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[null,null,"ACTIVAR MACRO PARA ACCEDER AL CONTENIDO"]

{"sheet":"Global Financial Model","index":1,"n_rows":125,"n_cols":46,"rows_kept":125,"cut":false,"hidden":true,"merged":[[3,1,6,1],[34,2,34,8]]}
[]
[]
[]
[null,"Legenda","Dato de entrada"]
[null,null,"Celda llave"]
[null,null,"Error"]
[null,null,"Dato calculado"]
[]
[]
[null,"DATOS"]
[null,"Inversion inicial (USD 2015)",39874145.810092479]
[null,"Inversion inicial con inflacion (USD valor nominal)",41359090.338681377]
[null,"Inflacion sobre inversion inicial (USD valor nominal)",1484944.5285888985]
[null,"Locales comerciales (m2)",500]
[null,"Alquiler mensual de locales comerciales ($/m2)",20]
[null,"Depreciation de activos "]
[null,"Duracion de vida infinida",0.21376957901231036,"de los activos"]
[null,"Duracion de vida de 50 años",0.35463331769821127,"de los activos"]
[null,"Duracion de vida de 40 años",0.32430865787433183,"de los activos"]
[null,"Duracion de vida de 15 años",0.10416056794442816,"de los activos"]
[null,"Duracion de vida de 10 años",8.2864192750210452E-2,"de los activos"]
[null,"Duracion de vida de 5 años",7.6713416617465715E-3,"de los activos"]
[null,"Renta concesional",0,"de la Utilitad neta de operacion antes de impuestos"]
[null,"Impuesto a la renta",0.35,"Impuesto a la renta para sociedades en Ecuador"]
[null,"Hipotesis general de Inflacion 2019 - 2050 ",0.02]
[null,"Tasa de actualizacion",0.13]
[]
[]
[null,null,"Tarifa (USD 2019)"]
[null,null,"1,00$"]
[null,"TRI 30 años",{"$f":"AJ104","v":-5.4589409799447486E-2}]
[null,"VAN 30 años",{"$f":"AJ116","v":-32163776.496662993}]
[]
[]
[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",{"$f":"H112","v":0.87490888069719841},{"$f":"M112","v":0.94594680249417429},{"$f":"R112","v":0.99078291848305289},{"$f":"W112","v":1.0973602956898338},{"$f":"AB112","v":1.2004452210738492},{"$f":"AG112","v":1.1984258500470693},{"$f":"AL112","v":1.1518595666421834}]
[null,"Margen neta de la operacion",{"$f":"H113","v":-0.12509111930280159},{"$f":"M113","v":-5.4053197505825712E-2},{"$f":"R113","v":-9.2170815169471121E-3},{"$f":"W113","v":9.7360295689833842E-2},{"$f":"AB113","v":0.20044522107384921},{"$f":"AG113","v":0.19842585004706925},{"$f":"AL113","v":0.15185956664218336}]
[]
[]
[]
[]
[]
[]
[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",0,0,0,0,1926698.746692376,1980579.3632919681,2028140.719677157,2076861.631417088,3828664.762976246,2177897.5272806082,2230272.0286861164,2283925.1569214584,2338888.5686306343,4265150.2289833343,2452876.8597235759,2511969.1040900447,2572506.4037966132,2634524.5929118441,4752674.1063268119,2763151.4997996995,2829836.4791418356,2898154.918604977,2968147.3884410961,5297363.0758239375,3113321.8301148945,3188590.1509954371,3265705.2543578921,3344713.0810981416,5906098.8510784302,3508596.4860278256,3593569.8530826354,3680631.5826043328,3769833.7066777111,6586613.6294689225,3954873.8658245951,4050822.6655591386,4149133.4588691094,4249865.1874816325,7347597.9044297198,4458834.7040610202,4567197.9773210976,4678233.2356635621,4792007.2602869971,8198822.2760252357]
[null,"Trafico anual",0,0,0,0,1978410.9015598835,2637881.2020798451,2681907.517405482,2725933.8327311184,2769960.1480567558,2813986.4633823927,2858012.7787080291,2912105.1026703096,2966197.4266325901,3020289.7505948711,3074382.0745571516,3128474.3985194322,3201102.264915837,3273730.1313122408,3346357.9977086452,3418985.8641050495,3491613.7305014539,3593154.2257865504,3694694.7210716479,3796235.2163567455,3897775.711641843,3999316.2069269414,3999316.2069269414,3999316.2069269414,3999316.2069269414,3999316.2069269414,3999316.2069269414,3999316.2069269414,3999316.2069269414,3999316.2069269414,3999316.2069269414,3999316.2069269414,3999316.2069269414,3999316.2069269414,3999316.2069269414,3999316.2069269414,3999316.2069269414,3999316.2069269414,3999316.2069269414,3999316.2069269414]
[null,"Ingresos de pasajeros (valor actualizado)",0,0,0,0,1207819.8554023087,1610426.4738697456,1711801.8959176568,1739902.913404495,1839431.2896993426,1868667.5882926488,1974579.2039161474,2011951.1774717376,2132115.8063288308,2170997.6076160665,2299158.5370229967,2339611.163082236,2490640.075052666,2547148.6960345735,2708845.0726239476,2767636.6418935247,2940615.9108940894,3026132.7002877835,3237360.1290646102,3326331.7967498098,3553281.7243981827,3645847.8474578653,3793140.1004951629,3793140.1004951629,3946382.9605551669,3946382.9605551669,4105816.832161596,4105816.832161596,4271691.8321809238,4271691.8321809238,4444268.1822010335,4444268.1822010335,4623816.6167619554,4623816.6167619554,4810618.8080791393,4810618.8080791393,5004967.8079255363,5004967.8079255363,5207168.5073657278,5207168.5073657278]
[null,"Alquiler de areas comerciales (valor actualizado)",0,0,0,0,{"$f":"$C$14*$C$15*12","v":120000},{"$f":"$G$54*((1+$C$25)^G48)","v":122400},124848,127344.95999999999,129891.85919999999,132489.69638400001,135139.49031168001,137842.28011791359,140599.12572027187,143411.10823467729,146279.33039937084,149204.91700735825,152189.01534750542,155232.79565445552,158337.45156754466,161504.20059889552,164734.28461087344,168028.97030309093,171389.54970915272,174817.34070333577,178313.68751740252,181879.96126775054,185517.56049310556,189227.91170296766,193012.469937027,196872.71933576756,200810.17372248293,204826.37719693253,208922.90474087122,213101.36283568863,217363.39009240241,221710.65789425041,226144.87105213548,230667.76847317821,235281.12384264174,239986.74631949456,244786.48124588444,249682.21087080217,254675.85508821823,259769.3721899825]
[]
[null,"Activos iniciales - Depreciacion 50 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$18/50","v":-293346.22847573226},-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226]
[null,"Activos iniciales - Depreciacion 40 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$19/40","v":-335327.77696602501},-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501]
[null,"Activos iniciales - Depreciacion 15 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$20/15","v":-287199.08928946423},-287199.08928946423,-287199.08928946423,-287199.08928946423,-287199.08928946423,-287199.08928946423,-287199.08928946423,-287199.08928946423,-287199.08928946423,-287199.08928946423,-287199.08928946423,-287199.08928946423,-287199.08928946423,-287199.08928946423,-287199.08928946423,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 10 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$21/10","v":-342718.76337978605},-342718.76337978605,-342718.76337978605,-342718.76337978605,-342718.76337978605,-342718.76337978605,-342718.76337978605,-342718.76337978605,-342718.76337978605,-342718.76337978605,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 5 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-63455.942561413314},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-63455.942561413314},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-63455.942561413314},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-63455.942561413314},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-63455.942561413314},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Valor residual",0,0,0,0,{"$f":"-(SUM(C96:F96))+SUM(G56:G60)","v":40037042.538008958},{"$f":"G61+SUM(H56:H60)","v":38714994.737336539},{"$f":"H61+SUM(I56:I60)","v":37392946.936664119},36070899.1359917,34748851.335319281,33490259.477208272,32231667.619097263,30973075.760986254,29714483.902875245,28455892.044764236,27540018.950033013,26624145.85530179,25708272.760570567,24792399.665839344,23876526.571108121,23247852.565666363,22619178.560224604,21990504.554782845,21361830.549341086,20733156.543899328,20104482.538457569,19475808.53301581,18847134.527574051,18218460.522132292,17589786.516690534,16961112.511248775,16332438.505807018,15703764.500365261,15075090.494923504,14446416.489481747,13817742.48403999,13189068.478598233,12560394.473156476,11931720.467714719,11303046.462272963,10674372.456831206,10045698.451389449,9417024.4459476918,8788350.4405059349,8159676.435064178]
[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$97)/10","v":-437869.96230797621},{"$f":"SUM($P$97:$Q$97)/10","v":-437869.96230797621},-437869.96230797621,-437869.96230797621,-437869.96230797621,-437869.96230797621,-437869.96230797621,-437869.96230797621,-437869.96230797621,-437869.96230797621,-437869.96230797621,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos nuevos 1 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-SUM(P97:Q97)","v":4378699.6230797619},{"$f":"R63+S62","v":3940829.6607717858},{"$f":"S63+T62","v":3502959.6984638097},3065089.7361558336,2627219.7738478575,2189349.8115398814,1751479.8492319053,1313609.8869239292,875739.924615953,437869.96230797679,5.8207660913467407E-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$97)/15","v":-396740.77705937228},-396740.77705937228,-396740.77705937228,-396740.77705937228,-396740.77705937228,-396740.77705937228,-396740.77705937228,-396740.77705937228,-396740.77705937228,-396740.77705937228,-396740.77705937228,-396740.77705937228,-396740.77705937228,-396740.77705937228,-396740.77705937228,0,0,{"$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$97))+X64","v":5554370.8788312115},{"$f":"X65+Y64","v":5157630.101771839},{"$f":"Y65+Z64","v":4760889.3247124664},4364148.5476530939,3967407.7705937214,3570666.9935343489,3173926.2164749764,2777185.4394156039,2380444.6623562314,1983703.8852968591,1586963.1082374868,1190222.3311781145,793481.55411874224,396740.77705936995,-2.3283064365386963E-9,0,0,{"$f":"AN65+AO64","v":0},0,0,0,0,0]
[null,"Activos nuevos 3 - Depreciacion 10 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($AA$97:$AB$97)/10","v":-543344.28717568109},{"$f":"SUM($AA$97:$AB$97)/10","v":-543344.28717568109},-543344.28717568109,-543344.28717568109,-543344.28717568109,-543344.28717568109,-543344.28717568109,-543344.28717568109,-543344.28717568109,-543344.28717568109,-543344.28717568109,0,{"$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":5433442.8717568107},{"$f":"AC67+AD66","v":4890098.5845811293},{"$f":"AD67+AE66","v":4346754.2974054478},3803410.0102297668,3260065.7230540859,2716721.4358784049,2173377.1487027239,1630032.8615270429,1086688.574351362,543344.28717568086,0,0,{"$f":"AN67+AO66","v":0},0,0,0,0,0]
[null,"Activos nuevos 4 - Depreciacion 15 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($AL$97:$AN$97)/14","v":-1049953.732447413},{"$f":"SUM($AL$97:$AN$97)/14","v":-1049953.732447413},-1049953.732447413,-1049953.732447413,-1049953.732447413,-1049953.732447413]
[null,"Activos nuevos 4 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-(SUM(AL97:AN97))-AO68","v":15749305.986711195},{"$f":"AO69+AP68","v":14699352.254263781},{"$f":"AP69+AQ68","v":13649398.521816367},12599444.789368954,11549491.05692154,10499537.324474126]
[null,"Depreciacion de activos",0,0,0,0,{"$f":"SUM(G56:G60)+G62+G64+G66+G68","v":-1322047.800672421},{"$f":"SUM(H56:H60)+H62+H64+H66+H68","v":-1322047.800672421},-1322047.800672421,-1322047.800672421,-1322047.800672421,-1258591.8581110076,-1258591.8581110076,-1258591.8581110076,-1258591.8581110076,-1258591.8581110076,-915873.09473122144,-1353743.0570391975,-1353743.0570391975,-1353743.0570391975,-1353743.0570391975,-1066543.9677497335,-1066543.9677497335,-1463284.7448091058,-1463284.7448091058,-1463284.7448091058,-1463284.7448091058,-1463284.7448091058,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1172018.2926174384,-628674.00544175727,-1678627.7378891702,-1678627.7378891702,-1678627.7378891702,-1678627.7378891702,-1678627.7378891702,-1678627.7378891702]
[null,"Valor residual de activos",{"$f":"C61+C65+C69","v":0},{"$f":"D61+D65+D69","v":0},0,0,{"$f":"G61+G63+G65+G67+G69","v":40037042.538008958},{"$f":"H61+H63+H65+H67+H69","v":38714994.737336539},37392946.936664119,36070899.1359917,34748851.335319281,33490259.477208272,32231667.619097263,30973075.760986254,29714483.902875245,28455892.044764236,27540018.950033013,31002845.478381552,29649102.421342354,28295359.364303153,26941616.307263955,25875072.339514218,24808528.371764485,29296355.282845963,27833070.538036853,26369785.793227747,24906501.048418641,23443216.303609531,27851244.392865211,26282485.323188398,24713726.253511585,23144967.183834773,21576208.114157964,20007449.044481151,18438689.974804342,16869930.905127533,15301171.835450724,13732412.765773913,12560394.473156476,11931720.467714719,27052352.448984157,25373724.711094987,23695096.973205816,22016469.235316645,20337841.497427475,18659213.759538304]
[]
[]
[null,"A. GASTOS "]
[null,"1. Costos anuales de O&M",0,0,0,0,{"$f":"-G51","v":-1926698.746692376},{"$f":"-H51","v":-1980579.3632919681},-2028140.719677157,-2076861.631417088,-3828664.762976246,-2177897.5272806082,-2230272.0286861164,-2283925.1569214584,-2338888.5686306343,-4265150.2289833343,-2452876.8597235759,-2511969.1040900447,-2572506.4037966132,-2634524.5929118441,-4752674.1063268119,-2763151.4997996995,-2829836.4791418356,-2898154.918604977,-2968147.3884410961,-5297363.0758239375,-3113321.8301148945,-3188590.1509954371,-3265705.2543578921,-3344713.0810981416,-5906098.8510784302,-3508596.4860278256,-3593569.8530826354,-3680631.5826043328,-3769833.7066777111,-6586613.6294689225,-3954873.8658245951,-4050822.6655591386,-4149133.4588691094,-4249865.1874816325,-7347597.9044297198,-4458834.7040610202,-4567197.9773210976,-4678233.2356635621,-4792007.2602869971,-8198822.2760252357]
[null,"Gasto totale",null,null,null,null,{"$f":"G75","v":-1926698.746692376},{"$f":"H75","v":-1980579.3632919681},-2028140.719677157,-2076861.631417088,-3828664.762976246,-2177897.5272806082,-2230272.0286861164,-2283925.1569214584,-2338888.5686306343,-4265150.2289833343,-2452876.8597235759,-2511969.1040900447,-2572506.4037966132,-2634524.5929118441,-4752674.1063268119,-2763151.4997996995,-2829836.4791418356,-2898154.918604977,-2968147.3884410961,-5297363.0758239375,-3113321.8301148945,-3188590.1509954371,-3265705.2543578921,-3344713.0810981416,-5906098.8510784302,-3508596.4860278256,-3593569.8530826354,-3680631.5826043328,-3769833.7066777111,-6586613.6294689225,-3954873.8658245951,-4050822.6655591386,-4149133.4588691094,-4249865.1874816325,-7347597.9044297198,-4458834.7040610202,-4567197.9773210976,-4678233.2356635621,-4792007.2602869971,-8198822.2760252357]
[]
[null,"B. INGRESOS"]
[null,"1. Ingresos de pasajeros",0,0,0,0,{"$f":"G53","v":1207819.8554023087},1610426.4738697456,1711801.8959176568,1739902.913404495,1839431.2896993426,1868667.5882926488,1974579.2039161474,2011951.1774717376,2132115.8063288308,2170997.6076160665,2299158.5370229967,2339611.163082236,2490640.075052666,2547148.6960345735,2708845.0726239476,2767636.6418935247,2940615.9108940894,3026132.7002877835,3237360.1290646102,3326331.7967498098,3553281.7243981827,3645847.8474578653,3793140.1004951629,3793140.1004951629,3946382.9605551669,3946382.9605551669,4105816.832161596,4105816.832161596,4271691.8321809238,4271691.8321809238,4444268.1822010335,4444268.1822010335,4623816.6167619554,4623816.6167619554,4810618.8080791393,4810618.8080791393,5004967.8079255363,5004967.8079255363,5207168.5073657278,5207168.5073657278]
[null,"2. Ingresos comerciales",0,0,0,0,120000,122400,124848,127344.95999999999,129891.85919999999,132489.69638400001,135139.49031168001,137842.28011791359,140599.12572027187,143411.10823467729,146279.33039937084,149204.91700735825,152189.01534750542,155232.79565445552,158337.45156754466,161504.20059889552,164734.28461087344,168028.97030309093,171389.54970915272,174817.34070333577,178313.68751740252,181879.96126775054,185517.56049310556,189227.91170296766,193012.469937027,196872.71933576756,200810.17372248293,204826.37719693253,208922.90474087122,213101.36283568863,217363.39009240241,221710.65789425041,226144.87105213548,230667.76847317821,235281.12384264174,239986.74631949456,244786.48124588444,249682.21087080217,254675.85508821823,259769.3721899825]
[null,"Ingreso totale",0,0,0,0,{"$f":"G79+G80","v":1327819.8554023087},{"$f":"H79+H80","v":1732826.4738697456},1836649.8959176568,1867247.873404495,1969323.1488993426,2001157.2846766487,2109718.6942278272,2149793.457589651,2272714.9320491026,2314408.7158507439,2445437.8674223674,2488816.0800895942,2642829.0904001715,2702381.4916890291,2867182.5241914922,2929140.8424924202,3105350.1955049629,3194161.6705908743,3408749.6787737631,3501149.1374531453,3731595.4119155854,3827727.808725616,3978657.6609882684,3982368.0121981306,4139395.4304921939,4143255.6798909344,4306627.0058840793,4310643.2093585283,4480614.7369217947,4484793.1950166123,4661631.5722934362,4665978.8400952835,4849961.4878140911,4854484.3852351336,5045899.931921781,5050605.5543986335,5249754.289171421,5254650.0187963387,5461844.3624539459,5466937.8795557106]
[]
[null,"Flujo de caja neto (Ingreso total - Gasto total)",null,null,null,null,{"$f":"G81+G76","v":-598878.89129006723},{"$f":"H81+H76","v":-247752.88942222251},-191490.82375950017,-209613.75801259303,-1859341.6140769033,-176740.24260395952,-120553.3344582892,-134131.69933180744,-66173.636581531726,-1950741.5131325903,-7438.9923012084328,-23153.024000450503,70322.68660355825,67856.898777185008,-1885491.5821353197,165989.3426927207,275513.71636312734,296006.75198589731,440602.29033266706,-1796213.9383707922,618273.58180069085,639137.65773017891,712952.40663037635,637654.93109998899,-1766703.4205862363,634659.19386310875,713057.15280144382,630011.62675419543,710781.03024408361,-2101820.4344523102,706757.70646884106,615156.17453614483,700828.02894498175,604619.19775350112,-2301697.9725079387,591770.85033761337,682556.31185032334,576416.78313277662,669837.10216694884,-2731884.3964695251]
[]
[null,"C. FLUJO DE CAJA DE OPERACION"]
[null,"1. Utilitad antes de impuestos",0,0,0,0,{"$f":"G83","v":-598878.89129006723},{"$f":"H83","v":-247752.88942222251},-191490.82375950017,-209613.75801259303,-1859341.6140769033,-176740.24260395952,-120553.3344582892,-134131.69933180744,-66173.636581531726,-1950741.5131325903,-7438.9923012084328,-23153.024000450503,70322.68660355825,67856.898777185008,-1885491.5821353197,165989.3426927207,275513.71636312734,296006.75198589731,440602.29033266706,-1796213.9383707922,618273.58180069085,639137.65773017891,712952.40663037635,637654.93109998899,-1766703.4205862363,634659.19386310875,713057.15280144382,630011.62675419543,710781.03024408361,-2101820.4344523102,706757.70646884106,615156.17453614483,700828.02894498175,604619.19775350112,-2301697.9725079387,591770.85033761337,682556.31185032334,576416.78313277662,669837.10216694884,-2731884.3964695251]
[null,"2. Renta concessional",0,0,0,0,{"$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":-1322047.800672421},{"$f":"H70","v":-1322047.800672421},-1322047.800672421,-1322047.800672421,-1322047.800672421,-1258591.8581110076,-1258591.8581110076,-1258591.8581110076,-1258591.8581110076,-1258591.8581110076,-915873.09473122144,-1353743.0570391975,-1353743.0570391975,-1353743.0570391975,-1353743.0570391975,-1066543.9677497335,-1066543.9677497335,-1463284.7448091058,-1463284.7448091058,-1463284.7448091058,-1463284.7448091058,-1463284.7448091058,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1172018.2926174384,-628674.00544175727,-1678627.7378891702,-1678627.7378891702,-1678627.7378891702,-1678627.7378891702,-1678627.7378891702,-1678627.7378891702]
[null,"4. Base imponible ( 1-2-3)",0,0,0,0,{"$f":"G86+G87+G88","v":-1920926.6919624882},-1569800.6900946435,-1513538.6244319212,-1531661.558685014,-3181389.4147493243,-1435332.1007149671,-1379145.1925692968,-1392723.557442815,-1324765.4946925393,-3209333.3712435979,-923312.08703242987,-1376896.081039648,-1283420.3704356393,-1285886.1582620125,-3239234.6391745172,-900554.62505701277,-791030.25138660613,-1167277.9928232084,-1022682.4544764387,-3259498.6831798982,-845011.16300841491,-824147.08707892685,-855806.66304643429,-931104.13857682166,-3335462.4902630467,-934099.87581370189,-855701.91687536682,-938747.44292261521,-857978.03943272703,-3670579.5041291211,-862001.36320796958,-953602.89514066582,-471190.26367245661,-24054.807688256144,-3980325.7103971089,-1086856.8875515568,-996071.42603884684,-1102210.9547563936,-1008790.6357222213,-4410512.1343586948]
[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$24*H89,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"6. Utilidad despues de impuestos",0,0,0,0,{"$f":"G89+G90","v":-1920926.6919624882},{"$f":"H89+H90","v":-1569800.6900946435},-1513538.6244319212,-1531661.558685014,-3181389.4147493243,-1435332.1007149671,-1379145.1925692968,-1392723.557442815,-1324765.4946925393,-3209333.3712435979,-923312.08703242987,-1376896.081039648,-1283420.3704356393,-1285886.1582620125,-3239234.6391745172,-900554.62505701277,-791030.25138660613,-1167277.9928232084,-1022682.4544764387,-3259498.6831798982,-845011.16300841491,-824147.08707892685,-855806.66304643429,-931104.13857682166,-3335462.4902630467,-934099.87581370189,-855701.91687536682,-938747.44292261521,-857978.03943272703,-3670579.5041291211,-862001.36320796958,-953602.89514066582,-471190.26367245661,-24054.807688256144,-3980325.7103971089,-1086856.8875515568,-996071.42603884684,-1102210.9547563936,-1008790.6357222213,-4410512.1343586948]
[null,"7.Depreciacion (agrego)",0,0,0,0,{"$f":"-G88","v":1322047.800672421},{"$f":"-H88","v":1322047.800672421},1322047.800672421,1322047.800672421,1322047.800672421,1258591.8581110076,1258591.8581110076,1258591.8581110076,1258591.8581110076,1258591.8581110076,915873.09473122144,1353743.0570391975,1353743.0570391975,1353743.0570391975,1353743.0570391975,1066543.9677497335,1066543.9677497335,1463284.7448091058,1463284.7448091058,1463284.7448091058,1463284.7448091058,1463284.7448091058,1568759.0696768106,1568759.0696768106,1568759.0696768106,1568759.0696768106,1568759.0696768106,1568759.0696768106,1568759.0696768106,1568759.0696768106,1568759.0696768106,1568759.0696768106,1172018.2926174384,628674.00544175727,1678627.7378891702,1678627.7378891702,1678627.7378891702,1678627.7378891702,1678627.7378891702,1678627.7378891702]
[null,"Flujo de caja de operacion (6+7)",null,null,null,null,{"$f":"G91+G92","v":-598878.89129006723},{"$f":"H91+H92","v":-247752.88942222251},-191490.82375950017,-209613.75801259303,-1859341.6140769033,-176740.24260395952,-120553.3344582892,-134131.69933180744,-66173.636581531726,-1950741.5131325903,-7438.9923012084328,-23153.024000450503,70322.68660355825,67856.898777185008,-1885491.5821353197,165989.3426927207,275513.71636312734,296006.75198589731,440602.29033266706,-1796213.9383707924,618273.58180069085,639137.65773017891,712952.40663037635,637654.93109998899,-1766703.4205862361,634659.19386310875,713057.15280144382,630011.62675419543,710781.03024408361,-2101820.4344523102,706757.70646884106,615156.17453614483,700828.02894498175,604619.19775350112,-2301697.9725079387,591770.85033761337,682556.31185032334,576416.78313277662,669837.10216694884,-2731884.3964695246]
[]
[null,"D. FLUJO DE CAJA DE INVERSION"]
[null," 1. Inversion inicial",-2224537.6380212083,-8782846.8575590942,-20811631.432202198,-9540074.4108988792]
[null," 2. Nuevos equipos",null,null,null,null,0,0,0,0,0,0,0,0,0,-1953254.2888622046,-2425445.3342175577,0,0,0,-1180602.8757857406,-3072787.0156307342,-1697721.7644741083,0,0,0,-2423752.9593432397,-3009689.9124135715,0,0,0,0,0,0,0,0,0,-4637465.5161683941,-7780574.1960031521,-2281312.5420922334,0,0,0,0,0,0]
[null," 3. Valor residual despues tasas",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AJ71","v":16869930.905127533},null,null,null,null,null,null,null,null,null,{"$f":"AT71","v":18659213.759538304}]
[null,"Flujo de caja del capital",{"$f":"C96+C97+C98","v":-2224537.6380212083},-8782846.8575590942,-20811631.432202198,-9540074.4108988792,0,0,0,0,0,0,0,0,0,-1953254.2888622046,-2425445.3342175577,0,0,0,-1180602.8757857406,-3072787.0156307342,-1697721.7644741083,0,0,0,-2423752.9593432397,-3009689.9124135715,0,0,0,0,0,0,0,16869930.905127533,0,-4637465.5161683941,-7780574.1960031521,-2281312.5420922334,0,0,0,0,0,18659213.759538304]
[]
[null,null,null,null,"Inversion inicial con la inflacion",{"$f":"C99+D99+E99+F99","v":-41359090.338681377}]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C93+C99","v":-2224537.6380212083},-8782846.8575590942,-20811631.432202198,-9540074.4108988792,-598878.89129006723,-247752.88942222251,-191490.82375950017,-209613.75801259303,-1859341.6140769033,-176740.24260395952,-120553.3344582892,-134131.69933180744,-66173.636581531726,-3903995.801994795,-2432884.3265187661,-23153.024000450503,70322.68660355825,67856.898777185008,-3066094.4579210603,-2906797.6729380134,-1422208.048110981,296006.75198589731,440602.29033266706,-1796213.9383707924,-1805479.3775425488,-2370552.2546833926,712952.40663037635,637654.93109998899,-1766703.4205862361,634659.19386310875,713057.15280144382,630011.62675419543,710781.03024408361,14768110.470675223]
[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,{"$f":"IRR(C103:AJ103)","v":-5.4589409799447486E-2}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C93+C99","v":-2224537.6380212083},{"$f":"D93+D99","v":-8782846.8575590942},-20811631.432202198,-9540074.4108988792,-598878.89129006723,-247752.88942222251,-191490.82375950017,-209613.75801259303,-1859341.6140769033,-176740.24260395952,-120553.3344582892,-134131.69933180744,-66173.636581531726,-3903995.801994795,-2432884.3265187661,-23153.024000450503,70322.68660355825,67856.898777185008,-3066094.4579210603,-2906797.6729380134,-1422208.048110981,296006.75198589731,440602.29033266706,-1796213.9383707924,-1805479.3775425488,-2370552.2546833926,712952.40663037635,637654.93109998899,-1766703.4205862361,634659.19386310875,713057.15280144382,630011.62675419543,710781.03024408361,{"$f":"AJ93+AJ97","v":-2101820.4344523102},706757.70646884106,-4022309.3416322493,-7079746.1670581698,-1676693.3443387323,-2301697.9725079387,591770.85033761337,682556.31185032334,576416.78313277662,669837.10216694884,15927329.36306878]
[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,{"$f":"IRR(C106:AT106)","v":-5.8343697960570151E-2}]
[]
[null,"EBE (Excedente Bruto de Explotacion)",{"$f":"C83","v":0},{"$f":"D83","v":0},0,0,-598878.89129006723,-247752.88942222251,-191490.82375950017,-209613.75801259303,-1859341.6140769033,-176740.24260395952,-120553.3344582892,-134131.69933180744,-66173.636581531726,-1950741.5131325903,-7438.9923012084328,-23153.024000450503,70322.68660355825,67856.898777185008,-1885491.5821353197,165989.3426927207,275513.71636312734,296006.75198589731,440602.29033266706,-1796213.9383707922,618273.58180069085,639137.65773017891,712952.40663037635,637654.93109998899,-1766703.4205862363,634659.19386310875,713057.15280144382,630011.62675419543,710781.03024408361,-2101820.4344523102,706757.70646884106,615156.17453614483,700828.02894498175,604619.19775350112,-2301697.9725079387,591770.85033761337,682556.31185032334,576416.78313277662,669837.10216694884,-2731884.3964695251]
[null,"ENE (Excedente Neto de Explotacion)",{"$f":"C109+C70","v":0},{"$f":"D109+D70","v":0},0,0,-1920926.6919624882,-1569800.6900946435,-1513538.6244319212,-1531661.558685014,-3181389.4147493243,-1435332.1007149671,-1379145.1925692968,-1392723.557442815,-1324765.4946925393,-3209333.3712435979,-923312.08703242987,-1376896.081039648,-1283420.3704356393,-1285886.1582620125,-3239234.6391745172,-900554.62505701277,-791030.25138660613,-1167277.9928232084,-1022682.4544764387,-3259498.6831798982,-845011.16300841491,-824147.08707892685,-855806.66304643429,-931104.13857682166,-3335462.4902630467,-934099.87581370189,-855701.91687536682,-938747.44292261521,-857978.03943272703,-3670579.5041291211,-862001.36320796958,-953602.89514066582,-471190.26367245661,-24054.807688256144,-3980325.7103971089,-1086856.8875515568,-996071.42603884684,-1102210.9547563936,-1008790.6357222213,-4410512.1343586948]
[]
[null,"Ratio de coberture (Ingresos/Egresos)",null,null,null,null,{"$f":"ABS(G81)/ABS(G76)","v":0.68916838072470776},{"$f":"ABS(H81)/ABS(H76)","v":0.87490888069719841},0.90558306832378865,0.89907187130730082,0.51436291000010981,0.91884822844505321,0.94594680249417429,0.94127141210152188,0.971707229891557,0.54263240251737155,0.99696723776747331,0.99078291848305289,1.0273362532741506,1.0257567907924463,0.60327774639011489,1.0600724725751567,1.0973602956898338,1.1021362764583957,1.1484435348623561,0.66092300779451219,1.198589678657755,1.2004452210738492,1.2183149889840741,1.1906456295768824,0.70086795613594521,1.1808869148648162,1.1984258500470693,1.171169434542648,1.1885443989173949,0.68089513782186439,1.178705498695211,1.1518595666421834,1.1689094930043538,1.1422678534684965,0.68674143543969779,1.1327187235262701,1.1494474982778562,1.1232124937120664,1.1397821551144378,0.66679550983096392]
[null,"Margen neta de la operacion",null,null,null,null,{"$f":"G112-1","v":-0.31083161927529224},{"$f":"H112-1","v":-0.12509111930280159},-9.4416931676211346E-2,-0.10092812869269918,-0.48563708999989019,-8.1151771554946794E-2,-5.4053197505825712E-2,-5.8728587898478124E-2,-2.8292770108442999E-2,-0.45736759748262845,-3.0327622325266868E-3,-9.2170815169471121E-3,2.7336253274150568E-2,2.5756790792446305E-2,-0.39672225360988511,6.0072472575156688E-2,9.7360295689833842E-2,0.10213627645839574,0.14844353486235606,-0.33907699220548781,0.19858967865775501,0.20044522107384921,0.21831498898407409,0.19064562957688236,-0.29913204386405479,0.18088691486481623,0.19842585004706925,0.17116943454264799,0.18854439891739494,-0.31910486217813561,0.17870549869521102,0.15185956664218336,0.16890949300435376,0.14226785346849646,-0.31325856456030221,0.13271872352627012,0.14944749827785619,0.12321249371206644,0.13978215511443781,-0.33320449016903608]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C103","v":-2224537.6380212083},{"$f":"D103","v":-8782846.8575590942},-20811631.432202198,-9540074.4108988792,-598878.89129006723,-247752.88942222251,-191490.82375950017,-209613.75801259303,-1859341.6140769033,-176740.24260395952,-120553.3344582892,-134131.69933180744,-66173.636581531726,-3903995.801994795,-2432884.3265187661,-23153.024000450503,70322.68660355825,67856.898777185008,-3066094.4579210603,-2906797.6729380134,-1422208.048110981,296006.75198589731,440602.29033266706,-1796213.9383707924,-1805479.3775425488,-2370552.2546833926,712952.40663037635,637654.93109998899,-1766703.4205862361,634659.19386310875,713057.15280144382,630011.62675419543,710781.03024408361,14768110.470675223]
[null,"VAN (30 años]",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"NPV(C26,C115:AJ115)","v":-32163776.496662993}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C106","v":-2224537.6380212083},{"$f":"D106","v":-8782846.8575590942},-20811631.432202198,-9540074.4108988792,-598878.89129006723,-247752.88942222251,-191490.82375950017,-209613.75801259303,-1859341.6140769033,-176740.24260395952,-120553.3344582892,-134131.69933180744,-66173.636581531726,-3903995.801994795,-2432884.3265187661,-23153.024000450503,70322.68660355825,67856.898777185008,-3066094.4579210603,-2906797.6729380134,-1422208.048110981,296006.75198589731,440602.29033266706,-1796213.9383707924,-1805479.3775425488,-2370552.2546833926,712952.40663037635,637654.93109998899,-1766703.4205862361,634659.19386310875,713057.15280144382,630011.62675419543,710781.03024408361,-2101820.4344523102,706757.70646884106,-4022309.3416322493,-7079746.1670581698,-1676693.3443387323,-2301697.9725079387,591770.85033761337,682556.31185032334,576416.78313277662,669837.10216694884,15927329.36306878]
[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,{"$f":"NPV(C26,C118:AT118)","v":-32491048.972598709}]
[]
[]
[]
[null,null,-15374793.702004252,-32471752.923079427,-62793043.621870533,-31184167.865535051,4461627.0876138387,7085887.3224892067,7506676.6422383776,7866933.6835564012,4138496.9480227539,8621725.0100111552,9016880.0393200647,9408111.1130052563,9811291.0381158479,3028760.3722510524,6759476.3316930179,11095752.577078201,11666827.927642517,12256200.784473658,5145482.9160697088,4835774.0456957947,9963796.0466147065,14965506.412886936,15819114.660764625,11262213.876171863,14269356.723393489,13717569.790471114,18902277.061604355,19259777.254964769,13648271.158759808,19994678.368752308,20372314.83298843,20756902.165421762,21148563.030060068,14981724.136930339]
[]
[null,null,{"$f":"C123-C103","v":-13150256.063983044},{"$f":"D123-D103","v":-23688906.065520331},-41981412.189668335,-21644093.454636171,5060505.9789039064,7333640.2119114287,7698167.4659978775,8076547.441568994,5997838.562099657,8798465.2526151147,9137433.3737783544,9542242.8123370633,9877464.6746973805,6932756.1742458474,9192360.6582117844,11118905.601078652,11596505.241038959,12188343.885696473,8211577.3739907686,7742571.7186338082,11386004.094725687,14669499.66090104,15378512.370431958,13058427.814542655,16074836.100936037,16088122.045154506,18189324.654973976,18622122.32386478,15414974.579346044,19360019.174889199,19659257.680186987,20126890.538667567,20437781.999815986,213613.66625511646]

{"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",{"$f":"E313","v":1.6999999999778876}]
[null,null,null,{"$f":"E315","v":"2023-12-31"}]
[null,null,"LLCR",{"$f":"E296","v":166354.60377945722}]
[]
[null,null,"NPV project",{"$f":"E255","v":-32489623.260013137}]
[null,null,"IRR Project",{"$f":"E257","v":{"$error":"#NUM!"}}]
[]
[null,null,"PRIVATE FINANCE"]
[null,null,"NPV Equity",{"$f":"IF(E58<0.01,\"N/A\",E272)","v":"N/A"}]
[null,null,"IRR Equity",{"$f":"IF(E58<0.01,\"N/A\",E274)","v":"N/A"}]
[null,null,"Debt / Equity",{"$f":"IF(E58<0.01,\"N/A\",E59)","v":"N/A"}]
[]
[null,null,"Test \"CASH BALANCE > 0\"",{"$f":"IF(MIN(F232:AM232)<0,\"NOK\",\"OK\")","v":"OK"}]
[null,null,"Test \"INITIAL TREASURY\"",{"$f":"IF(I232>J220,\"OK\",\"NOK\")","v":"OK"}]
[]
[null,null,"General inputs"]
[]
[null,null,"Construction Costs (excluding inflation)","USD 2015",{"$f":"'Global Financial Model'!C11","v":39874145.810092479},null," "]
[null,null,"Municipal direct subsidies (yearly)","USD 2015",500000]
[null,null,"Treasury","%",1,"of DSRA"]
[null,null,"Discount Factor (WACC)","%",{"$f":"'Global Financial Model'!C26","v":0.13}]
[]
[null,null,null,null,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,2039,2040,2041,2042,2043,2044,2045,2046,2047,2048]
[null,null,"CPI","%",2.5499999999999998E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[]
[]
[null,null,"Debt Facility"]
[]
[null,null,"Private Facility Limit","USD ",{"$f":"$E$59*E26*E58","v":39.874145810092486}]
[null,null,"Private Amortisation Start","Date",{"$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 ",{"$f":"E26*H58","v":39873747.068634383}]
[null,null,"Municipal Amortisation Start","Date",{"$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 ",{"$f":"E52*E37","v":0.39874145810092487}]
[null,null,"Upfront fee on municipal loan","USD ",{"$f":"E52*E43","v":398737.47068634385}]
[]
[null,null,"FUNDING SCHEME"]
[null,null,"Initial dibursment",null,"YES",{"$f":"IF($E$57=\"NO\",0,1)","v":1},"(if no : Equity is back ended)"]
[null,null,"Private funding vs Municipal funding ratio",null,1.0000000000000001E-5,null,"Initial Municipal debt",{"$f":"1-E58","v":0.99999000000000005}]
[null,null,"Private funding: Inital Debt vs Equity ratio",null,0.1]
[]
[null,null,"INITIAL TREASURY",null,100000]
[]
[]
[null,null,null,null,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,2039,2040,2041,2042,2043,2044,2045,2046,2047,2048]
[null,null,"Private loan - BBSY","% p.a.",3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2]
[null,null,"Municipal loan - BBSY","% p.a.",3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2]
[]
[null,null,"Timing"]
[]
[null,null,null,null,"Construction","Operation"]
[null,null,"Start date",null,"2015-06-01",{"$f":"E73+1","v":"2019-01-01"}]
[null,null,"Duration",null,4,30]
[null,null,"End date",null,{"$f":"DATE(YEAR(E71),MONTH(E72)+E72*12,0)","v":"2018-12-31"},{"$f":"DATE(YEAR(F71),MONTH(F72)+F72*12,0)","v":"2048-12-31"}]
[]
[null,null," ",null," "]
[null,null,null,"Start","End",{"$f":"E71","v":"2015-06-01"},{"$f":"F77+1","v":"2016-01-01"},{"$f":"G77+1","v":"2017-01-01"},"2018-01-01","2019-01-01","2020-01-01","2021-01-01","2022-01-01","2023-01-01","2024-01-01","2025-01-01","2026-01-01","2027-01-01","2028-01-01","2029-01-01","2030-01-01","2031-01-01","2032-01-01","2033-01-01","2034-01-01","2035-01-01","2036-01-01","2037-01-01","2038-01-01","2039-01-01","2040-01-01","2041-01-01","2042-01-01","2043-01-01","2044-01-01","2045-01-01","2046-01-01","2047-01-01","2048-01-01"]
[null,null,null,null,null,{"$f":"DATE(YEAR(F76),12,31)","v":"2015-12-31"},{"$f":"DATE(YEAR(G76),12,31)","v":"2016-12-31"},"2017-12-31","2018-12-31","2019-12-31","2020-12-31","2021-12-31","2022-12-31","2023-12-31","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31","2035-12-31","2036-12-31","2037-12-31","2038-12-31","2039-12-31","2040-12-31","2041-12-31","2042-12-31","2043-12-31","2044-12-31","2045-12-31","2046-12-31","2047-12-31","2048-12-31"]
[null,null,"Construction",{"$f":"E71","v":"2015-06-01"},{"$f":"E73","v":"2018-12-31"},{"$f":"IF(AND(F$76>=$D78,F$77<=$E78),1,0)","v":1},1,1,1,0,0,0,0,0,0,{"$f":"IF(AND(P$76>=$D78,P$77<=$E78),1,0)","v":0},0,0,0,0,0,0,0,0,0,{"$f":"IF(AND(Z$76>=$D78,Z$77<=$E78),1,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Operation",{"$f":"F71","v":"2019-01-01"},{"$f":"F73","v":"2048-12-31"},0,0,0,0,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[]
[null,null,"Number of days","Num#",null,{"$f":"F77-$E$71","v":213},579,944,1309,1674,2040,2405,2770,3135,3501,3866,4231,4596,4962,5327,5692,6057,6423,6788,7153,7518,7884,8249,8614,8979,9345,9710,10075,10440,10806,11171,11536,11901,12267]
[null,null,{"$f":"C29","v":"Discount Factor (WACC)"},{"$f":"D29","v":"%"},null,{"$f":"POWER(1+$E$29,-F81/365)","v":0.93116245416459142},0.82376169317596137,0.72899264882828441,0.64512623790113677,0.57090817513374947,0.50505932975799217,0.4469551590778692,0.39553553900696398,0.35003145044864076,0.30965864119285325,0.27403419574588789,0.24250813782821937,0.2146089715293977,0.18985586131306764,0.16801403656023683,0.14868498810640432,0.13157963549239318,0.11640317200926432,0.10301165664536668,9.1160758093244865E-2,8.0673237250659155E-2,7.1368344174927809E-2,6.3157826703475958E-2,5.5891882038474304E-2,4.9461842511924176E-2,4.3756887912518215E-2,3.8722909657095753E-2,3.4268061643447575E-2,3.0325718268537687E-2,2.682793417619064E-2,2.374153466919526E-2,2.1010207671854207E-2,1.8593104134384256E-2,1.6448565848672027E-2]
[]
[null,null,"Flags & Counters"]
[]
[null,null,"Days in Period","Days",null,{"$f":"F77-F76+1","v":214},366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366]
[null,null,"Year: Calendar","Num#",null,{"$f":"YEAR(F77)","v":2015},2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,2039,2040,2041,2042,2043,2044,2045,2046,2047,2048]
[null,null,"Year: Operations","Num#",null,{"$f":"(E88+1)*F79","v":0},0,0,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,null,"Month: Construction","Num#",null,{"$f":"(E89+MONTH(E73-E71))*F78","v":8},{"$f":"(F89+12)*G78","v":20},32,44,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Year: Construction","Num#",null,{"$f":"(E90+1)*F78","v":1},2,3,4,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Year: Project","Num#",null,{"$f":"IF(F78=1,F90,(E91+1)*F79)","v":1},2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34]
[]
[null,null,null,"Start","End"]
[null,null,"Flag: End of Construction",{"$f":"D78","v":"2015-06-01"},{"$f":"E78","v":"2018-12-31"},{"$f":"IF(AND(F89<>0,G89=0),1,0)","v":0},0,0,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF(AND(AA89<>0,AD89=0),1,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Start","End"]
[null,null,"Flag: Municipal Debt Repayment",{"$f":"E44","v":"2016-12-31"},{"$f":"E46","v":"2031-12-31"},{"$f":"IF(AND(F77>=$D97,F77<=$E97),1,0)","v":0},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Flag: Private Debt Repayment",{"$f":"E38","v":"2019-12-31"},{"$f":"E40","v":"2034-12-31"},{"$f":"IF(AND(F77>=$D98,F77<=$E98),1,0)","v":0},0,0,0,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Technical inputs"]
[]
[null,null,"Construction"]
[null,null,"Construction: CapEx"]
[null,null,"Construction Costs","USD ",{"$f":"SUM(F105:AM105)","v":41359090.338681377},{"$f":"-'Global Financial Model'!C96","v":2224537.6380212083},{"$f":"-'Global Financial Model'!D96","v":8782846.8575590942},{"$f":"-'Global Financial Model'!E96","v":20811631.432202198},{"$f":"-'Global Financial Model'!F96","v":9540074.4108988792},{"$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":15763254.150727157},{"$f":"-'Global Financial Model'!C97","v":0},{"$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":1953254.2888622046},{"$f":"-'Global Financial Model'!Q97","v":2425445.3342175577},{"$f":"-'Global Financial Model'!R97","v":0},{"$f":"-'Global Financial Model'!S97","v":0},{"$f":"-'Global Financial Model'!T97","v":0},{"$f":"-'Global Financial Model'!U97","v":1180602.8757857406},{"$f":"-'Global Financial Model'!V97","v":3072787.0156307342},{"$f":"-'Global Financial Model'!W97","v":1697721.7644741083},{"$f":"-'Global Financial Model'!X97","v":0},{"$f":"-'Global Financial Model'!Y97","v":0},{"$f":"-'Global Financial Model'!Z97","v":0},{"$f":"-'Global Financial Model'!AA97","v":2423752.9593432397},{"$f":"-'Global Financial Model'!AB97","v":3009689.9124135715},{"$f":"-'Global Financial Model'!AC97","v":0},{"$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 ",{"$f":"SUM(F109:AM109)","v":41359090.338681377},{"$f":"F105","v":2224537.6380212083},{"$f":"G105","v":8782846.8575590942},20811631.432202198,9540074.4108988792,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",100000,null,null,null,{"$f":"E61","v":100000}]
[null,null,"Renewal Costs","USD ",15763254.150727157,{"$f":"F106","v":0},{"$f":"G106","v":0},0,0,0,0,0,0,0,0,0,0,0,1953254.2888622046,2425445.3342175577,0,0,0,1180602.8757857406,3072787.0156307342,1697721.7644741083,0,0,0,2423752.9593432397,3009689.9124135715,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Interest During Construction","USD ",3.1540070835863614,{"$f":"F151","v":0},{"$f":"G151","v":0.15615892232872203},{"$f":"H151","v":0.77051695353364857},2.2273312077239908,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB151","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Upfront Fee","USD ",0.39874145810092487,{"$f":"F138","v":0.39874145810092487},{"$f":"G138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB138","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Required Funding","USD ",57222348.042157084,{"$f":"SUM(F109:F113)","v":2224538.0367626664},{"$f":"SUM(G109:G113)","v":8782847.0137180164},{"$f":"SUM(H109:H113)","v":20811632.202719152},9640076.6382300872,0,0,0,0,0,0,0,0,0,1953254.2888622046,2425445.3342175577,0,0,0,1180602.8757857406,3072787.0156307342,1697721.7644741083,0,0,0,2423752.9593432397,3009689.9124135715,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Release","USD ",-15763254.150727157,{"$f":"IF(F79=1,-F114,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-1953254.2888622046,-2425445.3342175577,0,0,0,-1180602.8757857406,-3072787.0156307342,-1697721.7644741083,0,0,0,-2423752.9593432397,-3009689.9124135715,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding through debt","USD ",-41458679.300491005,{"$f":"IF(F78=1,-F114*(1-$E$58),0)","v":-2224515.7913822988},-8782759.1852478795,-20811424.086397126,-9639980.2374637052,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Debt funding","USD ",-39.874145810092486,{"$f":"IF(F78=1,IF($F$57=1,-MIN(F114*$E$59*$E$58,F135),-MIN(F114*$E$58,F135)),0)","v":-2.2245380367626666},-8.7828470137180172,-20.811632202719153,-8.0551285568926474,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sub Total","USD ",374.71679310214643,{"$f":"SUM(F114:F117)","v":20.020842330855388},79.04562312325227,187.30468982293755,88.34563782510125,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Equity Funding","USD ",-374.71679310214643,{"$f":"-F118","v":-20.020842330855388},{"$f":"-G118","v":-79.04562312325227},-187.30468982293755,-88.34563782510125,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AB118","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Funding Shortfall","USD ",0,{"$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},{"$f":"F127","v":2.2245380367626666},{"$f":"G127","v":11.007385050480684},31.819017253199839,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Z127","v":0},{"$f":"AA127","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Disbursement to Fund Project Costs (SPV)","USD ",{"$f":"SUM(F124:AM124)","v":39.874145810092486},{"$f":"-F117","v":2.2245380367626666},8.7828470137180172,20.811632202719153,8.0551285568926474,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":-39.874145810092486},{"$f":"-SUM(F123:F125)*F94","v":0},{"$f":"-SUM(G123:G125)*G94","v":0},{"$f":"-SUM(H123:H125)*H94","v":0},-39.874145810092486,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F123:F126)","v":2.2245380367626666},{"$f":"SUM(G123:G126)","v":11.007385050480684},31.819017253199839,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipaly)","USD ",null,{"$f":"E133","v":0},{"$f":"F133","v":2224515.7913822988},10927640.738802368,31304203.46313142,{"$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 ",{"$f":"SUM(F130:AM130)","v":41458679.300491005},{"$f":"-F116","v":2224515.7913822988},{"$f":"-G116","v":8782759.1852478795},20811424.086397126,9639980.2374637052,{"$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 ",{"$f":"SUM(F131:AM131)","v":-1902678.5810115144},{"$f":"IF(F78=1,-F204,0)","v":0},{"$f":"IF(G78=1,-G204,0)","v":-79634.237827810139},-434861.36206807022,-1388182.9811156341,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",-39556000.719479494,{"$f":"-SUM(F129:F131)*F94","v":0},{"$f":"-SUM(G129:G131)*G94","v":0},{"$f":"-SUM(H129:H131)*H94","v":0},-39556000.719479494,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality)","USD ",null,{"$f":"SUM(F129:F132)","v":2224515.7913822988},{"$f":"SUM(G129:G132)","v":10927640.738802368},31304203.46313142,0,{"$f":"SUM(J129:J132)","v":0},{"$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 ",{"$f":"E37","v":39.874145810092486},{"$f":"MAX(0,$E135-F123)*F78","v":39.874145810092486},37.649607773329819,28.8667607596118,8.0551285568926474,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E43","v":39873747.068634383},{"$f":"MAX(0,$E136-F129)*F78","v":39873747.068634383},37649231.277252086,28946106.329832017,8569543.6055029631,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Upfront Fee (SPV)","USD ",{"$f":"E53","v":0.39874145810092487},{"$f":"$E138*IF(F90=1,1,0)","v":0.39874145810092487},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E54","v":398737.47068634385},{"$f":"$E139*IF(F90=1,1,0)","v":398737.47068634385},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[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 ",{"$f":"SUM(F151:AM151)","v":3.1540070835863614},{"$f":"F144*F123","v":0},0.15615892232872203,0.77051695353364857,2.2273312077239908,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during construction for Municipality",null,{"$f":"SUM(F152:AM152)","v":3112386.4548748666},{"$f":"F149*F129","v":0},156157.36073949872,764934.85171616648,2191294.2424192014,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Operations"]
[null,null,"Revenue"]
[null,null,"Revenue","USD ",{"$f":"SUM(F156:AM156)","v":90252537.0618871},{"$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":1327819.8554023087},{"$f":"'Global Financial Model'!H81","v":1732826.4738697456},{"$f":"'Global Financial Model'!I81","v":1836649.8959176568},{"$f":"'Global Financial Model'!J81","v":1867247.873404495},{"$f":"'Global Financial Model'!K81","v":1969323.1488993426},{"$f":"'Global Financial Model'!L81","v":2001157.2846766487},{"$f":"'Global Financial Model'!M81","v":2109718.6942278272},{"$f":"'Global Financial Model'!N81","v":2149793.457589651},{"$f":"'Global Financial Model'!O81","v":2272714.9320491026},{"$f":"'Global Financial Model'!P81","v":2314408.7158507439},{"$f":"'Global Financial Model'!Q81","v":2445437.8674223674},{"$f":"'Global Financial Model'!R81","v":2488816.0800895942},{"$f":"'Global Financial Model'!S81","v":2642829.0904001715},{"$f":"'Global Financial Model'!T81","v":2702381.4916890291},{"$f":"'Global Financial Model'!U81","v":2867182.5241914922},{"$f":"'Global Financial Model'!V81","v":2929140.8424924202},{"$f":"'Global Financial Model'!W81","v":3105350.1955049629},{"$f":"'Global Financial Model'!X81","v":3194161.6705908743},{"$f":"'Global Financial Model'!Y81","v":3408749.6787737631},{"$f":"'Global Financial Model'!Z81","v":3501149.1374531453},{"$f":"'Global Financial Model'!AA81","v":3731595.4119155854},{"$f":"'Global Financial Model'!AB81","v":3827727.808725616},{"$f":"'Global Financial Model'!AC81","v":3978657.6609882684},{"$f":"'Global Financial Model'!AD81","v":3982368.0121981306},{"$f":"'Global Financial Model'!AE81","v":4139395.4304921939},{"$f":"'Global Financial Model'!AF81","v":4143255.6798909344},{"$f":"'Global Financial Model'!AG81","v":4306627.0058840793},{"$f":"'Global Financial Model'!AH81","v":4310643.2093585283},{"$f":"'Global Financial Model'!AI81","v":4480614.7369217947},{"$f":"'Global Financial Model'!AJ81","v":4484793.1950166123}]
[null,null,"Municipal direct subsidies (if any)","USD ",{"$f":"SUM(F157:AM157)","v":22507806.873348873},0,0,0,0,{"$f":"$E27*(1+E32)*(1+F32)*(1+G32)*(1+H32)","v":552175.66796875},{"$f":"J157*(1+I32)","v":565980.05966796866},577299.66086132801,588845.65407855459,600622.56716012571,612635.0185033282,624887.71887339477,637385.47325086268,650133.18271587999,663135.8463701976,676398.56329760153,689926.53456355352,703725.06525482459,717799.56655992114,732155.55789111962,746798.66904894204,761734.64242992084,776969.33527851931,792508.7219840897,808358.89642377151,824526.07435224694,841016.59583929193,857836.92775607773,874993.66631119931,892493.53963742335,910343.41043017188,928550.27863877534,947121.28421155084,966063.70989578182,985384.98409369751]
[]
[null,null,"OpEx"]
[null,null,"OpEx","USD ",{"$f":"SUM(F160:AM160)","v":96775957.588723645},{"$f":"-'Global Financial Model'!C76","v":0},{"$f":"-'Global Financial Model'!D76","v":0},{"$f":"-'Global Financial Model'!E76","v":0},{"$f":"-'Global Financial Model'!F76","v":0},{"$f":"-'Global Financial Model'!G76","v":1926698.746692376},{"$f":"-'Global Financial Model'!H76","v":1980579.3632919681},{"$f":"-'Global Financial Model'!I76","v":2028140.719677157},{"$f":"-'Global Financial Model'!J76","v":2076861.631417088},{"$f":"-'Global Financial Model'!K76","v":3828664.762976246},{"$f":"-'Global Financial Model'!L76","v":2177897.5272806082},{"$f":"-'Global Financial Model'!M76","v":2230272.0286861164},{"$f":"-'Global Financial Model'!N76","v":2283925.1569214584},{"$f":"-'Global Financial Model'!O76","v":2338888.5686306343},{"$f":"-'Global Financial Model'!P76","v":4265150.2289833343},{"$f":"-'Global Financial Model'!Q76","v":2452876.8597235759},{"$f":"-'Global Financial Model'!R76","v":2511969.1040900447},{"$f":"-'Global Financial Model'!S76","v":2572506.4037966132},{"$f":"-'Global Financial Model'!T76","v":2634524.5929118441},{"$f":"-'Global Financial Model'!U76","v":4752674.1063268119},{"$f":"-'Global Financial Model'!V76","v":2763151.4997996995},{"$f":"-'Global Financial Model'!W76","v":2829836.4791418356},{"$f":"-'Global Financial Model'!X76","v":2898154.918604977},{"$f":"-'Global Financial Model'!Y76","v":2968147.3884410961},{"$f":"-'Global Financial Model'!Z76","v":5297363.0758239375},{"$f":"-'Global Financial Model'!AA76","v":3113321.8301148945},{"$f":"-'Global Financial Model'!AB76","v":3188590.1509954371},{"$f":"-'Global Financial Model'!AC76","v":3265705.2543578921},{"$f":"-'Global Financial Model'!AD76","v":3344713.0810981416},{"$f":"-'Global Financial Model'!AE76","v":5906098.8510784302},{"$f":"-'Global Financial Model'!AF76","v":3508596.4860278256},{"$f":"-'Global Financial Model'!AG76","v":3593569.8530826354},{"$f":"-'Global Financial Model'!AH76","v":3680631.5826043328},{"$f":"-'Global Financial Model'!AI76","v":3769833.7066777111},{"$f":"-'Global Financial Model'!AJ76","v":6586613.6294689225}]
[]
[null,null,"Operation: Debt"]
[null,null,"Balance B/f (SPV)","USD ",null,{"$f":"E166","v":0},{"$f":"F166","v":0},0,0,39.874145810092486,38.44435273624935,36.91681007470924,35.279736397905864,33.528067563726253,31.653781911154066,29.650403445871241,27.504381289600229,25.208137582390247,22.751156815675568,20.123780442691984,17.310560461544853,14.300415081717423,11.079559525302074,7.6339116778765295,3.9460316402550166,-3.5527136788005009E-15,{"$f":"Z166","v":-3.5527136788005009E-15},{"$f":"AA166","v":-3.5527136788005009E-15},-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15]
[null,null,"Refinance @ Completion (SPV)","USD ",{"$f":"SUM(F164:AM164)","v":39.874145810092486},{"$f":"-F126","v":0},0,0,39.874145810092486,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (SPV)","USD ",{"$f":"SUM(F165:AM165)","v":-39.874145810092493},{"$f":"IF(F79=1,-F198,0)","v":0},{"$f":"IF(G79=1,-G198,0)","v":0},0,0,-1.4297930738431384,-1.5275426615401133,-1.6370736768033769,-1.7516688341796125,-1.874285652572186,-2.0033784652828253,-2.1460221562710111,-2.2962437072099822,-2.4569807667146799,-2.6273763729835822,-2.8132199811471308,-3.0101453798274291,-3.2208555564153496,-3.4456478474255441,-3.6878800376215128,-3.9460316402550202,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F163:F165)","v":0},{"$f":"SUM(G163:G165)","v":0},0,39.874145810092486,38.44435273624935,36.91681007470924,35.279736397905864,33.528067563726253,31.653781911154066,29.650403445871241,27.504381289600229,25.208137582390247,22.751156815675568,20.123780442691984,17.310560461544853,14.300415081717423,11.079559525302074,7.6339116778765295,3.9460316402550166,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,{"$f":"SUM(AB163:AB165)","v":-3.5527136788005009E-15},-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15]
[]
[null,null,"Balance B/f (Municipality)","USD ",null,{"$f":"E171","v":0},{"$f":"F171","v":0},0,0,39556000.719479494,37592011.734878935,35492995.63462273,33244269.287846684,30838132.096796311,28263565.302372415,25510746.12059252,22562897.271164946,19408699.002277441,16033706.854567811,12423525.821228784,8559167.4208963364,4424303.932540617,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",{"$f":"SUM(F169:AM169)","v":39556000.719479494},{"$f":"-F132","v":0},0,0,39556000.719479494,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (Municipality)","USD ",{"$f":"SUM(F170:AM170)","v":-39556000.719479501},{"$f":"IF(F79=1,-F204,0)","v":0},{"$f":"IF(G79=1,-G204,0)","v":0},0,0,-1963988.9846005603,-2099016.1002562018,-2248726.3467760473,-2406137.1910503721,-2574566.7944238978,-2752819.1817798968,-2947848.8494275752,-3154198.2688875054,-3374992.14770963,-3610181.0333390268,-3864358.4003324471,-4134863.4883557195,-4424303.9325406197,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality","USD ",null,{"$f":"SUM(F168:F170)","v":0},{"$f":"SUM(G168:G170)","v":0},0,39556000.719479494,37592011.734878935,35492995.63462273,33244269.287846684,30838132.096796311,28263565.302372415,25510746.12059252,22562897.271164946,19408699.002277441,16033706.854567811,12423525.821228784,8559167.4208963364,4424303.932540617,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY","% p.a.",null,{"$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 ",{"$f":"SUM(F183:AM183)","v":27.68498161709293},{"$f":"F176*F163","v":0},0,0,0,2.7911902067064767,2.6987305200924525,2.5841767052296492,2.4695815478534127,2.34696472946084,2.2220435835153038,2.0755282412109888,1.9253066902720177,1.7645696307673189,1.5970939005556324,1.4086646309884401,1.2117392323081408,1.0010290557202206,0.77776691014283106,0.53437381745135759,0.27622221481785142,-2.4868995751603529E-16,-2.4939467442479403E-16,-2.4868995751603529E-16,-2.4868995751603529E-16,-2.4868995751603529E-16,-2.4939467442479403E-16,-2.4868995751603529E-16,-2.4868995751603529E-16,-2.4868995751603529E-16,-2.4939467442479403E-16,-2.4868995751603529E-16,-2.4868995751603529E-16,-2.4868995751603529E-16,-2.4939467442479403E-16]
[null,null,"Interest during Operation for Municipality","USD ",{"$f":"SUM(F184:AM184)","v":21989945.056671325},{"$f":"F181*F168","v":0},{"$f":"G181*G168","v":0},0,0,2768920.0503635672,2638897.5794859221,2484509.6944235931,2327098.8501492701,2158669.2467757436,1984055.9369391531,1785752.228441478,1579402.8089815476,1358608.9301594221,1125539.9287250224,869646.8074860156,599141.71946274408,309701.27527784347,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt repayment"]
[]
[null,null,"Flag: Municipal Debt Repayment",{"$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},2.2245380367626666,11.007385050480684,31.819017253199839,39.874145810092486,38.44435273624935,36.91681007470924,35.279736397905864,33.528067563726253,31.653781911154066,29.650403445871241,27.504381289600229,25.208137582390247,22.751156815675568,20.123780442691984,17.310560461544853,14.300415081717423,11.079559525302074,7.6339116778765295,3.9460316402550166,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15]
[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":67.55912742718543},{"$f":"IF(F191=0,0,F195*F194/(1-(1+F195)^(-F192)))","v":0},{"$f":"IF(G191=0,0,G195*G194/(1-(1+G195)^(-G192)))","v":0},0,0,4.220983280549615,4.2262731816325658,4.221250382033026,4.2212503820330252,4.221250382033026,4.2254220487981291,4.2215503974819999,4.2215503974819999,4.221550397481999,4.2244702735392146,4.2218846121355709,4.22188461213557,4.22188461213557,4.2234147575683751,4.2222538550728705,4.2222538550728714,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (SPV)"," ",{"$f":"SUM(F197:AM197)","v":-27.68498161709293},{"$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,-2.7911902067064767,-2.6987305200924525,-2.5841767052296492,-2.4695815478534127,-2.34696472946084,-2.2220435835153038,-2.0755282412109888,-1.9253066902720177,-1.7645696307673189,-1.5970939005556324,-1.4086646309884401,-1.2117392323081408,-1.0010290557202206,-0.77776691014283106,-0.53437381745135759,-0.27622221481785142,{"$f":"IF(Z191=0,0,-Z183)","v":0},{"$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":39.874145810092493},{"$f":"IF(F196=0,0,SUM(F196:F197))","v":0},{"$f":"IF(G196=0,0,SUM(G196:G197))","v":0},0,0,1.4297930738431384,{"$f":"IF(K196=0,0,SUM(K196:K197))","v":1.5275426615401133},{"$f":"IF(L196=0,0,SUM(L196:L197))","v":1.6370736768033769},{"$f":"IF(M196=0,0,SUM(M196:M197))","v":1.7516688341796125},1.874285652572186,{"$f":"IF(O196=0,0,SUM(O196:O197))","v":2.0033784652828253},{"$f":"IF(P196=0,0,SUM(P196:P197))","v":2.1460221562710111},{"$f":"IF(Q196=0,0,SUM(Q196:Q197))","v":2.2962437072099822},2.4569807667146799,{"$f":"IF(S196=0,0,SUM(S196:S197))","v":2.6273763729835822},{"$f":"IF(T196=0,0,SUM(T196:T197))","v":2.8132199811471308},{"$f":"IF(U196=0,0,SUM(U196:U197))","v":3.0101453798274291},3.2208555564153496,{"$f":"IF(W196=0,0,SUM(W196:W197))","v":3.4456478474255441},{"$f":"IF(X196=0,0,SUM(X196:X197))","v":3.6878800376215128},{"$f":"IF(Y196=0,0,SUM(Y196:Y197))","v":3.9460316402550202},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,{"$f":"IF(F78=1,F129,F168)","v":0},2224515.7913822988,10927640.738802368,31304203.46313142,39556000.719479494,37592011.734878935,35492995.63462273,33244269.287846684,30838132.096796311,28263565.302372415,25510746.12059252,22562897.271164946,19408699.002277441,16033706.854567811,12423525.821228784,8559167.4208963364,4424303.932540617,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$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)"," ",{"$f":"SUM(F202:AM202)","v":66561010.8120372},{"$f":"IF(F188=0,0,F201*F200/(1-(1+F201)^(-F189)))","v":0},{"$f":"IF(G188=0,0,G201*G200/(1-(1+G201)^(-G189)))","v":235791.59856730886},1199796.2137842367,3579477.2235348355,4732909.0349641275,4737913.6797421239,4733236.0411996404,4733236.0411996422,4733236.0411996413,4736875.1187190497,4733601.077869053,4733601.077869053,4733601.0778690521,4735720.9620640492,4734005.2078184625,4734005.2078184634,4734005.2078184634,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (Municipality)"," ",{"$f":"SUM(F203:AM203)","v":-25102331.511546191},{"$f":"IF(F78=1,-F152,-F184)","v":0},{"$f":"IF(G78=1,-G152,-G184)","v":-156157.36073949872},-764934.85171616648,-2191294.2424192014,-2768920.0503635672,-2638897.5794859221,-2484509.6944235931,-2327098.8501492701,-2158669.2467757436,-1984055.9369391531,-1785752.228441478,-1579402.8089815476,-1358608.9301594221,-1125539.9287250224,-869646.8074860156,-599141.71946274408,-309701.27527784347,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment (Municipality)"," ",{"$f":"SUM(F204:AM204)","v":41458679.300491013},{"$f":"IF(F202=0,0,SUM(F202:F203))","v":0},{"$f":"IF(G202=0,0,SUM(G202:G203))","v":79634.237827810139},434861.36206807022,1388182.9811156341,1963988.9846005603,{"$f":"IF(K202=0,0,SUM(K202:K203))","v":2099016.1002562018},{"$f":"IF(L202=0,0,SUM(L202:L203))","v":2248726.3467760473},{"$f":"IF(M202=0,0,SUM(M202:M203))","v":2406137.1910503721},2574566.7944238978,{"$f":"IF(O202=0,0,SUM(O202:O203))","v":2752819.1817798968},{"$f":"IF(P202=0,0,SUM(P202:P203))","v":2947848.8494275752},{"$f":"IF(Q202=0,0,SUM(Q202:Q203))","v":3154198.2688875054},3374992.14770963,{"$f":"IF(S202=0,0,SUM(S202:S203))","v":3610181.0333390268},{"$f":"IF(T202=0,0,SUM(T202:T203))","v":3864358.4003324471},{"$f":"IF(U202=0,0,SUM(U202:U203))","v":4134863.4883557195},4424303.9325406197,{"$f":"IF(W202=0,0,SUM(W202:W203))","v":0},{"$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":90252537.0618871},{"$f":"F156","v":0},0,0,0,1327819.8554023087,1732826.4738697456,1836649.8959176568,1867247.873404495,1969323.1488993426,2001157.2846766487,2109718.6942278272,2149793.457589651,2272714.9320491026,2314408.7158507439,2445437.8674223674,2488816.0800895942,2642829.0904001715,2702381.4916890291,2867182.5241914922,2929140.8424924202,3105350.1955049629,3194161.6705908743,3408749.6787737631,3501149.1374531453,3731595.4119155854,3827727.808725616,3978657.6609882684,3982368.0121981306,4139395.4304921939,4143255.6798909344,4306627.0058840793,4310643.2093585283,4480614.7369217947,4484793.1950166123]
[null,null,"OpEx","USD ",-96775957.588723645,{"$f":"-F160","v":0},0,0,0,-1926698.746692376,-1980579.3632919681,-2028140.719677157,-2076861.631417088,-3828664.762976246,-2177897.5272806082,-2230272.0286861164,-2283925.1569214584,-2338888.5686306343,-4265150.2289833343,-2452876.8597235759,-2511969.1040900447,-2572506.4037966132,-2634524.5929118441,-4752674.1063268119,-2763151.4997996995,-2829836.4791418356,-2898154.918604977,-2968147.3884410961,-5297363.0758239375,-3113321.8301148945,-3188590.1509954371,-3265705.2543578921,-3344713.0810981416,-5906098.8510784302,-3508596.4860278256,-3593569.8530826354,-3680631.5826043328,-3769833.7066777111,-6586613.6294689225]
[null,null,"Operational Cashflow","USD ",-6523420.5268365592,{"$f":"SUM(F208:F209)","v":0},{"$f":"SUM(G208:G209)","v":0},{"$f":"SUM(H208:H209)","v":0},0,-598878.89129006723,-247752.88942222251,-191490.82375950017,-209613.75801259303,-1859341.6140769033,-176740.24260395952,-120553.3344582892,-134131.69933180744,-66173.636581531726,-1950741.5131325903,-7438.9923012084328,-23153.024000450503,70322.68660355825,67856.898777185008,-1885491.5821353197,165989.3426927207,275513.71636312734,296006.75198589731,440602.29033266706,-1796213.9383707922,618273.58180069085,639137.65773017891,712952.40663037635,637654.93109998899,-1766703.4205862363,634659.19386310875,713057.15280144382,630011.62675419543,710781.03024408361,-2101820.4344523102]
[null,null,"Revenue Tax","USD ",0,{"$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},{"$f":"'Global Financial Model'!AJ90","v":0}]
[null,null,"CapEx (including intesrests during construction)","USD ",-57122348.042157084,{"$f":"-F114","v":-2224538.0367626664},-8782847.0137180164,-20811632.202719152,{"$f":"-I114+I110","v":-9540076.6382300872},0,0,0,0,0,0,0,0,0,-1953254.2888622046,-2425445.3342175577,0,0,0,-1180602.8757857406,-3072787.0156307342,-1697721.7644741083,0,0,0,-2423752.9593432397,-3009689.9124135715,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",null,{"$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 ",-63745768.568993635,{"$f":"SUM(F210:F213)","v":-2224538.0367626664},{"$f":"SUM(G210:G213)","v":-8782847.0137180164},{"$f":"SUM(H210:H213)","v":-20811632.202719152},-9640076.6382300872,-598878.89129006723,-247752.88942222251,-191490.82375950017,-209613.75801259303,-1859341.6140769033,-176740.24260395952,-120553.3344582892,-134131.69933180744,-66173.636581531726,-3903995.801994795,-2432884.3265187661,-23153.024000450503,70322.68660355825,67856.898777185008,-3066094.4579210603,-2906797.6729380134,-1422208.048110981,296006.75198589731,440602.29033266706,-1796213.9383707922,-1805479.3775425488,-2370552.2546833926,712952.40663037635,637654.93109998899,-1766703.4205862363,634659.19386310875,713057.15280144382,630011.62675419543,710781.03024408361,-2101820.4344523102]
[null,null,"Municipality: Funding (through debt )","USD ",41458679.300491005,{"$f":"-F116","v":2224515.7913822988},8782759.1852478795,20811424.086397126,9639980.2374637052,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding (through subsidies)","USD ",22507806.873348873,{"$f":"+F157","v":0},{"$f":"+G157","v":0},{"$f":"+H157","v":0},0,552175.66796875,565980.05966796866,577299.66086132801,588845.65407855459,600622.56716012571,612635.0185033282,624887.71887339477,637385.47325086268,650133.18271587999,663135.8463701976,676398.56329760153,689926.53456355352,703725.06525482459,717799.56655992114,732155.55789111962,746798.66904894204,761734.64242992084,776969.33527851931,792508.7219840897,808358.89642377151,824526.07435224694,841016.59583929193,857836.92775607773,874993.66631119931,892493.53963742335,910343.41043017188,928550.27863877534,947121.28421155084,966063.70989578182,985384.98409369751]
[null,null,"Debt: Funding","USD ",39.874145810092486,{"$f":"F124","v":2.2245380367626666},8.7828470137180172,20.811632202719153,8.0551285568926474,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity: Funding","USD ",374.71679310214643,{"$f":"-F119","v":20.020842330855388},79.04562312325227,187.30468982293755,88.34563782510125,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CashFlow after Funding","USD ",221132.19578515482,{"$f":"SUM(F214:F218)","v":0},0,0,0,-46703.223321317229,318227.17024574615,385808.83710182784,379231.89606596157,-1258719.0469167777,435894.77589936869,504334.38441510557,503253.77391905524,583959.54613434826,-3240859.9556245971,-1756485.7632211647,666773.51056310302,774047.75185838284,785656.46533710614,-2333938.9000299405,-2159999.0038890713,-660473.40568106016,1072976.0872644167,1233111.0123167569,-987855.04194702068,-980953.30319030187,-1529535.6588441008,1570789.334386454,1512648.5974111883,-874209.88094881293,1545002.6042932807,1641607.4314402193,1577132.9109657463,1676844.7401398653,-1116435.4503586127]
[null,null,"Treasury: Funding","USD ",26560003.109993663,{"$f":"IF(F78=1,0,-F115+IF(F191=1,IF(F219/F196>1.7,0,1.7*F196+IF(F219<0,-F219,0)),0))","v":0},0,0,0,46710.398992894166,0,0,0,1258726.2230424271,0,0,0,0,5194121.4260862675,4181938.274642563,0,0,0,3514548.9536472349,5232793.1973513588,1697721.7644741083,0,0,0,2423752.9593432397,3009689.9124135715,0,0,0,0,0,0,0,0]
[null,null,"CashFlow Available for Debt Service (CFADS)","USD ",26781135.305778816,{"$f":"SUM(F219:F220)","v":0},{"$f":"SUM(G219:G220)","v":0},0,0,7.1756715769370203,318227.17024574615,385808.83710182784,379231.89606596157,7.1761256493628025,435894.77589936869,504334.38441510557,503253.77391905524,583959.54613434826,1953261.4704616703,2425452.5114213983,666773.51056310302,774047.75185838284,785656.46533710614,1180610.0536172944,3072794.1934622875,1037248.3587930482,1072976.0872644167,1233111.0123167569,-987855.04194702068,1442799.6561529378,1480154.2535694707,1570789.334386454,1512648.5974111883,-874209.88094881293,1545002.6042932807,1641607.4314402193,1577132.9109657463,1676844.7401398653,-1116435.4503586127]
[null,null,"Interests","USD ",-27.68498161709293,{"$f":"-F197","v":0},{"$f":"-G197","v":0},0,0,{"$f":"J197","v":-2.7911902067064767},{"$f":"K197","v":-2.6987305200924525},-2.5841767052296492,-2.4695815478534127,-2.34696472946084,-2.2220435835153038,-2.0755282412109888,-1.9253066902720177,-1.7645696307673189,-1.5970939005556324,-1.4086646309884401,-1.2117392323081408,-1.0010290557202206,-0.77776691014283106,-0.53437381745135759,-0.27622221481785142,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment","USD ",-39.874145810092493,{"$f":"F198","v":0},{"$f":"G198","v":0},{"$f":"H198","v":0},0,{"$f":"-J198","v":-1.4297930738431384},{"$f":"-K198","v":-1.5275426615401133},-1.6370736768033769,-1.7516688341796125,-1.874285652572186,-2.0033784652828253,-2.1460221562710111,-2.2962437072099822,-2.4569807667146799,-2.6273763729835822,-2.8132199811471308,-3.0101453798274291,-3.2208555564153496,-3.4456478474255441,-3.6878800376215128,-3.9460316402550202,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow available for Debt Service reserve Account (DSRA)","USD ",26781067.746651389,{"$f":"SUM(F221:F223)","v":0},{"$f":"SUM(G221:G223)","v":0},0,0,2.9546882963874057,318222.94397256454,385804.61585144582,379227.67481557955,2.9548752673297765,435890.55047731986,504330.16286470805,503249.55236865778,583955.3245839508,1953257.2459913967,2425448.2895367858,666769.28867849091,774043.52997377072,785652.24192234862,1180605.8313634393,3072789.9712084322,1037248.3587930482,1072976.0872644167,1233111.0123167569,-987855.04194702068,1442799.6561529378,1480154.2535694707,1570789.334386454,1512648.5974111883,-874209.88094881293,1545002.6042932807,1641607.4314402193,1577132.9109657463,1676844.7401398653,-1116435.4503586127]
[null,null,"Treasury: Deduction","USD ",-28082723.379765972,{"$f":"IF(F231<$E$220,IF(F224>0,-F224*$E$28,0),0)","v":0},0,0,0,-2.9546882963874057,-318222.94397256454,-385804.61585144582,-379227.67481557955,-2.9548752673297765,-435890.55047731986,-504330.16286470805,-503249.55236865778,-583955.3245839508,-1953257.2459913967,-2425448.2895367858,-666769.28867849091,-774043.52997377072,-785652.24192234862,-1180605.8313634393,-3072789.9712084322,-1037248.3587930482,-1072976.0872644167,-1233111.0123167569,0,-1442799.6561529378,-1480154.2535694707,-1570789.334386454,-1512648.5974111883,0,-1545002.6042932807,-1641607.4314402193,-1577132.9109657463,0,0]
[null,null,"Cashflow available to Equity","USD ",-1301655.633114581,{"$f":"F224+F225","v":0},{"$f":"G224+G225","v":0},{"$f":"H224+H225","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-987855.04194702068,0,0,0,0,-874209.88094881293,0,0,0,1676844.7401398653,-1116435.4503586127]
[null,null,"Distributions to Equity","USD ",-1676844.7401398653,{"$f":"-MAX(F226,0)*F79","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-1676844.7401398653,0]
[null,null,"Treasury: Add back","USD ",1522720.2697723075,{"$f":"-F225-F220","v":0},0,0,0,{"$f":"-J225-J220","v":-46707.444304597782},{"$f":"-K225-K220","v":318222.94397256454},385804.61585144582,379227.67481557955,-1258723.2681671598,435890.55047731986,504330.16286470805,503249.55236865778,583955.3245839508,-3240864.1800948707,-1756489.9851057772,666769.28867849091,774043.52997377072,785652.24192234862,-2333943.1222837958,-2160003.2261429266,-660473.40568106016,1072976.0872644167,1233111.0123167569,0,-980953.30319030187,-1529535.6588441008,1570789.334386454,1512648.5974111883,0,1545002.6042932807,1641607.4314402193,1577132.9109657463,0,0]
[null,null,"Net Cashflow","USD ",26726943.276283838,{"$f":"F224+F227+F228-F213","v":0},{"$f":"G224+G227+G228-G213","v":0},0,100000,{"$f":"J224+J227+J228-J213","v":-46704.489616301398},{"$f":"K224+K227+K228-K213","v":636445.88794512907},{"$f":"L224+L227+L228-L213","v":771609.23170289164},{"$f":"M224+M227+M228-M213","v":758455.3496311591},{"$f":"N224+N227+N228-N213","v":-1258720.3132918924},{"$f":"O224+O227+O228-O213","v":871781.10095463973},{"$f":"P224+P227+P228-P213","v":1008660.3257294161},{"$f":"Q224+Q227+Q228-Q213","v":1006499.1047373156},{"$f":"R224+R227+R228-R213","v":1167910.6491679016},{"$f":"S224+S227+S228-S213","v":-1287606.934103474},{"$f":"T224+T227+T228-T213","v":668958.30443100864},{"$f":"U224+U227+U228-U213","v":1333538.5773569818},{"$f":"V224+V227+V228-V213","v":1548087.0599475414},{"$f":"W224+W227+W228-W213","v":1571304.4838446972},{"$f":"X224+X227+X228-X213","v":-1153337.2909203565},{"$f":"Y224+Y227+Y228-Y213","v":912786.74506550562},{"$f":"Z224+Z227+Z228-Z213","v":376774.95311198803},{"$f":"AA224+AA227+AA228-AA213","v":2145952.1745288335},{"$f":"AB224+AB227+AB228-AB213","v":2466222.0246335138},{"$f":"AC224+AC227+AC228-AC213","v":-987855.04194702068},{"$f":"AD224+AD227+AD228-AD213","v":461846.35296263592},{"$f":"AE224+AE227+AE228-AE213","v":-49381.405274630059},{"$f":"AF224+AF227+AF228-AF213","v":3141578.6687729079},{"$f":"AG224+AG227+AG228-AG213","v":3025297.1948223766},{"$f":"AH224+AH227+AH228-AH213","v":-874209.88094881293},{"$f":"AI224+AI227+AI228-AI213","v":3090005.2085865615},{"$f":"AJ224+AJ227+AJ228-AJ213","v":3283214.8628804386},{"$f":"AK224+AK227+AK228-AK213","v":3154265.8219314925},{"$f":"AL224+AL227+AL228-AL213","v":0},{"$f":"AM224+AM227+AM228-AM213","v":-1116435.4503586127}]
[]
[null,null,"Cash Balance B/f",null,null,{"$f":"E232","v":0},{"$f":"F232","v":0},0,0,100000,{"$f":"J232","v":53295.510383698602},{"$f":"K232","v":689741.39832882769},{"$f":"L232","v":1461350.6300317193},{"$f":"M232","v":2219805.9796628784},{"$f":"N232","v":961085.66637098603},{"$f":"O232","v":1832866.7673256258},{"$f":"P232","v":2841527.093055042},{"$f":"Q232","v":3848026.1977923578},{"$f":"R232","v":5015936.8469602596},{"$f":"S232","v":3728329.9128567856},{"$f":"T232","v":4397288.2172877938},{"$f":"U232","v":5730826.7946447758},{"$f":"V232","v":7278913.8545923177},{"$f":"W232","v":8850218.3384370152},{"$f":"X232","v":7696881.0475166589},{"$f":"Y232","v":8609667.7925821654},{"$f":"Z232","v":8986442.745694153},{"$f":"AA232","v":11132394.920222986},{"$f":"AB232","v":13598616.9448565},{"$f":"AC232","v":12610761.90290948},{"$f":"AD232","v":13072608.255872115},{"$f":"AE232","v":13023226.850597486},{"$f":"AF232","v":16164805.519370394},{"$f":"AG232","v":19190102.71419277},{"$f":"AH232","v":18315892.833243959},{"$f":"AI232","v":21405898.041830521},{"$f":"AJ232","v":24689112.90471096},{"$f":"AK232","v":27843378.726642452},{"$f":"AL232","v":27843378.726642452}]
[null,null,"Cash Balance C/f","USD ",null,{"$f":"F229+F231","v":0},{"$f":"G229+G231","v":0},0,100000,{"$f":"J229+J231","v":53295.510383698602},{"$f":"K229+K231","v":689741.39832882769},1461350.6300317193,2219805.9796628784,961085.66637098603,1832866.7673256258,2841527.093055042,3848026.1977923578,5015936.8469602596,3728329.9128567856,4397288.2172877938,5730826.7946447758,7278913.8545923177,8850218.3384370152,7696881.0475166589,8609667.7925821654,8986442.745694153,11132394.920222986,13598616.9448565,12610761.90290948,13072608.255872115,13023226.850597486,16164805.519370394,19190102.71419277,18315892.833243959,21405898.041830521,24689112.90471096,27843378.726642452,27843378.726642452,26726943.276283838]
[]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F234:AM234)","v":-26726943.276283838},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AM232","v":-26726943.276283838}]
[null,null,"Close out: Asset transfer to municipality","USD ",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Municipality Cashflow Waterfall"]
[]
[null,null,{"$f":"C157","v":"Municipal direct subsidies (if any)"},"USD ",{"$f":"E157","v":22507806.873348873},0,0,0,0,552175.66796875,565980.05966796866,577299.66086132801,588845.65407855459,600622.56716012571,612635.0185033282,624887.71887339477,637385.47325086268,650133.18271587999,663135.8463701976,676398.56329760153,689926.53456355352,703725.06525482459,717799.56655992114,732155.55789111962,746798.66904894204,761734.64242992084,776969.33527851931,792508.7219840897,808358.89642377151,824526.07435224694,841016.59583929193,857836.92775607773,874993.66631119931,892493.53963742335,910343.41043017188,928550.27863877534,947121.28421155084,966063.70989578182,985384.98409369751]
[null,null,"Annuity payment - Interest","USD ",{"$f":"-E203","v":25102331.511546191},{"$f":"-F203","v":0},{"$f":"-G203","v":156157.36073949872},{"$f":"-H203","v":764934.85171616648},2191294.2424192014,2768920.0503635672,2638897.5794859221,2484509.6944235931,2327098.8501492701,2158669.2467757436,1984055.9369391531,1785752.228441478,1579402.8089815476,1358608.9301594221,1125539.9287250224,869646.8074860156,599141.71946274408,309701.27527784347,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Principal","USD ",{"$f":"E204","v":41458679.300491013},{"$f":"F204","v":0},{"$f":"G204","v":79634.237827810139},434861.36206807022,1388182.9811156341,1963988.9846005603,2099016.1002562018,2248726.3467760473,2406137.1910503721,2574566.7944238978,2752819.1817798968,2947848.8494275752,3154198.2688875054,3374992.14770963,3610181.0333390268,3864358.4003324471,4134863.4883557195,4424303.9325406197,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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},{"$f":"SUM(G240:G243)","v":235791.59856730886},1199796.2137842367,3579477.2235348355,5285084.7029328775,5303893.7394100931,5310535.7020609677,5322081.6952781966,5333858.6083597671,5349510.1372223776,5358488.7967424486,5370986.5511199161,5383734.2605849318,5398856.808434247,5410403.7711160649,5423931.742382017,5437730.2730732877,717799.56655992114,732155.55789111962,746798.66904894204,761734.64242992084,776969.33527851931,792508.7219840897,808358.89642377151,824526.07435224694,841016.59583929193,857836.92775607773,874993.66631119931,892493.53963742335,910343.41043017188,928550.27863877534,947121.28421155084,966063.70989578182,985384.98409369751]
[]
[null,null,"Project Return"]
[]
[null,null,"Date",null,null,{"$f":"F77","v":"2015-12-31"},"2016-12-31","2017-12-31","2018-12-31","2019-12-31","2020-12-31","2021-12-31","2022-12-31","2023-12-31","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31","2035-12-31","2036-12-31","2037-12-31","2038-12-31","2039-12-31","2040-12-31","2041-12-31","2042-12-31","2043-12-31","2044-12-31","2045-12-31","2046-12-31","2047-12-31","2048-12-31"]
[null,null,{"$f":"C214","v":"Cashflow before Funding"},"USD ",{"$f":"SUM(F249:AM249)","v":-63745768.568993635},{"$f":"F214","v":-2224538.0367626664},-8782847.0137180164,-20811632.202719152,-9640076.6382300872,-598878.89129006723,-247752.88942222251,-191490.82375950017,-209613.75801259303,-1859341.6140769033,-176740.24260395952,-120553.3344582892,-134131.69933180744,-66173.636581531726,-3903995.801994795,-2432884.3265187661,-23153.024000450503,70322.68660355825,67856.898777185008,-3066094.4579210603,-2906797.6729380134,-1422208.048110981,296006.75198589731,440602.29033266706,-1796213.9383707922,-1805479.3775425488,-2370552.2546833926,712952.40663037635,637654.93109998899,-1766703.4205862363,634659.19386310875,713057.15280144382,630011.62675419543,710781.03024408361,-2101820.4344523102]
[null,null,"Residual value ","USD ",{"$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,{"$f":"SUM(F249:F250)","v":-2224538.0367626664},{"$f":"SUM(G249:G250)","v":-8782847.0137180164},-20811632.202719152,-9640076.6382300872,-598878.89129006723,-247752.88942222251,-191490.82375950017,-209613.75801259303,-1859341.6140769033,-176740.24260395952,-120553.3344582892,-134131.69933180744,-66173.636581531726,-3903995.801994795,-2432884.3265187661,-23153.024000450503,70322.68660355825,67856.898777185008,-3066094.4579210603,-2906797.6729380134,-1422208.048110981,296006.75198589731,440602.29033266706,-1796213.9383707922,-1805479.3775425488,-2370552.2546833926,712952.40663037635,637654.93109998899,-1766703.4205862363,634659.19386310875,713057.15280144382,630011.62675419543,710781.03024408361,-2101820.4344523102]
[null,null," "]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV project @ WACC","USD ",{"$f":"NPV(E254,F251:AM251)","v":-32489623.260013137}]
[]
[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":-374.71679310214643},{"$f":"-F218","v":-20.020842330855388},-79.04562312325227,-187.30468982293755,-88.34563782510125,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Distributions to Equity","USD ",{"$f":"SUM(F265:AM265)","v":1676844.7401398653},{"$f":"-F227","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1676844.7401398653,0]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F266:AM266)","v":26726943.276283838},{"$f":"-F234","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,26726943.276283838]
[null,null,"Close out: Asset transfer to municipality","USD ",{"$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":-20.020842330855388},{"$f":"SUM(G264:G267)","v":-79.04562312325227},-187.30468982293755,-88.34563782510125,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1676844.7401398653,26726943.276283838]
[]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV Equity @ WACC","USD ",{"$f":"NPV(E271,F268:AM268)","v":448512.28392663872}]
[]
[null,null,"IRR Equity","%",{"$f":"IRR(F268:AM268)","v":0.43458836952857394}]
[null,null,"Check: NPV Equity @ IRR","USD ",{"$f":"NPV(E274,F268:AM268)","v":1.0033562893871111E-8},{"$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 ",{"$f":"SUM(F289:AA289)","v":16079545.138357349},{"$f":"F221","v":0},{"$f":"G221","v":0},0,0,{"$f":"J221","v":7.1756715769370203},318227.17024574615,385808.83710182784,379231.89606596157,7.1761256493628025,435894.77589936869,504334.38441510557,503253.77391905524,583959.54613434826,1953261.4704616703,2425452.5114213983,666773.51056310302,774047.75185838284,785656.46533710614,1180610.0536172944,3072794.1934622875,1037248.3587930482,1072976.0872644167,1233111.0123167569,-987855.04194702068,1442799.6561529378,1480154.2535694707,1570789.334386454,1512648.5974111883,-874209.88094881293,1545002.6042932807,1641607.4314402193,1577132.9109657463,1676844.7401398653,-1116435.4503586127]
[null,null,"CFADS (Qualifying) @ Period End","USD ",{"$f":"SUM(F290:AA290)","v":13969320.692299884},{"$f":"F289*F286","v":0},{"$f":"G289*G286","v":0},0,0,7.1756715769370203,318227.17024574615,385808.83710182784,379231.89606596157,7.1761256493628025,435894.77589936869,504334.38441510557,503253.77391905524,583959.54613434826,1953261.4704616703,2425452.5114213983,666773.51056310302,774047.75185838284,785656.46533710614,1180610.0536172944,3072794.1934622875,0,0,0,{"$f":"AC289*AC286","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"NPV (CFADS) @ Period Start","USD ",null,{"$f":"(G291+F290)/F283*F286","v":0},0,0,0,6633247.7272822401,7097567.8925204203,7276170.4747511037,7399693.5708818529,7538440.2247776212,8066123.8643864058,8194857.7589940866,8264163.4177085673,8339401.0830291118,8339199.6127068019,6969682.1151346089,5032107.3517726334,4717581.3558336152,4273764.2988835862,3787271.3344683312,2871770.2742638201,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AN291+AM290)/AM283*AM286","v":0}]
[null,null,null,null,null,null,null,null,null,{"$f":"NPV(0.08,J219:Y219)","v":-1712908.3165544588},{"$f":"IF(J291=J292,\"OK\")","v":false}]
[null,null,"Denominator"]
[null,null,"Debt Balance B/f","USD ",null,{"$f":"F163","v":0},0,0,0,39.874145810092486,38.44435273624935,36.91681007470924,35.279736397905864,33.528067563726253,31.653781911154066,29.650403445871241,27.504381289600229,25.208137582390247,22.751156815675568,20.123780442691984,17.310560461544853,14.300415081717423,11.079559525302074,7.6339116778765295,3.9460316402550166,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15]
[]
[null,null,"LLCR (Loan Life Cover Ratio)","x @ Period Start",{"$f":"MIN(F297:AM297)","v":166354.60377945722},{"$f":"IF(F294=0,0,F291/F294)","v":0},0,0,0,{"$f":"IF(J294=0,0,J291/J294)","v":166354.60377945722},184619.25841784538,197096.40296727105,209743.44840402729,224839.68723963678,254823.3853075259,276382.67296950403,300467.16305643122,330821.78545609023,366539.58654801612,346340.5961411029,290695.80750729493,329891.21846294357,385734.13402615086,496111.49490293936,727761.59343674919,0,0,0,{"$f":"IF(AC294=0,0,AC291/AC294)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,{"$f":"IF(F296=0,10000000,F296)","v":10000000},{"$f":"IF(G296=0,10000000,G296)","v":10000000},10000000,10000000,166354.60377945722,184619.25841784538,197096.40296727105,209743.44840402729,224839.68723963678,254823.3853075259,276382.67296950403,300467.16305643122,330821.78545609023,366539.58654801612,346340.5961411029,290695.80750729493,329891.21846294357,385734.13402615086,496111.49490293936,727761.59343674919,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[]
[null,null,"DSCR"]
[]
[null,null,"Numerator"]
[null,null,{"$f":"C289","v":"CFADS @ Period End"},"USD ",{"$f":"SUM(F302:AM302)","v":26781135.305778816},{"$f":"F289","v":0},{"$f":"G289","v":0},0,0,7.1756715769370203,318227.17024574615,385808.83710182784,379231.89606596157,7.1761256493628025,435894.77589936869,504334.38441510557,503253.77391905524,583959.54613434826,1953261.4704616703,2425452.5114213983,666773.51056310302,774047.75185838284,785656.46533710614,1180610.0536172944,3072794.1934622875,1037248.3587930482,1072976.0872644167,1233111.0123167569,{"$f":"AC289","v":-987855.04194702068},1442799.6561529378,1480154.2535694707,1570789.334386454,1512648.5974111883,-874209.88094881293,1545002.6042932807,1641607.4314402193,1577132.9109657463,1676844.7401398653,-1116435.4503586127]
[]
[null,null,"Denominator"]
[null,null,"Interest","USD ",{"$f":"SUM(F305:AM305)","v":27.68498161709293},{"$f":"-F222","v":0},0,0,0,2.7911902067064767,2.6987305200924525,2.5841767052296492,2.4695815478534127,2.34696472946084,2.2220435835153038,2.0755282412109888,1.9253066902720177,1.7645696307673189,1.5970939005556324,1.4086646309884401,1.2117392323081408,1.0010290557202206,0.77776691014283106,0.53437381745135759,0.27622221481785142,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal","USD ",{"$f":"SUM(F306:AM306)","v":39.874145810092493},{"$f":"-F223","v":0},0,0,0,1.4297930738431384,1.5275426615401133,1.6370736768033769,1.7516688341796125,1.874285652572186,2.0033784652828253,2.1460221562710111,2.2962437072099822,2.4569807667146799,2.6273763729835822,2.8132199811471308,3.0101453798274291,3.2208555564153496,3.4456478474255441,3.6878800376215128,3.9460316402550202,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Debt Service","USD ",null,{"$f":"SUM(F305:F306)","v":0},0,0,0,4.220983280549615,4.2262731816325658,4.221250382033026,4.2212503820330252,4.221250382033026,4.2254220487981291,4.2215503974819999,4.2215503974819999,4.221550397481999,4.2244702735392146,4.2218846121355709,4.22188461213557,4.22188461213557,4.2234147575683751,4.2222538550728705,4.2222538550728714,0,0,0,{"$f":"SUM(AC305:AC306)","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"DSCR (Debt Service Cover Ratio)",null,"Average",{"$f":"IF(F307=0,0,F302/F307)","v":0},0,0,0,1.7000000000006337,75297.349832652864,91396.814257678721,89838.759074821122,1.6999999999778876,103160.05617080399,119466.62645930333,119210.65166466511,138328.21858117788,462368.37851512432,574495.21582128771,157932.67031659276,183341.75918342866,186023.99016795753,279616.07571246295,727761.5934367486,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"AVERAGEIF(F286:AM286,1,F310:AM310)","v":206765.09744966912}]
[null,null,null,null,"Min"]
[null,null,null,null,{"$f":"MIN(F313:AM313)","v":1.6999999999778876},{"$f":"IF(F310=0,10000000,F310)","v":10000000},{"$f":"IF(G310=0,10000000,G310)","v":10000000},10000000,10000000,1.7000000000006337,75297.349832652864,91396.814257678721,89838.759074821122,1.6999999999778876,103160.05617080399,119466.62645930333,119210.65166466511,138328.21858117788,462368.37851512432,574495.21582128771,157932.67031659276,183341.75918342866,186023.99016795753,279616.07571246295,727761.5934367486,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[null,null,null,null,"Min Period",null,null,null,null,null,null,null,null,null,null,null,null,null," "]
[null,null,null,null,{"$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$109)","v":41359090.338681377},{"$f":"C6/C$21","v":0.2287820458144493},"Deuda privada",{"$f":"-NPV(0,'Project Finance Model'!$F$117:$AM$117)","v":39.874145810092486},{"$f":"F6/F$21","v":2.2056792300880801E-7}]
[null,"Interes durante la construccion",{"$f":"NPV(0,'Project Finance Model'!$F$112:$AM$112)","v":3.1540070835863614},{"$f":"C7/C$21","v":1.7446713338888153E-8},"Aportacion de capital privado",{"$f":"-NPV(0,'Project Finance Model'!$F$119:$AM$119)","v":374.71679310214643},{"$f":"F7/F$21","v":2.0727843341070929E-6}]
[null,"Upfront fee",{"$f":"NPV(0,'Project Finance Model'!$F$113:$AM$113)","v":0.39874145810092487},{"$f":"C8/C$21","v":2.2056792300880805E-9},"Aportacion municipal",{"$f":"-NPV(0,'Project Finance Model'!$F$116:$AM$116)","v":41458679.300491005},{"$f":"F8/F$21","v":0.22933293236047261}]
[]
[]
[null,"Durante la operacion",null,null,"Durante la operacion"]
[]
[null,"Operacion y mantenimiento",{"$f":"-NPV(0,'Project Finance Model'!$F$209:$AM$209)","v":96775957.588723645},{"$f":"C13/C$21","v":0.53532612495815524},"Deuda",0,{"$f":"F13/F$21","v":0}]
[null,"Renovaciones",{"$f":"NPV(0,'Project Finance Model'!$F$106:$AM$106)","v":15763254.150727157},8.7196055420097215E-2,"Aportacion de capital privado",0,{"$f":"F14/F$21","v":0}]
[null,"Impuesto a la renta",{"$f":"-NPV(0,'Project Finance Model'!$F$211:$AM$211)","v":0},0,"Aportacion municipal",{"$f":"NPV(0,'Project Finance Model'!$F$157:$AM$157)","v":22507806.873348873},{"$f":"F15/F$21","v":0.12450423984459065}]
[null,"Intereses",{"$f":"-NPV(0,'Project Finance Model'!$F$222:$AM$222)","v":27.68498161709293},1.5314231238713165E-7,"Autofinanciamento sobre Tesoreria",{"$f":"'Project Finance Model'!E220","v":26560003.109993663},{"$f":"F16/F$21","v":0.14691937851107525}]
[null,"Principal de la deuda",{"$f":"-NPV(0,'Project Finance Model'!$F$223:$AM$223)","v":39.874145810092493},2.2056792300880809E-7,"Ingresos de operacion",{"$f":"NPV(0,'Project Finance Model'!$F$208:$AM$208)","v":90252537.0618871},{"$f":"F17/F$21","v":0.49924115593160423}]
[null,"Constitucion de la Tesoreria",{"$f":"'Project Finance Model'!E229-'Project Finance Model'!E228","v":25204223.006511532},0.13941974195695428]
[null,"Dividendo a privados (Equity)",{"$f":"-NPV(0,'Project Finance Model'!$F$227:$AM$227)","v":1676844.7401398653},9.2756384877160248E-3]
[]
[null,"Total",{"$f":"SUM(C6:C19)","v":180779440.93665954},{"$f":"SUM(D6:D19)","v":1},"Total",{"$f":"SUM(F6:F19)","v":180779440.93665957},{"$f":"SUM(G6:G19)","v":0.99999999999999989}]
[]
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[null,"Financement des renouvellements d'équipement sur la trésorerie du SPV. Déblocage de fonds de la part du SPV pour financer les renouvellements d'équipement. "]
[null,"Part de la dette municipale dans le financement de la construction"]
[null,"Part de la dette privée dans le financement de la construction"]
[]
[null,"Part du capital privé dans le financement de la construction"]
[]
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[]
[]
[]
[]
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[]
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[]
[]
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[]
[null,"Calcul des intérêts à rembourser par le SPV durant la construction"]
[null,"Calcul des intérêts à rembourser par le maire durant la construction"]
[]
[]
[]
[]
[]
[]
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[]
[]
[]
[]
[]
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[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,{"$f":"C4+D4+E4+F4","v":89068817.685386077},{"$f":"'Project Finance Model'!E241","v":25102331.511546191},{"$f":"'Project Finance Model'!E242","v":41458679.300491013},{"$f":"SUM('Project Finance Model'!$F$157:$AM$157)","v":22507806.873348873},{"$f":"SUM('Project Finance Model'!$F$243:$AM$243)","v":0}]