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{"sheet":"Mensaje","index":0,"n_rows":10,"n_cols":3,"rows_kept":10,"cut":false,"hidden":false,"merged":[]}
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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)",105492764.95072003]
[null,"Inversion inicial con inflacion (USD valor nominal)",109176378.42866457]
[null,"Inflacion sobre inversion inicial (USD valor nominal)",3683613.477944538]
[null,"Locales comerciales (m2)",0]
[null,"Alquiler mensual de locales comerciales ($/m2)",20]
[null,"Depreciation de activos "]
[null,"Duracion de vida infinida",0.25763091439542707,"de los activos"]
[null,"Duracion de vida de 50 años",0.27680452927291199,"de los activos"]
[null,"Duracion de vida de 40 años",0.47769207332185043,"de los activos"]
[null,"Duracion de vida de 15 años",8.8853679542442526E-2,"de los activos"]
[null,"Duracion de vida de 10 años",2.2431756683240892E-2,"de los activos"]
[null,"Duracion de vida de 5 años",7.776234948099545E-3,"de los activos"]
[null,"Renta concesional",0,"de la Utilitad neta de operacion antes de impuestos"]
[null,"Impuesto a la renta",0.35,"Impuesto a la renta para sociedades en Ecuador"]
[null,"Hipotesis general de Inflacion 2019 - 2050 ",0.02]
[null,"Tasa de actualizacion",0.13]
[]
[]
[null,null,"Tarifa (USD 2019)"]
[null,null,"1,00$"]
[null,"TRI 30 años",{"$f":"AJ104","v":-3.3478489751761487E-3}]
[null,"VAN 30 años",{"$f":"AJ116","v":-69950253.427419752}]
[]
[]
[null,null,"Tarifa de 1,00$ (USD 2019)"]
[null,null,2020,2025,2030,2035,2040,2045,2050]
[null,"Ratio de cobertura (Ingresos / Egresos) de la operacion",{"$f":"H112","v":1.9664884035525996},{"$f":"M112","v":1.7361539700292821},{"$f":"R112","v":1.8070756114894779},{"$f":"W112","v":1.9930991942302363},{"$f":"AB112","v":2.1919333272476291},{"$f":"AG112","v":2.1945215918393806},{"$f":"AL112","v":2.1111009410906401}]
[null,"Margen neta de la operacion",{"$f":"H113","v":0.96648840355259957},{"$f":"M113","v":0.73615397002928207},{"$f":"R113","v":0.80707561148947793},{"$f":"W113","v":0.99309919423023629},{"$f":"AB113","v":1.1919333272476291},{"$f":"AG113","v":1.1945215918393806},{"$f":"AL113","v":1.1111009410906401}]
[]
[]
[]
[]
[]
[]
[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",0,0,0,0,3009647.0444611837,2486926.4375853664,3162702.1627898412,3237106.4071075874,7877474.1776971193,3391338.9645689065,3471256.8893177756,3553104.2084154836,3636928.6054432751,8737659.6665971689,3810705.4229004048,3900759.3598170378,3992993.4722577776,4087461.787031203,9694320.0783467442,4283324.0091866599,4384832.9556366475,4488806.2561372938,4595305.1437447295,10758617.323527368,4816132.4281709129,4930591.2287198305,5047836.5076467888,5167937.6871164162,11943050.009416107,5416994.3196380828,5546097.6392487818,5678352.6880073091,5813838.1968373917,13261619.42797647,6094825.6181292711,6240495.2504839823,6389730.8915172648,6542621.8567375559,14730016.914009215,6859738.5078316918,7024154.4912490537,7192606.5179901514,7365195.9423257494,16365835.420263378]
[null,"Trafico anual",0,0,0,0,7510000.0000000019,10013333.333333334,10191410.276955444,10369487.220577555,10547564.164199665,10725641.107821774,10903718.05144388,11079403.735183941,11255089.418924004,11430775.102664065,11606460.786404125,11782146.47014419,12019955.467474066,12257764.464803938,12495573.46213381,12733382.459463686,12971191.456793562,13340784.943750791,13710378.430708025,14079971.917665256,14449565.404622488,14819158.891579717,14819158.891579717,14819158.891579717,14819158.891579717,14819158.891579717,14819158.891579717,14819158.891579717,14819158.891579717,14819158.891579717,14819158.891579717,14819158.891579717,14819158.891579717,14819158.891579717,14819158.891579717,14819158.891579717,14819158.891579717,14819158.891579717,14819158.891579717,14819158.891579717]
[null,"Ingresos de pasajeros (valor actualizado)",0,0,0,0,3667884.0000000009,4890512.0000000009,5203960.3367215982,5294890.3774431972,5603407.563058652,5698011.1774254013,6026636.4293805519,6123740.3472141847,6472166.3733557453,6573193.2894698549,6943858.7018895568,7048967.1054146783,7481768.5434804875,7629791.7104875408,8092038.598545379,8246041.9014995191,8739407.030713588,8988422.5455318708,9610630.5579883046,9869706.2996052485,10537984.83568757,10807527.237265835,11244151.337651374,11244151.337651374,11698415.051692488,11698415.051692488,12171031.019780867,12171031.019780867,12662740.672980011,12662740.672980011,13174315.396168403,13174315.396168403,13706557.738173604,13706557.738173604,14260302.670795823,14260302.670795823,14836418.898695974,14836418.898695974,15435810.222203292,15435810.222203292]
[null,"Alquiler de areas comerciales (valor actualizado)",0,0,0,0,{"$f":"$C$14*$C$15*12","v":0},{"$f":"$G$54*((1+$C$25)^G48)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Activos iniciales - Depreciacion 50 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$18/50","v":-604410.32077335601},-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601]
[null,"Activos iniciales - Depreciacion 40 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$19/40","v":-1303817.2642339929},-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929]
[null,"Activos iniciales - Depreciacion 15 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$20/15","v":-646714.86283366638},-646714.86283366638,-646714.86283366638,-646714.86283366638,-646714.86283366638,-646714.86283366638,-646714.86283366638,-646714.86283366638,-646714.86283366638,-646714.86283366638,-646714.86283366638,-646714.86283366638,-646714.86283366638,-646714.86283366638,-646714.86283366638,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 10 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$21/10","v":-244901.7956469233},-244901.7956469233,-244901.7956469233,-244901.7956469233,-244901.7956469233,-244901.7956469233,-244901.7956469233,-244901.7956469233,-244901.7956469233,-244901.7956469233,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 5 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-169796.23388878454},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-169796.23388878454},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-169796.23388878454},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-169796.23388878454},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-169796.23388878454},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Valor residual",0,0,0,0,{"$f":"-(SUM(C96:F96))+SUM(G56:G60)","v":106206737.95128784},{"$f":"G61+SUM(H56:H60)","v":103237097.47391111},{"$f":"H61+SUM(I56:I60)","v":100267456.99653438},97297816.519157648,94328176.041780919,91528331.79829298,88728487.55480504,85928643.311317101,83128799.067829162,80328954.824341223,77774012.376500204,75219069.928659186,72664127.480818167,70109185.032977149,67554242.58513613,65646015.000128783,63737787.415121436,61829559.830114089,59921332.245106742,58013104.660099395,56104877.075092047,54196649.4900847,52288421.905077353,50380194.320070006,48471966.735062659,46563739.150055312,44655511.565047964,42747283.980040617,40839056.39503327,38930828.810025923,37022601.225018576,35114373.640011229,33206146.055003881,31297918.469996534,29389690.884989187,27481463.29998184,25573235.714974493,23665008.129967146,21756780.544959798,19848552.959952451]
[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$97)/10","v":-313534.67193538637},{"$f":"SUM($P$97:$Q$97)/10","v":-313534.67193538637},-313534.67193538637,-313534.67193538637,-313534.67193538637,-313534.67193538637,-313534.67193538637,-313534.67193538637,-313534.67193538637,-313534.67193538637,-313534.67193538637,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos nuevos 1 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-SUM(P97:Q97)","v":3135346.719353864},{"$f":"R63+S62","v":2821812.0474184775},{"$f":"S63+T62","v":2508277.375483091},2194742.7035477045,1881208.031612318,1567673.3596769315,1254138.687741545,940604.01580615866,627069.34387077228,313534.67193538591,-4.6566128730773926E-10,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos nuevos 2 - Depreciacion 15 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($U$97:$W$97)/15","v":-900368.80117537652},-900368.80117537652,-900368.80117537652,-900368.80117537652,-900368.80117537652,-900368.80117537652,-900368.80117537652,-900368.80117537652,-900368.80117537652,-900368.80117537652,-900368.80117537652,-900368.80117537652,-900368.80117537652,-900368.80117537652,-900368.80117537652,0,0,{"$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$97))+X64","v":12605163.216455271},{"$f":"X65+Y64","v":11704794.415279895},{"$f":"Y65+Z64","v":10804425.614104519},9904056.8129291423,9003688.0117537659,8103319.2105783895,7202950.4094030131,6302581.6082276367,5402212.8070522603,4501844.0058768839,3601475.2047015075,2701106.4035261311,1800737.6023507547,900368.80117537815,1.6298145055770874E-9,0,0,{"$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$97)/10","v":-389055.56225143868},{"$f":"SUM($AA$97:$AB$97)/10","v":-389055.56225143868},-389055.56225143868,-389055.56225143868,-389055.56225143868,-389055.56225143868,-389055.56225143868,-389055.56225143868,-389055.56225143868,-389055.56225143868,-389055.56225143868,0,{"$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":3890555.6225143867},{"$f":"AC67+AD66","v":3501500.0602629478},{"$f":"AD67+AE66","v":3112444.498011509},2723388.9357600701,2334333.3735086313,1945277.8112571926,1556222.249005754,1167166.6867543154,778111.12450287677,389055.5622514381,-5.8207660913467407E-10,0,{"$f":"AN67+AO66","v":0},0,0,0,0,0]
[null,"Activos nuevos 4 - Depreciacion 15 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($AL$97:$AN$97)/14","v":-1662566.8679846583},{"$f":"SUM($AL$97:$AN$97)/14","v":-1662566.8679846583},-1662566.8679846583,-1662566.8679846583,-1662566.8679846583,-1662566.8679846583]
[null,"Activos nuevos 4 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-(SUM(AL97:AN97))-AO68","v":24938503.019769877},{"$f":"AO69+AP68","v":23275936.151785217},{"$f":"AP69+AQ68","v":21613369.283800557},19950802.415815897,18288235.547831237,16625668.679846579]
[null,"Depreciacion de activos",0,0,0,0,{"$f":"SUM(G56:G60)+G62+G64+G66+G68","v":-2969640.4773767232},{"$f":"SUM(H56:H60)+H62+H64+H66+H68","v":-2969640.4773767232},-2969640.4773767232,-2969640.4773767232,-2969640.4773767232,-2799844.2434879388,-2799844.2434879388,-2799844.2434879388,-2799844.2434879388,-2799844.2434879388,-2554942.4478410156,-2868477.1197764021,-2868477.1197764021,-2868477.1197764021,-2868477.1197764021,-2221762.2569427355,-2221762.2569427355,-3122131.0581181119,-3122131.0581181119,-3122131.0581181119,-3122131.0581181119,-3122131.0581181119,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-2297283.1472587879,-1908227.585007349,-3570794.4529920071,-3570794.4529920071,-3570794.4529920071,-3570794.4529920071,-3570794.4529920071,-3570794.4529920071]
[null,"Valor residual de activos",{"$f":"C61+C65+C69","v":0},{"$f":"D61+D65+D69","v":0},0,0,{"$f":"G61+G63+G65+G67+G69","v":106206737.95128784},{"$f":"H61+H63+H65+H67+H69","v":103237097.47391111},100267456.99653438,97297816.519157648,94328176.041780919,91528331.79829298,88728487.55480504,85928643.311317101,83128799.067829162,80328954.824341223,77774012.376500204,78354416.648013055,75485939.528236642,72617462.408460245,69748985.288683832,67527223.031741098,65305460.774798371,75688861.73431091,72566730.67619279,69444599.618074685,66322468.55995658,63200337.501838468,64282296.738170132,61084644.789735965,57886992.841301806,54689340.892867647,51491688.944433481,48294036.995999314,45096385.047565155,41898733.099130996,38701081.150696829,35503429.20226267,33206146.055003881,31297918.469996534,54328193.904759064,50757399.451767057,47186604.99877505,43615810.545783043,40045016.092791036,36474221.639799029]
[]
[]
[null,"A. GASTOS "]
[null,"1. Costos anuales de O&M",0,0,0,0,{"$f":"-G51","v":-3009647.0444611837},{"$f":"-H51","v":-2486926.4375853664},-3162702.1627898412,-3237106.4071075874,-7877474.1776971193,-3391338.9645689065,-3471256.8893177756,-3553104.2084154836,-3636928.6054432751,-8737659.6665971689,-3810705.4229004048,-3900759.3598170378,-3992993.4722577776,-4087461.787031203,-9694320.0783467442,-4283324.0091866599,-4384832.9556366475,-4488806.2561372938,-4595305.1437447295,-10758617.323527368,-4816132.4281709129,-4930591.2287198305,-5047836.5076467888,-5167937.6871164162,-11943050.009416107,-5416994.3196380828,-5546097.6392487818,-5678352.6880073091,-5813838.1968373917,-13261619.42797647,-6094825.6181292711,-6240495.2504839823,-6389730.8915172648,-6542621.8567375559,-14730016.914009215,-6859738.5078316918,-7024154.4912490537,-7192606.5179901514,-7365195.9423257494,-16365835.420263378]
[null,"Gasto totale",null,null,null,null,{"$f":"G75","v":-3009647.0444611837},{"$f":"H75","v":-2486926.4375853664},-3162702.1627898412,-3237106.4071075874,-7877474.1776971193,-3391338.9645689065,-3471256.8893177756,-3553104.2084154836,-3636928.6054432751,-8737659.6665971689,-3810705.4229004048,-3900759.3598170378,-3992993.4722577776,-4087461.787031203,-9694320.0783467442,-4283324.0091866599,-4384832.9556366475,-4488806.2561372938,-4595305.1437447295,-10758617.323527368,-4816132.4281709129,-4930591.2287198305,-5047836.5076467888,-5167937.6871164162,-11943050.009416107,-5416994.3196380828,-5546097.6392487818,-5678352.6880073091,-5813838.1968373917,-13261619.42797647,-6094825.6181292711,-6240495.2504839823,-6389730.8915172648,-6542621.8567375559,-14730016.914009215,-6859738.5078316918,-7024154.4912490537,-7192606.5179901514,-7365195.9423257494,-16365835.420263378]
[]
[null,"B. INGRESOS"]
[null,"1. Ingresos de pasajeros",0,0,0,0,{"$f":"G53","v":3667884.0000000009},4890512.0000000009,5203960.3367215982,5294890.3774431972,5603407.563058652,5698011.1774254013,6026636.4293805519,6123740.3472141847,6472166.3733557453,6573193.2894698549,6943858.7018895568,7048967.1054146783,7481768.5434804875,7629791.7104875408,8092038.598545379,8246041.9014995191,8739407.030713588,8988422.5455318708,9610630.5579883046,9869706.2996052485,10537984.83568757,10807527.237265835,11244151.337651374,11244151.337651374,11698415.051692488,11698415.051692488,12171031.019780867,12171031.019780867,12662740.672980011,12662740.672980011,13174315.396168403,13174315.396168403,13706557.738173604,13706557.738173604,14260302.670795823,14260302.670795823,14836418.898695974,14836418.898695974,15435810.222203292,15435810.222203292]
[null,"2. Ingresos comerciales",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Ingreso totale",0,0,0,0,{"$f":"G79+G80","v":3667884.0000000009},{"$f":"H79+H80","v":4890512.0000000009},5203960.3367215982,5294890.3774431972,5603407.563058652,5698011.1774254013,6026636.4293805519,6123740.3472141847,6472166.3733557453,6573193.2894698549,6943858.7018895568,7048967.1054146783,7481768.5434804875,7629791.7104875408,8092038.598545379,8246041.9014995191,8739407.030713588,8988422.5455318708,9610630.5579883046,9869706.2996052485,10537984.83568757,10807527.237265835,11244151.337651374,11244151.337651374,11698415.051692488,11698415.051692488,12171031.019780867,12171031.019780867,12662740.672980011,12662740.672980011,13174315.396168403,13174315.396168403,13706557.738173604,13706557.738173604,14260302.670795823,14260302.670795823,14836418.898695974,14836418.898695974,15435810.222203292,15435810.222203292]
[]
[null,"Flujo de caja neto (Ingreso total - Gasto total)",null,null,null,null,{"$f":"G81+G76","v":658236.95553881722},{"$f":"H81+H76","v":2403585.5624146345},2041258.173931757,2057783.9703356097,-2274066.6146384673,2306672.2128564948,2555379.5400627763,2570636.1387987011,2835237.7679124703,-2164466.377127314,3133153.2789891521,3148207.7455976405,3488775.07122271,3542329.9234563378,-1602281.4798013652,3962717.8923128592,4354574.0750769405,4499616.289394577,5015325.4142435752,-888911.02392211929,5721852.4075166574,5876936.0085460041,6196314.830004585,6076213.6505349576,-244634.95772361942,6281420.7320544049,6624933.380532085,6492678.3317735577,6848902.4761426188,-598878.75499645993,7079489.7780391322,6933820.1456844211,7316826.8466563392,7163935.8814360481,-469714.24321339279,7400564.1629641308,7812264.4074469199,7643812.3807058223,8070614.2798775425,-930025.198060086]
[]
[null,"C. FLUJO DE CAJA DE OPERACION"]
[null,"1. Utilitad antes de impuestos",0,0,0,0,{"$f":"G83","v":658236.95553881722},{"$f":"H83","v":2403585.5624146345},2041258.173931757,2057783.9703356097,-2274066.6146384673,2306672.2128564948,2555379.5400627763,2570636.1387987011,2835237.7679124703,-2164466.377127314,3133153.2789891521,3148207.7455976405,3488775.07122271,3542329.9234563378,-1602281.4798013652,3962717.8923128592,4354574.0750769405,4499616.289394577,5015325.4142435752,-888911.02392211929,5721852.4075166574,5876936.0085460041,6196314.830004585,6076213.6505349576,-244634.95772361942,6281420.7320544049,6624933.380532085,6492678.3317735577,6848902.4761426188,-598878.75499645993,7079489.7780391322,6933820.1456844211,7316826.8466563392,7163935.8814360481,-469714.24321339279,7400564.1629641308,7812264.4074469199,7643812.3807058223,8070614.2798775425,-930025.198060086]
[null,"2. Renta concessional",0,0,0,0,{"$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":-2969640.4773767232},{"$f":"H70","v":-2969640.4773767232},-2969640.4773767232,-2969640.4773767232,-2969640.4773767232,-2799844.2434879388,-2799844.2434879388,-2799844.2434879388,-2799844.2434879388,-2799844.2434879388,-2554942.4478410156,-2868477.1197764021,-2868477.1197764021,-2868477.1197764021,-2868477.1197764021,-2221762.2569427355,-2221762.2569427355,-3122131.0581181119,-3122131.0581181119,-3122131.0581181119,-3122131.0581181119,-3122131.0581181119,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-2297283.1472587879,-1908227.585007349,-3570794.4529920071,-3570794.4529920071,-3570794.4529920071,-3570794.4529920071,-3570794.4529920071,-3570794.4529920071]
[null,"4. Base imponible ( 1-2-3)",0,0,0,0,{"$f":"G86+G87+G88","v":-2311403.521837906},-566054.91496208869,-928382.30344496621,-911856.50704111345,-5243707.0920151901,-493172.03063144395,-244464.70342516247,-229208.10468923766,35393.524424531497,-4964310.6206152532,578210.83114813641,279730.62582123838,620297.95144630782,673852.80367993563,-4470758.5995777678,1740955.6353701237,2132811.818134205,1377485.2312764651,1893194.3561254633,-4011042.0820402312,2599721.3493985455,2754804.9504278922,2998662.8815704207,2878561.7021007934,-3442286.9061577837,3083768.7836202406,3427281.4320979207,3295026.3833393934,3651250.5277084545,-3796530.7034306242,3881837.829604968,3736168.1972502568,5019543.6993975509,5255708.296428699,-4040508.6962053999,3829769.7099721236,4241469.9544549128,4073017.9277138151,4499819.8268855354,-4500819.6510520931]
[null,"5. Impuesta a la renta",0,0,0,0,{"$f":"IF(G89>0,-$C$24*G89,0)","v":0},{"$f":"IF(H89>0,-$C$24*H89,0)","v":0},0,0,0,0,0,0,-12387.733548586024,0,-202373.79090184774,-97905.719037433431,-217104.28300620773,-235848.48128797745,0,-609334.47237954324,-746484.13634697173,-482119.83094676276,-662618.0246439121,0,-909902.47228949086,-964181.73264976218,-1049532.0085496472,-1007496.5957352776,0,-1079319.0742670842,-1199548.5012342723,-1153259.2341687877,-1277937.6846979591,0,-1358643.2403617387,-1307658.8690375898,-1756840.2947891427,-1839497.9037500445,0,-1340419.3984902431,-1484514.4840592195,-1425556.2746998351,-1574936.9394099372,0]
[null,"6. Utilidad despues de impuestos",0,0,0,0,{"$f":"G89+G90","v":-2311403.521837906},{"$f":"H89+H90","v":-566054.91496208869},-928382.30344496621,-911856.50704111345,-5243707.0920151901,-493172.03063144395,-244464.70342516247,-229208.10468923766,23005.790875945473,-4964310.6206152532,375837.04024628864,181824.90678380494,403193.6684401001,438004.32239195821,-4470758.5995777678,1131621.1629905803,1386327.6817872333,895365.4003297023,1230576.3314815513,-4011042.0820402312,1689818.8771090545,1790623.21777813,1949130.8730207735,1871065.1063655159,-3442286.9061577837,2004449.7093531564,2227732.9308636487,2141767.1491706055,2373312.8430104954,-3796530.7034306242,2523194.5892432295,2428509.3282126673,3262703.404608408,3416210.3926786548,-4040508.6962053999,2489350.3114818805,2756955.4703956936,2647461.65301398,2924882.8874755981,-4500819.6510520931]
[null,"7.Depreciacion (agrego)",0,0,0,0,{"$f":"-G88","v":2969640.4773767232},{"$f":"-H88","v":2969640.4773767232},2969640.4773767232,2969640.4773767232,2969640.4773767232,2799844.2434879388,2799844.2434879388,2799844.2434879388,2799844.2434879388,2799844.2434879388,2554942.4478410156,2868477.1197764021,2868477.1197764021,2868477.1197764021,2868477.1197764021,2221762.2569427355,2221762.2569427355,3122131.0581181119,3122131.0581181119,3122131.0581181119,3122131.0581181119,3122131.0581181119,3197651.9484341643,3197651.9484341643,3197651.9484341643,3197651.9484341643,3197651.9484341643,3197651.9484341643,3197651.9484341643,3197651.9484341643,3197651.9484341643,3197651.9484341643,2297283.1472587879,1908227.585007349,3570794.4529920071,3570794.4529920071,3570794.4529920071,3570794.4529920071,3570794.4529920071,3570794.4529920071]
[null,"Flujo de caja de operacion (6+7)",null,null,null,null,{"$f":"G91+G92","v":658236.95553881722},{"$f":"H91+H92","v":2403585.5624146345},2041258.173931757,2057783.9703356097,-2274066.6146384669,2306672.2128564948,2555379.5400627763,2570636.1387987011,2822850.0343638845,-2164466.3771273145,2930779.4880873044,3050302.0265602069,3271670.7882165024,3306481.4421683606,-1602281.4798013656,3353383.4199333158,3608089.9387299689,4017496.458447814,4352707.3895996632,-888911.02392211929,4811949.9352271669,4912754.2758962419,5146782.8214549376,5068717.0547996797,-244634.95772361942,5202101.6577873211,5425384.8792978134,5339419.0976047702,5570964.7914446592,-598878.75499645993,5720846.5376773942,5626161.276646832,5559986.5518671963,5324437.9776860038,-469714.24321339279,6060144.7644738872,6327749.9233877007,6218256.1060059872,6495677.3404676057,-930025.198060086]
[]
[null,"D. FLUJO DE CAJA DE INVERSION"]
[null," 1. Inversion inicial",-5959588.7579279169,-22906892.843059339,-57694552.954858422,-22615343.872818895]
[null," 2. Nuevos equipos",null,null,null,null,0,0,0,0,0,0,0,0,0,-1422401.6566749932,-1712945.0626788707,0,0,0,-2302700.8624528833,-7638209.2070166674,-3564621.9481610963,0,0,0,-1765013.057669508,-2125542.5648448784,0,0,0,0,0,0,0,0,0,-5373322.3436948601,-13028842.544174731,-4873771.2639156263,0,0,0,0,0,0]
[null," 3. Valor residual despues tasas",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AJ71","v":41898733.099130996},null,null,null,null,null,null,null,null,null,{"$f":"AT71","v":36474221.639799029}]
[null,"Flujo de caja del capital",{"$f":"C96+C97+C98","v":-5959588.7579279169},-22906892.843059339,-57694552.954858422,-22615343.872818895,0,0,0,0,0,0,0,0,0,-1422401.6566749932,-1712945.0626788707,0,0,0,-2302700.8624528833,-7638209.2070166674,-3564621.9481610963,0,0,0,-1765013.057669508,-2125542.5648448784,0,0,0,0,0,0,0,41898733.099130996,0,-5373322.3436948601,-13028842.544174731,-4873771.2639156263,0,0,0,0,0,36474221.639799029]
[]
[null,null,null,null,"Inversion inicial con la inflacion",{"$f":"C99+D99+E99+F99","v":-109176378.42866457}]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C93+C99","v":-5959588.7579279169},-22906892.843059339,-57694552.954858422,-22615343.872818895,658236.95553881722,2403585.5624146345,2041258.173931757,2057783.9703356097,-2274066.6146384669,2306672.2128564948,2555379.5400627763,2570636.1387987011,2822850.0343638845,-3586868.0338023077,1217834.4254084337,3050302.0265602069,3271670.7882165024,3306481.4421683606,-3904982.3422542489,-4284825.787083352,43467.990568872541,4017496.458447814,4352707.3895996632,-888911.02392211929,3046936.8775576586,2787211.7110513635,5146782.8214549376,5068717.0547996797,-244634.95772361942,5202101.6577873211,5425384.8792978134,5339419.0976047702,5570964.7914446592,41299854.344134539]
[null,"TRI (30 años)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IRR(C103:AJ103)","v":-3.3478489751761487E-3}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C93+C99","v":-5959588.7579279169},{"$f":"D93+D99","v":-22906892.843059339},-57694552.954858422,-22615343.872818895,658236.95553881722,2403585.5624146345,2041258.173931757,2057783.9703356097,-2274066.6146384669,2306672.2128564948,2555379.5400627763,2570636.1387987011,2822850.0343638845,-3586868.0338023077,1217834.4254084337,3050302.0265602069,3271670.7882165024,3306481.4421683606,-3904982.3422542489,-4284825.787083352,43467.990568872541,4017496.458447814,4352707.3895996632,-888911.02392211929,3046936.8775576586,2787211.7110513635,5146782.8214549376,5068717.0547996797,-244634.95772361942,5202101.6577873211,5425384.8792978134,5339419.0976047702,5570964.7914446592,{"$f":"AJ93+AJ97","v":-598878.75499645993},5720846.5376773942,252838.93295197189,-7468855.9923075344,450666.71377037745,-469714.24321339279,6060144.7644738872,6327749.9233877007,6218256.1060059872,6495677.3404676057,35544196.441738941]
[null,"TRI (40 años)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IRR(C106:AT106)","v":2.4714451686018712E-3}]
[]
[null,"EBE (Excedente Bruto de Explotacion)",{"$f":"C83","v":0},{"$f":"D83","v":0},0,0,658236.95553881722,2403585.5624146345,2041258.173931757,2057783.9703356097,-2274066.6146384673,2306672.2128564948,2555379.5400627763,2570636.1387987011,2835237.7679124703,-2164466.377127314,3133153.2789891521,3148207.7455976405,3488775.07122271,3542329.9234563378,-1602281.4798013652,3962717.8923128592,4354574.0750769405,4499616.289394577,5015325.4142435752,-888911.02392211929,5721852.4075166574,5876936.0085460041,6196314.830004585,6076213.6505349576,-244634.95772361942,6281420.7320544049,6624933.380532085,6492678.3317735577,6848902.4761426188,-598878.75499645993,7079489.7780391322,6933820.1456844211,7316826.8466563392,7163935.8814360481,-469714.24321339279,7400564.1629641308,7812264.4074469199,7643812.3807058223,8070614.2798775425,-930025.198060086]
[null,"ENE (Excedente Neto de Explotacion)",{"$f":"C109+C70","v":0},{"$f":"D109+D70","v":0},0,0,-2311403.521837906,-566054.91496208869,-928382.30344496621,-911856.50704111345,-5243707.0920151901,-493172.03063144395,-244464.70342516247,-229208.10468923766,35393.524424531497,-4964310.6206152532,578210.83114813641,279730.62582123838,620297.95144630782,673852.80367993563,-4470758.5995777678,1740955.6353701237,2132811.818134205,1377485.2312764651,1893194.3561254633,-4011042.0820402312,2599721.3493985455,2754804.9504278922,2998662.8815704207,2878561.7021007934,-3442286.9061577837,3083768.7836202406,3427281.4320979207,3295026.3833393934,3651250.5277084545,-3796530.7034306242,3881837.829604968,3736168.1972502568,5019543.6993975509,5255708.296428699,-4040508.6962053999,3829769.7099721236,4241469.9544549128,4073017.9277138151,4499819.8268855354,-4500819.6510520931]
[]
[null,"Ratio de coberture (Ingresos/Egresos)",null,null,null,null,{"$f":"ABS(G81)/ABS(G76)","v":1.2187090199663799},{"$f":"ABS(H81)/ABS(H76)","v":1.9664884035525996},1.6454158718920118,1.6356862307082072,0.71132033398765615,1.680165632794453,1.7361539700292821,1.723490218133817,1.7795692672297885,0.75228305293215281,1.8221977117833594,1.8070756114894779,1.8737242110365973,1.866633159653144,0.8347195608508714,1.9251501599724465,1.9930991942302363,2.0024082200568367,2.0914020412922065,0.91737683410504678,2.1880596085871589,2.1919333272476291,2.2275189223379179,2.1757521120432353,0.97951654246354614,2.1595767618368256,2.1945215918393806,2.143408782178343,2.1780345864919806,0.95484120485820334,2.1615573966515043,2.1111009410906401,2.1450915493749272,2.0949640737770387,0.96811176484348338,2.0788405643327343,2.1121999690040592,2.062731898594357,2.0957772669017465,0.94317276361531932]
[null,"Margen neta de la operacion",null,null,null,null,{"$f":"G112-1","v":0.21870901996637993},{"$f":"H112-1","v":0.96648840355259957},0.64541587189201177,0.63568623070820718,-0.28867966601234385,0.68016563279445297,0.73615397002928207,0.72349021813381698,0.77956926722978848,-0.24771694706784719,0.82219771178335943,0.80707561148947793,0.87372421103659725,0.86663315965314403,-0.1652804391491286,0.92515015997244654,0.99309919423023629,1.0024082200568367,1.0914020412922065,-8.2623165894953221E-2,1.1880596085871589,1.1919333272476291,1.2275189223379179,1.1757521120432353,-2.0483457536453864E-2,1.1595767618368256,1.1945215918393806,1.143408782178343,1.1780345864919806,-4.5158795141796659E-2,1.1615573966515043,1.1111009410906401,1.1450915493749272,1.0949640737770387,-3.188823515651662E-2,1.0788405643327343,1.1121999690040592,1.062731898594357,1.0957772669017465,-5.6827236384680679E-2]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C103","v":-5959588.7579279169},{"$f":"D103","v":-22906892.843059339},-57694552.954858422,-22615343.872818895,658236.95553881722,2403585.5624146345,2041258.173931757,2057783.9703356097,-2274066.6146384669,2306672.2128564948,2555379.5400627763,2570636.1387987011,2822850.0343638845,-3586868.0338023077,1217834.4254084337,3050302.0265602069,3271670.7882165024,3306481.4421683606,-3904982.3422542489,-4284825.787083352,43467.990568872541,4017496.458447814,4352707.3895996632,-888911.02392211929,3046936.8775576586,2787211.7110513635,5146782.8214549376,5068717.0547996797,-244634.95772361942,5202101.6577873211,5425384.8792978134,5339419.0976047702,5570964.7914446592,41299854.344134539]
[null,"VAN (30 años]",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"NPV(C26,C115:AJ115)","v":-69950253.427419752}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C106","v":-5959588.7579279169},{"$f":"D106","v":-22906892.843059339},-57694552.954858422,-22615343.872818895,658236.95553881722,2403585.5624146345,2041258.173931757,2057783.9703356097,-2274066.6146384669,2306672.2128564948,2555379.5400627763,2570636.1387987011,2822850.0343638845,-3586868.0338023077,1217834.4254084337,3050302.0265602069,3271670.7882165024,3306481.4421683606,-3904982.3422542489,-4284825.787083352,43467.990568872541,4017496.458447814,4352707.3895996632,-888911.02392211929,3046936.8775576586,2787211.7110513635,5146782.8214549376,5068717.0547996797,-244634.95772361942,5202101.6577873211,5425384.8792978134,5339419.0976047702,5570964.7914446592,-598878.75499645993,5720846.5376773942,252838.93295197189,-7468855.9923075344,450666.71377037745,-469714.24321339279,6060144.7644738872,6327749.9233877007,6218256.1060059872,6495677.3404676057,35544196.441738941]
[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,{"$f":"NPV(C26,C118:AT118)","v":-70282974.600929573}]
[]
[]
[]
[null,null,-15374793.702004252,-32471752.923079427,-62793043.621870533,-31184167.865535051,4461627.0876138387,7085887.3224892067,7506676.6422383776,7866933.6835564012,4138496.9480227539,8621725.0100111552,9016880.0393200647,9408111.1130052563,9811291.0381158479,3028760.3722510524,6759476.3316930179,11095752.577078201,11666827.927642517,12256200.784473658,5145482.9160697088,4835774.0456957947,9963796.0466147065,14965506.412886936,15819114.660764625,11262213.876171863,14269356.723393489,13717569.790471114,18902277.061604355,19259777.254964769,13648271.158759808,19994678.368752308,20372314.83298843,20756902.165421762,21148563.030060068,14981724.136930339]
[]
[null,null,{"$f":"C123-C103","v":-9415204.9440763351},{"$f":"D123-D103","v":-9564860.0800200887},-5098490.6670121104,-8568823.9927161559,3803390.1320750215,4682301.7600745726,5465418.4683066206,5809149.7132207919,6412563.5626612213,6315052.7971546603,6461500.4992572889,6837474.9742065556,6988441.0037519634,6615628.4060533606,5541641.9062845837,8045450.550517994,8395157.1394260153,8949719.342305297,9050465.2583239581,9120599.8327791467,9920328.056045834,10948009.954439122,11466407.271164961,12151124.900093982,11222419.845835831,10930358.079419751,13755494.240149416,14191060.200165089,13892906.116483428,14792576.710964987,14946929.953690616,15417483.067816991,15577598.238615409,-26318130.2072042]

{"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",{"$f":"E313","v":1.7000000000000004}]
[null,null,null,{"$f":"E315","v":"2023-12-31"}]
[null,null,"LLCR",{"$f":"E296","v":20.861612121273406}]
[]
[null,null,"NPV project",{"$f":"E255","v":-70732344.281124189}]
[null,null,"IRR Project",{"$f":"E257","v":-2.8631013575013187E-2}]
[]
[null,null,"PRIVATE FINANCE"]
[null,null,"NPV Equity",{"$f":"IF(E58<0.01,\"N/A\",E272)","v":55198.38216084765}]
[null,null,"IRR Equity",{"$f":"IF(E58<0.01,\"N/A\",E274)","v":0.13068496173496569}]
[null,null,"Debt / Equity",{"$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",{"$f":"'Global Financial Model'!C11","v":105492764.95072003},null," "]
[null,null,"Municipal direct subsidies (yearly)","USD 2015",0]
[null,null,"Treasury","%",0.36,"of DSRA"]
[null,null,"Discount Factor (WACC)","%",{"$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$59*E26*E58","v":1054927.6495072003}]
[null,null,"Private Amortisation Start","Date",{"$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 ",{"$f":"E26*H58","v":94943488.45564802}]
[null,null,"Municipal Amortisation Start","Date",{"$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 ",{"$f":"E52*E37","v":10549.276495072003}]
[null,null,"Upfront fee on municipal loan","USD ",{"$f":"E52*E43","v":949434.88455648022}]
[]
[null,null,"FUNDING SCHEME"]
[null,null,"Initial dibursment",null,"YES",{"$f":"IF($E$57=\"NO\",0,1)","v":1},"(if no : Equity is back ended)"]
[null,null,"Private funding vs Municipal funding ratio",null,0.1,null,"Initial Municipal debt",{"$f":"1-E58","v":0.9}]
[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 ",{"$f":"SUM(F105:AM105)","v":109176378.42866457},{"$f":"-'Global Financial Model'!C96","v":5959588.7579279169},{"$f":"-'Global Financial Model'!D96","v":22906892.843059339},{"$f":"-'Global Financial Model'!E96","v":57694552.954858422},{"$f":"-'Global Financial Model'!F96","v":22615343.872818895},{"$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":20531434.359498896},{"$f":"-'Global Financial Model'!C97","v":0},{"$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":1422401.6566749932},{"$f":"-'Global Financial Model'!Q97","v":1712945.0626788707},{"$f":"-'Global Financial Model'!R97","v":0},{"$f":"-'Global Financial Model'!S97","v":0},{"$f":"-'Global Financial Model'!T97","v":0},{"$f":"-'Global Financial Model'!U97","v":2302700.8624528833},{"$f":"-'Global Financial Model'!V97","v":7638209.2070166674},{"$f":"-'Global Financial Model'!W97","v":3564621.9481610963},{"$f":"-'Global Financial Model'!X97","v":0},{"$f":"-'Global Financial Model'!Y97","v":0},{"$f":"-'Global Financial Model'!Z97","v":0},{"$f":"-'Global Financial Model'!AA97","v":1765013.057669508},{"$f":"-'Global Financial Model'!AB97","v":2125542.5648448784},{"$f":"-'Global Financial Model'!AC97","v":0},{"$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 ",{"$f":"SUM(F109:AM109)","v":109176378.42866457},{"$f":"F105","v":5959588.7579279169},{"$f":"G105","v":22906892.843059339},57694552.954858422,22615343.872818895,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",100000,null,null,null,{"$f":"E61","v":100000}]
[null,null,"Renewal Costs","USD ",20531434.359498896,{"$f":"F106","v":0},{"$f":"G106","v":0},0,0,0,0,0,0,0,0,0,0,0,1422401.6566749932,1712945.0626788707,0,0,0,2302700.8624528833,7638209.2070166674,3564621.9481610963,0,0,0,1765013.057669508,2125542.5648448784,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Interest During Construction","USD ",85024.988410544451,{"$f":"F151","v":0},{"$f":"G151","v":4190.9390003776043},{"$f":"H151","v":20216.855271537916},60617.194138628933,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB151","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Upfront Fee","USD ",10549.276495072003,{"$f":"F138","v":10549.276495072003},{"$f":"G138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB138","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Required Funding","USD ",129903387.05306907,{"$f":"SUM(F109:F113)","v":5970138.034422989},{"$f":"SUM(G109:G113)","v":22911083.782059718},{"$f":"SUM(H109:H113)","v":57714769.810129963},22775961.066957522,0,0,0,0,0,0,0,0,0,1422401.6566749932,1712945.0626788707,0,0,0,2302700.8624528833,7638209.2070166674,3564621.9481610963,0,0,0,1765013.057669508,2125542.5648448784,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Release","USD ",-20531434.359498896,{"$f":"IF(F79=1,-F114,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-1422401.6566749932,-1712945.0626788707,0,0,0,-2302700.8624528833,-7638209.2070166674,-3564621.9481610963,0,0,0,-1765013.057669508,-2125542.5648448784,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding through debt","USD ",-98434757.424213171,{"$f":"IF(F78=1,-F114*(1-$E$58),0)","v":-5373124.2309806906},-20619975.403853748,-51943292.82911697,-20498364.96026177,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Debt funding","USD ",-1054927.6495072003,{"$f":"IF(F78=1,IF($F$57=1,-MIN(F114*$E$59*$E$58,F135),-MIN(F114*$E$58,F135)),0)","v":-59701.380344229896},-229110.8378205972,-577147.6981012997,-188967.73324107355,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sub Total","USD ",9882267.6198498122,{"$f":"SUM(F114:F117)","v":537312.42309806857},2061997.5403853727,5194329.2829116927,2088628.373454679,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Equity Funding","USD ",-9882267.6198498122,{"$f":"-F118","v":-537312.42309806857},{"$f":"-G118","v":-2061997.5403853727},-5194329.2829116927,-2088628.373454679,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AB118","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Funding Shortfall","USD ",0,{"$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},{"$f":"F127","v":59701.380344229896},{"$f":"G127","v":288812.21816482709},865959.91626612679,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Z127","v":0},{"$f":"AA127","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Disbursement to Fund Project Costs (SPV)","USD ",{"$f":"SUM(F124:AM124)","v":1054927.6495072003},{"$f":"-F117","v":59701.380344229896},229110.8378205972,577147.6981012997,188967.73324107355,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":-1054927.6495072003},{"$f":"-SUM(F123:F125)*F94","v":0},{"$f":"-SUM(G123:G125)*G94","v":0},{"$f":"-SUM(H123:H125)*H94","v":0},-1054927.6495072003,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F123:F126)","v":59701.380344229896},{"$f":"SUM(G123:G126)","v":288812.21816482709},865959.91626612679,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipaly)","USD ",null,{"$f":"E133","v":0},{"$f":"F133","v":5373124.2309806906},25800750.066202067,76717311.729430065,{"$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 ",{"$f":"SUM(F130:AM130)","v":98434757.424213171},{"$f":"-F116","v":5373124.2309806906},{"$f":"-G116","v":20619975.403853748},51943292.82911697,20498364.96026177,{"$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 ",{"$f":"SUM(F131:AM131)","v":-4621105.2142422767},{"$f":"IF(F78=1,-F204,0)","v":0},{"$f":"IF(G78=1,-G204,0)","v":-192349.56863237248},-1026731.1658889812,-3402024.4797209231,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",-93813652.209970921,{"$f":"-SUM(F129:F131)*F94","v":0},{"$f":"-SUM(G129:G131)*G94","v":0},{"$f":"-SUM(H129:H131)*H94","v":0},-93813652.209970921,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality)","USD ",null,{"$f":"SUM(F129:F132)","v":5373124.2309806906},{"$f":"SUM(G129:G132)","v":25800750.066202067},76717311.729430065,0,{"$f":"SUM(J129:J132)","v":0},{"$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 ",{"$f":"E37","v":1054927.6495072003},{"$f":"MAX(0,$E135-F123)*F78","v":1054927.6495072003},995226.26916297048,766115.43134237325,188967.73324107355,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E43","v":94943488.45564802},{"$f":"MAX(0,$E136-F129)*F78","v":94943488.45564802},89570364.224667326,69142738.389445961,18226176.726217955,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Upfront Fee (SPV)","USD ",{"$f":"E53","v":10549.276495072003},{"$f":"$E138*IF(F90=1,1,0)","v":10549.276495072003},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E54","v":949434.88455648022},{"$f":"$E139*IF(F90=1,1,0)","v":949434.88455648022},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[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 ",{"$f":"SUM(F151:AM151)","v":85024.988410544451},{"$f":"F144*F123","v":0},4190.9390003776043,20216.855271537916,60617.194138628933,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during construction for Municipality",null,{"$f":"SUM(F152:AM152)","v":7553448.8357282393},{"$f":"F149*F129","v":0},377184.51003398438,1806052.5046341463,5370211.821060109,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Operations"]
[null,null,"Revenue"]
[null,null,"Revenue","USD ",{"$f":"SUM(F156:AM156)","v":255103223.12638825},{"$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":3667884.0000000009},{"$f":"'Global Financial Model'!H81","v":4890512.0000000009},{"$f":"'Global Financial Model'!I81","v":5203960.3367215982},{"$f":"'Global Financial Model'!J81","v":5294890.3774431972},{"$f":"'Global Financial Model'!K81","v":5603407.563058652},{"$f":"'Global Financial Model'!L81","v":5698011.1774254013},{"$f":"'Global Financial Model'!M81","v":6026636.4293805519},{"$f":"'Global Financial Model'!N81","v":6123740.3472141847},{"$f":"'Global Financial Model'!O81","v":6472166.3733557453},{"$f":"'Global Financial Model'!P81","v":6573193.2894698549},{"$f":"'Global Financial Model'!Q81","v":6943858.7018895568},{"$f":"'Global Financial Model'!R81","v":7048967.1054146783},{"$f":"'Global Financial Model'!S81","v":7481768.5434804875},{"$f":"'Global Financial Model'!T81","v":7629791.7104875408},{"$f":"'Global Financial Model'!U81","v":8092038.598545379},{"$f":"'Global Financial Model'!V81","v":8246041.9014995191},{"$f":"'Global Financial Model'!W81","v":8739407.030713588},{"$f":"'Global Financial Model'!X81","v":8988422.5455318708},{"$f":"'Global Financial Model'!Y81","v":9610630.5579883046},{"$f":"'Global Financial Model'!Z81","v":9869706.2996052485},{"$f":"'Global Financial Model'!AA81","v":10537984.83568757},{"$f":"'Global Financial Model'!AB81","v":10807527.237265835},{"$f":"'Global Financial Model'!AC81","v":11244151.337651374},{"$f":"'Global Financial Model'!AD81","v":11244151.337651374},{"$f":"'Global Financial Model'!AE81","v":11698415.051692488},{"$f":"'Global Financial Model'!AF81","v":11698415.051692488},{"$f":"'Global Financial Model'!AG81","v":12171031.019780867},{"$f":"'Global Financial Model'!AH81","v":12171031.019780867},{"$f":"'Global Financial Model'!AI81","v":12662740.672980011},{"$f":"'Global Financial Model'!AJ81","v":12662740.672980011}]
[null,null,"Municipal direct subsidies (if any)","USD ",{"$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":164183720.50534764},{"$f":"-'Global Financial Model'!C76","v":0},{"$f":"-'Global Financial Model'!D76","v":0},{"$f":"-'Global Financial Model'!E76","v":0},{"$f":"-'Global Financial Model'!F76","v":0},{"$f":"-'Global Financial Model'!G76","v":3009647.0444611837},{"$f":"-'Global Financial Model'!H76","v":2486926.4375853664},{"$f":"-'Global Financial Model'!I76","v":3162702.1627898412},{"$f":"-'Global Financial Model'!J76","v":3237106.4071075874},{"$f":"-'Global Financial Model'!K76","v":7877474.1776971193},{"$f":"-'Global Financial Model'!L76","v":3391338.9645689065},{"$f":"-'Global Financial Model'!M76","v":3471256.8893177756},{"$f":"-'Global Financial Model'!N76","v":3553104.2084154836},{"$f":"-'Global Financial Model'!O76","v":3636928.6054432751},{"$f":"-'Global Financial Model'!P76","v":8737659.6665971689},{"$f":"-'Global Financial Model'!Q76","v":3810705.4229004048},{"$f":"-'Global Financial Model'!R76","v":3900759.3598170378},{"$f":"-'Global Financial Model'!S76","v":3992993.4722577776},{"$f":"-'Global Financial Model'!T76","v":4087461.787031203},{"$f":"-'Global Financial Model'!U76","v":9694320.0783467442},{"$f":"-'Global Financial Model'!V76","v":4283324.0091866599},{"$f":"-'Global Financial Model'!W76","v":4384832.9556366475},{"$f":"-'Global Financial Model'!X76","v":4488806.2561372938},{"$f":"-'Global Financial Model'!Y76","v":4595305.1437447295},{"$f":"-'Global Financial Model'!Z76","v":10758617.323527368},{"$f":"-'Global Financial Model'!AA76","v":4816132.4281709129},{"$f":"-'Global Financial Model'!AB76","v":4930591.2287198305},{"$f":"-'Global Financial Model'!AC76","v":5047836.5076467888},{"$f":"-'Global Financial Model'!AD76","v":5167937.6871164162},{"$f":"-'Global Financial Model'!AE76","v":11943050.009416107},{"$f":"-'Global Financial Model'!AF76","v":5416994.3196380828},{"$f":"-'Global Financial Model'!AG76","v":5546097.6392487818},{"$f":"-'Global Financial Model'!AH76","v":5678352.6880073091},{"$f":"-'Global Financial Model'!AI76","v":5813838.1968373917},{"$f":"-'Global Financial Model'!AJ76","v":13261619.42797647}]
[]
[null,null,"Operation: Debt"]
[null,null,"Balance B/f (SPV)","USD ",null,{"$f":"E166","v":0},{"$f":"F166","v":0},0,0,1054927.6495072003,1017100.4254744978,976687.09606713499,933375.96674124536,887033.05836254347,837446.14639733243,784443.89913867821,727667.80868930393,666917.39190847334,601914.44595298474,532403.44013174437,457975.67542444193,378337.96718762832,293125.61937423784,201966.06947375703,104397.91996952656,0,{"$f":"Z166","v":0},{"$f":"AA166","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (SPV)","USD ",{"$f":"SUM(F164:AM164)","v":1054927.6495072003},{"$f":"-F126","v":0},0,0,1054927.6495072003,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (SPV)","USD ",{"$f":"SUM(F165:AM165)","v":-1054927.6495072003},{"$f":"IF(F79=1,-F198,0)","v":0},{"$f":"IF(G79=1,-G198,0)","v":0},0,0,-37827.22403270255,-40413.329407362835,-43311.129325889633,-46342.908378701912,-49586.911965211046,-53002.247258654214,-56776.090449374336,-60750.416780830543,-65002.945955488656,-69511.005821240309,-74427.764707302442,-79637.708236813589,-85212.347813390516,-91159.549900480808,-97568.149504230474,-104397.91996952664,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F163:F165)","v":0},{"$f":"SUM(G163:G165)","v":0},0,1054927.6495072003,1017100.4254744978,976687.09606713499,933375.96674124536,887033.05836254347,837446.14639733243,784443.89913867821,727667.80868930393,666917.39190847334,601914.44595298474,532403.44013174437,457975.67542444193,378337.96718762832,293125.61937423784,201966.06947375703,104397.91996952656,0,0,0,{"$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},0,0,93813652.209970921,89155724.810985997,84177558.089606792,78844328.552376091,73137772.94753924,67031758.450363815,60502988.690551907,53511673.550051011,46030966.349715047,38026609.645355567,29464463.277765013,20299492.896799818,10492974.589167055,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",{"$f":"SUM(F169:AM169)","v":93813652.209970921},{"$f":"-F132","v":0},0,0,93813652.209970921,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (Municipality)","USD ",{"$f":"SUM(F170:AM170)","v":-93813652.209970906},{"$f":"IF(F79=1,-F204,0)","v":0},{"$f":"IF(G79=1,-G204,0)","v":0},0,0,-4657927.3989849249,-4978166.7213792074,-5333229.5372306928,-5706555.6048368439,-6106014.4971754234,-6528769.7598119099,-6991315.1405008957,-7480707.2003359627,-8004356.7043594765,-8562146.3675905541,-9164970.3809651975,-9806518.3076327629,-10492974.589167064,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality","USD ",null,{"$f":"SUM(F168:F170)","v":0},{"$f":"SUM(G168:G170)","v":0},0,93813652.209970921,89155724.810985997,84177558.089606792,78844328.552376091,73137772.94753924,67031758.450363815,60502988.690551907,53511673.550051011,46030966.349715047,38026609.645355567,29464463.277765013,20299492.896799818,10492974.589167055,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY","% p.a.",null,{"$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 ",{"$f":"SUM(F183:AM183)","v":732445.84907390538},{"$f":"F176*F163","v":0},0,0,0,73844.935465504095,71398.7820020933,68368.096724699513,65336.317671887235,62092.314085378101,58787.346212368138,54911.072939707527,50936.74660825132,46684.217433593178,42253.407071832436,37268.240809222138,32058.297279710965,26483.657703134006,20576.937805493562,14137.624863163004,7307.8543978668658,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during Operation for Municipality","USD ",{"$f":"SUM(F184:AM184)","v":52152821.825767182},{"$f":"F181*F168","v":0},{"$f":"G181*G168","v":0},0,0,6566955.6546979705,6258585.6819876209,5892429.0662724804,5519102.9986663312,5119644.1063277517,4705519.5228944495,4235209.2083386369,3745817.1485035741,3222167.6444800561,2669405.6401370722,2062512.4294435529,1420964.5027759885,734508.22124169453,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt repayment"]
[]
[null,null,"Flag: Municipal Debt Repayment",{"$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},59701.380344229896,288812.21816482709,865959.91626612679,1054927.6495072003,1017100.4254744978,976687.09606713499,933375.96674124536,887033.05836254347,837446.14639733243,784443.89913867821,727667.80868930393,666917.39190847334,601914.44595298474,532403.44013174437,457975.67542444193,378337.96718762832,293125.61937423784,201966.06947375703,104397.91996952656,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":1787373.4985811058},{"$f":"IF(F191=0,0,F195*F194/(1-(1+F195)^(-F192)))","v":0},{"$f":"IF(G191=0,0,G195*G194/(1-(1+G195)^(-G192)))","v":0},0,0,111672.15949820665,111812.11140945613,111679.22605058915,111679.22605058915,111679.22605058915,111789.59347102235,111687.16338908186,111687.16338908186,111687.16338908183,111764.41289307275,111696.00551652457,111696.00551652456,111696.00551652453,111736.48770597437,111705.77436739347,111705.7743673935,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (SPV)"," ",{"$f":"SUM(F197:AM197)","v":-732445.84907390538},{"$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,-73844.935465504095,-71398.7820020933,-68368.096724699513,-65336.317671887235,-62092.314085378101,-58787.346212368138,-54911.072939707527,-50936.74660825132,-46684.217433593178,-42253.407071832436,-37268.240809222138,-32058.297279710965,-26483.657703134006,-20576.937805493562,-14137.624863163004,-7307.8543978668658,{"$f":"IF(Z191=0,0,-Z183)","v":0},{"$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":1054927.6495072003},{"$f":"IF(F196=0,0,SUM(F196:F197))","v":0},{"$f":"IF(G196=0,0,SUM(G196:G197))","v":0},0,0,37827.22403270255,{"$f":"IF(K196=0,0,SUM(K196:K197))","v":40413.329407362835},{"$f":"IF(L196=0,0,SUM(L196:L197))","v":43311.129325889633},{"$f":"IF(M196=0,0,SUM(M196:M197))","v":46342.908378701912},49586.911965211046,{"$f":"IF(O196=0,0,SUM(O196:O197))","v":53002.247258654214},{"$f":"IF(P196=0,0,SUM(P196:P197))","v":56776.090449374336},{"$f":"IF(Q196=0,0,SUM(Q196:Q197))","v":60750.416780830543},65002.945955488656,{"$f":"IF(S196=0,0,SUM(S196:S197))","v":69511.005821240309},{"$f":"IF(T196=0,0,SUM(T196:T197))","v":74427.764707302442},{"$f":"IF(U196=0,0,SUM(U196:U197))","v":79637.708236813589},85212.347813390516,{"$f":"IF(W196=0,0,SUM(W196:W197))","v":91159.549900480808},{"$f":"IF(X196=0,0,SUM(X196:X197))","v":97568.149504230474},{"$f":"IF(Y196=0,0,SUM(Y196:Y197))","v":104397.91996952664},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,{"$f":"IF(F78=1,F129,F168)","v":0},5373124.2309806906,25800750.066202067,76717311.729430065,93813652.209970921,89155724.810985997,84177558.089606792,78844328.552376091,73137772.94753924,67031758.450363815,60502988.690551907,53511673.550051011,46030966.349715047,38026609.645355567,29464463.277765013,20299492.896799818,10492974.589167055,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$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)"," ",{"$f":"SUM(F202:AM202)","v":158141028.08570862},{"$f":"IF(F188=0,0,F201*F200/(1-(1+F201)^(-F189)))","v":0},{"$f":"IF(G188=0,0,G201*G200/(1-(1+G201)^(-G189)))","v":569534.07866635686},2832783.6705231275,8772236.3007810321,11224883.053682895,11236752.403366828,11225658.603503173,11225658.603503175,11225658.603503175,11234289.282706359,11226524.348839533,11226524.348839536,11226524.348839533,11231552.007727627,11227482.810408751,11227482.810408752,11227482.810408758,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (Municipality)"," ",{"$f":"SUM(F203:AM203)","v":-59706270.66149541},{"$f":"IF(F78=1,-F152,-F184)","v":0},{"$f":"IF(G78=1,-G152,-G184)","v":-377184.51003398438},-1806052.5046341463,-5370211.821060109,-6566955.6546979705,-6258585.6819876209,-5892429.0662724804,-5519102.9986663312,-5119644.1063277517,-4705519.5228944495,-4235209.2083386369,-3745817.1485035741,-3222167.6444800561,-2669405.6401370722,-2062512.4294435529,-1420964.5027759885,-734508.22124169453,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment (Municipality)"," ",{"$f":"SUM(F204:AM204)","v":98434757.424213186},{"$f":"IF(F202=0,0,SUM(F202:F203))","v":0},{"$f":"IF(G202=0,0,SUM(G202:G203))","v":192349.56863237248},1026731.1658889812,3402024.4797209231,4657927.3989849249,{"$f":"IF(K202=0,0,SUM(K202:K203))","v":4978166.7213792074},{"$f":"IF(L202=0,0,SUM(L202:L203))","v":5333229.5372306928},{"$f":"IF(M202=0,0,SUM(M202:M203))","v":5706555.6048368439},6106014.4971754234,{"$f":"IF(O202=0,0,SUM(O202:O203))","v":6528769.7598119099},{"$f":"IF(P202=0,0,SUM(P202:P203))","v":6991315.1405008957},{"$f":"IF(Q202=0,0,SUM(Q202:Q203))","v":7480707.2003359627},8004356.7043594765,{"$f":"IF(S202=0,0,SUM(S202:S203))","v":8562146.3675905541},{"$f":"IF(T202=0,0,SUM(T202:T203))","v":9164970.3809651975},{"$f":"IF(U202=0,0,SUM(U202:U203))","v":9806518.3076327629},10492974.589167064,{"$f":"IF(W202=0,0,SUM(W202:W203))","v":0},{"$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":255103223.12638825},{"$f":"F156","v":0},0,0,0,3667884.0000000009,4890512.0000000009,5203960.3367215982,5294890.3774431972,5603407.563058652,5698011.1774254013,6026636.4293805519,6123740.3472141847,6472166.3733557453,6573193.2894698549,6943858.7018895568,7048967.1054146783,7481768.5434804875,7629791.7104875408,8092038.598545379,8246041.9014995191,8739407.030713588,8988422.5455318708,9610630.5579883046,9869706.2996052485,10537984.83568757,10807527.237265835,11244151.337651374,11244151.337651374,11698415.051692488,11698415.051692488,12171031.019780867,12171031.019780867,12662740.672980011,12662740.672980011]
[null,null,"OpEx","USD ",-164183720.50534764,{"$f":"-F160","v":0},0,0,0,-3009647.0444611837,-2486926.4375853664,-3162702.1627898412,-3237106.4071075874,-7877474.1776971193,-3391338.9645689065,-3471256.8893177756,-3553104.2084154836,-3636928.6054432751,-8737659.6665971689,-3810705.4229004048,-3900759.3598170378,-3992993.4722577776,-4087461.787031203,-9694320.0783467442,-4283324.0091866599,-4384832.9556366475,-4488806.2561372938,-4595305.1437447295,-10758617.323527368,-4816132.4281709129,-4930591.2287198305,-5047836.5076467888,-5167937.6871164162,-11943050.009416107,-5416994.3196380828,-5546097.6392487818,-5678352.6880073091,-5813838.1968373917,-13261619.42797647]
[null,null,"Operational Cashflow","USD ",90919502.621040583,{"$f":"SUM(F208:F209)","v":0},{"$f":"SUM(G208:G209)","v":0},{"$f":"SUM(H208:H209)","v":0},0,658236.95553881722,2403585.5624146345,2041258.173931757,2057783.9703356097,-2274066.6146384673,2306672.2128564948,2555379.5400627763,2570636.1387987011,2835237.7679124703,-2164466.377127314,3133153.2789891521,3148207.7455976405,3488775.07122271,3542329.9234563378,-1602281.4798013652,3962717.8923128592,4354574.0750769405,4499616.289394577,5015325.4142435752,-888911.02392211929,5721852.4075166574,5876936.0085460041,6196314.830004585,6076213.6505349576,-244634.95772361942,6281420.7320544049,6624933.380532085,6492678.3317735577,6848902.4761426188,-598878.75499645993]
[null,null,"Revenue Tax","USD ",-11907353.775691524,{"$f":"'Global Financial Model'!C90","v":0},{"$f":"'Global Financial Model'!D90","v":0},{"$f":"'Global Financial Model'!E90","v":0},{"$f":"'Global Financial Model'!F90","v":0},{"$f":"'Global Financial Model'!G90","v":0},{"$f":"'Global Financial Model'!H90","v":0},{"$f":"'Global Financial Model'!I90","v":0},{"$f":"'Global Financial Model'!J90","v":0},{"$f":"'Global Financial Model'!K90","v":0},{"$f":"'Global Financial Model'!L90","v":0},{"$f":"'Global Financial Model'!M90","v":0},{"$f":"'Global Financial Model'!N90","v":0},{"$f":"'Global Financial Model'!O90","v":-12387.733548586024},{"$f":"'Global Financial Model'!P90","v":0},{"$f":"'Global Financial Model'!Q90","v":-202373.79090184774},{"$f":"'Global Financial Model'!R90","v":-97905.719037433431},{"$f":"'Global Financial Model'!S90","v":-217104.28300620773},{"$f":"'Global Financial Model'!T90","v":-235848.48128797745},{"$f":"'Global Financial Model'!U90","v":0},{"$f":"'Global Financial Model'!V90","v":-609334.47237954324},{"$f":"'Global Financial Model'!W90","v":-746484.13634697173},{"$f":"'Global Financial Model'!X90","v":-482119.83094676276},{"$f":"'Global Financial Model'!Y90","v":-662618.0246439121},{"$f":"'Global Financial Model'!Z90","v":0},{"$f":"'Global Financial Model'!AA90","v":-909902.47228949086},{"$f":"'Global Financial Model'!AB90","v":-964181.73264976218},{"$f":"'Global Financial Model'!AC90","v":-1049532.0085496472},{"$f":"'Global Financial Model'!AD90","v":-1007496.5957352776},{"$f":"'Global Financial Model'!AE90","v":0},{"$f":"'Global Financial Model'!AF90","v":-1079319.0742670842},{"$f":"'Global Financial Model'!AG90","v":-1199548.5012342723},{"$f":"'Global Financial Model'!AH90","v":-1153259.2341687877},{"$f":"'Global Financial Model'!AI90","v":-1277937.6846979591},{"$f":"'Global Financial Model'!AJ90","v":0}]
[null,null,"CapEx (including intesrests during construction)","USD ",-129803387.05306907,{"$f":"-F114","v":-5970138.034422989},-22911083.782059718,-57714769.810129963,{"$f":"-I114+I110","v":-22675961.066957522},0,0,0,0,0,0,0,0,0,-1422401.6566749932,-1712945.0626788707,0,0,0,-2302700.8624528833,-7638209.2070166674,-3564621.9481610963,0,0,0,-1765013.057669508,-2125542.5648448784,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",null,{"$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 ",-50891238.207720011,{"$f":"SUM(F210:F213)","v":-5970138.034422989},{"$f":"SUM(G210:G213)","v":-22911083.782059718},{"$f":"SUM(H210:H213)","v":-57714769.810129963},-22775961.066957522,658236.95553881722,2403585.5624146345,2041258.173931757,2057783.9703356097,-2274066.6146384673,2306672.2128564948,2555379.5400627763,2570636.1387987011,2822850.0343638845,-3586868.0338023072,1217834.4254084337,3050302.0265602069,3271670.7882165024,3306481.4421683601,-3904982.3422542484,-4284825.787083352,43467.990568872541,4017496.4584478145,4352707.3895996632,-888911.02392211929,3046936.8775576586,2787211.7110513635,5146782.8214549376,5068717.0547996797,-244634.95772361942,5202101.6577873211,5425384.8792978125,5339419.0976047702,5570964.7914446592,-598878.75499645993]
[null,null,"Municipality: Funding (through debt )","USD ",98434757.424213171,{"$f":"-F116","v":5373124.2309806906},20619975.403853748,51943292.82911697,20498364.96026177,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding (through subsidies)","USD ",0,{"$f":"+F157","v":0},{"$f":"+G157","v":0},{"$f":"+H157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt: Funding","USD ",1054927.6495072003,{"$f":"F124","v":59701.380344229896},229110.8378205972,577147.6981012997,188967.73324107355,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity: Funding","USD ",9882267.6198498122,{"$f":"-F119","v":537312.42309806857},2061997.5403853727,5194329.2829116927,2088628.373454679,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CashFlow after Funding","USD ",58480714.485850155,{"$f":"SUM(F214:F218)","v":0},0,0,0,658236.95553881722,2403585.5624146345,2041258.173931757,2057783.9703356097,-2274066.6146384673,2306672.2128564948,2555379.5400627763,2570636.1387987011,2822850.0343638845,-3586868.0338023072,1217834.4254084337,3050302.0265602069,3271670.7882165024,3306481.4421683601,-3904982.3422542484,-4284825.787083352,43467.990568872541,4017496.4584478145,4352707.3895996632,-888911.02392211929,3046936.8775576586,2787211.7110513635,5146782.8214549376,5068717.0547996797,-244634.95772361942,5202101.6577873211,5425384.8792978125,5339419.0976047702,5570964.7914446592,-598878.75499645993]
[null,null,"Treasury: Funding","USD ",35341830.956330642,{"$f":"IF(F78=1,0,-F115+IF(F191=1,IF(F219/F196>1.7,0,1.7*F196+IF(F219<0,-F219,0)),0))","v":0},0,0,0,0,0,0,0,2463921.2989244689,0,0,0,0,5199269.1923955241,1712945.0626788707,0,0,0,6397583.0211317008,12112934.810524588,3564621.9481610963,0,0,0,1765013.057669508,2125542.5648448784,0,0,0,0,0,0,0,0]
[null,null,"CashFlow Available for Debt Service (CFADS)","USD ",93822545.442180783,{"$f":"SUM(F219:F220)","v":0},{"$f":"SUM(G219:G220)","v":0},0,0,658236.95553881722,2403585.5624146345,2041258.173931757,2057783.9703356097,189854.6842860016,2306672.2128564948,2555379.5400627763,2570636.1387987011,2822850.0343638845,1612401.1585932169,2930779.4880873044,3050302.0265602069,3271670.7882165024,3306481.4421683601,2492600.6788774524,7828109.0234412365,3608089.9387299689,4017496.4584478145,4352707.3895996632,-888911.02392211929,4811949.9352271669,4912754.2758962419,5146782.8214549376,5068717.0547996797,-244634.95772361942,5202101.6577873211,5425384.8792978125,5339419.0976047702,5570964.7914446592,-598878.75499645993]
[null,null,"Interests","USD ",-732445.84907390538,{"$f":"-F197","v":0},{"$f":"-G197","v":0},0,0,{"$f":"J197","v":-73844.935465504095},{"$f":"K197","v":-71398.7820020933},-68368.096724699513,-65336.317671887235,-62092.314085378101,-58787.346212368138,-54911.072939707527,-50936.74660825132,-46684.217433593178,-42253.407071832436,-37268.240809222138,-32058.297279710965,-26483.657703134006,-20576.937805493562,-14137.624863163004,-7307.8543978668658,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment","USD ",-1054927.6495072003,{"$f":"F198","v":0},{"$f":"G198","v":0},{"$f":"H198","v":0},0,{"$f":"-J198","v":-37827.22403270255},{"$f":"-K198","v":-40413.329407362835},-43311.129325889633,-46342.908378701912,-49586.911965211046,-53002.247258654214,-56776.090449374336,-60750.416780830543,-65002.945955488656,-69511.005821240309,-74427.764707302442,-79637.708236813589,-85212.347813390516,-91159.549900480808,-97568.149504230474,-104397.91996952664,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow available for Debt Service reserve Account (DSRA)","USD ",92035171.943599686,{"$f":"SUM(F221:F223)","v":0},{"$f":"SUM(G221:G223)","v":0},0,0,546564.79604061064,2291773.4510051785,1929578.9478811678,1946104.7442850205,78175.458235412458,2194882.6193854725,2443692.3766736947,2458948.9754096195,2711162.8709748024,1500636.7457001442,2819083.4825707795,2938606.0210436825,3159974.7826999775,3194744.9544623857,2380894.9045100589,7716403.2490738425,3608089.9387299689,4017496.4584478145,4352707.3895996632,-888911.02392211929,4811949.9352271669,4912754.2758962419,5146782.8214549376,5068717.0547996797,-244634.95772361942,5202101.6577873211,5425384.8792978125,5339419.0976047702,5570964.7914446592,-598878.75499645993]
[null,null,"Treasury: Deduction","USD ",-33756334.804887079,{"$f":"IF(F231<$E$220,IF(F224>0,-F224*$E$28,0),0)","v":0},0,0,0,-196763.32657461983,-825038.44236186426,-694648.42123722041,-700597.70794260735,-28143.164964748485,-790157.74297877005,-879729.25560253009,-885221.63114746299,-976018.63355092879,-540229.22845205187,-1014870.0537254806,-1057898.1675757256,-1137590.9217719918,-1150108.1836064588,-857122.1656236212,-2777905.1696665832,-1298912.3779427886,-1446298.7250412132,-1566974.6602558787,0,-1732301.9766817801,-1768591.539322647,-1852841.8157237775,-1824738.1397278847,0,-1872756.5968034356,-1953138.5565472124,-1922190.8751377172,-2005547.3249200773,0]
[null,null,"Cashflow available to Equity","USD ",58278837.1387126,{"$f":"F224+F225","v":0},{"$f":"G224+G225","v":0},{"$f":"H224+H225","v":0},0,349801.46946599078,1466735.0086433142,1234930.5266439472,1245507.0363424132,50032.293270663969,1404724.8764067024,1563963.1210711645,1573727.3442621566,1735144.2374238735,960407.51724809234,1804213.4288452989,1880707.8534679569,2022383.8609279857,2044636.7708559269,1523772.7388864378,4938498.0794072598,2309177.5607871804,2571197.7334066015,2785732.7293437845,-888911.02392211929,3079647.9585453868,3144162.7365735946,3293941.0057311598,3243978.9150717948,-244634.95772361942,3329345.0609838855,3472246.3227506001,3417228.2224670528,3565417.4665245819,-598878.75499645993]
[null,null,"Distributions to Equity","USD ",-60011261.875354797,{"$f":"-MAX(F226,0)*F79","v":0},0,0,0,-349801.46946599078,-1466735.0086433142,-1234930.5266439472,-1245507.0363424132,-50032.293270663969,-1404724.8764067024,-1563963.1210711645,-1573727.3442621566,-1735144.2374238735,-960407.51724809234,-1804213.4288452989,-1880707.8534679569,-2022383.8609279857,-2044636.7708559269,-1523772.7388864378,-4938498.0794072598,-2309177.5607871804,-2571197.7334066015,-2785732.7293437845,0,-3079647.9585453868,-3144162.7365735946,-3293941.0057311598,-3243978.9150717948,0,-3329345.0609838855,-3472246.3227506001,-3417228.2224670528,-3565417.4665245819,0]
[null,null,"Treasury: Add back","USD ",-1585496.1514435592,{"$f":"-F225-F220","v":0},0,0,0,{"$f":"-J225-J220","v":196763.32657461983},{"$f":"-K225-K220","v":825038.44236186426},694648.42123722041,700597.70794260735,-2435778.1339597204,790157.74297877005,879729.25560253009,885221.63114746299,976018.63355092879,-4659039.9639434721,-698075.00895339018,1057898.1675757256,1137590.9217719918,1150108.1836064588,-5540460.8555080798,-9335029.6408580057,-2265709.5702183079,1446298.7250412132,1566974.6602558787,0,-32711.080987727968,-356951.02552223136,1852841.8157237775,1824738.1397278847,0,1872756.5968034356,1953138.5565472124,1922190.8751377172,2005547.3249200773,0]
[null,null,"Net Cashflow","USD ",30538413.916801322,{"$f":"F224+F227+F228-F213","v":0},{"$f":"G224+G227+G228-G213","v":0},0,100000,{"$f":"J224+J227+J228-J213","v":393526.65314923972},{"$f":"K224+K227+K228-K213","v":1650076.8847237285},{"$f":"L224+L227+L228-L213","v":1389296.842474441},{"$f":"M224+M227+M228-M213","v":1401195.4158852147},{"$f":"N224+N227+N228-N213","v":-2407634.9689949718},{"$f":"O224+O227+O228-O213","v":1580315.4859575401},{"$f":"P224+P227+P228-P213","v":1759458.5112050604},{"$f":"Q224+Q227+Q228-Q213","v":1770443.2622949257},{"$f":"R224+R227+R228-R213","v":1952037.2671018578},{"$f":"S224+S227+S228-S213","v":-4118810.7354914201},{"$f":"T224+T227+T228-T213","v":316795.04477209039},{"$f":"U224+U227+U228-U213","v":2115796.3351514512},{"$f":"V224+V227+V228-V213","v":2275181.8435439835},{"$f":"W224+W227+W228-W213","v":2300216.3672129177},{"$f":"X224+X227+X228-X213","v":-4683338.6898844587},{"$f":"Y224+Y227+Y228-Y213","v":-6557124.471191423},{"$f":"Z224+Z227+Z228-Z213","v":-966797.19227551948},{"$f":"AA224+AA227+AA228-AA213","v":2892597.450082426},{"$f":"AB224+AB227+AB228-AB213","v":3133949.3205117574},{"$f":"AC224+AC227+AC228-AC213","v":-888911.02392211929},{"$f":"AD224+AD227+AD228-AD213","v":1699590.8956940521},{"$f":"AE224+AE227+AE228-AE213","v":1411640.5138004159},{"$f":"AF224+AF227+AF228-AF213","v":3705683.6314475555},{"$f":"AG224+AG227+AG228-AG213","v":3649476.2794557698},{"$f":"AH224+AH227+AH228-AH213","v":-244634.95772361942},{"$f":"AI224+AI227+AI228-AI213","v":3745513.1936068712},{"$f":"AJ224+AJ227+AJ228-AJ213","v":3906277.1130944248},{"$f":"AK224+AK227+AK228-AK213","v":3844381.7502754349},{"$f":"AL224+AL227+AL228-AL213","v":4011094.6498401547},{"$f":"AM224+AM227+AM228-AM213","v":-598878.75499645993}]
[]
[null,null,"Cash Balance B/f",null,null,{"$f":"E232","v":0},{"$f":"F232","v":0},0,0,100000,{"$f":"J232","v":493526.65314923972},{"$f":"K232","v":2143603.5378729682},{"$f":"L232","v":3532900.3803474093},{"$f":"M232","v":4934095.796232624},{"$f":"N232","v":2526460.8272376521},{"$f":"O232","v":4106776.3131951923},{"$f":"P232","v":5866234.8244002527},{"$f":"Q232","v":7636678.0866951784},{"$f":"R232","v":9588715.3537970372},{"$f":"S232","v":5469904.618305617},{"$f":"T232","v":5786699.6630777074},{"$f":"U232","v":7902495.998229159},{"$f":"V232","v":10177677.841773143},{"$f":"W232","v":12477894.208986061},{"$f":"X232","v":7794555.519101602},{"$f":"Y232","v":1237431.047910179},{"$f":"Z232","v":270633.85563465953},{"$f":"AA232","v":3163231.3057170855},{"$f":"AB232","v":6297180.6262288429},{"$f":"AC232","v":5408269.6023067236},{"$f":"AD232","v":7107860.4980007755},{"$f":"AE232","v":8519501.0118011907},{"$f":"AF232","v":12225184.643248746},{"$f":"AG232","v":15874660.922704516},{"$f":"AH232","v":15630025.964980897},{"$f":"AI232","v":19375539.158587769},{"$f":"AJ232","v":23281816.271682195},{"$f":"AK232","v":27126198.021957628},{"$f":"AL232","v":31137292.671797782}]
[null,null,"Cash Balance C/f","USD ",null,{"$f":"F229+F231","v":0},{"$f":"G229+G231","v":0},0,100000,{"$f":"J229+J231","v":493526.65314923972},{"$f":"K229+K231","v":2143603.5378729682},3532900.3803474093,4934095.796232624,2526460.8272376521,4106776.3131951923,5866234.8244002527,7636678.0866951784,9588715.3537970372,5469904.618305617,5786699.6630777074,7902495.998229159,10177677.841773143,12477894.208986061,7794555.519101602,1237431.047910179,270633.85563465953,3163231.3057170855,6297180.6262288429,5408269.6023067236,7107860.4980007755,8519501.0118011907,12225184.643248746,15874660.922704516,15630025.964980897,19375539.158587769,23281816.271682195,27126198.021957628,31137292.671797782,30538413.916801322]
[]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F234:AM234)","v":-30538413.916801322},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AM232","v":-30538413.916801322}]
[null,null,"Close out: Asset transfer to municipality","USD ",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Municipality Cashflow Waterfall"]
[]
[null,null,{"$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":59706270.66149541},{"$f":"-F203","v":0},{"$f":"-G203","v":377184.51003398438},{"$f":"-H203","v":1806052.5046341463},5370211.821060109,6566955.6546979705,6258585.6819876209,5892429.0662724804,5519102.9986663312,5119644.1063277517,4705519.5228944495,4235209.2083386369,3745817.1485035741,3222167.6444800561,2669405.6401370722,2062512.4294435529,1420964.5027759885,734508.22124169453,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Principal","USD ",{"$f":"E204","v":98434757.424213186},{"$f":"F204","v":0},{"$f":"G204","v":192349.56863237248},1026731.1658889812,3402024.4797209231,4657927.3989849249,4978166.7213792074,5333229.5372306928,5706555.6048368439,6106014.4971754234,6528769.7598119099,6991315.1405008957,7480707.2003359627,8004356.7043594765,8562146.3675905541,9164970.3809651975,9806518.3076327629,10492974.589167064,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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},{"$f":"SUM(G240:G243)","v":569534.07866635686},2832783.6705231275,8772236.3007810321,11224883.053682895,11236752.403366828,11225658.603503173,11225658.603503175,11225658.603503175,11234289.282706359,11226524.348839533,11226524.348839536,11226524.348839533,11231552.007727627,11227482.810408751,11227482.810408752,11227482.810408758,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Project Return"]
[]
[null,null,"Date",null,null,{"$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":-50891238.207720011},{"$f":"F214","v":-5970138.034422989},-22911083.782059718,-57714769.810129963,-22775961.066957522,658236.95553881722,2403585.5624146345,2041258.173931757,2057783.9703356097,-2274066.6146384673,2306672.2128564948,2555379.5400627763,2570636.1387987011,2822850.0343638845,-3586868.0338023072,1217834.4254084337,3050302.0265602069,3271670.7882165024,3306481.4421683601,-3904982.3422542484,-4284825.787083352,43467.990568872541,4017496.4584478145,4352707.3895996632,-888911.02392211929,3046936.8775576586,2787211.7110513635,5146782.8214549376,5068717.0547996797,-244634.95772361942,5202101.6577873211,5425384.8792978125,5339419.0976047702,5570964.7914446592,-598878.75499645993]
[null,null,"Residual value ","USD ",{"$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,{"$f":"SUM(F249:F250)","v":-5970138.034422989},{"$f":"SUM(G249:G250)","v":-22911083.782059718},-57714769.810129963,-22775961.066957522,658236.95553881722,2403585.5624146345,2041258.173931757,2057783.9703356097,-2274066.6146384673,2306672.2128564948,2555379.5400627763,2570636.1387987011,2822850.0343638845,-3586868.0338023072,1217834.4254084337,3050302.0265602069,3271670.7882165024,3306481.4421683601,-3904982.3422542484,-4284825.787083352,43467.990568872541,4017496.4584478145,4352707.3895996632,-888911.02392211929,3046936.8775576586,2787211.7110513635,5146782.8214549376,5068717.0547996797,-244634.95772361942,5202101.6577873211,5425384.8792978125,5339419.0976047702,5570964.7914446592,-598878.75499645993]
[null,null," "]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV project @ WACC","USD ",{"$f":"NPV(E254,F251:AM251)","v":-70732344.281124189}]
[]
[null,null,"IRR Project","%",{"$f":"IRR(F251:AM251)","v":-2.8631013575013187E-2}]
[null,null,"Check: NPV @ IRR","USD ",{"$f":"NPV(E257,F251:AM251)","v":-1.0666352114791669E-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 ",{"$f":"SUM(F264:AM264)","v":-9882267.6198498122},{"$f":"-F218","v":-537312.42309806857},-2061997.5403853727,-5194329.2829116927,-2088628.373454679,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Distributions to Equity","USD ",{"$f":"SUM(F265:AM265)","v":60011261.875354797},{"$f":"-F227","v":0},0,0,0,349801.46946599078,1466735.0086433142,1234930.5266439472,1245507.0363424132,50032.293270663969,1404724.8764067024,1563963.1210711645,1573727.3442621566,1735144.2374238735,960407.51724809234,1804213.4288452989,1880707.8534679569,2022383.8609279857,2044636.7708559269,1523772.7388864378,4938498.0794072598,2309177.5607871804,2571197.7334066015,2785732.7293437845,0,3079647.9585453868,3144162.7365735946,3293941.0057311598,3243978.9150717948,0,3329345.0609838855,3472246.3227506001,3417228.2224670528,3565417.4665245819,0]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F266:AM266)","v":30538413.916801322},{"$f":"-F234","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,30538413.916801322]
[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,{"$f":"SUM(F264:F267)","v":-537312.42309806857},{"$f":"SUM(G264:G267)","v":-2061997.5403853727},-5194329.2829116927,-2088628.373454679,349801.46946599078,1466735.0086433142,1234930.5266439472,1245507.0363424132,50032.293270663969,1404724.8764067024,1563963.1210711645,1573727.3442621566,1735144.2374238735,960407.51724809234,1804213.4288452989,1880707.8534679569,2022383.8609279857,2044636.7708559269,1523772.7388864378,4938498.0794072598,2309177.5607871804,2571197.7334066015,2785732.7293437845,0,3079647.9585453868,3144162.7365735946,3293941.0057311598,3243978.9150717948,0,3329345.0609838855,3472246.3227506001,3417228.2224670528,3565417.4665245819,30538413.916801322]
[]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV Equity @ WACC","USD ",{"$f":"NPV(E271,F268:AM268)","v":55198.38216084765}]
[]
[null,null,"IRR Equity","%",{"$f":"IRR(F268:AM268)","v":0.13068496173496569}]
[null,null,"Check: NPV Equity @ IRR","USD ",{"$f":"NPV(E274,F268:AM268)","v":-2.0591999675719178E-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":49724188.275710732},{"$f":"F221","v":0},{"$f":"G221","v":0},0,0,{"$f":"J221","v":658236.95553881722},2403585.5624146345,2041258.173931757,2057783.9703356097,189854.6842860016,2306672.2128564948,2555379.5400627763,2570636.1387987011,2822850.0343638845,1612401.1585932169,2930779.4880873044,3050302.0265602069,3271670.7882165024,3306481.4421683601,2492600.6788774524,7828109.0234412365,3608089.9387299689,4017496.4584478145,4352707.3895996632,-888911.02392211929,4811949.9352271669,4912754.2758962419,5146782.8214549376,5068717.0547996797,-244634.95772361942,5202101.6577873211,5425384.8792978125,5339419.0976047702,5570964.7914446592,-598878.75499645993]
[null,null,"CFADS (Qualifying) @ Period End","USD ",{"$f":"SUM(F290:AA290)","v":42098601.878532946},{"$f":"F289*F286","v":0},{"$f":"G289*G286","v":0},0,0,658236.95553881722,2403585.5624146345,2041258.173931757,2057783.9703356097,189854.6842860016,2306672.2128564948,2555379.5400627763,2570636.1387987011,2822850.0343638845,1612401.1585932169,2930779.4880873044,3050302.0265602069,3271670.7882165024,3306481.4421683601,2492600.6788774524,7828109.0234412365,0,0,0,{"$f":"AC289*AC286","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"NPV (CFADS) @ Period Start","USD ",null,{"$f":"(G291+F290)/F283*F286","v":0},0,0,0,22007491.440025873,22889778.885288868,22088477.844844457,21593413.120051816,21047168.068119835,22330615.148602221,21587085.996147882,20542802.475815456,19410162.510323837,17946023.851682622,17589844.36270719,15890353.980009392,13952376.732049843,11657372.31507683,9166906.9349638484,7315989.7415338652,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AN291+AM290)/AM283*AM286","v":0}]
[null,null,null,null,null,null,null,null,null,{"$f":"NPV(0.08,J219:Y219)","v":9920233.1422972288},{"$f":"IF(J291=J292,\"OK\")","v":false}]
[null,null,"Denominator"]
[null,null,"Debt Balance B/f","USD ",null,{"$f":"F163","v":0},0,0,0,1054927.6495072003,1017100.4254744978,976687.09606713499,933375.96674124536,887033.05836254347,837446.14639733243,784443.89913867821,727667.80868930393,666917.39190847334,601914.44595298474,532403.44013174437,457975.67542444193,378337.96718762832,293125.61937423784,201966.06947375703,104397.91996952656,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"LLCR (Loan Life Cover Ratio)","x @ Period Start",{"$f":"MIN(F297:AM297)","v":20.861612121273406},{"$f":"IF(F294=0,0,F291/F294)","v":0},0,0,0,{"$f":"IF(J294=0,0,J291/J294)","v":20.861612121273406},22.504934922832547,22.615715855967601,23.134743007624536,23.727602787400905,26.66513571609093,27.518967283512012,28.231017272590002,29.104297992258171,29.814908036090529,33.038562557662182,34.6969387954558,36.87807712179854,39.769203183136611,45.388351413923878,70.077926300345652,0,0,0,{"$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},10000000,10000000,20.861612121273406,22.504934922832547,22.615715855967601,23.134743007624536,23.727602787400905,26.66513571609093,27.518967283512012,28.231017272590002,29.104297992258171,29.814908036090529,33.038562557662182,34.6969387954558,36.87807712179854,39.769203183136611,45.388351413923878,70.077926300345652,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[]
[null,null,"DSCR"]
[]
[null,null,"Numerator"]
[null,null,{"$f":"C289","v":"CFADS @ Period End"},"USD ",{"$f":"SUM(F302:AM302)","v":93822545.442180783},{"$f":"F289","v":0},{"$f":"G289","v":0},0,0,658236.95553881722,2403585.5624146345,2041258.173931757,2057783.9703356097,189854.6842860016,2306672.2128564948,2555379.5400627763,2570636.1387987011,2822850.0343638845,1612401.1585932169,2930779.4880873044,3050302.0265602069,3271670.7882165024,3306481.4421683601,2492600.6788774524,7828109.0234412365,3608089.9387299689,4017496.4584478145,4352707.3895996632,{"$f":"AC289","v":-888911.02392211929},4811949.9352271669,4912754.2758962419,5146782.8214549376,5068717.0547996797,-244634.95772361942,5202101.6577873211,5425384.8792978125,5339419.0976047702,5570964.7914446592,-598878.75499645993]
[]
[null,null,"Denominator"]
[null,null,"Interest","USD ",{"$f":"SUM(F305:AM305)","v":732445.84907390538},{"$f":"-F222","v":0},0,0,0,73844.935465504095,71398.7820020933,68368.096724699513,65336.317671887235,62092.314085378101,58787.346212368138,54911.072939707527,50936.74660825132,46684.217433593178,42253.407071832436,37268.240809222138,32058.297279710965,26483.657703134006,20576.937805493562,14137.624863163004,7307.8543978668658,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal","USD ",{"$f":"SUM(F306:AM306)","v":1054927.6495072003},{"$f":"-F223","v":0},0,0,0,37827.22403270255,40413.329407362835,43311.129325889633,46342.908378701912,49586.911965211046,53002.247258654214,56776.090449374336,60750.416780830543,65002.945955488656,69511.005821240309,74427.764707302442,79637.708236813589,85212.347813390516,91159.549900480808,97568.149504230474,104397.91996952664,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Debt Service","USD ",null,{"$f":"SUM(F305:F306)","v":0},0,0,0,111672.15949820665,111812.11140945613,111679.22605058915,111679.22605058915,111679.22605058915,111789.59347102235,111687.16338908186,111687.16338908186,111687.16338908183,111764.41289307275,111696.00551652457,111696.00551652456,111696.00551652451,111736.48770597437,111705.77436739347,111705.7743673935,0,0,0,{"$f":"SUM(AC305:AC306)","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"DSCR (Debt Service Cover Ratio)",null,"Average",{"$f":"IF(F307=0,0,F302/F307)","v":0},0,0,0,5.8943693620377058,21.496647653962103,18.27786819553258,18.42584375901264,1.7000000000000004,20.634051356975558,22.879796231914877,23.016397415730207,25.274614814327329,14.426785028037802,26.238892559624418,27.308962504562782,29.290848612598644,29.591778926048772,22.313982361193261,70.077926300345595,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"AVERAGEIF(F286:AM286,1,F310:AM310)","v":23.553047817619017}]
[null,null,null,null,"Min"]
[null,null,null,null,{"$f":"MIN(F313:AM313)","v":1.7000000000000004},{"$f":"IF(F310=0,10000000,F310)","v":10000000},{"$f":"IF(G310=0,10000000,G310)","v":10000000},10000000,10000000,5.8943693620377058,21.496647653962103,18.27786819553258,18.42584375901264,1.7000000000000004,20.634051356975558,22.879796231914877,23.016397415730207,25.274614814327329,14.426785028037802,26.238892559624418,27.308962504562782,29.290848612598644,29.591778926048772,22.313982361193261,70.077926300345595,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[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$109)","v":109176378.42866457},{"$f":"C6/C$21","v":0.2730658690808328},"Deuda privada",{"$f":"-NPV(0,'Project Finance Model'!$F$117:$AM$117)","v":1054927.6495072003},{"$f":"F6/F$21","v":2.6385262048081596E-3}]
[null,"Interes durante la construccion",{"$f":"NPV(0,'Project Finance Model'!$F$112:$AM$112)","v":85024.988410544451},{"$f":"C7/C$21","v":2.1265975926361427E-4},"Aportacion de capital privado",{"$f":"-NPV(0,'Project Finance Model'!$F$119:$AM$119)","v":9882267.6198498122},{"$f":"F7/F$21","v":2.4716976647717413E-2}]
[null,"Upfront fee",{"$f":"NPV(0,'Project Finance Model'!$F$113:$AM$113)","v":10549.276495072003},{"$f":"C8/C$21","v":2.6385262048081604E-5},"Aportacion municipal",{"$f":"-NPV(0,'Project Finance Model'!$F$116:$AM$116)","v":98434757.424213171},{"$f":"F8/F$21","v":0.24619952567273029}]
[]
[]
[null,"Durante la operacion",null,null,"Durante la operacion"]
[]
[null,"Operacion y mantenimiento",{"$f":"-NPV(0,'Project Finance Model'!$F$209:$AM$209)","v":164183720.50534764},{"$f":"C13/C$21","v":0.410647165384873},"Deuda",0,{"$f":"F13/F$21","v":0}]
[null,"Renovaciones",{"$f":"NPV(0,'Project Finance Model'!$F$106:$AM$106)","v":20531434.359498896},5.1352078604767606E-2,"Aportacion de capital privado",0,{"$f":"F14/F$21","v":0}]
[null,"Impuesto a la renta",{"$f":"-NPV(0,'Project Finance Model'!$F$211:$AM$211)","v":11907353.775691524},2.9782009203910848E-2,"Aportacion municipal",{"$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$222)","v":732445.84907390538},1.831952710014993E-3,"Autofinanciamento sobre Tesoreria",{"$f":"'Project Finance Model'!E220","v":35341830.956330642},{"$f":"F16/F$21","v":8.8395016613451796E-2}]
[null,"Principal de la deuda",{"$f":"-NPV(0,'Project Finance Model'!$F$223:$AM$223)","v":1054927.6495072003},2.6385262048081604E-3,"Ingresos de operacion",{"$f":"NPV(0,'Project Finance Model'!$F$208:$AM$208)","v":255103223.12638825},{"$f":"F17/F$21","v":0.63804995486129223}]
[null,"Constitucion de la Tesoreria",{"$f":"'Project Finance Model'!E229-'Project Finance Model'!E228","v":32123910.068244882},8.0346532348033128E-2]
[null,"Dividendo a privados (Equity)",{"$f":"-NPV(0,'Project Finance Model'!$F$227:$AM$227)","v":60011261.875354797},0.15009682144144787]
[]
[null,"Total",{"$f":"SUM(C6:C19)","v":399817006.77628899},{"$f":"SUM(D6:D19)","v":1.0000000000000002},"Total",{"$f":"SUM(F6:F19)","v":399817006.77628911},{"$f":"SUM(G6:G19)","v":0.99999999999999989}]
[]
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[null,"Financement des renouvellements d'équipement sur la trésorerie du SPV. Déblocage de fonds de la part du SPV pour financer les renouvellements d'équipement. "]
[null,"Part de la dette municipale dans le financement de la construction"]
[null,"Part de la dette privée dans le financement de la construction"]
[]
[null,"Part du capital privé dans le financement de la construction"]
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[]
[null,"Calcul des intérêts à rembourser par le SPV durant la construction"]
[null,"Calcul des intérêts à rembourser par le maire durant la construction"]
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[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,{"$f":"C4+D4+E4+F4","v":158141028.08570859},{"$f":"'Project Finance Model'!E241","v":59706270.66149541},{"$f":"'Project Finance Model'!E242","v":98434757.424213186},{"$f":"SUM('Project Finance Model'!$F$157:$AM$157)","v":0},{"$f":"SUM('Project Finance Model'!$F$243:$AM$243)","v":0}]