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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)",144743714.81985953]
[null,"Inversion inicial con inflacion (USD valor nominal)",149844747.77020249]
[null,"Inflacion sobre inversion inicial (USD valor nominal)",5101032.9503429532]
[null,"Locales comerciales (m2)",500]
[null,"Alquiler mensual de locales comerciales ($/m2)",20]
[null,"Depreciation de activos "]
[null,"Duracion de vida infinida",0.23934885559702884,"de los activos"]
[null,"Duracion de vida de 50 años",0.27491298685105831,"de los activos"]
[null,"Duracion de vida de 40 años",0.45832762542540573,"de los activos"]
[null,"Duracion de vida de 15 años",9.5982881030156605E-2,"de los activos"]
[null,"Duracion de vida de 10 años",3.852017483387131E-2,"de los activos"]
[null,"Duracion de vida de 5 años",7.8288492693816252E-3,"de los activos"]
[null,"Renta concesional",0,"de la Utilitad neta de operacion antes de impuestos"]
[null,"Impuesto a la renta",0.35,"Impuesto a la renta para sociedades en Ecuador"]
[null,"Hipotesis general de Inflacion 2019 - 2050 ",0.02]
[null,"Tasa de actualizacion",0.13]
[]
[]
[null,null,"Tarifa (USD 2019)"]
[null,null,"1,00$"]
[null,"TRI 30 años",{"$f":"AJ104","v":-3.1880129516026479E-3}]
[null,"VAN 30 años",{"$f":"AJ116","v":-95559112.537031129}]
[]
[]
[null,null,"Tarifa de 1,00$ (USD 2019)"]
[null,null,2020,2025,2030,2035,2040,2045,2050]
[null,"Ratio de cobertura (Ingresos / Egresos) de la operacion",{"$f":"H112","v":1.9822851543566073},{"$f":"M112","v":1.8412233902779231},{"$f":"R112","v":1.9157126193854337},{"$f":"W112","v":2.1104404397076806},{"$f":"AB112","v":2.3187071400124348},{"$f":"AG112","v":2.3219922578210679},{"$f":"AL112","v":2.2352842810928424}]
[null,"Margen neta de la operacion",{"$f":"H113","v":0.98228515435660735},{"$f":"M113","v":0.84122339027792314},{"$f":"R113","v":0.91571261938543369},{"$f":"W113","v":1.1104404397076806},{"$f":"AB113","v":1.3187071400124348},{"$f":"AG113","v":1.3219922578210679},{"$f":"AL113","v":1.2352842810928424}]
[]
[]
[]
[]
[]
[]
[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",0,0,0,0,3894661.801163103,3389550.6835800386,4091317.6613292028,4187097.4946923573,10589921.930171082,4385616.6980999652,4488470.8832454924,4593800.4223264009,4701666.4116099318,11739466.693024982,4925259.8882803097,5041117.4514360102,5159771.6993549336,5281291.860664662,13017158.76419289,5533215.6579691973,5663766.7088385588,5797478.5974290352,5934429.7937967386,14437740.266514411,6218374.0149535686,6365534.1615314521,6516267.9672443951,6670664.4072409943,16017710.492081475,6990812.4886104381,7156753.6569460677,7326736.636348105,7500862.3472881364,17775543.41701391,7861958.6088043265,8049144.1672415547,8240902.6130223852,8437348.4538849648,19731933.184603076,8844775.0996885989,9055999.9003926162,9272400.247475002,9494106.1083851717,21910071.28495362]
[null,"Trafico anual",0,0,0,0,10130000,13506666.66666667,13746868.988756144,13987071.310845621,14227273.632935096,14467475.95502457,14707678.277114047,14944655.104848647,15181631.932583246,15418608.760317845,15655585.588052444,15892562.415787039,16213335.404196043,16534108.39260505,16854881.381014053,17175654.369423058,17496427.357832056,17994960.250358921,18493493.142885789,18992026.035412654,19490558.927939519,19989091.820466381,19989091.820466381,19989091.820466381,19989091.820466381,19989091.820466381,19989091.820466381,19989091.820466381,19989091.820466381,19989091.820466381,19989091.820466381,19989091.820466381,19989091.820466381,19989091.820466381,19989091.820466381,19989091.820466381,19989091.820466381,19989091.820466381,19989091.820466381,19989091.820466381]
[null,"Ingresos de pasajeros (valor actualizado)",0,0,0,0,4947492,6596656.0000000009,7019456.4861504361,7142109.1243008748,7558258.1376543436,7685865.9423860572,8129138.0865013292,8260118.4710092787,8730099.2492801212,8866371.2413221896,9366350.0199921783,9508127.4005127419,10091919.48674532,10291583.22599718,10915093.342645101,11122823.496962741,11788308.018792097,12124197.122002378,12963473.708711259,13312932.731691236,14214352.381559927,14577929.549068294,15166877.902850656,15166877.902850656,15779619.770125819,15779619.770125819,16417116.408838902,16417116.408838902,17080367.91175599,17080367.91175599,17770414.775390934,17770414.775390934,18488339.532316726,18488339.532316726,19235268.449422326,19235268.449422326,20012373.294778988,20012373.294778988,20820873.175888062,20820873.175888062]
[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$18/50","v":-823885.34346899646},-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646,-823885.34346899646]
[null,"Activos iniciales - Depreciacion 40 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$19/40","v":-1716949.6856996443},-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443,-1716949.6856996443]
[null,"Activos iniciales - Depreciacion 15 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$20/15","v":-958835.37321474461},-958835.37321474461,-958835.37321474461,-958835.37321474461,-958835.37321474461,-958835.37321474461,-958835.37321474461,-958835.37321474461,-958835.37321474461,-958835.37321474461,-958835.37321474461,-958835.37321474461,-958835.37321474461,-958835.37321474461,-958835.37321474461,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 10 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$21/10","v":-577204.58820455475},-577204.58820455475,-577204.58820455475,-577204.58820455475,-577204.58820455475,-577204.58820455475,-577204.58820455475,-577204.58820455475,-577204.58820455475,-577204.58820455475,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 5 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-234622.38882028474},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-234622.38882028474},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-234622.38882028474},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-234622.38882028474},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-234622.38882028474},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Valor residual",0,0,0,0,{"$f":"-(SUM(C96:F96))+SUM(G56:G60)","v":145533250.39079428},{"$f":"G61+SUM(H56:H60)","v":141221753.01138607},{"$f":"H61+SUM(I56:I60)","v":136910255.63197786},132598758.25256963,128287260.87316141,124210385.88257347,120133510.89198554,116056635.9013976,111979760.91080967,107902885.92022173,104403215.51783834,100903545.11545496,97403874.71307157,93904204.310688183,90404533.908304796,87863698.87913616,85322863.849967524,82782028.820798889,80241193.791630253,77700358.762461618,75159523.733292982,72618688.704124346,70077853.674955711,67537018.645787075,64996183.616618432,62455348.587449789,59914513.558281146,57373678.529112503,54832843.49994386,52292008.470775217,49751173.441606574,47210338.412437931,44669503.383269288,42128668.354100645,39587833.324932002,37046998.295763358,34506163.266594715,31965328.237426076,29424493.208257437,26883658.179088797]
[null,"Activos nuevos 1 - Depreciacion 10 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($P$97:$Q$97)/10","v":-738827.87074309995},{"$f":"SUM($P$97:$Q$97)/10","v":-738827.87074309995},-738827.87074309995,-738827.87074309995,-738827.87074309995,-738827.87074309995,-738827.87074309995,-738827.87074309995,-738827.87074309995,-738827.87074309995,-738827.87074309995,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos nuevos 1 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-SUM(P97:Q97)","v":7388278.7074309997},{"$f":"R63+S62","v":6649450.8366879001},{"$f":"S63+T62","v":5910622.9659448005},5171795.0952017009,4432967.2244586013,3694139.3537155013,2955311.4829724012,2216483.6122293011,1477655.7414862011,738827.87074310111,1.1641532182693481E-9,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos nuevos 2 - Depreciacion 15 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($U$97:$W$97)/15","v":-1331623.4611481908},-1331623.4611481908,-1331623.4611481908,-1331623.4611481908,-1331623.4611481908,-1331623.4611481908,-1331623.4611481908,-1331623.4611481908,-1331623.4611481908,-1331623.4611481908,-1331623.4611481908,-1331623.4611481908,-1331623.4611481908,-1331623.4611481908,-1331623.4611481908,0,0,{"$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$97))+X64","v":18642728.45607467},{"$f":"X65+Y64","v":17311104.994926479},{"$f":"Y65+Z64","v":15979481.533778287},14647858.072630096,13316234.611481905,11984611.150333714,10652987.689185522,9321364.2280373313,7989740.76688914,6658117.3057409488,5326493.8445927575,3994870.3834445667,2663246.922296376,1331623.4611481852,-5.5879354476928711E-9,0,0,{"$f":"AN65+AO64","v":0},0,0,0,0,0]
[null,"Activos nuevos 3 - Depreciacion 10 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($AA$97:$AB$97)/10","v":-916792.99331147503},{"$f":"SUM($AA$97:$AB$97)/10","v":-916792.99331147503},-916792.99331147503,-916792.99331147503,-916792.99331147503,-916792.99331147503,-916792.99331147503,-916792.99331147503,-916792.99331147503,-916792.99331147503,-916792.99331147503,0,{"$f":"-$C$16*AN67","v":0},0,0,0,0,0]
[null,"Activos nuevos 3 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-SUM(AA97:AB97)","v":9167929.9331147503},{"$f":"AC67+AD66","v":8251136.9398032753},{"$f":"AD67+AE66","v":7334343.9464918002},6417550.9531803252,5500757.9598688502,4583964.9665573752,3667171.9732459001,2750378.9799344251,1833585.9866229501,916792.99331147503,0,0,{"$f":"AN67+AO66","v":0},0,0,0,0,0]
[null,"Activos nuevos 4 - Depreciacion 15 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($AL$97:$AN$97)/14","v":-2749781.7915248387},{"$f":"SUM($AL$97:$AN$97)/14","v":-2749781.7915248387},-2749781.7915248387,-2749781.7915248387,-2749781.7915248387,-2749781.7915248387]
[null,"Activos nuevos 4 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-(SUM(AL97:AN97))-AO68","v":41246726.872872576},{"$f":"AO69+AP68","v":38496945.081347734},{"$f":"AP69+AQ68","v":35747163.289822891},32997381.498298053,30247599.706773214,27497817.915248375]
[null,"Depreciacion de activos",0,0,0,0,{"$f":"SUM(G56:G60)+G62+G64+G66+G68","v":-4311497.3794082245},{"$f":"SUM(H56:H60)+H62+H64+H66+H68","v":-4311497.3794082245},-4311497.3794082245,-4311497.3794082245,-4311497.3794082245,-4076874.99058794,-4076874.99058794,-4076874.99058794,-4076874.99058794,-4076874.99058794,-3499670.4023833852,-4238498.2731264848,-4238498.2731264848,-4238498.2731264848,-4238498.2731264848,-3279662.8999117408,-3279662.8999117408,-4611286.361059932,-4611286.361059932,-4611286.361059932,-4611286.361059932,-4611286.361059932,-4789251.4836283065,-4789251.4836283065,-4789251.4836283065,-4789251.4836283065,-4789251.4836283065,-4789251.4836283065,-4789251.4836283065,-4789251.4836283065,-4789251.4836283065,-4789251.4836283065,-3457628.0224801158,-2540835.0291686407,-5290616.8206934799,-5290616.8206934799,-5290616.8206934799,-5290616.8206934799,-5290616.8206934799,-5290616.8206934799]
[null,"Valor residual de activos",{"$f":"C61+C65+C69","v":0},{"$f":"D61+D65+D69","v":0},0,0,{"$f":"G61+G63+G65+G67+G69","v":145533250.39079428},{"$f":"H61+H63+H65+H67+H69","v":141221753.01138607},136910255.63197786,132598758.25256963,128287260.87316141,124210385.88257347,120133510.89198554,116056635.9013976,111979760.91080967,107902885.92022173,104403215.51783834,108291823.82288596,104053325.54975948,99814827.27663298,95576329.003506497,92296666.103594765,89017003.203683019,104380068.75984596,99768782.398786038,95157496.037726104,90546209.67666617,85934923.315606251,91230394.75840418,86441143.274775863,81651891.79114756,76862640.307519257,72073388.823890939,67284137.340262637,62494885.856634334,57705634.373006016,52916382.889377713,48127131.405749395,44669503.383269288,42128668.354100645,80834560.19780457,75543943.377111092,70253326.556417614,64962709.735724129,59672092.915030651,54381476.094337173]
[]
[]
[null,"A. GASTOS "]
[null,"1. Costos anuales de O&M",0,0,0,0,{"$f":"-G51","v":-3894661.801163103},{"$f":"-H51","v":-3389550.6835800386},-4091317.6613292028,-4187097.4946923573,-10589921.930171082,-4385616.6980999652,-4488470.8832454924,-4593800.4223264009,-4701666.4116099318,-11739466.693024982,-4925259.8882803097,-5041117.4514360102,-5159771.6993549336,-5281291.860664662,-13017158.76419289,-5533215.6579691973,-5663766.7088385588,-5797478.5974290352,-5934429.7937967386,-14437740.266514411,-6218374.0149535686,-6365534.1615314521,-6516267.9672443951,-6670664.4072409943,-16017710.492081475,-6990812.4886104381,-7156753.6569460677,-7326736.636348105,-7500862.3472881364,-17775543.41701391,-7861958.6088043265,-8049144.1672415547,-8240902.6130223852,-8437348.4538849648,-19731933.184603076,-8844775.0996885989,-9055999.9003926162,-9272400.247475002,-9494106.1083851717,-21910071.28495362]
[null,"Gasto totale",null,null,null,null,{"$f":"G75","v":-3894661.801163103},{"$f":"H75","v":-3389550.6835800386},-4091317.6613292028,-4187097.4946923573,-10589921.930171082,-4385616.6980999652,-4488470.8832454924,-4593800.4223264009,-4701666.4116099318,-11739466.693024982,-4925259.8882803097,-5041117.4514360102,-5159771.6993549336,-5281291.860664662,-13017158.76419289,-5533215.6579691973,-5663766.7088385588,-5797478.5974290352,-5934429.7937967386,-14437740.266514411,-6218374.0149535686,-6365534.1615314521,-6516267.9672443951,-6670664.4072409943,-16017710.492081475,-6990812.4886104381,-7156753.6569460677,-7326736.636348105,-7500862.3472881364,-17775543.41701391,-7861958.6088043265,-8049144.1672415547,-8240902.6130223852,-8437348.4538849648,-19731933.184603076,-8844775.0996885989,-9055999.9003926162,-9272400.247475002,-9494106.1083851717,-21910071.28495362]
[]
[null,"B. INGRESOS"]
[null,"1. Ingresos de pasajeros",0,0,0,0,{"$f":"G53","v":4947492},6596656.0000000009,7019456.4861504361,7142109.1243008748,7558258.1376543436,7685865.9423860572,8129138.0865013292,8260118.4710092787,8730099.2492801212,8866371.2413221896,9366350.0199921783,9508127.4005127419,10091919.48674532,10291583.22599718,10915093.342645101,11122823.496962741,11788308.018792097,12124197.122002378,12963473.708711259,13312932.731691236,14214352.381559927,14577929.549068294,15166877.902850656,15166877.902850656,15779619.770125819,15779619.770125819,16417116.408838902,16417116.408838902,17080367.91175599,17080367.91175599,17770414.775390934,17770414.775390934,18488339.532316726,18488339.532316726,19235268.449422326,19235268.449422326,20012373.294778988,20012373.294778988,20820873.175888062,20820873.175888062]
[null,"2. Ingresos comerciales",0,0,0,0,120000,122400,124848,127344.95999999999,129891.85919999999,132489.69638400001,135139.49031168001,137842.28011791359,140599.12572027187,143411.10823467729,146279.33039937084,149204.91700735825,152189.01534750542,155232.79565445552,158337.45156754466,161504.20059889552,164734.28461087344,168028.97030309093,171389.54970915272,174817.34070333577,178313.68751740252,181879.96126775054,185517.56049310556,189227.91170296766,193012.469937027,196872.71933576756,200810.17372248293,204826.37719693253,208922.90474087122,213101.36283568863,217363.39009240241,221710.65789425041,226144.87105213548,230667.76847317821,235281.12384264174,239986.74631949456,244786.48124588444,249682.21087080217,254675.85508821823,259769.3721899825]
[null,"Ingreso totale",0,0,0,0,{"$f":"G79+G80","v":5067492},{"$f":"H79+H80","v":6719056.0000000009},7144304.4861504361,7269454.0843008747,7688149.9968543435,7818355.6387700569,8264277.5768130096,8397960.7511271928,8870698.375000393,9009782.349556867,9512629.35039155,9657332.3175201006,10244108.502092825,10446816.021651635,11073430.794212647,11284327.697561637,11953042.30340297,12292226.092305468,13134863.258420411,13487750.072394572,14392666.06907733,14759809.510336045,15352395.463343762,15356105.814553624,15972632.240062846,15976492.489461588,16617926.582561385,16621942.786035834,17289290.81649686,17293469.274591681,17987778.165483337,17992125.433285184,18714484.40336886,18719007.300789904,19470549.573264968,19475255.195741821,20257159.776024871,20262055.50564979,21075549.030976281,21080642.548078045]
[]
[null,"Flujo de caja neto (Ingreso total - Gasto total)",null,null,null,null,{"$f":"G81+G76","v":1172830.198836897},{"$f":"H81+H76","v":3329505.3164199623},3052986.8248212333,3082356.5896085175,-2901771.9333167383,3432738.9406700917,3775806.6935675172,3804160.3288007919,4169031.9633904612,-2729684.3434681147,4587369.4621112403,4616214.8660840904,5084336.8027378917,5165524.160986973,-1943727.9699802436,5751112.0395924393,6289275.5945644109,6494747.4948764332,7200433.4646236729,-949990.194119839,8174292.0541237611,8394275.3488045931,8836127.4960993677,8685441.4073126297,-45078.252018628642,8985680.0008511506,9461172.9256153181,9295206.1496877298,9788428.4692087248,-482074.14242222905,10125819.55667901,9942981.2660436295,10473581.790346475,10281658.846904939,-261383.61133810878,10630480.096053222,11201159.875632254,10989655.258174788,11581442.922591109,-829428.73687557504]
[]
[null,"C. FLUJO DE CAJA DE OPERACION"]
[null,"1. Utilitad antes de impuestos",0,0,0,0,{"$f":"G83","v":1172830.198836897},{"$f":"H83","v":3329505.3164199623},3052986.8248212333,3082356.5896085175,-2901771.9333167383,3432738.9406700917,3775806.6935675172,3804160.3288007919,4169031.9633904612,-2729684.3434681147,4587369.4621112403,4616214.8660840904,5084336.8027378917,5165524.160986973,-1943727.9699802436,5751112.0395924393,6289275.5945644109,6494747.4948764332,7200433.4646236729,-949990.194119839,8174292.0541237611,8394275.3488045931,8836127.4960993677,8685441.4073126297,-45078.252018628642,8985680.0008511506,9461172.9256153181,9295206.1496877298,9788428.4692087248,-482074.14242222905,10125819.55667901,9942981.2660436295,10473581.790346475,10281658.846904939,-261383.61133810878,10630480.096053222,11201159.875632254,10989655.258174788,11581442.922591109,-829428.73687557504]
[null,"2. Renta concessional",0,0,0,0,{"$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":-4311497.3794082245},{"$f":"H70","v":-4311497.3794082245},-4311497.3794082245,-4311497.3794082245,-4311497.3794082245,-4076874.99058794,-4076874.99058794,-4076874.99058794,-4076874.99058794,-4076874.99058794,-3499670.4023833852,-4238498.2731264848,-4238498.2731264848,-4238498.2731264848,-4238498.2731264848,-3279662.8999117408,-3279662.8999117408,-4611286.361059932,-4611286.361059932,-4611286.361059932,-4611286.361059932,-4611286.361059932,-4789251.4836283065,-4789251.4836283065,-4789251.4836283065,-4789251.4836283065,-4789251.4836283065,-4789251.4836283065,-4789251.4836283065,-4789251.4836283065,-4789251.4836283065,-4789251.4836283065,-3457628.0224801158,-2540835.0291686407,-5290616.8206934799,-5290616.8206934799,-5290616.8206934799,-5290616.8206934799,-5290616.8206934799,-5290616.8206934799]
[null,"4. Base imponible ( 1-2-3)",0,0,0,0,{"$f":"G86+G87+G88","v":-3138667.1805713275},-981992.06298826216,-1258510.5545869912,-1229140.789799707,-7213269.3127249628,-644136.04991784832,-301068.29702042276,-272714.6617871481,92156.972802521195,-6806559.3340560552,1087699.059727855,377716.59295760561,845838.52961140685,927025.88786048815,-6182226.2431067284,2471449.1396806985,3009612.6946526701,1883461.1338165011,2589147.1035637408,-5561276.555179771,3563005.6930638291,3782988.987744661,4046876.0124710612,3896189.9236843232,-4834329.7356469352,4196428.5172228441,4671921.4419870116,4505954.6660594232,4999176.9855804183,-5271325.6260505356,5336568.0730507039,5153729.782415323,7015953.76786636,7740823.8177362978,-5552000.4320315886,5339863.2753597423,5910543.0549387746,5699038.4374813084,6290826.101897629,-6120045.5575690549]
[null,"5. Impuesta a la renta",0,0,0,0,{"$f":"IF(G89>0,-$C$24*G89,0)","v":0},{"$f":"IF(H89>0,-$C$24*H89,0)","v":0},0,0,0,0,0,0,-32254.940480882415,0,-380694.67090474925,-132200.80753516196,-296043.4853639924,-324459.06075117085,0,-865007.19888824446,-1053364.4431284345,-659211.39683577535,-906201.48624730925,0,-1247051.9925723402,-1324046.1457106313,-1416406.6043648713,-1363666.473289513,0,-1468749.9810279952,-1635172.5046954539,-1577084.133120798,-1749711.9449531464,0,-1867798.8255677463,-1803805.4238453628,-2455583.8187532257,-2709288.3362077042,0,-1868952.1463759097,-2068690.0692285709,-1994663.4531184577,-2201789.1356641701,0]
[null,"6. Utilidad despues de impuestos",0,0,0,0,{"$f":"G89+G90","v":-3138667.1805713275},{"$f":"H89+H90","v":-981992.06298826216},-1258510.5545869912,-1229140.789799707,-7213269.3127249628,-644136.04991784832,-301068.29702042276,-272714.6617871481,59902.032321638777,-6806559.3340560552,707004.38882310572,245515.78542244365,549795.04424741445,602566.8271093173,-6182226.2431067284,1606441.9407924539,1956248.2515242356,1224249.7369807258,1682945.6173164316,-5561276.555179771,2315953.7004914889,2458942.8420340298,2630469.4081061902,2532523.4503948102,-4834329.7356469352,2727678.5361948488,3036748.9372915579,2928870.5329386252,3249465.0406272719,-5271325.6260505356,3468769.2474829573,3349924.3585699601,4560369.9491131343,5031535.4815285932,-5552000.4320315886,3470911.1289838329,3841852.9857102036,3704374.9843628509,4089036.9662334588,-6120045.5575690549]
[null,"7.Depreciacion (agrego)",0,0,0,0,{"$f":"-G88","v":4311497.3794082245},{"$f":"-H88","v":4311497.3794082245},4311497.3794082245,4311497.3794082245,4311497.3794082245,4076874.99058794,4076874.99058794,4076874.99058794,4076874.99058794,4076874.99058794,3499670.4023833852,4238498.2731264848,4238498.2731264848,4238498.2731264848,4238498.2731264848,3279662.8999117408,3279662.8999117408,4611286.361059932,4611286.361059932,4611286.361059932,4611286.361059932,4611286.361059932,4789251.4836283065,4789251.4836283065,4789251.4836283065,4789251.4836283065,4789251.4836283065,4789251.4836283065,4789251.4836283065,4789251.4836283065,4789251.4836283065,4789251.4836283065,3457628.0224801158,2540835.0291686407,5290616.8206934799,5290616.8206934799,5290616.8206934799,5290616.8206934799,5290616.8206934799,5290616.8206934799]
[null,"Flujo de caja de operacion (6+7)",null,null,null,null,{"$f":"G91+G92","v":1172830.198836897},{"$f":"H91+H92","v":3329505.3164199623},3052986.8248212333,3082356.5896085175,-2901771.9333167383,3432738.9406700917,3775806.6935675172,3804160.3288007919,4136777.0229095789,-2729684.3434681152,4206674.7912064912,4484014.0585489282,4788293.3173738997,4841065.1002358021,-1943727.9699802436,4886104.8407041952,5235911.1514359768,5835536.098040658,6294231.9783763634,-949990.194119839,6927240.0615514209,7070229.2030939618,7419720.8917344967,7321774.9340231167,-45078.252018628642,7516930.0198231554,7826000.4209198644,7718122.0165669322,8038716.5242555784,-482074.14242222905,8258020.7311112639,8139175.8421982666,8017997.9715932496,7572370.5106972344,-261383.61133810878,8761527.9496773127,9132469.8064036835,8994991.8050563298,9379653.7869269382,-829428.73687557504]
[]
[null,"D. FLUJO DE CAJA DE INVERSION"]
[null," 1. Inversion inicial",-8061722.6956439894,-31147179.560830984,-78411034.965224028,-32224810.548503488]
[null," 2. Nuevos equipos",null,null,null,null,0,0,0,0,0,0,0,0,0,-3313391.2314414764,-4074887.4759895233,0,0,0,-3615357.9548965818,-11053428.412847251,-5305565.5494790282,0,0,0,-4111500.5203144769,-5056429.4128002729,0,0,0,0,0,0,0,0,0,-10096618.876882482,-21185643.806897443,-7214682.3975678142,0,0,0,0,0,0]
[null," 3. Valor residual despues tasas",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AJ71","v":57705634.373006016},null,null,null,null,null,null,null,null,null,{"$f":"AT71","v":54381476.094337173}]
[null,"Flujo de caja del capital",{"$f":"C96+C97+C98","v":-8061722.6956439894},-31147179.560830984,-78411034.965224028,-32224810.548503488,0,0,0,0,0,0,0,0,0,-3313391.2314414764,-4074887.4759895233,0,0,0,-3615357.9548965818,-11053428.412847251,-5305565.5494790282,0,0,0,-4111500.5203144769,-5056429.4128002729,0,0,0,0,0,0,0,57705634.373006016,0,-10096618.876882482,-21185643.806897443,-7214682.3975678142,0,0,0,0,0,54381476.094337173]
[]
[null,null,null,null,"Inversion inicial con la inflacion",{"$f":"C99+D99+E99+F99","v":-149844747.77020249}]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C93+C99","v":-8061722.6956439894},-31147179.560830984,-78411034.965224028,-32224810.548503488,1172830.198836897,3329505.3164199623,3052986.8248212333,3082356.5896085175,-2901771.9333167383,3432738.9406700917,3775806.6935675172,3804160.3288007919,4136777.0229095789,-6043075.574909592,131787.31521696784,4484014.0585489282,4788293.3173738997,4841065.1002358021,-5559085.9248768259,-6167323.5721430555,-69654.398043051362,5835536.098040658,6294231.9783763634,-949990.194119839,2815739.541236944,2013799.7902936889,7419720.8917344967,7321774.9340231167,-45078.252018628642,7516930.0198231554,7826000.4209198644,7718122.0165669322,8038716.5242555784,57223560.230583787]
[null,"TRI (30 años)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IRR(C103:AJ103)","v":-3.1880129516026479E-3}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C93+C99","v":-8061722.6956439894},{"$f":"D93+D99","v":-31147179.560830984},-78411034.965224028,-32224810.548503488,1172830.198836897,3329505.3164199623,3052986.8248212333,3082356.5896085175,-2901771.9333167383,3432738.9406700917,3775806.6935675172,3804160.3288007919,4136777.0229095789,-6043075.574909592,131787.31521696784,4484014.0585489282,4788293.3173738997,4841065.1002358021,-5559085.9248768259,-6167323.5721430555,-69654.398043051362,5835536.098040658,6294231.9783763634,-949990.194119839,2815739.541236944,2013799.7902936889,7419720.8917344967,7321774.9340231167,-45078.252018628642,7516930.0198231554,7826000.4209198644,7718122.0165669322,8038716.5242555784,{"$f":"AJ93+AJ97","v":-482074.14242222905},8258020.7311112639,-1957443.0346842157,-13167645.835304193,357688.11312942021,-261383.61133810878,8761527.9496773127,9132469.8064036835,8994991.8050563298,9379653.7869269382,53552047.357461601]
[null,"TRI (40 años)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IRR(C106:AT106)","v":2.9044858177407207E-3}]
[]
[null,"EBE (Excedente Bruto de Explotacion)",{"$f":"C83","v":0},{"$f":"D83","v":0},0,0,1172830.198836897,3329505.3164199623,3052986.8248212333,3082356.5896085175,-2901771.9333167383,3432738.9406700917,3775806.6935675172,3804160.3288007919,4169031.9633904612,-2729684.3434681147,4587369.4621112403,4616214.8660840904,5084336.8027378917,5165524.160986973,-1943727.9699802436,5751112.0395924393,6289275.5945644109,6494747.4948764332,7200433.4646236729,-949990.194119839,8174292.0541237611,8394275.3488045931,8836127.4960993677,8685441.4073126297,-45078.252018628642,8985680.0008511506,9461172.9256153181,9295206.1496877298,9788428.4692087248,-482074.14242222905,10125819.55667901,9942981.2660436295,10473581.790346475,10281658.846904939,-261383.61133810878,10630480.096053222,11201159.875632254,10989655.258174788,11581442.922591109,-829428.73687557504]
[null,"ENE (Excedente Neto de Explotacion)",{"$f":"C109+C70","v":0},{"$f":"D109+D70","v":0},0,0,-3138667.1805713275,-981992.06298826216,-1258510.5545869912,-1229140.789799707,-7213269.3127249628,-644136.04991784832,-301068.29702042276,-272714.6617871481,92156.972802521195,-6806559.3340560552,1087699.059727855,377716.59295760561,845838.52961140685,927025.88786048815,-6182226.2431067284,2471449.1396806985,3009612.6946526701,1883461.1338165011,2589147.1035637408,-5561276.555179771,3563005.6930638291,3782988.987744661,4046876.0124710612,3896189.9236843232,-4834329.7356469352,4196428.5172228441,4671921.4419870116,4505954.6660594232,4999176.9855804183,-5271325.6260505356,5336568.0730507039,5153729.782415323,7015953.76786636,7740823.8177362978,-5552000.4320315886,5339863.2753597423,5910543.0549387746,5699038.4374813084,6290826.101897629,-6120045.5575690549]
[]
[null,"Ratio de coberture (Ingresos/Egresos)",null,null,null,null,{"$f":"ABS(G81)/ABS(G76)","v":1.3011378801842672},{"$f":"ABS(H81)/ABS(H76)","v":1.9822851543566073},1.7462111421163438,1.7361559155275867,0.72598741025186575,1.7827266213568778,1.8412233902779231,1.8281074446142964,1.8867136879587576,0.76747799411620976,1.9313964270244739,1.9157126193854337,1.9853801871453978,1.9780796625651513,0.85067955264347106,2.039379701622404,2.1104404397076806,2.1202710602082449,2.2133319821476847,0.93420090841202064,2.314538500654145,2.3187071400124348,2.3560104557572386,2.3020354311160669,0.99718572438670849,2.2853556028703084,2.3219922578210679,2.2686693423063691,2.3049737504845207,0.97287992096147058,2.2879512676827716,2.2352842810928424,2.2709265334353037,2.2185888615481755,0.98675326898318971,2.201893770755968,2.2368772083518502,2.1852006993731119,2.2198560654764967,0.96214395078462522]
[null,"Margen neta de la operacion",null,null,null,null,{"$f":"G112-1","v":0.30113788018426724},{"$f":"H112-1","v":0.98228515435660735},0.74621114211634376,0.73615591552758675,-0.27401258974813425,0.78272662135687776,0.84122339027792314,0.82810744461429642,0.8867136879587576,-0.23252200588379024,0.93139642702447389,0.91571261938543369,0.98538018714539777,0.97807966256515133,-0.14932044735652894,1.039379701622404,1.1104404397076806,1.1202710602082449,1.2133319821476847,-6.5799091587979364E-2,1.314538500654145,1.3187071400124348,1.3560104557572386,1.3020354311160669,-2.8142756132915059E-3,1.2853556028703084,1.3219922578210679,1.2686693423063691,1.3049737504845207,-2.7120079038529421E-2,1.2879512676827716,1.2352842810928424,1.2709265334353037,1.2185888615481755,-1.3246731016810287E-2,1.201893770755968,1.2368772083518502,1.1852006993731119,1.2198560654764967,-3.7856049215374776E-2]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C103","v":-8061722.6956439894},{"$f":"D103","v":-31147179.560830984},-78411034.965224028,-32224810.548503488,1172830.198836897,3329505.3164199623,3052986.8248212333,3082356.5896085175,-2901771.9333167383,3432738.9406700917,3775806.6935675172,3804160.3288007919,4136777.0229095789,-6043075.574909592,131787.31521696784,4484014.0585489282,4788293.3173738997,4841065.1002358021,-5559085.9248768259,-6167323.5721430555,-69654.398043051362,5835536.098040658,6294231.9783763634,-949990.194119839,2815739.541236944,2013799.7902936889,7419720.8917344967,7321774.9340231167,-45078.252018628642,7516930.0198231554,7826000.4209198644,7718122.0165669322,8038716.5242555784,57223560.230583787]
[null,"VAN (30 años]",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"NPV(C26,C115:AJ115)","v":-95559112.537031129}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C106","v":-8061722.6956439894},{"$f":"D106","v":-31147179.560830984},-78411034.965224028,-32224810.548503488,1172830.198836897,3329505.3164199623,3052986.8248212333,3082356.5896085175,-2901771.9333167383,3432738.9406700917,3775806.6935675172,3804160.3288007919,4136777.0229095789,-6043075.574909592,131787.31521696784,4484014.0585489282,4788293.3173738997,4841065.1002358021,-5559085.9248768259,-6167323.5721430555,-69654.398043051362,5835536.098040658,6294231.9783763634,-949990.194119839,2815739.541236944,2013799.7902936889,7419720.8917344967,7321774.9340231167,-45078.252018628642,7516930.0198231554,7826000.4209198644,7718122.0165669322,8038716.5242555784,-482074.14242222905,8258020.7311112639,-1957443.0346842157,-13167645.835304193,357688.11312942021,-261383.61133810878,8761527.9496773127,9132469.8064036835,8994991.8050563298,9379653.7869269382,53552047.357461601]
[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,{"$f":"NPV(C26,C118:AT118)","v":-96039016.737397641}]
[]
[]
[]
[null,null,-15374793.702004252,-32471752.923079427,-62793043.621870533,-31184167.865535051,4461627.0876138387,7085887.3224892067,7506676.6422383776,7866933.6835564012,4138496.9480227539,8621725.0100111552,9016880.0393200647,9408111.1130052563,9811291.0381158479,3028760.3722510524,6759476.3316930179,11095752.577078201,11666827.927642517,12256200.784473658,5145482.9160697088,4835774.0456957947,9963796.0466147065,14965506.412886936,15819114.660764625,11262213.876171863,14269356.723393489,13717569.790471114,18902277.061604355,19259777.254964769,13648271.158759808,19994678.368752308,20372314.83298843,20756902.165421762,21148563.030060068,14981724.136930339]
[]
[null,null,{"$f":"C123-C103","v":-7313071.0063602626},{"$f":"D123-D103","v":-1324573.3622484431},15617991.343353495,1040642.6829684377,3288796.8887769417,3756382.0060692444,4453689.8174171448,4784577.0939478837,7040268.8813394923,5188986.0693410635,5241073.3457525475,5603950.7842044644,5674514.015206269,9071835.9471606445,6627689.01647605,6611738.5185292726,6878534.610268617,7415135.6842378555,10704568.840946535,11003097.61783885,10033450.444657758,9129970.3148462772,9524882.682388261,12212204.070291702,11453617.182156544,11703770.000177424,11482556.169869859,11938002.320941653,13693349.410778437,12477748.348929152,12546314.412068564,13038780.148854829,13109846.50580449,-42241836.093653448]

{"sheet":"Project Finance Model","index":2,"n_rows":315,"n_cols":39,"rows_kept":315,"cut":false,"hidden":true,"merged":[[1,2,4,2],[75,3,76,3],[75,4,76,4]]}
[]
[null,null,"Legend","Input"]
[null,null,null,"Key celd"]
[null,null,null,"Error"]
[null,null,null,"Calculated"]
[]
[null,null,"OUTPUTS"]
[]
[null,null,"Min DSCR",{"$f":"E313","v":1.7000000000000011}]
[null,null,null,{"$f":"E315","v":"2023-12-31"}]
[null,null,"LLCR",{"$f":"E296","v":21.4443729877413}]
[]
[null,null,"NPV project",{"$f":"E255","v":-96618117.999993622}]
[null,null,"IRR Project",{"$f":"E257","v":-2.8319196888319298E-2}]
[]
[null,null,"PRIVATE FINANCE"]
[null,null,"NPV Equity",{"$f":"IF(E58<0.01,\"N/A\",E272)","v":-20101.437887617398}]
[null,null,"IRR Equity",{"$f":"IF(E58<0.01,\"N/A\",E274)","v":0.12982852547272916}]
[null,null,"Debt / Equity",{"$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",{"$f":"'Global Financial Model'!C11","v":144743714.81985953},null," "]
[null,null,"Municipal direct subsidies (yearly)","USD 2015",0]
[null,null,"Treasury","%",0.38,"of DSRA"]
[null,null,"Discount Factor (WACC)","%",{"$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$59*E26*E58","v":1548757.7485724972}]
[null,null,"Private Amortisation Start","Date",{"$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 ",{"$f":"E26*H58","v":129256137.33413456}]
[null,null,"Municipal Amortisation Start","Date",{"$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 ",{"$f":"E52*E37","v":15487.577485724973}]
[null,null,"Upfront fee on municipal loan","USD ",{"$f":"E52*E43","v":1292561.3733413457}]
[]
[null,null,"FUNDING SCHEME"]
[null,null,"Initial dibursment",null,"YES",{"$f":"IF($E$57=\"NO\",0,1)","v":1},"(if no : Equity is back ended)"]
[null,null,"Private funding vs Municipal funding ratio",null,0.107,null,"Initial Municipal debt",{"$f":"1-E58","v":0.89300000000000002}]
[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 ",{"$f":"SUM(F105:AM105)","v":149844747.77020249},{"$f":"-'Global Financial Model'!C96","v":8061722.6956439894},{"$f":"-'Global Financial Model'!D96","v":31147179.560830984},{"$f":"-'Global Financial Model'!E96","v":78411034.965224028},{"$f":"-'Global Financial Model'!F96","v":32224810.548503488},{"$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":36530560.557768613},{"$f":"-'Global Financial Model'!C97","v":0},{"$f":"-'Global Financial Model'!D97","v":0},{"$f":"-'Global Financial Model'!E97","v":0},{"$f":"-'Global Financial Model'!F97","v":0},{"$f":"-'Global Financial Model'!G97","v":0},{"$f":"-'Global Financial Model'!H97","v":0},{"$f":"-'Global Financial Model'!I97","v":0},{"$f":"-'Global Financial Model'!J97","v":0},{"$f":"-'Global Financial Model'!K97","v":0},{"$f":"-'Global Financial Model'!L97","v":0},{"$f":"-'Global Financial Model'!M97","v":0},{"$f":"-'Global Financial Model'!N97","v":0},{"$f":"-'Global Financial Model'!O97","v":0},{"$f":"-'Global Financial Model'!P97","v":3313391.2314414764},{"$f":"-'Global Financial Model'!Q97","v":4074887.4759895233},{"$f":"-'Global Financial Model'!R97","v":0},{"$f":"-'Global Financial Model'!S97","v":0},{"$f":"-'Global Financial Model'!T97","v":0},{"$f":"-'Global Financial Model'!U97","v":3615357.9548965818},{"$f":"-'Global Financial Model'!V97","v":11053428.412847251},{"$f":"-'Global Financial Model'!W97","v":5305565.5494790282},{"$f":"-'Global Financial Model'!X97","v":0},{"$f":"-'Global Financial Model'!Y97","v":0},{"$f":"-'Global Financial Model'!Z97","v":0},{"$f":"-'Global Financial Model'!AA97","v":4111500.5203144769},{"$f":"-'Global Financial Model'!AB97","v":5056429.4128002729},{"$f":"-'Global Financial Model'!AC97","v":0},{"$f":"-'Global Financial Model'!AD97","v":0},{"$f":"-'Global Financial Model'!AE97","v":0},{"$f":"-'Global Financial Model'!AF97","v":0},{"$f":"-'Global Financial Model'!AG97","v":0},{"$f":"-'Global Financial Model'!AH97","v":0},{"$f":"-'Global Financial Model'!AI97","v":0},{"$f":"-'Global Financial Model'!AJ97","v":0}]
[]
[null,null,"Construction: Funding"]
[null,null,"Construction Costs","USD ",{"$f":"SUM(F109:AM109)","v":149844747.77020249},{"$f":"F105","v":8061722.6956439894},{"$f":"G105","v":31147179.560830984},78411034.965224028,32224810.548503488,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",100000,null,null,null,{"$f":"E61","v":100000}]
[null,null,"Renewal Costs","USD ",36530560.557768613,{"$f":"F106","v":0},{"$f":"G106","v":0},0,0,0,0,0,0,0,0,0,0,0,3313391.2314414764,4074887.4759895233,0,0,0,3615357.9548965818,11053428.412847251,5305565.5494790282,0,0,0,4111500.5203144769,5056429.4128002729,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Interest During Construction","USD ",123586.07181361789,{"$f":"F151","v":0},{"$f":"G151","v":6066.9740008388881},{"$f":"H151","v":29383.612149163218},88135.485663615778,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB151","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Upfront Fee","USD ",15487.577485724973,{"$f":"F138","v":15487.577485724973},{"$f":"G138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB138","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Required Funding","USD ",186614381.97727045,{"$f":"SUM(F109:F113)","v":8077210.2731297147},{"$f":"SUM(G109:G113)","v":31153246.534831822},{"$f":"SUM(H109:H113)","v":78440418.577373192},32412946.034167103,0,0,0,0,0,0,0,0,0,3313391.2314414764,4074887.4759895233,0,0,0,3615357.9548965818,11053428.412847251,5305565.5494790282,0,0,0,4111500.5203144769,5056429.4128002729,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Release","USD ",-36530560.557768613,{"$f":"IF(F79=1,-F114,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-3313391.2314414764,-4074887.4759895233,0,0,0,-3615357.9548965818,-11053428.412847251,-5305565.5494790282,0,0,0,-4111500.5203144769,-5056429.4128002729,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding through debt","USD ",-134024852.52761514,{"$f":"IF(F78=1,-F114*(1-$E$58),0)","v":-7212948.7739048349},-27819849.155604817,-70047293.789594263,-28944760.808511224,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Debt funding","USD ",-1548757.7485724972,{"$f":"IF(F78=1,IF($F$57=1,-MIN(F114*$E$59*$E$58,F135),-MIN(F114*$E$58,F135)),0)","v":-86426.149922487952},-333339.73792270047,-839312.47877789312,-289679.38194941566,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sub Total","USD ",14510211.143314196,{"$f":"SUM(F114:F117)","v":777835.34930239187},3000057.6413043044,7553812.309001036,3178505.8437064644,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Equity Funding","USD ",-14510211.143314196,{"$f":"-F118","v":-777835.34930239187},{"$f":"-G118","v":-3000057.6413043044},-7553812.309001036,-3178505.8437064644,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AB118","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Funding Shortfall","USD ",0,{"$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},{"$f":"F127","v":86426.149922487952},{"$f":"G127","v":419765.88784518844},1259078.3666230815,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Z127","v":0},{"$f":"AA127","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Disbursement to Fund Project Costs (SPV)","USD ",{"$f":"SUM(F124:AM124)","v":1548757.7485724972},{"$f":"-F117","v":86426.149922487952},333339.73792270047,839312.47877789312,289679.38194941566,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":-1548757.7485724972},{"$f":"-SUM(F123:F125)*F94","v":0},{"$f":"-SUM(G123:G125)*G94","v":0},{"$f":"-SUM(H123:H125)*H94","v":0},-1548757.7485724972,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F123:F126)","v":86426.149922487952},{"$f":"SUM(G123:G126)","v":419765.88784518844},1259078.3666230815,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipaly)","USD ",null,{"$f":"E133","v":0},{"$f":"F133","v":7212948.7739048349},34774585.477017231,103438037.68842052,{"$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 ",{"$f":"SUM(F130:AM130)","v":134024852.52761514},{"$f":"-F116","v":7212948.7739048349},{"$f":"-G116","v":27819849.155604817},70047293.789594263,28944760.808511224,{"$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 ",{"$f":"SUM(F131:AM131)","v":-6229007.4629333951},{"$f":"IF(F78=1,-F204,0)","v":0},{"$f":"IF(G78=1,-G204,0)","v":-258212.45249242417},-1383841.578190974,-4586953.4322499968,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",-127795845.06468175,{"$f":"-SUM(F129:F131)*F94","v":0},{"$f":"-SUM(G129:G131)*G94","v":0},{"$f":"-SUM(H129:H131)*H94","v":0},-127795845.06468175,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality)","USD ",null,{"$f":"SUM(F129:F132)","v":7212948.7739048349},{"$f":"SUM(G129:G132)","v":34774585.477017231},103438037.68842052,0,{"$f":"SUM(J129:J132)","v":0},{"$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 ",{"$f":"E37","v":1548757.7485724972},{"$f":"MAX(0,$E135-F123)*F78","v":1548757.7485724972},1462331.5986500091,1128991.8607273088,289679.38194941566,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E43","v":129256137.33413456},{"$f":"MAX(0,$E136-F129)*F78","v":129256137.33413456},122043188.56022973,94481551.857117325,25818099.645714045,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Upfront Fee (SPV)","USD ",{"$f":"E53","v":15487.577485724973},{"$f":"$E138*IF(F90=1,1,0)","v":15487.577485724973},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E54","v":1292561.3733413457},{"$f":"$E139*IF(F90=1,1,0)","v":1292561.3733413457},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[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 ",{"$f":"SUM(F151:AM151)","v":123586.07181361789},{"$f":"F144*F123","v":0},6066.9740008388881,29383.612149163218,88135.485663615778,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during construction for Municipality",null,{"$f":"SUM(F152:AM152)","v":10181220.797538513},{"$f":"F149*F129","v":0},506337.17595786229,2434220.9833912086,7240662.6381894425,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Operations"]
[null,null,"Revenue"]
[null,null,"Revenue","USD ",{"$f":"SUM(F156:AM156)","v":348968788.7150479},{"$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":5067492},{"$f":"'Global Financial Model'!H81","v":6719056.0000000009},{"$f":"'Global Financial Model'!I81","v":7144304.4861504361},{"$f":"'Global Financial Model'!J81","v":7269454.0843008747},{"$f":"'Global Financial Model'!K81","v":7688149.9968543435},{"$f":"'Global Financial Model'!L81","v":7818355.6387700569},{"$f":"'Global Financial Model'!M81","v":8264277.5768130096},{"$f":"'Global Financial Model'!N81","v":8397960.7511271928},{"$f":"'Global Financial Model'!O81","v":8870698.375000393},{"$f":"'Global Financial Model'!P81","v":9009782.349556867},{"$f":"'Global Financial Model'!Q81","v":9512629.35039155},{"$f":"'Global Financial Model'!R81","v":9657332.3175201006},{"$f":"'Global Financial Model'!S81","v":10244108.502092825},{"$f":"'Global Financial Model'!T81","v":10446816.021651635},{"$f":"'Global Financial Model'!U81","v":11073430.794212647},{"$f":"'Global Financial Model'!V81","v":11284327.697561637},{"$f":"'Global Financial Model'!W81","v":11953042.30340297},{"$f":"'Global Financial Model'!X81","v":12292226.092305468},{"$f":"'Global Financial Model'!Y81","v":13134863.258420411},{"$f":"'Global Financial Model'!Z81","v":13487750.072394572},{"$f":"'Global Financial Model'!AA81","v":14392666.06907733},{"$f":"'Global Financial Model'!AB81","v":14759809.510336045},{"$f":"'Global Financial Model'!AC81","v":15352395.463343762},{"$f":"'Global Financial Model'!AD81","v":15356105.814553624},{"$f":"'Global Financial Model'!AE81","v":15972632.240062846},{"$f":"'Global Financial Model'!AF81","v":15976492.489461588},{"$f":"'Global Financial Model'!AG81","v":16617926.582561385},{"$f":"'Global Financial Model'!AH81","v":16621942.786035834},{"$f":"'Global Financial Model'!AI81","v":17289290.81649686},{"$f":"'Global Financial Model'!AJ81","v":17293469.274591681}]
[null,null,"Municipal direct subsidies (if any)","USD ",{"$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":215392060.95697781},{"$f":"-'Global Financial Model'!C76","v":0},{"$f":"-'Global Financial Model'!D76","v":0},{"$f":"-'Global Financial Model'!E76","v":0},{"$f":"-'Global Financial Model'!F76","v":0},{"$f":"-'Global Financial Model'!G76","v":3894661.801163103},{"$f":"-'Global Financial Model'!H76","v":3389550.6835800386},{"$f":"-'Global Financial Model'!I76","v":4091317.6613292028},{"$f":"-'Global Financial Model'!J76","v":4187097.4946923573},{"$f":"-'Global Financial Model'!K76","v":10589921.930171082},{"$f":"-'Global Financial Model'!L76","v":4385616.6980999652},{"$f":"-'Global Financial Model'!M76","v":4488470.8832454924},{"$f":"-'Global Financial Model'!N76","v":4593800.4223264009},{"$f":"-'Global Financial Model'!O76","v":4701666.4116099318},{"$f":"-'Global Financial Model'!P76","v":11739466.693024982},{"$f":"-'Global Financial Model'!Q76","v":4925259.8882803097},{"$f":"-'Global Financial Model'!R76","v":5041117.4514360102},{"$f":"-'Global Financial Model'!S76","v":5159771.6993549336},{"$f":"-'Global Financial Model'!T76","v":5281291.860664662},{"$f":"-'Global Financial Model'!U76","v":13017158.76419289},{"$f":"-'Global Financial Model'!V76","v":5533215.6579691973},{"$f":"-'Global Financial Model'!W76","v":5663766.7088385588},{"$f":"-'Global Financial Model'!X76","v":5797478.5974290352},{"$f":"-'Global Financial Model'!Y76","v":5934429.7937967386},{"$f":"-'Global Financial Model'!Z76","v":14437740.266514411},{"$f":"-'Global Financial Model'!AA76","v":6218374.0149535686},{"$f":"-'Global Financial Model'!AB76","v":6365534.1615314521},{"$f":"-'Global Financial Model'!AC76","v":6516267.9672443951},{"$f":"-'Global Financial Model'!AD76","v":6670664.4072409943},{"$f":"-'Global Financial Model'!AE76","v":16017710.492081475},{"$f":"-'Global Financial Model'!AF76","v":6990812.4886104381},{"$f":"-'Global Financial Model'!AG76","v":7156753.6569460677},{"$f":"-'Global Financial Model'!AH76","v":7326736.636348105},{"$f":"-'Global Financial Model'!AI76","v":7500862.3472881364},{"$f":"-'Global Financial Model'!AJ76","v":17775543.41701391}]
[]
[null,null,"Operation: Debt"]
[null,null,"Balance B/f (SPV)","USD ",null,{"$f":"E166","v":0},{"$f":"F166","v":0},0,0,1548757.7485724972,1493222.9388108957,1433891.422479416,1370305.5953620472,1302268.7603464625,1229469.3468797868,1151655.8198839377,1068301.8476393025,979113.0973375428,883681.13451465999,781630.81009003788,672362.10587775102,555444.59237060416,430342.852917957,296509.92197648092,153268.41377528236,0,{"$f":"Z166","v":0},{"$f":"AA166","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (SPV)","USD ",{"$f":"SUM(F164:AM164)","v":1548757.7485724972},{"$f":"-F126","v":0},0,0,1548757.7485724972,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (SPV)","USD ",{"$f":"SUM(F165:AM165)","v":-1548757.7485724972},{"$f":"IF(F79=1,-F198,0)","v":0},{"$f":"IF(G79=1,-G198,0)","v":0},0,0,-55534.809761601573,-59331.516331479696,-63585.827117368812,-68036.835015584627,-72799.413466675556,-77813.526995849024,-83353.97224463521,-89188.750301759675,-95431.962822882822,-102050.3244246221,-109268.70421228684,-116917.51350714688,-125101.73945264716,-133832.93094147608,-143241.50820119857,-153268.4137752825,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F163:F165)","v":0},{"$f":"SUM(G163:G165)","v":0},0,1548757.7485724972,1493222.9388108957,1433891.422479416,1370305.5953620472,1302268.7603464625,1229469.3468797868,1151655.8198839377,1068301.8476393025,979113.0973375428,883681.13451465999,781630.81009003788,672362.10587775102,555444.59237060416,430342.852917957,296509.92197648092,153268.41377528236,0,0,0,{"$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},0,0,127795845.06468175,121450672.96893057,114669261.00974543,107404171.55230847,99630525.832850903,91312724.91303131,82419033.760058329,72895249.050194368,62704799.410639927,51801018.296316683,40137398.931357846,27652594.137629315,14293853.008339787,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",{"$f":"SUM(F169:AM169)","v":127795845.06468175},{"$f":"-F132","v":0},0,0,127795845.06468175,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (Municipality)","USD ",{"$f":"SUM(F170:AM170)","v":-127795845.06468174},{"$f":"IF(F79=1,-F204,0)","v":0},{"$f":"IF(G79=1,-G204,0)","v":0},0,0,-6345172.0957511794,-6781411.9591851365,-7265089.4574369676,-7773645.7194575593,-8317800.9198195878,-8893691.1529729813,-9523784.7098639607,-10190449.639554441,-10903781.114323247,-11663619.364958839,-12484804.79372853,-13358741.129289528,-14293853.008339798,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality","USD ",null,{"$f":"SUM(F168:F170)","v":0},{"$f":"SUM(G168:G170)","v":0},0,127795845.06468175,121450672.96893057,114669261.00974543,107404171.55230847,99630525.832850903,91312724.91303131,82419033.760058329,72895249.050194368,62704799.410639927,51801018.296316683,40137398.931357846,27652594.137629315,14293853.008339787,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY","% p.a.",null,{"$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 ",{"$f":"SUM(F183:AM183)","v":1075316.5723667289},{"$f":"F176*F163","v":0},0,0,0,108413.0424000749,104821.80168093678,100372.3995735592,95921.391675343388,91158.813224252459,86306.732036980087,80615.907391875706,74781.12933475124,68537.916813628064,62032.966560937362,54714.156706302703,47065.347411442614,38881.121465942328,30209.362588078591,20755.694538353684,10728.788964269776,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during Operation for Municipality","USD ",{"$f":"SUM(F184:AM184)","v":71044179.399545029},{"$f":"F181*F168","v":0},{"$f":"G181*G168","v":0},0,0,8945709.1545277312,8525638.0846274868,8026848.2706821878,7518292.0086615998,6974136.8082995694,6410003.5520495465,5769332.3632040881,5102667.4335136106,4389335.9587447988,3636346.5398214958,2809617.9251950518,1935681.5896340539,1000569.710583786,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt repayment"]
[]
[null,null,"Flag: Municipal Debt Repayment",{"$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},86426.149922487952,419765.88784518844,1259078.3666230815,1548757.7485724972,1493222.9388108957,1433891.422479416,1370305.5953620472,1302268.7603464625,1229469.3468797868,1151655.8198839377,1068301.8476393025,979113.0973375428,883681.13451465999,781630.81009003788,672362.10587775102,555444.59237060416,430342.852917957,296509.92197648092,153268.41377528236,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":2624074.3209392261},{"$f":"IF(F191=0,0,F195*F194/(1-(1+F195)^(-F192)))","v":0},{"$f":"IF(G191=0,0,G195*G194/(1-(1+G195)^(-G192)))","v":0},0,0,163947.85216167648,164153.31801241648,163958.22669092802,163958.22669092802,163958.22669092802,164120.25903282911,163969.87963651092,163969.87963651092,163969.87963651089,164083.29098555946,163982.86091858955,163982.86091858949,163982.86091858949,164042.29352955468,163997.20273955225,163997.20273955227,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (SPV)"," ",{"$f":"SUM(F197:AM197)","v":-1075316.5723667289},{"$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,-108413.0424000749,-104821.80168093678,-100372.3995735592,-95921.391675343388,-91158.813224252459,-86306.732036980087,-80615.907391875706,-74781.12933475124,-68537.916813628064,-62032.966560937362,-54714.156706302703,-47065.347411442614,-38881.121465942328,-30209.362588078591,-20755.694538353684,-10728.788964269776,{"$f":"IF(Z191=0,0,-Z183)","v":0},{"$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":1548757.7485724972},{"$f":"IF(F196=0,0,SUM(F196:F197))","v":0},{"$f":"IF(G196=0,0,SUM(G196:G197))","v":0},0,0,55534.809761601573,{"$f":"IF(K196=0,0,SUM(K196:K197))","v":59331.516331479696},{"$f":"IF(L196=0,0,SUM(L196:L197))","v":63585.827117368812},{"$f":"IF(M196=0,0,SUM(M196:M197))","v":68036.835015584627},72799.413466675556,{"$f":"IF(O196=0,0,SUM(O196:O197))","v":77813.526995849024},{"$f":"IF(P196=0,0,SUM(P196:P197))","v":83353.97224463521},{"$f":"IF(Q196=0,0,SUM(Q196:Q197))","v":89188.750301759675},95431.962822882822,{"$f":"IF(S196=0,0,SUM(S196:S197))","v":102050.3244246221},{"$f":"IF(T196=0,0,SUM(T196:T197))","v":109268.70421228684},{"$f":"IF(U196=0,0,SUM(U196:U197))","v":116917.51350714688},125101.73945264716,{"$f":"IF(W196=0,0,SUM(W196:W197))","v":133832.93094147608},{"$f":"IF(X196=0,0,SUM(X196:X197))","v":143241.50820119857},{"$f":"IF(Y196=0,0,SUM(Y196:Y197))","v":153268.4137752825},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,{"$f":"IF(F78=1,F129,F168)","v":0},7212948.7739048349,34774585.477017231,103438037.68842052,127795845.06468175,121450672.96893057,114669261.00974543,107404171.55230847,99630525.832850903,91312724.91303131,82419033.760058329,72895249.050194368,62704799.410639927,51801018.296316683,40137398.931357846,27652594.137629315,14293853.008339787,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$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)"," ",{"$f":"SUM(F202:AM202)","v":215250252.72469866},{"$f":"IF(F188=0,0,F201*F200/(1-(1+F201)^(-F189)))","v":0},{"$f":"IF(G188=0,0,G201*G200/(1-(1+G201)^(-G189)))","v":764549.62845028646},3818062.5615821825,11827616.070439439,15290881.250278911,15307050.043812623,15291937.728119155,15291937.728119159,15291937.728119157,15303694.705022527,15293117.073068049,15293117.073068051,15293117.073068045,15299965.904780336,15294422.718923582,15294422.718923582,15294422.718923584,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (Municipality)"," ",{"$f":"SUM(F203:AM203)","v":-81225400.197083518},{"$f":"IF(F78=1,-F152,-F184)","v":0},{"$f":"IF(G78=1,-G152,-G184)","v":-506337.17595786229},-2434220.9833912086,-7240662.6381894425,-8945709.1545277312,-8525638.0846274868,-8026848.2706821878,-7518292.0086615998,-6974136.8082995694,-6410003.5520495465,-5769332.3632040881,-5102667.4335136106,-4389335.9587447988,-3636346.5398214958,-2809617.9251950518,-1935681.5896340539,-1000569.710583786,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment (Municipality)"," ",{"$f":"SUM(F204:AM204)","v":134024852.52761514},{"$f":"IF(F202=0,0,SUM(F202:F203))","v":0},{"$f":"IF(G202=0,0,SUM(G202:G203))","v":258212.45249242417},1383841.578190974,4586953.4322499968,6345172.0957511794,{"$f":"IF(K202=0,0,SUM(K202:K203))","v":6781411.9591851365},{"$f":"IF(L202=0,0,SUM(L202:L203))","v":7265089.4574369676},{"$f":"IF(M202=0,0,SUM(M202:M203))","v":7773645.7194575593},8317800.9198195878,{"$f":"IF(O202=0,0,SUM(O202:O203))","v":8893691.1529729813},{"$f":"IF(P202=0,0,SUM(P202:P203))","v":9523784.7098639607},{"$f":"IF(Q202=0,0,SUM(Q202:Q203))","v":10190449.639554441},10903781.114323247,{"$f":"IF(S202=0,0,SUM(S202:S203))","v":11663619.364958839},{"$f":"IF(T202=0,0,SUM(T202:T203))","v":12484804.79372853},{"$f":"IF(U202=0,0,SUM(U202:U203))","v":13358741.129289528},14293853.008339798,{"$f":"IF(W202=0,0,SUM(W202:W203))","v":0},{"$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":348968788.7150479},{"$f":"F156","v":0},0,0,0,5067492,6719056.0000000009,7144304.4861504361,7269454.0843008747,7688149.9968543435,7818355.6387700569,8264277.5768130096,8397960.7511271928,8870698.375000393,9009782.349556867,9512629.35039155,9657332.3175201006,10244108.502092825,10446816.021651635,11073430.794212647,11284327.697561637,11953042.30340297,12292226.092305468,13134863.258420411,13487750.072394572,14392666.06907733,14759809.510336045,15352395.463343762,15356105.814553624,15972632.240062846,15976492.489461588,16617926.582561385,16621942.786035834,17289290.81649686,17293469.274591681]
[null,null,"OpEx","USD ",-215392060.95697781,{"$f":"-F160","v":0},0,0,0,-3894661.801163103,-3389550.6835800386,-4091317.6613292028,-4187097.4946923573,-10589921.930171082,-4385616.6980999652,-4488470.8832454924,-4593800.4223264009,-4701666.4116099318,-11739466.693024982,-4925259.8882803097,-5041117.4514360102,-5159771.6993549336,-5281291.860664662,-13017158.76419289,-5533215.6579691973,-5663766.7088385588,-5797478.5974290352,-5934429.7937967386,-14437740.266514411,-6218374.0149535686,-6365534.1615314521,-6516267.9672443951,-6670664.4072409943,-16017710.492081475,-6990812.4886104381,-7156753.6569460677,-7326736.636348105,-7500862.3472881364,-17775543.41701391]
[null,null,"Operational Cashflow","USD ",133576727.75807011,{"$f":"SUM(F208:F209)","v":0},{"$f":"SUM(G208:G209)","v":0},{"$f":"SUM(H208:H209)","v":0},0,1172830.198836897,3329505.3164199623,3052986.8248212333,3082356.5896085175,-2901771.9333167383,3432738.9406700917,3775806.6935675172,3804160.3288007919,4169031.9633904612,-2729684.3434681147,4587369.4621112403,4616214.8660840904,5084336.8027378917,5165524.160986973,-1943727.9699802436,5751112.0395924393,6289275.5945644109,6494747.4948764332,7200433.4646236729,-949990.194119839,8174292.0541237611,8394275.3488045931,8836127.4960993677,8685441.4073126297,-45078.252018628642,8985680.0008511506,9461172.9256153181,9295206.1496877298,9788428.4692087248,-482074.14242222905]
[null,null,"Revenue Tax","USD ",-16431327.269870467,{"$f":"'Global Financial Model'!C90","v":0},{"$f":"'Global Financial Model'!D90","v":0},{"$f":"'Global Financial Model'!E90","v":0},{"$f":"'Global Financial Model'!F90","v":0},{"$f":"'Global Financial Model'!G90","v":0},{"$f":"'Global Financial Model'!H90","v":0},{"$f":"'Global Financial Model'!I90","v":0},{"$f":"'Global Financial Model'!J90","v":0},{"$f":"'Global Financial Model'!K90","v":0},{"$f":"'Global Financial Model'!L90","v":0},{"$f":"'Global Financial Model'!M90","v":0},{"$f":"'Global Financial Model'!N90","v":0},{"$f":"'Global Financial Model'!O90","v":-32254.940480882415},{"$f":"'Global Financial Model'!P90","v":0},{"$f":"'Global Financial Model'!Q90","v":-380694.67090474925},{"$f":"'Global Financial Model'!R90","v":-132200.80753516196},{"$f":"'Global Financial Model'!S90","v":-296043.4853639924},{"$f":"'Global Financial Model'!T90","v":-324459.06075117085},{"$f":"'Global Financial Model'!U90","v":0},{"$f":"'Global Financial Model'!V90","v":-865007.19888824446},{"$f":"'Global Financial Model'!W90","v":-1053364.4431284345},{"$f":"'Global Financial Model'!X90","v":-659211.39683577535},{"$f":"'Global Financial Model'!Y90","v":-906201.48624730925},{"$f":"'Global Financial Model'!Z90","v":0},{"$f":"'Global Financial Model'!AA90","v":-1247051.9925723402},{"$f":"'Global Financial Model'!AB90","v":-1324046.1457106313},{"$f":"'Global Financial Model'!AC90","v":-1416406.6043648713},{"$f":"'Global Financial Model'!AD90","v":-1363666.473289513},{"$f":"'Global Financial Model'!AE90","v":0},{"$f":"'Global Financial Model'!AF90","v":-1468749.9810279952},{"$f":"'Global Financial Model'!AG90","v":-1635172.5046954539},{"$f":"'Global Financial Model'!AH90","v":-1577084.133120798},{"$f":"'Global Financial Model'!AI90","v":-1749711.9449531464},{"$f":"'Global Financial Model'!AJ90","v":0}]
[null,null,"CapEx (including intesrests during construction)","USD ",-186514381.97727045,{"$f":"-F114","v":-8077210.2731297147},-31153246.534831822,-78440418.577373192,{"$f":"-I114+I110","v":-32312946.034167103},0,0,0,0,0,0,0,0,0,-3313391.2314414764,-4074887.4759895233,0,0,0,-3615357.9548965818,-11053428.412847251,-5305565.5494790282,0,0,0,-4111500.5203144769,-5056429.4128002729,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",null,{"$f":"-F110","v":0},{"$f":"-G110","v":0},{"$f":"-H110","v":0},-100000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow before Funding","USD ",-69468981.489070833,{"$f":"SUM(F210:F213)","v":-8077210.2731297147},{"$f":"SUM(G210:G213)","v":-31153246.534831822},{"$f":"SUM(H210:H213)","v":-78440418.577373192},-32412946.034167103,1172830.198836897,3329505.3164199623,3052986.8248212333,3082356.5896085175,-2901771.9333167383,3432738.9406700917,3775806.6935675172,3804160.3288007919,4136777.0229095789,-6043075.5749095911,131787.31521696784,4484014.0585489282,4788293.3173738997,4841065.1002358021,-5559085.9248768259,-6167323.5721430555,-69654.398043051362,5835536.098040658,6294231.9783763634,-949990.194119839,2815739.541236944,2013799.7902936889,7419720.8917344967,7321774.9340231167,-45078.252018628642,7516930.0198231554,7826000.4209198644,7718122.0165669322,8038716.5242555784,-482074.14242222905]
[null,null,"Municipality: Funding (through debt )","USD ",134024852.52761514,{"$f":"-F116","v":7212948.7739048349},27819849.155604817,70047293.789594263,28944760.808511224,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding (through subsidies)","USD ",0,{"$f":"+F157","v":0},{"$f":"+G157","v":0},{"$f":"+H157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt: Funding","USD ",1548757.7485724972,{"$f":"F124","v":86426.149922487952},333339.73792270047,839312.47877789312,289679.38194941566,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity: Funding","USD ",14510211.143314196,{"$f":"-F119","v":777835.34930239187},3000057.6413043044,7553812.309001036,3178505.8437064644,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CashFlow after Funding","USD ",80614839.930431023,{"$f":"SUM(F214:F218)","v":0},0,0,0,1172830.198836897,3329505.3164199623,3052986.8248212333,3082356.5896085175,-2901771.9333167383,3432738.9406700917,3775806.6935675172,3804160.3288007919,4136777.0229095789,-6043075.5749095911,131787.31521696784,4484014.0585489282,4788293.3173738997,4841065.1002358021,-5559085.9248768259,-6167323.5721430555,-69654.398043051362,5835536.098040658,6294231.9783763634,-949990.194119839,2815739.541236944,2013799.7902936889,7419720.8917344967,7321774.9340231167,-45078.252018628642,7516930.0198231554,7826000.4209198644,7718122.0165669322,8038716.5242555784,-482074.14242222905]
[null,null,"Treasury: Funding","USD ",58595849.495940939,{"$f":"IF(F78=1,0,-F115+IF(F191=1,IF(F219/F196>1.7,0,1.7*F196+IF(F219<0,-F219,0)),0))","v":0},0,0,0,0,0,0,0,3180500.9186913162,0,0,0,0,9635408.4010265172,4353658.3395511257,0,0,0,9453239.1244306471,17499547.229647547,5305565.5494790282,0,0,0,4111500.5203144769,5056429.4128002729,0,0,0,0,0,0,0,0]
[null,null,"CashFlow Available for Debt Service (CFADS)","USD ",139210689.42637193,{"$f":"SUM(F219:F220)","v":0},{"$f":"SUM(G219:G220)","v":0},0,0,1172830.198836897,3329505.3164199623,3052986.8248212333,3082356.5896085175,278728.98537457781,3432738.9406700917,3775806.6935675172,3804160.3288007919,4136777.0229095789,3592332.826116926,4485445.6547680935,4484014.0585489282,4788293.3173738997,4841065.1002358021,3894153.1995538212,11332223.657504492,5235911.1514359768,5835536.098040658,6294231.9783763634,-949990.194119839,6927240.0615514209,7070229.2030939618,7419720.8917344967,7321774.9340231167,-45078.252018628642,7516930.0198231554,7826000.4209198644,7718122.0165669322,8038716.5242555784,-482074.14242222905]
[null,null,"Interests","USD ",-1075316.5723667289,{"$f":"-F197","v":0},{"$f":"-G197","v":0},0,0,{"$f":"J197","v":-108413.0424000749},{"$f":"K197","v":-104821.80168093678},-100372.3995735592,-95921.391675343388,-91158.813224252459,-86306.732036980087,-80615.907391875706,-74781.12933475124,-68537.916813628064,-62032.966560937362,-54714.156706302703,-47065.347411442614,-38881.121465942328,-30209.362588078591,-20755.694538353684,-10728.788964269776,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment","USD ",-1548757.7485724972,{"$f":"F198","v":0},{"$f":"G198","v":0},{"$f":"H198","v":0},0,{"$f":"-J198","v":-55534.809761601573},{"$f":"-K198","v":-59331.516331479696},-63585.827117368812,-68036.835015584627,-72799.413466675556,-77813.526995849024,-83353.97224463521,-89188.750301759675,-95431.962822882822,-102050.3244246221,-109268.70421228684,-116917.51350714688,-125101.73945264716,-133832.93094147608,-143241.50820119857,-153268.4137752825,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow available for Debt Service reserve Account (DSRA)","USD ",136586615.10543272,{"$f":"SUM(F221:F223)","v":0},{"$f":"SUM(G221:G223)","v":0},0,0,1008882.3466752205,3165351.9984075455,2889028.5981303053,2918398.3629175895,114770.75868364979,3268618.6816372629,3611836.8139310065,3640190.4491642811,3972807.1432730677,3428249.5351313665,4321462.7938495046,4320031.1976303384,4624310.4564553108,4677022.8067062469,3730155.9968142691,11168226.45476494,5235911.1514359768,5835536.098040658,6294231.9783763634,-949990.194119839,6927240.0615514209,7070229.2030939618,7419720.8917344967,7321774.9340231167,-45078.252018628642,7516930.0198231554,7826000.4209198644,7718122.0165669322,8038716.5242555784,-482074.14242222905]
[null,null,"Treasury: Deduction","USD ",-52464227.923717506,{"$f":"IF(F231<$E$220,IF(F224>0,-F224*$E$28,0),0)","v":0},0,0,0,-383375.29173658381,-1202833.7593948673,-1097830.8672895159,-1108991.3779086841,-43612.888299786922,-1242075.0990221598,-1372497.9892937825,-1383272.370682427,-1509666.7144437658,-1302734.8233499192,-1642155.8616628118,-1641611.8550995286,-1757237.9734530181,-1777268.6665483739,-1417459.2787894222,-4243926.0528106773,-1989646.2375456712,-2217503.7172554499,-2391808.1517830179,0,-2632351.2233895399,-2686687.0971757057,-2819493.9388591088,-2782274.4749287842,0,-2856433.4075327991,-2973880.1599495485,-2932886.3662954341,-3054712.2792171198,0]
[null,null,"Cashflow available to Equity","USD ",84122387.181715235,{"$f":"F224+F225","v":0},{"$f":"G224+G225","v":0},{"$f":"H224+H225","v":0},0,625507.05493863672,1962518.2390126782,1791197.7308407894,1809406.9850089054,71157.870383862872,2026543.5826151031,2239338.824637224,2256918.0784818539,2463140.4288293021,2125514.7117814473,2679306.932186693,2678419.3425308098,2867072.4830022929,2899754.1401578728,2312696.7180248471,6924300.4019542625,3246264.9138903059,3618032.3807852082,3902423.8265933455,-949990.194119839,4294888.8381618811,4383542.1059182566,4600226.9528753879,4539500.4590943325,-45078.252018628642,4660496.6122903563,4852120.2609703159,4785235.6502714977,4984004.2450384591,-482074.14242222905]
[null,null,"Distributions to Equity","USD ",-85599529.770275936,{"$f":"-MAX(F226,0)*F79","v":0},0,0,0,-625507.05493863672,-1962518.2390126782,-1791197.7308407894,-1809406.9850089054,-71157.870383862872,-2026543.5826151031,-2239338.824637224,-2256918.0784818539,-2463140.4288293021,-2125514.7117814473,-2679306.932186693,-2678419.3425308098,-2867072.4830022929,-2899754.1401578728,-2312696.7180248471,-6924300.4019542625,-3246264.9138903059,-3618032.3807852082,-3902423.8265933455,0,-4294888.8381618811,-4383542.1059182566,-4600226.9528753879,-4539500.4590943325,0,-4660496.6122903563,-4852120.2609703159,-4785235.6502714977,-4984004.2450384591,0]
[null,null,"Treasury: Add back","USD ",-6131621.5722234286,{"$f":"-F225-F220","v":0},0,0,0,{"$f":"-J225-J220","v":383375.29173658381},{"$f":"-K225-K220","v":1202833.7593948673},1097830.8672895159,1108991.3779086841,-3136888.0303915292,1242075.0990221598,1372497.9892937825,1383272.370682427,1509666.7144437658,-8332673.577676598,-2711502.4778883141,1641611.8550995286,1757237.9734530181,1777268.6665483739,-8035779.8456412246,-13255621.176836871,-3315919.3119333573,2217503.7172554499,2391808.1517830179,0,-1479149.2969249371,-2369742.3156245672,2819493.9388591088,2782274.4749287842,0,2856433.4075327991,2973880.1599495485,2932886.3662954341,3054712.2792171198,0]
[null,null,"Net Cashflow","USD ",44955463.762933381,{"$f":"F224+F227+F228-F213","v":0},{"$f":"G224+G227+G228-G213","v":0},0,100000,{"$f":"J224+J227+J228-J213","v":766750.58347316762},{"$f":"K224+K227+K228-K213","v":2405667.5187897347},{"$f":"L224+L227+L228-L213","v":2195661.7345790318},{"$f":"M224+M227+M228-M213","v":2217982.7558173682},{"$f":"N224+N227+N228-N213","v":-3093275.1420917423},{"$f":"O224+O227+O228-O213","v":2484150.1980443196},{"$f":"P224+P227+P228-P213","v":2744995.978587565},{"$f":"Q224+Q227+Q228-Q213","v":2766544.7413648544},{"$f":"R224+R227+R228-R213","v":3019333.4288875312},{"$f":"S224+S227+S228-S213","v":-7029938.7543266788},{"$f":"T224+T227+T228-T213","v":-1069346.6162255025},{"$f":"U224+U227+U228-U213","v":3283223.7101990571},{"$f":"V224+V227+V228-V213","v":3514475.9469060358},{"$f":"W224+W227+W228-W213","v":3554537.3330967482},{"$f":"X224+X227+X228-X213","v":-6618320.5668518022},{"$f":"Y224+Y227+Y228-Y213","v":-9011695.1240261942},{"$f":"Z224+Z227+Z228-Z213","v":-1326273.0743876863},{"$f":"AA224+AA227+AA228-AA213","v":4435007.4345108997},{"$f":"AB224+AB227+AB228-AB213","v":4783616.3035660358},{"$f":"AC224+AC227+AC228-AC213","v":-949990.194119839},{"$f":"AD224+AD227+AD228-AD213","v":1153201.9264646028},{"$f":"AE224+AE227+AE228-AE213","v":316944.78155113803},{"$f":"AF224+AF227+AF228-AF213","v":5638987.8777182177},{"$f":"AG224+AG227+AG228-AG213","v":5564548.9498575684},{"$f":"AH224+AH227+AH228-AH213","v":-45078.252018628642},{"$f":"AI224+AI227+AI228-AI213","v":5712866.8150655981},{"$f":"AJ224+AJ227+AJ228-AJ213","v":5947760.3198990971},{"$f":"AK224+AK227+AK228-AK213","v":5865772.7325908691},{"$f":"AL224+AL227+AL228-AL213","v":6109424.5584342387},{"$f":"AM224+AM227+AM228-AM213","v":-482074.14242222905}]
[]
[null,null,"Cash Balance B/f",null,null,{"$f":"E232","v":0},{"$f":"F232","v":0},0,0,100000,{"$f":"J232","v":866750.58347316762},{"$f":"K232","v":3272418.1022629021},{"$f":"L232","v":5468079.8368419334},{"$f":"M232","v":7686062.5926593021},{"$f":"N232","v":4592787.4505675603},{"$f":"O232","v":7076937.6486118799},{"$f":"P232","v":9821933.6271994449},{"$f":"Q232","v":12588478.3685643},{"$f":"R232","v":15607811.797451831},{"$f":"S232","v":8577873.0431251526},{"$f":"T232","v":7508526.4268996501},{"$f":"U232","v":10791750.137098707},{"$f":"V232","v":14306226.084004743},{"$f":"W232","v":17860763.417101491},{"$f":"X232","v":11242442.850249689},{"$f":"Y232","v":2230747.7262234949},{"$f":"Z232","v":904474.65183580853},{"$f":"AA232","v":5339482.0863467082},{"$f":"AB232","v":10123098.389912743},{"$f":"AC232","v":9173108.1957929041},{"$f":"AD232","v":10326310.122257506},{"$f":"AE232","v":10643254.903808644},{"$f":"AF232","v":16282242.781526862},{"$f":"AG232","v":21846791.73138443},{"$f":"AH232","v":21801713.479365803},{"$f":"AI232","v":27514580.294431403},{"$f":"AJ232","v":33462340.6143305},{"$f":"AK232","v":39328113.346921369},{"$f":"AL232","v":45437537.90535561}]
[null,null,"Cash Balance C/f","USD ",null,{"$f":"F229+F231","v":0},{"$f":"G229+G231","v":0},0,100000,{"$f":"J229+J231","v":866750.58347316762},{"$f":"K229+K231","v":3272418.1022629021},5468079.8368419334,7686062.5926593021,4592787.4505675603,7076937.6486118799,9821933.6271994449,12588478.3685643,15607811.797451831,8577873.0431251526,7508526.4268996501,10791750.137098707,14306226.084004743,17860763.417101491,11242442.850249689,2230747.7262234949,904474.65183580853,5339482.0863467082,10123098.389912743,9173108.1957929041,10326310.122257506,10643254.903808644,16282242.781526862,21846791.73138443,21801713.479365803,27514580.294431403,33462340.6143305,39328113.346921369,45437537.90535561,44955463.762933381]
[]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F234:AM234)","v":-44955463.762933381},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AM232","v":-44955463.762933381}]
[null,null,"Close out: Asset transfer to municipality","USD ",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Municipality Cashflow Waterfall"]
[]
[null,null,{"$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":81225400.197083518},{"$f":"-F203","v":0},{"$f":"-G203","v":506337.17595786229},{"$f":"-H203","v":2434220.9833912086},7240662.6381894425,8945709.1545277312,8525638.0846274868,8026848.2706821878,7518292.0086615998,6974136.8082995694,6410003.5520495465,5769332.3632040881,5102667.4335136106,4389335.9587447988,3636346.5398214958,2809617.9251950518,1935681.5896340539,1000569.710583786,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Principal","USD ",{"$f":"E204","v":134024852.52761514},{"$f":"F204","v":0},{"$f":"G204","v":258212.45249242417},1383841.578190974,4586953.4322499968,6345172.0957511794,6781411.9591851365,7265089.4574369676,7773645.7194575593,8317800.9198195878,8893691.1529729813,9523784.7098639607,10190449.639554441,10903781.114323247,11663619.364958839,12484804.79372853,13358741.129289528,14293853.008339798,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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},{"$f":"SUM(G240:G243)","v":764549.62845028646},3818062.5615821825,11827616.070439439,15290881.250278911,15307050.043812623,15291937.728119155,15291937.728119159,15291937.728119157,15303694.705022529,15293117.073068049,15293117.073068053,15293117.073068045,15299965.904780336,15294422.718923582,15294422.718923582,15294422.718923584,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Project Return"]
[]
[null,null,"Date",null,null,{"$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":-69468981.489070833},{"$f":"F214","v":-8077210.2731297147},-31153246.534831822,-78440418.577373192,-32412946.034167103,1172830.198836897,3329505.3164199623,3052986.8248212333,3082356.5896085175,-2901771.9333167383,3432738.9406700917,3775806.6935675172,3804160.3288007919,4136777.0229095789,-6043075.5749095911,131787.31521696784,4484014.0585489282,4788293.3173738997,4841065.1002358021,-5559085.9248768259,-6167323.5721430555,-69654.398043051362,5835536.098040658,6294231.9783763634,-949990.194119839,2815739.541236944,2013799.7902936889,7419720.8917344967,7321774.9340231167,-45078.252018628642,7516930.0198231554,7826000.4209198644,7718122.0165669322,8038716.5242555784,-482074.14242222905]
[null,null,"Residual value ","USD ",{"$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,{"$f":"SUM(F249:F250)","v":-8077210.2731297147},{"$f":"SUM(G249:G250)","v":-31153246.534831822},-78440418.577373192,-32412946.034167103,1172830.198836897,3329505.3164199623,3052986.8248212333,3082356.5896085175,-2901771.9333167383,3432738.9406700917,3775806.6935675172,3804160.3288007919,4136777.0229095789,-6043075.5749095911,131787.31521696784,4484014.0585489282,4788293.3173738997,4841065.1002358021,-5559085.9248768259,-6167323.5721430555,-69654.398043051362,5835536.098040658,6294231.9783763634,-949990.194119839,2815739.541236944,2013799.7902936889,7419720.8917344967,7321774.9340231167,-45078.252018628642,7516930.0198231554,7826000.4209198644,7718122.0165669322,8038716.5242555784,-482074.14242222905]
[null,null," "]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV project @ WACC","USD ",{"$f":"NPV(E254,F251:AM251)","v":-96618117.999993622}]
[]
[null,null,"IRR Project","%",{"$f":"IRR(F251:AM251)","v":-2.8319196888319298E-2}]
[null,null,"Check: NPV @ IRR","USD ",{"$f":"NPV(E257,F251:AM251)","v":-4.3226796269567219E-7},{"$f":"IF(ROUND(E258,3)=0,0,1)","v":0}]
[]
[]
[null,null,"Equity Return"]
[]
[null,null,"Date",null,null,{"$f":"F248","v":"2015-12-31"},{"$f":"G248","v":"2016-12-31"},"2017-12-31","2018-12-31","2019-12-31","2020-12-31","2021-12-31","2022-12-31","2023-12-31","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31","2035-12-31","2036-12-31","2037-12-31","2038-12-31","2039-12-31","2040-12-31","2041-12-31","2042-12-31","2043-12-31","2044-12-31","2045-12-31","2046-12-31","2047-12-31","2048-12-31"]
[null,null,{"$f":"C218","v":"Equity: Funding"},"USD ",{"$f":"SUM(F264:AM264)","v":-14510211.143314196},{"$f":"-F218","v":-777835.34930239187},-3000057.6413043044,-7553812.309001036,-3178505.8437064644,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Distributions to Equity","USD ",{"$f":"SUM(F265:AM265)","v":85599529.770275936},{"$f":"-F227","v":0},0,0,0,625507.05493863672,1962518.2390126782,1791197.7308407894,1809406.9850089054,71157.870383862872,2026543.5826151031,2239338.824637224,2256918.0784818539,2463140.4288293021,2125514.7117814473,2679306.932186693,2678419.3425308098,2867072.4830022929,2899754.1401578728,2312696.7180248471,6924300.4019542625,3246264.9138903059,3618032.3807852082,3902423.8265933455,0,4294888.8381618811,4383542.1059182566,4600226.9528753879,4539500.4590943325,0,4660496.6122903563,4852120.2609703159,4785235.6502714977,4984004.2450384591,0]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F266:AM266)","v":44955463.762933381},{"$f":"-F234","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,44955463.762933381]
[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,{"$f":"SUM(F264:F267)","v":-777835.34930239187},{"$f":"SUM(G264:G267)","v":-3000057.6413043044},-7553812.309001036,-3178505.8437064644,625507.05493863672,1962518.2390126782,1791197.7308407894,1809406.9850089054,71157.870383862872,2026543.5826151031,2239338.824637224,2256918.0784818539,2463140.4288293021,2125514.7117814473,2679306.932186693,2678419.3425308098,2867072.4830022929,2899754.1401578728,2312696.7180248471,6924300.4019542625,3246264.9138903059,3618032.3807852082,3902423.8265933455,0,4294888.8381618811,4383542.1059182566,4600226.9528753879,4539500.4590943325,0,4660496.6122903563,4852120.2609703159,4785235.6502714977,4984004.2450384591,44955463.762933381]
[]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV Equity @ WACC","USD ",{"$f":"NPV(E271,F268:AM268)","v":-20101.437887617398}]
[]
[null,null,"IRR Equity","%",{"$f":"IRR(F268:AM268)","v":0.12982852547272916}]
[null,null,"Check: NPV Equity @ IRR","USD ",{"$f":"NPV(E274,F268:AM268)","v":4.018483733494694E-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":74554865.964587763},{"$f":"F221","v":0},{"$f":"G221","v":0},0,0,{"$f":"J221","v":1172830.198836897},3329505.3164199623,3052986.8248212333,3082356.5896085175,278728.98537457781,3432738.9406700917,3775806.6935675172,3804160.3288007919,4136777.0229095789,3592332.826116926,4485445.6547680935,4484014.0585489282,4788293.3173738997,4841065.1002358021,3894153.1995538212,11332223.657504492,5235911.1514359768,5835536.098040658,6294231.9783763634,-949990.194119839,6927240.0615514209,7070229.2030939618,7419720.8917344967,7321774.9340231167,-45078.252018628642,7516930.0198231554,7826000.4209198644,7718122.0165669322,8038716.5242555784,-482074.14242222905]
[null,null,"CFADS (Qualifying) @ Period End","USD ",{"$f":"SUM(F290:AA290)","v":63483418.715111129},{"$f":"F289*F286","v":0},{"$f":"G289*G286","v":0},0,0,1172830.198836897,3329505.3164199623,3052986.8248212333,3082356.5896085175,278728.98537457781,3432738.9406700917,3775806.6935675172,3804160.3288007919,4136777.0229095789,3592332.826116926,4485445.6547680935,4484014.0585489282,4788293.3173738997,4841065.1002358021,3894153.1995538212,11332223.657504492,0,0,0,{"$f":"AC289*AC286","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"NPV (CFADS) @ Period Start","USD ",null,{"$f":"(G291+F290)/F283*F286","v":0},0,0,0,33212138.828043088,34364158.347169206,33440144.115051091,32727967.378283437,31936568.505154759,33893399.315141015,32833198.326530792,31355715.515820436,29746455.273127079,27691930.1193364,26038032.401573021,23375249.014915038,20527502.387410164,17176134.237154979,13537398.533520026,10590863.231312608,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AN291+AM290)/AM283*AM286","v":0}]
[null,null,null,null,null,null,null,null,null,{"$f":"NPV(0.08,J219:Y219)","v":14040069.597238498},{"$f":"IF(J291=J292,\"OK\")","v":false}]
[null,null,"Denominator"]
[null,null,"Debt Balance B/f","USD ",null,{"$f":"F163","v":0},0,0,0,1548757.7485724972,1493222.9388108957,1433891.422479416,1370305.5953620472,1302268.7603464625,1229469.3468797868,1151655.8198839377,1068301.8476393025,979113.0973375428,883681.13451465999,781630.81009003788,672362.10587775102,555444.59237060416,430342.852917957,296509.92197648092,153268.41377528236,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"LLCR (Loan Life Cover Ratio)","x @ Period Start",{"$f":"MIN(F297:AM297)","v":21.4443729877413},{"$f":"IF(F294=0,0,F291/F294)","v":0},0,0,0,{"$f":"IF(J294=0,0,J291/J294)","v":21.4443729877413},23.013414443347994,23.321252635173732,23.883699730231644,24.52379222907734,27.567502517372638,28.509557942267573,29.3509887538894,30.381020695173262,31.337016303449218,33.312443759188099,34.76586323138968,36.956885834102764,39.912674558649016,45.65580282535641,69.100103344454396,0,0,0,{"$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},10000000,10000000,21.4443729877413,23.013414443347994,23.321252635173732,23.883699730231644,24.52379222907734,27.567502517372638,28.509557942267573,29.3509887538894,30.381020695173262,31.337016303449218,33.312443759188099,34.76586323138968,36.956885834102764,39.912674558649016,45.65580282535641,69.100103344454396,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[]
[null,null,"DSCR"]
[]
[null,null,"Numerator"]
[null,null,{"$f":"C289","v":"CFADS @ Period End"},"USD ",{"$f":"SUM(F302:AM302)","v":139210689.42637193},{"$f":"F289","v":0},{"$f":"G289","v":0},0,0,1172830.198836897,3329505.3164199623,3052986.8248212333,3082356.5896085175,278728.98537457781,3432738.9406700917,3775806.6935675172,3804160.3288007919,4136777.0229095789,3592332.826116926,4485445.6547680935,4484014.0585489282,4788293.3173738997,4841065.1002358021,3894153.1995538212,11332223.657504492,5235911.1514359768,5835536.098040658,6294231.9783763634,{"$f":"AC289","v":-949990.194119839},6927240.0615514209,7070229.2030939618,7419720.8917344967,7321774.9340231167,-45078.252018628642,7516930.0198231554,7826000.4209198644,7718122.0165669322,8038716.5242555784,-482074.14242222905]
[]
[null,null,"Denominator"]
[null,null,"Interest","USD ",{"$f":"SUM(F305:AM305)","v":1075316.5723667289},{"$f":"-F222","v":0},0,0,0,108413.0424000749,104821.80168093678,100372.3995735592,95921.391675343388,91158.813224252459,86306.732036980087,80615.907391875706,74781.12933475124,68537.916813628064,62032.966560937362,54714.156706302703,47065.347411442614,38881.121465942328,30209.362588078591,20755.694538353684,10728.788964269776,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal","USD ",{"$f":"SUM(F306:AM306)","v":1548757.7485724972},{"$f":"-F223","v":0},0,0,0,55534.809761601573,59331.516331479696,63585.827117368812,68036.835015584627,72799.413466675556,77813.526995849024,83353.97224463521,89188.750301759675,95431.962822882822,102050.3244246221,109268.70421228684,116917.51350714688,125101.73945264716,133832.93094147608,143241.50820119857,153268.4137752825,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Debt Service","USD ",null,{"$f":"SUM(F305:F306)","v":0},0,0,0,163947.85216167648,164153.31801241648,163958.22669092802,163958.22669092802,163958.22669092802,164120.25903282911,163969.87963651092,163969.87963651092,163969.87963651089,164083.29098555946,163982.86091858955,163982.86091858949,163982.86091858949,164042.29352955468,163997.20273955225,163997.20273955227,0,0,0,{"$f":"SUM(AC305:AC306)","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"DSCR (Debt Service Cover Ratio)",null,"Average",{"$f":"IF(F307=0,0,F302/F307)","v":0},0,0,0,7.153678339624209,20.282899893428411,18.620516252449555,18.79964581111847,1.7000000000000011,20.915997579454455,23.027440783256903,23.200360561548681,25.228883695468969,21.893349435763557,27.353136965910874,27.344406808313035,29.199962060370954,29.511079100851585,23.745241592554574,69.10010334445434,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"AVERAGEIF(F286:AM286,1,F310:AM310)","v":24.192293889035536}]
[null,null,null,null,"Min"]
[null,null,null,null,{"$f":"MIN(F313:AM313)","v":1.7000000000000011},{"$f":"IF(F310=0,10000000,F310)","v":10000000},{"$f":"IF(G310=0,10000000,G310)","v":10000000},10000000,10000000,7.153678339624209,20.282899893428411,18.620516252449555,18.79964581111847,1.7000000000000011,20.915997579454455,23.027440783256903,23.200360561548681,25.228883695468969,21.893349435763557,27.353136965910874,27.344406808313035,29.199962060370954,29.511079100851585,23.745241592554574,69.10010334445434,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[null,null,null,null,"Min Period",null,null,null,null,null,null,null,null,null,null,null,null,null," "]
[null,null,null,null,{"$f":"INDEX(F248:AA248,1,MATCH(E313,F313:AM313,0))","v":"2023-12-31"}]

{"sheet":"Balance_SPV","index":3,"n_rows":181,"n_cols":7,"rows_kept":181,"cut":false,"hidden":true,"merged":[[1,1,1,6]]}
[]
[null,"Usos y recursos del concesionario (flujos de caja)"]
[null,"Usos","USD 2015","%","Recursos","USD 2015","%"]
[null,"Durante la construccion",null,null,"Durante la construccion"]
[]
[null,"Inversion inicial",{"$f":"NPV(0,'Project Finance Model'!$F$109:$AM$109)","v":149844747.77020249},{"$f":"C6/C$21","v":0.26870826088086519},"Deuda privada",{"$f":"-NPV(0,'Project Finance Model'!$F$117:$AM$117)","v":1548757.7485724972},{"$f":"F6/F$21","v":2.7773012223484593E-3}]
[null,"Interes durante la construccion",{"$f":"NPV(0,'Project Finance Model'!$F$112:$AM$112)","v":123586.07181361789},{"$f":"C7/C$21","v":2.216200362061586E-4},"Aportacion de capital privado",{"$f":"-NPV(0,'Project Finance Model'!$F$119:$AM$119)","v":14510211.143314196},{"$f":"F7/F$21","v":2.6020355463599702E-2}]
[null,"Upfront fee",{"$f":"NPV(0,'Project Finance Model'!$F$113:$AM$113)","v":15487.577485724973},{"$f":"C8/C$21","v":2.7773012223484601E-5},"Aportacion municipal",{"$f":"-NPV(0,'Project Finance Model'!$F$116:$AM$116)","v":134024852.52761514},{"$f":"F8/F$21","v":0.24033932168739922}]
[]
[]
[null,"Durante la operacion",null,null,"Durante la operacion"]
[]
[null,"Operacion y mantenimiento",{"$f":"-NPV(0,'Project Finance Model'!$F$209:$AM$209)","v":215392060.95697781},{"$f":"C13/C$21","v":0.38625061584443554},"Deuda",0,{"$f":"F13/F$21","v":0}]
[null,"Renovaciones",{"$f":"NPV(0,'Project Finance Model'!$F$106:$AM$106)","v":36530560.557768613},6.5508224629499595E-2,"Aportacion de capital privado",0,{"$f":"F14/F$21","v":0}]
[null,"Impuesto a la renta",{"$f":"-NPV(0,'Project Finance Model'!$F$211:$AM$211)","v":16431327.269870467},2.9465386277150674E-2,"Aportacion municipal",{"$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$222)","v":1075316.5723667289},1.9283054652016003E-3,"Autofinanciamento sobre Tesoreria",{"$f":"'Project Finance Model'!E220","v":58595849.495940939},{"$f":"F16/F$21","v":0.10507668134646647}]
[null,"Principal de la deuda",{"$f":"-NPV(0,'Project Finance Model'!$F$223:$AM$223)","v":1548757.7485724972},2.7773012223484598E-3,"Ingresos de operacion",{"$f":"NPV(0,'Project Finance Model'!$F$208:$AM$208)","v":348968788.7150479},{"$f":"F17/F$21","v":0.6257863402801862}]
[null,"Constitucion de la Tesoreria",{"$f":"'Project Finance Model'!E229-'Project Finance Model'!E228","v":51087085.335156813},9.1611631759923054E-2]
[null,"Dividendo a privados (Equity)",{"$f":"-NPV(0,'Project Finance Model'!$F$227:$AM$227)","v":85599529.770275936},0.15350088087214653]
[]
[null,"Total",{"$f":"SUM(C6:C19)","v":557648459.63049054},{"$f":"SUM(D6:D19)","v":1.0000000000000004},"Total",{"$f":"SUM(F6:F19)","v":557648459.63049066},{"$f":"SUM(G6:G19)","v":1}]
[]
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[null,"Financement des renouvellements d'équipement sur la trésorerie du SPV. Déblocage de fonds de la part du SPV pour financer les renouvellements d'équipement. "]
[null,"Part de la dette municipale dans le financement de la construction"]
[null,"Part de la dette privée dans le financement de la construction"]
[]
[null,"Part du capital privé dans le financement de la construction"]
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[]
[null,"Calcul des intérêts à rembourser par le SPV durant la construction"]
[null,"Calcul des intérêts à rembourser par le maire durant la construction"]
[]
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[]
[]
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[null,"Calcul des intérêts à rembourser par le SPV durant l'exploitation"]
[null,"Calcul des intérêts à rembourser par le maire durant l'exploitation"]
[]
[]
[]
[null,"Hypothèse: le remboursement de la dette du SPV commence à la fin de la première année de construction"]
[null,"Hypothèse: le remboursement de la dette du SPV commence à la fin de la première année d'exploitation"]

{"sheet":"Balance_Municipality","index":4,"n_rows":4,"n_cols":6,"rows_kept":4,"cut":false,"hidden":true,"merged":[[1,1,1,5]]}
[]
[null,"Aportacion municipal (flujos de caja)"]
[null,"Total","Pago de la deuda - Intereses","Pago de la deuda - Principal","Subsidios Municipal","Transferencia de activos"]
[null,{"$f":"C4+D4+E4+F4","v":215250252.72469866},{"$f":"'Project Finance Model'!E241","v":81225400.197083518},{"$f":"'Project Finance Model'!E242","v":134024852.52761514},{"$f":"SUM('Project Finance Model'!$F$157:$AM$157)","v":0},{"$f":"SUM('Project Finance Model'!$F$243:$AM$243)","v":0}]