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

{"sheet":"Mensaje","index":0,"n_rows":10,"n_cols":3,"rows_kept":10,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,"ACTIVAR MACRO PARA ACCEDER 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)",90844960.013479188]
[null,"Inversion inicial con inflacion (USD valor nominal)",94008578.187429756]
[null,"Inflacion sobre inversion inicial (USD valor nominal)",3163618.1739505678]
[null,"Locales comerciales (m2)",1750]
[null,"Alquiler mensual de locales comerciales ($/m2)",20]
[null,"Depreciation de activos "]
[null,"Duracion de vida infinida",0.22185797896233464,"de los activos"]
[null,"Duracion de vida de 50 años",0.2749060096275654,"de los activos"]
[null,"Duracion de vida de 40 años",0.46726879403949168,"de los activos"]
[null,"Duracion de vida de 15 años",0.10004941730414126,"de los activos"]
[null,"Duracion de vida de 10 años",2.5003195515419643E-2,"de los activos"]
[null,"Duracion de vida de 5 años",7.4995512838439467E-3,"de los activos"]
[null,"Renta concesional",0,"de la Utilitad neta de operacion antes de impuestos"]
[null,"Impuesto a la renta",0.35,"Impuesto a la renta para sociedades en Ecuador"]
[null,"Hipotesis general de Inflacion 2019 - 2050 ",0.02]
[null,"Tasa de actualizacion",0.13]
[]
[]
[null,null,"Tarifa (USD 2019)"]
[null,null,"1,00$"]
[null,"TRI 30 años",{"$f":"AJ104","v":-2.095944899128388E-2}]
[null,"VAN 30 años",{"$f":"AJ116","v":-62909365.789732821}]
[]
[]
[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",{"$f":"H112","v":1.3848294242766561},{"$f":"M112","v":1.5739146238288324},{"$f":"R112","v":1.5396078120224024},{"$f":"W112","v":1.5672643472607866},{"$f":"AB112","v":1.5680933305980376},{"$f":"AG112","v":1.5669598654922092},{"$f":"AL112","v":1.5098123498506966}]
[null,"Margen neta de la operacion",{"$f":"H113","v":0.38482942427665612},{"$f":"M113","v":0.5739146238288324},{"$f":"R113","v":0.53960781202240238},{"$f":"W113","v":0.56726434726078656},{"$f":"AB113","v":0.56809333059803757},{"$f":"AG113","v":0.56695986549220923},{"$f":"AL113","v":0.50981234985069657}]
[]
[]
[]
[]
[]
[]
[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",0,0,0,0,2791546.919500811,3091692.739287667,2934364.0421133931,3003556.4739287407,6864999.4108087067,3146987.7384020691,3221309.8210025458,3297426.7865636172,3375382.9246263341,7620124.5585567057,3536995.481726327,3620746.1717735282,3706524.6358547215,3794381.0340164835,8460551.8528040089,3976534.6360238022,4070938.621770741,4167634.1731139594,4266678.1150930393,9396213.810979465,4472045.6967975702,4578490.3244372597,4687525.3956046067,4799215.3044166798,10438238.257315286,5030825.4186769668,5150882.7472600536,5273869.24748501,5399857.9116118001,11599097.173153548,5661143.0252687559,5796594.9293390466,5935360.0062841373,6077521.0181308491,12892774.71989817,6372372.4917223342,6525239.2401587041,6681854.610653758,6842312.4692722289,14334956.983977951]
[null,"Trafico anual",0,0,0,0,5916872.0457433295,7889162.7276577726,7974786.9885641681,8060411.2494705655,8146035.51037696,8231659.7712833574,8317284.0321897492,8342786.1246950598,8368288.2172003705,8393790.3097056821,8419292.4022109937,8444794.4947163071,8478617.8188312612,8512441.1429462153,8546264.4670611694,8580087.7911761235,8613911.1152910758,8685444.522050254,8756977.9288094323,8828511.3355686124,8900044.7423277907,8971578.1490869671,8971578.1490869671,8971578.1490869671,8971578.1490869671,8971578.1490869671,8971578.1490869671,8971578.1490869671,8971578.1490869671,8971578.1490869671,8971578.1490869671,8971578.1490869671,8971578.1490869671,8971578.1490869671,8971578.1490869671,8971578.1490869671,8971578.1490869671,8971578.1490869671,8971578.1490869671,8971578.1490869671]
[null,"Ingresos de pasajeros (valor actualizado)",0,0,0,0,2889800.3071410418,3853067.0761880572,4072103.2766320105,4115824.9251094083,4327592.2551597133,4373080.2582355989,4597078.419068465,4611173.7798429104,4812130.0138982963,4826794.8272480303,5037054.6100779139,5052311.8818869777,5277478.4616115922,5298531.6413079705,5534496.0477729272,5556399.7759290403,5803666.9656501897,5851862.9667688571,6138421.3501901813,6188564.4697540412,6490751.3759263447,6542920.2775205858,6807254.2567324182,6807254.2567324182,7082267.3287044065,7082267.3287044065,7368390.9287840649,7368390.9287840649,7666073.92230694,7666073.92230694,7975783.308768142,7975783.308768142,8298004.9544423735,8298004.9544423735,8633244.354601847,8633244.354601847,8982027.4265277609,8982027.4265277609,9344901.3345594835,9344901.3345594835]
[null,"Alquiler de areas comerciales (valor actualizado)",0,0,0,0,{"$f":"$C$14*$C$15*12","v":420000},{"$f":"$G$54*((1+$C$25)^G48)","v":428400},436968,445707.36,454621.50719999999,463713.93734400003,472988.21609088004,482447.98041269754,492096.9400209515,501938.87882137054,511977.65639779798,522217.20952575386,532661.55371626897,543314.78479059436,554181.08048640634,565264.70209613431,576569.99613805709,588101.39606081822,599863.42398203455,611860.69246167527,624097.90631090873,636579.8644371269,649311.46172586945,662297.69096038677,675543.6447795945,689054.51767518639,702835.60802869021,716892.3201892639,731230.1665930493,745854.76992491016,760771.86532340851,775987.30262987642,791507.04868247418,807337.18965612364,823483.93344924611,839953.61211823102,856752.68436059554,873887.73804780759,891365.49280876387,909192.80266493873]
[]
[null,"Activos iniciales - Depreciacion 50 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$18/50","v":-516870.46200534597},-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597,-516870.46200534597]
[null,"Activos iniciales - Depreciacion 40 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$19/40","v":-1098181.8739751889},-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889,-1098181.8739751889]
[null,"Activos iniciales - Depreciacion 15 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$20/15","v":-627033.56461621006},-627033.56461621006,-627033.56461621006,-627033.56461621006,-627033.56461621006,-627033.56461621006,-627033.56461621006,-627033.56461621006,-627033.56461621006,-627033.56461621006,-627033.56461621006,-627033.56461621006,-627033.56461621006,-627033.56461621006,-627033.56461621006,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 10 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$21/10","v":-235051.48605469204},-235051.48605469204,-235051.48605469204,-235051.48605469204,-235051.48605469204,-235051.48605469204,-235051.48605469204,-235051.48605469204,-235051.48605469204,-235051.48605469204,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 5 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-141004.43064757658},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-141004.43064757658},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-141004.43064757658},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-141004.43064757658},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-141004.43064757658},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Valor residual",0,0,0,0,{"$f":"-(SUM(C96:F96))+SUM(G56:G60)","v":91390436.370130748},{"$f":"G61+SUM(H56:H60)","v":88772294.552831739},{"$f":"H61+SUM(I56:I60)","v":86154152.735532731},83536010.918233722,80917869.100934714,78440731.714283273,75963594.327631831,73486456.94098039,71009319.554328948,68532182.167677507,66290096.267080761,64048010.366484016,61805924.465887271,59563838.565290526,57321752.66469378,55706700.328713246,54091647.992732711,52476595.656752177,50861543.320771642,49246490.984791107,47631438.648810573,46016386.312830038,44401333.976849504,42786281.640868969,41171229.304888435,39556176.9689079,37941124.632927366,36326072.296946831,34711019.960966296,33095967.624985762,31480915.289005227,29865862.953024693,28250810.617044158,26635758.281063624,25020705.945083089,23405653.609102555,21790601.27312202,20175548.937141486,18560496.601160951,16945444.265180416]
[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$97)/10","v":-300957.91077587084},{"$f":"SUM($P$97:$Q$97)/10","v":-300957.91077587084},-300957.91077587084,-300957.91077587084,-300957.91077587084,-300957.91077587084,-300957.91077587084,-300957.91077587084,-300957.91077587084,-300957.91077587084,-300957.91077587084,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos nuevos 1 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-SUM(P97:Q97)","v":3009579.1077587083},{"$f":"R63+S62","v":2708621.1969828373},{"$f":"S63+T62","v":2407663.2862069663},2106705.3754310952,1805747.4646552245,1504789.5538793537,1203831.6431034829,902873.73232761212,601915.82155174133,300957.91077587049,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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$97)/15","v":-871957.15905411413},-871957.15905411413,-871957.15905411413,-871957.15905411413,-871957.15905411413,-871957.15905411413,-871957.15905411413,-871957.15905411413,-871957.15905411413,-871957.15905411413,-871957.15905411413,-871957.15905411413,-871957.15905411413,-871957.15905411413,-871957.15905411413,0,0,{"$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$97))+X64","v":12207400.226757599},{"$f":"X65+Y64","v":11335443.067703485},{"$f":"Y65+Z64","v":10463485.908649372},9591528.7495952584,8719571.5905411448,7847614.4314870303,6975657.2724329159,6103700.1133788014,5231742.9543246869,4359785.7952705724,3487828.6362164584,2615871.4771623444,1743914.3181082304,871957.15905411623,2.0954757928848267E-9,0,0,{"$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$97)/10","v":-373448.70931000181},{"$f":"SUM($AA$97:$AB$97)/10","v":-373448.70931000181},-373448.70931000181,-373448.70931000181,-373448.70931000181,-373448.70931000181,-373448.70931000181,-373448.70931000181,-373448.70931000181,-373448.70931000181,-373448.70931000181,0,{"$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":3734487.0931000183},{"$f":"AC67+AD66","v":3361038.3837900166},{"$f":"AD67+AE66","v":2987589.6744800149},2614140.9651700133,2240692.2558600116,1867243.5465500099,1493794.8372400082,1120346.1279300065,746897.41862000467,373448.70931000286,1.0477378964424133E-9,0,{"$f":"AN67+AO66","v":0},0,0,0,0,0]
[null,"Activos nuevos 4 - Depreciacion 15 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($AL$97:$AN$97)/14","v":-1606150.4772574131},{"$f":"SUM($AL$97:$AN$97)/14","v":-1606150.4772574131},-1606150.4772574131,-1606150.4772574131,-1606150.4772574131,-1606150.4772574131]
[null,"Activos nuevos 4 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-(SUM(AL97:AN97))-AO68","v":24092257.158861194},{"$f":"AO69+AP68","v":22486106.681603782},{"$f":"AP69+AQ68","v":20879956.20434637},19273805.727088958,17667655.249831546,16061504.772574132]
[null,"Depreciacion de activos",0,0,0,0,{"$f":"SUM(G56:G60)+G62+G64+G66+G68","v":-2618141.817299014},{"$f":"SUM(H56:H60)+H62+H64+H66+H68","v":-2618141.817299014},-2618141.817299014,-2618141.817299014,-2618141.817299014,-2477137.3866514373,-2477137.3866514373,-2477137.3866514373,-2477137.3866514373,-2477137.3866514373,-2242085.9005967453,-2543043.8113726163,-2543043.8113726163,-2543043.8113726163,-2543043.8113726163,-1916010.2467564058,-1916010.2467564058,-2787967.4058105201,-2787967.4058105201,-2787967.4058105201,-2787967.4058105201,-2787967.4058105201,-2860458.2043446507,-2860458.2043446507,-2860458.2043446507,-2860458.2043446507,-2860458.2043446507,-2860458.2043446507,-2860458.2043446507,-2860458.2043446507,-2860458.2043446507,-2860458.2043446507,-1988501.0452905367,-1615052.335980535,-3221202.8132379483,-3221202.8132379483,-3221202.8132379483,-3221202.8132379483,-3221202.8132379483,-3221202.8132379483]
[null,"Valor residual de activos",{"$f":"C61+C65+C69","v":0},{"$f":"D61+D65+D69","v":0},0,0,{"$f":"G61+G63+G65+G67+G69","v":91390436.370130748},{"$f":"H61+H63+H65+H67+H69","v":88772294.552831739},86154152.735532731,83536010.918233722,80917869.100934714,78440731.714283273,75963594.327631831,73486456.94098039,71009319.554328948,68532182.167677507,66290096.267080761,67057589.474242724,64514545.662870109,61971501.851497494,59428458.040124878,57512447.793368474,55596437.546612062,65887827.526613258,63099860.120802738,60311892.714992218,57523925.309181705,54735957.903371185,55983435.501436554,53122977.297091901,50262519.092747249,47402060.888402596,44541602.684057944,41681144.479713306,38820686.275368653,35960228.071024001,33099769.866679348,30239311.662334699,28250810.617044158,26635758.281063624,49112963.103944287,45891760.290706336,42670557.477468386,39449354.664230444,36228151.850992501,33006949.037754551]
[]
[]
[null,"A. GASTOS "]
[null,"1. Costos anuales de O&M",0,0,0,0,{"$f":"-G51","v":-2791546.919500811},{"$f":"-H51","v":-3091692.739287667},-2934364.0421133931,-3003556.4739287407,-6864999.4108087067,-3146987.7384020691,-3221309.8210025458,-3297426.7865636172,-3375382.9246263341,-7620124.5585567057,-3536995.481726327,-3620746.1717735282,-3706524.6358547215,-3794381.0340164835,-8460551.8528040089,-3976534.6360238022,-4070938.621770741,-4167634.1731139594,-4266678.1150930393,-9396213.810979465,-4472045.6967975702,-4578490.3244372597,-4687525.3956046067,-4799215.3044166798,-10438238.257315286,-5030825.4186769668,-5150882.7472600536,-5273869.24748501,-5399857.9116118001,-11599097.173153548,-5661143.0252687559,-5796594.9293390466,-5935360.0062841373,-6077521.0181308491,-12892774.71989817,-6372372.4917223342,-6525239.2401587041,-6681854.610653758,-6842312.4692722289,-14334956.983977951]
[null,"Gasto totale",null,null,null,null,{"$f":"G75","v":-2791546.919500811},{"$f":"H75","v":-3091692.739287667},-2934364.0421133931,-3003556.4739287407,-6864999.4108087067,-3146987.7384020691,-3221309.8210025458,-3297426.7865636172,-3375382.9246263341,-7620124.5585567057,-3536995.481726327,-3620746.1717735282,-3706524.6358547215,-3794381.0340164835,-8460551.8528040089,-3976534.6360238022,-4070938.621770741,-4167634.1731139594,-4266678.1150930393,-9396213.810979465,-4472045.6967975702,-4578490.3244372597,-4687525.3956046067,-4799215.3044166798,-10438238.257315286,-5030825.4186769668,-5150882.7472600536,-5273869.24748501,-5399857.9116118001,-11599097.173153548,-5661143.0252687559,-5796594.9293390466,-5935360.0062841373,-6077521.0181308491,-12892774.71989817,-6372372.4917223342,-6525239.2401587041,-6681854.610653758,-6842312.4692722289,-14334956.983977951]
[]
[null,"B. INGRESOS"]
[null,"1. Ingresos de pasajeros",0,0,0,0,{"$f":"G53","v":2889800.3071410418},3853067.0761880572,4072103.2766320105,4115824.9251094083,4327592.2551597133,4373080.2582355989,4597078.419068465,4611173.7798429104,4812130.0138982963,4826794.8272480303,5037054.6100779139,5052311.8818869777,5277478.4616115922,5298531.6413079705,5534496.0477729272,5556399.7759290403,5803666.9656501897,5851862.9667688571,6138421.3501901813,6188564.4697540412,6490751.3759263447,6542920.2775205858,6807254.2567324182,6807254.2567324182,7082267.3287044065,7082267.3287044065,7368390.9287840649,7368390.9287840649,7666073.92230694,7666073.92230694,7975783.308768142,7975783.308768142,8298004.9544423735,8298004.9544423735,8633244.354601847,8633244.354601847,8982027.4265277609,8982027.4265277609,9344901.3345594835,9344901.3345594835]
[null,"2. Ingresos comerciales",0,0,0,0,420000,428400,436968,445707.36,454621.50719999999,463713.93734400003,472988.21609088004,482447.98041269754,492096.9400209515,501938.87882137054,511977.65639779798,522217.20952575386,532661.55371626897,543314.78479059436,554181.08048640634,565264.70209613431,576569.99613805709,588101.39606081822,599863.42398203455,611860.69246167527,624097.90631090873,636579.8644371269,649311.46172586945,662297.69096038677,675543.6447795945,689054.51767518639,702835.60802869021,716892.3201892639,731230.1665930493,745854.76992491016,760771.86532340851,775987.30262987642,791507.04868247418,807337.18965612364,823483.93344924611,839953.61211823102,856752.68436059554,873887.73804780759,891365.49280876387,909192.80266493873]
[null,"Ingreso totale",0,0,0,0,{"$f":"G79+G80","v":3309800.3071410418},{"$f":"H79+H80","v":4281467.0761880577},4509071.2766320109,4561532.2851094082,4782213.7623597132,4836794.1955795987,5070066.6351593453,5093621.7602556078,5304226.9539192477,5328733.7060694005,5549032.2664757119,5574529.0914127314,5810140.0153278615,5841846.4260985646,6088677.1282593338,6121664.4780251747,6380236.9617882464,6439964.362829675,6738284.7741722157,6800425.1622157162,7114849.2822372532,7179500.1419577124,7456565.7184582874,7469551.947692805,7757810.9734840011,7771321.846379593,8071226.5368127553,8085283.2489733286,8397304.0888999887,8411928.6922318507,8736555.1740915515,8751770.6113980189,9089512.003124848,9105342.1440984979,9456728.288051093,9473197.9667200781,9838780.1108883563,9855915.1645755693,10236266.827368248,10254094.137224423]
[]
[null,"Flujo de caja neto (Ingreso total - Gasto total)",null,null,null,null,{"$f":"G81+G76","v":518253.38764023082},{"$f":"H81+H76","v":1189774.3369003907},1574707.2345186179,1557975.8111806675,-2082785.6484489935,1689806.4571775296,1848756.8141567996,1796194.9736919906,1928844.0292929136,-2291390.8524873052,2012036.784749385,1953782.9196392032,2103615.37947314,2047465.3920820812,-2371874.7245446751,2145129.8420013725,2309298.3400175055,2272330.1897157156,2471606.6590791764,-2595788.6487637488,2642803.5854396829,2601009.8175204527,2769040.3228536807,2670336.6432761252,-2680427.2838312844,2740496.4277026262,2920343.7895527016,2811414.0014883187,2997446.1772881886,-3187168.4809216969,3075412.1488227956,2955175.6820589723,3154151.9968407108,3027821.1259676488,-3436046.4318470769,3100825.474997744,3313540.8707296522,3174060.5539218113,3393954.3580960194,-4080862.8467535283]
[]
[null,"C. FLUJO DE CAJA DE OPERACION"]
[null,"1. Utilitad antes de impuestos",0,0,0,0,{"$f":"G83","v":518253.38764023082},{"$f":"H83","v":1189774.3369003907},1574707.2345186179,1557975.8111806675,-2082785.6484489935,1689806.4571775296,1848756.8141567996,1796194.9736919906,1928844.0292929136,-2291390.8524873052,2012036.784749385,1953782.9196392032,2103615.37947314,2047465.3920820812,-2371874.7245446751,2145129.8420013725,2309298.3400175055,2272330.1897157156,2471606.6590791764,-2595788.6487637488,2642803.5854396829,2601009.8175204527,2769040.3228536807,2670336.6432761252,-2680427.2838312844,2740496.4277026262,2920343.7895527016,2811414.0014883187,2997446.1772881886,-3187168.4809216969,3075412.1488227956,2955175.6820589723,3154151.9968407108,3027821.1259676488,-3436046.4318470769,3100825.474997744,3313540.8707296522,3174060.5539218113,3393954.3580960194,-4080862.8467535283]
[null,"2. Renta concessional",0,0,0,0,{"$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":-2618141.817299014},{"$f":"H70","v":-2618141.817299014},-2618141.817299014,-2618141.817299014,-2618141.817299014,-2477137.3866514373,-2477137.3866514373,-2477137.3866514373,-2477137.3866514373,-2477137.3866514373,-2242085.9005967453,-2543043.8113726163,-2543043.8113726163,-2543043.8113726163,-2543043.8113726163,-1916010.2467564058,-1916010.2467564058,-2787967.4058105201,-2787967.4058105201,-2787967.4058105201,-2787967.4058105201,-2787967.4058105201,-2860458.2043446507,-2860458.2043446507,-2860458.2043446507,-2860458.2043446507,-2860458.2043446507,-2860458.2043446507,-2860458.2043446507,-2860458.2043446507,-2860458.2043446507,-2860458.2043446507,-1988501.0452905367,-1615052.335980535,-3221202.8132379483,-3221202.8132379483,-3221202.8132379483,-3221202.8132379483,-3221202.8132379483,-3221202.8132379483]
[null,"4. Base imponible ( 1-2-3)",0,0,0,0,{"$f":"G86+G87+G88","v":-2099888.4296587831},-1428367.4803986233,-1043434.5827803961,-1060166.0061183465,-4700927.4657480074,-787330.92947390769,-628380.57249463769,-680942.41295944666,-548293.35735852364,-4768528.2391387429,-230049.11584736034,-589260.8917334131,-439428.43189947633,-495578.41929053515,-4914918.5359172914,229119.59524496668,393288.09326109965,-515637.21609480446,-316360.74673134368,-5383756.0545742689,-145163.82037083711,-186957.58829006739,-91417.88149097003,-190121.56106852554,-5540885.4881759351,-119961.77664202452,59885.585208050907,-49044.202856332064,136987.97294353787,-6047626.6852663476,214953.94447814487,94717.477714321576,1165650.951550174,1412768.7899871138,-6657249.2450850252,-120377.33824020438,92338.05749170389,-47142.259316137061,172751.54485807102,-7302065.6599914767]
[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$24*H89,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,-80191.858335738332,-137650.83264138486,0,0,0,0,0,0,0,0,0,-20959.954822817817,0,-47945.79053023825,0,-75233.880567350701,-33151.117200012552,-407977.8330425609,-494469.0764954898,0,0,-32318.32012209636,0,-60463.040700324855,0]
[null,"6. Utilidad despues de impuestos",0,0,0,0,{"$f":"G89+G90","v":-2099888.4296587831},{"$f":"H89+H90","v":-1428367.4803986233},-1043434.5827803961,-1060166.0061183465,-4700927.4657480074,-787330.92947390769,-628380.57249463769,-680942.41295944666,-548293.35735852364,-4768528.2391387429,-230049.11584736034,-589260.8917334131,-439428.43189947633,-495578.41929053515,-4914918.5359172914,148927.73690922835,255637.2606197148,-515637.21609480446,-316360.74673134368,-5383756.0545742689,-145163.82037083711,-186957.58829006739,-91417.88149097003,-190121.56106852554,-5540885.4881759351,-119961.77664202452,38925.630385233089,-49044.202856332064,89042.182413299626,-6047626.6852663476,139720.06391079415,61566.360514309024,757673.1185076132,918299.71349162399,-6657249.2450850252,-120377.33824020438,60019.73736960753,-47142.259316137061,112288.50415774617,-7302065.6599914767]
[null,"7.Depreciacion (agrego)",0,0,0,0,{"$f":"-G88","v":2618141.817299014},{"$f":"-H88","v":2618141.817299014},2618141.817299014,2618141.817299014,2618141.817299014,2477137.3866514373,2477137.3866514373,2477137.3866514373,2477137.3866514373,2477137.3866514373,2242085.9005967453,2543043.8113726163,2543043.8113726163,2543043.8113726163,2543043.8113726163,1916010.2467564058,1916010.2467564058,2787967.4058105201,2787967.4058105201,2787967.4058105201,2787967.4058105201,2787967.4058105201,2860458.2043446507,2860458.2043446507,2860458.2043446507,2860458.2043446507,2860458.2043446507,2860458.2043446507,2860458.2043446507,2860458.2043446507,2860458.2043446507,2860458.2043446507,1988501.0452905367,1615052.335980535,3221202.8132379483,3221202.8132379483,3221202.8132379483,3221202.8132379483,3221202.8132379483,3221202.8132379483]
[null,"Flujo de caja de operacion (6+7)",null,null,null,null,{"$f":"G91+G92","v":518253.38764023082},{"$f":"H91+H92","v":1189774.3369003907},1574707.2345186179,1557975.8111806675,-2082785.6484489935,1689806.4571775296,1848756.8141567996,1796194.9736919906,1928844.0292929136,-2291390.8524873056,2012036.784749385,1953782.9196392032,2103615.37947314,2047465.3920820812,-2371874.7245446751,2064937.9836656342,2171647.5073761204,2272330.1897157156,2471606.6590791764,-2595788.6487637488,2642803.5854396829,2601009.8175204527,2769040.3228536807,2670336.6432761252,-2680427.2838312844,2740496.4277026262,2899383.8347298838,2811414.0014883187,2949500.3867579503,-3187168.4809216969,3000178.2682554447,2922024.56485896,2746174.1637981497,2533352.0494721588,-3436046.4318470769,3100825.474997744,3281222.550607556,3174060.5539218113,3333491.3173956946,-4080862.8467535283]
[]
[null,"D. FLUJO DE CAJA DE INVERSION"]
[null," 1. Inversion inicial",-5078370.092190613,-20050588.828955639,-49222092.448212862,-19657526.818070658]
[null," 2. Nuevos equipos",null,null,null,null,0,0,0,0,0,0,0,0,0,-1360136.2924377397,-1649442.8153209686,0,0,0,-2314062.3198277643,-7351611.2293968759,-3413683.8365870705,0,0,0,-1687746.6137686879,-2046740.4793313304,0,0,0,0,0,0,0,0,0,-5293029.3906328678,-12529821.357005024,-4663255.9339658916,0,0,0,0,0,0]
[null," 3. Valor residual despues tasas",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AJ71","v":35960228.071024001},null,null,null,null,null,null,null,null,null,{"$f":"AT71","v":33006949.037754551}]
[null,"Flujo de caja del capital",{"$f":"C96+C97+C98","v":-5078370.092190613},-20050588.828955639,-49222092.448212862,-19657526.818070658,0,0,0,0,0,0,0,0,0,-1360136.2924377397,-1649442.8153209686,0,0,0,-2314062.3198277643,-7351611.2293968759,-3413683.8365870705,0,0,0,-1687746.6137686879,-2046740.4793313304,0,0,0,0,0,0,0,35960228.071024001,0,-5293029.3906328678,-12529821.357005024,-4663255.9339658916,0,0,0,0,0,33006949.037754551]
[]
[null,null,null,null,"Inversion inicial con la inflacion",{"$f":"C99+D99+E99+F99","v":-94008578.187429756}]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C93+C99","v":-5078370.092190613},-20050588.828955639,-49222092.448212862,-19657526.818070658,518253.38764023082,1189774.3369003907,1574707.2345186179,1557975.8111806675,-2082785.6484489935,1689806.4571775296,1848756.8141567996,1796194.9736919906,1928844.0292929136,-3651527.1449250453,362593.96942841634,1953782.9196392032,2103615.37947314,2047465.3920820812,-4685937.0443724394,-5286673.245731242,-1242036.3292109501,2272330.1897157156,2471606.6590791764,-2595788.6487637488,955056.971670995,554269.33818912227,2769040.3228536807,2670336.6432761252,-2680427.2838312844,2740496.4277026262,2899383.8347298838,2811414.0014883187,2949500.3867579503,32773059.590102304]
[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,{"$f":"IRR(C103:AJ103)","v":-2.095944899128388E-2}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C93+C99","v":-5078370.092190613},{"$f":"D93+D99","v":-20050588.828955639},-49222092.448212862,-19657526.818070658,518253.38764023082,1189774.3369003907,1574707.2345186179,1557975.8111806675,-2082785.6484489935,1689806.4571775296,1848756.8141567996,1796194.9736919906,1928844.0292929136,-3651527.1449250453,362593.96942841634,1953782.9196392032,2103615.37947314,2047465.3920820812,-4685937.0443724394,-5286673.245731242,-1242036.3292109501,2272330.1897157156,2471606.6590791764,-2595788.6487637488,955056.971670995,554269.33818912227,2769040.3228536807,2670336.6432761252,-2680427.2838312844,2740496.4277026262,2899383.8347298838,2811414.0014883187,2949500.3867579503,{"$f":"AJ93+AJ97","v":-3187168.4809216969},3000178.2682554447,-2371004.8257739078,-9783647.1932068747,-2129903.8844937328,-3436046.4318470769,3100825.474997744,3281222.550607556,3174060.5539218113,3333491.3173956946,28926086.19100102]
[null,"TRI (40 años)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IRR(C106:AT106)","v":-2.154408949320763E-2}]
[]
[null,"EBE (Excedente Bruto de Explotacion)",{"$f":"C83","v":0},{"$f":"D83","v":0},0,0,518253.38764023082,1189774.3369003907,1574707.2345186179,1557975.8111806675,-2082785.6484489935,1689806.4571775296,1848756.8141567996,1796194.9736919906,1928844.0292929136,-2291390.8524873052,2012036.784749385,1953782.9196392032,2103615.37947314,2047465.3920820812,-2371874.7245446751,2145129.8420013725,2309298.3400175055,2272330.1897157156,2471606.6590791764,-2595788.6487637488,2642803.5854396829,2601009.8175204527,2769040.3228536807,2670336.6432761252,-2680427.2838312844,2740496.4277026262,2920343.7895527016,2811414.0014883187,2997446.1772881886,-3187168.4809216969,3075412.1488227956,2955175.6820589723,3154151.9968407108,3027821.1259676488,-3436046.4318470769,3100825.474997744,3313540.8707296522,3174060.5539218113,3393954.3580960194,-4080862.8467535283]
[null,"ENE (Excedente Neto de Explotacion)",{"$f":"C109+C70","v":0},{"$f":"D109+D70","v":0},0,0,-2099888.4296587831,-1428367.4803986233,-1043434.5827803961,-1060166.0061183465,-4700927.4657480074,-787330.92947390769,-628380.57249463769,-680942.41295944666,-548293.35735852364,-4768528.2391387429,-230049.11584736034,-589260.8917334131,-439428.43189947633,-495578.41929053515,-4914918.5359172914,229119.59524496668,393288.09326109965,-515637.21609480446,-316360.74673134368,-5383756.0545742689,-145163.82037083711,-186957.58829006739,-91417.88149097003,-190121.56106852554,-5540885.4881759351,-119961.77664202452,59885.585208050907,-49044.202856332064,136987.97294353787,-6047626.6852663476,214953.94447814487,94717.477714321576,1165650.951550174,1412768.7899871138,-6657249.2450850252,-120377.33824020438,92338.05749170389,-47142.259316137061,172751.54485807102,-7302065.6599914767]
[]
[null,"Ratio de coberture (Ingresos/Egresos)",null,null,null,null,{"$f":"ABS(G81)/ABS(G76)","v":1.1856509679346194},{"$f":"ABS(H81)/ABS(H76)","v":1.3848294242766561},1.5366434470702139,1.5187103437888048,0.69660803682375871,1.5369599749491094,1.5739146238288324,1.5447262638282497,1.5714445064055786,0.69929745440784408,1.5688547794715744,1.5396078120224024,1.5675438817063327,1.5396045820719193,0.7196548445290144,1.5394470407898473,1.5672643472607866,1.5452326416687103,1.5792812563797727,0.72374099813154813,1.5909607737980391,1.5680933305980376,1.590725401818655,1.5564110951260377,0.7432107585824842,1.5447409122027009,1.5669598654922092,1.5330837511432462,1.5550972315109459,0.72522271058315713,1.5432493288185021,1.5098123498506966,1.5314171328278676,1.4982000254601933,0.73349053974052414,1.4866045541163349,1.5078037369629165,1.4750268808394889,1.4960244615161533,0.71532088646553516]
[null,"Margen neta de la operacion",null,null,null,null,{"$f":"G112-1","v":0.18565096793461944},{"$f":"H112-1","v":0.38482942427665612},0.53664344707021394,0.51871034378880476,-0.30339196317624129,0.53695997494910941,0.5739146238288324,0.54472626382824973,0.57144450640557864,-0.30070254559215592,0.56885477947157437,0.53960781202240238,0.56754388170633274,0.5396045820719193,-0.2803451554709856,0.53944704078984729,0.56726434726078656,0.54523264166871033,0.57928125637977268,-0.27625900186845187,0.59096077379803913,0.56809333059803757,0.59072540181865496,0.5564110951260377,-0.2567892414175158,0.54474091220270093,0.56695986549220923,0.53308375114324624,0.55509723151094592,-0.27477728941684287,0.54324932881850208,0.50981234985069657,0.53141713282786762,0.49820002546019326,-0.26650946025947586,0.48660455411633485,0.50780373696291647,0.47502688083948885,0.49602446151615331,-0.28467911353446484]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C103","v":-5078370.092190613},{"$f":"D103","v":-20050588.828955639},-49222092.448212862,-19657526.818070658,518253.38764023082,1189774.3369003907,1574707.2345186179,1557975.8111806675,-2082785.6484489935,1689806.4571775296,1848756.8141567996,1796194.9736919906,1928844.0292929136,-3651527.1449250453,362593.96942841634,1953782.9196392032,2103615.37947314,2047465.3920820812,-4685937.0443724394,-5286673.245731242,-1242036.3292109501,2272330.1897157156,2471606.6590791764,-2595788.6487637488,955056.971670995,554269.33818912227,2769040.3228536807,2670336.6432761252,-2680427.2838312844,2740496.4277026262,2899383.8347298838,2811414.0014883187,2949500.3867579503,32773059.590102304]
[null,"VAN (30 años]",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"NPV(C26,C115:AJ115)","v":-62909365.789732821}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C106","v":-5078370.092190613},{"$f":"D106","v":-20050588.828955639},-49222092.448212862,-19657526.818070658,518253.38764023082,1189774.3369003907,1574707.2345186179,1557975.8111806675,-2082785.6484489935,1689806.4571775296,1848756.8141567996,1796194.9736919906,1928844.0292929136,-3651527.1449250453,362593.96942841634,1953782.9196392032,2103615.37947314,2047465.3920820812,-4685937.0443724394,-5286673.245731242,-1242036.3292109501,2272330.1897157156,2471606.6590791764,-2595788.6487637488,955056.971670995,554269.33818912227,2769040.3228536807,2670336.6432761252,-2680427.2838312844,2740496.4277026262,2899383.8347298838,2811414.0014883187,2949500.3867579503,-3187168.4809216969,3000178.2682554447,-2371004.8257739078,-9783647.1932068747,-2129903.8844937328,-3436046.4318470769,3100825.474997744,3281222.550607556,3174060.5539218113,3333491.3173956946,28926086.19100102]
[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,{"$f":"NPV(C26,C118:AT118)","v":-63401778.956077076}]
[]
[]
[]
[null,null,-15374793.702004252,-32471752.923079427,-62793043.621870533,-31184167.865535051,4461627.0876138387,7085887.3224892067,7506676.6422383776,7866933.6835564012,4138496.9480227539,8621725.0100111552,9016880.0393200647,9408111.1130052563,9811291.0381158479,3028760.3722510524,6759476.3316930179,11095752.577078201,11666827.927642517,12256200.784473658,5145482.9160697088,4835774.0456957947,9963796.0466147065,14965506.412886936,15819114.660764625,11262213.876171863,14269356.723393489,13717569.790471114,18902277.061604355,19259777.254964769,13648271.158759808,19994678.368752308,20372314.83298843,20756902.165421762,21148563.030060068,14981724.136930339]
[]
[null,null,{"$f":"C123-C103","v":-10296423.609813638},{"$f":"D123-D103","v":-12421164.094123788},-13570951.173657671,-11526641.047464393,3943373.6999736079,5896112.985588816,5931969.4077197593,6308957.8723757342,6221282.5964717474,6931918.552833626,7168123.2251632651,7611916.1393132657,7882447.0088229347,6680287.5171760973,6396882.3622646015,9141969.6574389972,9563212.5481693763,10208735.392391577,9831419.9604421481,10122447.291427037,11205832.375825657,12693176.223171221,13347508.001685448,13858002.524935611,13314299.751722494,13163300.452281993,16133236.738750674,16589440.611688644,16328698.442591093,17254181.94104968,17472930.998258546,17945488.163933441,18199062.643302117,-17791335.453171965]

{"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",{"$f":"E313","v":1.6999999999999988}]
[null,null,null,{"$f":"E315","v":"2023-12-31"}]
[null,null,"LLCR",{"$f":"E296","v":27.659422857847808}]
[]
[null,null,"NPV project",{"$f":"E255","v":-63569710.258964583}]
[null,null,"IRR Project",{"$f":"E257","v":-7.6346134377500374E-2}]
[]
[null,null,"PRIVATE FINANCE"]
[null,null,"NPV Equity",{"$f":"IF(E58<0.01,\"N/A\",E272)","v":-20864.887018247606}]
[null,null,"IRR Equity",{"$f":"IF(E58<0.01,\"N/A\",E274)","v":0.12951116350059078}]
[null,null,"Debt / Equity",{"$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",{"$f":"'Global Financial Model'!C11","v":90844960.013479188},null," "]
[null,null,"Municipal direct subsidies (yearly)","USD 2015",0]
[null,null,"Treasury","%",0.49,"of DSRA"]
[null,null,"Discount Factor (WACC)","%",{"$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$59*E26*E58","v":581407.74408626684}]
[null,null,"Private Amortisation Start","Date",{"$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 ",{"$f":"E26*H58","v":85030882.572616518}]
[null,null,"Municipal Amortisation Start","Date",{"$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 ",{"$f":"E52*E37","v":5814.0774408626685}]
[null,null,"Upfront fee on municipal loan","USD ",{"$f":"E52*E43","v":850308.8257261652}]
[]
[null,null,"FUNDING SCHEME"]
[null,null,"Initial dibursment",null,"YES",{"$f":"IF($E$57=\"NO\",0,1)","v":1},"(if no : Equity is back ended)"]
[null,null,"Private funding vs Municipal funding ratio",null,6.4000000000000001E-2,null,"Initial Municipal debt",{"$f":"1-E58","v":0.93599999999999994}]
[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 ",{"$f":"SUM(F105:AM105)","v":94008578.187429756},{"$f":"-'Global Financial Model'!C96","v":5078370.092190613},{"$f":"-'Global Financial Model'!D96","v":20050588.828955639},{"$f":"-'Global Financial Model'!E96","v":49222092.448212862},{"$f":"-'Global Financial Model'!F96","v":19657526.818070658},{"$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":19823423.58667044},{"$f":"-'Global Financial Model'!C97","v":0},{"$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":1360136.2924377397},{"$f":"-'Global Financial Model'!Q97","v":1649442.8153209686},{"$f":"-'Global Financial Model'!R97","v":0},{"$f":"-'Global Financial Model'!S97","v":0},{"$f":"-'Global Financial Model'!T97","v":0},{"$f":"-'Global Financial Model'!U97","v":2314062.3198277643},{"$f":"-'Global Financial Model'!V97","v":7351611.2293968759},{"$f":"-'Global Financial Model'!W97","v":3413683.8365870705},{"$f":"-'Global Financial Model'!X97","v":0},{"$f":"-'Global Financial Model'!Y97","v":0},{"$f":"-'Global Financial Model'!Z97","v":0},{"$f":"-'Global Financial Model'!AA97","v":1687746.6137686879},{"$f":"-'Global Financial Model'!AB97","v":2046740.4793313304},{"$f":"-'Global Financial Model'!AC97","v":0},{"$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 ",{"$f":"SUM(F109:AM109)","v":94008578.187429756},{"$f":"F105","v":5078370.092190613},{"$f":"G105","v":20050588.828955639},49222092.448212862,19657526.818070658,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",100000,null,null,null,{"$f":"E61","v":100000}]
[null,null,"Renewal Costs","USD ",19823423.58667044,{"$f":"F106","v":0},{"$f":"G106","v":0},0,0,0,0,0,0,0,0,0,0,0,1360136.2924377397,1649442.8153209686,0,0,0,2314062.3198277643,7351611.2293968759,3413683.8365870705,0,0,0,1687746.6137686879,2046740.4793313304,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Interest During Construction","USD ",46863.514652639744,{"$f":"F151","v":0},{"$f":"G151","v":2284.1689058449074},{"$f":"H151","v":11261.401611036856},33317.944135757985,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB151","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Upfront Fee","USD ",5814.0774408626685,{"$f":"F138","v":5814.0774408626685},{"$f":"G138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB138","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Required Funding","USD ",113984679.36619371,{"$f":"SUM(F109:F113)","v":5084184.1696314756},{"$f":"SUM(G109:G113)","v":20052872.997861482},{"$f":"SUM(H109:H113)","v":49233353.8498239},19790844.762206417,0,0,0,0,0,0,0,0,0,1360136.2924377397,1649442.8153209686,0,0,0,2314062.3198277643,7351611.2293968759,3413683.8365870705,0,0,0,1687746.6137686879,2046740.4793313304,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Release","USD ",-19823423.58667044,{"$f":"IF(F79=1,-F114,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-1360136.2924377397,-1649442.8153209686,0,0,0,-2314062.3198277643,-7351611.2293968759,-3413683.8365870705,0,0,0,-1687746.6137686879,-2046740.4793313304,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding through debt","USD ",-88134935.409633771,{"$f":"IF(F78=1,-F114*(1-$E$58),0)","v":-4758796.3827750608},-18769489.125998348,-46082419.203435168,-18524230.697425205,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Debt funding","USD ",-581407.74408626684,{"$f":"IF(F78=1,IF($F$57=1,-MIN(F114*$E$59*$E$58,F135),-MIN(F114*$E$58,F135)),0)","v":-32538.778685641446},-128338.3871863135,-315093.464638873,-105437.11357543891,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sub Total","USD ",5444912.6258032257,{"$f":"SUM(F114:F117)","v":292849.00817077328},1155045.4846768207,2835841.1817498589,1161176.9512057723,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Equity Funding","USD ",-5444912.6258032257,{"$f":"-F118","v":-292849.00817077328},{"$f":"-G118","v":-1155045.4846768207},-2835841.1817498589,-1161176.9512057723,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AB118","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Funding Shortfall","USD ",0,{"$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},{"$f":"F127","v":32538.778685641446},{"$f":"G127","v":160877.16587195493},475970.63051082793,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Z127","v":0},{"$f":"AA127","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Disbursement to Fund Project Costs (SPV)","USD ",{"$f":"SUM(F124:AM124)","v":581407.74408626684},{"$f":"-F117","v":32538.778685641446},128338.3871863135,315093.464638873,105437.11357543891,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":-581407.74408626684},{"$f":"-SUM(F123:F125)*F94","v":0},{"$f":"-SUM(G123:G125)*G94","v":0},{"$f":"-SUM(H123:H125)*H94","v":0},-581407.74408626684,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F123:F126)","v":32538.778685641446},{"$f":"SUM(G123:G126)","v":160877.16587195493},475970.63051082793,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipaly)","USD ",null,{"$f":"E133","v":0},{"$f":"F133","v":4758796.3827750608},23357927.930558804,68510827.158204228,{"$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 ",{"$f":"SUM(F130:AM130)","v":88134935.409633771},{"$f":"-F116","v":4758796.3827750608},{"$f":"-G116","v":18769489.125998348},46082419.203435168,18524230.697425205,{"$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 ",{"$f":"SUM(F131:AM131)","v":-4137985.9791295775},{"$f":"IF(F78=1,-F204,0)","v":0},{"$f":"IF(G78=1,-G204,0)","v":-170357.57821460406},-929519.97578974627,-3038108.4251252273,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",-83996949.430504203,{"$f":"-SUM(F129:F131)*F94","v":0},{"$f":"-SUM(G129:G131)*G94","v":0},{"$f":"-SUM(H129:H131)*H94","v":0},-83996949.430504203,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality)","USD ",null,{"$f":"SUM(F129:F132)","v":4758796.3827750608},{"$f":"SUM(G129:G132)","v":23357927.930558804},68510827.158204228,0,{"$f":"SUM(J129:J132)","v":0},{"$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 ",{"$f":"E37","v":581407.74408626684},{"$f":"MAX(0,$E135-F123)*F78","v":581407.74408626684},548868.96540062537,420530.57821431191,105437.11357543891,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E43","v":85030882.572616518},{"$f":"MAX(0,$E136-F129)*F78","v":85030882.572616518},80272086.189841449,61672954.642057717,16520055.41441229,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Upfront Fee (SPV)","USD ",{"$f":"E53","v":5814.0774408626685},{"$f":"$E138*IF(F90=1,1,0)","v":5814.0774408626685},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E54","v":850308.8257261652},{"$f":"$E139*IF(F90=1,1,0)","v":850308.8257261652},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[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 ",{"$f":"SUM(F151:AM151)","v":46863.514652639744},{"$f":"F144*F123","v":0},2284.1689058449074,11261.401611036856,33317.944135757985,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during construction for Municipality",null,{"$f":"SUM(F152:AM152)","v":6764872.5586932357},{"$f":"F149*F129","v":0},334059.70247981767,1635054.9551391178,4795757.9010743005,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Operations"]
[null,null,"Revenue"]
[null,null,"Revenue","USD ",{"$f":"SUM(F156:AM156)","v":186137671.10214627},{"$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":3309800.3071410418},{"$f":"'Global Financial Model'!H81","v":4281467.0761880577},{"$f":"'Global Financial Model'!I81","v":4509071.2766320109},{"$f":"'Global Financial Model'!J81","v":4561532.2851094082},{"$f":"'Global Financial Model'!K81","v":4782213.7623597132},{"$f":"'Global Financial Model'!L81","v":4836794.1955795987},{"$f":"'Global Financial Model'!M81","v":5070066.6351593453},{"$f":"'Global Financial Model'!N81","v":5093621.7602556078},{"$f":"'Global Financial Model'!O81","v":5304226.9539192477},{"$f":"'Global Financial Model'!P81","v":5328733.7060694005},{"$f":"'Global Financial Model'!Q81","v":5549032.2664757119},{"$f":"'Global Financial Model'!R81","v":5574529.0914127314},{"$f":"'Global Financial Model'!S81","v":5810140.0153278615},{"$f":"'Global Financial Model'!T81","v":5841846.4260985646},{"$f":"'Global Financial Model'!U81","v":6088677.1282593338},{"$f":"'Global Financial Model'!V81","v":6121664.4780251747},{"$f":"'Global Financial Model'!W81","v":6380236.9617882464},{"$f":"'Global Financial Model'!X81","v":6439964.362829675},{"$f":"'Global Financial Model'!Y81","v":6738284.7741722157},{"$f":"'Global Financial Model'!Z81","v":6800425.1622157162},{"$f":"'Global Financial Model'!AA81","v":7114849.2822372532},{"$f":"'Global Financial Model'!AB81","v":7179500.1419577124},{"$f":"'Global Financial Model'!AC81","v":7456565.7184582874},{"$f":"'Global Financial Model'!AD81","v":7469551.947692805},{"$f":"'Global Financial Model'!AE81","v":7757810.9734840011},{"$f":"'Global Financial Model'!AF81","v":7771321.846379593},{"$f":"'Global Financial Model'!AG81","v":8071226.5368127553},{"$f":"'Global Financial Model'!AH81","v":8085283.2489733286},{"$f":"'Global Financial Model'!AI81","v":8397304.0888999887},{"$f":"'Global Financial Model'!AJ81","v":8411928.6922318507}]
[null,null,"Municipal direct subsidies (if any)","USD ",{"$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":149774637.42470548},{"$f":"-'Global Financial Model'!C76","v":0},{"$f":"-'Global Financial Model'!D76","v":0},{"$f":"-'Global Financial Model'!E76","v":0},{"$f":"-'Global Financial Model'!F76","v":0},{"$f":"-'Global Financial Model'!G76","v":2791546.919500811},{"$f":"-'Global Financial Model'!H76","v":3091692.739287667},{"$f":"-'Global Financial Model'!I76","v":2934364.0421133931},{"$f":"-'Global Financial Model'!J76","v":3003556.4739287407},{"$f":"-'Global Financial Model'!K76","v":6864999.4108087067},{"$f":"-'Global Financial Model'!L76","v":3146987.7384020691},{"$f":"-'Global Financial Model'!M76","v":3221309.8210025458},{"$f":"-'Global Financial Model'!N76","v":3297426.7865636172},{"$f":"-'Global Financial Model'!O76","v":3375382.9246263341},{"$f":"-'Global Financial Model'!P76","v":7620124.5585567057},{"$f":"-'Global Financial Model'!Q76","v":3536995.481726327},{"$f":"-'Global Financial Model'!R76","v":3620746.1717735282},{"$f":"-'Global Financial Model'!S76","v":3706524.6358547215},{"$f":"-'Global Financial Model'!T76","v":3794381.0340164835},{"$f":"-'Global Financial Model'!U76","v":8460551.8528040089},{"$f":"-'Global Financial Model'!V76","v":3976534.6360238022},{"$f":"-'Global Financial Model'!W76","v":4070938.621770741},{"$f":"-'Global Financial Model'!X76","v":4167634.1731139594},{"$f":"-'Global Financial Model'!Y76","v":4266678.1150930393},{"$f":"-'Global Financial Model'!Z76","v":9396213.810979465},{"$f":"-'Global Financial Model'!AA76","v":4472045.6967975702},{"$f":"-'Global Financial Model'!AB76","v":4578490.3244372597},{"$f":"-'Global Financial Model'!AC76","v":4687525.3956046067},{"$f":"-'Global Financial Model'!AD76","v":4799215.3044166798},{"$f":"-'Global Financial Model'!AE76","v":10438238.257315286},{"$f":"-'Global Financial Model'!AF76","v":5030825.4186769668},{"$f":"-'Global Financial Model'!AG76","v":5150882.7472600536},{"$f":"-'Global Financial Model'!AH76","v":5273869.24748501},{"$f":"-'Global Financial Model'!AI76","v":5399857.9116118001},{"$f":"-'Global Financial Model'!AJ76","v":11599097.173153548}]
[]
[null,null,"Operation: Debt"]
[null,null,"Balance B/f (SPV)","USD ",null,{"$f":"E166","v":0},{"$f":"F166","v":0},0,0,581407.74408626684,560559.83001351194,538286.62227957277,514416.33505470259,488875.12772409152,461546.03588033764,432334.63259163627,401043.33154210087,367561.63941909804,331736.22884748498,293426.26787284011,252406.50808545496,208515.36511295289,161551.84213237563,111310.60683598646,57537.366818601688,0,{"$f":"Z166","v":0},{"$f":"AA166","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (SPV)","USD ",{"$f":"SUM(F164:AM164)","v":581407.74408626684},{"$f":"-F126","v":0},0,0,581407.74408626684,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (SPV)","USD ",{"$f":"SUM(F165:AM165)","v":-581407.74408626684},{"$f":"IF(F79=1,-F198,0)","v":0},{"$f":"IF(G79=1,-G198,0)","v":0},0,0,-20847.914072754902,-22273.20773393914,-23870.287224870168,-25541.207330611083,-27329.091843753857,-29211.403288701393,-31291.301049535399,-33481.692123002867,-35825.410571613073,-38309.96097464487,-41019.759787385141,-43891.142972502086,-46963.52298057724,-50241.235296389175,-53773.240017384771,-57537.366818601731,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F163:F165)","v":0},{"$f":"SUM(G163:G165)","v":0},0,581407.74408626684,560559.83001351194,538286.62227957277,514416.33505470259,488875.12772409152,461546.03588033764,432334.63259163627,401043.33154210087,367561.63941909804,331736.22884748498,293426.26787284011,252406.50808545496,208515.36511295289,161551.84213237563,111310.60683598646,57537.366818601688,0,0,0,{"$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},0,0,83996949.430504203,79826429.650421351,75369180.534733847,70594022.536008954,65484603.477373317,60017525.084633186,54171928.730161011,47912187.951761201,41214265.318873405,34047488.101683468,26381288.582604941,18175344.826156858,9394985.0067574084,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",{"$f":"SUM(F169:AM169)","v":83996949.430504203},{"$f":"-F132","v":0},0,0,83996949.430504203,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (Municipality)","USD ",{"$f":"SUM(F170:AM170)","v":-83996949.430504203},{"$f":"IF(F79=1,-F204,0)","v":0},{"$f":"IF(G79=1,-G204,0)","v":0},0,0,-4170519.7800828479,-4457249.1156875053,-4775157.9987248927,-5109419.0586356372,-5467078.3927401323,-5845596.3544721715,-6259740.7783998083,-6697922.6328877956,-7166777.2171899397,-7666199.5190785266,-8205943.7564480826,-8780359.81939945,-9394985.006757414,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality","USD ",null,{"$f":"SUM(F168:F170)","v":0},{"$f":"SUM(G168:G170)","v":0},0,83996949.430504203,79826429.650421351,75369180.534733847,70594022.536008954,65484603.477373317,60017525.084633186,54171928.730161011,47912187.951761201,41214265.318873405,34047488.101683468,26381288.582604941,18175344.826156858,9394985.0067574084,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY","% p.a.",null,{"$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 ",{"$f":"SUM(F183:AM183)","v":403676.67770803167},{"$f":"F176*F163","v":0},0,0,0,40698.542086038717,39350.380847194654,37680.063559570124,36009.143453829216,34221.258940686435,32399.774864293202,30263.424281414565,28073.033207947086,25729.314759336885,23287.339275891387,20539.838751098825,17668.455565981862,14596.075557906715,11340.674401020877,7791.7424785190587,4027.6156773021216,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during Operation for Municipality","USD ",{"$f":"SUM(F184:AM184)","v":46695527.083332807},{"$f":"F181*F168","v":0},{"$f":"G181*G168","v":0},0,0,5879786.4601352997,5603684.4601229364,5275842.6374313738,4941581.5775206313,4583922.2434161361,4213131.8427320179,3792035.0111112744,3353853.1566232871,2884998.5723211411,2390077.8328323639,1846690.2007823475,1272274.1378309813,657648.95047301915,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt repayment"]
[]
[null,null,"Flag: Municipal Debt Repayment",{"$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},32538.778685641446,160877.16587195493,475970.63051082793,581407.74408626684,560559.83001351194,538286.62227957277,514416.33505470259,488875.12772409152,461546.03588033764,432334.63259163627,401043.33154210087,367561.63941909804,331736.22884748498,293426.26787284011,252406.50808545496,208515.36511295289,161551.84213237563,111310.60683598646,57537.366818601688,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":985084.42179429869},{"$f":"IF(F191=0,0,F195*F194/(1-(1+F195)^(-F192)))","v":0},{"$f":"IF(G191=0,0,G195*G194/(1-(1+G195)^(-G192)))","v":0},0,0,61546.456158793619,61623.588581133794,61550.350784440292,61550.350784440299,61550.350784440292,61611.178152994595,61554.725330949965,61554.725330949957,61554.725330949957,61597.30025053626,61559.598538483966,61559.598538483944,61559.598538483951,61581.909697410054,61564.982495903831,61564.982495903852,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (SPV)"," ",{"$f":"SUM(F197:AM197)","v":-403676.67770803167},{"$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,-40698.542086038717,-39350.380847194654,-37680.063559570124,-36009.143453829216,-34221.258940686435,-32399.774864293202,-30263.424281414565,-28073.033207947086,-25729.314759336885,-23287.339275891387,-20539.838751098825,-17668.455565981862,-14596.075557906715,-11340.674401020877,-7791.7424785190587,-4027.6156773021216,{"$f":"IF(Z191=0,0,-Z183)","v":0},{"$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":581407.74408626684},{"$f":"IF(F196=0,0,SUM(F196:F197))","v":0},{"$f":"IF(G196=0,0,SUM(G196:G197))","v":0},0,0,20847.914072754902,{"$f":"IF(K196=0,0,SUM(K196:K197))","v":22273.20773393914},{"$f":"IF(L196=0,0,SUM(L196:L197))","v":23870.287224870168},{"$f":"IF(M196=0,0,SUM(M196:M197))","v":25541.207330611083},27329.091843753857,{"$f":"IF(O196=0,0,SUM(O196:O197))","v":29211.403288701393},{"$f":"IF(P196=0,0,SUM(P196:P197))","v":31291.301049535399},{"$f":"IF(Q196=0,0,SUM(Q196:Q197))","v":33481.692123002867},35825.410571613073,{"$f":"IF(S196=0,0,SUM(S196:S197))","v":38309.96097464487},{"$f":"IF(T196=0,0,SUM(T196:T197))","v":41019.759787385141},{"$f":"IF(U196=0,0,SUM(U196:U197))","v":43891.142972502086},46963.52298057724,{"$f":"IF(W196=0,0,SUM(W196:W197))","v":50241.235296389175},{"$f":"IF(X196=0,0,SUM(X196:X197))","v":53773.240017384771},{"$f":"IF(Y196=0,0,SUM(Y196:Y197))","v":57537.366818601731},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,{"$f":"IF(F78=1,F129,F168)","v":0},4758796.3827750608,23357927.930558804,68510827.158204228,83996949.430504203,79826429.650421351,75369180.534733847,70594022.536008954,65484603.477373317,60017525.084633186,54171928.730161011,47912187.951761201,41214265.318873405,34047488.101683468,26381288.582604941,18175344.826156858,9394985.0067574084,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$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)"," ",{"$f":"SUM(F202:AM202)","v":141595335.05165982},{"$f":"IF(F188=0,0,F201*F200/(1-(1+F201)^(-F189)))","v":0},{"$f":"IF(G188=0,0,G201*G200/(1-(1+G201)^(-G189)))","v":504417.28069442173},2564574.9309288641,7833866.3261995278,10050306.240218148,10060933.575810442,10051000.636156267,10051000.636156268,10051000.636156268,10058728.197204189,10051775.789511083,10051775.789511083,10051775.789511081,10056277.351910891,10052633.95723043,10052633.957230432,10052633.957230434,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (Municipality)"," ",{"$f":"SUM(F203:AM203)","v":-53460399.642026052},{"$f":"IF(F78=1,-F152,-F184)","v":0},{"$f":"IF(G78=1,-G152,-G184)","v":-334059.70247981767},-1635054.9551391178,-4795757.9010743005,-5879786.4601352997,-5603684.4601229364,-5275842.6374313738,-4941581.5775206313,-4583922.2434161361,-4213131.8427320179,-3792035.0111112744,-3353853.1566232871,-2884998.5723211411,-2390077.8328323639,-1846690.2007823475,-1272274.1378309813,-657648.95047301915,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment (Municipality)"," ",{"$f":"SUM(F204:AM204)","v":88134935.409633756},{"$f":"IF(F202=0,0,SUM(F202:F203))","v":0},{"$f":"IF(G202=0,0,SUM(G202:G203))","v":170357.57821460406},929519.97578974627,3038108.4251252273,4170519.7800828479,{"$f":"IF(K202=0,0,SUM(K202:K203))","v":4457249.1156875053},{"$f":"IF(L202=0,0,SUM(L202:L203))","v":4775157.9987248927},{"$f":"IF(M202=0,0,SUM(M202:M203))","v":5109419.0586356372},5467078.3927401323,{"$f":"IF(O202=0,0,SUM(O202:O203))","v":5845596.3544721715},{"$f":"IF(P202=0,0,SUM(P202:P203))","v":6259740.7783998083},{"$f":"IF(Q202=0,0,SUM(Q202:Q203))","v":6697922.6328877956},7166777.2171899397,{"$f":"IF(S202=0,0,SUM(S202:S203))","v":7666199.5190785266},{"$f":"IF(T202=0,0,SUM(T202:T203))","v":8205943.7564480826},{"$f":"IF(U202=0,0,SUM(U202:U203))","v":8780359.81939945},9394985.006757414,{"$f":"IF(W202=0,0,SUM(W202:W203))","v":0},{"$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":186137671.10214627},{"$f":"F156","v":0},0,0,0,3309800.3071410418,4281467.0761880577,4509071.2766320109,4561532.2851094082,4782213.7623597132,4836794.1955795987,5070066.6351593453,5093621.7602556078,5304226.9539192477,5328733.7060694005,5549032.2664757119,5574529.0914127314,5810140.0153278615,5841846.4260985646,6088677.1282593338,6121664.4780251747,6380236.9617882464,6439964.362829675,6738284.7741722157,6800425.1622157162,7114849.2822372532,7179500.1419577124,7456565.7184582874,7469551.947692805,7757810.9734840011,7771321.846379593,8071226.5368127553,8085283.2489733286,8397304.0888999887,8411928.6922318507]
[null,null,"OpEx","USD ",-149774637.42470548,{"$f":"-F160","v":0},0,0,0,-2791546.919500811,-3091692.739287667,-2934364.0421133931,-3003556.4739287407,-6864999.4108087067,-3146987.7384020691,-3221309.8210025458,-3297426.7865636172,-3375382.9246263341,-7620124.5585567057,-3536995.481726327,-3620746.1717735282,-3706524.6358547215,-3794381.0340164835,-8460551.8528040089,-3976534.6360238022,-4070938.621770741,-4167634.1731139594,-4266678.1150930393,-9396213.810979465,-4472045.6967975702,-4578490.3244372597,-4687525.3956046067,-4799215.3044166798,-10438238.257315286,-5030825.4186769668,-5150882.7472600536,-5273869.24748501,-5399857.9116118001,-11599097.173153548]
[null,null,"Operational Cashflow","USD ",36363033.677440792,{"$f":"SUM(F208:F209)","v":0},{"$f":"SUM(G208:G209)","v":0},{"$f":"SUM(H208:H209)","v":0},0,518253.38764023082,1189774.3369003907,1574707.2345186179,1557975.8111806675,-2082785.6484489935,1689806.4571775296,1848756.8141567996,1796194.9736919906,1928844.0292929136,-2291390.8524873052,2012036.784749385,1953782.9196392032,2103615.37947314,2047465.3920820812,-2371874.7245446751,2145129.8420013725,2309298.3400175055,2272330.1897157156,2471606.6590791764,-2595788.6487637488,2642803.5854396829,2601009.8175204527,2769040.3228536807,2670336.6432761252,-2680427.2838312844,2740496.4277026262,2920343.7895527016,2811414.0014883187,2997446.1772881886,-3187168.4809216969]
[null,null,"Revenue Tax","USD ",-286748.43633017928,{"$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},{"$f":"'Global Financial Model'!V90","v":-80191.858335738332},{"$f":"'Global Financial Model'!W90","v":-137650.83264138486},{"$f":"'Global Financial Model'!X90","v":0},{"$f":"'Global Financial Model'!Y90","v":0},{"$f":"'Global Financial Model'!Z90","v":0},{"$f":"'Global Financial Model'!AA90","v":0},{"$f":"'Global Financial Model'!AB90","v":0},{"$f":"'Global Financial Model'!AC90","v":0},{"$f":"'Global Financial Model'!AD90","v":0},{"$f":"'Global Financial Model'!AE90","v":0},{"$f":"'Global Financial Model'!AF90","v":0},{"$f":"'Global Financial Model'!AG90","v":-20959.954822817817},{"$f":"'Global Financial Model'!AH90","v":0},{"$f":"'Global Financial Model'!AI90","v":-47945.79053023825},{"$f":"'Global Financial Model'!AJ90","v":0}]
[null,null,"CapEx (including intesrests during construction)","USD ",-113884679.36619371,{"$f":"-F114","v":-5084184.1696314756},-20052872.997861482,-49233353.8498239,{"$f":"-I114+I110","v":-19690844.762206417},0,0,0,0,0,0,0,0,0,-1360136.2924377397,-1649442.8153209686,0,0,0,-2314062.3198277643,-7351611.2293968759,-3413683.8365870705,0,0,0,-1687746.6137686879,-2046740.4793313304,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",null,{"$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 ",-77908394.125083089,{"$f":"SUM(F210:F213)","v":-5084184.1696314756},{"$f":"SUM(G210:G213)","v":-20052872.997861482},{"$f":"SUM(H210:H213)","v":-49233353.8498239},-19790844.762206417,518253.38764023082,1189774.3369003907,1574707.2345186179,1557975.8111806675,-2082785.6484489935,1689806.4571775296,1848756.8141567996,1796194.9736919906,1928844.0292929136,-3651527.1449250448,362593.96942841634,1953782.9196392032,2103615.37947314,2047465.3920820812,-4685937.0443724394,-5286673.245731242,-1242036.3292109501,2272330.1897157156,2471606.6590791764,-2595788.6487637488,955056.971670995,554269.33818912227,2769040.3228536807,2670336.6432761252,-2680427.2838312844,2740496.4277026262,2899383.8347298838,2811414.0014883187,2949500.3867579503,-3187168.4809216969]
[null,null,"Municipality: Funding (through debt )","USD ",88134935.409633771,{"$f":"-F116","v":4758796.3827750608},18769489.125998348,46082419.203435168,18524230.697425205,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding (through subsidies)","USD ",0,{"$f":"+F157","v":0},{"$f":"+G157","v":0},{"$f":"+H157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt: Funding","USD ",581407.74408626684,{"$f":"F124","v":32538.778685641446},128338.3871863135,315093.464638873,105437.11357543891,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity: Funding","USD ",5444912.6258032257,{"$f":"-F119","v":292849.00817077328},1155045.4846768207,2835841.1817498589,1161176.9512057723,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CashFlow after Funding","USD ",16252861.654440176,{"$f":"SUM(F214:F218)","v":0},0,0,0,518253.38764023082,1189774.3369003907,1574707.2345186179,1557975.8111806675,-2082785.6484489935,1689806.4571775296,1848756.8141567996,1796194.9736919906,1928844.0292929136,-3651527.1449250448,362593.96942841634,1953782.9196392032,2103615.37947314,2047465.3920820812,-4685937.0443724394,-5286673.245731242,-1242036.3292109501,2272330.1897157156,2471606.6590791764,-2595788.6487637488,955056.971670995,554269.33818912227,2769040.3228536807,2670336.6432761252,-2680427.2838312844,2740496.4277026262,2899383.8347298838,2811414.0014883187,2949500.3867579503,-3187168.4809216969]
[null,null,"Treasury: Funding","USD ",35949018.617393687,{"$f":"IF(F78=1,0,-F115+IF(F191=1,IF(F219/F196>1.7,0,1.7*F196+IF(F219<0,-F219,0)),0))","v":0},0,0,0,0,0,0,0,2187421.2447825419,0,0,0,0,5116378.8477886962,1649442.8153209686,0,0,0,7104659.8344432404,12742944.945371155,3413683.8365870705,0,0,0,1687746.6137686879,2046740.4793313304,0,0,0,0,0,0,0,0]
[null,null,"CashFlow Available for Debt Service (CFADS)","USD ",52201880.271833867,{"$f":"SUM(F219:F220)","v":0},{"$f":"SUM(G219:G220)","v":0},0,0,518253.38764023082,1189774.3369003907,1574707.2345186179,1557975.8111806675,104635.59633354843,1689806.4571775296,1848756.8141567996,1796194.9736919906,1928844.0292929136,1464851.7028636513,2012036.784749385,1953782.9196392032,2103615.37947314,2047465.3920820812,2418722.790070801,7456271.6996399127,2171647.5073761204,2272330.1897157156,2471606.6590791764,-2595788.6487637488,2642803.5854396829,2601009.8175204527,2769040.3228536807,2670336.6432761252,-2680427.2838312844,2740496.4277026262,2899383.8347298838,2811414.0014883187,2949500.3867579503,-3187168.4809216969]
[null,null,"Interests","USD ",-403676.67770803167,{"$f":"-F197","v":0},{"$f":"-G197","v":0},0,0,{"$f":"J197","v":-40698.542086038717},{"$f":"K197","v":-39350.380847194654},-37680.063559570124,-36009.143453829216,-34221.258940686435,-32399.774864293202,-30263.424281414565,-28073.033207947086,-25729.314759336885,-23287.339275891387,-20539.838751098825,-17668.455565981862,-14596.075557906715,-11340.674401020877,-7791.7424785190587,-4027.6156773021216,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment","USD ",-581407.74408626684,{"$f":"F198","v":0},{"$f":"G198","v":0},{"$f":"H198","v":0},0,{"$f":"-J198","v":-20847.914072754902},{"$f":"-K198","v":-22273.20773393914},-23870.287224870168,-25541.207330611083,-27329.091843753857,-29211.403288701393,-31291.301049535399,-33481.692123002867,-35825.410571613073,-38309.96097464487,-41019.759787385141,-43891.142972502086,-46963.52298057724,-50241.235296389175,-53773.240017384771,-57537.366818601731,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow available for Debt Service reserve Account (DSRA)","USD ",51216795.850039572,{"$f":"SUM(F221:F223)","v":0},{"$f":"SUM(G221:G223)","v":0},0,0,456706.93148143718,1128150.7483192568,1513156.8837341776,1496425.4603962272,43085.245549108127,1628195.2790245351,1787202.0888258496,1734640.2483610406,1867289.3039619636,1403254.402613115,1950477.186210901,1892223.3211007193,2042055.780934656,1985883.4823846712,2357157.8075748971,7394706.7171440087,2171647.5073761204,2272330.1897157156,2471606.6590791764,-2595788.6487637488,2642803.5854396829,2601009.8175204527,2769040.3228536807,2670336.6432761252,-2680427.2838312844,2740496.4277026262,2899383.8347298838,2811414.0014883187,2949500.3867579503,-3187168.4809216969]
[null,null,"Treasury: Deduction","USD ",-29243288.329142589,{"$f":"IF(F231<$E$220,IF(F224>0,-F224*$E$28,0),0)","v":0},0,0,0,-223786.39642590421,-552793.86667643581,-741446.87302974705,-733248.4755941513,-21111.770319062984,-797815.68672202213,-875729.02352466632,-849973.72169690987,-914971.75894136215,-687594.65728042636,-955733.82124334143,-927189.42733935243,-1000607.3326579814,-973082.90636848891,-1155007.3257116994,-3623406.2914005644,-1064107.2786142989,-1113441.7929607006,-1211087.2629487964,0,-1294973.7568654446,-1274494.8105850217,-1356829.7581983034,-1308464.9552053013,0,-1342843.2495742869,-1420698.0790176431,-1377592.8607292762,-1445255.1895113955,0]
[null,null,"Cashflow available to Equity","USD ",21973507.520896982,{"$f":"F224+F225","v":0},{"$f":"G224+G225","v":0},{"$f":"H224+H225","v":0},0,232920.53505553296,575356.88164282101,771710.01070443052,763176.98480207589,21973.475230045144,830379.59230251296,911473.06530118326,884666.52666413074,952317.54502060148,715659.74533268868,994743.36496755958,965033.89376136684,1041448.4482766746,1012800.5760161823,1202150.4818631976,3771300.4257434444,1107540.2287618215,1158888.396755015,1260519.39613038,-2595788.6487637488,1347829.8285742383,1326515.0069354309,1412210.5646553773,1361871.6880708239,-2680427.2838312844,1397653.1781283394,1478685.7557122407,1433821.1407590425,1504245.1972465548,-3187168.4809216969]
[null,null,"Distributions to Equity","USD ",-30436891.934413716,{"$f":"-MAX(F226,0)*F79","v":0},0,0,0,-232920.53505553296,-575356.88164282101,-771710.01070443052,-763176.98480207589,-21973.475230045144,-830379.59230251296,-911473.06530118326,-884666.52666413074,-952317.54502060148,-715659.74533268868,-994743.36496755958,-965033.89376136684,-1041448.4482766746,-1012800.5760161823,-1202150.4818631976,-3771300.4257434444,-1107540.2287618215,-1158888.396755015,-1260519.39613038,0,-1347829.8285742383,-1326515.0069354309,-1412210.5646553773,-1361871.6880708239,0,-1397653.1781283394,-1478685.7557122407,-1433821.1407590425,-1504245.1972465548,0]
[null,null,"Treasury: Add back","USD ",-6705730.2882511076,{"$f":"-F225-F220","v":0},0,0,0,{"$f":"-J225-J220","v":223786.39642590421},{"$f":"-K225-K220","v":552793.86667643581},741446.87302974705,733248.4755941513,-2166309.4744634787,797815.68672202213,875729.02352466632,849973.72169690987,914971.75894136215,-4428784.1905082697,-693708.9940776272,927189.42733935243,1000607.3326579814,973082.90636848891,-5949652.5087315412,-9119538.6539705899,-2349576.5579727716,1113441.7929607006,1211087.2629487964,0,-392772.85690324334,-772245.66874630866,1356829.7581983034,1308464.9552053013,0,1342843.2495742869,1420698.0790176431,1377592.8607292762,1445255.1895113955,0]
[null,null,"Net Cashflow","USD ",14174173.627374753,{"$f":"F224+F227+F228-F213","v":0},{"$f":"G224+G227+G228-G213","v":0},0,100000,{"$f":"J224+J227+J228-J213","v":447572.79285180842},{"$f":"K224+K227+K228-K213","v":1105587.7333528716},{"$f":"L224+L227+L228-L213","v":1482893.7460594941},{"$f":"M224+M227+M228-M213","v":1466496.9511883026},{"$f":"N224+N227+N228-N213","v":-2145197.7041444154},{"$f":"O224+O227+O228-O213","v":1595631.3734440443},{"$f":"P224+P227+P228-P213","v":1751458.0470493326},{"$f":"Q224+Q227+Q228-Q213","v":1699947.4433938197},{"$f":"R224+R227+R228-R213","v":1829943.5178827243},{"$f":"S224+S227+S228-S213","v":-3741189.5332278432},{"$f":"T224+T227+T228-T213","v":262024.82716571423},{"$f":"U224+U227+U228-U213","v":1854378.8546787049},{"$f":"V224+V227+V228-V213","v":2001214.6653159629},{"$f":"W224+W227+W228-W213","v":1946165.8127369778},{"$f":"X224+X227+X228-X213","v":-4794645.183019842},{"$f":"Y224+Y227+Y228-Y213","v":-5496132.362570025},{"$f":"Z224+Z227+Z228-Z213","v":-1285469.2793584727},{"$f":"AA224+AA227+AA228-AA213","v":2226883.5859214012},{"$f":"AB224+AB227+AB228-AB213","v":2422174.5258975928},{"$f":"AC224+AC227+AC228-AC213","v":-2595788.6487637488},{"$f":"AD224+AD227+AD228-AD213","v":902200.89996220125},{"$f":"AE224+AE227+AE228-AE213","v":502249.14183871308},{"$f":"AF224+AF227+AF228-AF213","v":2713659.5163966068},{"$f":"AG224+AG227+AG228-AG213","v":2616929.9104106026},{"$f":"AH224+AH227+AH228-AH213","v":-2680427.2838312844},{"$f":"AI224+AI227+AI228-AI213","v":2685686.4991485737},{"$f":"AJ224+AJ227+AJ228-AJ213","v":2841396.1580352862},{"$f":"AK224+AK227+AK228-AK213","v":2755185.7214585524},{"$f":"AL224+AL227+AL228-AL213","v":2890510.3790227911},{"$f":"AM224+AM227+AM228-AM213","v":-3187168.4809216969}]
[]
[null,null,"Cash Balance B/f",null,null,{"$f":"E232","v":0},{"$f":"F232","v":0},0,0,100000,{"$f":"J232","v":547572.79285180848},{"$f":"K232","v":1653160.5262046801},{"$f":"L232","v":3136054.2722641742},{"$f":"M232","v":4602551.2234524768},{"$f":"N232","v":2457353.5193080613},{"$f":"O232","v":4052984.8927521054},{"$f":"P232","v":5804442.9398014378},{"$f":"Q232","v":7504390.3831952577},{"$f":"R232","v":9334333.901077982},{"$f":"S232","v":5593144.3678501388},{"$f":"T232","v":5855169.1950158533},{"$f":"U232","v":7709548.0496945586},{"$f":"V232","v":9710762.7150105219},{"$f":"W232","v":11656928.527747501},{"$f":"X232","v":6862283.3447276587},{"$f":"Y232","v":1366150.9821576336},{"$f":"Z232","v":80681.702799160965},{"$f":"AA232","v":2307565.2887205621},{"$f":"AB232","v":4729739.8146181554},{"$f":"AC232","v":2133951.1658544065},{"$f":"AD232","v":3036152.0658166078},{"$f":"AE232","v":3538401.2076553209},{"$f":"AF232","v":6252060.7240519281},{"$f":"AG232","v":8868990.6344625317},{"$f":"AH232","v":6188563.3506312473},{"$f":"AI232","v":8874249.8497798219},{"$f":"AJ232","v":11715646.007815108},{"$f":"AK232","v":14470831.72927366},{"$f":"AL232","v":17361342.10829645}]
[null,null,"Cash Balance C/f","USD ",null,{"$f":"F229+F231","v":0},{"$f":"G229+G231","v":0},0,100000,{"$f":"J229+J231","v":547572.79285180848},{"$f":"K229+K231","v":1653160.5262046801},3136054.2722641742,4602551.2234524768,2457353.5193080613,4052984.8927521054,5804442.9398014378,7504390.3831952577,9334333.901077982,5593144.3678501388,5855169.1950158533,7709548.0496945586,9710762.7150105219,11656928.527747501,6862283.3447276587,1366150.9821576336,80681.702799160965,2307565.2887205621,4729739.8146181554,2133951.1658544065,3036152.0658166078,3538401.2076553209,6252060.7240519281,8868990.6344625317,6188563.3506312473,8874249.8497798219,11715646.007815108,14470831.72927366,17361342.10829645,14174173.627374753]
[]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F234:AM234)","v":-14174173.627374753},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AM232","v":-14174173.627374753}]
[null,null,"Close out: Asset transfer to municipality","USD ",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Municipality Cashflow Waterfall"]
[]
[null,null,{"$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":53460399.642026052},{"$f":"-F203","v":0},{"$f":"-G203","v":334059.70247981767},{"$f":"-H203","v":1635054.9551391178},4795757.9010743005,5879786.4601352997,5603684.4601229364,5275842.6374313738,4941581.5775206313,4583922.2434161361,4213131.8427320179,3792035.0111112744,3353853.1566232871,2884998.5723211411,2390077.8328323639,1846690.2007823475,1272274.1378309813,657648.95047301915,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Principal","USD ",{"$f":"E204","v":88134935.409633756},{"$f":"F204","v":0},{"$f":"G204","v":170357.57821460406},929519.97578974627,3038108.4251252273,4170519.7800828479,4457249.1156875053,4775157.9987248927,5109419.0586356372,5467078.3927401323,5845596.3544721715,6259740.7783998083,6697922.6328877956,7166777.2171899397,7666199.5190785266,8205943.7564480826,8780359.81939945,9394985.006757414,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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},{"$f":"SUM(G240:G243)","v":504417.28069442173},2564574.9309288641,7833866.3261995278,10050306.240218148,10060933.575810442,10051000.636156267,10051000.636156268,10051000.636156268,10058728.197204189,10051775.789511083,10051775.789511083,10051775.789511081,10056277.351910891,10052633.95723043,10052633.957230432,10052633.957230434,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Project Return"]
[]
[null,null,"Date",null,null,{"$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":-77908394.125083089},{"$f":"F214","v":-5084184.1696314756},-20052872.997861482,-49233353.8498239,-19790844.762206417,518253.38764023082,1189774.3369003907,1574707.2345186179,1557975.8111806675,-2082785.6484489935,1689806.4571775296,1848756.8141567996,1796194.9736919906,1928844.0292929136,-3651527.1449250448,362593.96942841634,1953782.9196392032,2103615.37947314,2047465.3920820812,-4685937.0443724394,-5286673.245731242,-1242036.3292109501,2272330.1897157156,2471606.6590791764,-2595788.6487637488,955056.971670995,554269.33818912227,2769040.3228536807,2670336.6432761252,-2680427.2838312844,2740496.4277026262,2899383.8347298838,2811414.0014883187,2949500.3867579503,-3187168.4809216969]
[null,null,"Residual value ","USD ",{"$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,{"$f":"SUM(F249:F250)","v":-5084184.1696314756},{"$f":"SUM(G249:G250)","v":-20052872.997861482},-49233353.8498239,-19790844.762206417,518253.38764023082,1189774.3369003907,1574707.2345186179,1557975.8111806675,-2082785.6484489935,1689806.4571775296,1848756.8141567996,1796194.9736919906,1928844.0292929136,-3651527.1449250448,362593.96942841634,1953782.9196392032,2103615.37947314,2047465.3920820812,-4685937.0443724394,-5286673.245731242,-1242036.3292109501,2272330.1897157156,2471606.6590791764,-2595788.6487637488,955056.971670995,554269.33818912227,2769040.3228536807,2670336.6432761252,-2680427.2838312844,2740496.4277026262,2899383.8347298838,2811414.0014883187,2949500.3867579503,-3187168.4809216969]
[null,null," "]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV project @ WACC","USD ",{"$f":"NPV(E254,F251:AM251)","v":-63569710.258964583}]
[]
[null,null,"IRR Project","%",{"$f":"IRR(F251:AM251)","v":-7.6346134377500374E-2}]
[null,null,"Check: NPV @ IRR","USD ",{"$f":"NPV(E257,F251:AM251)","v":4.8398523781865957E-8},{"$f":"IF(ROUND(E258,3)=0,0,1)","v":0}]
[]
[]
[null,null,"Equity Return"]
[]
[null,null,"Date",null,null,{"$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 ",{"$f":"SUM(F264:AM264)","v":-5444912.6258032257},{"$f":"-F218","v":-292849.00817077328},-1155045.4846768207,-2835841.1817498589,-1161176.9512057723,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Distributions to Equity","USD ",{"$f":"SUM(F265:AM265)","v":30436891.934413716},{"$f":"-F227","v":0},0,0,0,232920.53505553296,575356.88164282101,771710.01070443052,763176.98480207589,21973.475230045144,830379.59230251296,911473.06530118326,884666.52666413074,952317.54502060148,715659.74533268868,994743.36496755958,965033.89376136684,1041448.4482766746,1012800.5760161823,1202150.4818631976,3771300.4257434444,1107540.2287618215,1158888.396755015,1260519.39613038,0,1347829.8285742383,1326515.0069354309,1412210.5646553773,1361871.6880708239,0,1397653.1781283394,1478685.7557122407,1433821.1407590425,1504245.1972465548,0]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F266:AM266)","v":14174173.627374753},{"$f":"-F234","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,14174173.627374753]
[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,{"$f":"SUM(F264:F267)","v":-292849.00817077328},{"$f":"SUM(G264:G267)","v":-1155045.4846768207},-2835841.1817498589,-1161176.9512057723,232920.53505553296,575356.88164282101,771710.01070443052,763176.98480207589,21973.475230045144,830379.59230251296,911473.06530118326,884666.52666413074,952317.54502060148,715659.74533268868,994743.36496755958,965033.89376136684,1041448.4482766746,1012800.5760161823,1202150.4818631976,3771300.4257434444,1107540.2287618215,1158888.396755015,1260519.39613038,0,1347829.8285742383,1326515.0069354309,1412210.5646553773,1361871.6880708239,0,1397653.1781283394,1478685.7557122407,1433821.1407590425,1504245.1972465548,14174173.627374753]
[]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV Equity @ WACC","USD ",{"$f":"NPV(E271,F268:AM268)","v":-20864.887018247606}]
[]
[null,null,"IRR Equity","%",{"$f":"IRR(F268:AM268)","v":0.12951116350059078}]
[null,null,"Check: NPV Equity @ IRR","USD ",{"$f":"NPV(E274,F268:AM268)","v":1.0564367022526181E-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":36109673.006502695},{"$f":"F221","v":0},{"$f":"G221","v":0},0,0,{"$f":"J221","v":518253.38764023082},1189774.3369003907,1574707.2345186179,1557975.8111806675,104635.59633354843,1689806.4571775296,1848756.8141567996,1796194.9736919906,1928844.0292929136,1464851.7028636513,2012036.784749385,1953782.9196392032,2103615.37947314,2047465.3920820812,2418722.790070801,7456271.6996399127,2171647.5073761204,2272330.1897157156,2471606.6590791764,-2595788.6487637488,2642803.5854396829,2601009.8175204527,2769040.3228536807,2670336.6432761252,-2680427.2838312844,2740496.4277026262,2899383.8347298838,2811414.0014883187,2949500.3867579503,-3187168.4809216969]
[null,null,"CFADS (Qualifying) @ Period End","USD ",{"$f":"SUM(F290:AA290)","v":31665695.309410863},{"$f":"F289*F286","v":0},{"$f":"G289*G286","v":0},0,0,518253.38764023082,1189774.3369003907,1574707.2345186179,1557975.8111806675,104635.59633354843,1689806.4571775296,1848756.8141567996,1796194.9736919906,1928844.0292929136,1464851.7028636513,2012036.784749385,1953782.9196392032,2103615.37947314,2047465.3920820812,2418722.790070801,7456271.6996399127,0,0,0,{"$f":"AC289*AC286","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"NPV (CFADS) @ Period Start","USD ",null,{"$f":"(G291+F290)/F283*F286","v":0},0,0,0,16081402.646509418,16688847.444124846,16667292.428313194,16259295.663776502,15839470.54906019,16843597.891160857,16332843.286364591,15627385.502253314,14925107.513719058,14041021.01038648,13559040.778249884,12496136.847977992,11417083.507697249,10112663.973762916,8773085.0598442387,6968478.2239625352,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AN291+AM290)/AM283*AM286","v":0}]
[null,null,null,null,null,null,null,null,null,{"$f":"NPV(0.08,J219:Y219)","v":4246799.9222226283},{"$f":"IF(J291=J292,\"OK\")","v":false}]
[null,null,"Denominator"]
[null,null,"Debt Balance B/f","USD ",null,{"$f":"F163","v":0},0,0,0,581407.74408626684,560559.83001351194,538286.62227957277,514416.33505470259,488875.12772409152,461546.03588033764,432334.63259163627,401043.33154210087,367561.63941909804,331736.22884748498,293426.26787284011,252406.50808545496,208515.36511295289,161551.84213237563,111310.60683598646,57537.366818601688,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"LLCR (Loan Life Cover Ratio)","x @ Period Start",{"$f":"MIN(F297:AM297)","v":27.659422857847808},{"$f":"IF(F294=0,0,F291/F294)","v":0},0,0,0,{"$f":"IF(J294=0,0,J291/J294)","v":27.659422857847808},29.771750579634954,30.963601431760299,31.60726935712005,32.399829017277348,36.493863194023398,37.778244107942783,38.966825460387383,40.60572680355601,42.32585949134247,46.209362496904546,49.507981956421226,54.75415925110655,62.597020499937081,78.816253987108084,121.11221992365566,0,0,0,{"$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},10000000,10000000,27.659422857847808,29.771750579634954,30.963601431760299,31.60726935712005,32.399829017277348,36.493863194023398,37.778244107942783,38.966825460387383,40.60572680355601,42.32585949134247,46.209362496904546,49.507981956421226,54.75415925110655,62.597020499937081,78.816253987108084,121.11221992365566,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[]
[null,null,"DSCR"]
[]
[null,null,"Numerator"]
[null,null,{"$f":"C289","v":"CFADS @ Period End"},"USD ",{"$f":"SUM(F302:AM302)","v":52201880.271833867},{"$f":"F289","v":0},{"$f":"G289","v":0},0,0,518253.38764023082,1189774.3369003907,1574707.2345186179,1557975.8111806675,104635.59633354843,1689806.4571775296,1848756.8141567996,1796194.9736919906,1928844.0292929136,1464851.7028636513,2012036.784749385,1953782.9196392032,2103615.37947314,2047465.3920820812,2418722.790070801,7456271.6996399127,2171647.5073761204,2272330.1897157156,2471606.6590791764,{"$f":"AC289","v":-2595788.6487637488},2642803.5854396829,2601009.8175204527,2769040.3228536807,2670336.6432761252,-2680427.2838312844,2740496.4277026262,2899383.8347298838,2811414.0014883187,2949500.3867579503,-3187168.4809216969]
[]
[null,null,"Denominator"]
[null,null,"Interest","USD ",{"$f":"SUM(F305:AM305)","v":403676.67770803167},{"$f":"-F222","v":0},0,0,0,40698.542086038717,39350.380847194654,37680.063559570124,36009.143453829216,34221.258940686435,32399.774864293202,30263.424281414565,28073.033207947086,25729.314759336885,23287.339275891387,20539.838751098825,17668.455565981862,14596.075557906715,11340.674401020877,7791.7424785190587,4027.6156773021216,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal","USD ",{"$f":"SUM(F306:AM306)","v":581407.74408626684},{"$f":"-F223","v":0},0,0,0,20847.914072754902,22273.20773393914,23870.287224870168,25541.207330611083,27329.091843753857,29211.403288701393,31291.301049535399,33481.692123002867,35825.410571613073,38309.96097464487,41019.759787385141,43891.142972502086,46963.52298057724,50241.235296389175,53773.240017384771,57537.366818601731,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Debt Service","USD ",null,{"$f":"SUM(F305:F306)","v":0},0,0,0,61546.456158793619,61623.588581133794,61550.350784440292,61550.350784440299,61550.350784440292,61611.178152994595,61554.725330949965,61554.72533094995,61554.725330949957,61597.300250536253,61559.598538483966,61559.598538483944,61559.598538483959,61581.909697410054,61564.982495903831,61564.982495903852,0,0,0,{"$f":"SUM(AC305:AC306)","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"DSCR (Debt Service Cover Ratio)",null,"Average",{"$f":"IF(F307=0,0,F302/F307)","v":0},0,0,0,8.4205236172023525,19.307125149550977,25.58404971619915,25.312216605181689,1.6999999999999988,27.426946015889438,30.034360550175947,29.180456318092883,31.33543393983895,23.781102368214565,32.684371446827427,31.738071170457633,34.172012641668964,33.247838563996197,39.287313859493558,121.11221992365556,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"AVERAGEIF(F286:AM286,1,F310:AM310)","v":32.145252617902834}]
[null,null,null,null,"Min"]
[null,null,null,null,{"$f":"MIN(F313:AM313)","v":1.6999999999999988},{"$f":"IF(F310=0,10000000,F310)","v":10000000},{"$f":"IF(G310=0,10000000,G310)","v":10000000},10000000,10000000,8.4205236172023525,19.307125149550977,25.58404971619915,25.312216605181689,1.6999999999999988,27.426946015889438,30.034360550175947,29.180456318092883,31.33543393983895,23.781102368214565,32.684371446827427,31.738071170457633,34.172012641668964,33.247838563996197,39.287313859493558,121.11221992365556,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[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$109)","v":94008578.187429756},{"$f":"C6/C$21","v":0.29726225743246204},"Deuda privada",{"$f":"-NPV(0,'Project Finance Model'!$F$117:$AM$117)","v":581407.74408626684},{"$f":"F6/F$21","v":1.8384554029869233E-3}]
[null,"Interes durante la construccion",{"$f":"NPV(0,'Project Finance Model'!$F$112:$AM$112)","v":46863.514652639744},{"$f":"C7/C$21","v":1.4818598925183711E-4},"Aportacion de capital privado",{"$f":"-NPV(0,'Project Finance Model'!$F$119:$AM$119)","v":5444912.6258032257},{"$f":"F7/F$21","v":1.7217226873081311E-2}]
[null,"Upfront fee",{"$f":"NPV(0,'Project Finance Model'!$F$113:$AM$113)","v":5814.0774408626685},{"$f":"C8/C$21","v":1.8384554029869236E-5},"Aportacion municipal",{"$f":"-NPV(0,'Project Finance Model'!$F$116:$AM$116)","v":88134935.409633771},{"$f":"F8/F$21","v":0.27868935328749772}]
[]
[]
[null,"Durante la operacion",null,null,"Durante la operacion"]
[]
[null,"Operacion y mantenimiento",{"$f":"-NPV(0,'Project Finance Model'!$F$209:$AM$209)","v":149774637.42470548},{"$f":"C13/C$21","v":0.4735987681701766},"Deuda",0,{"$f":"F13/F$21","v":0}]
[null,"Renovaciones",{"$f":"NPV(0,'Project Finance Model'!$F$106:$AM$106)","v":19823423.58667044},6.2683169547196826E-2,"Aportacion de capital privado",0,{"$f":"F14/F$21","v":0}]
[null,"Impuesto a la renta",{"$f":"-NPV(0,'Project Finance Model'!$F$211:$AM$211)","v":286748.43633017928},9.0672031363766973E-4,"Aportacion municipal",{"$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$222)","v":403676.67770803167},1.2764562851815505E-3,"Autofinanciamento sobre Tesoreria",{"$f":"'Project Finance Model'!E220","v":35949018.617393687},{"$f":"F16/F$21","v":0.11367352461583081}]
[null,"Principal de la deuda",{"$f":"-NPV(0,'Project Finance Model'!$F$223:$AM$223)","v":581407.74408626684},1.8384554029869235E-3,"Ingresos de operacion",{"$f":"NPV(0,'Project Finance Model'!$F$208:$AM$208)","v":186137671.10214627},{"$f":"F17/F$21","v":0.58858143982060307}]
[null,"Constitucion de la Tesoreria",{"$f":"'Project Finance Model'!E229-'Project Finance Model'!E228","v":20879903.915625863},6.6023840511203302E-2]
[null,"Dividendo a privados (Equity)",{"$f":"-NPV(0,'Project Finance Model'!$F$227:$AM$227)","v":30436891.934413716},9.6243761793873464E-2]
[]
[null,"Total",{"$f":"SUM(C6:C19)","v":316247945.49906319},{"$f":"SUM(D6:D19)","v":1},"Total",{"$f":"SUM(F6:F19)","v":316247945.49906325},{"$f":"SUM(G6:G19)","v":0.99999999999999978}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Financement des renouvellements d'équipement sur la trésorerie du SPV. Déblocage de fonds de la part du SPV pour financer les renouvellements d'équipement. "]
[null,"Part de la dette municipale dans le financement de la construction"]
[null,"Part de la dette privée dans le financement de la construction"]
[]
[null,"Part du capital privé dans le financement de la construction"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Calcul des intérêts à rembourser par le SPV durant la construction"]
[null,"Calcul des intérêts à rembourser par le maire durant la construction"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Calcul des intérêts à rembourser par le SPV durant l'exploitation"]
[null,"Calcul des intérêts à rembourser par le maire durant l'exploitation"]
[]
[]
[]
[null,"Hypothèse: le remboursement de la dette du SPV commence à la fin de la première année de construction"]
[null,"Hypothèse: le remboursement de la dette du SPV commence à la fin de la première année d'exploitation"]

{"sheet":"Balance_Municipality","index":4,"n_rows":4,"n_cols":6,"rows_kept":4,"cut":false,"hidden":true,"merged":[[1,1,1,5]]}
[]
[null,"Aportacion municipal (flujos de caja)"]
[null,"Total","Pago de la deuda - Intereses","Pago de la deuda - Principal","Subsidios Municipal","Transferencia de activos"]
[null,{"$f":"C4+D4+E4+F4","v":141595335.05165982},{"$f":"'Project Finance Model'!E241","v":53460399.642026052},{"$f":"'Project Finance Model'!E242","v":88134935.409633756},{"$f":"SUM('Project Finance Model'!$F$157:$AM$157)","v":0},{"$f":"SUM('Project Finance Model'!$F$243:$AM$243)","v":0}]