{"text_format":"1","workbook":"xlsx","n_sheets":5,"sheets":["Mensaje","Global Financial Model","Project Finance Model","Balance_SPV","Balance_Municipality"],"not_rendered":{"charts":1,"images":0,"macros":1,"external_links":0,"defined_names":0,"comments":1,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Mensaje","index":0,"n_rows":10,"n_cols":3,"rows_kept":10,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,"ACTIVAR MACRO PARA ACCEDER ALCONTENIDO"]

{"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)",129326833.52776122]
[null,"Inversion inicial con inflacion (USD valor nominal)",133888203.58615632]
[null,"Inflacion sobre inversion inicial (USD valor nominal)",4561370.0583951026]
[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",{"$f":"AJ104","v":-3.125277461866216E-2}]
[null,"VAN 30 años",{"$f":"AJ116","v":-95458413.273510709}]
[]
[]
[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",{"$f":"H112","v":1.3765418824868194},{"$f":"M112","v":1.2153077790204971},{"$f":"R112","v":1.2649529280426346},{"$f":"W112","v":1.3951694359611653},{"$f":"AB112","v":1.5343533290733404},{"$f":"AG112","v":1.5361651142875661},{"$f":"AL112","v":1.4777706587634478}]
[null,"Margen neta de la operacion",{"$f":"H113","v":0.37654188248681941},{"$f":"M113","v":0.21530777902049714},{"$f":"R113","v":0.26495292804263459},{"$f":"W113","v":0.39516943596116527},{"$f":"AB113","v":0.53435332907334043},{"$f":"AG113","v":0.53616511428756608},{"$f":"AL113","v":0.47777065876344782}]
[]
[]
[]
[]
[]
[]
[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",0,0,0,0,3762058.8055764795,3108658.0469817081,3953377.7034873012,4046383.0088844844,9846842.7221213989,4239173.7057111328,4339071.1116472194,4441380.2605193546,4546160.7568040937,10922074.583246462,4763381.778625506,4875949.1997712972,4991241.8403222216,5109327.2337890035,12117900.09793343,5354155.0114833247,5481041.1945458092,5611007.820171617,5744131.4296809118,13448271.654409209,6020165.5352136409,6163239.0358997881,6309795.6345584858,6459922.1088955197,14928812.511770133,6771242.899547603,6932622.0490609771,7097940.8600091366,7267297.7460467396,16577024.284970589,7618532.0226615891,7800619.0631049778,7987163.6143965814,8178277.3209219445,18412521.142511521,8574673.134789614,8780193.1140613165,8990758.1474876888,9206494.9279071875,20457294.275329221]
[null,"Trafico anual",0,0,0,0,6571250.0000000009,8761666.6666666679,8917483.9923360124,9073301.3180053588,9229118.6436747052,9384935.9693440516,9540753.2950133942,9694478.2682859469,9848203.2415585015,10001928.214831056,10155653.188103609,10309378.161376165,10517461.034039805,10725543.906703444,10933626.779367084,11141709.652030723,11349792.524694365,11673186.825781941,11996581.12686952,12319975.427957097,12643369.729044674,12966764.030132253,12966764.030132253,12966764.030132253,12966764.030132253,12966764.030132253,12966764.030132253,12966764.030132253,12966764.030132253,12966764.030132253,12966764.030132253,12966764.030132253,12966764.030132253,12966764.030132253,12966764.030132253,12966764.030132253,12966764.030132253,12966764.030132253,12966764.030132253,12966764.030132253]
[null,"Ingresos de pasajeros (valor actualizado)",0,0,0,0,3209398.5000000005,4279198,4553465.2946313974,4633029.080262797,4902981.6176763196,4985759.7802472254,5273306.8757079821,5358272.8038124107,5663145.5766862761,5751544.1282861223,6075876.3641533619,6167846.2172378432,6546547.4755454259,6676067.7466765968,7080533.7737272056,7215286.6638120785,7646981.1518743886,7864869.7273403862,8409301.7382397652,8635993.0121545922,9220736.7312266212,9456586.3326076046,9838632.4204449505,9838632.4204449505,10236113.170230925,10236113.170230925,10649652.142308256,10649652.142308256,11079898.088857509,11079898.088857509,11527525.971647352,11527525.971647352,11993238.020901904,11993238.020901904,12477764.836946344,12477764.836946344,12981866.536358975,12981866.536358975,13506333.944427878,13506333.944427878]
[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$18/50","v":-741217.22337723617},-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617,-741217.22337723617]
[null,"Activos iniciales - Depreciacion 40 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$19/40","v":-1598933.3391102257},-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257,-1598933.3391102257]
[null,"Activos iniciales - Depreciacion 15 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$20/15","v":-793097.30239717592},-793097.30239717592,-793097.30239717592,-793097.30239717592,-793097.30239717592,-793097.30239717592,-793097.30239717592,-793097.30239717592,-793097.30239717592,-793097.30239717592,-793097.30239717592,-793097.30239717592,-793097.30239717592,-793097.30239717592,-793097.30239717592,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 10 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$21/10","v":-300334.76056008792},-300334.76056008792,-300334.76056008792,-300334.76056008792,-300334.76056008792,-300334.76056008792,-300334.76056008792,-300334.76056008792,-300334.76056008792,-300334.76056008792,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 5 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-208229.22557298714},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-208229.22557298714},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-208229.22557298714},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-208229.22557298714},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-208229.22557298714},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Valor residual",0,0,0,0,{"$f":"-(SUM(C96:F96))+SUM(G56:G60)","v":130246391.73513861},{"$f":"G61+SUM(H56:H60)","v":126604579.8841209},{"$f":"H61+SUM(I56:I60)","v":122962768.03310318},119320956.18208547,115679144.33106776,112245561.70562303,108811979.08017831,105378396.45473358,101944813.82928886,98511231.20384413,95377983.338959485,92244735.474074841,89111487.609190196,85978239.744305551,82844991.879420906,80504841.316933438,78164690.75444597,75824540.191958502,73484389.629471034,71144239.066983566,68804088.504496098,66463937.942008637,64123787.379521176,61783636.817033716,59443486.254546255,57103335.692058794,54763185.129571334,52423034.567083873,50082884.004596412,47742733.442108952,45402582.879621491,43062432.31713403,40722281.754646569,38382131.192159109,36041980.629671648,33701830.067184187,31361679.504696727,29021528.942209266,26681378.379721805,24341227.817234345]
[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$97)/10","v":-374693.98501842545},{"$f":"SUM($P$97:$Q$97)/10","v":-374693.98501842545},-374693.98501842545,-374693.98501842545,-374693.98501842545,-374693.98501842545,-374693.98501842545,-374693.98501842545,-374693.98501842545,-374693.98501842545,-374693.98501842545,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos nuevos 1 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-SUM(P97:Q97)","v":3746939.8501842543},{"$f":"R63+S62","v":3372245.8651658287},{"$f":"S63+T62","v":2997551.8801474031},2622857.8951289775,2248163.9101105519,1873469.9250921265,1498775.9400737011,1124081.9550552757,749387.97003685031,374693.98501842486,-5.8207660913467407E-10,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos nuevos 2 - Depreciacion 15 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($U$97:$W$97)/15","v":-1115998.5387217882},-1115998.5387217882,-1115998.5387217882,-1115998.5387217882,-1115998.5387217882,-1115998.5387217882,-1115998.5387217882,-1115998.5387217882,-1115998.5387217882,-1115998.5387217882,-1115998.5387217882,-1115998.5387217882,-1115998.5387217882,-1115998.5387217882,-1115998.5387217882,0,0,{"$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$97))+X64","v":15623979.542105034},{"$f":"X65+Y64","v":14507981.003383245},{"$f":"Y65+Z64","v":13391982.464661457},12275983.925939668,11159985.387217879,10043986.848496091,8927988.3097743019,7811989.7710525133,6695991.2323307246,5579992.6936089359,4463994.1548871472,3347995.616165359,2231997.0774435708,1115998.5387217826,-5.5879354476928711E-9,0,0,{"$f":"AN65+AO64","v":0},0,0,0,0,0]
[null,"Activos nuevos 3 - Depreciacion 10 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($AA$97:$AB$97)/10","v":-464946.27887156763},{"$f":"SUM($AA$97:$AB$97)/10","v":-464946.27887156763},-464946.27887156763,-464946.27887156763,-464946.27887156763,-464946.27887156763,-464946.27887156763,-464946.27887156763,-464946.27887156763,-464946.27887156763,-464946.27887156763,0,{"$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":4649462.7887156764},{"$f":"AC67+AD66","v":4184516.509844109},{"$f":"AD67+AE66","v":3719570.2309725415},3254623.952100974,2789677.6732294066,2324731.3943578391,1859785.1154862714,1394838.8366147038,929892.55774313607,464946.27887156844,8.149072527885437E-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$97)/14","v":-2045288.6394905054},{"$f":"SUM($AL$97:$AN$97)/14","v":-2045288.6394905054},-2045288.6394905054,-2045288.6394905054,-2045288.6394905054,-2045288.6394905054]
[null,"Activos nuevos 4 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-(SUM(AL97:AN97))-AO68","v":30679329.59235758},{"$f":"AO69+AP68","v":28634040.952867076},{"$f":"AP69+AQ68","v":26588752.313376572},24543463.673886068,22498175.034395564,20452886.394905061]
[null,"Depreciacion de activos",0,0,0,0,{"$f":"SUM(G56:G60)+G62+G64+G66+G68","v":-3641811.8510177121},{"$f":"SUM(H56:H60)+H62+H64+H66+H68","v":-3641811.8510177121},-3641811.8510177121,-3641811.8510177121,-3641811.8510177121,-3433582.6254447252,-3433582.6254447252,-3433582.6254447252,-3433582.6254447252,-3433582.6254447252,-3133247.8648846373,-3507941.8499030629,-3507941.8499030629,-3507941.8499030629,-3507941.8499030629,-2714844.5475058872,-2714844.5475058872,-3830843.0862276754,-3830843.0862276754,-3830843.0862276754,-3830843.0862276754,-3830843.0862276754,-3921095.3800808173,-3921095.3800808173,-3921095.3800808173,-3921095.3800808173,-3921095.3800808173,-3921095.3800808173,-3921095.3800808173,-3921095.3800808173,-3921095.3800808173,-3921095.3800808173,-2805096.8413590291,-2340150.5624874616,-4385439.2019779673,-4385439.2019779673,-4385439.2019779673,-4385439.2019779673,-4385439.2019779673,-4385439.2019779673]
[null,"Valor residual de activos",{"$f":"C61+C65+C69","v":0},{"$f":"D61+D65+D69","v":0},0,0,{"$f":"G61+G63+G65+G67+G69","v":130246391.73513861},{"$f":"H61+H63+H65+H67+H69","v":126604579.8841209},122962768.03310318,119320956.18208547,115679144.33106776,112245561.70562303,108811979.08017831,105378396.45473358,101944813.82928886,98511231.20384413,95377983.338959485,95991675.324259102,92483733.474356025,88975791.624452949,85467849.774549887,82753005.227043986,80038160.679538101,92947295.674137235,89116452.587909564,85285609.501681864,81454766.415454194,77623923.329226524,78817237.016732946,74896141.636652127,70975046.256571308,67053950.876490496,63132855.496409677,59211760.116328858,55290664.736248046,51369569.356167227,47448473.976086415,43527378.596005589,40722281.754646569,38382131.192159109,66721310.222029224,62335871.020051263,57950431.818073303,53564992.616095334,49179553.414117366,44794114.212139405]
[]
[]
[null,"A. GASTOS "]
[null,"1. Costos anuales de O&M",0,0,0,0,{"$f":"-G51","v":-3762058.8055764795},{"$f":"-H51","v":-3108658.0469817081},-3953377.7034873012,-4046383.0088844844,-9846842.7221213989,-4239173.7057111328,-4339071.1116472194,-4441380.2605193546,-4546160.7568040937,-10922074.583246462,-4763381.778625506,-4875949.1997712972,-4991241.8403222216,-5109327.2337890035,-12117900.09793343,-5354155.0114833247,-5481041.1945458092,-5611007.820171617,-5744131.4296809118,-13448271.654409209,-6020165.5352136409,-6163239.0358997881,-6309795.6345584858,-6459922.1088955197,-14928812.511770133,-6771242.899547603,-6932622.0490609771,-7097940.8600091366,-7267297.7460467396,-16577024.284970589,-7618532.0226615891,-7800619.0631049778,-7987163.6143965814,-8178277.3209219445,-18412521.142511521,-8574673.134789614,-8780193.1140613165,-8990758.1474876888,-9206494.9279071875,-20457294.275329221]
[null,"Gasto totale",null,null,null,null,{"$f":"G75","v":-3762058.8055764795},{"$f":"H75","v":-3108658.0469817081},-3953377.7034873012,-4046383.0088844844,-9846842.7221213989,-4239173.7057111328,-4339071.1116472194,-4441380.2605193546,-4546160.7568040937,-10922074.583246462,-4763381.778625506,-4875949.1997712972,-4991241.8403222216,-5109327.2337890035,-12117900.09793343,-5354155.0114833247,-5481041.1945458092,-5611007.820171617,-5744131.4296809118,-13448271.654409209,-6020165.5352136409,-6163239.0358997881,-6309795.6345584858,-6459922.1088955197,-14928812.511770133,-6771242.899547603,-6932622.0490609771,-7097940.8600091366,-7267297.7460467396,-16577024.284970589,-7618532.0226615891,-7800619.0631049778,-7987163.6143965814,-8178277.3209219445,-18412521.142511521,-8574673.134789614,-8780193.1140613165,-8990758.1474876888,-9206494.9279071875,-20457294.275329221]
[]
[null,"B. INGRESOS"]
[null,"1. Ingresos de pasajeros",0,0,0,0,{"$f":"G53","v":3209398.5000000005},4279198,4553465.2946313974,4633029.080262797,4902981.6176763196,4985759.7802472254,5273306.8757079821,5358272.8038124107,5663145.5766862761,5751544.1282861223,6075876.3641533619,6167846.2172378432,6546547.4755454259,6676067.7466765968,7080533.7737272056,7215286.6638120785,7646981.1518743886,7864869.7273403862,8409301.7382397652,8635993.0121545922,9220736.7312266212,9456586.3326076046,9838632.4204449505,9838632.4204449505,10236113.170230925,10236113.170230925,10649652.142308256,10649652.142308256,11079898.088857509,11079898.088857509,11527525.971647352,11527525.971647352,11993238.020901904,11993238.020901904,12477764.836946344,12477764.836946344,12981866.536358975,12981866.536358975,13506333.944427878,13506333.944427878]
[null,"2. Ingresos comerciales",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Ingreso totale",0,0,0,0,{"$f":"G79+G80","v":3209398.5000000005},{"$f":"H79+H80","v":4279198},4553465.2946313974,4633029.080262797,4902981.6176763196,4985759.7802472254,5273306.8757079821,5358272.8038124107,5663145.5766862761,5751544.1282861223,6075876.3641533619,6167846.2172378432,6546547.4755454259,6676067.7466765968,7080533.7737272056,7215286.6638120785,7646981.1518743886,7864869.7273403862,8409301.7382397652,8635993.0121545922,9220736.7312266212,9456586.3326076046,9838632.4204449505,9838632.4204449505,10236113.170230925,10236113.170230925,10649652.142308256,10649652.142308256,11079898.088857509,11079898.088857509,11527525.971647352,11527525.971647352,11993238.020901904,11993238.020901904,12477764.836946344,12477764.836946344,12981866.536358975,12981866.536358975,13506333.944427878,13506333.944427878]
[]
[null,"Flujo de caja neto (Ingreso total - Gasto total)",null,null,null,null,{"$f":"G81+G76","v":-552660.30557647906},{"$f":"H81+H76","v":1170539.9530182919},600087.59114409611,586646.07137831254,-4943861.1044450793,746586.07453609258,934235.76406076271,916892.54329305608,1116984.8198821824,-5170530.4549603397,1312494.5855278559,1291897.017466546,1555305.6352232043,1566740.5128875934,-5037366.3242062246,1861131.6523287538,2165939.9573285794,2253861.9071687693,2665170.3085588533,-4812278.6422546171,3200571.1960129803,3293347.2967078164,3528836.7858864646,3378710.3115494307,-4692699.3415392078,3464870.2706833221,3717030.0932472786,3551711.282299119,3812600.3428107696,-5497126.1961130798,3908993.9489857629,3726906.9085423741,4006074.4065053221,3814960.6999799591,-5934756.3055651765,3903091.70215673,4201673.4222976584,3991108.3888712861,4299839.0165206902,-6950960.3309013434]
[]
[null,"C. FLUJO DE CAJA DE OPERACION"]
[null,"1. Utilitad antes de impuestos",0,0,0,0,{"$f":"G83","v":-552660.30557647906},{"$f":"H83","v":1170539.9530182919},600087.59114409611,586646.07137831254,-4943861.1044450793,746586.07453609258,934235.76406076271,916892.54329305608,1116984.8198821824,-5170530.4549603397,1312494.5855278559,1291897.017466546,1555305.6352232043,1566740.5128875934,-5037366.3242062246,1861131.6523287538,2165939.9573285794,2253861.9071687693,2665170.3085588533,-4812278.6422546171,3200571.1960129803,3293347.2967078164,3528836.7858864646,3378710.3115494307,-4692699.3415392078,3464870.2706833221,3717030.0932472786,3551711.282299119,3812600.3428107696,-5497126.1961130798,3908993.9489857629,3726906.9085423741,4006074.4065053221,3814960.6999799591,-5934756.3055651765,3903091.70215673,4201673.4222976584,3991108.3888712861,4299839.0165206902,-6950960.3309013434]
[null,"2. Renta concessional",0,0,0,0,{"$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":-3641811.8510177121},{"$f":"H70","v":-3641811.8510177121},-3641811.8510177121,-3641811.8510177121,-3641811.8510177121,-3433582.6254447252,-3433582.6254447252,-3433582.6254447252,-3433582.6254447252,-3433582.6254447252,-3133247.8648846373,-3507941.8499030629,-3507941.8499030629,-3507941.8499030629,-3507941.8499030629,-2714844.5475058872,-2714844.5475058872,-3830843.0862276754,-3830843.0862276754,-3830843.0862276754,-3830843.0862276754,-3830843.0862276754,-3921095.3800808173,-3921095.3800808173,-3921095.3800808173,-3921095.3800808173,-3921095.3800808173,-3921095.3800808173,-3921095.3800808173,-3921095.3800808173,-3921095.3800808173,-3921095.3800808173,-2805096.8413590291,-2340150.5624874616,-4385439.2019779673,-4385439.2019779673,-4385439.2019779673,-4385439.2019779673,-4385439.2019779673,-4385439.2019779673]
[null,"4. Base imponible ( 1-2-3)",0,0,0,0,{"$f":"G86+G87+G88","v":-4194472.1565941907},-2471271.8979994203,-3041724.259873616,-3055165.7796393996,-8585672.955462791,-2686996.5509086326,-2499346.8613839624,-2516690.0821516691,-2316597.8055625428,-8604113.0804050639,-1820753.2793567814,-2216044.8324365169,-1952636.2146798586,-1941201.3370154696,-8545308.1741092876,-853712.89517713338,-548904.59017730784,-1576981.1790589062,-1165672.7776688221,-8643121.728482293,-630271.89021469513,-537495.78951985901,-392258.59419435263,-542385.06853138655,-8613794.7216200251,-456225.10939749517,-204065.28683353867,-369384.09778169822,-108495.0372700477,-9418221.5761938971,-12101.431095054373,-194188.47153844312,1200977.565146293,1474810.1374924975,-10320195.507543143,-482347.49982123729,-183765.77968030889,-394330.81310668122,-85600.185457277112,-11336399.532879312]
[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$24*H89,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-420342.14780120255,-516183.54812237405,0,0,0,0,0,0]
[null,"6. Utilidad despues de impuestos",0,0,0,0,{"$f":"G89+G90","v":-4194472.1565941907},{"$f":"H89+H90","v":-2471271.8979994203},-3041724.259873616,-3055165.7796393996,-8585672.955462791,-2686996.5509086326,-2499346.8613839624,-2516690.0821516691,-2316597.8055625428,-8604113.0804050639,-1820753.2793567814,-2216044.8324365169,-1952636.2146798586,-1941201.3370154696,-8545308.1741092876,-853712.89517713338,-548904.59017730784,-1576981.1790589062,-1165672.7776688221,-8643121.728482293,-630271.89021469513,-537495.78951985901,-392258.59419435263,-542385.06853138655,-8613794.7216200251,-456225.10939749517,-204065.28683353867,-369384.09778169822,-108495.0372700477,-9418221.5761938971,-12101.431095054373,-194188.47153844312,780635.41734509054,958626.58937012334,-10320195.507543143,-482347.49982123729,-183765.77968030889,-394330.81310668122,-85600.185457277112,-11336399.532879312]
[null,"7.Depreciacion (agrego)",0,0,0,0,{"$f":"-G88","v":3641811.8510177121},{"$f":"-H88","v":3641811.8510177121},3641811.8510177121,3641811.8510177121,3641811.8510177121,3433582.6254447252,3433582.6254447252,3433582.6254447252,3433582.6254447252,3433582.6254447252,3133247.8648846373,3507941.8499030629,3507941.8499030629,3507941.8499030629,3507941.8499030629,2714844.5475058872,2714844.5475058872,3830843.0862276754,3830843.0862276754,3830843.0862276754,3830843.0862276754,3830843.0862276754,3921095.3800808173,3921095.3800808173,3921095.3800808173,3921095.3800808173,3921095.3800808173,3921095.3800808173,3921095.3800808173,3921095.3800808173,3921095.3800808173,3921095.3800808173,2805096.8413590291,2340150.5624874616,4385439.2019779673,4385439.2019779673,4385439.2019779673,4385439.2019779673,4385439.2019779673,4385439.2019779673]
[null,"Flujo de caja de operacion (6+7)",null,null,null,null,{"$f":"G91+G92","v":-552660.3055764786},{"$f":"H91+H92","v":1170539.9530182919},600087.59114409611,586646.07137831254,-4943861.1044450793,746586.07453609258,934235.76406076271,916892.54329305608,1116984.8198821824,-5170530.4549603388,1312494.5855278559,1291897.017466546,1555305.6352232043,1566740.5128875934,-5037366.3242062246,1861131.6523287538,2165939.9573285794,2253861.9071687693,2665170.3085588533,-4812278.6422546171,3200571.1960129803,3293347.2967078164,3528836.7858864646,3378710.3115494307,-4692699.3415392078,3464870.2706833221,3717030.0932472786,3551711.282299119,3812600.3428107696,-5497126.1961130798,3908993.9489857629,3726906.9085423741,3585732.2587041194,3298777.1518575847,-5934756.3055651756,3903091.70215673,4201673.4222976584,3991108.3888712861,4299839.0165206902,-6950960.3309013443]
[]
[null,"D. FLUJO DE CAJA DE INVERSION"]
[null," 1. Inversion inicial",-6584924.4433762273,-27656868.041941456,-71655532.539482296,-27990878.561356351]
[null," 2. Nuevos equipos",null,null,null,null,0,0,0,0,0,0,0,0,0,-1699860.949178206,-2047078.9010060481,0,0,0,-2850521.658572298,-9462605.4173333552,-4426851.004921169,0,0,0,-2109303.4850194608,-2540159.3036962156,0,0,0,0,0,0,0,0,0,-6557935.1608782839,-16023767.103685562,-6052338.6883032303,0,0,0,0,0,0]
[null," 3. Valor residual despues tasas",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AJ71","v":51369569.356167227},null,null,null,null,null,null,null,null,null,{"$f":"AT71","v":44794114.212139405}]
[null,"Flujo de caja del capital",{"$f":"C96+C97+C98","v":-6584924.4433762273},-27656868.041941456,-71655532.539482296,-27990878.561356351,0,0,0,0,0,0,0,0,0,-1699860.949178206,-2047078.9010060481,0,0,0,-2850521.658572298,-9462605.4173333552,-4426851.004921169,0,0,0,-2109303.4850194608,-2540159.3036962156,0,0,0,0,0,0,0,51369569.356167227,0,-6557935.1608782839,-16023767.103685562,-6052338.6883032303,0,0,0,0,0,44794114.212139405]
[]
[null,null,null,null,"Inversion inicial con la inflacion",{"$f":"C99+D99+E99+F99","v":-133888203.58615632}]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C93+C99","v":-6584924.4433762273},-27656868.041941456,-71655532.539482296,-27990878.561356351,-552660.3055764786,1170539.9530182919,600087.59114409611,586646.07137831254,-4943861.1044450793,746586.07453609258,934235.76406076271,916892.54329305608,1116984.8198821824,-6870391.4041385446,-734584.31547819218,1291897.017466546,1555305.6352232043,1566740.5128875934,-7887887.9827785231,-7601473.7650046013,-2260911.0475925896,2253861.9071687693,2665170.3085588533,-4812278.6422546171,1091267.7109935195,753187.9930116008,3528836.7858864646,3378710.3115494307,-4692699.3415392078,3464870.2706833221,3717030.0932472786,3551711.282299119,3812600.3428107696,45872443.160054147]
[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,{"$f":"IRR(C103:AJ103)","v":-3.125277461866216E-2}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C93+C99","v":-6584924.4433762273},{"$f":"D93+D99","v":-27656868.041941456},-71655532.539482296,-27990878.561356351,-552660.3055764786,1170539.9530182919,600087.59114409611,586646.07137831254,-4943861.1044450793,746586.07453609258,934235.76406076271,916892.54329305608,1116984.8198821824,-6870391.4041385446,-734584.31547819218,1291897.017466546,1555305.6352232043,1566740.5128875934,-7887887.9827785231,-7601473.7650046013,-2260911.0475925896,2253861.9071687693,2665170.3085588533,-4812278.6422546171,1091267.7109935195,753187.9930116008,3528836.7858864646,3378710.3115494307,-4692699.3415392078,3464870.2706833221,3717030.0932472786,3551711.282299119,3812600.3428107696,{"$f":"AJ93+AJ97","v":-5497126.1961130798},3908993.9489857629,-2831028.2523359098,-12438034.844981443,-2753561.5364456456,-5934756.3055651756,3903091.70215673,4201673.4222976584,3991108.3888712861,4299839.0165206902,37843153.881238058]
[null,"TRI (40 años)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IRR(C106:AT106)","v":-3.1808291029072788E-2}]
[]
[null,"EBE (Excedente Bruto de Explotacion)",{"$f":"C83","v":0},{"$f":"D83","v":0},0,0,-552660.30557647906,1170539.9530182919,600087.59114409611,586646.07137831254,-4943861.1044450793,746586.07453609258,934235.76406076271,916892.54329305608,1116984.8198821824,-5170530.4549603397,1312494.5855278559,1291897.017466546,1555305.6352232043,1566740.5128875934,-5037366.3242062246,1861131.6523287538,2165939.9573285794,2253861.9071687693,2665170.3085588533,-4812278.6422546171,3200571.1960129803,3293347.2967078164,3528836.7858864646,3378710.3115494307,-4692699.3415392078,3464870.2706833221,3717030.0932472786,3551711.282299119,3812600.3428107696,-5497126.1961130798,3908993.9489857629,3726906.9085423741,4006074.4065053221,3814960.6999799591,-5934756.3055651765,3903091.70215673,4201673.4222976584,3991108.3888712861,4299839.0165206902,-6950960.3309013434]
[null,"ENE (Excedente Neto de Explotacion)",{"$f":"C109+C70","v":0},{"$f":"D109+D70","v":0},0,0,-4194472.1565941907,-2471271.8979994203,-3041724.259873616,-3055165.7796393996,-8585672.955462791,-2686996.5509086326,-2499346.8613839624,-2516690.0821516691,-2316597.8055625428,-8604113.0804050639,-1820753.2793567814,-2216044.8324365169,-1952636.2146798586,-1941201.3370154696,-8545308.1741092876,-853712.89517713338,-548904.59017730784,-1576981.1790589062,-1165672.7776688221,-8643121.728482293,-630271.89021469513,-537495.78951985901,-392258.59419435263,-542385.06853138655,-8613794.7216200251,-456225.10939749517,-204065.28683353867,-369384.09778169822,-108495.0372700477,-9418221.5761938971,-12101.431095054373,-194188.47153844312,1200977.565146293,1474810.1374924975,-10320195.507543143,-482347.49982123729,-183765.77968030889,-394330.81310668122,-85600.185457277112,-11336399.532879312]
[]
[null,"Ratio de coberture (Ingresos/Egresos)",null,null,null,null,{"$f":"ABS(G81)/ABS(G76)","v":0.8530963139764659},{"$f":"ABS(H81)/ABS(H76)","v":1.3765418824868194},1.1517911103244081,1.144980361495745,0.49792423379135925,1.176115942956117,1.2153077790204971,1.2064431526936716,1.2456984870608516,0.52659813705250691,1.2755383982483515,1.2649529280426346,1.311606947725618,1.3066432117572007,0.58430369259560988,1.3476051119807124,1.3951694359611653,1.4016857540397856,1.4639814289045445,0.64216378387353279,1.5316417260110107,1.5343533290733404,1.5592632456365423,1.5230264784302645,0.68566157972448227,1.5117037332857777,1.5361651142875661,1.5003861475248397,1.5246242105443863,0.66838884340074234,1.5130901776560528,1.4777706587634478,1.5015640845624489,1.4664748516439272,0.67767823539043825,1.4551883950329141,1.4785399783028412,1.4439123290160498,1.467044086831222,0.6602209345307235]
[null,"Margen neta de la operacion",null,null,null,null,{"$f":"G112-1","v":-0.1469036860235341},{"$f":"H112-1","v":0.37654188248681941},0.15179111032440806,0.144980361495745,-0.50207576620864081,0.17611594295611699,0.21530777902049714,0.20644315269367164,0.24569848706085162,-0.47340186294749309,0.27553839824835147,0.26495292804263459,0.31160694772561803,0.30664321175720066,-0.41569630740439012,0.34760511198071242,0.39516943596116527,0.40168575403978557,0.46398142890454452,-0.35783621612646721,0.53164172601101067,0.53435332907334043,0.55926324563654228,0.52302647843026451,-0.31433842027551773,0.51170373328577767,0.53616511428756608,0.50038614752483968,0.52462421054438635,-0.33161115659925766,0.5130901776560528,0.47777065876344782,0.50156408456244894,0.46647485164392721,-0.32232176460956175,0.45518839503291408,0.47853997830284123,0.44391232901604982,0.46704408683122201,-0.3397790654692765]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C103","v":-6584924.4433762273},{"$f":"D103","v":-27656868.041941456},-71655532.539482296,-27990878.561356351,-552660.3055764786,1170539.9530182919,600087.59114409611,586646.07137831254,-4943861.1044450793,746586.07453609258,934235.76406076271,916892.54329305608,1116984.8198821824,-6870391.4041385446,-734584.31547819218,1291897.017466546,1555305.6352232043,1566740.5128875934,-7887887.9827785231,-7601473.7650046013,-2260911.0475925896,2253861.9071687693,2665170.3085588533,-4812278.6422546171,1091267.7109935195,753187.9930116008,3528836.7858864646,3378710.3115494307,-4692699.3415392078,3464870.2706833221,3717030.0932472786,3551711.282299119,3812600.3428107696,45872443.160054147]
[null,"VAN (30 años]",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"NPV(C26,C115:AJ115)","v":-95458413.273510709}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C106","v":-6584924.4433762273},{"$f":"D106","v":-27656868.041941456},-71655532.539482296,-27990878.561356351,-552660.3055764786,1170539.9530182919,600087.59114409611,586646.07137831254,-4943861.1044450793,746586.07453609258,934235.76406076271,916892.54329305608,1116984.8198821824,-6870391.4041385446,-734584.31547819218,1291897.017466546,1555305.6352232043,1566740.5128875934,-7887887.9827785231,-7601473.7650046013,-2260911.0475925896,2253861.9071687693,2665170.3085588533,-4812278.6422546171,1091267.7109935195,753187.9930116008,3528836.7858864646,3378710.3115494307,-4692699.3415392078,3464870.2706833221,3717030.0932472786,3551711.282299119,3812600.3428107696,-5497126.1961130798,3908993.9489857629,-2831028.2523359098,-12438034.844981443,-2753561.5364456456,-5934756.3055651756,3903091.70215673,4201673.4222976584,3991108.3888712861,4299839.0165206902,37843153.881238058]
[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,{"$f":"NPV(C26,C118:AT118)","v":-96178355.042500213}]
[]
[]
[]
[null,null,-15374793.702004252,-32471752.923079427,-62793043.621870533,-31184167.865535051,4461627.0876138387,7085887.3224892067,7506676.6422383776,7866933.6835564012,4138496.9480227539,8621725.0100111552,9016880.0393200647,9408111.1130052563,9811291.0381158479,3028760.3722510524,6759476.3316930179,11095752.577078201,11666827.927642517,12256200.784473658,5145482.9160697088,4835774.0456957947,9963796.0466147065,14965506.412886936,15819114.660764625,11262213.876171863,14269356.723393489,13717569.790471114,18902277.061604355,19259777.254964769,13648271.158759808,19994678.368752308,20372314.83298843,20756902.165421762,21148563.030060068,14981724.136930339]
[]
[null,null,{"$f":"C123-C103","v":-8789869.2586280257},{"$f":"D123-D103","v":-4814884.8811379708},8862488.9176117629,-3193289.3041786999,5014287.3931903169,5915347.3694709148,6906589.0510942815,7280287.6121780891,9082358.0524678342,7875138.9354750626,8082644.275259302,8491218.5697121993,8694306.2182336655,9899151.776389597,7494060.6471712105,9803855.5596116558,10111522.292419313,10689460.271586064,13033370.898848232,12437247.810700396,12224707.094207296,12711644.505718168,13153944.352205772,16074492.51842648,13178089.01239997,12964381.797459513,15373440.27571789,15881066.943415338,18340970.500299014,16529808.098068986,16655284.73974115,17205190.883122642,17335962.687249299,-30890719.023123808]

{"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",{"$f":"E313","v":1.7000000000000013}]
[null,null,null,{"$f":"E315","v":"2019-12-31"}]
[null,null,"LLCR",{"$f":"E296","v":122910.67788090686}]
[]
[null,null,"NPV project",{"$f":"E255","v":-96325203.343796209}]
[null,null,"IRR Project",{"$f":"E257","v":-0.11300130503162842}]
[]
[null,null,"PRIVATE FINANCE"]
[null,null,"NPV Equity",{"$f":"IF(E58<0.01,\"N/A\",E272)","v":"N/A"}]
[null,null,"IRR Equity",{"$f":"IF(E58<0.01,\"N/A\",E274)","v":"N/A"}]
[null,null,"Debt / Equity",{"$f":"IF(E58<0.01,\"N/A\",E59)","v":"N/A"}]
[]
[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",{"$f":"'Global Financial Model'!C11","v":129326833.52776122},null," "]
[null,null,"Municipal direct subsidies (yearly)","USD 2015",500000]
[null,null,"Treasury","%",1,"of DSRA"]
[null,null,"Discount Factor (WACC)","%",{"$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$59*E26*E58","v":129.32683352776124}]
[null,null,"Private Amortisation Start","Date",{"$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 ",{"$f":"E26*H58","v":129325540.25942595}]
[null,null,"Municipal Amortisation Start","Date",{"$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 ",{"$f":"E52*E37","v":1.2932683352776124}]
[null,null,"Upfront fee on municipal loan","USD ",{"$f":"E52*E43","v":1293255.4025942595}]
[]
[null,null,"FUNDING SCHEME"]
[null,null,"Initial dibursment",null,"YES",{"$f":"IF($E$57=\"NO\",0,1)","v":1},"(if no : Equity is back ended)"]
[null,null,"Private funding vs Municipal funding ratio",null,1.0000000000000001E-5,null,"Initial Municipal debt",{"$f":"1-E58","v":0.99999000000000005}]
[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 ",{"$f":"SUM(F105:AM105)","v":133888203.58615632},{"$f":"-'Global Financial Model'!C96","v":6584924.4433762273},{"$f":"-'Global Financial Model'!D96","v":27656868.041941456},{"$f":"-'Global Financial Model'!E96","v":71655532.539482296},{"$f":"-'Global Financial Model'!F96","v":27990878.561356351},{"$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":25136380.719726752},{"$f":"-'Global Financial Model'!C97","v":0},{"$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":1699860.949178206},{"$f":"-'Global Financial Model'!Q97","v":2047078.9010060481},{"$f":"-'Global Financial Model'!R97","v":0},{"$f":"-'Global Financial Model'!S97","v":0},{"$f":"-'Global Financial Model'!T97","v":0},{"$f":"-'Global Financial Model'!U97","v":2850521.658572298},{"$f":"-'Global Financial Model'!V97","v":9462605.4173333552},{"$f":"-'Global Financial Model'!W97","v":4426851.004921169},{"$f":"-'Global Financial Model'!X97","v":0},{"$f":"-'Global Financial Model'!Y97","v":0},{"$f":"-'Global Financial Model'!Z97","v":0},{"$f":"-'Global Financial Model'!AA97","v":2109303.4850194608},{"$f":"-'Global Financial Model'!AB97","v":2540159.3036962156},{"$f":"-'Global Financial Model'!AC97","v":0},{"$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 ",{"$f":"SUM(F109:AM109)","v":133888203.58615632},{"$f":"F105","v":6584924.4433762273},{"$f":"G105","v":27656868.041941456},71655532.539482296,27990878.561356351,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",100000,null,null,null,{"$f":"E61","v":100000}]
[null,null,"Renewal Costs","USD ",25136380.719726752,{"$f":"F106","v":0},{"$f":"G106","v":0},0,0,0,0,0,0,0,0,0,0,0,1699860.949178206,2047078.9010060481,0,0,0,2850521.658572298,9462605.4173333552,4426851.004921169,0,0,0,2109303.4850194608,2540159.3036962156,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Interest During Construction","USD ",10.271989627855509,{"$f":"F151","v":0},{"$f":"G151","v":0.46225098858976654},{"$f":"H151","v":2.3969255968585927},7.4128130424071506,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB151","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Upfront Fee","USD ",1.2932683352776124,{"$f":"F138","v":1.2932683352776124},{"$f":"G138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB138","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Required Funding","USD ",159124595.87114105,{"$f":"SUM(F109:F113)","v":6584925.7366445623},{"$f":"SUM(G109:G113)","v":27656868.504192445},{"$f":"SUM(H109:H113)","v":71655534.936407894},28090885.974169392,0,0,0,0,0,0,0,0,0,1699860.949178206,2047078.9010060481,0,0,0,2850521.658572298,9462605.4173333552,4426851.004921169,0,0,0,2109303.4850194608,2540159.3036962156,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Release","USD ",-25136380.719726752,{"$f":"IF(F79=1,-F114,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-1699860.949178206,-2047078.9010060481,0,0,0,-2850521.658572298,-9462605.4173333552,-4426851.004921169,0,0,0,-2109303.4850194608,-2540159.3036962156,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding through debt","USD ",-133986875.26926279,{"$f":"IF(F78=1,-F114*(1-$E$58),0)","v":-6584859.8873871965},-27656591.935507406,-71654818.381058529,-28090605.065309651,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Debt funding","USD ",-129.32683352776124,{"$f":"IF(F78=1,IF($F$57=1,-MIN(F114*$E$59*$E$58,F135),-MIN(F114*$E$58,F135)),0)","v":-6.5849257366445633},-27.656868504192449,-71.655534936407904,-23.429504350516325,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sub Total","USD ",1210.5553179837366,{"$f":"SUM(F114:F117)","v":59.264331629155876},248.91181653568543,644.89981442846886,257.47935539042641,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Equity Funding","USD ",-1210.5553179837366,{"$f":"-F118","v":-59.264331629155876},{"$f":"-G118","v":-248.91181653568543},-644.89981442846886,-257.47935539042641,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AB118","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Funding Shortfall","USD ",0,{"$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},{"$f":"F127","v":6.5849257366445633},{"$f":"G127","v":34.24179424083701},105.89732917724491,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Z127","v":0},{"$f":"AA127","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Disbursement to Fund Project Costs (SPV)","USD ",{"$f":"SUM(F124:AM124)","v":129.32683352776124},{"$f":"-F117","v":6.5849257366445633},27.656868504192449,71.655534936407904,23.429504350516325,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":-129.32683352776124},{"$f":"-SUM(F123:F125)*F94","v":0},{"$f":"-SUM(G123:G125)*G94","v":0},{"$f":"-SUM(H123:H125)*H94","v":0},-129.32683352776124,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F123:F126)","v":6.5849257366445633},{"$f":"SUM(G123:G126)","v":34.24179424083701},105.89732917724491,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipaly)","USD ",null,{"$f":"E133","v":0},{"$f":"F133","v":6584859.8873871965},34005723.984788693,104307297.34218654,{"$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 ",{"$f":"SUM(F130:AM130)","v":133986875.26926279},{"$f":"-F116","v":6584859.8873871965},{"$f":"-G116","v":27656591.935507406},71654818.381058529,28090605.065309651,{"$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 ",{"$f":"SUM(F131:AM131)","v":-6214473.5600075461},{"$f":"IF(F78=1,-F204,0)","v":0},{"$f":"IF(G78=1,-G204,0)","v":-235727.83810590662},-1353245.0236606831,-4625500.6982409563,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",-127772401.70925523,{"$f":"-SUM(F129:F131)*F94","v":0},{"$f":"-SUM(G129:G131)*G94","v":0},{"$f":"-SUM(H129:H131)*H94","v":0},-127772401.70925523,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality)","USD ",null,{"$f":"SUM(F129:F132)","v":6584859.8873871965},{"$f":"SUM(G129:G132)","v":34005723.984788693},104307297.34218654,0,{"$f":"SUM(J129:J132)","v":0},{"$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 ",{"$f":"E37","v":129.32683352776124},{"$f":"MAX(0,$E135-F123)*F78","v":129.32683352776124},122.74190779111667,95.085039286924228,23.429504350516325,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E43","v":129325540.25942595},{"$f":"MAX(0,$E136-F129)*F78","v":129325540.25942595},122740680.37203875,95319816.274637252,25018242.917239413,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Upfront Fee (SPV)","USD ",{"$f":"E53","v":1.2932683352776124},{"$f":"$E138*IF(F90=1,1,0)","v":1.2932683352776124},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E54","v":1293255.4025942595},{"$f":"$E139*IF(F90=1,1,0)","v":1293255.4025942595},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[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 ",{"$f":"SUM(F151:AM151)","v":10.271989627855509},{"$f":"F144*F123","v":0},0.46225098858976654,2.3969255968585927,7.4128130424071506,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during construction for Municipality",null,{"$f":"SUM(F152:AM152)","v":10144157.858968155},{"$f":"F149*F129","v":0},462246.36607988062,2380400.6789352107,7301510.8139530644,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Operations"]
[null,null,"Revenue"]
[null,null,"Revenue","USD ",{"$f":"SUM(F156:AM156)","v":223215320.23558968},{"$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":3209398.5000000005},{"$f":"'Global Financial Model'!H81","v":4279198},{"$f":"'Global Financial Model'!I81","v":4553465.2946313974},{"$f":"'Global Financial Model'!J81","v":4633029.080262797},{"$f":"'Global Financial Model'!K81","v":4902981.6176763196},{"$f":"'Global Financial Model'!L81","v":4985759.7802472254},{"$f":"'Global Financial Model'!M81","v":5273306.8757079821},{"$f":"'Global Financial Model'!N81","v":5358272.8038124107},{"$f":"'Global Financial Model'!O81","v":5663145.5766862761},{"$f":"'Global Financial Model'!P81","v":5751544.1282861223},{"$f":"'Global Financial Model'!Q81","v":6075876.3641533619},{"$f":"'Global Financial Model'!R81","v":6167846.2172378432},{"$f":"'Global Financial Model'!S81","v":6546547.4755454259},{"$f":"'Global Financial Model'!T81","v":6676067.7466765968},{"$f":"'Global Financial Model'!U81","v":7080533.7737272056},{"$f":"'Global Financial Model'!V81","v":7215286.6638120785},{"$f":"'Global Financial Model'!W81","v":7646981.1518743886},{"$f":"'Global Financial Model'!X81","v":7864869.7273403862},{"$f":"'Global Financial Model'!Y81","v":8409301.7382397652},{"$f":"'Global Financial Model'!Z81","v":8635993.0121545922},{"$f":"'Global Financial Model'!AA81","v":9220736.7312266212},{"$f":"'Global Financial Model'!AB81","v":9456586.3326076046},{"$f":"'Global Financial Model'!AC81","v":9838632.4204449505},{"$f":"'Global Financial Model'!AD81","v":9838632.4204449505},{"$f":"'Global Financial Model'!AE81","v":10236113.170230925},{"$f":"'Global Financial Model'!AF81","v":10236113.170230925},{"$f":"'Global Financial Model'!AG81","v":10649652.142308256},{"$f":"'Global Financial Model'!AH81","v":10649652.142308256},{"$f":"'Global Financial Model'!AI81","v":11079898.088857509},{"$f":"'Global Financial Model'!AJ81","v":11079898.088857509}]
[null,null,"Municipal direct subsidies (if any)","USD ",{"$f":"SUM(F157:AM157)","v":22507806.873348873},0,0,0,0,{"$f":"$E27*(1+E32)*(1+F32)*(1+G32)*(1+H32)","v":552175.66796875},{"$f":"J157*(1+I32)","v":565980.05966796866},577299.66086132801,588845.65407855459,600622.56716012571,612635.0185033282,624887.71887339477,637385.47325086268,650133.18271587999,663135.8463701976,676398.56329760153,689926.53456355352,703725.06525482459,717799.56655992114,732155.55789111962,746798.66904894204,761734.64242992084,776969.33527851931,792508.7219840897,808358.89642377151,824526.07435224694,841016.59583929193,857836.92775607773,874993.66631119931,892493.53963742335,910343.41043017188,928550.27863877534,947121.28421155084,966063.70989578182,985384.98409369751]
[]
[null,null,"OpEx"]
[null,null,"OpEx","USD ",{"$f":"SUM(F160:AM160)","v":205229650.63168457},{"$f":"-'Global Financial Model'!C76","v":0},{"$f":"-'Global Financial Model'!D76","v":0},{"$f":"-'Global Financial Model'!E76","v":0},{"$f":"-'Global Financial Model'!F76","v":0},{"$f":"-'Global Financial Model'!G76","v":3762058.8055764795},{"$f":"-'Global Financial Model'!H76","v":3108658.0469817081},{"$f":"-'Global Financial Model'!I76","v":3953377.7034873012},{"$f":"-'Global Financial Model'!J76","v":4046383.0088844844},{"$f":"-'Global Financial Model'!K76","v":9846842.7221213989},{"$f":"-'Global Financial Model'!L76","v":4239173.7057111328},{"$f":"-'Global Financial Model'!M76","v":4339071.1116472194},{"$f":"-'Global Financial Model'!N76","v":4441380.2605193546},{"$f":"-'Global Financial Model'!O76","v":4546160.7568040937},{"$f":"-'Global Financial Model'!P76","v":10922074.583246462},{"$f":"-'Global Financial Model'!Q76","v":4763381.778625506},{"$f":"-'Global Financial Model'!R76","v":4875949.1997712972},{"$f":"-'Global Financial Model'!S76","v":4991241.8403222216},{"$f":"-'Global Financial Model'!T76","v":5109327.2337890035},{"$f":"-'Global Financial Model'!U76","v":12117900.09793343},{"$f":"-'Global Financial Model'!V76","v":5354155.0114833247},{"$f":"-'Global Financial Model'!W76","v":5481041.1945458092},{"$f":"-'Global Financial Model'!X76","v":5611007.820171617},{"$f":"-'Global Financial Model'!Y76","v":5744131.4296809118},{"$f":"-'Global Financial Model'!Z76","v":13448271.654409209},{"$f":"-'Global Financial Model'!AA76","v":6020165.5352136409},{"$f":"-'Global Financial Model'!AB76","v":6163239.0358997881},{"$f":"-'Global Financial Model'!AC76","v":6309795.6345584858},{"$f":"-'Global Financial Model'!AD76","v":6459922.1088955197},{"$f":"-'Global Financial Model'!AE76","v":14928812.511770133},{"$f":"-'Global Financial Model'!AF76","v":6771242.899547603},{"$f":"-'Global Financial Model'!AG76","v":6932622.0490609771},{"$f":"-'Global Financial Model'!AH76","v":7097940.8600091366},{"$f":"-'Global Financial Model'!AI76","v":7267297.7460467396},{"$f":"-'Global Financial Model'!AJ76","v":16577024.284970589}]
[]
[null,null,"Operation: Debt"]
[null,null,"Balance B/f (SPV)","USD ",null,{"$f":"E166","v":0},{"$f":"F166","v":0},0,0,129.32683352776124,124.68947748957233,119.73508281898984,114.42543792073994,108.74411787961255,102.66510543560624,96.167396506449549,89.207040503520432,81.759459580386277,73.790547992632725,65.268979444884252,56.144650263976771,46.381618040405769,35.935173561184797,24.759643239316347,12.798462930467869,0,{"$f":"Z166","v":0},{"$f":"AA166","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (SPV)","USD ",{"$f":"SUM(F164:AM164)","v":129.32683352776124},{"$f":"-F126","v":0},0,0,129.32683352776124,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (SPV)","USD ",{"$f":"SUM(F165:AM165)","v":-129.32683352776127},{"$f":"IF(F79=1,-F198,0)","v":0},{"$f":"IF(G79=1,-G198,0)","v":0},0,0,-4.6373560381889121,-4.9543946705824933,-5.3096448982499016,-5.6813200411273943,-6.0790124440063114,-6.4977089291566887,-6.96035600292912,-7.4475809231341588,-7.9689115877535501,-8.5215685477484779,-9.1243291809074805,-9.7630322235710025,-10.446444479220972,-11.175530321868449,-11.961180308848478,-12.798462930467878,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F163:F165)","v":0},{"$f":"SUM(G163:G165)","v":0},0,129.32683352776124,124.68947748957233,119.73508281898984,114.42543792073994,108.74411787961255,102.66510543560624,96.167396506449549,89.207040503520432,81.759459580386277,73.790547992632725,65.268979444884252,56.144650263976771,46.381618040405769,35.935173561184797,24.759643239316347,12.798462930467869,0,0,0,{"$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},0,0,127772401.70925523,121428393.59598415,114648225.6447773,107384468.92295681,99612249.230608881,91295974.15979661,82403914.499323621,72881876.868716002,62693296.603965841,51791515.720683172,40130035.974380903,27647521.440684393,14291230.889629129,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",{"$f":"SUM(F169:AM169)","v":127772401.70925523},{"$f":"-F132","v":0},0,0,127772401.70925523,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (Municipality)","USD ",{"$f":"SUM(F170:AM170)","v":-127772401.70925525},{"$f":"IF(F79=1,-F204,0)","v":0},{"$f":"IF(G79=1,-G204,0)","v":0},0,0,-6344008.113271093,-6780167.9512068462,-7263756.7218204848,-7772219.6923479233,-8316275.0708122766,-8892059.6604729928,-9522037.6306076236,-10188580.264750158,-10901780.883282665,-11661479.746302269,-12482514.53369651,-13356290.551055264,-14291230.88962914,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality","USD ",null,{"$f":"SUM(F168:F170)","v":0},{"$f":"SUM(G168:G170)","v":0},0,127772401.70925523,121428393.59598415,114648225.6447773,107384468.92295681,99612249.230608881,91295974.15979661,82403914.499323621,72881876.868716002,62693296.603965841,51791515.720683172,40130035.974380903,27647521.440684393,14291230.889629129,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY","% p.a.",null,{"$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 ",{"$f":"SUM(F183:AM183)","v":89.792795207833038},{"$f":"F176*F163","v":0},0,0,0,9.0528783469432952,8.7529968509054701,8.3814557973292967,8.0097806544518022,7.6120882515728852,7.2069220488223706,6.7317177554514744,6.2444928352464357,5.7231621706270444,5.1799754655329142,4.5688285611419017,3.9301255184783774,3.2467132628284068,2.5225902566164558,1.7331750267521457,0.89589240513275159,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during Operation for Municipality","USD ",{"$f":"SUM(F184:AM184)","v":71031146.785317153},{"$f":"F181*F168","v":0},{"$f":"G181*G168","v":0},0,0,8944068.1196478736,8524074.1091809087,8025375.7951344177,7516912.824606983,6972857.4461426279,6408827.6766407667,5768274.0149526587,5101731.3808101248,4388530.7622776125,3635679.4745945795,2809102.5182066658,1935326.5008479091,1000386.1622740399,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt repayment"]
[]
[null,null,"Flag: Municipal Debt Repayment",{"$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},6.5849257366445633,34.24179424083701,105.89732917724491,129.32683352776124,124.68947748957233,119.73508281898984,114.42543792073994,108.74411787961255,102.66510543560624,96.167396506449549,89.207040503520432,81.759459580386277,73.790547992632725,65.268979444884252,56.144650263976771,46.381618040405769,35.935173561184797,24.759643239316347,12.798462930467869,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":219.11962873559429},{"$f":"IF(F191=0,0,F195*F194/(1-(1+F195)^(-F192)))","v":0},{"$f":"IF(G191=0,0,G195*G194/(1-(1+G195)^(-G192)))","v":0},0,0,13.690234385132207,13.707391521487963,13.691100695579198,13.691100695579197,13.691100695579197,13.704630977979059,13.692073758380594,13.692073758380594,13.692073758380594,13.701544013281392,13.693157742049383,13.69315774204938,13.69315774204938,13.698120578484904,13.694355335600624,13.69435533560063,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (SPV)"," ",{"$f":"SUM(F197:AM197)","v":-89.792795207833038},{"$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,-9.0528783469432952,-8.7529968509054701,-8.3814557973292967,-8.0097806544518022,-7.6120882515728852,-7.2069220488223706,-6.7317177554514744,-6.2444928352464357,-5.7231621706270444,-5.1799754655329142,-4.5688285611419017,-3.9301255184783774,-3.2467132628284068,-2.5225902566164558,-1.7331750267521457,-0.89589240513275159,{"$f":"IF(Z191=0,0,-Z183)","v":0},{"$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":129.32683352776127},{"$f":"IF(F196=0,0,SUM(F196:F197))","v":0},{"$f":"IF(G196=0,0,SUM(G196:G197))","v":0},0,0,4.6373560381889121,{"$f":"IF(K196=0,0,SUM(K196:K197))","v":4.9543946705824933},{"$f":"IF(L196=0,0,SUM(L196:L197))","v":5.3096448982499016},{"$f":"IF(M196=0,0,SUM(M196:M197))","v":5.6813200411273943},6.0790124440063114,{"$f":"IF(O196=0,0,SUM(O196:O197))","v":6.4977089291566887},{"$f":"IF(P196=0,0,SUM(P196:P197))","v":6.96035600292912},{"$f":"IF(Q196=0,0,SUM(Q196:Q197))","v":7.4475809231341588},7.9689115877535501,{"$f":"IF(S196=0,0,SUM(S196:S197))","v":8.5215685477484779},{"$f":"IF(T196=0,0,SUM(T196:T197))","v":9.1243291809074805},{"$f":"IF(U196=0,0,SUM(U196:U197))","v":9.7630322235710025},10.446444479220972,{"$f":"IF(W196=0,0,SUM(W196:W197))","v":11.175530321868449},{"$f":"IF(X196=0,0,SUM(X196:X197))","v":11.961180308848478},{"$f":"IF(Y196=0,0,SUM(Y196:Y197))","v":12.798462930467878},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,{"$f":"IF(F78=1,F129,F168)","v":0},6584859.8873871965,34005723.984788693,104307297.34218654,127772401.70925523,121428393.59598415,114648225.6447773,107384468.92295681,99612249.230608881,91295974.15979661,82403914.499323621,72881876.868716002,62693296.603965841,51791515.720683172,40130035.974380903,27647521.440684393,14291230.889629129,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$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)"," ",{"$f":"SUM(F202:AM202)","v":215162179.91354811},{"$f":"IF(F188=0,0,F201*F200/(1-(1+F201)^(-F189)))","v":0},{"$f":"IF(G188=0,0,G201*G200/(1-(1+G201)^(-G189)))","v":697974.20418578724},3733645.7025958938,11927011.512194021,15288076.232918967,15304242.060387755,15289132.516954903,15289132.516954906,15289132.516954904,15300887.337113759,15290311.645560281,15290311.645560283,15290311.645560278,15297159.220896849,15291617.051903175,15291617.051903173,15291617.051903181,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (Municipality)"," ",{"$f":"SUM(F203:AM203)","v":-81175304.644285321},{"$f":"IF(F78=1,-F152,-F184)","v":0},{"$f":"IF(G78=1,-G152,-G184)","v":-462246.36607988062},-2380400.6789352107,-7301510.8139530644,-8944068.1196478736,-8524074.1091809087,-8025375.7951344177,-7516912.824606983,-6972857.4461426279,-6408827.6766407667,-5768274.0149526587,-5101731.3808101248,-4388530.7622776125,-3635679.4745945795,-2809102.5182066658,-1935326.5008479091,-1000386.1622740399,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment (Municipality)"," ",{"$f":"SUM(F204:AM204)","v":133986875.26926279},{"$f":"IF(F202=0,0,SUM(F202:F203))","v":0},{"$f":"IF(G202=0,0,SUM(G202:G203))","v":235727.83810590662},1353245.0236606831,4625500.6982409563,6344008.113271093,{"$f":"IF(K202=0,0,SUM(K202:K203))","v":6780167.9512068462},{"$f":"IF(L202=0,0,SUM(L202:L203))","v":7263756.7218204848},{"$f":"IF(M202=0,0,SUM(M202:M203))","v":7772219.6923479233},8316275.0708122766,{"$f":"IF(O202=0,0,SUM(O202:O203))","v":8892059.6604729928},{"$f":"IF(P202=0,0,SUM(P202:P203))","v":9522037.6306076236},{"$f":"IF(Q202=0,0,SUM(Q202:Q203))","v":10188580.264750158},10901780.883282665,{"$f":"IF(S202=0,0,SUM(S202:S203))","v":11661479.746302269},{"$f":"IF(T202=0,0,SUM(T202:T203))","v":12482514.53369651},{"$f":"IF(U202=0,0,SUM(U202:U203))","v":13356290.551055264},14291230.88962914,{"$f":"IF(W202=0,0,SUM(W202:W203))","v":0},{"$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":223215320.23558968},{"$f":"F156","v":0},0,0,0,3209398.5000000005,4279198,4553465.2946313974,4633029.080262797,4902981.6176763196,4985759.7802472254,5273306.8757079821,5358272.8038124107,5663145.5766862761,5751544.1282861223,6075876.3641533619,6167846.2172378432,6546547.4755454259,6676067.7466765968,7080533.7737272056,7215286.6638120785,7646981.1518743886,7864869.7273403862,8409301.7382397652,8635993.0121545922,9220736.7312266212,9456586.3326076046,9838632.4204449505,9838632.4204449505,10236113.170230925,10236113.170230925,10649652.142308256,10649652.142308256,11079898.088857509,11079898.088857509]
[null,null,"OpEx","USD ",-205229650.63168457,{"$f":"-F160","v":0},0,0,0,-3762058.8055764795,-3108658.0469817081,-3953377.7034873012,-4046383.0088844844,-9846842.7221213989,-4239173.7057111328,-4339071.1116472194,-4441380.2605193546,-4546160.7568040937,-10922074.583246462,-4763381.778625506,-4875949.1997712972,-4991241.8403222216,-5109327.2337890035,-12117900.09793343,-5354155.0114833247,-5481041.1945458092,-5611007.820171617,-5744131.4296809118,-13448271.654409209,-6020165.5352136409,-6163239.0358997881,-6309795.6345584858,-6459922.1088955197,-14928812.511770133,-6771242.899547603,-6932622.0490609771,-7097940.8600091366,-7267297.7460467396,-16577024.284970589]
[null,null,"Operational Cashflow","USD ",17985669.603905104,{"$f":"SUM(F208:F209)","v":0},{"$f":"SUM(G208:G209)","v":0},{"$f":"SUM(H208:H209)","v":0},0,-552660.30557647906,1170539.9530182919,600087.59114409611,586646.07137831254,-4943861.1044450793,746586.07453609258,934235.76406076271,916892.54329305608,1116984.8198821824,-5170530.4549603397,1312494.5855278559,1291897.017466546,1555305.6352232043,1566740.5128875934,-5037366.3242062246,1861131.6523287538,2165939.9573285794,2253861.9071687693,2665170.3085588533,-4812278.6422546171,3200571.1960129803,3293347.2967078164,3528836.7858864646,3378710.3115494307,-4692699.3415392078,3464870.2706833221,3717030.0932472786,3551711.282299119,3812600.3428107696,-5497126.1961130798]
[null,null,"Revenue Tax","USD ",0,{"$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":0},{"$f":"'Global Financial Model'!P90","v":0},{"$f":"'Global Financial Model'!Q90","v":0},{"$f":"'Global Financial Model'!R90","v":0},{"$f":"'Global Financial Model'!S90","v":0},{"$f":"'Global Financial Model'!T90","v":0},{"$f":"'Global Financial Model'!U90","v":0},{"$f":"'Global Financial Model'!V90","v":0},{"$f":"'Global Financial Model'!W90","v":0},{"$f":"'Global Financial Model'!X90","v":0},{"$f":"'Global Financial Model'!Y90","v":0},{"$f":"'Global Financial Model'!Z90","v":0},{"$f":"'Global Financial Model'!AA90","v":0},{"$f":"'Global Financial Model'!AB90","v":0},{"$f":"'Global Financial Model'!AC90","v":0},{"$f":"'Global Financial Model'!AD90","v":0},{"$f":"'Global Financial Model'!AE90","v":0},{"$f":"'Global Financial Model'!AF90","v":0},{"$f":"'Global Financial Model'!AG90","v":0},{"$f":"'Global Financial Model'!AH90","v":0},{"$f":"'Global Financial Model'!AI90","v":0},{"$f":"'Global Financial Model'!AJ90","v":0}]
[null,null,"CapEx (including intesrests during construction)","USD ",-159024595.87114105,{"$f":"-F114","v":-6584925.7366445623},-27656868.504192445,-71655534.936407894,{"$f":"-I114+I110","v":-27990885.974169392},0,0,0,0,0,0,0,0,0,-1699860.949178206,-2047078.9010060481,0,0,0,-2850521.658572298,-9462605.4173333552,-4426851.004921169,0,0,0,-2109303.4850194608,-2540159.3036962156,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",null,{"$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 ",-141138926.26723593,{"$f":"SUM(F210:F213)","v":-6584925.7366445623},{"$f":"SUM(G210:G213)","v":-27656868.504192445},{"$f":"SUM(H210:H213)","v":-71655534.936407894},-28090885.974169392,-552660.30557647906,1170539.9530182919,600087.59114409611,586646.07137831254,-4943861.1044450793,746586.07453609258,934235.76406076271,916892.54329305608,1116984.8198821824,-6870391.4041385455,-734584.31547819218,1291897.017466546,1555305.6352232043,1566740.5128875934,-7887887.9827785231,-7601473.7650046013,-2260911.0475925896,2253861.9071687693,2665170.3085588533,-4812278.6422546171,1091267.7109935195,753187.9930116008,3528836.7858864646,3378710.3115494307,-4692699.3415392078,3464870.2706833221,3717030.0932472786,3551711.282299119,3812600.3428107696,-5497126.1961130798]
[null,null,"Municipality: Funding (through debt )","USD ",133986875.26926279,{"$f":"-F116","v":6584859.8873871965},27656591.935507406,71654818.381058529,28090605.065309651,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding (through subsidies)","USD ",22507806.873348873,{"$f":"+F157","v":0},{"$f":"+G157","v":0},{"$f":"+H157","v":0},0,552175.66796875,565980.05966796866,577299.66086132801,588845.65407855459,600622.56716012571,612635.0185033282,624887.71887339477,637385.47325086268,650133.18271587999,663135.8463701976,676398.56329760153,689926.53456355352,703725.06525482459,717799.56655992114,732155.55789111962,746798.66904894204,761734.64242992084,776969.33527851931,792508.7219840897,808358.89642377151,824526.07435224694,841016.59583929193,857836.92775607773,874993.66631119931,892493.53963742335,910343.41043017188,928550.27863877534,947121.28421155084,966063.70989578182,985384.98409369751]
[null,null,"Debt: Funding","USD ",129.32683352776124,{"$f":"F124","v":6.5849257366445633},27.656868504192449,71.655534936407904,23.429504350516325,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity: Funding","USD ",1210.5553179837366,{"$f":"-F119","v":59.264331629155876},248.91181653568543,644.89981442846886,257.47935539042641,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CashFlow after Funding","USD ",15357095.757527219,{"$f":"SUM(F214:F218)","v":0},0,0,0,-484.63760772906244,1736520.0126862605,1177387.2520054241,1175491.7254568671,-4343238.5372849535,1359221.0930394209,1559123.4829341574,1554278.0165439188,1767118.0025980624,-6207255.5577683477,-58185.752180590644,1981823.5520300996,2259030.700478029,2284540.0794475144,-7155732.4248874038,-6854675.0959556596,-1499176.4051626688,3030831.2424472887,3457679.0305429432,-4003919.7458308456,1915793.7853457665,1594204.5888508926,4386673.7136425423,4253703.9778606296,-3800205.8019017847,4375213.6811134936,4645580.3718860541,4498832.5665106699,4778664.0527065517,-4511741.212019382]
[null,null,"Treasury: Funding","USD ",49756092.405482195,{"$f":"IF(F78=1,0,-F115+IF(F191=1,IF(F219/F196>1.7,0,1.7*F196+IF(F219<0,-F219,0)),0))","v":0},0,0,0,507.91100618378721,0,0,0,4343261.8121561361,0,0,0,0,7907139.7995713763,2105287.9315548004,0,0,0,10006277.363863772,16317303.793693084,4426851.004921169,0,0,0,2109303.4850194608,2540159.3036962156,0,0,0,0,0,0,0,0]
[null,null,"CashFlow Available for Debt Service (CFADS)","USD ",65113188.16300942,{"$f":"SUM(F219:F220)","v":0},{"$f":"SUM(G219:G220)","v":0},0,0,23.27339845472477,1736520.0126862605,1177387.2520054241,1175491.7254568671,23.274871182627976,1359221.0930394209,1559123.4829341574,1554278.0165439188,1767118.0025980624,1699884.2418030286,2047102.1793742096,1981823.5520300996,2259030.700478029,2284540.0794475144,2850544.9389763679,9462628.6977374256,2927674.5997585002,3030831.2424472887,3457679.0305429432,-4003919.7458308456,4025097.270365227,4134363.8925471082,4386673.7136425423,4253703.9778606296,-3800205.8019017847,4375213.6811134936,4645580.3718860541,4498832.5665106699,4778664.0527065517,-4511741.212019382]
[null,null,"Interests","USD ",-89.792795207833038,{"$f":"-F197","v":0},{"$f":"-G197","v":0},0,0,{"$f":"J197","v":-9.0528783469432952},{"$f":"K197","v":-8.7529968509054701},-8.3814557973292967,-8.0097806544518022,-7.6120882515728852,-7.2069220488223706,-6.7317177554514744,-6.2444928352464357,-5.7231621706270444,-5.1799754655329142,-4.5688285611419017,-3.9301255184783774,-3.2467132628284068,-2.5225902566164558,-1.7331750267521457,-0.89589240513275159,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment","USD ",-129.32683352776127,{"$f":"F198","v":0},{"$f":"G198","v":0},{"$f":"H198","v":0},0,{"$f":"-J198","v":-4.6373560381889121},{"$f":"-K198","v":-4.9543946705824933},-5.3096448982499016,-5.6813200411273943,-6.0790124440063114,-6.4977089291566887,-6.96035600292912,-7.4475809231341588,-7.9689115877535501,-8.5215685477484779,-9.1243291809074805,-9.7630322235710025,-10.446444479220972,-11.175530321868449,-11.961180308848478,-12.798462930467878,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow available for Debt Service reserve Account (DSRA)","USD ",65112969.043380663,{"$f":"SUM(F221:F223)","v":0},{"$f":"SUM(G221:G223)","v":0},0,0,9.5831640695925628,1736506.3052947388,1177373.5609047287,1175478.0343561715,9.5837704870487794,1359207.3884084427,1559109.7908603989,1554264.3244701605,1767104.3105243039,1699870.5402590153,2047088.4862164676,1981809.8588723575,2259017.0073202867,2284526.3813269357,2850531.2446210324,9462615.0033820886,2927674.5997585002,3030831.2424472887,3457679.0305429432,-4003919.7458308456,4025097.270365227,4134363.8925471082,4386673.7136425423,4253703.9778606296,-3800205.8019017847,4375213.6811134936,4645580.3718860541,4498832.5665106699,4778664.0527065517,-4511741.212019382]
[null,null,"Treasury: Deduction","USD ",-54876841.15305528,{"$f":"IF(F231<$E$220,IF(F224>0,-F224*$E$28,0),0)","v":0},0,0,0,-9.5831640695925628,-1736506.3052947388,-1177373.5609047287,-1175478.0343561715,-9.5837704870487794,-1359207.3884084427,-1559109.7908603989,-1554264.3244701605,-1767104.3105243039,-1699870.5402590153,-2047088.4862164676,-1981809.8588723575,-2259017.0073202867,-2284526.3813269357,-2850531.2446210324,-9462615.0033820886,-2927674.5997585002,-3030831.2424472887,-3457679.0305429432,0,-4025097.270365227,-4134363.8925471082,-4386673.7136425423,0,0,0,0,0,0,0]
[null,null,"Cashflow available to Equity","USD ",10236127.890325388,{"$f":"F224+F225","v":0},{"$f":"G224+G225","v":0},{"$f":"H224+H225","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-4003919.7458308456,0,0,0,4253703.9778606296,-3800205.8019017847,4375213.6811134936,4645580.3718860541,4498832.5665106699,4778664.0527065517,-4511741.212019382]
[null,null,"Distributions to Equity","USD ",-22551994.650077399,{"$f":"-MAX(F226,0)*F79","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-4253703.9778606296,0,-4375213.6811134936,-4645580.3718860541,-4498832.5665106699,-4778664.0527065517,0]
[null,null,"Treasury: Add back","USD ",5120748.7475730982,{"$f":"-F225-F220","v":0},0,0,0,{"$f":"-J225-J220","v":-498.32784211419465},{"$f":"-K225-K220","v":1736506.3052947388},1177373.5609047287,1175478.0343561715,-4343252.2283856487,1359207.3884084427,1559109.7908603989,1554264.3244701605,1767104.3105243039,-6207269.2593123615,-58199.445338332793,1981809.8588723575,2259017.0073202867,2284526.3813269357,-7155746.1192427389,-6854688.7903109957,-1499176.4051626688,3030831.2424472887,3457679.0305429432,0,1915793.7853457662,1594204.5888508926,4386673.7136425423,0,0,0,0,0,0,0]
[null,null,"Net Cashflow","USD ",47781723.140876375,{"$f":"F224+F227+F228-F213","v":0},{"$f":"G224+G227+G228-G213","v":0},0,100000,{"$f":"J224+J227+J228-J213","v":-488.7446780446021},{"$f":"K224+K227+K228-K213","v":3473012.6105894777},{"$f":"L224+L227+L228-L213","v":2354747.1218094574},{"$f":"M224+M227+M228-M213","v":2350956.068712343},{"$f":"N224+N227+N228-N213","v":-4343242.6446151612},{"$f":"O224+O227+O228-O213","v":2718414.7768168855},{"$f":"P224+P227+P228-P213","v":3118219.5817207978},{"$f":"Q224+Q227+Q228-Q213","v":3108528.6489403211},{"$f":"R224+R227+R228-R213","v":3534208.6210486079},{"$f":"S224+S227+S228-S213","v":-4507398.7190533467},{"$f":"T224+T227+T228-T213","v":1988889.0408781348},{"$f":"U224+U227+U228-U213","v":3963619.717744715},{"$f":"V224+V227+V228-V213","v":4518034.0146405734},{"$f":"W224+W227+W228-W213","v":4569052.7626538714},{"$f":"X224+X227+X228-X213","v":-4305214.8746217061},{"$f":"Y224+Y227+Y228-Y213","v":2607926.213071093},{"$f":"Z224+Z227+Z228-Z213","v":1428498.1945958314},{"$f":"AA224+AA227+AA228-AA213","v":6061662.4848945774},{"$f":"AB224+AB227+AB228-AB213","v":6915358.0610858863},{"$f":"AC224+AC227+AC228-AC213","v":-4003919.7458308456},{"$f":"AD224+AD227+AD228-AD213","v":5940891.0557109937},{"$f":"AE224+AE227+AE228-AE213","v":5728568.4813980013},{"$f":"AF224+AF227+AF228-AF213","v":8773347.4272850845},{"$f":"AG224+AG227+AG228-AG213","v":0},{"$f":"AH224+AH227+AH228-AH213","v":-3800205.8019017847},{"$f":"AI224+AI227+AI228-AI213","v":0},{"$f":"AJ224+AJ227+AJ228-AJ213","v":0},{"$f":"AK224+AK227+AK228-AK213","v":0},{"$f":"AL224+AL227+AL228-AL213","v":0},{"$f":"AM224+AM227+AM228-AM213","v":-4511741.212019382}]
[]
[null,null,"Cash Balance B/f",null,null,{"$f":"E232","v":0},{"$f":"F232","v":0},0,0,100000,{"$f":"J232","v":99511.255321955396},{"$f":"K232","v":3572523.865911433},{"$f":"L232","v":5927270.98772089},{"$f":"M232","v":8278227.0564332325},{"$f":"N232","v":3934984.4118180713},{"$f":"O232","v":6653399.1886349563},{"$f":"P232","v":9771618.7703557536},{"$f":"Q232","v":12880147.419296075},{"$f":"R232","v":16414356.040344682},{"$f":"S232","v":11906957.321291335},{"$f":"T232","v":13895846.362169471},{"$f":"U232","v":17859466.079914186},{"$f":"V232","v":22377500.09455476},{"$f":"W232","v":26946552.857208632},{"$f":"X232","v":22641337.982586928},{"$f":"Y232","v":25249264.195658021},{"$f":"Z232","v":26677762.390253853},{"$f":"AA232","v":32739424.87514843},{"$f":"AB232","v":39654782.936234318},{"$f":"AC232","v":35650863.190403469},{"$f":"AD232","v":41591754.246114463},{"$f":"AE232","v":47320322.727512464},{"$f":"AF232","v":56093670.154797547},{"$f":"AG232","v":56093670.154797547},{"$f":"AH232","v":52293464.352895759},{"$f":"AI232","v":52293464.352895759},{"$f":"AJ232","v":52293464.352895759},{"$f":"AK232","v":52293464.352895759},{"$f":"AL232","v":52293464.352895759}]
[null,null,"Cash Balance C/f","USD ",null,{"$f":"F229+F231","v":0},{"$f":"G229+G231","v":0},0,100000,{"$f":"J229+J231","v":99511.255321955396},{"$f":"K229+K231","v":3572523.865911433},5927270.98772089,8278227.0564332325,3934984.4118180713,6653399.1886349563,9771618.7703557536,12880147.419296075,16414356.040344682,11906957.321291335,13895846.362169471,17859466.079914186,22377500.09455476,26946552.857208632,22641337.982586928,25249264.195658021,26677762.390253853,32739424.87514843,39654782.936234318,35650863.190403469,41591754.246114463,47320322.727512464,56093670.154797547,56093670.154797547,52293464.352895759,52293464.352895759,52293464.352895759,52293464.352895759,52293464.352895759,47781723.140876375]
[]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F234:AM234)","v":-47781723.140876375},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AM232","v":-47781723.140876375}]
[null,null,"Close out: Asset transfer to municipality","USD ",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Municipality Cashflow Waterfall"]
[]
[null,null,{"$f":"C157","v":"Municipal direct subsidies (if any)"},"USD ",{"$f":"E157","v":22507806.873348873},0,0,0,0,552175.66796875,565980.05966796866,577299.66086132801,588845.65407855459,600622.56716012571,612635.0185033282,624887.71887339477,637385.47325086268,650133.18271587999,663135.8463701976,676398.56329760153,689926.53456355352,703725.06525482459,717799.56655992114,732155.55789111962,746798.66904894204,761734.64242992084,776969.33527851931,792508.7219840897,808358.89642377151,824526.07435224694,841016.59583929193,857836.92775607773,874993.66631119931,892493.53963742335,910343.41043017188,928550.27863877534,947121.28421155084,966063.70989578182,985384.98409369751]
[null,null,"Annuity payment - Interest","USD ",{"$f":"-E203","v":81175304.644285321},{"$f":"-F203","v":0},{"$f":"-G203","v":462246.36607988062},{"$f":"-H203","v":2380400.6789352107},7301510.8139530644,8944068.1196478736,8524074.1091809087,8025375.7951344177,7516912.824606983,6972857.4461426279,6408827.6766407667,5768274.0149526587,5101731.3808101248,4388530.7622776125,3635679.4745945795,2809102.5182066658,1935326.5008479091,1000386.1622740399,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Principal","USD ",{"$f":"E204","v":133986875.26926279},{"$f":"F204","v":0},{"$f":"G204","v":235727.83810590662},1353245.0236606831,4625500.6982409563,6344008.113271093,6780167.9512068462,7263756.7218204848,7772219.6923479233,8316275.0708122766,8892059.6604729928,9522037.6306076236,10188580.264750158,10901780.883282665,11661479.746302269,12482514.53369651,13356290.551055264,14291230.88962914,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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},{"$f":"SUM(G240:G243)","v":697974.20418578724},3733645.7025958938,11927011.512194021,15840251.900887717,15870222.120055724,15866432.177816231,15877978.171033461,15889755.08411503,15913522.355617087,15915199.364433676,15927697.118811145,15940444.828276157,15960295.067267045,15968015.615200777,15981543.586466726,15995342.117158005,717799.56655992114,732155.55789111962,746798.66904894204,761734.64242992084,776969.33527851931,792508.7219840897,808358.89642377151,824526.07435224694,841016.59583929193,857836.92775607773,874993.66631119931,892493.53963742335,910343.41043017188,928550.27863877534,947121.28421155084,966063.70989578182,985384.98409369751]
[]
[null,null,"Project Return"]
[]
[null,null,"Date",null,null,{"$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":-141138926.26723593},{"$f":"F214","v":-6584925.7366445623},-27656868.504192445,-71655534.936407894,-28090885.974169392,-552660.30557647906,1170539.9530182919,600087.59114409611,586646.07137831254,-4943861.1044450793,746586.07453609258,934235.76406076271,916892.54329305608,1116984.8198821824,-6870391.4041385455,-734584.31547819218,1291897.017466546,1555305.6352232043,1566740.5128875934,-7887887.9827785231,-7601473.7650046013,-2260911.0475925896,2253861.9071687693,2665170.3085588533,-4812278.6422546171,1091267.7109935195,753187.9930116008,3528836.7858864646,3378710.3115494307,-4692699.3415392078,3464870.2706833221,3717030.0932472786,3551711.282299119,3812600.3428107696,-5497126.1961130798]
[null,null,"Residual value ","USD ",{"$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,{"$f":"SUM(F249:F250)","v":-6584925.7366445623},{"$f":"SUM(G249:G250)","v":-27656868.504192445},-71655534.936407894,-28090885.974169392,-552660.30557647906,1170539.9530182919,600087.59114409611,586646.07137831254,-4943861.1044450793,746586.07453609258,934235.76406076271,916892.54329305608,1116984.8198821824,-6870391.4041385455,-734584.31547819218,1291897.017466546,1555305.6352232043,1566740.5128875934,-7887887.9827785231,-7601473.7650046013,-2260911.0475925896,2253861.9071687693,2665170.3085588533,-4812278.6422546171,1091267.7109935195,753187.9930116008,3528836.7858864646,3378710.3115494307,-4692699.3415392078,3464870.2706833221,3717030.0932472786,3551711.282299119,3812600.3428107696,-5497126.1961130798]
[null,null," "]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV project @ WACC","USD ",{"$f":"NPV(E254,F251:AM251)","v":-96325203.343796209}]
[]
[null,null,"IRR Project","%",{"$f":"IRR(F251:AM251)","v":-0.11300130503162842}]
[null,null,"Check: NPV @ IRR","USD ",{"$f":"NPV(E257,F251:AM251)","v":-6.7198120035019886E-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 ",{"$f":"SUM(F264:AM264)","v":-1210.5553179837366},{"$f":"-F218","v":-59.264331629155876},-248.91181653568543,-644.89981442846886,-257.47935539042641,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Distributions to Equity","USD ",{"$f":"SUM(F265:AM265)","v":22551994.650077399},{"$f":"-F227","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,4253703.9778606296,0,4375213.6811134936,4645580.3718860541,4498832.5665106699,4778664.0527065517,0]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F266:AM266)","v":47781723.140876375},{"$f":"-F234","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,47781723.140876375]
[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,{"$f":"SUM(F264:F267)","v":-59.264331629155876},{"$f":"SUM(G264:G267)","v":-248.91181653568543},-644.89981442846886,-257.47935539042641,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,4253703.9778606296,0,4375213.6811134936,4645580.3718860541,4498832.5665106699,4778664.0527065517,47781723.140876375]
[]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV Equity @ WACC","USD ",{"$f":"NPV(E271,F268:AM268)","v":1278894.0805882781}]
[]
[null,null,"IRR Equity","%",{"$f":"IRR(F268:AM268)","v":0.45215000453979437}]
[null,null,"Check: NPV Equity @ IRR","USD ",{"$f":"NPV(E274,F268:AM268)","v":4.2904323427129511E-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":38873246.365586214},{"$f":"F221","v":0},{"$f":"G221","v":0},0,0,{"$f":"J221","v":23.27339845472477},1736520.0126862605,1177387.2520054241,1175491.7254568671,23.274871182627976,1359221.0930394209,1559123.4829341574,1554278.0165439188,1767118.0025980624,1699884.2418030286,2047102.1793742096,1981823.5520300996,2259030.700478029,2284540.0794475144,2850544.9389763679,9462628.6977374256,2927674.5997585002,3030831.2424472887,3457679.0305429432,-4003919.7458308456,4025097.270365227,4134363.8925471082,4386673.7136425423,4253703.9778606296,-3800205.8019017847,4375213.6811134936,4645580.3718860541,4498832.5665106699,4778664.0527065517,-4511741.212019382]
[null,null,"CFADS (Qualifying) @ Period End","USD ",{"$f":"SUM(F290:AA290)","v":32914740.523380429},{"$f":"F289*F286","v":0},{"$f":"G289*G286","v":0},0,0,23.27339845472477,1736520.0126862605,1177387.2520054241,1175491.7254568671,23.274871182627976,1359221.0930394209,1559123.4829341574,1554278.0165439188,1767118.0025980624,1699884.2418030286,2047102.1793742096,1981823.5520300996,2259030.700478029,2284540.0794475144,2850544.9389763679,9462628.6977374256,0,0,0,{"$f":"AC289*AC286","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"NPV (CFADS) @ Period Start","USD ",null,{"$f":"(G291+F290)/F283*F286","v":0},0,0,0,15895648.777088327,17008320.918086056,16462383.369665818,16437362.953537002,16412486.634827727,17561337.424394488,17431409.951062683,17092485.164702915,16734681.109688204,16138990.784768317,15568835.897899073,14611552.231377801,13652537.335544148,12349184.248554211,10929087.066505492,8843578.222184509,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AN291+AM290)/AM283*AM286","v":0}]
[null,null,null,null,null,null,null,null,null,{"$f":"NPV(0.08,J219:Y219)","v":-940195.62479630799},{"$f":"IF(J291=J292,\"OK\")","v":false}]
[null,null,"Denominator"]
[null,null,"Debt Balance B/f","USD ",null,{"$f":"F163","v":0},0,0,0,129.32683352776124,124.68947748957233,119.73508281898984,114.42543792073994,108.74411787961255,102.66510543560624,96.167396506449549,89.207040503520432,81.759459580386277,73.790547992632725,65.268979444884252,56.144650263976771,46.381618040405769,35.935173561184797,24.759643239316347,12.798462930467869,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"LLCR (Loan Life Cover Ratio)","x @ Period Start",{"$f":"MIN(F297:AM297)","v":122910.67788090686},{"$f":"IF(F294=0,0,F291/F294)","v":0},0,0,0,{"$f":"IF(J294=0,0,J291/J294)","v":122910.67788090686},136405.42297972535,137490.05706667373,143651.30037713129,150927.58077266777,171054.58909219489,181261.11950939248,191604.66559843314,204681.89486055236,218713.52393777642,238533.46613219261,260248.34356752216,294352.32991765434,343651.72127325198,441407.29173152905,690987.52484812785,0,0,0,{"$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},10000000,10000000,122910.67788090686,136405.42297972535,137490.05706667373,143651.30037713129,150927.58077266777,171054.58909219489,181261.11950939248,191604.66559843314,204681.89486055236,218713.52393777642,238533.46613219261,260248.34356752216,294352.32991765434,343651.72127325198,441407.29173152905,690987.52484812785,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[]
[null,null,"DSCR"]
[]
[null,null,"Numerator"]
[null,null,{"$f":"C289","v":"CFADS @ Period End"},"USD ",{"$f":"SUM(F302:AM302)","v":65113188.16300942},{"$f":"F289","v":0},{"$f":"G289","v":0},0,0,23.27339845472477,1736520.0126862605,1177387.2520054241,1175491.7254568671,23.274871182627976,1359221.0930394209,1559123.4829341574,1554278.0165439188,1767118.0025980624,1699884.2418030286,2047102.1793742096,1981823.5520300996,2259030.700478029,2284540.0794475144,2850544.9389763679,9462628.6977374256,2927674.5997585002,3030831.2424472887,3457679.0305429432,{"$f":"AC289","v":-4003919.7458308456},4025097.270365227,4134363.8925471082,4386673.7136425423,4253703.9778606296,-3800205.8019017847,4375213.6811134936,4645580.3718860541,4498832.5665106699,4778664.0527065517,-4511741.212019382]
[]
[null,null,"Denominator"]
[null,null,"Interest","USD ",{"$f":"SUM(F305:AM305)","v":89.792795207833038},{"$f":"-F222","v":0},0,0,0,9.0528783469432952,8.7529968509054701,8.3814557973292967,8.0097806544518022,7.6120882515728852,7.2069220488223706,6.7317177554514744,6.2444928352464357,5.7231621706270444,5.1799754655329142,4.5688285611419017,3.9301255184783774,3.2467132628284068,2.5225902566164558,1.7331750267521457,0.89589240513275159,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal","USD ",{"$f":"SUM(F306:AM306)","v":129.32683352776127},{"$f":"-F223","v":0},0,0,0,4.6373560381889121,4.9543946705824933,5.3096448982499016,5.6813200411273943,6.0790124440063114,6.4977089291566887,6.96035600292912,7.4475809231341588,7.9689115877535501,8.5215685477484779,9.1243291809074805,9.7630322235710025,10.446444479220972,11.175530321868449,11.961180308848478,12.798462930467878,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Debt Service","USD ",null,{"$f":"SUM(F305:F306)","v":0},0,0,0,13.690234385132207,13.707391521487963,13.691100695579198,13.691100695579197,13.691100695579197,13.704630977979059,13.692073758380594,13.692073758380594,13.692073758380594,13.701544013281392,13.693157742049383,13.69315774204938,13.69315774204938,13.698120578484904,13.694355335600624,13.69435533560063,0,0,0,{"$f":"SUM(AC305:AC306)","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"DSCR (Debt Service Cover Ratio)",null,"Average",{"$f":"IF(F307=0,0,F302/F307)","v":0},0,0,0,1.7000000000000013,126684.93563958243,85996.537326293837,85858.087789568948,1.7000000000104698,99179.692997458376,113870.51446314732,113516.62604012646,129061.38498680312,124065.15938315204,149498.18134993824,144730.93711206244,164975.14620319655,166777.6295556743,208154.73741695087,690987.52484812739,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"AVERAGEIF(F286:AM286,1,F310:AM310)","v":150210.03094450515}]
[null,null,null,null,"Min"]
[null,null,null,null,{"$f":"MIN(F313:AM313)","v":1.7000000000000013},{"$f":"IF(F310=0,10000000,F310)","v":10000000},{"$f":"IF(G310=0,10000000,G310)","v":10000000},10000000,10000000,1.7000000000000013,126684.93563958243,85996.537326293837,85858.087789568948,1.7000000000104698,99179.692997458376,113870.51446314732,113516.62604012646,129061.38498680312,124065.15938315204,149498.18134993824,144730.93711206244,164975.14620319655,166777.6295556743,208154.73741695087,690987.52484812739,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[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":"2019-12-31"}]

{"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$109)","v":133888203.58615632},{"$f":"C6/C$21","v":0.31175403017538128},"Deuda privada",{"$f":"-NPV(0,'Project Finance Model'!$F$117:$AM$117)","v":129.32683352776124},{"$f":"F6/F$21","v":3.0113303847680406E-7}]
[null,"Interes durante la construccion",{"$f":"NPV(0,'Project Finance Model'!$F$112:$AM$112)","v":10.271989627855509},{"$f":"C7/C$21","v":2.3917970953602239E-8},"Aportacion de capital privado",{"$f":"-NPV(0,'Project Finance Model'!$F$119:$AM$119)","v":1210.5553179837366},{"$f":"F7/F$21","v":2.8187359978193911E-6}]
[null,"Upfront fee",{"$f":"NPV(0,'Project Finance Model'!$F$113:$AM$113)","v":1.2932683352776124},{"$f":"C8/C$21","v":3.0113303847680409E-9},"Aportacion municipal",{"$f":"-NPV(0,'Project Finance Model'!$F$116:$AM$116)","v":133986875.26926279},{"$f":"F8/F$21","v":0.31198378376119912}]
[]
[]
[null,"Durante la operacion",null,null,"Durante la operacion"]
[]
[null,"Operacion y mantenimiento",{"$f":"-NPV(0,'Project Finance Model'!$F$209:$AM$209)","v":205229650.63168457},{"$f":"C13/C$21","v":0.47787011089996156},"Deuda",0,{"$f":"F13/F$21","v":0}]
[null,"Renovaciones",{"$f":"NPV(0,'Project Finance Model'!$F$106:$AM$106)","v":25136380.719726752},5.8529189155599556E-2,"Aportacion de capital privado",0,{"$f":"F14/F$21","v":0}]
[null,"Impuesto a la renta",{"$f":"-NPV(0,'Project Finance Model'!$F$211:$AM$211)","v":0},0,"Aportacion municipal",{"$f":"NPV(0,'Project Finance Model'!$F$157:$AM$157)","v":22507806.873348873},{"$f":"F15/F$21","v":5.2408646282719913E-2}]
[null,"Intereses",{"$f":"-NPV(0,'Project Finance Model'!$F$222:$AM$222)","v":89.792795207833038},2.0907940383815143E-7,"Autofinanciamento sobre Tesoreria",{"$f":"'Project Finance Model'!E220","v":49756092.405482195},{"$f":"F16/F$21","v":0.11585533241698986}]
[null,"Principal de la deuda",{"$f":"-NPV(0,'Project Finance Model'!$F$223:$AM$223)","v":129.32683352776127},3.0113303847680412E-7,"Ingresos de operacion",{"$f":"NPV(0,'Project Finance Model'!$F$208:$AM$208)","v":223215320.23558968},{"$f":"F17/F$21","v":0.51974911767005483}]
[null,"Constitucion de la Tesoreria",{"$f":"'Project Finance Model'!E229-'Project Finance Model'!E228","v":42660974.393303275},9.9334596641762654E-2]
[null,"Dividendo a privados (Equity)",{"$f":"-NPV(0,'Project Finance Model'!$F$227:$AM$227)","v":22551994.650077399},5.2511535985551305E-2]
[]
[null,"Total",{"$f":"SUM(C6:C19)","v":429467434.66583502},{"$f":"SUM(D6:D19)","v":1},"Total",{"$f":"SUM(F6:F19)","v":429467434.66583502},{"$f":"SUM(G6:G19)","v":1}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Financement des renouvellements d'équipement sur la trésorerie du SPV. Déblocage de fonds de la part du SPV pour financer les renouvellements d'équipement. "]
[null,"Part de la dette municipale dans le financement de la construction"]
[null,"Part de la dette privée dans le financement de la construction"]
[]
[null,"Part du capital privé dans le financement de la construction"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Calcul des intérêts à rembourser par le SPV durant la construction"]
[null,"Calcul des intérêts à rembourser par le maire durant la construction"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Calcul des intérêts à rembourser par le SPV durant l'exploitation"]
[null,"Calcul des intérêts à rembourser par le maire durant l'exploitation"]
[]
[]
[]
[null,"Hypothèse: le remboursement de la dette du SPV commence à la fin de la première année de construction"]
[null,"Hypothèse: le remboursement de la dette du SPV commence à la fin de la première année d'exploitation"]

{"sheet":"Balance_Municipality","index":4,"n_rows":4,"n_cols":6,"rows_kept":4,"cut":false,"hidden":true,"merged":[[1,1,1,5]]}
[]
[null,"Aportacion municipal (flujos de caja)"]
[null,"Total","Pago de la deuda - Intereses","Pago de la deuda - Principal","Subsidios Municipal","Transferencia de activos"]
[null,{"$f":"C4+D4+E4+F4","v":237669986.78689697},{"$f":"'Project Finance Model'!E241","v":81175304.644285321},{"$f":"'Project Finance Model'!E242","v":133986875.26926279},{"$f":"SUM('Project Finance Model'!$F$157:$AM$157)","v":22507806.873348873},{"$f":"SUM('Project Finance Model'!$F$243:$AM$243)","v":0}]