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

{"sheet":"Global Financial Model","index":1,"n_rows":125,"n_cols":46,"rows_kept":125,"cut":false,"hidden":true,"merged":[[3,1,6,1],[34,2,34,8]]}
[]
[]
[]
[null,"Legenda","Dato de entrada"]
[null,null,"Celda llave"]
[null,null,"Error"]
[null,null,"Dato calculado"]
[]
[]
[null,"DATOS"]
[null,"Inversion inicial (USD 2015)",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",{"$f":"AJ104","v":-1.4531472020822722E-2}]
[null,"VAN 30 años",{"$f":"AJ116","v":-89802560.344149873}]
[]
[]
[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",{"$f":"H112","v":1.706569673400423},{"$f":"M112","v":1.5019978232505962},{"$f":"R112","v":1.5596441727372534},{"$f":"W112","v":1.7193052394730535},{"$f":"AB112","v":1.8816790606538407},{"$f":"AG112","v":1.8839009728010705},{"$f":"AL112","v":1.8122879863161547}]
[null,"Margen neta de la operacion",{"$f":"H113","v":0.70656967340042298},{"$f":"M113","v":0.50199782325059616},{"$f":"R113","v":0.55964417273725342},{"$f":"W113","v":0.71930523947305347},{"$f":"AB113","v":0.88167906065384072},{"$f":"AG113","v":0.88390097280107049},{"$f":"AL113","v":0.81228798631615473}]
[]
[]
[]
[]
[]
[]
[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",0,0,0,0,6517372.9090309208,8689830.5453745611,8838489.8233706728,8987149.1013667826,9135808.3793628942,9284467.657359004,9433126.9353551157,9580279.8769452665,9727432.8185354155,9874585.7601255644,10021738.701715713,10168891.643305864,10372978.59485082,10577065.546395777,10781152.49794073,10985239.449485686,11189326.401030637,11495781.300289301,11802236.199547967,12108691.098806631,12415145.998065295,12721600.897323959,12721600.897323959,12721600.897323959,12721600.897323959,12721600.897323959,12721600.897323959,12721600.897323959,12721600.897323959,12721600.897323959,12721600.897323959,12721600.897323959,12721600.897323959,12721600.897323959,12721600.897323959,12721600.897323959,12721600.897323959,12721600.897323959,12721600.897323959,12721600.897323959]
[null,"Ingresos de pasajeros (valor actualizado)",0,0,0,0,3978856.1609633774,5305141.5479511702,5641411.3978589289,5736297.307334912,6066763.018770054,6165482.3189888652,6517275.3646236677,6618942.2082514102,6992121.6575750671,7097895.8416853705,7494698.2948378185,7604745.7559861774,8070768.7689815825,8229560.0534351449,8727240.7319394145,8892447.1842849031,9423582.8435502537,9681677.3013819493,10341338.538285874,10609860.012213971,11317868.098182205,11597237.839656996,12065766.248379137,12065766.248379137,12553223.204813652,12553223.204813652,13060373.422288125,13060373.422288125,13588012.508548565,13588012.508548565,14136968.213893929,14136968.213893929,14708101.72973524,14708101.72973524,15302309.039616548,15302309.039616548,15920522.324817056,15920522.324817056,16563711.426739665,16563711.426739665]
[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,{"$f":"G53","v":3978856.1609633774},5305141.5479511702,5641411.3978589289,5736297.307334912,6066763.018770054,6165482.3189888652,6517275.3646236677,6618942.2082514102,6992121.6575750671,7097895.8416853705,7494698.2948378185,7604745.7559861774,8070768.7689815825,8229560.0534351449,8727240.7319394145,8892447.1842849031,9423582.8435502537,9681677.3013819493,10341338.538285874,10609860.012213971,11317868.098182205,11597237.839656996,12065766.248379137,12065766.248379137,12553223.204813652,12553223.204813652,13060373.422288125,13060373.422288125,13588012.508548565,13588012.508548565,14136968.213893929,14136968.213893929,14708101.72973524,14708101.72973524,15302309.039616548,15302309.039616548,15920522.324817056,15920522.324817056,16563711.426739665,16563711.426739665]
[null,"2. Ingresos comerciales",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Ingreso totale",0,0,0,0,{"$f":"G79+G80","v":3978856.1609633774},{"$f":"H79+H80","v":5305141.5479511702},5641411.3978589289,5736297.307334912,6066763.018770054,6165482.3189888652,6517275.3646236677,6618942.2082514102,6992121.6575750671,7097895.8416853705,7494698.2948378185,7604745.7559861774,8070768.7689815825,8229560.0534351449,8727240.7319394145,8892447.1842849031,9423582.8435502537,9681677.3013819493,10341338.538285874,10609860.012213971,11317868.098182205,11597237.839656996,12065766.248379137,12065766.248379137,12553223.204813652,12553223.204813652,13060373.422288125,13060373.422288125,13588012.508548565,13588012.508548565,14136968.213893929,14136968.213893929,14708101.72973524,14708101.72973524,15302309.039616548,15302309.039616548,15920522.324817056,15920522.324817056,16563711.426739665,16563711.426739665]
[]
[null,"Flujo de caja neto (Ingreso total - Gasto total)",null,null,null,null,{"$f":"G81+G76","v":216797.35538689792},{"$f":"H81+H76","v":2196483.5009694621},1688033.6943716276,1689914.2984504276,-3780079.7033513449,1926308.6132777324,2178204.2529764483,2177561.9477320556,2445960.9007709734,-3824178.7415610915,2731316.5162123125,2728796.5562148802,3079526.9286593609,3120232.8196461415,-3390659.3659940157,3538292.1728015784,3942541.6490044445,4070669.4812103324,4597207.108604962,-2838411.6421952378,5297702.5629685642,5433998.8037572075,5755970.6138206515,5605844.1394836176,-2375589.3069564812,5781980.3052660488,6127751.3732271483,5962432.5622789888,6320714.7625018256,-2989011.7764220238,6518436.1912323404,6336349.1507889517,6720938.1153386589,6529824.4088132959,-3110212.102894973,6727635.9048269335,7140329.2107557394,6929764.177329367,7357216.4988324773,-3893582.8485895563]
[]
[null,"C. FLUJO DE CAJA DE OPERACION"]
[null,"1. Utilitad antes de impuestos",0,0,0,0,{"$f":"G83","v":216797.35538689792},{"$f":"H83","v":2196483.5009694621},1688033.6943716276,1689914.2984504276,-3780079.7033513449,1926308.6132777324,2178204.2529764483,2177561.9477320556,2445960.9007709734,-3824178.7415610915,2731316.5162123125,2728796.5562148802,3079526.9286593609,3120232.8196461415,-3390659.3659940157,3538292.1728015784,3942541.6490044445,4070669.4812103324,4597207.108604962,-2838411.6421952378,5297702.5629685642,5433998.8037572075,5755970.6138206515,5605844.1394836176,-2375589.3069564812,5781980.3052660488,6127751.3732271483,5962432.5622789888,6320714.7625018256,-2989011.7764220238,6518436.1912323404,6336349.1507889517,6720938.1153386589,6529824.4088132959,-3110212.102894973,6727635.9048269335,7140329.2107557394,6929764.177329367,7357216.4988324773,-3893582.8485895563]
[null,"2. Renta concessional",0,0,0,0,{"$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":-3425014.4956308142},-1445328.3500482501,-1953778.1566460845,-1951897.5525672846,-7421891.5543690566,-1507274.0121669928,-1255378.3724682769,-1256020.6777126696,-987621.72467375174,-7257761.3670058167,-401931.34867232479,-779145.29368818272,-428414.92124370206,-387709.03025692143,-6898601.2158970786,823447.62529569119,1227697.1014985573,239826.39498265693,766364.02237728657,-6669254.7284229137,1466859.4767408888,1603155.717529532,1834875.2337398343,1684748.7594028004,-6296684.6870372985,1860884.9251852315,2206655.993146331,2041337.1821981715,2399619.3824210083,-6910107.156502841,2597340.8111515231,2415253.7707081344,3915841.2739796299,4189673.8463258343,-7495651.3048729403,2342196.7028489662,2754890.0087777721,2544324.9753513997,2971777.29685451,-8279022.0505675236]
[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$24*H89,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,-288206.66885349189,-429693.98552449502,-83939.238243929925,-268227.40783205029,0,-513400.81685931102,-561104.50113533612,-642206.3318089419,-589662.06579098012,0,-651309.723814831,-772329.59760121582,-714468.01376936003,-839866.78384735284,0,-909069.28390303301,-845338.81974784704,-1370544.4458928704,-1466385.8462140418,0,-819768.84599713818,-964211.50307222013,-890513.74137298984,-1040122.0538990784,0]
[null,"6. Utilidad despues de impuestos",0,0,0,0,{"$f":"G89+G90","v":-3425014.4956308142},{"$f":"H89+H90","v":-1445328.3500482501},-1953778.1566460845,-1951897.5525672846,-7421891.5543690566,-1507274.0121669928,-1255378.3724682769,-1256020.6777126696,-987621.72467375174,-7257761.3670058167,-401931.34867232479,-779145.29368818272,-428414.92124370206,-387709.03025692143,-6898601.2158970786,535240.9564421993,798003.11597406224,155887.156738727,498136.61454523628,-6669254.7284229137,953458.65988157783,1042051.2163941959,1192668.9019308924,1095086.6936118202,-6296684.6870372985,1209575.2013704004,1434326.3955451152,1326869.1684288115,1559752.5985736554,-6910107.156502841,1688271.5272484901,1569914.9509602874,2545296.8280867594,2723288.0001117922,-7495651.3048729403,1522427.8568518281,1790678.5057055519,1653811.2339784098,1931655.2429554316,-8279022.0505675236]
[null,"7.Depreciacion (agrego)",0,0,0,0,{"$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":216797.35538689792},{"$f":"H91+H92","v":2196483.5009694621},1688033.6943716276,1689914.2984504276,-3780079.7033513444,1926308.6132777324,2178204.2529764483,2177561.9477320556,2445960.9007709734,-3824178.7415610915,2731316.5162123125,2728796.5562148802,3079526.9286593609,3120232.8196461415,-3390659.3659940157,3250085.5039480864,3512847.6634799493,3986730.2429664023,4328979.7007729113,-2838411.6421952383,4784301.7461092528,4872894.3026218712,5113764.2820117101,5016182.0736926375,-2375589.3069564812,5130670.5814512176,5355421.775625933,5247964.5485096285,5480847.9786544722,-2989011.7764220238,5609366.9073293079,5491010.3310411051,5350393.6694457885,5063438.5625992538,-3110212.102894973,5907867.0588297956,6176117.7076835195,6039250.4359563775,6317094.4449333986,-3893582.8485895563]
[]
[null,"D. FLUJO DE CAJA DE INVERSION"]
[null," 1. Inversion inicial",-6584924.4433762273,-27656868.041941456,-71655532.539482296,-27990878.561356351]
[null," 2. Nuevos equipos",null,null,null,null,0,0,0,0,0,0,0,0,0,-1699860.949178206,-2047078.9010060481,0,0,0,-2850521.658572298,-9462605.4173333552,-4426851.004921169,0,0,0,-2109303.4850194608,-2540159.3036962156,0,0,0,0,0,0,0,0,0,-6557935.1608782839,-16023767.103685562,-6052338.6883032303,0,0,0,0,0,0]
[null," 3. Valor residual despues tasas",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$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,-27990878.561356351,216797.35538689792,2196483.5009694621,1688033.6943716276,1689914.2984504276,-3780079.7033513444,1926308.6132777324,2178204.2529764483,2177561.9477320556,2445960.9007709734,-5524039.6907392973,684237.61520626443,2728796.5562148802,3079526.9286593609,3120232.8196461415,-6241181.0245663133,-6212519.9133852683,-914003.34144121967,3986730.2429664023,4328979.7007729113,-2838411.6421952383,2674998.261089792,2332734.9989256556,5113764.2820117101,5016182.0736926375,-2375589.3069564812,5130670.5814512176,5355421.775625933,5247964.5485096285,5480847.9786544722,48380557.579745203]
[null,"TRI (30 años)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IRR(C103:AJ103)","v":-1.4531472020822722E-2}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C93+C99","v":-6584924.4433762273},{"$f":"D93+D99","v":-27656868.041941456},-71655532.539482296,-27990878.561356351,216797.35538689792,2196483.5009694621,1688033.6943716276,1689914.2984504276,-3780079.7033513444,1926308.6132777324,2178204.2529764483,2177561.9477320556,2445960.9007709734,-5524039.6907392973,684237.61520626443,2728796.5562148802,3079526.9286593609,3120232.8196461415,-6241181.0245663133,-6212519.9133852683,-914003.34144121967,3986730.2429664023,4328979.7007729113,-2838411.6421952383,2674998.261089792,2332734.9989256556,5113764.2820117101,5016182.0736926375,-2375589.3069564812,5130670.5814512176,5355421.775625933,5247964.5485096285,5480847.9786544722,{"$f":"AJ93+AJ97","v":-2989011.7764220238},5609366.9073293079,-1066924.8298371788,-10673373.434239773,-988900.12570397649,-3110212.102894973,5907867.0588297956,6176117.7076835195,6039250.4359563775,6317094.4449333986,40900531.363549851]
[null,"TRI (40 años)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IRR(C106:AT106)","v":-1.0674310839604462E-2}]
[]
[null,"EBE (Excedente Bruto de Explotacion)",{"$f":"C83","v":0},{"$f":"D83","v":0},0,0,216797.35538689792,2196483.5009694621,1688033.6943716276,1689914.2984504276,-3780079.7033513449,1926308.6132777324,2178204.2529764483,2177561.9477320556,2445960.9007709734,-3824178.7415610915,2731316.5162123125,2728796.5562148802,3079526.9286593609,3120232.8196461415,-3390659.3659940157,3538292.1728015784,3942541.6490044445,4070669.4812103324,4597207.108604962,-2838411.6421952378,5297702.5629685642,5433998.8037572075,5755970.6138206515,5605844.1394836176,-2375589.3069564812,5781980.3052660488,6127751.3732271483,5962432.5622789888,6320714.7625018256,-2989011.7764220238,6518436.1912323404,6336349.1507889517,6720938.1153386589,6529824.4088132959,-3110212.102894973,6727635.9048269335,7140329.2107557394,6929764.177329367,7357216.4988324773,-3893582.8485895563]
[null,"ENE (Excedente Neto de Explotacion)",{"$f":"C109+C70","v":0},{"$f":"D109+D70","v":0},0,0,-3425014.4956308142,-1445328.3500482501,-1953778.1566460845,-1951897.5525672846,-7421891.5543690566,-1507274.0121669928,-1255378.3724682769,-1256020.6777126696,-987621.72467375174,-7257761.3670058167,-401931.34867232479,-779145.29368818272,-428414.92124370206,-387709.03025692143,-6898601.2158970786,823447.62529569119,1227697.1014985573,239826.39498265693,766364.02237728657,-6669254.7284229137,1466859.4767408888,1603155.717529532,1834875.2337398343,1684748.7594028004,-6296684.6870372985,1860884.9251852315,2206655.993146331,2041337.1821981715,2399619.3824210083,-6910107.156502841,2597340.8111515231,2415253.7707081344,3915841.2739796299,4189673.8463258343,-7495651.3048729403,2342196.7028489662,2754890.0087777721,2544324.9753513997,2971777.29685451,-8279022.0505675236]
[]
[null,"Ratio de coberture (Ingresos/Egresos)",null,null,null,null,{"$f":"ABS(G81)/ABS(G76)","v":1.0576273170067252},{"$f":"ABS(H81)/ABS(H76)","v":1.706569673400423},1.4269851810219403,1.4176357736625398,0.61611251341922857,1.454406624263251,1.5019978232505962,1.4902894640859734,1.538027806674056,0.64986699986218199,1.573398615342658,1.5596441727372534,1.616986118320517,1.6106934781963891,0.72019414761702372,1.660849782124878,1.7193052394730535,1.725479202965329,1.8003311144397576,0.78893855544146274,1.8799928393963277,1.8816790606538407,1.9122277403558749,1.8677881938799525,0.84087218557514032,1.8539023619507655,1.8839009728010705,1.8400228573151727,1.8697475985403467,0.81968948557721633,1.855602650463767,1.8122879863161547,1.841467439483073,1.7984351902702638,0.83108168192600207,1.7845938613719532,1.8132314537957752,1.7707652751470986,1.7991332810634495,0.80967263821955771]
[null,"Margen neta de la operacion",null,null,null,null,{"$f":"G112-1","v":5.7627317006725187E-2},{"$f":"H112-1","v":0.70656967340042298},0.42698518102194027,0.41763577366253979,-0.38388748658077143,0.45440662426325096,0.50199782325059616,0.4902894640859734,0.53802780667405603,-0.35013300013781801,0.57339861534265801,0.55964417273725342,0.61698611832051697,0.61069347819638908,-0.27980585238297628,0.66084978212487799,0.71930523947305347,0.72547920296532897,0.80033111443975757,-0.21106144455853726,0.87999283939632766,0.88167906065384072,0.91222774035587495,0.86778819387995254,-0.15912781442485968,0.85390236195076552,0.88390097280107049,0.84002285731517268,0.86974759854034667,-0.18031051442278367,0.85560265046376704,0.81228798631615473,0.84146743948307301,0.79843519027026377,-0.16891831807399793,0.78459386137195319,0.81323145379577522,0.77076527514709858,0.7991332810634495,-0.19032736178044229]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C103","v":-6584924.4433762273},{"$f":"D103","v":-27656868.041941456},-71655532.539482296,-27990878.561356351,216797.35538689792,2196483.5009694621,1688033.6943716276,1689914.2984504276,-3780079.7033513444,1926308.6132777324,2178204.2529764483,2177561.9477320556,2445960.9007709734,-5524039.6907392973,684237.61520626443,2728796.5562148802,3079526.9286593609,3120232.8196461415,-6241181.0245663133,-6212519.9133852683,-914003.34144121967,3986730.2429664023,4328979.7007729113,-2838411.6421952383,2674998.261089792,2332734.9989256556,5113764.2820117101,5016182.0736926375,-2375589.3069564812,5130670.5814512176,5355421.775625933,5247964.5485096285,5480847.9786544722,48380557.579745203]
[null,"VAN (30 años]",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"NPV(C26,C115:AJ115)","v":-89802560.344149873}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C106","v":-6584924.4433762273},{"$f":"D106","v":-27656868.041941456},-71655532.539482296,-27990878.561356351,216797.35538689792,2196483.5009694621,1688033.6943716276,1689914.2984504276,-3780079.7033513444,1926308.6132777324,2178204.2529764483,2177561.9477320556,2445960.9007709734,-5524039.6907392973,684237.61520626443,2728796.5562148802,3079526.9286593609,3120232.8196461415,-6241181.0245663133,-6212519.9133852683,-914003.34144121967,3986730.2429664023,4328979.7007729113,-2838411.6421952383,2674998.261089792,2332734.9989256556,5113764.2820117101,5016182.0736926375,-2375589.3069564812,5130670.5814512176,5355421.775625933,5247964.5485096285,5480847.9786544722,-2989011.7764220238,5609366.9073293079,-1066924.8298371788,-10673373.434239773,-988900.12570397649,-3110212.102894973,5907867.0588297956,6176117.7076835195,6039250.4359563775,6317094.4449333986,40900531.363549851]
[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,{"$f":"NPV(C26,C118:AT118)","v":-90352074.222978011}]
[]
[]
[]
[null,null,-15374793.702004252,-32471752.923079427,-62793043.621870533,-31184167.865535051,4461627.0876138387,7085887.3224892067,7506676.6422383776,7866933.6835564012,4138496.9480227539,8621725.0100111552,9016880.0393200647,9408111.1130052563,9811291.0381158479,3028760.3722510524,6759476.3316930179,11095752.577078201,11666827.927642517,12256200.784473658,5145482.9160697088,4835774.0456957947,9963796.0466147065,14965506.412886936,15819114.660764625,11262213.876171863,14269356.723393489,13717569.790471114,18902277.061604355,19259777.254964769,13648271.158759808,19994678.368752308,20372314.83298843,20756902.165421762,21148563.030060068,14981724.136930339]
[]
[null,null,{"$f":"C123-C103","v":-8789869.2586280257},{"$f":"D123-D103","v":-4814884.8811379708},8862488.9176117629,-3193289.3041786999,4244829.7322269408,4889403.8215197446,5818642.9478667499,6177019.3851059731,7918576.6513740979,6695416.3967334228,6838675.7863436164,7230549.1652732007,7365330.1373448744,8552800.0629903488,6075238.7164867539,8366956.0208633207,8587300.9989831559,9135967.9648275152,11386663.940636022,11048293.959081063,10877799.388055926,10978776.169920534,11490134.959991714,14100625.518367101,11594358.462303696,11384834.791545458,13788512.779592644,14243595.18127213,16023860.465716289,14864007.78730109,15016893.057362497,15508937.616912134,15667715.051405596,-33398833.442814864]

{"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",{"$f":"E313","v":1.7000000000000026}]
[null,null,null,{"$f":"E315","v":"2023-12-31"}]
[null,null,"LLCR",{"$f":"E296","v":25.446227435875045}]
[]
[null,null,"NPV project",{"$f":"E255","v":-90717182.995537177}]
[null,null,"IRR Project",{"$f":"E257","v":-5.1616756544136111E-2}]
[]
[null,null,"PRIVATE FINANCE"]
[null,null,"NPV Equity",{"$f":"IF(E58<0.01,\"N/A\",E272)","v":-2768.4340274352912}]
[null,null,"IRR Equity",{"$f":"IF(E58<0.01,\"N/A\",E274)","v":0.12995898335226475}]
[null,null,"Debt / Equity",{"$f":"IF(E58<0.01,\"N/A\",E59)","v":0.1}]
[]
[null,null,"Test \"CASH BALANCE > 0\"",{"$f":"IF(MIN(F232:AM232)<0,\"NOK\",\"OK\")","v":"OK"}]
[null,null,"Test \"INITIAL TREASURY\"",{"$f":"IF(I232>J220,\"OK\",\"NOK\")","v":"OK"}]
[]
[null,null,"General inputs"]
[]
[null,null,"Construction Costs (excluding inflation)","USD 2015",{"$f":"'Global Financial Model'!C11","v":129326833.52776122},null," "]
[null,null,"Municipal direct subsidies (yearly)","USD 2015",0]
[null,null,"Treasury","%",0.5,"of DSRA"]
[null,null,"Discount Factor (WACC)","%",{"$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$59*E26*E58","v":801826.36787211965}]
[null,null,"Private Amortisation Start","Date",{"$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 ",{"$f":"E26*H58","v":121308569.84904002}]
[null,null,"Municipal Amortisation Start","Date",{"$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 ",{"$f":"E52*E37","v":8018.2636787211968}]
[null,null,"Upfront fee on municipal loan","USD ",{"$f":"E52*E43","v":1213085.6984904001}]
[]
[null,null,"FUNDING SCHEME"]
[null,null,"Initial dibursment",null,"YES",{"$f":"IF($E$57=\"NO\",0,1)","v":1},"(if no : Equity is back ended)"]
[null,null,"Private funding vs Municipal funding ratio",null,6.2E-2,null,"Initial Municipal debt",{"$f":"1-E58","v":0.93799999999999994}]
[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 ",63705.724582612311,{"$f":"F151","v":0},{"$f":"G151","v":2869.445353950136},{"$f":"H151","v":14865.663204348069},45970.616024314106,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB151","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Upfront Fee","USD ",8018.2636787211968,{"$f":"F138","v":8018.2636787211968},{"$f":"G138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB138","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Required Funding","USD ",159196308.29414442,{"$f":"SUM(F109:F113)","v":6592942.7070549484},{"$f":"SUM(G109:G113)","v":27659737.487295408},{"$f":"SUM(H109:H113)","v":71670398.202686638},28136849.177380666,0,0,0,0,0,0,0,0,0,1699860.949178206,2047078.9010060481,0,0,0,2850521.658572298,9462605.4173333552,4426851.004921169,0,0,0,2109303.4850194608,2540159.3036962156,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Release","USD ",-25136380.719726752,{"$f":"IF(F79=1,-F114,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-1699860.949178206,-2047078.9010060481,0,0,0,-2850521.658572298,-9462605.4173333552,-4426851.004921169,0,0,0,-2109303.4850194608,-2540159.3036962156,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding through debt","USD ",-125748212.06480375,{"$f":"IF(F78=1,-F114*(1-$E$58),0)","v":-6184180.2592175417},-25944833.763083089,-67226833.514120057,-26392364.528383065,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Debt funding","USD ",-801826.36787211965,{"$f":"IF(F78=1,IF($F$57=1,-MIN(F114*$E$59*$E$58,F135),-MIN(F114*$E$58,F135)),0)","v":-40876.244783740687},-171490.37242123153,-444356.46885665721,-145103.28181049018,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sub Total","USD ",7509889.1417417871,{"$f":"SUM(F114:F117)","v":367886.2030536661},1543413.3517910871,3999208.219709923,1599381.3671871109,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Equity Funding","USD ",-7509889.1417417871,{"$f":"-F118","v":-367886.2030536661},{"$f":"-G118","v":-1543413.3517910871},-3999208.219709923,-1599381.3671871109,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AB118","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Funding Shortfall","USD ",0,{"$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},{"$f":"F127","v":40876.244783740687},{"$f":"G127","v":212366.61720497222},656723.08606162947,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Z127","v":0},{"$f":"AA127","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Disbursement to Fund Project Costs (SPV)","USD ",{"$f":"SUM(F124:AM124)","v":801826.36787211965},{"$f":"-F117","v":40876.244783740687},171490.37242123153,444356.46885665721,145103.28181049018,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":-801826.36787211965},{"$f":"-SUM(F123:F125)*F94","v":0},{"$f":"-SUM(G123:G125)*G94","v":0},{"$f":"-SUM(H123:H125)*H94","v":0},-801826.36787211965,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F123:F126)","v":40876.244783740687},{"$f":"SUM(G123:G126)","v":212366.61720497222},656723.08606162947,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipaly)","USD ",null,{"$f":"E133","v":0},{"$f":"F133","v":6184180.2592175417},31907629.897521477,97864711.254771054,{"$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 ",{"$f":"SUM(F130:AM130)","v":125748212.06480375},{"$f":"-F116","v":6184180.2592175417},{"$f":"-G116","v":25944833.763083089},67226833.514120057,26392364.528383065,{"$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 ",{"$f":"SUM(F131:AM131)","v":-5830940.8952911021},{"$f":"IF(F78=1,-F204,0)","v":0},{"$f":"IF(G78=1,-G204,0)","v":-221384.12477915443},-1269752.1568704834,-4339804.6136414642,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",-119917271.16951264,{"$f":"-SUM(F129:F131)*F94","v":0},{"$f":"-SUM(G129:G131)*G94","v":0},{"$f":"-SUM(H129:H131)*H94","v":0},-119917271.16951264,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality)","USD ",null,{"$f":"SUM(F129:F132)","v":6184180.2592175417},{"$f":"SUM(G129:G132)","v":31907629.897521477},97864711.254771054,0,{"$f":"SUM(J129:J132)","v":0},{"$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 ",{"$f":"E37","v":801826.36787211965},{"$f":"MAX(0,$E135-F123)*F78","v":801826.36787211965},760950.12308837892,589459.75066714745,145103.28181049018,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E43","v":121308569.84904002},{"$f":"MAX(0,$E136-F129)*F78","v":121308569.84904002},115124389.58982247,89400939.951518536,23443858.594268963,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Upfront Fee (SPV)","USD ",{"$f":"E53","v":8018.2636787211968},{"$f":"$E138*IF(F90=1,1,0)","v":8018.2636787211968},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E54","v":1213085.6984904001},{"$f":"$E139*IF(F90=1,1,0)","v":1213085.6984904001},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[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 ",{"$f":"SUM(F151:AM151)","v":63705.724582612311},{"$f":"F144*F123","v":0},2869.445353950136,14865.663204348069,45970.616024314106,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during construction for Municipality",null,{"$f":"SUM(F152:AM152)","v":9518183.193887135},{"$f":"F149*F129","v":0},434119.31322664954,2233534.0928265052,6850529.7878339803,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Operations"]
[null,null,"Revenue"]
[null,null,"Revenue","USD ",{"$f":"SUM(F156:AM156)","v":274645963.0147981},{"$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":3978856.1609633774},{"$f":"'Global Financial Model'!H81","v":5305141.5479511702},{"$f":"'Global Financial Model'!I81","v":5641411.3978589289},{"$f":"'Global Financial Model'!J81","v":5736297.307334912},{"$f":"'Global Financial Model'!K81","v":6066763.018770054},{"$f":"'Global Financial Model'!L81","v":6165482.3189888652},{"$f":"'Global Financial Model'!M81","v":6517275.3646236677},{"$f":"'Global Financial Model'!N81","v":6618942.2082514102},{"$f":"'Global Financial Model'!O81","v":6992121.6575750671},{"$f":"'Global Financial Model'!P81","v":7097895.8416853705},{"$f":"'Global Financial Model'!Q81","v":7494698.2948378185},{"$f":"'Global Financial Model'!R81","v":7604745.7559861774},{"$f":"'Global Financial Model'!S81","v":8070768.7689815825},{"$f":"'Global Financial Model'!T81","v":8229560.0534351449},{"$f":"'Global Financial Model'!U81","v":8727240.7319394145},{"$f":"'Global Financial Model'!V81","v":8892447.1842849031},{"$f":"'Global Financial Model'!W81","v":9423582.8435502537},{"$f":"'Global Financial Model'!X81","v":9681677.3013819493},{"$f":"'Global Financial Model'!Y81","v":10341338.538285874},{"$f":"'Global Financial Model'!Z81","v":10609860.012213971},{"$f":"'Global Financial Model'!AA81","v":11317868.098182205},{"$f":"'Global Financial Model'!AB81","v":11597237.839656996},{"$f":"'Global Financial Model'!AC81","v":12065766.248379137},{"$f":"'Global Financial Model'!AD81","v":12065766.248379137},{"$f":"'Global Financial Model'!AE81","v":12553223.204813652},{"$f":"'Global Financial Model'!AF81","v":12553223.204813652},{"$f":"'Global Financial Model'!AG81","v":13060373.422288125},{"$f":"'Global Financial Model'!AH81","v":13060373.422288125},{"$f":"'Global Financial Model'!AI81","v":13588012.508548565},{"$f":"'Global Financial Model'!AJ81","v":13588012.508548565}]
[null,null,"Municipal direct subsidies (if any)","USD ",{"$f":"SUM(F157:AM157)","v":0},0,0,0,0,{"$f":"$E27*(1+E32)*(1+F32)*(1+G32)*(1+H32)","v":0},{"$f":"J157*(1+I32)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"OpEx"]
[null,null,"OpEx","USD ",{"$f":"SUM(F160:AM160)","v":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},0,0,801826.36787211965,773074.76043534838,742357.51347773697,709437.71510858764,674213.5308535978,636523.6537007587,596237.85833998723,553083.65112182673,506908.64939839492,457501.3975543229,404667.67255828233,348096.83163665596,287566.03185051575,222798.07607934572,153509.78808376135,79350.470168900778,0,{"$f":"Z166","v":0},{"$f":"AA166","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (SPV)","USD ",{"$f":"SUM(F164:AM164)","v":801826.36787211965},{"$f":"-F126","v":0},0,0,801826.36787211965,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (SPV)","USD ",{"$f":"SUM(F165:AM165)","v":-801826.36787211976},{"$f":"IF(F79=1,-F198,0)","v":0},{"$f":"IF(G79=1,-G198,0)","v":0},0,0,-28751.60743677125,-30717.246957611453,-32919.798369149386,-35224.184254989843,-37689.877152839137,-40285.795360771466,-43154.20721816054,-46175.001723431793,-49407.251844072016,-52833.724996040561,-56570.840921626383,-60530.799786140211,-64767.955771170018,-69288.287995584367,-74159.31791486057,-79350.470168900836,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F163:F165)","v":0},{"$f":"SUM(G163:G165)","v":0},0,801826.36787211965,773074.76043534838,742357.51347773697,709437.71510858764,674213.5308535978,636523.6537007587,596237.85833998723,553083.65112182673,506908.64939839492,457501.3975543229,404667.67255828233,348096.83163665596,287566.03185051575,222798.07607934572,153509.78808376135,79350.470168900778,0,0,0,{"$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},0,0,119917271.16951264,113963276.94976079,107599936.91777316,100782737.95408785,93488335.062944576,85683323.969421268,77337926.095576763,68401279.735636204,58839068.13049981,48607501.713003874,37662940.835474283,25947820.354129829,13412641.43909126,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",{"$f":"SUM(F169:AM169)","v":119917271.16951264},{"$f":"-F132","v":0},0,0,119917271.16951264,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (Municipality)","USD ",{"$f":"SUM(F170:AM170)","v":-119917271.16951267},{"$f":"IF(F79=1,-F204,0)","v":0},{"$f":"IF(G79=1,-G204,0)","v":0},0,0,-5953994.2197518572,-6363340.0319876438,-6817198.9636853067,-7294402.8911432819,-7805011.0935233114,-8345397.8738445044,-8936646.3599405549,-9562211.6051363945,-10231566.41749594,-10944560.877529588,-11715120.481344454,-12535178.915038569,-13412641.439091269,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality","USD ",null,{"$f":"SUM(F168:F170)","v":0},{"$f":"SUM(G168:G170)","v":0},0,119917271.16951264,113963276.94976079,107599936.91777316,100782737.95408785,93488335.062944576,85683323.969421268,77337926.095576763,68401279.735636204,58839068.13049981,48607501.713003874,37662940.835474283,25947820.354129829,13412641.43909126,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY","% p.a.",null,{"$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 ",{"$f":"SUM(F183:AM183)","v":556715.33028856455},{"$f":"F176*F163","v":0},0,0,0,56127.845751048422,54268.580475613911,51965.025943441637,49660.64005760118,47194.947159751886,44682.916702698705,41736.650083799141,38715.855578527902,35483.605457887679,32115.847886304069,28326.737079079787,24366.77821456594,20129.622229536119,15640.059591022025,10745.685165863304,5554.5329118230593,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during Operation for Municipality","USD ",{"$f":"SUM(F184:AM184)","v":66664327.950245798},{"$f":"F181*F168","v":0},{"$f":"G181*G168","v":0},0,0,8394208.9818658922,8000035.162097347,7531995.5842441274,7054791.6567861559,6544183.4544061264,6014828.8370378185,5413654.8266903786,4788089.5814945381,4118734.7691349904,3412166.9124797331,2636405.8584832023,1816347.4247890897,938884.90073638898,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt repayment"]
[]
[null,null,"Flag: Municipal Debt Repayment",{"$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},40876.244783740687,212366.61720497222,656723.08606162947,801826.36787211965,773074.76043534838,742357.51347773697,709437.71510858764,674213.5308535978,636523.6537007587,596237.85833998723,553083.65112182673,506908.64939839492,457501.3975543229,404667.67255828233,348096.83163665596,287566.03185051575,222798.07607934572,153509.78808376135,79350.470168900778,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":1358541.6981606842},{"$f":"IF(F191=0,0,F195*F194/(1-(1+F195)^(-F192)))","v":0},{"$f":"IF(G191=0,0,G195*G194/(1-(1+G195)^(-G192)))","v":0},0,0,84879.453187819672,84985.827433225364,84884.824312591023,84884.824312591023,84884.824312591023,84968.712063470171,84890.857301959681,84890.857301959695,84890.857301959695,84949.572882344626,84897.578000706169,84897.578000706155,84897.57800070614,84928.347586606396,84905.00308072388,84905.003080723895,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (SPV)"," ",{"$f":"SUM(F197:AM197)","v":-556715.33028856455},{"$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,-56127.845751048422,-54268.580475613911,-51965.025943441637,-49660.64005760118,-47194.947159751886,-44682.916702698705,-41736.650083799141,-38715.855578527902,-35483.605457887679,-32115.847886304069,-28326.737079079787,-24366.77821456594,-20129.622229536119,-15640.059591022025,-10745.685165863304,-5554.5329118230593,{"$f":"IF(Z191=0,0,-Z183)","v":0},{"$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":801826.36787211976},{"$f":"IF(F196=0,0,SUM(F196:F197))","v":0},{"$f":"IF(G196=0,0,SUM(G196:G197))","v":0},0,0,28751.60743677125,{"$f":"IF(K196=0,0,SUM(K196:K197))","v":30717.246957611453},{"$f":"IF(L196=0,0,SUM(L196:L197))","v":32919.798369149386},{"$f":"IF(M196=0,0,SUM(M196:M197))","v":35224.184254989843},37689.877152839137,{"$f":"IF(O196=0,0,SUM(O196:O197))","v":40285.795360771466},{"$f":"IF(P196=0,0,SUM(P196:P197))","v":43154.20721816054},{"$f":"IF(Q196=0,0,SUM(Q196:Q197))","v":46175.001723431793},49407.251844072016,{"$f":"IF(S196=0,0,SUM(S196:S197))","v":52833.724996040561},{"$f":"IF(T196=0,0,SUM(T196:T197))","v":56570.840921626383},{"$f":"IF(U196=0,0,SUM(U196:U197))","v":60530.799786140211},64767.955771170018,{"$f":"IF(W196=0,0,SUM(W196:W197))","v":69288.287995584367},{"$f":"IF(X196=0,0,SUM(X196:X197))","v":74159.31791486057},{"$f":"IF(Y196=0,0,SUM(Y196:Y197))","v":79350.470168900836},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,{"$f":"IF(F78=1,F129,F168)","v":0},6184180.2592175417,31907629.897521477,97864711.254771054,119917271.16951264,113963276.94976079,107599936.91777316,100782737.95408785,93488335.062944576,85683323.969421268,77337926.095576763,68401279.735636204,58839068.13049981,48607501.713003874,37662940.835474283,25947820.354129829,13412641.43909126,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$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)"," ",{"$f":"SUM(F202:AM202)","v":201930723.20893669},{"$f":"IF(F188=0,0,F201*F200/(1-(1+F201)^(-F189)))","v":0},{"$f":"IF(G188=0,0,G201*G200/(1-(1+G201)^(-G189)))","v":655503.43800580397},3503286.2496969886,11190334.401475444,14348203.201617749,14363375.194084991,14349194.547929434,14349194.547929438,14349194.547929438,14360226.710882323,14350301.186630934,14350301.186630933,14350301.186630931,14356727.79000932,14351526.339827657,14351526.339827659,14351526.339827659,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (Municipality)"," ",{"$f":"SUM(F203:AM203)","v":-76182511.144132912},{"$f":"IF(F78=1,-F152,-F184)","v":0},{"$f":"IF(G78=1,-G152,-G184)","v":-434119.31322664954},-2233534.0928265052,-6850529.7878339803,-8394208.9818658922,-8000035.162097347,-7531995.5842441274,-7054791.6567861559,-6544183.4544061264,-6014828.8370378185,-5413654.8266903786,-4788089.5814945381,-4118734.7691349904,-3412166.9124797331,-2636405.8584832023,-1816347.4247890897,-938884.90073638898,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment (Municipality)"," ",{"$f":"SUM(F204:AM204)","v":125748212.06480376},{"$f":"IF(F202=0,0,SUM(F202:F203))","v":0},{"$f":"IF(G202=0,0,SUM(G202:G203))","v":221384.12477915443},1269752.1568704834,4339804.6136414642,5953994.2197518572,{"$f":"IF(K202=0,0,SUM(K202:K203))","v":6363340.0319876438},{"$f":"IF(L202=0,0,SUM(L202:L203))","v":6817198.9636853067},{"$f":"IF(M202=0,0,SUM(M202:M203))","v":7294402.8911432819},7805011.0935233114,{"$f":"IF(O202=0,0,SUM(O202:O203))","v":8345397.8738445044},{"$f":"IF(P202=0,0,SUM(P202:P203))","v":8936646.3599405549},{"$f":"IF(Q202=0,0,SUM(Q202:Q203))","v":9562211.6051363945},10231566.41749594,{"$f":"IF(S202=0,0,SUM(S202:S203))","v":10944560.877529588},{"$f":"IF(T202=0,0,SUM(T202:T203))","v":11715120.481344454},{"$f":"IF(U202=0,0,SUM(U202:U203))","v":12535178.915038569},13412641.439091269,{"$f":"IF(W202=0,0,SUM(W202:W203))","v":0},{"$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":274645963.0147981},{"$f":"F156","v":0},0,0,0,3978856.1609633774,5305141.5479511702,5641411.3978589289,5736297.307334912,6066763.018770054,6165482.3189888652,6517275.3646236677,6618942.2082514102,6992121.6575750671,7097895.8416853705,7494698.2948378185,7604745.7559861774,8070768.7689815825,8229560.0534351449,8727240.7319394145,8892447.1842849031,9423582.8435502537,9681677.3013819493,10341338.538285874,10609860.012213971,11317868.098182205,11597237.839656996,12065766.248379137,12065766.248379137,12553223.204813652,12553223.204813652,13060373.422288125,13060373.422288125,13588012.508548565,13588012.508548565]
[null,null,"OpEx","USD ",-205229650.63168457,{"$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 ",69416312.383113489,{"$f":"SUM(F208:F209)","v":0},{"$f":"SUM(G208:G209)","v":0},{"$f":"SUM(H208:H209)","v":0},0,216797.35538689792,2196483.5009694621,1688033.6943716276,1689914.2984504276,-3780079.7033513449,1926308.6132777324,2178204.2529764483,2177561.9477320556,2445960.9007709734,-3824178.7415610915,2731316.5162123125,2728796.5562148802,3079526.9286593609,3120232.8196461415,-3390659.3659940157,3538292.1728015784,3942541.6490044445,4070669.4812103324,4597207.108604962,-2838411.6421952378,5297702.5629685642,5433998.8037572075,5755970.6138206515,5605844.1394836176,-2375589.3069564812,5781980.3052660488,6127751.3732271483,5962432.5622789888,6320714.7625018256,-2989011.7764220238]
[null,null,"Revenue Tax","USD ",-6354415.1350812959,{"$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},{"$f":"'Global Financial Model'!V90","v":-288206.66885349189},{"$f":"'Global Financial Model'!W90","v":-429693.98552449502},{"$f":"'Global Financial Model'!X90","v":-83939.238243929925},{"$f":"'Global Financial Model'!Y90","v":-268227.40783205029},{"$f":"'Global Financial Model'!Z90","v":0},{"$f":"'Global Financial Model'!AA90","v":-513400.81685931102},{"$f":"'Global Financial Model'!AB90","v":-561104.50113533612},{"$f":"'Global Financial Model'!AC90","v":-642206.3318089419},{"$f":"'Global Financial Model'!AD90","v":-589662.06579098012},{"$f":"'Global Financial Model'!AE90","v":0},{"$f":"'Global Financial Model'!AF90","v":-651309.723814831},{"$f":"'Global Financial Model'!AG90","v":-772329.59760121582},{"$f":"'Global Financial Model'!AH90","v":-714468.01376936003},{"$f":"'Global Financial Model'!AI90","v":-839866.78384735284},{"$f":"'Global Financial Model'!AJ90","v":0}]
[null,null,"CapEx (including intesrests during construction)","USD ",-159096308.29414442,{"$f":"-F114","v":-6592942.7070549484},-27659737.487295408,-71670398.202686638,{"$f":"-I114+I110","v":-28036849.177380666},0,0,0,0,0,0,0,0,0,-1699860.949178206,-2047078.9010060481,0,0,0,-2850521.658572298,-9462605.4173333552,-4426851.004921169,0,0,0,-2109303.4850194608,-2540159.3036962156,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",null,{"$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 ",-96134411.04611221,{"$f":"SUM(F210:F213)","v":-6592942.7070549484},{"$f":"SUM(G210:G213)","v":-27659737.487295408},{"$f":"SUM(H210:H213)","v":-71670398.202686638},-28136849.177380666,216797.35538689792,2196483.5009694621,1688033.6943716276,1689914.2984504276,-3780079.7033513449,1926308.6132777324,2178204.2529764483,2177561.9477320556,2445960.9007709734,-5524039.6907392973,684237.61520626443,2728796.5562148802,3079526.9286593609,3120232.8196461415,-6241181.0245663133,-6212519.9133852683,-914003.34144121967,3986730.2429664023,4328979.7007729113,-2838411.6421952378,2674998.261089792,2332734.9989256556,5113764.2820117101,5016182.0736926375,-2375589.3069564812,5130670.5814512176,5355421.775625933,5247964.5485096285,5480847.9786544731,-2989011.7764220238]
[null,null,"Municipality: Funding (through debt )","USD ",125748212.06480375,{"$f":"-F116","v":6184180.2592175417},25944833.763083089,67226833.514120057,26392364.528383065,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding (through subsidies)","USD ",0,{"$f":"+F157","v":0},{"$f":"+G157","v":0},{"$f":"+H157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt: Funding","USD ",801826.36787211965,{"$f":"F124","v":40876.244783740687},171490.37242123153,444356.46885665721,145103.28181049018,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity: Funding","USD ",7509889.1417417871,{"$f":"-F119","v":367886.2030536661},1543413.3517910871,3999208.219709923,1599381.3671871109,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CashFlow after Funding","USD ",37925516.528305449,{"$f":"SUM(F214:F218)","v":0},0,0,0,216797.35538689792,2196483.5009694621,1688033.6943716276,1689914.2984504276,-3780079.7033513449,1926308.6132777324,2178204.2529764483,2177561.9477320556,2445960.9007709734,-5524039.6907392973,684237.61520626443,2728796.5562148802,3079526.9286593609,3120232.8196461415,-6241181.0245663133,-6212519.9133852683,-914003.34144121967,3986730.2429664023,4328979.7007729113,-2838411.6421952378,2674998.261089792,2332734.9989256556,5113764.2820117101,5016182.0736926375,-2375589.3069564812,5130670.5814512176,5355421.775625933,5247964.5485096285,5480847.9786544731,-2989011.7764220238]
[null,null,"Treasury: Funding","USD ",47471596.537474826,{"$f":"IF(F78=1,0,-F115+IF(F191=1,IF(F219/F196>1.7,0,1.7*F196+IF(F219<0,-F219,0)),0))","v":0},0,0,0,0,0,0,0,3924383.9046827499,0,0,0,0,7368314.9138174886,2047078.9010060481,0,0,0,9236041.1883758418,15819463.835955855,4426851.004921169,0,0,0,2109303.4850194608,2540159.3036962156,0,0,0,0,0,0,0,0]
[null,null,"CashFlow Available for Debt Service (CFADS)","USD ",85397113.065780267,{"$f":"SUM(F219:F220)","v":0},{"$f":"SUM(G219:G220)","v":0},0,0,216797.35538689792,2196483.5009694621,1688033.6943716276,1689914.2984504276,144304.20133140497,1926308.6132777324,2178204.2529764483,2177561.9477320556,2445960.9007709734,1844275.2230781913,2731316.5162123125,2728796.5562148802,3079526.9286593609,3120232.8196461415,2994860.1638095286,9606943.9225705862,3512847.6634799493,3986730.2429664023,4328979.7007729113,-2838411.6421952378,4784301.7461092528,4872894.3026218712,5113764.2820117101,5016182.0736926375,-2375589.3069564812,5130670.5814512176,5355421.775625933,5247964.5485096285,5480847.9786544731,-2989011.7764220238]
[null,null,"Interests","USD ",-556715.33028856455,{"$f":"-F197","v":0},{"$f":"-G197","v":0},0,0,{"$f":"J197","v":-56127.845751048422},{"$f":"K197","v":-54268.580475613911},-51965.025943441637,-49660.64005760118,-47194.947159751886,-44682.916702698705,-41736.650083799141,-38715.855578527902,-35483.605457887679,-32115.847886304069,-28326.737079079787,-24366.77821456594,-20129.622229536119,-15640.059591022025,-10745.685165863304,-5554.5329118230593,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment","USD ",-801826.36787211976,{"$f":"F198","v":0},{"$f":"G198","v":0},{"$f":"H198","v":0},0,{"$f":"-J198","v":-28751.60743677125},{"$f":"-K198","v":-30717.246957611453},-32919.798369149386,-35224.184254989843,-37689.877152839137,-40285.795360771466,-43154.20721816054,-46175.001723431793,-49407.251844072016,-52833.724996040561,-56570.840921626383,-60530.799786140211,-64767.955771170018,-69288.287995584367,-74159.31791486057,-79350.470168900836,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow available for Debt Service reserve Account (DSRA)","USD ",84038571.367619589,{"$f":"SUM(F221:F223)","v":0},{"$f":"SUM(G221:G223)","v":0},0,0,131917.90219907826,2111497.6735362369,1603148.8700590366,1605029.4741378366,59419.377018813946,1841339.9012142622,2093313.3956744887,2092671.090430096,2361070.0434690136,1759325.6501958466,2646418.9382116063,2643898.978214174,2994629.3506586547,3035304.4720595353,2909955.1607288043,9522038.9194898624,3512847.6634799493,3986730.2429664023,4328979.7007729113,-2838411.6421952378,4784301.7461092528,4872894.3026218712,5113764.2820117101,5016182.0736926375,-2375589.3069564812,5130670.5814512176,5355421.775625933,5247964.5485096285,5480847.9786544731,-2989011.7764220238]
[null,null,"Treasury: Deduction","USD ",-46120792.046596669,{"$f":"IF(F231<$E$220,IF(F224>0,-F224*$E$28,0),0)","v":0},0,0,0,-65958.951099539132,-1055748.8367681184,-801574.43502951832,-802514.7370689183,-29709.688509406973,-920669.95060713112,-1046656.6978372444,-1046335.545215048,-1180535.0217345068,-879662.82509792328,-1323209.4691058032,-1321949.489107087,-1497314.6753293274,-1517652.2360297677,-1454977.5803644022,-4761019.4597449312,-1756423.8317399747,-1993365.1214832012,-2164489.8503864557,0,-2392150.8730546264,-2436447.1513109356,-2556882.1410058551,-2508091.0368463187,0,-2565335.2907256088,-2677710.8878129665,-2623982.2742548143,-2740423.9893272365,0]
[null,null,"Cashflow available to Equity","USD ",37917779.32102292,{"$f":"F224+F225","v":0},{"$f":"G224+G225","v":0},{"$f":"H224+H225","v":0},0,65958.951099539132,1055748.8367681184,801574.43502951832,802514.7370689183,29709.688509406973,920669.95060713112,1046656.6978372444,1046335.545215048,1180535.0217345068,879662.82509792328,1323209.4691058032,1321949.489107087,1497314.6753293274,1517652.2360297677,1454977.5803644022,4761019.4597449312,1756423.8317399747,1993365.1214832012,2164489.8503864557,-2838411.6421952378,2392150.8730546264,2436447.1513109356,2556882.1410058551,2508091.0368463187,-2375589.3069564812,2565335.2907256088,2677710.8878129665,2623982.2742548143,2740423.9893272365,-2989011.7764220238]
[null,null,"Distributions to Equity","USD ",-46120792.046596669,{"$f":"-MAX(F226,0)*F79","v":0},0,0,0,-65958.951099539132,-1055748.8367681184,-801574.43502951832,-802514.7370689183,-29709.688509406973,-920669.95060713112,-1046656.6978372444,-1046335.545215048,-1180535.0217345068,-879662.82509792328,-1323209.4691058032,-1321949.489107087,-1497314.6753293274,-1517652.2360297677,-1454977.5803644022,-4761019.4597449312,-1756423.8317399747,-1993365.1214832012,-2164489.8503864557,0,-2392150.8730546264,-2436447.1513109356,-2556882.1410058551,-2508091.0368463187,0,-2565335.2907256088,-2677710.8878129665,-2623982.2742548143,-2740423.9893272365,0]
[null,null,"Treasury: Add back","USD ",-1350804.4908781629,{"$f":"-F225-F220","v":0},0,0,0,{"$f":"-J225-J220","v":65958.951099539132},{"$f":"-K225-K220","v":1055748.8367681184},801574.43502951832,802514.7370689183,-3894674.2161733429,920669.95060713112,1046656.6978372444,1046335.545215048,1180535.0217345068,-6488652.0887195654,-723869.4319002449,1321949.489107087,1497314.6753293274,1517652.2360297677,-7781063.6080114394,-11058444.376210924,-2670427.1731811943,1993365.1214832012,2164489.8503864557,0,282847.38803516561,-103712.15238528,2556882.1410058551,2508091.0368463187,0,2565335.2907256088,2677710.8878129665,2623982.2742548143,2740423.9893272365,0]
[null,null,"Net Cashflow","USD ",36666974.830144763,{"$f":"F224+F227+F228-F213","v":0},{"$f":"G224+G227+G228-G213","v":0},0,100000,{"$f":"J224+J227+J228-J213","v":131917.90219907826},{"$f":"K224+K227+K228-K213","v":2111497.6735362369},{"$f":"L224+L227+L228-L213","v":1603148.8700590366},{"$f":"M224+M227+M228-M213","v":1605029.4741378366},{"$f":"N224+N227+N228-N213","v":-3864964.5276639359},{"$f":"O224+O227+O228-O213","v":1841339.9012142622},{"$f":"P224+P227+P228-P213","v":2093313.3956744887},{"$f":"Q224+Q227+Q228-Q213","v":2092671.090430096},{"$f":"R224+R227+R228-R213","v":2361070.0434690136},{"$f":"S224+S227+S228-S213","v":-5608989.2636216423},{"$f":"T224+T227+T228-T213","v":599340.03720555827},{"$f":"U224+U227+U228-U213","v":2643898.978214174},{"$f":"V224+V227+V228-V213","v":2994629.3506586547},{"$f":"W224+W227+W228-W213","v":3035304.4720595353},{"$f":"X224+X227+X228-X213","v":-6326086.0276470371},{"$f":"Y224+Y227+Y228-Y213","v":-6297424.916465993},{"$f":"Z224+Z227+Z228-Z213","v":-914003.34144121967},{"$f":"AA224+AA227+AA228-AA213","v":3986730.2429664023},{"$f":"AB224+AB227+AB228-AB213","v":4328979.7007729113},{"$f":"AC224+AC227+AC228-AC213","v":-2838411.6421952378},{"$f":"AD224+AD227+AD228-AD213","v":2674998.261089792},{"$f":"AE224+AE227+AE228-AE213","v":2332734.9989256556},{"$f":"AF224+AF227+AF228-AF213","v":5113764.2820117101},{"$f":"AG224+AG227+AG228-AG213","v":5016182.0736926375},{"$f":"AH224+AH227+AH228-AH213","v":-2375589.3069564812},{"$f":"AI224+AI227+AI228-AI213","v":5130670.5814512176},{"$f":"AJ224+AJ227+AJ228-AJ213","v":5355421.775625933},{"$f":"AK224+AK227+AK228-AK213","v":5247964.5485096285},{"$f":"AL224+AL227+AL228-AL213","v":5480847.9786544731},{"$f":"AM224+AM227+AM228-AM213","v":-2989011.7764220238}]
[]
[null,null,"Cash Balance B/f",null,null,{"$f":"E232","v":0},{"$f":"F232","v":0},0,0,100000,{"$f":"J232","v":231917.90219907826},{"$f":"K232","v":2343415.5757353152},{"$f":"L232","v":3946564.4457943519},{"$f":"M232","v":5551593.9199321885},{"$f":"N232","v":1686629.3922682526},{"$f":"O232","v":3527969.293482515},{"$f":"P232","v":5621282.6891570035},{"$f":"Q232","v":7713953.7795870993},{"$f":"R232","v":10075023.823056113},{"$f":"S232","v":4466034.5594344707},{"$f":"T232","v":5065374.596640029},{"$f":"U232","v":7709273.5748542026},{"$f":"V232","v":10703902.925512858},{"$f":"W232","v":13739207.397572393},{"$f":"X232","v":7413121.3699253555},{"$f":"Y232","v":1115696.4534593625},{"$f":"Z232","v":201693.11201814283},{"$f":"AA232","v":4188423.3549845451},{"$f":"AB232","v":8517403.0557574555},{"$f":"AC232","v":5678991.4135622177},{"$f":"AD232","v":8353989.6746520102},{"$f":"AE232","v":10686724.673577666},{"$f":"AF232","v":15800488.955589376},{"$f":"AG232","v":20816671.029282015},{"$f":"AH232","v":18441081.722325534},{"$f":"AI232","v":23571752.303776752},{"$f":"AJ232","v":28927174.079402685},{"$f":"AK232","v":34175138.627912313},{"$f":"AL232","v":39655986.606566787}]
[null,null,"Cash Balance C/f","USD ",null,{"$f":"F229+F231","v":0},{"$f":"G229+G231","v":0},0,100000,{"$f":"J229+J231","v":231917.90219907826},{"$f":"K229+K231","v":2343415.5757353152},3946564.4457943519,5551593.9199321885,1686629.3922682526,3527969.293482515,5621282.6891570035,7713953.7795870993,10075023.823056113,4466034.5594344707,5065374.596640029,7709273.5748542026,10703902.925512858,13739207.397572393,7413121.3699253555,1115696.4534593625,201693.11201814283,4188423.3549845451,8517403.0557574555,5678991.4135622177,8353989.6746520102,10686724.673577666,15800488.955589376,20816671.029282015,18441081.722325534,23571752.303776752,28927174.079402685,34175138.627912313,39655986.606566787,36666974.830144763]
[]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F234:AM234)","v":-36666974.830144763},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AM232","v":-36666974.830144763}]
[null,null,"Close out: Asset transfer to municipality","USD ",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Municipality Cashflow Waterfall"]
[]
[null,null,{"$f":"C157","v":"Municipal direct subsidies (if any)"},"USD ",{"$f":"E157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Interest","USD ",{"$f":"-E203","v":76182511.144132912},{"$f":"-F203","v":0},{"$f":"-G203","v":434119.31322664954},{"$f":"-H203","v":2233534.0928265052},6850529.7878339803,8394208.9818658922,8000035.162097347,7531995.5842441274,7054791.6567861559,6544183.4544061264,6014828.8370378185,5413654.8266903786,4788089.5814945381,4118734.7691349904,3412166.9124797331,2636405.8584832023,1816347.4247890897,938884.90073638898,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Principal","USD ",{"$f":"E204","v":125748212.06480376},{"$f":"F204","v":0},{"$f":"G204","v":221384.12477915443},1269752.1568704834,4339804.6136414642,5953994.2197518572,6363340.0319876438,6817198.9636853067,7294402.8911432819,7805011.0935233114,8345397.8738445044,8936646.3599405549,9562211.6051363945,10231566.41749594,10944560.877529588,11715120.481344454,12535178.915038569,13412641.439091269,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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},{"$f":"SUM(G240:G243)","v":655503.43800580397},3503286.2496969886,11190334.401475444,14348203.201617749,14363375.194084991,14349194.547929434,14349194.547929438,14349194.547929438,14360226.710882323,14350301.186630934,14350301.186630933,14350301.186630931,14356727.79000932,14351526.339827657,14351526.339827659,14351526.339827659,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Project Return"]
[]
[null,null,"Date",null,null,{"$f":"F77","v":"2015-12-31"},"2016-12-31","2017-12-31","2018-12-31","2019-12-31","2020-12-31","2021-12-31","2022-12-31","2023-12-31","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31","2035-12-31","2036-12-31","2037-12-31","2038-12-31","2039-12-31","2040-12-31","2041-12-31","2042-12-31","2043-12-31","2044-12-31","2045-12-31","2046-12-31","2047-12-31","2048-12-31"]
[null,null,{"$f":"C214","v":"Cashflow before Funding"},"USD ",{"$f":"SUM(F249:AM249)","v":-96134411.04611221},{"$f":"F214","v":-6592942.7070549484},-27659737.487295408,-71670398.202686638,-28136849.177380666,216797.35538689792,2196483.5009694621,1688033.6943716276,1689914.2984504276,-3780079.7033513449,1926308.6132777324,2178204.2529764483,2177561.9477320556,2445960.9007709734,-5524039.6907392973,684237.61520626443,2728796.5562148802,3079526.9286593609,3120232.8196461415,-6241181.0245663133,-6212519.9133852683,-914003.34144121967,3986730.2429664023,4328979.7007729113,-2838411.6421952378,2674998.261089792,2332734.9989256556,5113764.2820117101,5016182.0736926375,-2375589.3069564812,5130670.5814512176,5355421.775625933,5247964.5485096285,5480847.9786544731,-2989011.7764220238]
[null,null,"Residual value ","USD ",{"$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,{"$f":"SUM(F249:F250)","v":-6592942.7070549484},{"$f":"SUM(G249:G250)","v":-27659737.487295408},-71670398.202686638,-28136849.177380666,216797.35538689792,2196483.5009694621,1688033.6943716276,1689914.2984504276,-3780079.7033513449,1926308.6132777324,2178204.2529764483,2177561.9477320556,2445960.9007709734,-5524039.6907392973,684237.61520626443,2728796.5562148802,3079526.9286593609,3120232.8196461415,-6241181.0245663133,-6212519.9133852683,-914003.34144121967,3986730.2429664023,4328979.7007729113,-2838411.6421952378,2674998.261089792,2332734.9989256556,5113764.2820117101,5016182.0736926375,-2375589.3069564812,5130670.5814512176,5355421.775625933,5247964.5485096285,5480847.9786544731,-2989011.7764220238]
[null,null," "]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV project @ WACC","USD ",{"$f":"NPV(E254,F251:AM251)","v":-90717182.995537177}]
[]
[null,null,"IRR Project","%",{"$f":"IRR(F251:AM251)","v":-5.1616756544136111E-2}]
[null,null,"Check: NPV @ IRR","USD ",{"$f":"NPV(E257,F251:AM251)","v":7.1097580927787252E-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 ",{"$f":"SUM(F264:AM264)","v":-7509889.1417417871},{"$f":"-F218","v":-367886.2030536661},-1543413.3517910871,-3999208.219709923,-1599381.3671871109,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Distributions to Equity","USD ",{"$f":"SUM(F265:AM265)","v":46120792.046596669},{"$f":"-F227","v":0},0,0,0,65958.951099539132,1055748.8367681184,801574.43502951832,802514.7370689183,29709.688509406973,920669.95060713112,1046656.6978372444,1046335.545215048,1180535.0217345068,879662.82509792328,1323209.4691058032,1321949.489107087,1497314.6753293274,1517652.2360297677,1454977.5803644022,4761019.4597449312,1756423.8317399747,1993365.1214832012,2164489.8503864557,0,2392150.8730546264,2436447.1513109356,2556882.1410058551,2508091.0368463187,0,2565335.2907256088,2677710.8878129665,2623982.2742548143,2740423.9893272365,0]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F266:AM266)","v":36666974.830144763},{"$f":"-F234","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,36666974.830144763]
[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,{"$f":"SUM(F264:F267)","v":-367886.2030536661},{"$f":"SUM(G264:G267)","v":-1543413.3517910871},-3999208.219709923,-1599381.3671871109,65958.951099539132,1055748.8367681184,801574.43502951832,802514.7370689183,29709.688509406973,920669.95060713112,1046656.6978372444,1046335.545215048,1180535.0217345068,879662.82509792328,1323209.4691058032,1321949.489107087,1497314.6753293274,1517652.2360297677,1454977.5803644022,4761019.4597449312,1756423.8317399747,1993365.1214832012,2164489.8503864557,0,2392150.8730546264,2436447.1513109356,2556882.1410058551,2508091.0368463187,0,2565335.2907256088,2677710.8878129665,2623982.2742548143,2740423.9893272365,36666974.830144763]
[]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV Equity @ WACC","USD ",{"$f":"NPV(E271,F268:AM268)","v":-2768.4340274352912}]
[]
[null,null,"IRR Equity","%",{"$f":"IRR(F268:AM268)","v":0.12995898335226475}]
[null,null,"Check: NPV Equity @ IRR","USD ",{"$f":"NPV(E274,F268:AM268)","v":-5.5634120098806151E-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":48269098.80190438},{"$f":"F221","v":0},{"$f":"G221","v":0},0,0,{"$f":"J221","v":216797.35538689792},2196483.5009694621,1688033.6943716276,1689914.2984504276,144304.20133140497,1926308.6132777324,2178204.2529764483,2177561.9477320556,2445960.9007709734,1844275.2230781913,2731316.5162123125,2728796.5562148802,3079526.9286593609,3120232.8196461415,2994860.1638095286,9606943.9225705862,3512847.6634799493,3986730.2429664023,4328979.7007729113,-2838411.6421952378,4784301.7461092528,4872894.3026218712,5113764.2820117101,5016182.0736926375,-2375589.3069564812,5130670.5814512176,5355421.775625933,5247964.5485096285,5480847.9786544731,-2989011.7764220238]
[null,null,"CFADS (Qualifying) @ Period End","USD ",{"$f":"SUM(F290:AA290)","v":40769520.895458035},{"$f":"F289*F286","v":0},{"$f":"G289*G286","v":0},0,0,216797.35538689792,2196483.5009694621,1688033.6943716276,1689914.2984504276,144304.20133140497,1926308.6132777324,2178204.2529764483,2177561.9477320556,2445960.9007709734,1844275.2230781913,2731316.5162123125,2728796.5562148802,3079526.9286593609,3120232.8196461415,2994860.1638095286,9606943.9225705862,0,0,0,{"$f":"AC289*AC286","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"NPV (CFADS) @ Period Start","USD ",null,{"$f":"(G291+F290)/F283*F286","v":0},0,0,0,20403456.120955568,21614900.69403556,20931460.241648588,20708628.764192361,20468318.4792354,21756796.571450476,21353463.718174279,20670001.925470032,19939340.112520881,18889133.019626372,18367097.107922029,16921477.389264259,15377184.250297876,13374060.219159367,11190011.61485438,8978452.2640846595,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AN291+AM290)/AM283*AM286","v":0}]
[null,null,null,null,null,null,null,null,null,{"$f":"NPV(0.08,J219:Y219)","v":4210482.6993702836},{"$f":"IF(J291=J292,\"OK\")","v":false}]
[null,null,"Denominator"]
[null,null,"Debt Balance B/f","USD ",null,{"$f":"F163","v":0},0,0,0,801826.36787211965,773074.76043534838,742357.51347773697,709437.71510858764,674213.5308535978,636523.6537007587,596237.85833998723,553083.65112182673,506908.64939839492,457501.3975543229,404667.67255828233,348096.83163665596,287566.03185051575,222798.07607934572,153509.78808376135,79350.470168900778,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"LLCR (Loan Life Cover Ratio)","x @ Period Start",{"$f":"MIN(F297:AM297)","v":25.446227435875045},{"$f":"IF(F294=0,0,F291/F294)","v":0},0,0,0,{"$f":"IF(J294=0,0,J291/J294)","v":25.446227435875045},27.959651252698215,28.195929672201419,29.19019996141968,30.358807028570293,34.180656830199652,35.813666340519575,37.372288773216852,39.335174367581068,41.287596323426548,45.388100788497518,48.611408813185996,53.473576664615706,60.027718616369128,72.894450279278885,113.14932658840773,0,0,0,{"$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},10000000,10000000,25.446227435875045,27.959651252698215,28.195929672201419,29.19019996141968,30.358807028570293,34.180656830199652,35.813666340519575,37.372288773216852,39.335174367581068,41.287596323426548,45.388100788497518,48.611408813185996,53.473576664615706,60.027718616369128,72.894450279278885,113.14932658840773,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[]
[null,null,"DSCR"]
[]
[null,null,"Numerator"]
[null,null,{"$f":"C289","v":"CFADS @ Period End"},"USD ",{"$f":"SUM(F302:AM302)","v":85397113.065780267},{"$f":"F289","v":0},{"$f":"G289","v":0},0,0,216797.35538689792,2196483.5009694621,1688033.6943716276,1689914.2984504276,144304.20133140497,1926308.6132777324,2178204.2529764483,2177561.9477320556,2445960.9007709734,1844275.2230781913,2731316.5162123125,2728796.5562148802,3079526.9286593609,3120232.8196461415,2994860.1638095286,9606943.9225705862,3512847.6634799493,3986730.2429664023,4328979.7007729113,{"$f":"AC289","v":-2838411.6421952378},4784301.7461092528,4872894.3026218712,5113764.2820117101,5016182.0736926375,-2375589.3069564812,5130670.5814512176,5355421.775625933,5247964.5485096285,5480847.9786544731,-2989011.7764220238]
[]
[null,null,"Denominator"]
[null,null,"Interest","USD ",{"$f":"SUM(F305:AM305)","v":556715.33028856455},{"$f":"-F222","v":0},0,0,0,56127.845751048422,54268.580475613911,51965.025943441637,49660.64005760118,47194.947159751886,44682.916702698705,41736.650083799141,38715.855578527902,35483.605457887679,32115.847886304069,28326.737079079787,24366.77821456594,20129.622229536119,15640.059591022025,10745.685165863304,5554.5329118230593,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal","USD ",{"$f":"SUM(F306:AM306)","v":801826.36787211976},{"$f":"-F223","v":0},0,0,0,28751.60743677125,30717.246957611453,32919.798369149386,35224.184254989843,37689.877152839137,40285.795360771466,43154.20721816054,46175.001723431793,49407.251844072016,52833.724996040561,56570.840921626383,60530.799786140211,64767.955771170018,69288.287995584367,74159.31791486057,79350.470168900836,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Debt Service","USD ",null,{"$f":"SUM(F305:F306)","v":0},0,0,0,84879.453187819672,84985.827433225364,84884.824312591023,84884.824312591023,84884.824312591023,84968.712063470171,84890.857301959681,84890.857301959695,84890.857301959695,84949.572882344626,84897.578000706169,84897.578000706155,84897.57800070614,84928.347586606396,84905.00308072388,84905.003080723895,0,0,0,{"$f":"SUM(AC305:AC306)","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"DSCR (Debt Service Cover Ratio)",null,"Average",{"$f":"IF(F307=0,0,F302/F307)","v":0},0,0,0,2.5541794538564329,25.845291706964577,19.886165849332393,19.908320623098248,1.7000000000000026,22.670799244771569,25.658879203310448,25.651312955721401,28.813007413396786,21.710235384379356,32.171901490400515,32.142219136006247,36.273436783246595,36.739591765449788,35.273070551121108,113.14932658840766,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"AVERAGEIF(F286:AM286,1,F310:AM310)","v":30.009233634341449}]
[null,null,null,null,"Min"]
[null,null,null,null,{"$f":"MIN(F313:AM313)","v":1.7000000000000026},{"$f":"IF(F310=0,10000000,F310)","v":10000000},{"$f":"IF(G310=0,10000000,G310)","v":10000000},10000000,10000000,2.5541794538564329,25.845291706964577,19.886165849332393,19.908320623098248,1.7000000000000026,22.670799244771569,25.658879203310448,25.651312955721401,28.813007413396786,21.710235384379356,32.171901490400515,32.142219136006247,36.273436783246595,36.739591765449788,35.273070551121108,113.14932658840766,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[null,null,null,null,"Min Period",null,null,null,null,null,null,null,null,null,null,null,null,null," "]
[null,null,null,null,{"$f":"INDEX(F248:AA248,1,MATCH(E313,F313:AM313,0))","v":"2023-12-31"}]

{"sheet":"Balance_SPV","index":3,"n_rows":181,"n_cols":7,"rows_kept":181,"cut":false,"hidden":true,"merged":[[1,1,1,6]]}
[]
[null,"Usos y recursos del concesionario (flujos de caja)"]
[null,"Usos","USD 2015","%","Recursos","USD 2015","%"]
[null,"Durante la construccion",null,null,"Durante la construccion"]
[]
[null,"Inversion inicial",{"$f":"NPV(0,'Project Finance Model'!$F$109:$AM$109)","v":133888203.58615632},{"$f":"C6/C$21","v":0.29350024357728249},"Deuda privada",{"$f":"-NPV(0,'Project Finance Model'!$F$117:$AM$117)","v":801826.36787211965},{"$f":"F6/F$21","v":1.7577070120723313E-3}]
[null,"Interes durante la construccion",{"$f":"NPV(0,'Project Finance Model'!$F$112:$AM$112)","v":63705.724582612311},{"$f":"C7/C$21","v":1.3965118047335777E-4},"Aportacion de capital privado",{"$f":"-NPV(0,'Project Finance Model'!$F$119:$AM$119)","v":7509889.1417417871},{"$f":"F7/F$21","v":1.6462647442433136E-2}]
[null,"Upfront fee",{"$f":"NPV(0,'Project Finance Model'!$F$113:$AM$113)","v":8018.2636787211968},{"$f":"C8/C$21","v":1.7577070120723313E-5},"Aportacion municipal",{"$f":"-NPV(0,'Project Finance Model'!$F$116:$AM$116)","v":125748212.06480375},{"$f":"F8/F$21","v":0.27565633029558229}]
[]
[]
[null,"Durante la operacion",null,null,"Durante la operacion"]
[]
[null,"Operacion y mantenimiento",{"$f":"-NPV(0,'Project Finance Model'!$F$209:$AM$209)","v":205229650.63168457},{"$f":"C13/C$21","v":0.44988991439353465},"Deuda",0,{"$f":"F13/F$21","v":0}]
[null,"Renovaciones",{"$f":"NPV(0,'Project Finance Model'!$F$106:$AM$106)","v":25136380.719726752},5.5102194713843526E-2,"Aportacion de capital privado",0,{"$f":"F14/F$21","v":0}]
[null,"Impuesto a la renta",{"$f":"-NPV(0,'Project Finance Model'!$F$211:$AM$211)","v":6354415.1350812959},1.3929699107041936E-2,"Aportacion municipal",{"$f":"NPV(0,'Project Finance Model'!$F$157:$AM$157)","v":0},{"$f":"F15/F$21","v":0}]
[null,"Intereses",{"$f":"-NPV(0,'Project Finance Model'!$F$222:$AM$222)","v":556715.33028856455},1.2203919439232485E-3,"Autofinanciamento sobre Tesoreria",{"$f":"'Project Finance Model'!E220","v":47471596.537474826},{"$f":"F16/F$21","v":0.10406387399010533}]
[null,"Principal de la deuda",{"$f":"-NPV(0,'Project Finance Model'!$F$223:$AM$223)","v":801826.36787211976},1.7577070120723315E-3,"Ingresos de operacion",{"$f":"NPV(0,'Project Finance Model'!$F$208:$AM$208)","v":274645963.0147981},{"$f":"F17/F$21","v":0.60205944125980693}]
[null,"Constitucion de la Tesoreria",{"$f":"'Project Finance Model'!E229-'Project Finance Model'!E228","v":38017779.321022928},8.3339885009416415E-2]
[null,"Dividendo a privados (Equity)",{"$f":"-NPV(0,'Project Finance Model'!$F$227:$AM$227)","v":46120792.046596669},0.10110273599229132]
[]
[null,"Total",{"$f":"SUM(C6:C19)","v":456177487.12669057},{"$f":"SUM(D6:D19)","v":1},"Total",{"$f":"SUM(F6:F19)","v":456177487.12669057},{"$f":"SUM(G6:G19)","v":1}]
[]
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[null,"Financement des renouvellements d'équipement sur la trésorerie du SPV. Déblocage de fonds de la part du SPV pour financer les renouvellements d'équipement. "]
[null,"Part de la dette municipale dans le financement de la construction"]
[null,"Part de la dette privée dans le financement de la construction"]
[]
[null,"Part du capital privé dans le financement de la construction"]
[]
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[]
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[]
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[]
[]
[]
[]
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[]
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[]
[]
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[]
[]
[null,"Calcul des intérêts à rembourser par le SPV durant la construction"]
[null,"Calcul des intérêts à rembourser par le maire durant la construction"]
[]
[]
[]
[]
[]
[]
[]
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[]
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[]
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[]
[null,"Calcul des intérêts à rembourser par le SPV durant l'exploitation"]
[null,"Calcul des intérêts à rembourser par le maire durant l'exploitation"]
[]
[]
[]
[null,"Hypothèse: le remboursement de la dette du SPV commence à la fin de la première année de construction"]
[null,"Hypothèse: le remboursement de la dette du SPV commence à la fin de la première année d'exploitation"]

{"sheet":"Balance_Municipality","index":4,"n_rows":4,"n_cols":6,"rows_kept":4,"cut":false,"hidden":true,"merged":[[1,1,1,5]]}
[]
[null,"Aportacion municipal (flujos de caja)"]
[null,"Total","Pago de la deuda - Intereses","Pago de la deuda - Principal","Subsidios Municipal","Transferencia de activos"]
[null,{"$f":"C4+D4+E4+F4","v":201930723.20893669},{"$f":"'Project Finance Model'!E241","v":76182511.144132912},{"$f":"'Project Finance Model'!E242","v":125748212.06480376},{"$f":"SUM('Project Finance Model'!$F$157:$AM$157)","v":0},{"$f":"SUM('Project Finance Model'!$F$243:$AM$243)","v":0}]