null,null,"Interest","USD ",{"$f":"SUM(F305:AM305)","v":1617502.6439880102},{"$f":"-F222","v":0},0,0,0,163076.05335138529,157674.07080254547,150981.23275113432,144285.97925203704,137122.05800800299,129823.50579469166,121263.30673659589,112486.57142253866,103095.46463649742,93310.649166221847,82301.617412287567,70796.196984732873,58485.397127249358,45441.245038995825,31220.936844396532,16138.35865869772,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal","USD ",{"$f":"SUM(F306:AM306)","v":2329657.9050197876},{"$f":"-F223","v":0},0,0,0,83536.052480856422,89247.098951300024,95646.478558532108,102341.73205762936,109505.65330166341,117047.93628986624,125381.93305796043,134158.66837201768,143549.77515805891,153505.18518779581,164363.14896506691,175868.56939262155,188179.36925010505,201312.92050493497,215465.40265283998,230547.98083853882,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Debt Service","USD ",null,{"$f":"SUM(F305:F306)","v":0},0,0,0,246612.10583224171,246921.16975384549,246627.71130966643,246627.7113096664,246627.7113096664,246871.4420845579,246645.23979455631,246645.23979455634,246645.23979455634,246815.83435401766,246664.76637735448,246664.76637735442,246664.76637735442,246754.16554393078,246686.33949723651,246686.33949723653,0,0,0,{"$f":"SUM(AC305:AC306)","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"DSCR (Debt Service Cover Ratio)",null,"Average",{"$f":"IF(F307=0,0,F302/F307)","v":0},0,0,0,9.2842081121821369,14.672135495681649,15.130501114595619,15.287537343540206,5.9523846143683432,16.1938552181341,17.200446841741453,17.410137908486234,18.515747059288394,10.507324774016709,19.425246996306882,20.273208328524905,21.681524223722779,22.048955273348977,13.477245115551863,31.224748131858163,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"AVERAGEIF(F286:AM286,1,F310:AM310)","v":16.767825409459277}]
[null,null,null,null,"Min"]
[null,null,null,null,{"$f":"MIN(F313:AM313)","v":5.9523846143683432},{"$f":"IF(F310=0,10000000,F310)","v":10000000},{"$f":"IF(G310=0,10000000,G310)","v":10000000},10000000,10000000,9.2842081121821369,14.672135495681649,15.130501114595619,15.287537343540206,5.9523846143683432,16.1938552181341,17.200446841741453,17.410137908486234,18.515747059288394,10.507324774016709,19.425246996306882,20.273208328524905,21.681524223722779,22.048955273348977,13.477245115551863,31.224748131858163,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[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"}]

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[]
[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$21","v":0.20783372062395092},"Deuda privada",{"$f":"-NPV(0,'Project Finance Model'!$F$117:$AM$117)","v":2329657.9050197876},{"$f":"F6/F$21","v":4.8189792336706715E-3}]
[null,"Interes durante la construccion",{"$f":"NPV(0,'Project Finance Model'!$F$112:$AM$112)","v":188726.15231713752},{"$f":"C7/C$21","v":3.9038667733455433E-4},"Aportacion de capital privado",{"$f":"-NPV(0,'Project Finance Model'!$F$119:$AM$119)","v":21858955.211249739},{"$f":"F7/F$21","v":4.5216016912086099E-2}]
[null,"Upfront fee",{"$f":"NPV(0,'Project Finance Model'!$F$113:$AM$113)","v":23296.579050197877},{"$f":"C8/C$21","v":4.8189792336706712E-5},"Aportacion municipal",{"$f":"-NPV(0,'Project Finance Model'!$F$116:$AM$116)","v":76597274.868186846},{"$f":"F8/F$21","v":0.15844415446156312}]
[]
[]
[null,"Durante la operacion",null,null,"Durante la operacion"]
[]
[null,"Operacion y mantenimiento",{"$f":"-NPV(0,'Project Finance Model'!$F$209:$AM$209)","v":144223108.32167414},{"$f":"C13/C$21","v":0.29833056712748568},"Deuda",0,{"$f":"F13/F$21","v":0}]
[null,"Renovaciones",{"$f":"NPV(0,'Project Finance Model'!$F$106:$AM$106)","v":23016013.228827417},4.7609432076966982E-2,"Aportacion de capital privado",0,{"$f":"F14/F$21","v":0}]
[null,"Impuesto a la renta",{"$f":"-NPV(0,'Project Finance Model'!$F$211:$AM$211)","v":45414455.940223679},9.3941397839066285E-2,"Aportacion municipal",{"$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$222)","v":1617502.6439880102},3.3458610532431025E-3,"Autofinanciamento sobre Tesoreria",{"$f":"'Project Finance Model'!E220","v":25449977.830985069},{"$f":"F16/F$21","v":5.2644173378689388E-2}]
[null,"Principal de la deuda",{"$f":"-NPV(0,'Project Finance Model'!$F$223:$AM$223)","v":2329657.9050197876},4.8189792336706715E-3,"Ingresos de operacion",{"$f":"NPV(0,'Project Finance Model'!$F$208:$AM$208)","v":357198030.04828089},{"$f":"F17/F$21","v":0.73887667601399076}]
[null,"Constitucion de la Tesoreria",{"$f":"'Project Finance Model'!E229-'Project Finance Model'!E228","v":25007090.475929935},5.1728045323034842E-2]
[null,"Dividendo a privados (Equity)",{"$f":"-NPV(0,'Project Finance Model'!$F$227:$AM$227)","v":141140179.36360297},0.29195342025291021]
[]
[null,"Total",{"$f":"SUM(C6:C19)","v":483433895.86372232},{"$f":"SUM(D6:D19)","v":1},"Total",{"$f":"SUM(F6:F19)","v":483433895.86372232},{"$f":"SUM(G6:G19)","v":1}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Financement des renouvellements d'équipement sur la trésorerie du SPV. Déblocage de fonds de la part du SPV pour financer les renouvellements d'équipement. "]
[null,"Part de la dette municipale dans le financement de la construction"]
[null,"Part de la dette privée dans le financement de la construction"]
[]
[null,"Part du capital privé dans le financement de la construction"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Calcul des intérêts à rembourser par le SPV durant la construction"]
[null,"Calcul des intérêts à rembourser par le maire durant la construction"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Calcul des intérêts à rembourser par le SPV durant l'exploitation"]
[null,"Calcul des intérêts à rembourser par le maire durant l'exploitation"]
[]
[]
[]
[null,"Hypothèse: le remboursement de la dette du SPV commence à la fin de la première année de construction"]
[null,"Hypothèse: le remboursement de la dette du SPV commence à la fin de la première année d'exploitation"]

{"sheet":"Balance_Municipality","index":4,"n_rows":4,"n_cols":6,"rows_kept":4,"cut":false,"hidden":true,"merged":[[1,1,1,5]]}
[]
[null,"Aportacion municipal (flujos de caja)"]
[null,"Total","Pago de la deuda - Intereses","Pago de la deuda - Principal","Subsidios Municipal","Transferencia de activos"]
[null,{"$f":"C4+D4+E4+F4","v":123072026.06237154},{"$f":"'Project Finance Model'!E241","v":46474751.194184676},{"$f":"'Project Finance Model'!E242","v":76597274.868186861},{"$f":"SUM('Project Finance Model'!$F$157:$AM$157)","v":0},{"$f":"SUM('Project Finance Model'!$F$243:$AM$243)","v":0}]