{"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)",111244133.67069142]
[null,"Inversion inicial con inflacion (USD valor nominal)",115156863.6569158]
[null,"Inflacion sobre inversion inicial (USD valor nominal)",3912729.9862243831]
[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",{"$f":"AJ104","v":-3.5835373214548993E-2}]
[null,"VAN 30 años",{"$f":"AJ116","v":-80705336.530753285}]
[]
[]
[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",{"$f":"H112","v":1.1919093814304687},{"$f":"M112","v":1.3572818660169292},{"$f":"R112","v":1.3431802207147665},{"$f":"W112","v":1.3506019724522516},{"$f":"AB112","v":1.3475060555265419},{"$f":"AG112","v":1.3466939423384408},{"$f":"AL112","v":1.2974235936305292}]
[null,"Margen neta de la operacion",{"$f":"H113","v":0.19190938143046865},{"$f":"M113","v":0.35728186601692924},{"$f":"R113","v":0.3431802207147665},{"$f":"W113","v":0.35060197245225155},{"$f":"AB113","v":0.3475060555265419},{"$f":"AG113","v":0.34669394233844075},{"$f":"AL113","v":0.29742359363052917}]
[]
[]
[]
[]
[]
[]
[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",0,0,0,0,3489433.6493760138,3864615.9241095837,3667955.0526417415,3754445.5924109258,8581249.2635108829,3933734.6730025862,4026637.2762531824,4121783.4832045212,4219228.6557829175,9525155.6981958821,4421244.3521579085,4525932.7147169104,4633155.7948184023,4742976.2925206041,10575689.81600501,4970668.2950297529,5088673.2772134263,5209542.7163924491,5333347.6438662987,11745267.263724331,5590057.1209969632,5723112.9055465749,5859406.7445057584,5999019.1305208495,13047797.821644107,6288531.773346208,6438603.4340750668,6592336.5593562629,6749822.3895147499,14498871.466441935,7076428.7815859448,7245743.6616738085,7419200.0078551713,7596901.2726635616,16115968.399872713,7965465.6146529177,8156549.0501983799,8352318.2633171976,8552890.5865902863,17918696.229972437]
[null,"Trafico anual",0,0,0,0,5132520.8545108009,6843361.1393477339,6919861.5036001699,6996361.8678526059,7072862.2321050419,7149362.5963574778,7225862.9606099119,7266809.1980833132,7307755.4355567154,7348701.6730301166,7389647.9105035188,7430594.1479769228,7439665.891394347,7448737.6348117739,7457809.378229198,7466881.1216466231,7475952.865064051,7533024.527777561,7590096.1904910719,7647167.8532045837,7704239.5159180947,7761311.1786316037,7761311.1786316037,7761311.1786316037,7761311.1786316037,7761311.1786316037,7761311.1786316037,7761311.1786316037,7761311.1786316037,7761311.1786316037,7761311.1786316037,7761311.1786316037,7761311.1786316037,7761311.1786316037,7761311.1786316037,7761311.1786316037,7761311.1786316037,7761311.1786316037,7761311.1786316037,7761311.1786316037]
[null,"Ingresos de pasajeros (valor actualizado)",0,0,0,0,3133403.9816788435,4177871.9755717926,4416793.6308295326,4465622.1111987578,4696834.3954673298,4747635.5464434726,4992293.5399953648,5020582.9827843998,5252846.8715666011,5282279.2078443123,5526304.6905045547,5556926.093167888,5788484.2409420349,5795542.5745522017,6037025.9848521277,6044369.4751401441,6296202.1692314604,6344267.5774896713,6650583.2383721014,6700590.4891239451,7023321.8885667687,7075349.4322489845,7361193.5493118437,7361193.5493118437,7658585.7687040409,7658585.7687040409,7967992.6337596849,7967992.6337596849,8289899.536163575,8289899.536163575,8624811.4774245843,8624811.4774245843,8973253.861112535,8973253.861112535,9335773.317101486,9335773.317101486,9712938.5591123849,9712938.5591123849,10105341.276900526,10105341.276900526]
[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$18/50","v":-633146.2773829666},-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666]
[null,"Activos iniciales - Depreciacion 40 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$19/40","v":-1345230.2201584303},-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303]
[null,"Activos iniciales - Depreciacion 15 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$20/15","v":-768091.80716312444},-768091.80716312444,-768091.80716312444,-768091.80716312444,-768091.80716312444,-768091.80716312444,-768091.80716312444,-768091.80716312444,-768091.80716312444,-768091.80716312444,-768091.80716312444,-768091.80716312444,-768091.80716312444,-768091.80716312444,-768091.80716312444,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 10 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$21/10","v":-287928.95769563888},-287928.95769563888,-287928.95769563888,-287928.95769563888,-287928.95769563888,-287928.95769563888,-287928.95769563888,-287928.95769563888,-287928.95769563888,-287928.95769563888,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 5 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-172724.96093633305},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-172724.96093633305},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-172724.96093633305},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-172724.96093633305},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-172724.96093633305},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Valor residual",0,0,0,0,{"$f":"-(SUM(C96:F96))+SUM(G56:G60)","v":111949741.43357931},{"$f":"G61+SUM(H56:H60)","v":108742619.21024282},{"$f":"H61+SUM(I56:I60)","v":105535496.98690633},102328374.76356985,99121252.540233359,96086855.277833194,93052458.015433028,90018060.753032863,86983663.490632698,83949266.228232533,81202797.923528016,78456329.618823498,75709861.314118981,72963393.009414464,70216924.704709947,68238548.207168549,66260171.709627151,64281795.212085754,62303418.714544356,60325042.217002958,58346665.71946156,56368289.221920162,54389912.724378765,52411536.226837367,50433159.729295969,48454783.231754571,46476406.734213173,44498030.236671776,42519653.739130378,40541277.24158898,38562900.744047582,36584524.246506184,34606147.748964787,32627771.251423389,30649394.753881991,28671018.256340593,26692641.758799195,24714265.261257797,22735888.7637164,20757512.266175002]
[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$97)/10","v":-358972.64507720724},{"$f":"SUM($P$97:$Q$97)/10","v":-358972.64507720724},-358972.64507720724,-358972.64507720724,-358972.64507720724,-358972.64507720724,-358972.64507720724,-358972.64507720724,-358972.64507720724,-358972.64507720724,-358972.64507720724,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos nuevos 1 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-SUM(P97:Q97)","v":3589726.4507720722},{"$f":"R63+S62","v":3230753.8056948651},{"$f":"S63+T62","v":2871781.1606176579},2512808.5155404508,2153835.8704632437,1794863.2253860366,1435890.5803088294,1076917.9352316223,717945.29015441507,358972.64507720782,5.8207660913467407E-10,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos nuevos 2 - Depreciacion 15 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($U$97:$W$97)/15","v":-1079197.8260851221},-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,0,0,{"$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$97))+X64","v":15108769.56519171},{"$f":"X65+Y64","v":14029571.739106588},{"$f":"Y65+Z64","v":12950373.913021466},11871176.086936343,10791978.260851221,9712780.4347660989,8633582.6086809766,7554384.7825958543,6475186.956510732,5395989.1304256096,4316791.3043404873,3237593.478255365,2158395.6521702427,1079197.8260851207,0,0,0,{"$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$97)/10","v":-445437.27272720181},{"$f":"SUM($AA$97:$AB$97)/10","v":-445437.27272720181},-445437.27272720181,-445437.27272720181,-445437.27272720181,-445437.27272720181,-445437.27272720181,-445437.27272720181,-445437.27272720181,-445437.27272720181,-445437.27272720181,0,{"$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":4454372.7272720179},{"$f":"AC67+AD66","v":4008935.4545448162},{"$f":"AD67+AE66","v":3563498.1818176145},3118060.9090904128,2672623.6363632111,2227186.3636360094,1781749.0909088077,1336311.818181606,890874.5454544042,445437.27272720239,5.8207660913467407E-10,0,{"$f":"AN67+AO66","v":0},0,0,0,0,0]
[null,"Activos nuevos 4 - Depreciacion 15 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($AL$97:$AN$97)/14","v":-1972868.1729611468},{"$f":"SUM($AL$97:$AN$97)/14","v":-1972868.1729611468},-1972868.1729611468,-1972868.1729611468,-1972868.1729611468,-1972868.1729611468]
[null,"Activos nuevos 4 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-(SUM(AL97:AN97))-AO68","v":29593022.594417199},{"$f":"AO69+AP68","v":27620154.421456054},{"$f":"AP69+AQ68","v":25647286.248494908},23674418.075533763,21701549.902572617,19728681.729611471]
[null,"Depreciacion de activos",0,0,0,0,{"$f":"SUM(G56:G60)+G62+G64+G66+G68","v":-3207122.2233364931},{"$f":"SUM(H56:H60)+H62+H64+H66+H68","v":-3207122.2233364931},-3207122.2233364931,-3207122.2233364931,-3207122.2233364931,-3034397.2624001601,-3034397.2624001601,-3034397.2624001601,-3034397.2624001601,-3034397.2624001601,-2746468.3047045213,-3105440.9497817284,-3105440.9497817284,-3105440.9497817284,-3105440.9497817284,-2337349.142618604,-2337349.142618604,-3416546.9687037263,-3416546.9687037263,-3416546.9687037263,-3416546.9687037263,-3416546.9687037263,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-2423813.7702685986,-1978376.4975413969,-3951244.6705025434,-3951244.6705025434,-3951244.6705025434,-3951244.6705025434,-3951244.6705025434,-3951244.6705025434]
[null,"Valor residual de activos",{"$f":"C61+C65+C69","v":0},{"$f":"D61+D65+D69","v":0},0,0,{"$f":"G61+G63+G65+G67+G69","v":111949741.43357931},{"$f":"H61+H63+H65+H67+H69","v":108742619.21024282},105535496.98690633,102328374.76356985,99121252.540233359,96086855.277833194,93052458.015433028,90018060.753032863,86983663.490632698,83949266.228232533,81202797.923528016,82046056.069595575,78940615.119813845,75835174.170032129,72729733.220250398,70392384.077631786,68055034.93501319,80826455.357586294,77409908.388882577,73993361.420178831,70576814.451475114,67160267.482771382,68557065.886416882,65054054.290063158,61551042.693709441,58048031.097355716,54545019.501001991,51042007.904648274,47538996.30829455,44035984.711940825,40532973.115587108,37029961.519233383,34606147.748964787,32627771.251423389,60242417.34829919,56291172.677796647,52339928.007294104,48388683.33679156,44437438.666289017,40486193.995786473]
[]
[]
[null,"A. GASTOS "]
[null,"1. Costos anuales de O&M",0,0,0,0,{"$f":"-G51","v":-3489433.6493760138},{"$f":"-H51","v":-3864615.9241095837},-3667955.0526417415,-3754445.5924109258,-8581249.2635108829,-3933734.6730025862,-4026637.2762531824,-4121783.4832045212,-4219228.6557829175,-9525155.6981958821,-4421244.3521579085,-4525932.7147169104,-4633155.7948184023,-4742976.2925206041,-10575689.81600501,-4970668.2950297529,-5088673.2772134263,-5209542.7163924491,-5333347.6438662987,-11745267.263724331,-5590057.1209969632,-5723112.9055465749,-5859406.7445057584,-5999019.1305208495,-13047797.821644107,-6288531.773346208,-6438603.4340750668,-6592336.5593562629,-6749822.3895147499,-14498871.466441935,-7076428.7815859448,-7245743.6616738085,-7419200.0078551713,-7596901.2726635616,-16115968.399872713,-7965465.6146529177,-8156549.0501983799,-8352318.2633171976,-8552890.5865902863,-17918696.229972437]
[null,"Gasto totale",null,null,null,null,{"$f":"G75","v":-3489433.6493760138},{"$f":"H75","v":-3864615.9241095837},-3667955.0526417415,-3754445.5924109258,-8581249.2635108829,-3933734.6730025862,-4026637.2762531824,-4121783.4832045212,-4219228.6557829175,-9525155.6981958821,-4421244.3521579085,-4525932.7147169104,-4633155.7948184023,-4742976.2925206041,-10575689.81600501,-4970668.2950297529,-5088673.2772134263,-5209542.7163924491,-5333347.6438662987,-11745267.263724331,-5590057.1209969632,-5723112.9055465749,-5859406.7445057584,-5999019.1305208495,-13047797.821644107,-6288531.773346208,-6438603.4340750668,-6592336.5593562629,-6749822.3895147499,-14498871.466441935,-7076428.7815859448,-7245743.6616738085,-7419200.0078551713,-7596901.2726635616,-16115968.399872713,-7965465.6146529177,-8156549.0501983799,-8352318.2633171976,-8552890.5865902863,-17918696.229972437]
[]
[null,"B. INGRESOS"]
[null,"1. Ingresos de pasajeros",0,0,0,0,{"$f":"G53","v":3133403.9816788435},4177871.9755717926,4416793.6308295326,4465622.1111987578,4696834.3954673298,4747635.5464434726,4992293.5399953648,5020582.9827843998,5252846.8715666011,5282279.2078443123,5526304.6905045547,5556926.093167888,5788484.2409420349,5795542.5745522017,6037025.9848521277,6044369.4751401441,6296202.1692314604,6344267.5774896713,6650583.2383721014,6700590.4891239451,7023321.8885667687,7075349.4322489845,7361193.5493118437,7361193.5493118437,7658585.7687040409,7658585.7687040409,7967992.6337596849,7967992.6337596849,8289899.536163575,8289899.536163575,8624811.4774245843,8624811.4774245843,8973253.861112535,8973253.861112535,9335773.317101486,9335773.317101486,9712938.5591123849,9712938.5591123849,10105341.276900526,10105341.276900526]
[null,"2. Ingresos comerciales",0,0,0,0,420000,428400,436968,445707.36,454621.50719999999,463713.93734400003,472988.21609088004,482447.98041269754,492096.9400209515,501938.87882137054,511977.65639779798,522217.20952575386,532661.55371626897,543314.78479059436,554181.08048640634,565264.70209613431,576569.99613805709,588101.39606081822,599863.42398203455,611860.69246167527,624097.90631090873,636579.8644371269,649311.46172586945,662297.69096038677,675543.6447795945,689054.51767518639,702835.60802869021,716892.3201892639,731230.1665930493,745854.76992491016,760771.86532340851,775987.30262987642,791507.04868247418,807337.18965612364,823483.93344924611,839953.61211823102,856752.68436059554,873887.73804780759,891365.49280876387,909192.80266493873]
[null,"Ingreso totale",0,0,0,0,{"$f":"G79+G80","v":3553403.9816788435},{"$f":"H79+H80","v":4606271.9755717926},4853761.6308295326,4911329.4711987581,5151455.9026673296,5211349.4837874724,5465281.7560862452,5503030.9631970972,5744943.8115875525,5784218.0866656825,6038282.3469023528,6079143.3026936417,6321145.7946583042,6338857.3593427958,6591207.0653385343,6609634.1772362785,6872772.1653695172,6932368.9735504892,7250446.6623541359,7312451.1815856202,7647419.7948776772,7711929.296686111,8010505.0110377129,8023491.2402722305,8334129.4134836355,8347640.2863792274,8670828.2417883743,8684884.9539489485,9021129.7027566247,9035754.3060884848,9385583.3427479938,9400798.7800544612,9764760.9097950086,9780591.0507686585,10159257.250550732,10175726.929219717,10569691.24347298,10586826.297160193,10996706.769709289,11014534.079565465]
[]
[null,"Flujo de caja neto (Ingreso total - Gasto total)",null,null,null,null,{"$f":"G81+G76","v":63970.332302829716},{"$f":"H81+H76","v":741656.05146220885},1185806.5781877912,1156883.8787878323,-3429793.3608435532,1277614.8107848861,1438644.4798330627,1381247.4799925759,1525715.155804635,-3740937.6115301996,1617037.9947444443,1553210.5879767314,1687989.9998399019,1595881.0668221917,-3984482.7506664759,1638965.8822065257,1784098.8881560909,1722826.2571580401,1917099.0184878372,-4432816.0821387107,2057362.673880714,1988816.3911395362,2151098.2665319545,2024472.109751381,-4713668.4081604714,2059108.5130330194,2232224.8077133074,2092548.3945926856,2271307.3132418748,-5463117.1603534501,2309154.561162049,2155055.1183806527,2345560.9019398373,2183689.7781050969,-5956711.1493219808,2210261.3145667994,2413142.1932746004,2234508.0338429958,2443816.1831190027,-6904162.1504069716]
[]
[null,"C. FLUJO DE CAJA DE OPERACION"]
[null,"1. Utilitad antes de impuestos",0,0,0,0,{"$f":"G83","v":63970.332302829716},{"$f":"H83","v":741656.05146220885},1185806.5781877912,1156883.8787878323,-3429793.3608435532,1277614.8107848861,1438644.4798330627,1381247.4799925759,1525715.155804635,-3740937.6115301996,1617037.9947444443,1553210.5879767314,1687989.9998399019,1595881.0668221917,-3984482.7506664759,1638965.8822065257,1784098.8881560909,1722826.2571580401,1917099.0184878372,-4432816.0821387107,2057362.673880714,1988816.3911395362,2151098.2665319545,2024472.109751381,-4713668.4081604714,2059108.5130330194,2232224.8077133074,2092548.3945926856,2271307.3132418748,-5463117.1603534501,2309154.561162049,2155055.1183806527,2345560.9019398373,2183689.7781050969,-5956711.1493219808,2210261.3145667994,2413142.1932746004,2234508.0338429958,2443816.1831190027,-6904162.1504069716]
[null,"2. Renta concessional",0,0,0,0,{"$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":-3207122.2233364931},{"$f":"H70","v":-3207122.2233364931},-3207122.2233364931,-3207122.2233364931,-3207122.2233364931,-3034397.2624001601,-3034397.2624001601,-3034397.2624001601,-3034397.2624001601,-3034397.2624001601,-2746468.3047045213,-3105440.9497817284,-3105440.9497817284,-3105440.9497817284,-3105440.9497817284,-2337349.142618604,-2337349.142618604,-3416546.9687037263,-3416546.9687037263,-3416546.9687037263,-3416546.9687037263,-3416546.9687037263,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-2423813.7702685986,-1978376.4975413969,-3951244.6705025434,-3951244.6705025434,-3951244.6705025434,-3951244.6705025434,-3951244.6705025434,-3951244.6705025434]
[null,"4. Base imponible ( 1-2-3)",0,0,0,0,{"$f":"G86+G87+G88","v":-3143151.8910336634},-2465466.1718742843,-2021315.645148702,-2050238.3445486608,-6636915.5841800459,-1756782.451615274,-1595752.7825670973,-1653149.7824075841,-1508682.1065955251,-6775334.8739303593,-1129430.3099600771,-1552230.3618049971,-1417450.9499418265,-1509559.8829595367,-7089923.7004482038,-698383.26041207835,-553250.25446251314,-1693720.7115456862,-1499447.9502158891,-7849363.050842437,-1359184.2948230123,-1427730.5775641901,-1351913.3298217664,-1478539.4866023399,-8216680.0045141922,-1443903.0833207015,-1270786.7886404134,-1410463.2017610352,-1231704.2831118461,-8966128.756707171,-1193857.0351916719,-1347956.4779730681,-78252.868328761309,205313.28056370001,-9907955.8198245242,-1740983.355935744,-1538102.477227943,-1716736.6366595477,-1507428.4873835407,-10855406.820909515]
[null,"5. Impuesta a la renta",0,0,0,0,{"$f":"IF(G89>0,-$C$24*G89,0)","v":0},{"$f":"IF(H89>0,-$C$24*H89,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-71859.648197294999,0,0,0,0,0,0]
[null,"6. Utilidad despues de impuestos",0,0,0,0,{"$f":"G89+G90","v":-3143151.8910336634},{"$f":"H89+H90","v":-2465466.1718742843},-2021315.645148702,-2050238.3445486608,-6636915.5841800459,-1756782.451615274,-1595752.7825670973,-1653149.7824075841,-1508682.1065955251,-6775334.8739303593,-1129430.3099600771,-1552230.3618049971,-1417450.9499418265,-1509559.8829595367,-7089923.7004482038,-698383.26041207835,-553250.25446251314,-1693720.7115456862,-1499447.9502158891,-7849363.050842437,-1359184.2948230123,-1427730.5775641901,-1351913.3298217664,-1478539.4866023399,-8216680.0045141922,-1443903.0833207015,-1270786.7886404134,-1410463.2017610352,-1231704.2831118461,-8966128.756707171,-1193857.0351916719,-1347956.4779730681,-78252.868328761309,133453.63236640501,-9907955.8198245242,-1740983.355935744,-1538102.477227943,-1716736.6366595477,-1507428.4873835407,-10855406.820909515]
[null,"7.Depreciacion (agrego)",0,0,0,0,{"$f":"-G88","v":3207122.2233364931},{"$f":"-H88","v":3207122.2233364931},3207122.2233364931,3207122.2233364931,3207122.2233364931,3034397.2624001601,3034397.2624001601,3034397.2624001601,3034397.2624001601,3034397.2624001601,2746468.3047045213,3105440.9497817284,3105440.9497817284,3105440.9497817284,3105440.9497817284,2337349.142618604,2337349.142618604,3416546.9687037263,3416546.9687037263,3416546.9687037263,3416546.9687037263,3416546.9687037263,3503011.5963537209,3503011.5963537209,3503011.5963537209,3503011.5963537209,3503011.5963537209,3503011.5963537209,3503011.5963537209,3503011.5963537209,3503011.5963537209,3503011.5963537209,2423813.7702685986,1978376.4975413969,3951244.6705025434,3951244.6705025434,3951244.6705025434,3951244.6705025434,3951244.6705025434,3951244.6705025434]
[null,"Flujo de caja de operacion (6+7)",null,null,null,null,{"$f":"G91+G92","v":63970.332302829716},{"$f":"H91+H92","v":741656.05146220885},1185806.5781877912,1156883.8787878323,-3429793.3608435527,1277614.8107848861,1438644.4798330627,1381247.4799925759,1525715.155804635,-3740937.6115301992,1617037.9947444443,1553210.5879767314,1687989.9998399019,1595881.0668221917,-3984482.7506664754,1638965.8822065257,1784098.8881560909,1722826.2571580401,1917099.0184878372,-4432816.0821387107,2057362.673880714,1988816.3911395362,2151098.2665319545,2024472.109751381,-4713668.4081604714,2059108.5130330194,2232224.8077133074,2092548.3945926856,2271307.3132418748,-5463117.1603534501,2309154.561162049,2155055.1183806527,2345560.9019398373,2111830.1299078017,-5956711.1493219808,2210261.3145667994,2413142.1932746004,2234508.0338429958,2443816.1831190027,-6904162.1504069716]
[]
[null,"D. FLUJO DE CAJA DE INVERSION"]
[null," 1. Inversion inicial",-5615417.3430663291,-24207079.270002607,-61039432.435671091,-24294934.608175766]
[null," 2. Nuevos equipos",null,null,null,null,0,0,0,0,0,0,0,0,0,-1622325.5979653969,-1967400.8528066755,0,0,0,-2860937.4426897997,-9092783.3309384733,-4234246.6176485606,0,0,0,-2013088.3571152827,-2441284.3701567352,0,0,0,0,0,0,0,0,0,-6452806.6782633755,-15383573.173465244,-5783774.5697274376,0,0,0,0,0,0]
[null," 3. Valor residual despues tasas",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AJ71","v":44035984.711940825},null,null,null,null,null,null,null,null,null,{"$f":"AT71","v":40486193.995786473}]
[null,"Flujo de caja del capital",{"$f":"C96+C97+C98","v":-5615417.3430663291},-24207079.270002607,-61039432.435671091,-24294934.608175766,0,0,0,0,0,0,0,0,0,-1622325.5979653969,-1967400.8528066755,0,0,0,-2860937.4426897997,-9092783.3309384733,-4234246.6176485606,0,0,0,-2013088.3571152827,-2441284.3701567352,0,0,0,0,0,0,0,44035984.711940825,0,-6452806.6782633755,-15383573.173465244,-5783774.5697274376,0,0,0,0,0,40486193.995786473]
[]
[null,null,null,null,"Inversion inicial con la inflacion",{"$f":"C99+D99+E99+F99","v":-115156863.6569158}]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C93+C99","v":-5615417.3430663291},-24207079.270002607,-61039432.435671091,-24294934.608175766,63970.332302829716,741656.05146220885,1185806.5781877912,1156883.8787878323,-3429793.3608435527,1277614.8107848861,1438644.4798330627,1381247.4799925759,1525715.155804635,-5363263.2094955966,-350362.85806223121,1553210.5879767314,1687989.9998399019,1595881.0668221917,-6845420.1933562756,-7453817.4487319477,-2450147.7294924697,1722826.2571580401,1917099.0184878372,-4432816.0821387107,44274.316765431315,-452467.97901719902,2151098.2665319545,2024472.109751381,-4713668.4081604714,2059108.5130330194,2232224.8077133074,2092548.3945926856,2271307.3132418748,38572867.551587373]
[null,"TRI (30 años)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IRR(C103:AJ103)","v":-3.5835373214548993E-2}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C93+C99","v":-5615417.3430663291},{"$f":"D93+D99","v":-24207079.270002607},-61039432.435671091,-24294934.608175766,63970.332302829716,741656.05146220885,1185806.5781877912,1156883.8787878323,-3429793.3608435527,1277614.8107848861,1438644.4798330627,1381247.4799925759,1525715.155804635,-5363263.2094955966,-350362.85806223121,1553210.5879767314,1687989.9998399019,1595881.0668221917,-6845420.1933562756,-7453817.4487319477,-2450147.7294924697,1722826.2571580401,1917099.0184878372,-4432816.0821387107,44274.316765431315,-452467.97901719902,2151098.2665319545,2024472.109751381,-4713668.4081604714,2059108.5130330194,2232224.8077133074,2092548.3945926856,2271307.3132418748,{"$f":"AJ93+AJ97","v":-5463117.1603534501},2309154.561162049,-4297751.5598827228,-13038012.271525407,-3671944.4398196358,-5956711.1493219808,2210261.3145667994,2413142.1932746004,2234508.0338429958,2443816.1831190027,33582031.845379502]
[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,{"$f":"IRR(C106:AT106)","v":-4.277301100634423E-2}]
[]
[null,"EBE (Excedente Bruto de Explotacion)",{"$f":"C83","v":0},{"$f":"D83","v":0},0,0,63970.332302829716,741656.05146220885,1185806.5781877912,1156883.8787878323,-3429793.3608435532,1277614.8107848861,1438644.4798330627,1381247.4799925759,1525715.155804635,-3740937.6115301996,1617037.9947444443,1553210.5879767314,1687989.9998399019,1595881.0668221917,-3984482.7506664759,1638965.8822065257,1784098.8881560909,1722826.2571580401,1917099.0184878372,-4432816.0821387107,2057362.673880714,1988816.3911395362,2151098.2665319545,2024472.109751381,-4713668.4081604714,2059108.5130330194,2232224.8077133074,2092548.3945926856,2271307.3132418748,-5463117.1603534501,2309154.561162049,2155055.1183806527,2345560.9019398373,2183689.7781050969,-5956711.1493219808,2210261.3145667994,2413142.1932746004,2234508.0338429958,2443816.1831190027,-6904162.1504069716]
[null,"ENE (Excedente Neto de Explotacion)",{"$f":"C109+C70","v":0},{"$f":"D109+D70","v":0},0,0,-3143151.8910336634,-2465466.1718742843,-2021315.645148702,-2050238.3445486608,-6636915.5841800459,-1756782.451615274,-1595752.7825670973,-1653149.7824075841,-1508682.1065955251,-6775334.8739303593,-1129430.3099600771,-1552230.3618049971,-1417450.9499418265,-1509559.8829595367,-7089923.7004482038,-698383.26041207835,-553250.25446251314,-1693720.7115456862,-1499447.9502158891,-7849363.050842437,-1359184.2948230123,-1427730.5775641901,-1351913.3298217664,-1478539.4866023399,-8216680.0045141922,-1443903.0833207015,-1270786.7886404134,-1410463.2017610352,-1231704.2831118461,-8966128.756707171,-1193857.0351916719,-1347956.4779730681,-78252.868328761309,205313.28056370001,-9907955.8198245242,-1740983.355935744,-1538102.477227943,-1716736.6366595477,-1507428.4873835407,-10855406.820909515]
[]
[null,"Ratio de coberture (Ingresos/Egresos)",null,null,null,null,{"$f":"ABS(G81)/ABS(G76)","v":1.0183325830867336},{"$f":"ABS(H81)/ABS(H76)","v":1.1919093814304687},1.3232881976930844,1.3081370738535425,0.60031537885425468,1.3247841852561177,1.3572818660169292,1.3351091792232403,1.3616099719349115,0.607257064339772,1.3657427334807235,1.3431802207147665,1.3643283486663031,1.3364724949898659,0.62324133744576649,1.3297274702167017,1.3506019724522516,1.3307058509640322,1.3594551014675795,0.62258704015790101,1.3680396513575861,1.3475060555265419,1.3671187818713888,1.3374671868358605,0.63873839305347857,1.3274386752342577,1.3466939423384408,1.317421353681163,1.3364988265128501,0.62320397328868005,1.3263163712140871,1.2974235936305292,1.3161474147423502,1.287444801469622,0.63038453529301852,1.2774804915987461,1.295853329444014,1.2675314761000906,1.2857298545301816,0.61469506141532537]
[null,"Margen neta de la operacion",null,null,null,null,{"$f":"G112-1","v":1.8332583086733578E-2},{"$f":"H112-1","v":0.19190938143046865},0.32328819769308437,0.3081370738535425,-0.39968462114574532,0.32478418525611774,0.35728186601692924,0.33510917922324035,0.36160997193491151,-0.392742935660228,0.3657427334807235,0.3431802207147665,0.36432834866630315,0.33647249498986587,-0.37675866255423351,0.32972747021670168,0.35060197245225155,0.33070585096403216,0.35945510146757953,-0.37741295984209899,0.3680396513575861,0.3475060555265419,0.3671187818713888,0.33746718683586052,-0.36126160694652143,0.32743867523425774,0.34669394233844075,0.31742135368116298,0.33649882651285012,-0.37679602671131995,0.32631637121408708,0.29742359363052917,0.3161474147423502,0.28744480146962204,-0.36961546470698148,0.2774804915987461,0.29585332944401399,0.26753147610009065,0.28572985453018163,-0.38530493858467463]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C103","v":-5615417.3430663291},{"$f":"D103","v":-24207079.270002607},-61039432.435671091,-24294934.608175766,63970.332302829716,741656.05146220885,1185806.5781877912,1156883.8787878323,-3429793.3608435527,1277614.8107848861,1438644.4798330627,1381247.4799925759,1525715.155804635,-5363263.2094955966,-350362.85806223121,1553210.5879767314,1687989.9998399019,1595881.0668221917,-6845420.1933562756,-7453817.4487319477,-2450147.7294924697,1722826.2571580401,1917099.0184878372,-4432816.0821387107,44274.316765431315,-452467.97901719902,2151098.2665319545,2024472.109751381,-4713668.4081604714,2059108.5130330194,2232224.8077133074,2092548.3945926856,2271307.3132418748,38572867.551587373]
[null,"VAN (30 años]",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"NPV(C26,C115:AJ115)","v":-80705336.530753285}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C106","v":-5615417.3430663291},{"$f":"D106","v":-24207079.270002607},-61039432.435671091,-24294934.608175766,63970.332302829716,741656.05146220885,1185806.5781877912,1156883.8787878323,-3429793.3608435527,1277614.8107848861,1438644.4798330627,1381247.4799925759,1525715.155804635,-5363263.2094955966,-350362.85806223121,1553210.5879767314,1687989.9998399019,1595881.0668221917,-6845420.1933562756,-7453817.4487319477,-2450147.7294924697,1722826.2571580401,1917099.0184878372,-4432816.0821387107,44274.316765431315,-452467.97901719902,2151098.2665319545,2024472.109751381,-4713668.4081604714,2059108.5130330194,2232224.8077133074,2092548.3945926856,2271307.3132418748,-5463117.1603534501,2309154.561162049,-4297751.5598827228,-13038012.271525407,-3671944.4398196358,-5956711.1493219808,2210261.3145667994,2413142.1932746004,2234508.0338429958,2443816.1831190027,33582031.845379502]
[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,{"$f":"NPV(C26,C118:AT118)","v":-81430437.91970405}]
[]
[]
[]
[null,null,-15374793.702004252,-32471752.923079427,-62793043.621870533,-31184167.865535051,4461627.0876138387,7085887.3224892067,7506676.6422383776,7866933.6835564012,4138496.9480227539,8621725.0100111552,9016880.0393200647,9408111.1130052563,9811291.0381158479,3028760.3722510524,6759476.3316930179,11095752.577078201,11666827.927642517,12256200.784473658,5145482.9160697088,4835774.0456957947,9963796.0466147065,14965506.412886936,15819114.660764625,11262213.876171863,14269356.723393489,13717569.790471114,18902277.061604355,19259777.254964769,13648271.158759808,19994678.368752308,20372314.83298843,20756902.165421762,21148563.030060068,14981724.136930339]
[]
[null,null,{"$f":"C123-C103","v":-9759376.3589379229},{"$f":"D123-D103","v":-8264673.6530768201},-1753611.1861994416,-6889233.2573592849,4397656.7553110085,6344231.2710269978,6320870.0640505869,6710049.8047685688,7568290.3088663071,7344110.1992262695,7578235.559487002,8026863.6330126803,8285575.8823112128,8392023.581746649,7109839.1897552488,9542541.9891014695,9978837.9278026149,10660319.717651466,11990903.109425984,12289591.494427742,12413943.776107177,13242680.155728895,13902015.642276788,15695029.958310574,14225082.406628057,14170037.769488312,16751178.795072399,17235305.145213388,18361939.56692028,17935569.855719291,18140090.025275122,18664353.770829074,18877255.716818191,-23591143.414657034]

{"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",{"$f":"E313","v":1.7000000000000071}]
[null,null,null,{"$f":"E315","v":"2023-12-31"}]
[null,null,"LLCR",{"$f":"E296","v":50.140483046270973}]
[]
[null,null,"NPV project",{"$f":"E255","v":-81473735.759098709}]
[null,null,"IRR Project",{"$f":"E257","v":{"$error":"#NUM!"}}]
[]
[null,null,"PRIVATE FINANCE"]
[null,null,"NPV Equity",{"$f":"IF(E58<0.01,\"N/A\",E272)","v":10538.855074456817}]
[null,null,"IRR Equity",{"$f":"IF(E58<0.01,\"N/A\",E274)","v":0.13046785286554297}]
[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":111244133.67069142},null," "]
[null,null,"Municipal direct subsidies (yearly)","USD 2015",0]
[null,null,"Treasury","%",0.71,"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$59*E26*E58","v":278110.33417672856}]
[null,null,"Private Amortisation Start","Date",{"$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 ",{"$f":"E26*H58","v":108463030.32892413}]
[null,null,"Municipal Amortisation Start","Date",{"$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 ",{"$f":"E52*E37","v":2781.1033417672857}]
[null,null,"Upfront fee on municipal loan","USD ",{"$f":"E52*E43","v":1084630.3032892414}]
[]
[null,null,"FUNDING SCHEME"]
[null,null,"Initial dibursment",null,"YES",{"$f":"IF($E$57=\"NO\",0,1)","v":1},"(if no : Equity is back ended)"]
[null,null,"Private funding vs Municipal funding ratio",null,2.5000000000000001E-2,null,"Initial Municipal debt",{"$f":"1-E58","v":0.97499999999999998}]
[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 ",{"$f":"SUM(F105:AM105)","v":115156863.6569158},{"$f":"-'Global Financial Model'!C96","v":5615417.3430663291},{"$f":"-'Global Financial Model'!D96","v":24207079.270002607},{"$f":"-'Global Financial Model'!E96","v":61039432.435671091},{"$f":"-'Global Financial Model'!F96","v":24294934.608175766},{"$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":24232066.569320925},{"$f":"-'Global Financial Model'!C97","v":0},{"$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":1622325.5979653969},{"$f":"-'Global Financial Model'!Q97","v":1967400.8528066755},{"$f":"-'Global Financial Model'!R97","v":0},{"$f":"-'Global Financial Model'!S97","v":0},{"$f":"-'Global Financial Model'!T97","v":0},{"$f":"-'Global Financial Model'!U97","v":2860937.4426897997},{"$f":"-'Global Financial Model'!V97","v":9092783.3309384733},{"$f":"-'Global Financial Model'!W97","v":4234246.6176485606},{"$f":"-'Global Financial Model'!X97","v":0},{"$f":"-'Global Financial Model'!Y97","v":0},{"$f":"-'Global Financial Model'!Z97","v":0},{"$f":"-'Global Financial Model'!AA97","v":2013088.3571152827},{"$f":"-'Global Financial Model'!AB97","v":2441284.3701567352},{"$f":"-'Global Financial Model'!AC97","v":0},{"$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 ",{"$f":"SUM(F109:AM109)","v":115156863.6569158},{"$f":"F105","v":5615417.3430663291},{"$f":"G105","v":24207079.270002607},61039432.435671091,24294934.608175766,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",100000,null,null,null,{"$f":"E61","v":100000}]
[null,null,"Renewal Costs","USD ",24232066.569320925,{"$f":"F106","v":0},{"$f":"G106","v":0},0,0,0,0,0,0,0,0,0,0,0,1622325.5979653969,1967400.8528066755,0,0,0,2860937.4426897997,9092783.3309384733,4234246.6176485606,0,0,0,2013088.3571152827,2441284.3701567352,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Interest During Construction","USD ",22107.977191285652,{"$f":"F151","v":0},{"$f":"G151","v":985.97079519570195},{"$f":"H151","v":5219.5961452610381},15902.410250828911,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB151","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Upfront Fee","USD ",2781.1033417672857,{"$f":"F138","v":2781.1033417672857},{"$f":"G138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB138","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Required Funding","USD ",139513819.30676976,{"$f":"SUM(F109:F113)","v":5618198.4464080967},{"$f":"SUM(G109:G113)","v":24208065.240797803},{"$f":"SUM(H109:H113)","v":61044652.031816348},24410837.018426593,0,0,0,0,0,0,0,0,0,1622325.5979653969,1967400.8528066755,0,0,0,2860937.4426897997,9092783.3309384733,4234246.6176485606,0,0,0,2013088.3571152827,2441284.3701567352,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Release","USD ",-24232066.569320925,{"$f":"IF(F79=1,-F114,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-1622325.5979653969,-1967400.8528066755,0,0,0,-2860937.4426897997,-9092783.3309384733,-4234246.6176485606,0,0,0,-2013088.3571152827,-2441284.3701567352,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding through debt","USD ",-112399708.91901262,{"$f":"IF(F78=1,-F114*(1-$E$58),0)","v":-5477743.4852478942},-23602863.609777857,-59518535.731020935,-23800566.092965927,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Debt funding","USD ",-278110.33417672856,{"$f":"IF(F78=1,IF($F$57=1,-MIN(F114*$E$59*$E$58,F135),-MIN(F114*$E$58,F135)),0)","v":-14045.496116020244},-60520.16310199452,-152611.63007954089,-50933.0448791729,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sub Total","USD ",2603933.4842595002,{"$f":"SUM(F114:F117)","v":126409.46504418226},544681.46791795164,1373504.6707158727,559337.88058149349,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Equity Funding","USD ",-2603933.4842595002,{"$f":"-F118","v":-126409.46504418226},{"$f":"-G118","v":-544681.46791795164},-1373504.6707158727,-559337.88058149349,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AB118","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Funding Shortfall","USD ",0,{"$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},{"$f":"F127","v":14045.496116020244},{"$f":"G127","v":74565.659218014771},227177.28929755566,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Z127","v":0},{"$f":"AA127","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Disbursement to Fund Project Costs (SPV)","USD ",{"$f":"SUM(F124:AM124)","v":278110.33417672856},{"$f":"-F117","v":14045.496116020244},60520.16310199452,152611.63007954089,50933.0448791729,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":-278110.33417672856},{"$f":"-SUM(F123:F125)*F94","v":0},{"$f":"-SUM(G123:G125)*G94","v":0},{"$f":"-SUM(H123:H125)*H94","v":0},-278110.33417672856,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F123:F126)","v":14045.496116020244},{"$f":"SUM(G123:G126)","v":74565.659218014771},227177.28929755566,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipaly)","USD ",null,{"$f":"E133","v":0},{"$f":"F133","v":5477743.4852478942},28884512.318286538,87253599.721929654,{"$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 ",{"$f":"SUM(F130:AM130)","v":112399708.91901262},{"$f":"-F116","v":5477743.4852478942},{"$f":"-G116","v":23602863.609777857},59518535.731020935,23800566.092965927,{"$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 ",{"$f":"SUM(F131:AM131)","v":-5214798.6281463336},{"$f":"IF(F78=1,-F204,0)","v":0},{"$f":"IF(G78=1,-G204,0)","v":-196094.77673921426},-1149448.3273778136,-3869255.5240293061,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",-107184910.29086629,{"$f":"-SUM(F129:F131)*F94","v":0},{"$f":"-SUM(G129:G131)*G94","v":0},{"$f":"-SUM(H129:H131)*H94","v":0},-107184910.29086629,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality)","USD ",null,{"$f":"SUM(F129:F132)","v":5477743.4852478942},{"$f":"SUM(G129:G132)","v":28884512.318286538},87253599.721929654,0,{"$f":"SUM(J129:J132)","v":0},{"$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 ",{"$f":"E37","v":278110.33417672856},{"$f":"MAX(0,$E135-F123)*F78","v":278110.33417672856},264064.83806070831,203544.67495871379,50933.0448791729,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E43","v":108463030.32892413},{"$f":"MAX(0,$E136-F129)*F78","v":108463030.32892413},102985286.84367624,79578518.010637596,21209430.60699448,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Upfront Fee (SPV)","USD ",{"$f":"E53","v":2781.1033417672857},{"$f":"$E138*IF(F90=1,1,0)","v":2781.1033417672857},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E54","v":1084630.3032892414},{"$f":"$E139*IF(F90=1,1,0)","v":1084630.3032892414},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[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 ",{"$f":"SUM(F151:AM151)","v":22107.977191285652},{"$f":"F144*F123","v":0},985.97079519570195,5219.5961452610381,15902.410250828911,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during construction for Municipality",null,{"$f":"SUM(F152:AM152)","v":8514196.4529414643},{"$f":"F149*F129","v":0},384528.61012632371,2021915.8622800594,6107751.9805350816,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Operations"]
[null,null,"Revenue"]
[null,null,"Revenue","USD ",{"$f":"SUM(F156:AM156)","v":200619068.33962101},{"$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":3553403.9816788435},{"$f":"'Global Financial Model'!H81","v":4606271.9755717926},{"$f":"'Global Financial Model'!I81","v":4853761.6308295326},{"$f":"'Global Financial Model'!J81","v":4911329.4711987581},{"$f":"'Global Financial Model'!K81","v":5151455.9026673296},{"$f":"'Global Financial Model'!L81","v":5211349.4837874724},{"$f":"'Global Financial Model'!M81","v":5465281.7560862452},{"$f":"'Global Financial Model'!N81","v":5503030.9631970972},{"$f":"'Global Financial Model'!O81","v":5744943.8115875525},{"$f":"'Global Financial Model'!P81","v":5784218.0866656825},{"$f":"'Global Financial Model'!Q81","v":6038282.3469023528},{"$f":"'Global Financial Model'!R81","v":6079143.3026936417},{"$f":"'Global Financial Model'!S81","v":6321145.7946583042},{"$f":"'Global Financial Model'!T81","v":6338857.3593427958},{"$f":"'Global Financial Model'!U81","v":6591207.0653385343},{"$f":"'Global Financial Model'!V81","v":6609634.1772362785},{"$f":"'Global Financial Model'!W81","v":6872772.1653695172},{"$f":"'Global Financial Model'!X81","v":6932368.9735504892},{"$f":"'Global Financial Model'!Y81","v":7250446.6623541359},{"$f":"'Global Financial Model'!Z81","v":7312451.1815856202},{"$f":"'Global Financial Model'!AA81","v":7647419.7948776772},{"$f":"'Global Financial Model'!AB81","v":7711929.296686111},{"$f":"'Global Financial Model'!AC81","v":8010505.0110377129},{"$f":"'Global Financial Model'!AD81","v":8023491.2402722305},{"$f":"'Global Financial Model'!AE81","v":8334129.4134836355},{"$f":"'Global Financial Model'!AF81","v":8347640.2863792274},{"$f":"'Global Financial Model'!AG81","v":8670828.2417883743},{"$f":"'Global Financial Model'!AH81","v":8684884.9539489485},{"$f":"'Global Financial Model'!AI81","v":9021129.7027566247},{"$f":"'Global Financial Model'!AJ81","v":9035754.3060884848}]
[null,null,"Municipal direct subsidies (if any)","USD ",{"$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":187218296.78088179},{"$f":"-'Global Financial Model'!C76","v":0},{"$f":"-'Global Financial Model'!D76","v":0},{"$f":"-'Global Financial Model'!E76","v":0},{"$f":"-'Global Financial Model'!F76","v":0},{"$f":"-'Global Financial Model'!G76","v":3489433.6493760138},{"$f":"-'Global Financial Model'!H76","v":3864615.9241095837},{"$f":"-'Global Financial Model'!I76","v":3667955.0526417415},{"$f":"-'Global Financial Model'!J76","v":3754445.5924109258},{"$f":"-'Global Financial Model'!K76","v":8581249.2635108829},{"$f":"-'Global Financial Model'!L76","v":3933734.6730025862},{"$f":"-'Global Financial Model'!M76","v":4026637.2762531824},{"$f":"-'Global Financial Model'!N76","v":4121783.4832045212},{"$f":"-'Global Financial Model'!O76","v":4219228.6557829175},{"$f":"-'Global Financial Model'!P76","v":9525155.6981958821},{"$f":"-'Global Financial Model'!Q76","v":4421244.3521579085},{"$f":"-'Global Financial Model'!R76","v":4525932.7147169104},{"$f":"-'Global Financial Model'!S76","v":4633155.7948184023},{"$f":"-'Global Financial Model'!T76","v":4742976.2925206041},{"$f":"-'Global Financial Model'!U76","v":10575689.81600501},{"$f":"-'Global Financial Model'!V76","v":4970668.2950297529},{"$f":"-'Global Financial Model'!W76","v":5088673.2772134263},{"$f":"-'Global Financial Model'!X76","v":5209542.7163924491},{"$f":"-'Global Financial Model'!Y76","v":5333347.6438662987},{"$f":"-'Global Financial Model'!Z76","v":11745267.263724331},{"$f":"-'Global Financial Model'!AA76","v":5590057.1209969632},{"$f":"-'Global Financial Model'!AB76","v":5723112.9055465749},{"$f":"-'Global Financial Model'!AC76","v":5859406.7445057584},{"$f":"-'Global Financial Model'!AD76","v":5999019.1305208495},{"$f":"-'Global Financial Model'!AE76","v":13047797.821644107},{"$f":"-'Global Financial Model'!AF76","v":6288531.773346208},{"$f":"-'Global Financial Model'!AG76","v":6438603.4340750668},{"$f":"-'Global Financial Model'!AH76","v":6592336.5593562629},{"$f":"-'Global Financial Model'!AI76","v":6749822.3895147499},{"$f":"-'Global Financial Model'!AJ76","v":14498871.466441935}]
[]
[null,null,"Operation: Debt"]
[null,null,"Balance B/f (SPV)","USD ",null,{"$f":"E166","v":0},{"$f":"F166","v":0},0,0,278110.33417672856,268137.95178479177,257483.79502633895,246065.69194029176,233848.32163822127,220775.73541500585,206802.7651320601,191834.89743468785,175819.27899849953,158682.56727177804,140357.39675706427,120736.02222541347,99741.151476547137,77276.639775260162,53244.268552393813,27522.399686503079,0,{"$f":"Z166","v":0},{"$f":"AA166","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (SPV)","USD ",{"$f":"SUM(F164:AM164)","v":278110.33417672856},{"$f":"-F126","v":0},0,0,278110.33417672856,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (SPV)","USD ",{"$f":"SUM(F165:AM165)","v":-278110.33417672868},{"$f":"IF(F79=1,-F198,0)","v":0},{"$f":"IF(G79=1,-G198,0)","v":0},0,0,-9972.3823919368042,-10654.156758452824,-11418.103086047191,-12217.370302070492,-13072.586223215429,-13972.970282945749,-14967.867697372254,-16015.618436188313,-17136.711726721489,-18325.170514713784,-19621.374531650792,-20994.870748866335,-22464.511701286978,-24032.371222866353,-25721.868865890734,-27522.3996865031,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F163:F165)","v":0},{"$f":"SUM(G163:G165)","v":0},0,278110.33417672856,268137.95178479177,257483.79502633895,246065.69194029176,233848.32163822127,220775.73541500585,206802.7651320601,191834.89743468785,175819.27899849953,158682.56727177804,140357.39675706427,120736.02222541347,99741.151476547137,77276.639775260162,53244.268552393813,27522.399686503079,0,0,0,{"$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},0,0,107184910.29086629,101863088.58751613,96175383.857188031,90082009.21455884,83562098.346945614,76585793.718599454,69126478.528003097,61138691.372328132,52591759.115755916,43446541.601223648,33664032.67327553,23192779.236691024,11988538.059545599,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",{"$f":"SUM(F169:AM169)","v":107184910.29086629},{"$f":"-F132","v":0},0,0,107184910.29086629,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (Municipality)","USD ",{"$f":"SUM(F170:AM170)","v":-107184910.29086629},{"$f":"IF(F79=1,-F204,0)","v":0},{"$f":"IF(G79=1,-G204,0)","v":0},0,0,-5321821.7033501631,-5687704.7303280942,-6093374.6426291848,-6519910.867613229,-6976304.6283461554,-7459315.1905963644,-7987787.1556749642,-8546932.256572213,-9145217.514532268,-9782508.927948121,-10471253.436584506,-11204241.177145425,-11988538.059545608,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality","USD ",null,{"$f":"SUM(F168:F170)","v":0},{"$f":"SUM(G168:G170)","v":0},0,107184910.29086629,101863088.58751613,96175383.857188031,90082009.21455884,83562098.346945614,76585793.718599454,69126478.528003097,61138691.372328132,52591759.115755916,43446541.601223648,33664032.67327553,23192779.236691024,11988538.059545599,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY","% p.a.",null,{"$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 ",{"$f":"SUM(F183:AM183)","v":193094.53112491497},{"$f":"F176*F163","v":0},0,0,0,19467.723392371016,18822.844516104447,18023.865651843742,17224.598435820437,16369.382514675504,15498.094592669175,14476.193559244221,13428.442820428161,12307.349529894978,11139.256010914194,9825.0177729945081,8451.5215557789506,6981.880603358306,5424.6933920945776,3727.09879866757,1926.5679780552173,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during Operation for Municipality","USD ",{"$f":"SUM(F184:AM184)","v":59586162.537399441},{"$f":"F181*F168","v":0},{"$f":"G181*G168","v":0},0,0,7502943.720360647,7150621.7812533379,6732276.8700031685,6305740.6450191243,5849346.8842861978,5376197.1317832991,4838853.4969602209,4279708.396062973,3681423.1381029175,3049875.9757016962,2356482.287129289,1623494.5465683732,839197.66416819266,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt repayment"]
[]
[null,null,"Flag: Municipal Debt Repayment",{"$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},14045.496116020244,74565.659218014771,227177.28929755566,278110.33417672856,268137.95178479177,257483.79502633895,246065.69194029176,233848.32163822127,220775.73541500585,206802.7651320601,191834.89743468785,175819.27899849953,158682.56727177804,140357.39675706427,120736.02222541347,99741.151476547137,77276.639775260162,53244.268552393813,27522.399686503079,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":471204.86530164361},{"$f":"IF(F191=0,0,F195*F194/(1-(1+F195)^(-F192)))","v":0},{"$f":"IF(G191=0,0,G195*G194/(1-(1+G195)^(-G192)))","v":0},0,0,29440.10578430782,29477.001274557271,29441.968737890933,29441.968737890929,29441.968737890933,29471.064875614924,29444.061256616475,29444.061256616475,29444.061256616467,29464.42652562798,29446.392304645298,29446.392304645287,29446.392304645284,29457.064614960931,29448.967664558306,29448.967664558317,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (SPV)"," ",{"$f":"SUM(F197:AM197)","v":-193094.53112491497},{"$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,-19467.723392371016,-18822.844516104447,-18023.865651843742,-17224.598435820437,-16369.382514675504,-15498.094592669175,-14476.193559244221,-13428.442820428161,-12307.349529894978,-11139.256010914194,-9825.0177729945081,-8451.5215557789506,-6981.880603358306,-5424.6933920945776,-3727.09879866757,-1926.5679780552173,{"$f":"IF(Z191=0,0,-Z183)","v":0},{"$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":278110.33417672868},{"$f":"IF(F196=0,0,SUM(F196:F197))","v":0},{"$f":"IF(G196=0,0,SUM(G196:G197))","v":0},0,0,9972.3823919368042,{"$f":"IF(K196=0,0,SUM(K196:K197))","v":10654.156758452824},{"$f":"IF(L196=0,0,SUM(L196:L197))","v":11418.103086047191},{"$f":"IF(M196=0,0,SUM(M196:M197))","v":12217.370302070492},13072.586223215429,{"$f":"IF(O196=0,0,SUM(O196:O197))","v":13972.970282945749},{"$f":"IF(P196=0,0,SUM(P196:P197))","v":14967.867697372254},{"$f":"IF(Q196=0,0,SUM(Q196:Q197))","v":16015.618436188313},17136.711726721489,{"$f":"IF(S196=0,0,SUM(S196:S197))","v":18325.170514713784},{"$f":"IF(T196=0,0,SUM(T196:T197))","v":19621.374531650792},{"$f":"IF(U196=0,0,SUM(U196:U197))","v":20994.870748866335},22464.511701286978,{"$f":"IF(W196=0,0,SUM(W196:W197))","v":24032.371222866353},{"$f":"IF(X196=0,0,SUM(X196:X197))","v":25721.868865890734},{"$f":"IF(Y196=0,0,SUM(Y196:Y197))","v":27522.3996865031},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,{"$f":"IF(F78=1,F129,F168)","v":0},5477743.4852478942,28884512.318286538,87253599.721929654,107184910.29086629,101863088.58751613,96175383.857188031,90082009.21455884,83562098.346945614,76585793.718599454,69126478.528003097,61138691.372328132,52591759.115755916,43446541.601223648,33664032.67327553,23192779.236691024,11988538.059545599,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$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)"," ",{"$f":"SUM(F202:AM202)","v":180500067.90935349},{"$f":"IF(F188=0,0,F201*F200/(1-(1+F201)^(-F189)))","v":0},{"$f":"IF(G188=0,0,G201*G200/(1-(1+G201)^(-G189)))","v":580623.38686553796},3171364.189657873,9977007.5045643877,12824765.42371081,12838326.511581432,12825651.512632353,12825651.512632353,12825651.512632353,12835512.322379664,12826640.652635185,12826640.652635187,12826640.652635185,12832384.903649816,12827735.723713795,12827735.723713798,12827735.7237138,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (Municipality)"," ",{"$f":"SUM(F203:AM203)","v":-68100358.990340903},{"$f":"IF(F78=1,-F152,-F184)","v":0},{"$f":"IF(G78=1,-G152,-G184)","v":-384528.61012632371},-2021915.8622800594,-6107751.9805350816,-7502943.720360647,-7150621.7812533379,-6732276.8700031685,-6305740.6450191243,-5849346.8842861978,-5376197.1317832991,-4838853.4969602209,-4279708.396062973,-3681423.1381029175,-3049875.9757016962,-2356482.287129289,-1623494.5465683732,-839197.66416819266,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment (Municipality)"," ",{"$f":"SUM(F204:AM204)","v":112399708.91901262},{"$f":"IF(F202=0,0,SUM(F202:F203))","v":0},{"$f":"IF(G202=0,0,SUM(G202:G203))","v":196094.77673921426},1149448.3273778136,3869255.5240293061,5321821.7033501631,{"$f":"IF(K202=0,0,SUM(K202:K203))","v":5687704.7303280942},{"$f":"IF(L202=0,0,SUM(L202:L203))","v":6093374.6426291848},{"$f":"IF(M202=0,0,SUM(M202:M203))","v":6519910.867613229},6976304.6283461554,{"$f":"IF(O202=0,0,SUM(O202:O203))","v":7459315.1905963644},{"$f":"IF(P202=0,0,SUM(P202:P203))","v":7987787.1556749642},{"$f":"IF(Q202=0,0,SUM(Q202:Q203))","v":8546932.256572213},9145217.514532268,{"$f":"IF(S202=0,0,SUM(S202:S203))","v":9782508.927948121},{"$f":"IF(T202=0,0,SUM(T202:T203))","v":10471253.436584506},{"$f":"IF(U202=0,0,SUM(U202:U203))","v":11204241.177145425},11988538.059545608,{"$f":"IF(W202=0,0,SUM(W202:W203))","v":0},{"$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":200619068.33962101},{"$f":"F156","v":0},0,0,0,3553403.9816788435,4606271.9755717926,4853761.6308295326,4911329.4711987581,5151455.9026673296,5211349.4837874724,5465281.7560862452,5503030.9631970972,5744943.8115875525,5784218.0866656825,6038282.3469023528,6079143.3026936417,6321145.7946583042,6338857.3593427958,6591207.0653385343,6609634.1772362785,6872772.1653695172,6932368.9735504892,7250446.6623541359,7312451.1815856202,7647419.7948776772,7711929.296686111,8010505.0110377129,8023491.2402722305,8334129.4134836355,8347640.2863792274,8670828.2417883743,8684884.9539489485,9021129.7027566247,9035754.3060884848]
[null,null,"OpEx","USD ",-187218296.78088179,{"$f":"-F160","v":0},0,0,0,-3489433.6493760138,-3864615.9241095837,-3667955.0526417415,-3754445.5924109258,-8581249.2635108829,-3933734.6730025862,-4026637.2762531824,-4121783.4832045212,-4219228.6557829175,-9525155.6981958821,-4421244.3521579085,-4525932.7147169104,-4633155.7948184023,-4742976.2925206041,-10575689.81600501,-4970668.2950297529,-5088673.2772134263,-5209542.7163924491,-5333347.6438662987,-11745267.263724331,-5590057.1209969632,-5723112.9055465749,-5859406.7445057584,-5999019.1305208495,-13047797.821644107,-6288531.773346208,-6438603.4340750668,-6592336.5593562629,-6749822.3895147499,-14498871.466441935]
[null,null,"Operational Cashflow","USD ",13400771.558739195,{"$f":"SUM(F208:F209)","v":0},{"$f":"SUM(G208:G209)","v":0},{"$f":"SUM(H208:H209)","v":0},0,63970.332302829716,741656.05146220885,1185806.5781877912,1156883.8787878323,-3429793.3608435532,1277614.8107848861,1438644.4798330627,1381247.4799925759,1525715.155804635,-3740937.6115301996,1617037.9947444443,1553210.5879767314,1687989.9998399019,1595881.0668221917,-3984482.7506664759,1638965.8822065257,1784098.8881560909,1722826.2571580401,1917099.0184878372,-4432816.0821387107,2057362.673880714,1988816.3911395362,2151098.2665319545,2024472.109751381,-4713668.4081604714,2059108.5130330194,2232224.8077133074,2092548.3945926856,2271307.3132418748,-5463117.1603534501]
[null,null,"Revenue Tax","USD ",0,{"$f":"'Global Financial Model'!C90","v":0},{"$f":"'Global Financial Model'!D90","v":0},{"$f":"'Global Financial Model'!E90","v":0},{"$f":"'Global Financial Model'!F90","v":0},{"$f":"'Global Financial Model'!G90","v":0},{"$f":"'Global Financial Model'!H90","v":0},{"$f":"'Global Financial Model'!I90","v":0},{"$f":"'Global Financial Model'!J90","v":0},{"$f":"'Global Financial Model'!K90","v":0},{"$f":"'Global Financial Model'!L90","v":0},{"$f":"'Global Financial Model'!M90","v":0},{"$f":"'Global Financial Model'!N90","v":0},{"$f":"'Global Financial Model'!O90","v":0},{"$f":"'Global Financial Model'!P90","v":0},{"$f":"'Global Financial Model'!Q90","v":0},{"$f":"'Global Financial Model'!R90","v":0},{"$f":"'Global Financial Model'!S90","v":0},{"$f":"'Global Financial Model'!T90","v":0},{"$f":"'Global Financial Model'!U90","v":0},{"$f":"'Global Financial Model'!V90","v":0},{"$f":"'Global Financial Model'!W90","v":0},{"$f":"'Global Financial Model'!X90","v":0},{"$f":"'Global Financial Model'!Y90","v":0},{"$f":"'Global Financial Model'!Z90","v":0},{"$f":"'Global Financial Model'!AA90","v":0},{"$f":"'Global Financial Model'!AB90","v":0},{"$f":"'Global Financial Model'!AC90","v":0},{"$f":"'Global Financial Model'!AD90","v":0},{"$f":"'Global Financial Model'!AE90","v":0},{"$f":"'Global Financial Model'!AF90","v":0},{"$f":"'Global Financial Model'!AG90","v":0},{"$f":"'Global Financial Model'!AH90","v":0},{"$f":"'Global Financial Model'!AI90","v":0},{"$f":"'Global Financial Model'!AJ90","v":0}]
[null,null,"CapEx (including intesrests during construction)","USD ",-139413819.30676976,{"$f":"-F114","v":-5618198.4464080967},-24208065.240797803,-61044652.031816348,{"$f":"-I114+I110","v":-24310837.018426593},0,0,0,0,0,0,0,0,0,-1622325.5979653969,-1967400.8528066755,0,0,0,-2860937.4426897997,-9092783.3309384733,-4234246.6176485606,0,0,0,-2013088.3571152827,-2441284.3701567352,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",null,{"$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 ",-126113047.74803062,{"$f":"SUM(F210:F213)","v":-5618198.4464080967},{"$f":"SUM(G210:G213)","v":-24208065.240797803},{"$f":"SUM(H210:H213)","v":-61044652.031816348},-24410837.018426593,63970.332302829716,741656.05146220885,1185806.5781877912,1156883.8787878323,-3429793.3608435532,1277614.8107848861,1438644.4798330627,1381247.4799925759,1525715.155804635,-5363263.2094955966,-350362.85806223121,1553210.5879767314,1687989.9998399019,1595881.0668221917,-6845420.1933562756,-7453817.4487319477,-2450147.7294924697,1722826.2571580401,1917099.0184878372,-4432816.0821387107,44274.316765431315,-452467.97901719902,2151098.2665319545,2024472.109751381,-4713668.4081604714,2059108.5130330194,2232224.8077133074,2092548.3945926856,2271307.3132418748,-5463117.1603534501]
[null,null,"Municipality: Funding (through debt )","USD ",112399708.91901262,{"$f":"-F116","v":5477743.4852478942},23602863.609777857,59518535.731020935,23800566.092965927,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding (through subsidies)","USD ",0,{"$f":"+F157","v":0},{"$f":"+G157","v":0},{"$f":"+H157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt: Funding","USD ",278110.33417672856,{"$f":"F124","v":14045.496116020244},60520.16310199452,152611.63007954089,50933.0448791729,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity: Funding","USD ",2603933.4842595002,{"$f":"-F119","v":126409.46504418226},544681.46791795164,1373504.6707158727,559337.88058149349,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CashFlow after Funding","USD ",-10831295.010581724,{"$f":"SUM(F214:F218)","v":0},0,0,0,63970.332302829716,741656.05146220885,1185806.5781877912,1156883.8787878323,-3429793.3608435532,1277614.8107848861,1438644.4798330627,1381247.4799925759,1525715.155804635,-5363263.2094955966,-350362.85806223121,1553210.5879767314,1687989.9998399019,1595881.0668221917,-6845420.1933562756,-7453817.4487319477,-2450147.7294924697,1722826.2571580401,1917099.0184878372,-4432816.0821387107,44274.316765431315,-452467.97901719902,2151098.2665319545,2024472.109751381,-4713668.4081604714,2059108.5130330194,2232224.8077133074,2092548.3945926856,2271307.3132418748,-5463117.1603534501]
[null,null,"Treasury: Funding","USD ",47925049.868735909,{"$f":"IF(F78=1,0,-F115+IF(F191=1,IF(F219/F196>1.7,0,1.7*F196+IF(F219<0,-F219,0)),0))","v":0},0,0,0,0,0,0,0,3479844.707697968,0,0,0,0,7035678.3325545611,2367822.5777868037,0,0,0,9756420.8810758255,16596664.02470017,4234246.6176485606,0,0,0,2013088.3571152827,2441284.3701567352,0,0,0,0,0,0,0,0]
[null,null,"CashFlow Available for Debt Service (CFADS)","USD ",37093754.858154178,{"$f":"SUM(F219:F220)","v":0},{"$f":"SUM(G219:G220)","v":0},0,0,63970.332302829716,741656.05146220885,1185806.5781877912,1156883.8787878323,50051.346854414791,1277614.8107848861,1438644.4798330627,1381247.4799925759,1525715.155804635,1672415.1230589645,2017459.7197245725,1553210.5879767314,1687989.9998399019,1595881.0668221917,2911000.68771955,9142846.5759682227,1784098.8881560909,1722826.2571580401,1917099.0184878372,-4432816.0821387107,2057362.673880714,1988816.3911395362,2151098.2665319545,2024472.109751381,-4713668.4081604714,2059108.5130330194,2232224.8077133074,2092548.3945926856,2271307.3132418748,-5463117.1603534501]
[null,null,"Interests","USD ",-193094.53112491497,{"$f":"-F197","v":0},{"$f":"-G197","v":0},0,0,{"$f":"J197","v":-19467.723392371016},{"$f":"K197","v":-18822.844516104447},-18023.865651843742,-17224.598435820437,-16369.382514675504,-15498.094592669175,-14476.193559244221,-13428.442820428161,-12307.349529894978,-11139.256010914194,-9825.0177729945081,-8451.5215557789506,-6981.880603358306,-5424.6933920945776,-3727.09879866757,-1926.5679780552173,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment","USD ",-278110.33417672868,{"$f":"F198","v":0},{"$f":"G198","v":0},{"$f":"H198","v":0},0,{"$f":"-J198","v":-9972.3823919368042},{"$f":"-K198","v":-10654.156758452824},-11418.103086047191,-12217.370302070492,-13072.586223215429,-13972.970282945749,-14967.867697372254,-16015.618436188313,-17136.711726721489,-18325.170514713784,-19621.374531650792,-20994.870748866335,-22464.511701286978,-24032.371222866353,-25721.868865890734,-27522.3996865031,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow available for Debt Service reserve Account (DSRA)","USD ",36622549.992852531,{"$f":"SUM(F221:F223)","v":0},{"$f":"SUM(G221:G223)","v":0},0,0,34530.2265185219,712179.05018765153,1156364.6094499002,1127441.9100499414,20609.378116523858,1248143.7459092711,1409200.4185764461,1351803.4187359596,1496271.0945480186,1642950.6965333365,1988013.3274199273,1523764.195672086,1658543.6075352565,1566424.0022072305,2881551.7200549915,9113397.6083036643,1784098.8881560909,1722826.2571580401,1917099.0184878372,-4432816.0821387107,2057362.673880714,1988816.3911395362,2151098.2665319545,2024472.109751381,-4713668.4081604714,2059108.5130330194,2232224.8077133074,2092548.3945926856,2271307.3132418748,-5463117.1603534501]
[null,null,"Treasury: Deduction","USD ",-36374827.666888669,{"$f":"IF(F231<$E$220,IF(F224>0,-F224*$E$28,0),0)","v":0},0,0,0,-24516.46082815055,-505647.12563323259,-821018.87270942912,-800483.75613545836,-14632.658462731939,-886182.05959558242,-1000532.2971892767,-959780.4273025312,-1062352.4771290931,-1166494.9945386688,-1411489.4624681484,-1081872.578927181,-1177565.9613500321,-1112161.0415671337,-2045901.7212390439,-6470512.3018956017,-1266710.2105908245,-1223206.6425822084,-1361140.3031263642,0,-1460727.4984553067,-1412059.6377090707,-1527279.7692376876,-1437375.1979234805,0,-1461967.0442534436,-1584879.6134764482,-1485709.3601608067,-1612628.1924017309,0]
[null,null,"Cashflow available to Equity","USD ",247722.32596386597,{"$f":"F224+F225","v":0},{"$f":"G224+G225","v":0},{"$f":"H224+H225","v":0},0,10013.765690371351,206531.92455441895,335345.7367404711,326958.15391448303,5976.719653791919,361961.68631368864,408668.12138716946,392022.99143342837,433918.61741892551,476455.70199466776,576523.8649517789,441891.61674490501,480977.64618522441,454262.9606400968,835649.99881594768,2642885.3064080626,517388.67756526638,499619.61457583169,555958.71536147292,-4432816.0821387107,596635.17542540724,576756.75343046547,623818.49729426694,587096.91182790045,-4713668.4081604714,597141.46877957578,647345.19423685921,606839.03443187894,658679.12084014388,-5463117.1603534501]
[null,null,"Distributions to Equity","USD ",-14857323.976616498,{"$f":"-MAX(F226,0)*F79","v":0},0,0,0,-10013.765690371351,-206531.92455441895,-335345.7367404711,-326958.15391448303,-5976.719653791919,-361961.68631368864,-408668.12138716946,-392022.99143342837,-433918.61741892551,-476455.70199466776,-576523.8649517789,-441891.61674490501,-480977.64618522441,-454262.9606400968,-835649.99881594768,-2642885.3064080626,-517388.67756526638,-499619.61457583169,-555958.71536147292,0,-596635.17542540724,-576756.75343046547,-623818.49729426694,-587096.91182790045,0,-597141.46877957578,-647345.19423685921,-606839.03443187894,-658679.12084014388,0]
[null,null,"Treasury: Add back","USD ",-11550222.201847238,{"$f":"-F225-F220","v":0},0,0,0,{"$f":"-J225-J220","v":24516.46082815055},{"$f":"-K225-K220","v":505647.12563323259},821018.87270942912,800483.75613545836,-3465212.0492352359,886182.05959558242,1000532.2971892767,959780.4273025312,1062352.4771290931,-5869183.3380158925,-956333.11531865527,1081872.578927181,1177565.9613500321,1112161.0415671337,-7710519.1598367821,-10126151.722804569,-2967536.4070577361,1223206.6425822084,1361140.3031263642,0,-552360.85865997593,-1029224.7324476645,1527279.7692376876,1437375.1979234805,0,1461967.0442534436,1584879.6134764482,1485709.3601608067,1612628.1924017309,0]
[null,null,"Net Cashflow","USD ",10315003.814388799,{"$f":"F224+F227+F228-F213","v":0},{"$f":"G224+G227+G228-G213","v":0},0,100000,{"$f":"J224+J227+J228-J213","v":49032.9216563011},{"$f":"K224+K227+K228-K213","v":1011294.2512664652},{"$f":"L224+L227+L228-L213","v":1642037.7454188582},{"$f":"M224+M227+M228-M213","v":1600967.5122709167},{"$f":"N224+N227+N228-N213","v":-3450579.3907725038},{"$f":"O224+O227+O228-O213","v":1772364.1191911648},{"$f":"P224+P227+P228-P213","v":2001064.5943785533},{"$f":"Q224+Q227+Q228-Q213","v":1919560.8546050624},{"$f":"R224+R227+R228-R213","v":2124704.9542581863},{"$f":"S224+S227+S228-S213","v":-4702688.343477224},{"$f":"T224+T227+T228-T213","v":455156.34714949317},{"$f":"U224+U227+U228-U213","v":2163745.1578543619},{"$f":"V224+V227+V228-V213","v":2355131.9227000643},{"$f":"W224+W227+W228-W213","v":2224322.0831342675},{"$f":"X224+X227+X228-X213","v":-5664617.4385977387},{"$f":"Y224+Y227+Y228-Y213","v":-3655639.420908967},{"$f":"Z224+Z227+Z228-Z213","v":-1700826.1964669116},{"$f":"AA224+AA227+AA228-AA213","v":2446413.2851644168},{"$f":"AB224+AB227+AB228-AB213","v":2722280.6062527285},{"$f":"AC224+AC227+AC228-AC213","v":-4432816.0821387107},{"$f":"AD224+AD227+AD228-AD213","v":908366.63979533082},{"$f":"AE224+AE227+AE228-AE213","v":382834.90526140621},{"$f":"AF224+AF227+AF228-AF213","v":3054559.5384753752},{"$f":"AG224+AG227+AG228-AG213","v":2874750.3958469611},{"$f":"AH224+AH227+AH228-AH213","v":-4713668.4081604714},{"$f":"AI224+AI227+AI228-AI213","v":2923934.0885068872},{"$f":"AJ224+AJ227+AJ228-AJ213","v":3169759.2269528965},{"$f":"AK224+AK227+AK228-AK213","v":2971418.7203216134},{"$f":"AL224+AL227+AL228-AL213","v":3225256.3848034618},{"$f":"AM224+AM227+AM228-AM213","v":-5463117.1603534501}]
[]
[null,null,"Cash Balance B/f",null,null,{"$f":"E232","v":0},{"$f":"F232","v":0},0,0,100000,{"$f":"J232","v":149032.9216563011},{"$f":"K232","v":1160327.1729227663},{"$f":"L232","v":2802364.9183416246},{"$f":"M232","v":4403332.4306125417},{"$f":"N232","v":952753.03984003793},{"$f":"O232","v":2725117.159031203},{"$f":"P232","v":4726181.7534097563},{"$f":"Q232","v":6645742.6080148183},{"$f":"R232","v":8770447.562273005},{"$f":"S232","v":4067759.218795781},{"$f":"T232","v":4522915.5659452742},{"$f":"U232","v":6686660.7237996366},{"$f":"V232","v":9041792.6464997008},{"$f":"W232","v":11266114.729633968},{"$f":"X232","v":5601497.2910362296},{"$f":"Y232","v":1945857.8701272625},{"$f":"Z232","v":245031.67366035096},{"$f":"AA232","v":2691444.9588247677},{"$f":"AB232","v":5413725.5650774967},{"$f":"AC232","v":980909.48293878604},{"$f":"AD232","v":1889276.1227341169},{"$f":"AE232","v":2272111.0279955231},{"$f":"AF232","v":5326670.5664708987},{"$f":"AG232","v":8201420.9623178598},{"$f":"AH232","v":3487752.5541573884},{"$f":"AI232","v":6411686.6426642761},{"$f":"AJ232","v":9581445.8696171716},{"$f":"AK232","v":12552864.589938786},{"$f":"AL232","v":15778120.974742249}]
[null,null,"Cash Balance C/f","USD ",null,{"$f":"F229+F231","v":0},{"$f":"G229+G231","v":0},0,100000,{"$f":"J229+J231","v":149032.9216563011},{"$f":"K229+K231","v":1160327.1729227663},2802364.9183416246,4403332.4306125417,952753.03984003793,2725117.159031203,4726181.7534097563,6645742.6080148183,8770447.562273005,4067759.218795781,4522915.5659452742,6686660.7237996366,9041792.6464997008,11266114.729633968,5601497.2910362296,1945857.8701272625,245031.67366035096,2691444.9588247677,5413725.5650774967,980909.48293878604,1889276.1227341169,2272111.0279955231,5326670.5664708987,8201420.9623178598,3487752.5541573884,6411686.6426642761,9581445.8696171716,12552864.589938786,15778120.974742249,10315003.814388799]
[]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F234:AM234)","v":-10315003.814388799},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AM232","v":-10315003.814388799}]
[null,null,"Close out: Asset transfer to municipality","USD ",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Municipality Cashflow Waterfall"]
[]
[null,null,{"$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":68100358.990340903},{"$f":"-F203","v":0},{"$f":"-G203","v":384528.61012632371},{"$f":"-H203","v":2021915.8622800594},6107751.9805350816,7502943.720360647,7150621.7812533379,6732276.8700031685,6305740.6450191243,5849346.8842861978,5376197.1317832991,4838853.4969602209,4279708.396062973,3681423.1381029175,3049875.9757016962,2356482.287129289,1623494.5465683732,839197.66416819266,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Principal","USD ",{"$f":"E204","v":112399708.91901262},{"$f":"F204","v":0},{"$f":"G204","v":196094.77673921426},1149448.3273778136,3869255.5240293061,5321821.7033501631,5687704.7303280942,6093374.6426291848,6519910.867613229,6976304.6283461554,7459315.1905963644,7987787.1556749642,8546932.256572213,9145217.514532268,9782508.927948121,10471253.436584506,11204241.177145425,11988538.059545608,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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},{"$f":"SUM(G240:G243)","v":580623.38686553796},3171364.189657873,9977007.5045643877,12824765.42371081,12838326.511581432,12825651.512632353,12825651.512632353,12825651.512632353,12835512.322379664,12826640.652635185,12826640.652635187,12826640.652635185,12832384.903649818,12827735.723713795,12827735.723713798,12827735.7237138,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Project Return"]
[]
[null,null,"Date",null,null,{"$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":-126113047.74803062},{"$f":"F214","v":-5618198.4464080967},-24208065.240797803,-61044652.031816348,-24410837.018426593,63970.332302829716,741656.05146220885,1185806.5781877912,1156883.8787878323,-3429793.3608435532,1277614.8107848861,1438644.4798330627,1381247.4799925759,1525715.155804635,-5363263.2094955966,-350362.85806223121,1553210.5879767314,1687989.9998399019,1595881.0668221917,-6845420.1933562756,-7453817.4487319477,-2450147.7294924697,1722826.2571580401,1917099.0184878372,-4432816.0821387107,44274.316765431315,-452467.97901719902,2151098.2665319545,2024472.109751381,-4713668.4081604714,2059108.5130330194,2232224.8077133074,2092548.3945926856,2271307.3132418748,-5463117.1603534501]
[null,null,"Residual value ","USD ",{"$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,{"$f":"SUM(F249:F250)","v":-5618198.4464080967},{"$f":"SUM(G249:G250)","v":-24208065.240797803},-61044652.031816348,-24410837.018426593,63970.332302829716,741656.05146220885,1185806.5781877912,1156883.8787878323,-3429793.3608435532,1277614.8107848861,1438644.4798330627,1381247.4799925759,1525715.155804635,-5363263.2094955966,-350362.85806223121,1553210.5879767314,1687989.9998399019,1595881.0668221917,-6845420.1933562756,-7453817.4487319477,-2450147.7294924697,1722826.2571580401,1917099.0184878372,-4432816.0821387107,44274.316765431315,-452467.97901719902,2151098.2665319545,2024472.109751381,-4713668.4081604714,2059108.5130330194,2232224.8077133074,2092548.3945926856,2271307.3132418748,-5463117.1603534501]
[null,null," "]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV project @ WACC","USD ",{"$f":"NPV(E254,F251:AM251)","v":-81473735.759098709}]
[]
[null,null,"IRR Project","%",{"$f":"IRR(F251:AM251)","v":{"$error":"#NUM!"}}]
[null,null,"Check: NPV @ IRR","USD ",{"$f":"NPV(E257,F251:AM251)","v":{"$error":"#NUM!"}},{"$f":"IF(ROUND(E258,3)=0,0,1)","v":{"$error":"#NUM!"}}]
[]
[]
[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":-2603933.4842595002},{"$f":"-F218","v":-126409.46504418226},-544681.46791795164,-1373504.6707158727,-559337.88058149349,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Distributions to Equity","USD ",{"$f":"SUM(F265:AM265)","v":14857323.976616498},{"$f":"-F227","v":0},0,0,0,10013.765690371351,206531.92455441895,335345.7367404711,326958.15391448303,5976.719653791919,361961.68631368864,408668.12138716946,392022.99143342837,433918.61741892551,476455.70199466776,576523.8649517789,441891.61674490501,480977.64618522441,454262.9606400968,835649.99881594768,2642885.3064080626,517388.67756526638,499619.61457583169,555958.71536147292,0,596635.17542540724,576756.75343046547,623818.49729426694,587096.91182790045,0,597141.46877957578,647345.19423685921,606839.03443187894,658679.12084014388,0]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F266:AM266)","v":10315003.814388799},{"$f":"-F234","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,10315003.814388799]
[null,null,"Close out: Asset transfer to municipality","USD ",{"$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":-126409.46504418226},{"$f":"SUM(G264:G267)","v":-544681.46791795164},-1373504.6707158727,-559337.88058149349,10013.765690371351,206531.92455441895,335345.7367404711,326958.15391448303,5976.719653791919,361961.68631368864,408668.12138716946,392022.99143342837,433918.61741892551,476455.70199466776,576523.8649517789,441891.61674490501,480977.64618522441,454262.9606400968,835649.99881594768,2642885.3064080626,517388.67756526638,499619.61457583169,555958.71536147292,0,596635.17542540724,576756.75343046547,623818.49729426694,587096.91182790045,0,597141.46877957578,647345.19423685921,606839.03443187894,658679.12084014388,10315003.814388799]
[]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV Equity @ WACC","USD ",{"$f":"NPV(E271,F268:AM268)","v":10538.855074456817}]
[]
[null,null,"IRR Equity","%",{"$f":"IRR(F268:AM268)","v":0.13046785286554297}]
[null,null,"Check: NPV Equity @ IRR","USD ",{"$f":"NPV(E274,F268:AM268)","v":1.51895163811573E-9},{"$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 ",{"$f":"SUM(F289:AA289)","v":32909319.020434503},{"$f":"F221","v":0},{"$f":"G221","v":0},0,0,{"$f":"J221","v":63970.332302829716},741656.05146220885,1185806.5781877912,1156883.8787878323,50051.346854414791,1277614.8107848861,1438644.4798330627,1381247.4799925759,1525715.155804635,1672415.1230589645,2017459.7197245725,1553210.5879767314,1687989.9998399019,1595881.0668221917,2911000.68771955,9142846.5759682227,1784098.8881560909,1722826.2571580401,1917099.0184878372,-4432816.0821387107,2057362.673880714,1988816.3911395362,2151098.2665319545,2024472.109751381,-4713668.4081604714,2059108.5130330194,2232224.8077133074,2092548.3945926856,2271307.3132418748,-5463117.1603534501]
[null,null,"CFADS (Qualifying) @ Period End","USD ",{"$f":"SUM(F290:AA290)","v":29402393.875120372},{"$f":"F289*F286","v":0},{"$f":"G289*G286","v":0},0,0,63970.332302829716,741656.05146220885,1185806.5781877912,1156883.8787878323,50051.346854414791,1277614.8107848861,1438644.4798330627,1381247.4799925759,1525715.155804635,1672415.1230589645,2017459.7197245725,1553210.5879767314,1687989.9998399019,1595881.0668221917,2911000.68771955,9142846.5759682227,0,0,0,{"$f":"AC289*AC286","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"NPV (CFADS) @ Period Start","USD ",null,{"$f":"(G291+F290)/F283*F286","v":0},0,0,0,13944586.495781014,14856737.218182856,15155052.771993449,15030099.8878452,14925323.001206532,15920044.264436575,15756832.552162251,15421166.350980546,15119400.515556609,14652043.395840939,14005271.310490843,12968180.582500629,12322742.635298943,11497344.619929967,10706277.676502874,8544716.4261385258,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AN291+AM290)/AM283*AM286","v":0}]
[null,null,null,null,null,null,null,null,null,{"$f":"NPV(0.08,J219:Y219)","v":-1880816.3527337341},{"$f":"IF(J291=J292,\"OK\")","v":false}]
[null,null,"Denominator"]
[null,null,"Debt Balance B/f","USD ",null,{"$f":"F163","v":0},0,0,0,278110.33417672856,268137.95178479177,257483.79502633895,246065.69194029176,233848.32163822127,220775.73541500585,206802.7651320601,191834.89743468785,175819.27899849953,158682.56727177804,140357.39675706427,120736.02222541347,99741.151476547137,77276.639775260162,53244.268552393813,27522.399686503079,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"LLCR (Loan Life Cover Ratio)","x @ Period Start",{"$f":"MIN(F297:AM297)","v":50.140483046270973},{"$f":"IF(F294=0,0,F291/F294)","v":0},0,0,0,{"$f":"IF(J294=0,0,J291/J294)","v":50.140483046270973},55.407066098971747,58.858277937231676,61.081655753506176,63.824802746700861,72.109574154563134,76.192562232425928,80.387700867777923,85.993985424577019,92.335558012154934,99.78292298147764,107.4093741326769,123.54722652461537,148.78163250067715,201.07850042052141,310.46407738671257,0,0,0,{"$f":"IF(AC294=0,0,AC291/AC294)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,{"$f":"IF(F296=0,10000000,F296)","v":10000000},{"$f":"IF(G296=0,10000000,G296)","v":10000000},10000000,10000000,50.140483046270973,55.407066098971747,58.858277937231676,61.081655753506176,63.824802746700861,72.109574154563134,76.192562232425928,80.387700867777923,85.993985424577019,92.335558012154934,99.78292298147764,107.4093741326769,123.54722652461537,148.78163250067715,201.07850042052141,310.46407738671257,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[]
[null,null,"DSCR"]
[]
[null,null,"Numerator"]
[null,null,{"$f":"C289","v":"CFADS @ Period End"},"USD ",{"$f":"SUM(F302:AM302)","v":37093754.858154178},{"$f":"F289","v":0},{"$f":"G289","v":0},0,0,63970.332302829716,741656.05146220885,1185806.5781877912,1156883.8787878323,50051.346854414791,1277614.8107848861,1438644.4798330627,1381247.4799925759,1525715.155804635,1672415.1230589645,2017459.7197245725,1553210.5879767314,1687989.9998399019,1595881.0668221917,2911000.68771955,9142846.5759682227,1784098.8881560909,1722826.2571580401,1917099.0184878372,{"$f":"AC289","v":-4432816.0821387107},2057362.673880714,1988816.3911395362,2151098.2665319545,2024472.109751381,-4713668.4081604714,2059108.5130330194,2232224.8077133074,2092548.3945926856,2271307.3132418748,-5463117.1603534501]
[]
[null,null,"Denominator"]
[null,null,"Interest","USD ",{"$f":"SUM(F305:AM305)","v":193094.53112491497},{"$f":"-F222","v":0},0,0,0,19467.723392371016,18822.844516104447,18023.865651843742,17224.598435820437,16369.382514675504,15498.094592669175,14476.193559244221,13428.442820428161,12307.349529894978,11139.256010914194,9825.0177729945081,8451.5215557789506,6981.880603358306,5424.6933920945776,3727.09879866757,1926.5679780552173,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal","USD ",{"$f":"SUM(F306:AM306)","v":278110.33417672868},{"$f":"-F223","v":0},0,0,0,9972.3823919368042,10654.156758452824,11418.103086047191,12217.370302070492,13072.586223215429,13972.970282945749,14967.867697372254,16015.618436188313,17136.711726721489,18325.170514713784,19621.374531650792,20994.870748866335,22464.511701286978,24032.371222866353,25721.868865890734,27522.3996865031,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Debt Service","USD ",null,{"$f":"SUM(F305:F306)","v":0},0,0,0,29440.10578430782,29477.001274557271,29441.968737890933,29441.968737890929,29441.968737890933,29471.064875614924,29444.061256616475,29444.061256616475,29444.061256616467,29464.426525627976,29446.392304645298,29446.392304645284,29446.392304645284,29457.064614960931,29448.967664558302,29448.967664558317,0,0,0,{"$f":"SUM(AC305:AC306)","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"DSCR (Debt Service Cover Ratio)",null,"Average",{"$f":"IF(F307=0,0,F302/F307)","v":0},0,0,0,2.1728975015071859,25.160498673328775,40.276062675852707,39.293699721206401,1.7000000000000071,43.351498026188246,48.860259707202587,46.910902268354405,51.817415488557536,56.760484430413335,68.512967525950856,52.747058855549724,57.324170050319367,54.17651377291886,98.848989237165213,310.46407738671235,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"AVERAGEIF(F286:AM286,1,F310:AM310)","v":62.398593457576716}]
[null,null,null,null,"Min"]
[null,null,null,null,{"$f":"MIN(F313:AM313)","v":1.7000000000000071},{"$f":"IF(F310=0,10000000,F310)","v":10000000},{"$f":"IF(G310=0,10000000,G310)","v":10000000},10000000,10000000,2.1728975015071859,25.160498673328775,40.276062675852707,39.293699721206401,1.7000000000000071,43.351498026188246,48.860259707202587,46.910902268354405,51.817415488557536,56.760484430413335,68.512967525950856,52.747058855549724,57.324170050319367,54.17651377291886,98.848989237165213,310.46407738671235,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[null,null,null,null,"Min Period",null,null,null,null,null,null,null,null,null,null,null,null,null," "]
[null,null,null,null,{"$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$109)","v":115156863.6569158},{"$f":"C6/C$21","v":0.31651642407273778},"Deuda privada",{"$f":"-NPV(0,'Project Finance Model'!$F$117:$AM$117)","v":278110.33417672856},{"$f":"F6/F$21","v":7.6440505303745953E-4}]
[null,"Interes durante la construccion",{"$f":"NPV(0,'Project Finance Model'!$F$112:$AM$112)","v":22107.977191285652},{"$f":"C7/C$21","v":6.076526975339471E-5},"Aportacion de capital privado",{"$f":"-NPV(0,'Project Finance Model'!$F$119:$AM$119)","v":2603933.4842595002},{"$f":"F7/F$21","v":7.1570872007817518E-3}]
[null,"Upfront fee",{"$f":"NPV(0,'Project Finance Model'!$F$113:$AM$113)","v":2781.1033417672857},{"$f":"C8/C$21","v":7.6440505303745979E-6},"Aportacion municipal",{"$f":"-NPV(0,'Project Finance Model'!$F$116:$AM$116)","v":112399708.91901262},{"$f":"F8/F$21","v":0.30893819789894844}]
[]
[]
[null,"Durante la operacion",null,null,"Durante la operacion"]
[]
[null,"Operacion y mantenimiento",{"$f":"-NPV(0,'Project Finance Model'!$F$209:$AM$209)","v":187218296.78088179},{"$f":"C13/C$21","v":0.51458214418393911},"Deuda",0,{"$f":"F13/F$21","v":0}]
[null,"Renovaciones",{"$f":"NPV(0,'Project Finance Model'!$F$106:$AM$106)","v":24232066.569320925},6.6603472991975485E-2,"Aportacion de capital privado",0,{"$f":"F14/F$21","v":0}]
[null,"Impuesto a la renta",{"$f":"-NPV(0,'Project Finance Model'!$F$211:$AM$211)","v":0},0,"Aportacion municipal",{"$f":"NPV(0,'Project Finance Model'!$F$157:$AM$157)","v":0},{"$f":"F15/F$21","v":0}]
[null,"Intereses",{"$f":"-NPV(0,'Project Finance Model'!$F$222:$AM$222)","v":193094.53112491497},5.3073337149704149E-4,"Autofinanciamento sobre Tesoreria",{"$f":"'Project Finance Model'!E220","v":47925049.868735909},{"$f":"F16/F$21","v":0.13172523917595363}]
[null,"Principal de la deuda",{"$f":"-NPV(0,'Project Finance Model'!$F$223:$AM$223)","v":278110.33417672868},7.6440505303746007E-4,"Ingresos de operacion",{"$f":"NPV(0,'Project Finance Model'!$F$208:$AM$208)","v":200619068.33962101},{"$f":"F17/F$21","v":0.55141507067127871}]
[null,"Constitucion de la Tesoreria",{"$f":"'Project Finance Model'!E229-'Project Finance Model'!E228","v":21865226.016236037},6.0098051739407535E-2]
[null,"Dividendo a privados (Equity)",{"$f":"-NPV(0,'Project Finance Model'!$F$227:$AM$227)","v":14857323.976616498},4.0836359267122035E-2]
[]
[null,"Total",{"$f":"SUM(C6:C19)","v":363825870.94580567},{"$f":"SUM(D6:D19)","v":1},"Total",{"$f":"SUM(F6:F19)","v":363825870.94580579},{"$f":"SUM(G6:G19)","v":1}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Financement des renouvellements d'équipement sur la trésorerie du SPV. Déblocage de fonds de la part du SPV pour financer les renouvellements d'équipement. "]
[null,"Part de la dette municipale dans le financement de la construction"]
[null,"Part de la dette privée dans le financement de la construction"]
[]
[null,"Part du capital privé dans le financement de la construction"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Calcul des intérêts à rembourser par le SPV durant la construction"]
[null,"Calcul des intérêts à rembourser par le maire durant la construction"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Calcul des intérêts à rembourser par le SPV durant l'exploitation"]
[null,"Calcul des intérêts à rembourser par le maire durant l'exploitation"]
[]
[]
[]
[null,"Hypothèse: le remboursement de la dette du SPV commence à la fin de la première année de construction"]
[null,"Hypothèse: le remboursement de la dette du SPV commence à la fin de la première année d'exploitation"]

{"sheet":"Balance_Municipality","index":4,"n_rows":4,"n_cols":6,"rows_kept":4,"cut":false,"hidden":true,"merged":[[1,1,1,5]]}
[]
[null,"Aportacion municipal (flujos de caja)"]
[null,"Total","Pago de la deuda - Intereses","Pago de la deuda - Principal","Subsidios Municipal","Transferencia de activos"]
[null,{"$f":"C4+D4+E4+F4","v":180500067.90935352},{"$f":"'Project Finance Model'!E241","v":68100358.990340903},{"$f":"'Project Finance Model'!E242","v":112399708.91901262},{"$f":"SUM('Project Finance Model'!$F$157:$AM$157)","v":0},{"$f":"SUM('Project Finance Model'!$F$243:$AM$243)","v":0}]