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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",{"$f":"AJ104","v":1.2383163232145611E-2}]
[null,"VAN 30 años",{"$f":"AJ116","v":-88260925.194367543}]
[]
[]
[null,null,"Tarifa de 1,00$ (USD 2019)"]
[null,null,2020,2025,2030,2035,2040,2045,2050]
[null,"Ratio de cobertura (Ingresos / Egresos) de la operacion",{"$f":"H112","v":2.4488830627603075},{"$f":"M112","v":2.2684638979189753},{"$f":"R112","v":2.3551136231196028},{"$f":"W112","v":2.593995764757814},{"$f":"AB112","v":2.8371161883103024},{"$f":"AG112","v":2.8412612482162727},{"$f":"AL112","v":2.7350419162163147}]
[null,"Margen neta de la operacion",{"$f":"H113","v":1.4488830627603075},{"$f":"M113","v":1.2684638979189753},{"$f":"R113","v":1.3551136231196028},{"$f":"W113","v":1.593995764757814},{"$f":"AB113","v":1.8371161883103024},{"$f":"AG113","v":1.8412612482162727},{"$f":"AL113","v":1.7350419162163147}]
[]
[]
[]
[]
[]
[]
[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",0,0,0,0,10046945.036101693,13395926.714802258,13625094.450940831,13854262.187079404,14083429.92321798,14312597.659356553,14541765.395495126,14768611.018216558,14995456.640937991,15222302.263659425,15449147.886380859,15675993.509102294,15990606.530848596,16305219.552594898,16619832.574341202,16934445.596087504,17249058.617833804,17721478.344596639,18193898.071359474,18666317.798122309,19138737.524885144,19611157.251647975,19611157.251647975,19611157.251647975,19611157.251647975,19611157.251647975,19611157.251647975,19611157.251647975,19611157.251647975,19611157.251647975,19611157.251647975,19611157.251647975,19611157.251647975,19611157.251647975,19611157.251647975,19611157.251647975,19611157.251647975,19611157.251647975,19611157.251647975,19611157.251647975]
[null,"Ingresos de pasajeros (valor actualizado)",0,0,0,0,6133659.9445400834,8178213.2593867797,8696594.6296839975,8842867.2966791205,9352301.218206685,9504483.3009484075,10046794.665191215,10203520.573648361,10778800.439982569,10941858.075141385,11553554.30499633,11723199.468615562,12441603.59593433,12686390.464721026,13453596.897781441,13708273.156067122,14527052.570692651,14924921.599847697,15941831.370414454,16355774.308347357,17447213.823029984,17877880.055655379,18600146.409903858,18600146.409903858,19351592.32486397,19351592.32486397,20133396.654788475,20133396.654788475,20946785.879641928,20946785.879641928,21793036.029179465,21793036.029179465,22673474.684758309,22673474.684758309,23589483.062022552,23589483.062022552,24542498.177728262,24542498.177728262,25534015.104108483,25534015.104108483]
[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,{"$f":"G53","v":6133659.9445400834},8178213.2593867797,8696594.6296839975,8842867.2966791205,9352301.218206685,9504483.3009484075,10046794.665191215,10203520.573648361,10778800.439982569,10941858.075141385,11553554.30499633,11723199.468615562,12441603.59593433,12686390.464721026,13453596.897781441,13708273.156067122,14527052.570692651,14924921.599847697,15941831.370414454,16355774.308347357,17447213.823029984,17877880.055655379,18600146.409903858,18600146.409903858,19351592.32486397,19351592.32486397,20133396.654788475,20133396.654788475,20946785.879641928,20946785.879641928,21793036.029179465,21793036.029179465,22673474.684758309,22673474.684758309,23589483.062022552,23589483.062022552,24542498.177728262,24542498.177728262,25534015.104108483,25534015.104108483]
[null,"2. Ingresos comerciales",0,0,0,0,120000,122400,124848,127344.95999999999,129891.85919999999,132489.69638400001,135139.49031168001,137842.28011791359,140599.12572027187,143411.10823467729,146279.33039937084,149204.91700735825,152189.01534750542,155232.79565445552,158337.45156754466,161504.20059889552,164734.28461087344,168028.97030309093,171389.54970915272,174817.34070333577,178313.68751740252,181879.96126775054,185517.56049310556,189227.91170296766,193012.469937027,196872.71933576756,200810.17372248293,204826.37719693253,208922.90474087122,213101.36283568863,217363.39009240241,221710.65789425041,226144.87105213548,230667.76847317821,235281.12384264174,239986.74631949456,244786.48124588444,249682.21087080217,254675.85508821823,259769.3721899825]
[null,"Ingreso totale",0,0,0,0,{"$f":"G79+G80","v":6253659.9445400834},{"$f":"H79+H80","v":8300613.2593867797},8821442.6296839975,8970212.2566791214,9482193.0774066858,9636972.9973324072,10181934.155502895,10341362.853766276,10919399.565702841,11085269.183376063,11699833.635395702,11872404.38562292,12593792.611281835,12841623.260375481,13611934.349348987,13869777.356666017,14691786.855303524,15092950.570150787,16113220.920123607,16530591.649050694,17625527.510547385,18059760.01692313,18785663.970396962,18789374.321606826,19544604.794800997,19548465.044199739,20334206.828510959,20338223.03198541,21155708.784382798,21159887.242477618,22010399.419271868,22014746.687073715,22899619.555810444,22904142.453231487,23824764.185865194,23829469.808342047,24787284.658974145,24792180.388599064,25788690.959196702,25793784.476298466]
[]
[null,"Flujo de caja neto (Ingreso total - Gasto total)",null,null,null,null,{"$f":"G81+G76","v":2358998.1433769804},{"$f":"H81+H76","v":4911062.5758067407},4730124.9683547951,4783114.7619867641,-1107728.852764396,5251356.2992324419,5693463.2722574025,5747562.4314398747,6217733.1540929088,-654197.50964891911,6774573.7471153922,6831286.9341869103,7434020.911926901,7560331.3997108191,594775.58515609615,8336561.6986968201,9028020.1464649662,9295471.9727217518,10178791.126326868,2092851.3825362828,11407153.495593816,11694225.855391677,12269396.003152568,12118709.914365832,3526894.3027195223,12557652.5555893,13177453.171564892,13011486.395637304,13654846.437094662,3384343.8254637085,14148440.810467541,13965602.51983216,14658716.942788059,14466793.999346523,4092831.0012621172,14984694.708653448,15731284.758581528,15519780.141124062,16294584.85081153,3883713.191344846]
[]
[null,"C. FLUJO DE CAJA DE OPERACION"]
[null,"1. Utilitad antes de impuestos",0,0,0,0,{"$f":"G83","v":2358998.1433769804},{"$f":"H83","v":4911062.5758067407},4730124.9683547951,4783114.7619867641,-1107728.852764396,5251356.2992324419,5693463.2722574025,5747562.4314398747,6217733.1540929088,-654197.50964891911,6774573.7471153922,6831286.9341869103,7434020.911926901,7560331.3997108191,594775.58515609615,8336561.6986968201,9028020.1464649662,9295471.9727217518,10178791.126326868,2092851.3825362828,11407153.495593816,11694225.855391677,12269396.003152568,12118709.914365832,3526894.3027195223,12557652.5555893,13177453.171564892,13011486.395637304,13654846.437094662,3384343.8254637085,14148440.810467541,13965602.51983216,14658716.942788059,14466793.999346523,4092831.0012621172,14984694.708653448,15731284.758581528,15519780.141124062,16294584.85081153,3883713.191344846]
[null,"2. Renta concessional",0,0,0,0,{"$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":-1952499.236031244},599565.19639851619,418627.58894657064,471617.38257853966,-5419226.2321726205,1174481.308644502,1616588.2816694626,1670687.4408519347,2140858.1635049689,-4731072.5002368595,3274903.344732007,2592788.6610604255,3195522.6388004161,3321833.1265843343,-3643722.6879703887,5056898.7987850793,5748357.2465532254,4684185.6116618197,5567504.7652669363,-2518434.9785236493,6795867.134533884,7082939.4943317454,7480144.5195242614,7329458.4307375252,-1262357.1809087843,7768401.0719609931,8388201.6879365854,8222234.9120089971,8865594.9534663558,-1404907.658164598,9359189.3268392347,9176351.0362038538,11201088.920307944,11925958.970177881,-1197785.8194313627,9694077.8879599683,10440667.937888049,10229163.320430582,11003968.03011805,-1406903.6293486338]
[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$24*H89,0)","v":-209847.81873948066},-146519.65613129971,-165066.08390248887,0,-411068.45802557567,-565805.89858431183,-584740.60429817706,-749300.35722673906,0,-1146216.1706562024,-907476.03137114889,-1118432.9235801455,-1162641.5943045169,0,-1769914.5795747777,-2011925.0362936289,-1639464.9640816369,-1948626.6678434275,0,-2378553.4970868593,-2479028.8230161108,-2618050.5818334911,-2565310.4507581335,0,-2718940.3751863474,-2935870.5907778046,-2877782.219203149,-3102958.2337132245,0,-3275716.264393732,-3211722.8626713487,-3920381.1221077801,-4174085.639562258,0,-3392927.2607859885,-3654233.7782608168,-3580207.1621507038,-3851388.8105413173,0]
[null,"6. Utilidad despues de impuestos",0,0,0,0,{"$f":"G89+G90","v":-1952499.236031244},{"$f":"H89+H90","v":389717.3776590355},272107.93281527096,306551.29867605079,-5419226.2321726205,763412.85061892634,1050782.3830851507,1085946.8365537575,1391557.8062782297,-4731072.5002368595,2128687.1740758047,1685312.6296892767,2077089.7152202707,2159191.5322798174,-3643722.6879703887,3286984.2192103015,3736432.2102595968,3044720.6475801831,3618878.0974235088,-2518434.9785236493,4417313.6374470247,4603910.6713156346,4862093.9376907703,4764147.9799793921,-1262357.1809087843,5049460.6967746457,5452331.0971587803,5344452.6928058481,5762636.7197531313,-1404907.658164598,6083473.0624455027,5964628.1735325046,7280707.798200164,7751873.3306156229,-1197785.8194313627,6301150.6271739798,6786434.1596272318,6648956.158279879,7152579.2195767332,-1406903.6293486338]
[null,"7.Depreciacion (agrego)",0,0,0,0,{"$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":2358998.1433769804},{"$f":"H91+H92","v":4701214.7570672603},4583605.3122234959,4618048.6780842757,-1107728.852764396,4840287.8412068663,5127657.3736730907,5162821.8271416975,5468432.7968661692,-654197.50964891957,5628357.5764591899,5923810.902815761,6315587.9883467555,6397689.8054063022,594775.58515609615,6566647.1191220423,7016095.1101713376,7656007.0086401151,8230164.4584834408,2092851.3825362828,9028599.9985069558,9215197.0323755667,9651345.4213190768,9553399.4636076987,3526894.3027195223,9838712.1804029532,10241582.580787087,10133704.176434156,10551888.203381438,3384343.8254637085,10872724.546073809,10753879.657160811,10738335.820680279,10292708.359784264,4092831.0012621172,11591767.447867461,12077050.980320711,11939572.978973359,12443196.040270213,3883713.191344846]
[]
[null,"D. FLUJO DE CAJA DE INVERSION"]
[null," 1. Inversion inicial",-8061722.6956439894,-31147179.560830984,-78411034.965224028,-32224810.548503488]
[null," 2. Nuevos equipos",null,null,null,null,0,0,0,0,0,0,0,0,0,-3313391.2314414764,-4074887.4759895233,0,0,0,-3615357.9548965818,-11053428.412847251,-5305565.5494790282,0,0,0,-4111500.5203144769,-5056429.4128002729,0,0,0,0,0,0,0,0,0,-10096618.876882482,-21185643.806897443,-7214682.3975678142,0,0,0,0,0,0]
[null," 3. Valor residual despues tasas",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$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,-32224810.548503488,2358998.1433769804,4701214.7570672603,4583605.3122234959,4618048.6780842757,-1107728.852764396,4840287.8412068663,5127657.3736730907,5162821.8271416975,5468432.7968661692,-3967588.741090396,1553470.1004696665,5923810.902815761,6315587.9883467555,6397689.8054063022,-3020582.3697404857,-4486781.2937252084,1710529.5606923094,7656007.0086401151,8230164.4584834408,2092851.3825362828,4917099.4781924784,4158767.6195752937,9651345.4213190768,9553399.4636076987,3526894.3027195223,9838712.1804029532,10241582.580787087,10133704.176434156,10551888.203381438,61089978.198469728]
[null,"TRI (30 años)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IRR(C103:AJ103)","v":1.2383163232145611E-2}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C93+C99","v":-8061722.6956439894},{"$f":"D93+D99","v":-31147179.560830984},-78411034.965224028,-32224810.548503488,2358998.1433769804,4701214.7570672603,4583605.3122234959,4618048.6780842757,-1107728.852764396,4840287.8412068663,5127657.3736730907,5162821.8271416975,5468432.7968661692,-3967588.741090396,1553470.1004696665,5923810.902815761,6315587.9883467555,6397689.8054063022,-3020582.3697404857,-4486781.2937252084,1710529.5606923094,7656007.0086401151,8230164.4584834408,2092851.3825362828,4917099.4781924784,4158767.6195752937,9651345.4213190768,9553399.4636076987,3526894.3027195223,9838712.1804029532,10241582.580787087,10133704.176434156,10551888.203381438,{"$f":"AJ93+AJ97","v":3384343.8254637085},10872724.546073809,657260.78027832881,-10447307.986217164,3078025.9622164499,4092831.0012621172,11591767.447867461,12077050.980320711,11939572.978973359,12443196.040270213,58265189.285682023]
[null,"TRI (40 años)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IRR(C106:AT106)","v":1.9696428108441077E-2}]
[]
[null,"EBE (Excedente Bruto de Explotacion)",{"$f":"C83","v":0},{"$f":"D83","v":0},0,0,2358998.1433769804,4911062.5758067407,4730124.9683547951,4783114.7619867641,-1107728.852764396,5251356.2992324419,5693463.2722574025,5747562.4314398747,6217733.1540929088,-654197.50964891911,6774573.7471153922,6831286.9341869103,7434020.911926901,7560331.3997108191,594775.58515609615,8336561.6986968201,9028020.1464649662,9295471.9727217518,10178791.126326868,2092851.3825362828,11407153.495593816,11694225.855391677,12269396.003152568,12118709.914365832,3526894.3027195223,12557652.5555893,13177453.171564892,13011486.395637304,13654846.437094662,3384343.8254637085,14148440.810467541,13965602.51983216,14658716.942788059,14466793.999346523,4092831.0012621172,14984694.708653448,15731284.758581528,15519780.141124062,16294584.85081153,3883713.191344846]
[null,"ENE (Excedente Neto de Explotacion)",{"$f":"C109+C70","v":0},{"$f":"D109+D70","v":0},0,0,-1952499.236031244,599565.19639851619,418627.58894657064,471617.38257853966,-5419226.2321726205,1174481.308644502,1616588.2816694626,1670687.4408519347,2140858.1635049689,-4731072.5002368595,3274903.344732007,2592788.6610604255,3195522.6388004161,3321833.1265843343,-3643722.6879703887,5056898.7987850793,5748357.2465532254,4684185.6116618197,5567504.7652669363,-2518434.9785236493,6795867.134533884,7082939.4943317454,7480144.5195242614,7329458.4307375252,-1262357.1809087843,7768401.0719609931,8388201.6879365854,8222234.9120089971,8865594.9534663558,-1404907.658164598,9359189.3268392347,9176351.0362038538,11201088.920307944,11925958.970177881,-1197785.8194313627,9694077.8879599683,10440667.937888049,10229163.320430582,11003968.03011805,-1406903.6293486338]
[]
[null,"Ratio de coberture (Ingresos/Egresos)",null,null,null,null,{"$f":"ABS(G81)/ABS(G76)","v":1.60570038268085},{"$f":"ABS(H81)/ABS(H76)","v":2.4488830627603075},2.1561373034080304,2.1423461641506867,0.89539782634200205,2.1974043015449918,2.2684638979189753,2.2511563200495295,2.3224530644580224,0.94427366023044201,2.3754753862299811,2.3551136231196028,2.4407654727933585,2.4315306934692558,1.0456916594420114,2.5066395770586154,2.593995764757814,2.6033646035095233,2.7152096292329149,1.1449569907688568,2.8344270492837174,2.8371161883103024,2.8828869630327771,2.8167170726218806,1.2201871674770923,2.7963080222861736,2.8412612482162727,2.7758911015153771,2.8204368784385756,1.1903932693401864,2.7996076441592059,2.7350419162163147,2.7787756549415059,2.7146137887294803,1.2074216937069184,2.694186063496518,2.7371118519888133,2.6737608091659228,2.7162842572846526,1.1772569856498789]
[null,"Margen neta de la operacion",null,null,null,null,{"$f":"G112-1","v":0.60570038268085002},{"$f":"H112-1","v":1.4488830627603075},1.1561373034080304,1.1423461641506867,-0.10460217365799795,1.1974043015449918,1.2684638979189753,1.2511563200495295,1.3224530644580224,-5.5726339769557987E-2,1.3754753862299811,1.3551136231196028,1.4407654727933585,1.4315306934692558,4.5691659442011368E-2,1.5066395770586154,1.593995764757814,1.6033646035095233,1.7152096292329149,0.14495699076885682,1.8344270492837174,1.8371161883103024,1.8828869630327771,1.8167170726218806,0.22018716747709233,1.7963080222861736,1.8412612482162727,1.7758911015153771,1.8204368784385756,0.19039326934018641,1.7996076441592059,1.7350419162163147,1.7787756549415059,1.7146137887294803,0.20742169370691843,1.694186063496518,1.7371118519888133,1.6737608091659228,1.7162842572846526,0.17725698564987891]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C103","v":-8061722.6956439894},{"$f":"D103","v":-31147179.560830984},-78411034.965224028,-32224810.548503488,2358998.1433769804,4701214.7570672603,4583605.3122234959,4618048.6780842757,-1107728.852764396,4840287.8412068663,5127657.3736730907,5162821.8271416975,5468432.7968661692,-3967588.741090396,1553470.1004696665,5923810.902815761,6315587.9883467555,6397689.8054063022,-3020582.3697404857,-4486781.2937252084,1710529.5606923094,7656007.0086401151,8230164.4584834408,2092851.3825362828,4917099.4781924784,4158767.6195752937,9651345.4213190768,9553399.4636076987,3526894.3027195223,9838712.1804029532,10241582.580787087,10133704.176434156,10551888.203381438,61089978.198469728]
[null,"VAN (30 años]",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"NPV(C26,C115:AJ115)","v":-88260925.194367543}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C106","v":-8061722.6956439894},{"$f":"D106","v":-31147179.560830984},-78411034.965224028,-32224810.548503488,2358998.1433769804,4701214.7570672603,4583605.3122234959,4618048.6780842757,-1107728.852764396,4840287.8412068663,5127657.3736730907,5162821.8271416975,5468432.7968661692,-3967588.741090396,1553470.1004696665,5923810.902815761,6315587.9883467555,6397689.8054063022,-3020582.3697404857,-4486781.2937252084,1710529.5606923094,7656007.0086401151,8230164.4584834408,2092851.3825362828,4917099.4781924784,4158767.6195752937,9651345.4213190768,9553399.4636076987,3526894.3027195223,9838712.1804029532,10241582.580787087,10133704.176434156,10551888.203381438,3384343.8254637085,10872724.546073809,657260.78027832881,-10447307.986217164,3078025.9622164499,4092831.0012621172,11591767.447867461,12077050.980320711,11939572.978973359,12443196.040270213,58265189.285682023]
[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,{"$f":"NPV(C26,C118:AT118)","v":-88483597.830061287}]
[]
[]
[]
[null,null,-15374793.702004252,-32471752.923079427,-62793043.621870533,-31184167.865535051,4461627.0876138387,7085887.3224892067,7506676.6422383776,7866933.6835564012,4138496.9480227539,8621725.0100111552,9016880.0393200647,9408111.1130052563,9811291.0381158479,3028760.3722510524,6759476.3316930179,11095752.577078201,11666827.927642517,12256200.784473658,5145482.9160697088,4835774.0456957947,9963796.0466147065,14965506.412886936,15819114.660764625,11262213.876171863,14269356.723393489,13717569.790471114,18902277.061604355,19259777.254964769,13648271.158759808,19994678.368752308,20372314.83298843,20756902.165421762,21148563.030060068,14981724.136930339]
[]
[null,null,{"$f":"C123-C103","v":-7313071.0063602626},{"$f":"D123-D103","v":-1324573.3622484431},15617991.343353495,1040642.6829684377,2102628.9442368583,2384672.5654219463,2923071.3300148817,3248885.0054721255,5246225.8007871499,3781437.1688042888,3889222.665646974,4245289.2858635588,4342858.2412496787,6996349.1133414488,5206006.2312233513,5171941.6742624398,5351239.9392957613,5858510.9790673554,8166065.2858101949,9322555.3394210041,8253266.4859223971,7309499.4042468211,7588950.2022811845,9169362.4936355799,9352257.2452010103,9558802.1708958205,9250931.6402852777,9706377.7913570702,10121376.856040286,10155966.188349355,10130732.252201343,10623197.988987606,10596674.82667863,-46108254.061539389]

{"sheet":"Project Finance Model","index":2,"n_rows":315,"n_cols":39,"rows_kept":315,"cut":false,"hidden":true,"merged":[[1,2,4,2],[75,3,76,3],[75,4,76,4]]}
[]
[null,null,"Legend","Input"]
[null,null,null,"Key celd"]
[null,null,null,"Error"]
[null,null,null,"Calculated"]
[]
[null,null,"OUTPUTS"]
[]
[null,null,"Min DSCR",{"$f":"E313","v":1.7000000000000002}]
[null,null,null,{"$f":"E315","v":"2023-12-31"}]
[null,null,"LLCR",{"$f":"E296","v":17.869318723948684}]
[]
[null,null,"NPV project",{"$f":"E255","v":-89374655.924239904}]
[null,null,"IRR Project",{"$f":"E257","v":-3.4687984301052799E-3}]
[]
[null,null,"PRIVATE FINANCE"]
[null,null,"NPV Equity",{"$f":"IF(E58<0.01,\"N/A\",E272)","v":69865.361282752478}]
[null,null,"IRR Equity",{"$f":"IF(E58<0.01,\"N/A\",E274)","v":0.13040182214989104}]
[null,null,"Debt / Equity",{"$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",{"$f":"'Global Financial Model'!C11","v":144743714.81985953},null," "]
[null,null,"Municipal direct subsidies (yearly)","USD 2015",0]
[null,null,"Treasury","%",0.25,"of DSRA"]
[null,null,"Discount Factor (WACC)","%",{"$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$59*E26*E58","v":2460643.1519376123}]
[null,null,"Private Amortisation Start","Date",{"$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 ",{"$f":"E26*H58","v":120137283.30048341}]
[null,null,"Municipal Amortisation Start","Date",{"$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 ",{"$f":"E52*E37","v":24606.431519376125}]
[null,null,"Upfront fee on municipal loan","USD ",{"$f":"E52*E43","v":1201372.8330048341}]
[]
[null,null,"FUNDING SCHEME"]
[null,null,"Initial dibursment",null,"YES",{"$f":"IF($E$57=\"NO\",0,1)","v":1},"(if no : Equity is back ended)"]
[null,null,"Private funding vs Municipal funding ratio",null,0.17,null,"Initial Municipal debt",{"$f":"1-E58","v":0.83}]
[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 ",196413.42128010781,{"$f":"F151","v":0},{"$f":"G151","v":9649.9997576235819},{"$f":"H151","v":46699.358838424894},140064.06268405932,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB151","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Upfront Fee","USD ",24606.431519376125,{"$f":"F138","v":24606.431519376125},{"$f":"G138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB138","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Required Funding","USD ",186696328.18077061,{"$f":"SUM(F109:F113)","v":8086329.1271633655},{"$f":"SUM(G109:G113)","v":31156829.560588609},{"$f":"SUM(H109:H113)","v":78457734.324062452},32464874.611187547,0,0,0,0,0,0,0,0,0,3313391.2314414764,4074887.4759895233,0,0,0,3615357.9548965818,11053428.412847251,5305565.5494790282,0,0,0,4111500.5203144769,5056429.4128002729,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Release","USD ",-36530560.557768613,{"$f":"IF(F79=1,-F114,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-3313391.2314414764,-4074887.4759895233,0,0,0,-3615357.9548965818,-11053428.412847251,-5305565.5494790282,0,0,0,-4111500.5203144769,-5056429.4128002729,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding through debt","USD ",-124637587.12709165,{"$f":"IF(F78=1,-F114*(1-$E$58),0)","v":-6711653.1755455928},-25860168.535288546,-65119919.488971829,-26945845.927285664,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Debt funding","USD ",-2460643.1519376123,{"$f":"IF(F78=1,IF($F$57=1,-MIN(F114*$E$59*$E$58,F135),-MIN(F114*$E$58,F135)),0)","v":-137467.59516177722},-529666.10253000644,-1333781.4835090619,-459727.9707367667,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sub Total","USD ",23067537.343972728,{"$f":"SUM(F114:F117)","v":1237208.3564559955},4766994.9227700569,12004033.35158156,5059300.7131651174,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Equity Funding","USD ",-23067537.343972728,{"$f":"-F118","v":-1237208.3564559955},{"$f":"-G118","v":-4766994.9227700569},-12004033.35158156,-5059300.7131651174,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AB118","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Funding Shortfall","USD ",0,{"$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},{"$f":"F127","v":137467.59516177722},{"$f":"G127","v":667133.69769178366},2000915.1812008456,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Z127","v":0},{"$f":"AA127","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Disbursement to Fund Project Costs (SPV)","USD ",{"$f":"SUM(F124:AM124)","v":2460643.1519376123},{"$f":"-F117","v":137467.59516177722},529666.10253000644,1333781.4835090619,459727.9707367667,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":-2460643.1519376123},{"$f":"-SUM(F123:F125)*F94","v":0},{"$f":"-SUM(G123:G125)*G94","v":0},{"$f":"-SUM(H123:H125)*H94","v":0},-2460643.1519376123,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F123:F126)","v":137467.59516177722},{"$f":"SUM(G123:G126)","v":667133.69769178366},2000915.1812008456,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipaly)","USD ",null,{"$f":"E133","v":0},{"$f":"F133","v":6711653.1755455928},32331554.868373536,96164852.265358448,{"$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 ",{"$f":"SUM(F130:AM130)","v":124637587.12709165},{"$f":"-F116","v":6711653.1755455928},{"$f":"-G116","v":25860168.535288546},65119919.488971829,26945845.927285664,{"$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 ",{"$f":"SUM(F131:AM131)","v":-5791313.4055411024},{"$f":"IF(F78=1,-F204,0)","v":0},{"$f":"IF(G78=1,-G204,0)","v":-240266.84246060322},-1286622.0919869263,-4264424.4710935727,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",-118846273.72155055,{"$f":"-SUM(F129:F131)*F94","v":0},{"$f":"-SUM(G129:G131)*G94","v":0},{"$f":"-SUM(H129:H131)*H94","v":0},-118846273.72155055,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality)","USD ",null,{"$f":"SUM(F129:F132)","v":6711653.1755455928},{"$f":"SUM(G129:G132)","v":32331554.868373536},96164852.265358448,0,{"$f":"SUM(J129:J132)","v":0},{"$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 ",{"$f":"E37","v":2460643.1519376123},{"$f":"MAX(0,$E135-F123)*F78","v":2460643.1519376123},2323175.5567758353,1793509.4542458286,459727.9707367667,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E43","v":120137283.30048341},{"$f":"MAX(0,$E136-F129)*F78","v":120137283.30048341},113425630.12493782,87805728.432109863,23972431.035124958,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Upfront Fee (SPV)","USD ",{"$f":"E53","v":24606.431519376125},{"$f":"$E138*IF(F90=1,1,0)","v":24606.431519376125},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E54","v":1201372.8330048341},{"$f":"$E139*IF(F90=1,1,0)","v":1201372.8330048341},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[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 ",{"$f":"SUM(F151:AM151)","v":196413.42128010781},{"$f":"F144*F123","v":0},9649.9997576235819,46699.358838424894,140064.06268405932,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during construction for Municipality",null,{"$f":"SUM(F152:AM152)","v":9465895.546351105},{"$f":"F149*F129","v":0},471147.04698985722,2263208.8407861497,6731539.6585750971,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Operations"]
[null,null,"Revenue"]
[null,null,"Revenue","USD ",{"$f":"SUM(F156:AM156)","v":428252397.06252849},{"$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":6253659.9445400834},{"$f":"'Global Financial Model'!H81","v":8300613.2593867797},{"$f":"'Global Financial Model'!I81","v":8821442.6296839975},{"$f":"'Global Financial Model'!J81","v":8970212.2566791214},{"$f":"'Global Financial Model'!K81","v":9482193.0774066858},{"$f":"'Global Financial Model'!L81","v":9636972.9973324072},{"$f":"'Global Financial Model'!M81","v":10181934.155502895},{"$f":"'Global Financial Model'!N81","v":10341362.853766276},{"$f":"'Global Financial Model'!O81","v":10919399.565702841},{"$f":"'Global Financial Model'!P81","v":11085269.183376063},{"$f":"'Global Financial Model'!Q81","v":11699833.635395702},{"$f":"'Global Financial Model'!R81","v":11872404.38562292},{"$f":"'Global Financial Model'!S81","v":12593792.611281835},{"$f":"'Global Financial Model'!T81","v":12841623.260375481},{"$f":"'Global Financial Model'!U81","v":13611934.349348987},{"$f":"'Global Financial Model'!V81","v":13869777.356666017},{"$f":"'Global Financial Model'!W81","v":14691786.855303524},{"$f":"'Global Financial Model'!X81","v":15092950.570150787},{"$f":"'Global Financial Model'!Y81","v":16113220.920123607},{"$f":"'Global Financial Model'!Z81","v":16530591.649050694},{"$f":"'Global Financial Model'!AA81","v":17625527.510547385},{"$f":"'Global Financial Model'!AB81","v":18059760.01692313},{"$f":"'Global Financial Model'!AC81","v":18785663.970396962},{"$f":"'Global Financial Model'!AD81","v":18789374.321606826},{"$f":"'Global Financial Model'!AE81","v":19544604.794800997},{"$f":"'Global Financial Model'!AF81","v":19548465.044199739},{"$f":"'Global Financial Model'!AG81","v":20334206.828510959},{"$f":"'Global Financial Model'!AH81","v":20338223.03198541},{"$f":"'Global Financial Model'!AI81","v":21155708.784382798},{"$f":"'Global Financial Model'!AJ81","v":21159887.242477618}]
[null,null,"Municipal direct subsidies (if any)","USD ",{"$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},0,0,2460643.1519376123,2372410.2766154418,2278145.2506682309,2177121.039360262,2069025.1332607351,1953362.5137342412,1829733.545609995,1697302.0009222568,1555600.248106377,1403979.3725933856,1241843.3431337057,1068238.8598057732,882482.06264488562,683722.28968273581,471090.53024300735,243510.56394203755,0,{"$f":"Z166","v":0},{"$f":"AA166","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (SPV)","USD ",{"$f":"SUM(F164:AM164)","v":2460643.1519376123},{"$f":"-F126","v":0},0,0,2460643.1519376123,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (SPV)","USD ",{"$f":"SUM(F165:AM165)","v":-2460643.1519376128},{"$f":"IF(F79=1,-F198,0)","v":0},{"$f":"IF(G79=1,-G198,0)","v":0},0,0,-88232.875322170701,-94265.025947210757,-101024.21130796915,-108095.906099527,-115662.61952649389,-123628.96812424614,-132431.54468773823,-141701.75281587988,-151620.87551299145,-162136.02945968008,-173604.48332793245,-185756.79716088768,-198759.77296214979,-212631.75943972848,-227579.9663009698,-243510.5639420377,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F163:F165)","v":0},{"$f":"SUM(G163:G165)","v":0},0,2460643.1519376123,2372410.2766154418,2278145.2506682309,2177121.039360262,2069025.1332607351,1953362.5137342412,1829733.545609995,1697302.0009222568,1555600.248106377,1403979.3725933856,1241843.3431337057,1068238.8598057732,882482.06264488562,683722.28968273581,471090.53024300735,243510.56394203755,0,0,0,{"$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},0,0,118846273.72155055,112945455.43344179,106638947.25618456,99882633.623037145,92653378.0355694,84918074.556978911,76647210.565851614,67790378.609220043,58313568.415624261,48173381.508476779,37326567.991728365,25716076.843721159,13292851.315353448,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",{"$f":"SUM(F169:AM169)","v":118846273.72155055},{"$f":"-F132","v":0},0,0,118846273.72155055,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (Municipality)","USD ",{"$f":"SUM(F170:AM170)","v":-118846273.72155057},{"$f":"IF(F79=1,-F204,0)","v":0},{"$f":"IF(G79=1,-G204,0)","v":0},0,0,-5900818.2881087726,-6306508.1772572277,-6756313.6331474241,-7229255.5874677459,-7735303.4785904884,-8270863.9911272991,-8856831.9566315711,-9476810.1935957838,-10140186.907147486,-10846813.516748415,-11610491.148007207,-12423225.528367711,-13292851.315353459,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality","USD ",null,{"$f":"SUM(F168:F170)","v":0},{"$f":"SUM(G168:G170)","v":0},0,118846273.72155055,112945455.43344179,106638947.25618456,99882633.623037145,92653378.0355694,84918074.556978911,76647210.565851614,67790378.609220043,58313568.415624261,48173381.508476779,37326567.991728365,25716076.843721159,13292851.315353448,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY","% p.a.",null,{"$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 ",{"$f":"SUM(F183:AM183)","v":1708446.8906761114},{"$f":"F176*F163","v":0},0,0,0,172245.020635633,166539.31108186219,159470.1675467763,152398.47275521848,144831.75932825159,137122.8452923983,128081.34819269976,118811.14006455809,108892.01736744649,98557.049676255672,86929.034019359475,74776.7201864042,61773.744385142047,47996.183551152928,32976.337117010546,17045.739475942642,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during Operation for Municipality","USD ",{"$f":"SUM(F184:AM184)","v":66068939.776311308},{"$f":"F181*F168","v":0},{"$f":"G181*G168","v":0},0,0,8319239.160508546,7928585.7607004317,7464726.3079329263,6991784.3536126064,6485736.4624898639,5961109.5831591152,5365304.7396096177,4745326.5026454069,4081949.7890937021,3381692.3860028866,2612859.7594209877,1800125.3790604826,930499.59207474219,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt repayment"]
[]
[null,null,"Flag: Municipal Debt Repayment",{"$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},137467.59516177722,667133.69769178366,2000915.1812008456,2460643.1519376123,2372410.2766154418,2278145.2506682309,2177121.039360262,2069025.1332607351,1953362.5137342412,1829733.545609995,1697302.0009222568,1555600.248106377,1403979.3725933856,1241843.3431337057,1068238.8598057732,882482.06264488562,683722.28968273581,471090.53024300735,243510.56394203755,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":4169090.0426137252},{"$f":"IF(F191=0,0,F195*F194/(1-(1+F195)^(-F192)))","v":0},{"$f":"IF(G191=0,0,G195*G194/(1-(1+G195)^(-G192)))","v":0},0,0,260477.8959578037,260804.33702907295,260494.37885474545,260494.37885474548,260494.37885474548,260751.81341664444,260512.89288043798,260512.89288043798,260512.89288043795,260693.07913593575,260533.51734729193,260533.51734729187,260533.51734729184,260627.94299088142,260556.30341798035,260556.30341798035,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (SPV)"," ",{"$f":"SUM(F197:AM197)","v":-1708446.8906761114},{"$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,-172245.020635633,-166539.31108186219,-159470.1675467763,-152398.47275521848,-144831.75932825159,-137122.8452923983,-128081.34819269976,-118811.14006455809,-108892.01736744649,-98557.049676255672,-86929.034019359475,-74776.7201864042,-61773.744385142047,-47996.183551152928,-32976.337117010546,-17045.739475942642,{"$f":"IF(Z191=0,0,-Z183)","v":0},{"$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":2460643.1519376128},{"$f":"IF(F196=0,0,SUM(F196:F197))","v":0},{"$f":"IF(G196=0,0,SUM(G196:G197))","v":0},0,0,88232.875322170701,{"$f":"IF(K196=0,0,SUM(K196:K197))","v":94265.025947210757},{"$f":"IF(L196=0,0,SUM(L196:L197))","v":101024.21130796915},{"$f":"IF(M196=0,0,SUM(M196:M197))","v":108095.906099527},115662.61952649389,{"$f":"IF(O196=0,0,SUM(O196:O197))","v":123628.96812424614},{"$f":"IF(P196=0,0,SUM(P196:P197))","v":132431.54468773823},{"$f":"IF(Q196=0,0,SUM(Q196:Q197))","v":141701.75281587988},151620.87551299145,{"$f":"IF(S196=0,0,SUM(S196:S197))","v":162136.02945968008},{"$f":"IF(T196=0,0,SUM(T196:T197))","v":173604.48332793245},{"$f":"IF(U196=0,0,SUM(U196:U197))","v":185756.79716088768},198759.77296214979,{"$f":"IF(W196=0,0,SUM(W196:W197))","v":212631.75943972848},{"$f":"IF(X196=0,0,SUM(X196:X197))","v":227579.9663009698},{"$f":"IF(Y196=0,0,SUM(Y196:Y197))","v":243510.5639420377},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,{"$f":"IF(F78=1,F129,F168)","v":0},6711653.1755455928,32331554.868373536,96164852.265358448,118846273.72155055,112945455.43344179,106638947.25618456,99882633.623037145,92653378.0355694,84918074.556978911,76647210.565851614,67790378.609220043,58313568.415624261,48173381.508476779,37326567.991728365,25716076.843721159,13292851.315353448,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$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)"," ",{"$f":"SUM(F202:AM202)","v":200172422.44975412},{"$f":"IF(F188=0,0,F201*F200/(1-(1+F201)^(-F189)))","v":0},{"$f":"IF(G188=0,0,G201*G200/(1-(1+G201)^(-G189)))","v":711413.88945046044},3549830.932773076,10995964.12966867,14220057.448617319,14235093.937957659,14221039.94108035,14221039.941080352,14221039.941080352,14231973.574286414,14222136.696241189,14222136.696241191,14222136.696241189,14228505.902751302,14223350.907428194,14223350.907428194,14223350.907428201,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (Municipality)"," ",{"$f":"SUM(F203:AM203)","v":-75534835.322662413},{"$f":"IF(F78=1,-F152,-F184)","v":0},{"$f":"IF(G78=1,-G152,-G184)","v":-471147.04698985722},-2263208.8407861497,-6731539.6585750971,-8319239.160508546,-7928585.7607004317,-7464726.3079329263,-6991784.3536126064,-6485736.4624898639,-5961109.5831591152,-5365304.7396096177,-4745326.5026454069,-4081949.7890937021,-3381692.3860028866,-2612859.7594209877,-1800125.3790604826,-930499.59207474219,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment (Municipality)"," ",{"$f":"SUM(F204:AM204)","v":124637587.12709169},{"$f":"IF(F202=0,0,SUM(F202:F203))","v":0},{"$f":"IF(G202=0,0,SUM(G202:G203))","v":240266.84246060322},1286622.0919869263,4264424.4710935727,5900818.2881087726,{"$f":"IF(K202=0,0,SUM(K202:K203))","v":6306508.1772572277},{"$f":"IF(L202=0,0,SUM(L202:L203))","v":6756313.6331474241},{"$f":"IF(M202=0,0,SUM(M202:M203))","v":7229255.5874677459},7735303.4785904884,{"$f":"IF(O202=0,0,SUM(O202:O203))","v":8270863.9911272991},{"$f":"IF(P202=0,0,SUM(P202:P203))","v":8856831.9566315711},{"$f":"IF(Q202=0,0,SUM(Q202:Q203))","v":9476810.1935957838},10140186.907147486,{"$f":"IF(S202=0,0,SUM(S202:S203))","v":10846813.516748415},{"$f":"IF(T202=0,0,SUM(T202:T203))","v":11610491.148007207},{"$f":"IF(U202=0,0,SUM(U202:U203))","v":12423225.528367711},13292851.315353459,{"$f":"IF(W202=0,0,SUM(W202:W203))","v":0},{"$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":428252397.06252849},{"$f":"F156","v":0},0,0,0,6253659.9445400834,8300613.2593867797,8821442.6296839975,8970212.2566791214,9482193.0774066858,9636972.9973324072,10181934.155502895,10341362.853766276,10919399.565702841,11085269.183376063,11699833.635395702,11872404.38562292,12593792.611281835,12841623.260375481,13611934.349348987,13869777.356666017,14691786.855303524,15092950.570150787,16113220.920123607,16530591.649050694,17625527.510547385,18059760.01692313,18785663.970396962,18789374.321606826,19544604.794800997,19548465.044199739,20334206.828510959,20338223.03198541,21155708.784382798,21159887.242477618]
[null,null,"OpEx","USD ",-215392060.95697781,{"$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 ",212860336.10555071,{"$f":"SUM(F208:F209)","v":0},{"$f":"SUM(G208:G209)","v":0},{"$f":"SUM(H208:H209)","v":0},0,2358998.1433769804,4911062.5758067407,4730124.9683547951,4783114.7619867641,-1107728.852764396,5251356.2992324419,5693463.2722574025,5747562.4314398747,6217733.1540929088,-654197.50964891911,6774573.7471153922,6831286.9341869103,7434020.911926901,7560331.3997108191,594775.58515609615,8336561.6986968201,9028020.1464649662,9295471.9727217518,10178791.126326868,2092851.3825362828,11407153.495593816,11694225.855391677,12269396.003152568,12118709.914365832,3526894.3027195223,12557652.5555893,13177453.171564892,13011486.395637304,13654846.437094662,3384343.8254637085]
[null,null,"Revenue Tax","USD ",-36213541.616188675,{"$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},{"$f":"'Global Financial Model'!H90","v":-209847.81873948066},{"$f":"'Global Financial Model'!I90","v":-146519.65613129971},{"$f":"'Global Financial Model'!J90","v":-165066.08390248887},{"$f":"'Global Financial Model'!K90","v":0},{"$f":"'Global Financial Model'!L90","v":-411068.45802557567},{"$f":"'Global Financial Model'!M90","v":-565805.89858431183},{"$f":"'Global Financial Model'!N90","v":-584740.60429817706},{"$f":"'Global Financial Model'!O90","v":-749300.35722673906},{"$f":"'Global Financial Model'!P90","v":0},{"$f":"'Global Financial Model'!Q90","v":-1146216.1706562024},{"$f":"'Global Financial Model'!R90","v":-907476.03137114889},{"$f":"'Global Financial Model'!S90","v":-1118432.9235801455},{"$f":"'Global Financial Model'!T90","v":-1162641.5943045169},{"$f":"'Global Financial Model'!U90","v":0},{"$f":"'Global Financial Model'!V90","v":-1769914.5795747777},{"$f":"'Global Financial Model'!W90","v":-2011925.0362936289},{"$f":"'Global Financial Model'!X90","v":-1639464.9640816369},{"$f":"'Global Financial Model'!Y90","v":-1948626.6678434275},{"$f":"'Global Financial Model'!Z90","v":0},{"$f":"'Global Financial Model'!AA90","v":-2378553.4970868593},{"$f":"'Global Financial Model'!AB90","v":-2479028.8230161108},{"$f":"'Global Financial Model'!AC90","v":-2618050.5818334911},{"$f":"'Global Financial Model'!AD90","v":-2565310.4507581335},{"$f":"'Global Financial Model'!AE90","v":0},{"$f":"'Global Financial Model'!AF90","v":-2718940.3751863474},{"$f":"'Global Financial Model'!AG90","v":-2935870.5907778046},{"$f":"'Global Financial Model'!AH90","v":-2877782.219203149},{"$f":"'Global Financial Model'!AI90","v":-3102958.2337132245},{"$f":"'Global Financial Model'!AJ90","v":0}]
[null,null,"CapEx (including intesrests during construction)","USD ",-186596328.18077061,{"$f":"-F114","v":-8086329.1271633655},-31156829.560588609,-78457734.324062452,{"$f":"-I114+I110","v":-32364874.611187547},0,0,0,0,0,0,0,0,0,-3313391.2314414764,-4074887.4759895233,0,0,0,-3615357.9548965818,-11053428.412847251,-5305565.5494790282,0,0,0,-4111500.5203144769,-5056429.4128002729,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",null,{"$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 ",-10049533.691408616,{"$f":"SUM(F210:F213)","v":-8086329.1271633655},{"$f":"SUM(G210:G213)","v":-31156829.560588609},{"$f":"SUM(H210:H213)","v":-78457734.324062452},-32464874.611187547,2358998.1433769804,4701214.7570672603,4583605.312223495,4618048.6780842757,-1107728.852764396,4840287.8412068663,5127657.3736730907,5162821.8271416975,5468432.7968661701,-3967588.7410903955,1553470.1004696665,5923810.902815761,6315587.9883467555,6397689.8054063022,-3020582.3697404857,-4486781.2937252084,1710529.5606923094,7656007.0086401151,8230164.4584834408,2092851.3825362828,4917099.4781924784,4158767.6195752937,9651345.4213190768,9553399.4636076987,3526894.3027195223,9838712.1804029532,10241582.580787087,10133704.176434156,10551888.203381438,3384343.8254637085]
[null,null,"Municipality: Funding (through debt )","USD ",124637587.12709165,{"$f":"-F116","v":6711653.1755455928},25860168.535288546,65119919.488971829,26945845.927285664,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding (through subsidies)","USD ",0,{"$f":"+F157","v":0},{"$f":"+G157","v":0},{"$f":"+H157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt: Funding","USD ",2460643.1519376123,{"$f":"F124","v":137467.59516177722},529666.10253000644,1333781.4835090619,459727.9707367667,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity: Funding","USD ",23067537.343972728,{"$f":"-F119","v":1237208.3564559955},4766994.9227700569,12004033.35158156,5059300.7131651174,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CashFlow after Funding","USD ",140116233.93159342,{"$f":"SUM(F214:F218)","v":0},0,0,0,2358998.1433769804,4701214.7570672603,4583605.312223495,4618048.6780842757,-1107728.852764396,4840287.8412068663,5127657.3736730907,5162821.8271416975,5468432.7968661701,-3967588.7410903955,1553470.1004696665,5923810.902815761,6315587.9883467555,6397689.8054063022,-3020582.3697404857,-4486781.2937252084,1710529.5606923094,7656007.0086401151,8230164.4584834408,2092851.3825362828,4917099.4781924784,4158767.6195752937,9651345.4213190768,9553399.4636076987,3526894.3027195223,9838712.1804029532,10241582.580787087,10133704.176434156,10551888.203381438,3384343.8254637085]
[null,null,"Treasury: Funding","USD ",50885151.925294392,{"$f":"IF(F78=1,0,-F115+IF(F191=1,IF(F219/F196>1.7,0,1.7*F196+IF(F219<0,-F219,0)),0))","v":0},0,0,0,0,0,0,0,1550569.2968174634,0,0,0,0,7724158.2070629625,4074887.4759895233,0,0,0,7078886.0404476337,15983155.422383025,5305565.5494790282,0,0,0,4111500.5203144769,5056429.4128002729,0,0,0,0,0,0,0,0]
[null,null,"CashFlow Available for Debt Service (CFADS)","USD ",191001385.85688785,{"$f":"SUM(F219:F220)","v":0},{"$f":"SUM(G219:G220)","v":0},0,0,2358998.1433769804,4701214.7570672603,4583605.312223495,4618048.6780842757,442840.44405306736,4840287.8412068663,5127657.3736730907,5162821.8271416975,5468432.7968661701,3756569.465972567,5628357.5764591899,5923810.902815761,6315587.9883467555,6397689.8054063022,4058303.670707148,11496374.128657818,7016095.1101713376,7656007.0086401151,8230164.4584834408,2092851.3825362828,9028599.9985069558,9215197.0323755667,9651345.4213190768,9553399.4636076987,3526894.3027195223,9838712.1804029532,10241582.580787087,10133704.176434156,10551888.203381438,3384343.8254637085]
[null,null,"Interests","USD ",-1708446.8906761114,{"$f":"-F197","v":0},{"$f":"-G197","v":0},0,0,{"$f":"J197","v":-172245.020635633},{"$f":"K197","v":-166539.31108186219},-159470.1675467763,-152398.47275521848,-144831.75932825159,-137122.8452923983,-128081.34819269976,-118811.14006455809,-108892.01736744649,-98557.049676255672,-86929.034019359475,-74776.7201864042,-61773.744385142047,-47996.183551152928,-32976.337117010546,-17045.739475942642,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment","USD ",-2460643.1519376128,{"$f":"F198","v":0},{"$f":"G198","v":0},{"$f":"H198","v":0},0,{"$f":"-J198","v":-88232.875322170701},{"$f":"-K198","v":-94265.025947210757},-101024.21130796915,-108095.906099527,-115662.61952649389,-123628.96812424614,-132431.54468773823,-141701.75281587988,-151620.87551299145,-162136.02945968008,-173604.48332793245,-185756.79716088768,-198759.77296214979,-212631.75943972848,-227579.9663009698,-243510.5639420377,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow available for Debt Service reserve Account (DSRA)","USD ",186832295.8142741,{"$f":"SUM(F221:F223)","v":0},{"$f":"SUM(G221:G223)","v":0},0,0,2098520.2474191771,4440410.4200381879,4323110.9333687499,4357554.2992295297,182346.06519832188,4579536.0277902214,4867144.4807926519,4902308.9342612596,5207919.9039857322,3495876.3868366312,5367824.0591118978,5663277.385468469,6055054.4709994635,6137061.8624154208,3797747.3672891674,11235817.825239837,7016095.1101713376,7656007.0086401151,8230164.4584834408,2092851.3825362828,9028599.9985069558,9215197.0323755667,9651345.4213190768,9553399.4636076987,3526894.3027195223,9838712.1804029532,10241582.580787087,10133704.176434156,10551888.203381438,3384343.8254637085]
[null,null,"Treasury: Deduction","USD ",-46708073.953568526,{"$f":"IF(F231<$E$220,IF(F224>0,-F224*$E$28,0),0)","v":0},0,0,0,-524630.06185479427,-1110102.605009547,-1080777.7333421875,-1089388.5748073824,-45586.516299580471,-1144884.0069475553,-1216786.120198163,-1225577.2335653149,-1301979.9759964331,-873969.09670915781,-1341956.0147779745,-1415819.3463671173,-1513763.6177498659,-1534265.4656038552,-949436.84182229184,-2808954.4563099593,-1754023.7775428344,-1914001.7521600288,-2057541.1146208602,-523212.84563407069,-2257149.999626739,-2303799.2580938917,-2412836.3553297692,-2388349.8659019247,-881723.57567988057,-2459678.0451007383,-2560395.6451967717,-2533426.0441085389,-2637972.0508453595,-846085.95636592712]
[null,null,"Cashflow available to Equity","USD ",140124221.86070555,{"$f":"F224+F225","v":0},{"$f":"G224+G225","v":0},{"$f":"H224+H225","v":0},0,1573890.1855643829,3330307.8150286409,3242333.2000265624,3268165.7244221475,136759.54889874143,3434652.0208426658,3650358.3605944887,3676731.7006959449,3905939.9279892994,2621907.2901274734,4025868.0443339236,4247458.039101352,4541290.8532495974,4602796.3968115654,2848310.5254668756,8426863.3689298779,5262071.3326285034,5742005.2564800866,6172623.3438625801,1569638.5369022121,6771449.9988802169,6911397.774281675,7238509.0659893081,7165049.597705774,2645170.7270396417,7379034.1353022149,7681186.9355903156,7600278.1323256167,7913916.1525360784,2538257.8690977814]
[null,null,"Distributions to Equity","USD ",-140124221.86070555,{"$f":"-MAX(F226,0)*F79","v":0},0,0,0,-1573890.1855643829,-3330307.8150286409,-3242333.2000265624,-3268165.7244221475,-136759.54889874143,-3434652.0208426658,-3650358.3605944887,-3676731.7006959449,-3905939.9279892994,-2621907.2901274734,-4025868.0443339236,-4247458.039101352,-4541290.8532495974,-4602796.3968115654,-2848310.5254668756,-8426863.3689298779,-5262071.3326285034,-5742005.2564800866,-6172623.3438625801,-1569638.5369022121,-6771449.9988802169,-6911397.774281675,-7238509.0659893081,-7165049.597705774,-2645170.7270396417,-7379034.1353022149,-7681186.9355903156,-7600278.1323256167,-7913916.1525360784,-2538257.8690977814]
[null,null,"Treasury: Add back","USD ",-4177077.9717258727,{"$f":"-F225-F220","v":0},0,0,0,{"$f":"-J225-J220","v":524630.06185479427},{"$f":"-K225-K220","v":1110102.605009547},1080777.7333421875,1089388.5748073824,-1504982.7805178829,1144884.0069475553,1216786.120198163,1225577.2335653149,1301979.9759964331,-6850189.1103538051,-2732931.4612115491,1415819.3463671173,1513763.6177498659,1534265.4656038552,-6129449.198625342,-13174200.966073066,-3551541.771936194,1914001.7521600288,2057541.1146208602,523212.84563407069,-1854350.520687738,-2752630.1547063813,2412836.3553297692,2388349.8659019247,881723.57567988057,2459678.0451007383,2560395.6451967717,2533426.0441085389,2637972.0508453595,846085.95636592712]
[null,null,"Net Cashflow","USD ",42630995.98184263,{"$f":"F224+F227+F228-F213","v":0},{"$f":"G224+G227+G228-G213","v":0},0,100000,{"$f":"J224+J227+J228-J213","v":1049260.1237095883},{"$f":"K224+K227+K228-K213","v":2220205.2100190939},{"$f":"L224+L227+L228-L213","v":2161555.466684375},{"$f":"M224+M227+M228-M213","v":2178777.1496147644},{"$f":"N224+N227+N228-N213","v":-1459396.2642183024},{"$f":"O224+O227+O228-O213","v":2289768.0138951112},{"$f":"P224+P227+P228-P213","v":2433572.2403963264},{"$f":"Q224+Q227+Q228-Q213","v":2451154.4671306293},{"$f":"R224+R227+R228-R213","v":2603959.9519928657},{"$f":"S224+S227+S228-S213","v":-5976220.0136446469},{"$f":"T224+T227+T228-T213","v":-1390975.4464335749},{"$f":"U224+U227+U228-U213","v":2831638.692734234},{"$f":"V224+V227+V228-V213","v":3027527.2354997322},{"$f":"W224+W227+W228-W213","v":3068530.9312077109},{"$f":"X224+X227+X228-X213","v":-5180012.3568030503},{"$f":"Y224+Y227+Y228-Y213","v":-10365246.509763107},{"$f":"Z224+Z227+Z228-Z213","v":-1797517.9943933599},{"$f":"AA224+AA227+AA228-AA213","v":3828003.5043200571},{"$f":"AB224+AB227+AB228-AB213","v":4115082.2292417209},{"$f":"AC224+AC227+AC228-AC213","v":1046425.6912681414},{"$f":"AD224+AD227+AD228-AD213","v":402799.47893900098},{"$f":"AE224+AE227+AE228-AE213","v":-448830.8966124896},{"$f":"AF224+AF227+AF228-AF213","v":4825672.7106595375},{"$f":"AG224+AG227+AG228-AG213","v":4776699.7318038493},{"$f":"AH224+AH227+AH228-AH213","v":1763447.1513597611},{"$f":"AI224+AI227+AI228-AI213","v":4919356.0902014766},{"$f":"AJ224+AJ227+AJ228-AJ213","v":5120791.2903935425},{"$f":"AK224+AK227+AK228-AK213","v":5066852.0882170778},{"$f":"AL224+AL227+AL228-AL213","v":5275944.1016907189},{"$f":"AM224+AM227+AM228-AM213","v":1692171.9127318542}]
[]
[null,null,"Cash Balance B/f",null,null,{"$f":"E232","v":0},{"$f":"F232","v":0},0,0,100000,{"$f":"J232","v":1149260.1237095883},{"$f":"K232","v":3369465.3337286822},{"$f":"L232","v":5531020.8004130572},{"$f":"M232","v":7709797.9500278216},{"$f":"N232","v":6250401.6858095191},{"$f":"O232","v":8540169.6997046303},{"$f":"P232","v":10973741.940100957},{"$f":"Q232","v":13424896.407231586},{"$f":"R232","v":16028856.359224452},{"$f":"S232","v":10052636.345579805},{"$f":"T232","v":8661660.899146229},{"$f":"U232","v":11493299.591880463},{"$f":"V232","v":14520826.827380195},{"$f":"W232","v":17589357.758587904},{"$f":"X232","v":12409345.401784854},{"$f":"Y232","v":2044098.8920217473},{"$f":"Z232","v":246580.89762838744},{"$f":"AA232","v":4074584.4019484445},{"$f":"AB232","v":8189666.6311901659},{"$f":"AC232","v":9236092.3224583082},{"$f":"AD232","v":9638891.8013973087},{"$f":"AE232","v":9190060.9047848191},{"$f":"AF232","v":14015733.615444357},{"$f":"AG232","v":18792433.347248204},{"$f":"AH232","v":20555880.498607963},{"$f":"AI232","v":25475236.588809438},{"$f":"AJ232","v":30596027.879202981},{"$f":"AK232","v":35662879.967420056},{"$f":"AL232","v":40938824.069110774}]
[null,null,"Cash Balance C/f","USD ",null,{"$f":"F229+F231","v":0},{"$f":"G229+G231","v":0},0,100000,{"$f":"J229+J231","v":1149260.1237095883},{"$f":"K229+K231","v":3369465.3337286822},5531020.8004130572,7709797.9500278216,6250401.6858095191,8540169.6997046303,10973741.940100957,13424896.407231586,16028856.359224452,10052636.345579805,8661660.899146229,11493299.591880463,14520826.827380195,17589357.758587904,12409345.401784854,2044098.8920217473,246580.89762838744,4074584.4019484445,8189666.6311901659,9236092.3224583082,9638891.8013973087,9190060.9047848191,14015733.615444357,18792433.347248204,20555880.498607963,25475236.588809438,30596027.879202981,35662879.967420056,40938824.069110774,42630995.98184263]
[]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F234:AM234)","v":-42630995.98184263},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AM232","v":-42630995.98184263}]
[null,null,"Close out: Asset transfer to municipality","USD ",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Municipality Cashflow Waterfall"]
[]
[null,null,{"$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":75534835.322662413},{"$f":"-F203","v":0},{"$f":"-G203","v":471147.04698985722},{"$f":"-H203","v":2263208.8407861497},6731539.6585750971,8319239.160508546,7928585.7607004317,7464726.3079329263,6991784.3536126064,6485736.4624898639,5961109.5831591152,5365304.7396096177,4745326.5026454069,4081949.7890937021,3381692.3860028866,2612859.7594209877,1800125.3790604826,930499.59207474219,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Principal","USD ",{"$f":"E204","v":124637587.12709169},{"$f":"F204","v":0},{"$f":"G204","v":240266.84246060322},1286622.0919869263,4264424.4710935727,5900818.2881087726,6306508.1772572277,6756313.6331474241,7229255.5874677459,7735303.4785904884,8270863.9911272991,8856831.9566315711,9476810.1935957838,10140186.907147486,10846813.516748415,11610491.148007207,12423225.528367711,13292851.315353459,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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},{"$f":"SUM(G240:G243)","v":711413.88945046044},3549830.932773076,10995964.12966867,14220057.448617319,14235093.937957659,14221039.94108035,14221039.941080352,14221039.941080352,14231973.574286414,14222136.696241189,14222136.696241191,14222136.696241189,14228505.902751302,14223350.907428194,14223350.907428194,14223350.907428201,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Project Return"]
[]
[null,null,"Date",null,null,{"$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":-10049533.691408616},{"$f":"F214","v":-8086329.1271633655},-31156829.560588609,-78457734.324062452,-32464874.611187547,2358998.1433769804,4701214.7570672603,4583605.312223495,4618048.6780842757,-1107728.852764396,4840287.8412068663,5127657.3736730907,5162821.8271416975,5468432.7968661701,-3967588.7410903955,1553470.1004696665,5923810.902815761,6315587.9883467555,6397689.8054063022,-3020582.3697404857,-4486781.2937252084,1710529.5606923094,7656007.0086401151,8230164.4584834408,2092851.3825362828,4917099.4781924784,4158767.6195752937,9651345.4213190768,9553399.4636076987,3526894.3027195223,9838712.1804029532,10241582.580787087,10133704.176434156,10551888.203381438,3384343.8254637085]
[null,null,"Residual value ","USD ",{"$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,{"$f":"SUM(F249:F250)","v":-8086329.1271633655},{"$f":"SUM(G249:G250)","v":-31156829.560588609},-78457734.324062452,-32464874.611187547,2358998.1433769804,4701214.7570672603,4583605.312223495,4618048.6780842757,-1107728.852764396,4840287.8412068663,5127657.3736730907,5162821.8271416975,5468432.7968661701,-3967588.7410903955,1553470.1004696665,5923810.902815761,6315587.9883467555,6397689.8054063022,-3020582.3697404857,-4486781.2937252084,1710529.5606923094,7656007.0086401151,8230164.4584834408,2092851.3825362828,4917099.4781924784,4158767.6195752937,9651345.4213190768,9553399.4636076987,3526894.3027195223,9838712.1804029532,10241582.580787087,10133704.176434156,10551888.203381438,3384343.8254637085]
[null,null," "]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV project @ WACC","USD ",{"$f":"NPV(E254,F251:AM251)","v":-89374655.924239904}]
[]
[null,null,"IRR Project","%",{"$f":"IRR(F251:AM251)","v":-3.4687984301052799E-3}]
[null,null,"Check: NPV @ IRR","USD ",{"$f":"NPV(E257,F251:AM251)","v":-1.9766036850714533E-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 ",{"$f":"SUM(F264:AM264)","v":-23067537.343972728},{"$f":"-F218","v":-1237208.3564559955},-4766994.9227700569,-12004033.35158156,-5059300.7131651174,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Distributions to Equity","USD ",{"$f":"SUM(F265:AM265)","v":140124221.86070555},{"$f":"-F227","v":0},0,0,0,1573890.1855643829,3330307.8150286409,3242333.2000265624,3268165.7244221475,136759.54889874143,3434652.0208426658,3650358.3605944887,3676731.7006959449,3905939.9279892994,2621907.2901274734,4025868.0443339236,4247458.039101352,4541290.8532495974,4602796.3968115654,2848310.5254668756,8426863.3689298779,5262071.3326285034,5742005.2564800866,6172623.3438625801,1569638.5369022121,6771449.9988802169,6911397.774281675,7238509.0659893081,7165049.597705774,2645170.7270396417,7379034.1353022149,7681186.9355903156,7600278.1323256167,7913916.1525360784,2538257.8690977814]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F266:AM266)","v":42630995.98184263},{"$f":"-F234","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,42630995.98184263]
[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,{"$f":"SUM(F264:F267)","v":-1237208.3564559955},{"$f":"SUM(G264:G267)","v":-4766994.9227700569},-12004033.35158156,-5059300.7131651174,1573890.1855643829,3330307.8150286409,3242333.2000265624,3268165.7244221475,136759.54889874143,3434652.0208426658,3650358.3605944887,3676731.7006959449,3905939.9279892994,2621907.2901274734,4025868.0443339236,4247458.039101352,4541290.8532495974,4602796.3968115654,2848310.5254668756,8426863.3689298779,5262071.3326285034,5742005.2564800866,6172623.3438625801,1569638.5369022121,6771449.9988802169,6911397.774281675,7238509.0659893081,7165049.597705774,2645170.7270396417,7379034.1353022149,7681186.9355903156,7600278.1323256167,7913916.1525360784,45169253.850940414]
[]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV Equity @ WACC","USD ",{"$f":"NPV(E271,F268:AM268)","v":69865.361282752478}]
[]
[null,null,"IRR Equity","%",{"$f":"IRR(F268:AM268)","v":0.13040182214989104}]
[null,null,"Check: NPV Equity @ IRR","USD ",{"$f":"NPV(E274,F268:AM268)","v":5.252275161660529E-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":95552702.830869883},{"$f":"F221","v":0},{"$f":"G221","v":0},0,0,{"$f":"J221","v":2358998.1433769804},4701214.7570672603,4583605.312223495,4618048.6780842757,442840.44405306736,4840287.8412068663,5127657.3736730907,5162821.8271416975,5468432.7968661701,3756569.465972567,5628357.5764591899,5923810.902815761,6315587.9883467555,6397689.8054063022,4058303.670707148,11496374.128657818,7016095.1101713376,7656007.0086401151,8230164.4584834408,2092851.3825362828,9028599.9985069558,9215197.0323755667,9651345.4213190768,9553399.4636076987,3526894.3027195223,9838712.1804029532,10241582.580787087,10133704.176434156,10551888.203381438,3384343.8254637085]
[null,null,"CFADS (Qualifying) @ Period End","USD ",{"$f":"SUM(F290:AA290)","v":80880600.71205844},{"$f":"F289*F286","v":0},{"$f":"G289*G286","v":0},0,0,2358998.1433769804,4701214.7570672603,4583605.312223495,4618048.6780842757,442840.44405306736,4840287.8412068663,5127657.3736730907,5162821.8271416975,5468432.7968661701,3756569.465972567,5628357.5764591899,5923810.902815761,6315587.9883467555,6397689.8054063022,4058303.670707148,11496374.128657818,0,0,0,{"$f":"AC289*AC286","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"NPV (CFADS) @ Period Start","USD ",null,{"$f":"(G291+F290)/F283*F286","v":0},0,0,0,43970016.747874878,44688919.776849136,43115929.404161312,41550439.150229111,39840921.212660879,42186945.253494076,40299743.580031797,37993068.256960936,35489761.207806513,32505611.695486799,31024435.048198309,27567787.925113004,23573722.177055158,18908294.741102263,13834185.567573119,10744274.886596091,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AN291+AM290)/AM283*AM286","v":0}]
[null,null,null,null,null,null,null,null,null,{"$f":"NPV(0.08,J219:Y219)","v":27480390.932861388},{"$f":"IF(J291=J292,\"OK\")","v":false}]
[null,null,"Denominator"]
[null,null,"Debt Balance B/f","USD ",null,{"$f":"F163","v":0},0,0,0,2460643.1519376123,2372410.2766154418,2278145.2506682309,2177121.039360262,2069025.1332607351,1953362.5137342412,1829733.545609995,1697302.0009222568,1555600.248106377,1403979.3725933856,1241843.3431337057,1068238.8598057732,882482.06264488562,683722.28968273581,471090.53024300735,243510.56394203755,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"LLCR (Loan Life Cover Ratio)","x @ Period Start",{"$f":"MIN(F297:AM297)","v":17.869318723948684},{"$f":"IF(F294=0,0,F291/F294)","v":0},0,0,0,{"$f":"IF(J294=0,0,J291/J294)","v":17.869318723948684},18.836927245402009,18.925891310711837,19.085038635444235,19.255890405677441,21.597089611822913,22.024924709240494,22.38438901051008,22.814191017909639,23.152485235907331,24.982567422643097,25.80676378888273,26.712976019481225,27.654933920431617,29.366299425371366,44.122417987391849,0,0,0,{"$f":"IF(AC294=0,0,AC291/AC294)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,{"$f":"IF(F296=0,10000000,F296)","v":10000000},{"$f":"IF(G296=0,10000000,G296)","v":10000000},10000000,10000000,17.869318723948684,18.836927245402009,18.925891310711837,19.085038635444235,19.255890405677441,21.597089611822913,22.024924709240494,22.38438901051008,22.814191017909639,23.152485235907331,24.982567422643097,25.80676378888273,26.712976019481225,27.654933920431617,29.366299425371366,44.122417987391849,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[]
[null,null,"DSCR"]
[]
[null,null,"Numerator"]
[null,null,{"$f":"C289","v":"CFADS @ Period End"},"USD ",{"$f":"SUM(F302:AM302)","v":191001385.85688785},{"$f":"F289","v":0},{"$f":"G289","v":0},0,0,2358998.1433769804,4701214.7570672603,4583605.312223495,4618048.6780842757,442840.44405306736,4840287.8412068663,5127657.3736730907,5162821.8271416975,5468432.7968661701,3756569.465972567,5628357.5764591899,5923810.902815761,6315587.9883467555,6397689.8054063022,4058303.670707148,11496374.128657818,7016095.1101713376,7656007.0086401151,8230164.4584834408,{"$f":"AC289","v":2092851.3825362828},9028599.9985069558,9215197.0323755667,9651345.4213190768,9553399.4636076987,3526894.3027195223,9838712.1804029532,10241582.580787087,10133704.176434156,10551888.203381438,3384343.8254637085]
[]
[null,null,"Denominator"]
[null,null,"Interest","USD ",{"$f":"SUM(F305:AM305)","v":1708446.8906761114},{"$f":"-F222","v":0},0,0,0,172245.020635633,166539.31108186219,159470.1675467763,152398.47275521848,144831.75932825159,137122.8452923983,128081.34819269976,118811.14006455809,108892.01736744649,98557.049676255672,86929.034019359475,74776.7201864042,61773.744385142047,47996.183551152928,32976.337117010546,17045.739475942642,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal","USD ",{"$f":"SUM(F306:AM306)","v":2460643.1519376128},{"$f":"-F223","v":0},0,0,0,88232.875322170701,94265.025947210757,101024.21130796915,108095.906099527,115662.61952649389,123628.96812424614,132431.54468773823,141701.75281587988,151620.87551299145,162136.02945968008,173604.48332793245,185756.79716088768,198759.77296214979,212631.75943972848,227579.9663009698,243510.5639420377,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Debt Service","USD ",null,{"$f":"SUM(F305:F306)","v":0},0,0,0,260477.8959578037,260804.33702907295,260494.37885474545,260494.37885474548,260494.37885474548,260751.81341664444,260512.89288043801,260512.89288043795,260512.89288043795,260693.07913593575,260533.51734729193,260533.51734729187,260533.51734729184,260627.94299088142,260556.30341798035,260556.30341798035,0,0,0,{"$f":"SUM(AC305:AC306)","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"DSCR (Debt Service Cover Ratio)",null,"Average",{"$f":"IF(F307=0,0,F302/F307)","v":0},0,0,0,9.0564235199409318,18.025830439097323,17.595793553684949,17.728016621269784,1.7000000000000002,18.562815643674057,19.682931301317286,19.817912925757451,20.99102557421563,14.409931703686473,21.603199595070038,22.737231520654234,24.240980786852315,24.547213671675021,15.57553441413728,44.12241798739182,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"AVERAGEIF(F286:AM286,1,F310:AM310)","v":19.399828703651536}]
[null,null,null,null,"Min"]
[null,null,null,null,{"$f":"MIN(F313:AM313)","v":1.7000000000000002},{"$f":"IF(F310=0,10000000,F310)","v":10000000},{"$f":"IF(G310=0,10000000,G310)","v":10000000},10000000,10000000,9.0564235199409318,18.025830439097323,17.595793553684949,17.728016621269784,1.7000000000000002,18.562815643674057,19.682931301317286,19.817912925757451,20.99102557421563,14.409931703686473,21.603199595070038,22.737231520654234,24.240980786852315,24.547213671675021,15.57553441413728,44.12241798739182,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[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$21","v":0.23811212147618446},"Deuda privada",{"$f":"-NPV(0,'Project Finance Model'!$F$117:$AM$117)","v":2460643.1519376123},{"$f":"F6/F$21","v":3.910106759312265E-3}]
[null,"Interes durante la construccion",{"$f":"NPV(0,'Project Finance Model'!$F$112:$AM$112)","v":196413.42128010781},{"$f":"C7/C$21","v":3.1211248390984446E-4},"Aportacion de capital privado",{"$f":"-NPV(0,'Project Finance Model'!$F$119:$AM$119)","v":23067537.343972728},{"$f":"F7/F$21","v":3.6655674195720481E-2}]
[null,"Upfront fee",{"$f":"NPV(0,'Project Finance Model'!$F$113:$AM$113)","v":24606.431519376125},{"$f":"C8/C$21","v":3.9101067593122652E-5},"Aportacion municipal",{"$f":"-NPV(0,'Project Finance Model'!$F$116:$AM$116)","v":124637587.12709165},{"$f":"F8/F$21","v":0.19805645995692456}]
[]
[]
[null,"Durante la operacion",null,null,"Durante la operacion"]
[]
[null,"Operacion y mantenimiento",{"$f":"-NPV(0,'Project Finance Model'!$F$209:$AM$209)","v":215392060.95697781},{"$f":"C13/C$21","v":0.3422706591107656},"Deuda",0,{"$f":"F13/F$21","v":0}]
[null,"Renovaciones",{"$f":"NPV(0,'Project Finance Model'!$F$106:$AM$106)","v":36530560.557768613},5.8049210283059614E-2,"Aportacion de capital privado",0,{"$f":"F14/F$21","v":0}]
[null,"Impuesto a la renta",{"$f":"-NPV(0,'Project Finance Model'!$F$211:$AM$211)","v":36213541.616188675},5.754544853063906E-2,"Aportacion municipal",{"$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$222)","v":1708446.8906761114},2.714822638909836E-3,"Autofinanciamento sobre Tesoreria",{"$f":"'Project Finance Model'!E220","v":50885151.925294392},{"$f":"F16/F$21","v":8.0859500628951711E-2}]
[null,"Principal de la deuda",{"$f":"-NPV(0,'Project Finance Model'!$F$223:$AM$223)","v":2460643.1519376128},3.9101067593122658E-3,"Ingresos de operacion",{"$f":"NPV(0,'Project Finance Model'!$F$208:$AM$208)","v":428252397.06252849},{"$f":"F17/F$21","v":0.68051825845909109}]
[null,"Constitucion de la Tesoreria",{"$f":"'Project Finance Model'!E229-'Project Finance Model'!E228","v":46808073.953568503},7.4380783825608948E-2]
[null,"Dividendo a privados (Equity)",{"$f":"-NPV(0,'Project Finance Model'!$F$227:$AM$227)","v":140124221.86070555},0.22266563382401733]
[]
[null,"Total",{"$f":"SUM(C6:C19)","v":629303316.61082482},{"$f":"SUM(D6:D19)","v":1.0000000000000002},"Total",{"$f":"SUM(F6:F19)","v":629303316.61082482},{"$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,{"$f":"C4+D4+E4+F4","v":200172422.44975412},{"$f":"'Project Finance Model'!E241","v":75534835.322662413},{"$f":"'Project Finance Model'!E242","v":124637587.12709169},{"$f":"SUM('Project Finance Model'!$F$157:$AM$157)","v":0},{"$f":"SUM('Project Finance Model'!$F$243:$AM$243)","v":0}]