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[]
[null,null,"Sheet Tab","Description","Author"]
[null,1,"Contents"]
[null,2,"Summary Sheet"]
[null,3,"Mongolia Mining Corporate Model"]
[null,4,"Valuation Sheet"]
[null,5,"Mongolia Mining Scenario"]
[null,6,"Tornado Diagram"]
[null,7,"Stock Prices"]
[null,8,"Cash Waterfall Chart"]
[null,9,"PF Modelling"]
[null,10,"Scenario PF Model"]
[null,11,"Cash Flow Analysis Corp Model"]
[null,12,"Cap Exp"]
[null,13,"Fixed and Variable Admin Cost"]

{"sheet":"Summary Sheet","index":1,"n_rows":31,"n_cols":6,"rows_kept":31,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[null,null,null,null,null,"Graph Code"]
[null,"Downside case Coal Price",null,{"$f":"'Mongolia Mining Scenario'!F3","v":74},null,1]
[null,"Discretionalry Cap Exp",null,{"$f":"'Mongolia Mining Scenario'!F4","v":0},null,13]
[null,"Cost of Production",null,{"$f":"'Mongolia Mining Corporate Model'!H149","v":30},null,5]
[null,"Admin Cost to Sales",null,{"$f":"'Mongolia Mining Scenario'!H28","v":0.16},null,7]
[null,"Sales Volume",null,{"$f":"'Mongolia Mining Corporate Model'!H123/10","v":4.2},null,2]
[]
[]
[null,"Valuation using Terminal Growth"]
[]
[null,"PV of Explicit CF",null,{"$f":"'Valuation Sheet'!E30","v":251379.16660117163}]
[null,"Terminal Value Growth",null,{"$f":"'Valuation Sheet'!$E$38","v":866613.85421577387}]
[null,"Enterprise Value",null,{"$f":"SUM(D14:D15)","v":1117993.0208169455}]
[null,"Net Debt",null,{"$f":"'Valuation Sheet'!$E$44","v":619854}]
[null,"Equity Value",null,{"$f":"D16-D17","v":498139.02081694547}]
[]
[]
[null,"Valuation using EV/EBITDA"]
[]
[null,"PV of Explicit CF",null,{"$f":"D14","v":251379.16660117163}]
[null,"Terminal Value Growth",null,{"$f":"'Valuation Sheet'!$E$49","v":480175.32283012755}]
[null,"Enterprise Value",null,{"$f":"D23+D24","v":731554.48943129915}]
[null,"Net Debt",null,{"$f":"D17","v":619854}]
[null,"Equity Value",null,{"$f":"D25-D26","v":111700.48943129915}]
[]
[null,"Valuation"]
[null,"Valuation Year",null,{"$f":"'Valuation Sheet'!E4","v":2015}]
[null,"Terminal Year",null,{"$f":"'Valuation Sheet'!E5","v":2020}]

{"sheet":"Mongolia Mining Scenario","index":2,"n_rows":48,"n_cols":16,"rows_kept":48,"cut":false,"hidden":false,"merged":[]}
[null,null,null,"Scenario #",null,2]
[]
[null,null,null,"Downside Case Price",null,{"$f":"'Mongolia Mining Corporate Model'!N130","v":74}]
[null,null,null,"Discretionalry Cap Exp",null,{"$f":"K8","v":0}]
[]
[null,null,null,"Sales Volume Code","Price Code","Production to sales ratio","Cost of production ","Admin to Sales","Other Inccome","Maint Cap Exp","Project Cap Exp",null,"Average operating cash flow","Cash flow in 2016","Valuation Growth","Valuation EV/EBITDA"]
[null,null,null,null,null,null,null,16,null,null,null,null,{"$f":"SUMIF('Mongolia Mining Corporate Model'!2:2,FALSE,'Mongolia Mining Corporate Model'!347:347)","v":413516.53068825422},{"$f":"'Mongolia Mining Corporate Model'!P347","v":59845.373003593035},{"$f":"'Valuation Sheet'!E45","v":498139.02081694547},{"$f":"'Valuation Sheet'!E53","v":111700.48943129915}]
[null,null," Base",1,1,1.2,28,0.1,-20,2000,0,1,449453.1424006935,-4120.3318126896629,734098.54406007961,290869.97735478077]
[null,null," Downside Case",2,2,1.4,30,{"$f":"H7/100","v":0.16},-100,500,{"$f":"K8","v":0},2,413516.53068825422,59845.373003593035,498139.02081694547,111700.48943129915]
[null,null," Upside Case",3,3,1.1000000000000001,22,0.08,0,1000,{"$f":"K8","v":0},3,943324.35796274734,28442.843541350332,2818866.5914016296,1732867.0690500159]
[1,null,{"$f":"TRANSPOSE(D6:K6)&C9","v":"Sales Volume Code Downside Case"},{"$f":"IF(D$30=$A11,D$9,D$8)","v":2},{"$f":"IF(E$30=$A11,E$9,E$8)","v":1},1.2,28,0.1,-20,2000,0,4,370163.59588553384,19730.601824772428,441599.99523941102,77057.941786650335]
[2,null,"Price Code Downside Case",{"$f":"IF(D$30=$A12,D$9,D$8)","v":1},2,1.2,28,0.1,-20,2000,0,5,668894.14428492961,19282.441286049361,1529701.9268943258,851301.8273190232]
[3,null,"Production to sales ratio Downside Case",1,1,1.4,28,0.1,-20,2000,0,6,362400.2020367239,-5554.3300610966689,397691.79666838865,58983.911238647415]
[4,null,"Cost of production  Downside Case",1,1,1.2,30,0.1,-20,2000,0,7,412167.30459788634,-4734.9024905783881,589924.22374935495,191490.23473358096]
[5,null,"Admin to Sales Downside Case",1,1,1.2,28,0.16,-20,2000,0,8,400941.60681724991,-474.69405851225019,524478.43057565624,148441.73040464416]
[6,null,"Other Inccome Downside Case",1,1,1.2,28,0.1,-100,2000,0,9,449525.505948306,-4120.3318126896629,734098.54406007961,290869.97735478077]
[7,null,"Maint Cap Exp Downside Case",1,1,1.2,28,0.1,-20,500,0,10,456561.24073701299,-2620.3318126896629,755691.51869361941,296534.91630173137]
[8,null,"Project Cap Exp Downside Case",1,1,1.2,28,0.1,-20,2000,0,11,449453.1424006935,-4120.3318126896629,734098.54406007961,290869.97735478077]
[1,null,{"$f":"TRANSPOSE(D6:K6)&C10","v":"Sales Volume Code Upside Case"},{"$f":"IF(D$30=$A19,D$10,D$8)","v":3},{"$f":"IF(E$30=$A19,E$10,E$8)","v":1},1.2,28,0.1,-20,2000,{"$f":"$K$8","v":0},12,535304.75163587404,29446.51683380529,1050569.1929134033,481386.17336031538]
[2,null,"Price Code Upside Case",{"$f":"IF(D$30=$A20,D$10,D$8)","v":1},3,1.2,28,0.1,-20,2000,{"$f":"$K$8","v":0},13,657366.74769817293,6534.5563271230785,1606390.4073637323,894394.37452128623]
[3,null,"Production to sales ratio Upside Case",1,1,1.1000000000000001,28,0.1,-20,2000,0,14,490276.4992589078,-3403.3326884861308,902301.91775592463,406813.01041284704]
[4,null,"Cost of production  Upside Case",1,1,1.2,22,0.1,-20,2000,0,15,552362.23632023623,-3982.533471760049,1166621.5049922534,589009.20521838055]
[5,null,"Admin to Sales Upside Case",1,1,1.2,28,0.08,-20,2000,0,16,464679.26260029734,-5335.5443974154477,803971.91522155423,338346.05967149301]
[6,null,"Other Inccome Upside Case",1,1,1.2,28,0.1,0,2000,0,17,449435.05151379033,-4120.3318126896629,734098.54406007961,290869.97735478077]
[7,null,"Maint Cap Exp Upside Case",1,1,1.2,28,0.1,-20,1000,0,18,454191.87462490652,-3120.3318126896629,748493.86048243986,294646.60331941454]
[8,null,"Project Cap Exp Upside Case",1,1,1.2,28,0.1,-20,2000,0,19,449453.1424006935,-4120.3318126896629,734098.54406007961,290869.97735478077]
[]
[null,null,{"$f":"INDEX(C8:C26,$F$1)","v":" Downside Case"},{"$f":"INDEX(D8:D26,$F$1)","v":2},{"$f":"INDEX(E8:E26,$F$1)","v":2},1.4,30,0.16,-100,500,0]
[]
[null,null,null,1,2,3,4,5,6,7,8]
[]
[null,null,null,"Upside vs. Base","Downside vs. Base"]
[null,null,{"$f":"TRANSPOSE(D6:K6)","v":"Sales Volume Code"},{"$f":"O19-$O$8","v":316470.64885332366},{"$f":"O11-$O$8","v":-292498.5488206686}]
[null,null,"Price Code",{"$f":"O20-$O$8","v":872291.86330365273},{"$f":"O12-$O$8","v":795603.38283424615}]
[null,null,"Production to sales ratio",168203.37369584502,-336406.74739169097]
[null,null,"Cost of production ",432522.96093217377,-144174.32031072467]
[null,null,"Admin to Sales",69873.371161474613,-209620.11348442337]
[null,null,"Other Inccome",0,0]
[null,null,"Maint Cap Exp",14395.316422360251,21592.974633539794]
[null,null,"Project Cap Exp"]
[]
[]
[]
[]
[]
[]
[]
[null,null,"Downside Case Price",{"$f":"'Mongolia Mining Corporate Model'!$O$130","v":74}]

{"sheet":"Mongolia Mining Corporate Model","index":3,"n_rows":457,"n_cols":20,"rows_kept":457,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,null,null,null,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020]
[null,null,null,"Last historic year",null,null,null,2015,{"$f":"I1<=$H$2","v":true},true,true,true,true,true,true,false,false,false,false,false]
[null,null,null,"Forecast period",null,null,null,2018,{"$f":"AND(I1>$H$3,I1<=$H$3)","v":false},false,false,false,false,false,false,false,false,false,false,false]
[]
["Actual Financial Data"]
[null,null,"Production and Sales"]
[null,null,null,null," Production volume (million tonnes (“Mt”))                        ",null,null,null,1.84,3.93,7.1,9.4,9.6999999999999993,3.387,2.7370000000000001]
[null,null,null,null," Sales volume                           ",null,null,null,1.39,3.92,4.8,5.6,5.7,5.4,1.5]
[null,null,null,null,"                             "]
[null,null,"Profit and Loss"]
[null,null,null,null,"Revenue",null,null,null,66982.703125,277501.59375,542568,474480,437339,328307,99485]
[null,null,null,null,"Cost of revenue",null,null,null,-38682.328125,-164368.046875,-336368,-420400,-361485,-335510,-165604]
[null,null,null,null," Gross profit                           ",null,null,null,28300.37890625,113133.5546875,206200,54080,75854,-7203,-66119]
[null,null,null,null,"Other revenue",null,null,null,70.001998901367188,511.51300048828125,435,1121,592,3319,848]
[null,null,null,null," Other net income                          ",null,null,null,-34.812999725341797,-187.02299499511719,76,5418,7073,34171,-1082]
[null,null,null,null," Administrative expenses                           ",null,null,null,-10427.0927734375,-38685.20703125,-60303,-48183,-52410,-30916,-30520]
[null,null,null,null," General and administrative expenses                         ",null,null,null,0,0,0,0,0,-56445,-8589]
[null,null,null,null,"Impairment loss",null,null,null,0,0,0,0,0,-190000,0]
[null,null,null,null," Profit from operations                          ",null,null,null,17908.474609375,74772.8359375,146408,12436,31109,-247074,-105462]
[null,null,null,null,"Finance income",null,null,null,342.3179931640625,12335.08984375,22236,39561,9551,3911,5084]
[null,null,null,null,"Finance costs",null,null,null,-3860.2041015625,-4214.1611328125,-13785,-50994,-95095,-98431,-104106]
[null,null,null,null,"Net finance costs",null,null,null,-3517.885986328125,8120.92919921875,8451,-11433,-85544,{"$f":"N20+N21","v":-94520},{"$f":"O20+O21","v":-99022}]
[null,null,null,null," Share of losses less profits of associates                      ",null,null,null,-9.7019996643066406,1.7610000371932983,-119,-362,-1087,-19,-15]
[null,null,null,null," Share of profits of joint venture                       ",null,null,null,0,0,0,0,0,-70,-87]
[null,null,null,null," (Loss)/profit before taxation 6                         ",null,null,null,14380.88671875,82895.5234375,154740,641,-55522,-341683,-204586]
[null,null,null,null,"Income tax",null,null,null,-4110.72314453125,-22756.8203125,-35650,-3183,-2551,58978,16873]
[null,null,null,null,"Loss for the year",null,null,null,10270.1640625,60138.703125,119090,-2542,-58073,-282705,-187713]
[null,null,null,null," Exchange differences on re-translation                         ",null,null,null,30.59,7601.0789999999997,-79153,-20929,-137693,-69743]
[null,null,null,null," Total comprehensive income for the year                       ",null,null,null,10300.754000000001,67739.782999999996,39937,-23471,-195766]
[null,null,null,null," Loss attributable to the equity shareholders of                      ",null,null,null,10270.164000000001,60138.703999999998,119090,-2542,-58073,-97748]
[null,null,null,null," Basic loss per share 8  cents  cents                    ",null,null,null,0.34,1.91,3.21,-7.0000000000000007E-2,-1.57,-0.76]
[null,null,null,null,"Implied Shares",null,null,null,{"$f":"I30/I31","v":30206.364705882352},31486.232460732983,37099.688473520247,36314.28571428571,36989.171974522294,128615.78947368421]
[]
[null,null,"Balance Sheet"]
[null,null,null,"Assets"]
[null,null,null,null," Non-current assets                           "]
[null,null,null,null," Property, plant and equipment, net 11                       ",null,null,null,30357.991000000002,76646,347109,527358,574467,594926,540714]
[null,null,null,null," Construction in progress 12                         ",null,null,null,43985.016000000003,232784,183229,242838,148371,58421,55164]
[null,null,null,null," Lease prepayments                           ",null,null,null,104.816,118,105,103,85,73,68]
[null,null,null,null," Intangible assets 13                          ",null,null,null,14.521000000000001,0,681352,774773,696354,511089,510380]
[null,null,null,null," Interest in associates                          ",null,null,null,null,19,4278,3808,2203,63,45]
[null,null,null,null," Interest in joint venture                         ",null,null,null,null,null,null,null,null,15,95]
[null,null,null,null," Other financial assets                          ",null,null,null,null,null,null,null,null,0,0]
[null,null,null,null," Other non-current assets 14                         ",null,null,null,8371.5480000000007,26889,7423,26727,6590,25823,50582]
[null,null,null,null," Deferred tax assets                          ",null,null,null,328.03800000000001,1681,9698,19144,21781,37968,46629]
[null,null,null,null," Total non-current assets                          ",null,null,null,83161.929999999993,338137,1233194,1594751,1449851,1228378,1203677]
[null,null,null,null," Current assets                           ",null,null,null,0]
[null,null,null,null," Assets held for sale 15                        ",null,null,null,null,null,null,0,56906,484,55]
[null,null,null,null," Inventories 16                           ",null,null,null,7661.009,7876,57734,90290,106461,48900,45829]
[null,null,null,null," Trade and other receivables 17                        ",null,null,null,20036.053,32350,109322,207914,209117,152207,93857]
[null,null,null,null," Cash at bank and in hand 18                      ",null,null,1,2371.0300000000002,674907,227765,284322,76535,252856,50702]
[null,null,null,null," Total current assets                          ",null,null,null,30068.092000000001,715133,394821,582526,449019,454447,190443]
[null,null,null,null,"Total Assets",null,null,null,{"$f":"I52+I46","v":113230.022},1053270,1628015,2177277,1898870,0,0]
[]
[null,null,null,null," Current liabilities                           ",null,null,null,0,null,null,null,null,0,0]
[null,null,null,null," Short-term borrowings and current portion of long-term                      ",null,null,-1,24200,85909,333568,81818,141818,114818,197631]
[null,null,null,null," Trade and other payables 20                        ",null,null,null,17106.672999999999,40315,118680,247057,287951,298118,213429]
[null,null,null,null," Current taxation                           ",null,null,null,794.99900000000002,5455,17508,3950,3426,68,144]
[null,null,null,null,"Convertible Bond",null,null,-1,null,0,83508,85000,0,0,0]
[null,null,null,null," Obligations under finance leases                         ",null,null,-1,null,0,247,210,81,8,0]
[null,null,null,null," Total current liabilities                          ",null,null,null,42101.671999999999,131679,553511,418035,433276,413012,411204]
[null,null,null,null," Net current (liabilities)/assets                          ",null,null,null,-12033.58,583454,-158690,164491,15743,41435,-220761]
[null,null,null,null," Total assets less current liabilities                        ",null,null,null,71128.350000000006,921591,1074504,1759242,1465594,1269813,982916]
[null,null,null,null," Long-term borrowings, less current portion 19                       ",null,null,-1,0,null,null,249113,150089,161978,0]
[null,null,null,null," Senior notes 21                          ",null,null,-1,10000,165214,144661,592891,594329,595906,597634]
[null,null,null,null," Provisions 23                           ",null,null,null,15214.753000000001,16811,0,15538,10118,12995,13567]
[null,null,null,null," Deferred tax liabilities                          ",null,null,null,1704.998,6904,11110,149574,149627,101640,102483]
[null,null,null,null," Obligations under finance leases                         ",null,null,-1,367.23099999999999,5381,149656,113,9,0,0]
[null,null,null,null," Other non-current liabilities                          ",null,null,null,null,0,213,0,455,456,79441]
[null,null,null,null," Total non-current liabilities                          ",null,null,null,27286.982,194310,305640,1007229,904627,872975,793125]
[null,null,null,null," NET ASSETS                           ",null,null,null,43841.368000000002,727281,768864,752013,560967,396838,189791]
[null,null,null,null," CAPITAL AND RESERVES                          ",null,null,null,0,null,null,null,null,92626,92626]
[null,null,null,null," Share capital 24                          ",null,null,null,0,37050,37050,37050,37050,396546,189449]
[null,null,null,null," Reserves 24                           ",null,null,null,43841.368000000002,690231,731814,714963,523917,303920,96823]
[null,null,null,null," TOTAL EQUITY                           ",null,null,null,43841.368000000002,727281,768864,752013,560967,396838,189791]
[]
[null,null,"Cash Flow Statement"]
[null,null,null,null," Cash flows from operating activities                        "]
[null,null,null,null," (Loss)/profit before taxation                          ",null,null,null,14380.887000000001,82896,154740,641,-55522,-341683,-204586]
[null,null,null,null," Adjustments for:                           ",null,null,null,0,null,null,null,null,0,0]
[null,null,null,null," Depreciation and amortisation 6(c)                         ",null,null,null,1864.8040000000001,3204,19370,47619,65132,46145,39179]
[null,null,null,null," Impairment loss on trade and other receivables 6(c)                     ",null,null,null,null,0,4145,5929,17220,8806,8512]
[null,null,null,null," Share of losses of associates                        ",null,null,null,9.702,-2,119,362,1087,89,102]
[null,null,null,null," Loss on disposal of an associate                       ",null,null,null,34.813000000000002,187,438,133,0,-36881,-62]
[null,null,null,null," and equipment and construction in progress 6(c)                      ",null,null,null,null,null,null,900,-7270,0,0]
[null,null,null,null," Net finance costs 6(a)                         ",null,null,null,194.48699999999999,-8280,-8451,11433,85544,94520,99022]
[null,null,null,null," Equity-settled share-based payment expenses 6(b)                        ",null,null,null,null,0,4299,6620,4720,3475,3298]
[null,null,null,null,null,null,null,null,null,0,1646,null,null,2014,2015]
[null,null,null,null," Changes in working capital:                         ",null,null,null,0,null,null,null,null,0,0]
[null,null,null,null," Increase in inventories                          ",null,null,null,-7645.8190000000004,-215,-55879,-31019,-33075,42061,-7562]
[null,null,null,null," Increase in trade and other receivables                       ",null,null,null,-6996.5950000000003,-8092,-88441,-96444,-10559,0,0]
[null,null,null,null," Increase in trade and other payables                       ",null,null,null,-4561.1369999999997,15088,14997,13630,97698,-23865,50270]
[null,null,null,null," Increase in other non-current liabilities                        ",null,null,null,null,null,null,0,455,0,0]
[null,null,null,null," Cash generated from/(used in) operations                        ",null,null,null,-2718.8580000000002,84786,46983,-40196,165430,41348,-13780]
[null,null,null,null," Income tax paid 27(a)                         ",null,null,null,-1305.0239999999999,-15145,-25998,-21527,-4719,-175,-404]
[null,null,null,null," Net cash generated from/(used in) operating activities                      ",null,null,null,-4023.8820000000001,69641,20985,-61723,160711,0,0]
[null,null,null,null," Investing activities                           ",null,null,null,0,null,null,null,null,0,0]
[null,null,null,null," Payments for acquisition of property, plant                       ",null,null,null,0,null,null,null,null,2014,2015]
[null,null,null,null," and equipment and construction in progress                       ",null,null,null,-58562.527999999998,-220242,-292294,-284432,-183465,92664,884]
[null,null,null,null," Proceeds from disposal of property, plant and equipment                     ",null,null,null,459.68200000000002,213,3069,null,null,92664,884]
[null,null,null,null," Payment for acquisition of subsidiaries, net                       ",null,null,null,-2300.7890000000002,0,-103494,null,null,-107,-84]
[null,null,null,null," Payment for acquisition of associates                        ",null,null,null,null,0,-4820,null,null,0,0]
[null,null,null,null," Withdrawal/(placement) of time deposits                         ",null,null,null,-2000,-344645,159886,-53241,190000,0,0]
[null,null,null,null," Interest received                           ",null,null,null,342.31799999999998,294,22236,17251,14424,0,0]
[null,null,null,null," Net cash generated from/(used in) investing activities                      ",null,null,null,-62061.317000000003,-564380,-215417,-320422,20959,25782,-36236]
[null,null,null,null," Financing activities                           ",null,null,null,0,null,null,null,null,0,0]
[null,null,null,null," Proceeds from issue of senior notes                       ",null,null,null,18750,null,null,589679,0,0,0]
[null,null,null,null," Proceeds from borrowings                          ",null,null,null,53330.597000000002,null,null,194246,60000,146200,15000]
[null,null,null,null," Repayment of borrowings                          ",null,null,null,14668.39,null,null,-344818,-186818,-163818,-96818]
[null,null,null,null," Interest paid                           ",null,null,null,-22130.597000000002,null,null,-50398,-72478,-68471,-69891]
[null,null,null,null," Payment of transaction costs on issue of senior notes                    ",null,null,null,-1934.6859999999999,null,null,-2999,0,0,0]
[null,null,null,null," Net cash (used in)/generated from financing activities                      ",null,null,null,0,null,null,385710,-199296,109524,-151709]
[null,null,null,null," Net (decrease)/increase in cash and cash equivalents                      ",null,null,null,0,null,null,3565,-17626,176479,-202129]
[null,null,null,null," Cash and cash equivalents at beginning of the year                    ",null,null,null,62683.703999999998,null,null,41006,44322,26535,202856]
[null,null,null,null," Effect of foreign exchange rate changes                       ",null,null,null,-3401.4949999999999,null,null,-249,-161,-158,-25]
[null,null,null,null," Cash and cash equivalents at end of the year 24                   ",null,null,null,3790.797,null,null,44322,26535,202856,702]
[]
["Assumptions"]
[null,null,"Revenue Assumptions"]
[null,null,null,"Sales volumes"]
[null,null,null,null,"historic volumes",null,null,null,{"$f":"I8","v":1.39},3.92,4.8,5.6,5.7,5.4,1.5,0,0,0,0,0]
[null,null,1,null,"Base case sales volumes",null,null,null,null,null,null,null,null,{"$f":"N121","v":5.4},{"$f":"O121","v":1.5},3.5,4.5,6,6,6]
[null,null,2,null,"Low sales case",null,null,42,null,null,null,null,null,{"$f":"N121","v":5.4},{"$f":"O121","v":1.5},{"$f":"H123/10","v":4.2},{"$f":"P123*1.02","v":4.2840000000000007},{"$f":"Q123*1.02","v":4.3696800000000007},{"$f":"R123*1.02","v":4.4570736000000011},{"$f":"S123*1.02","v":4.5462150720000007}]
[null,null,3,null,"Increasing sales case",null,null,null,null,null,null,null,null,{"$f":"N121","v":5.4},{"$f":"O121","v":1.5},4.5,5.5,6.5,{"$f":"R124*1.05","v":6.8250000000000002},7.1662500000000007]
[null,null,null,null,{"$f":"INDEX(E122:E124,$H$125)","v":"Low sales case"},null,null,{"$f":"'Mongolia Mining Scenario'!D28","v":2},{"$f":"IF(I2,I121,INDEX(I122:I124,$H$125))","v":1.39},3.92,4.8,5.6,5.7,5.4,1.5,4.2,4.2840000000000007,4.3696800000000007,4.4570736000000011,4.5462150720000007]
[]
[null,null,null,"Price"]
[null,null,null,null,"Historic Price",null,null,null,{"$f":"IF(I8,I11/I8/1000)","v":48.188995053956837},70.791222895408168,113.035,84.728571428571428,76.726140350877188,60.797592592592594,66.323333333333323,false,false,false,false,false]
[null,null,1,null,"Base price case",null,null,null,null,null,null,null,null,65,60,60,60,60,60,60]
[null,null,2,null,"Low price case",null,null,null,null,null,null,null,null,74,{"$f":"N130","v":74},74,74,74,74,74]
[null,null,3,null,"High price case",null,null,null,null,null,null,null,null,65,65,65,70,76,76,76]
[]
[null,null,null,null,{"$f":"INDEX(E129:E131,$H$133)","v":"Low price case"},null,null,{"$f":"'Mongolia Mining Scenario'!E28","v":2},{"$f":"IF(I2,I128,(INDEX(I129:I131,$H$133)))","v":48.188995053956837},70.791222895408168,113.035,84.728571428571428,76.726140350877188,60.797592592592594,{"$f":"IF(O2,O128,(INDEX(O129:O131,$H$133)))","v":66.323333333333323},74,74,74,74,74]
[]
[null,null,"Operating Cost Assumptions"]
[null,null,null,"Cost of sales"]
[null,null,null,null,"Step 1: Compute Cash Cost of Sales"]
[null,null,null,null,"Historic cost of sales",null,null,null,{"$f":"-I12","v":38682.328125},164368.046875,336368,420400,361485,335510,165604,0,0,0,0,0]
[null,null,null,null,"Less Depreciation Expense",null,null,null,{"$f":"I81","v":1864.8040000000001},3204,19370,47619,65132,{"$f":"N81","v":46145},39179,0,0,0,0,0]
[null,null,null,null,"Cash cost of sales",null,null,null,{"$f":"I138-I139","v":36817.524124999996},{"$f":"J138-J139","v":161164.046875},316998,372781,296353,289365,126425,0,0,0,0,0]
[]
[null,null,null,"Production",null,null,null,null,{"$f":"I7","v":1.84},3.93,7.1,9.4,9.6999999999999993,3.387,2.7370000000000001,0,0,0,0,0]
[null,null,null,null,"Production/sale(historic)",null,null,null,{"$f":"IF(I8,I142/I8)","v":1.3237410071942448},1.0025510204081634,1.4791666666666667,1.6785714285714288,1.701754385964912,0.62722222222222224,1.8246666666666667,false,false,false,false,false]
[null,null,null,null,"Production to sales forecast",null,null,{"$f":"'Mongolia Mining Scenario'!F28","v":1.4},{"$f":"IF(NOT(I2),$H$144)","v":false},false,false,false,false,false,false,1.4,1.4,1.4,1.4,1.4]
[null,null,null,null,"Production",null,null,null,{"$f":"IF(I2,I7,I144*I125)","v":1.84},3.93,7.1,9.4,9.6999999999999993,3.387,2.7370000000000001,5.88,5.9976000000000003,6.1175520000000008,6.2399030400000015,6.3647011008000005]
[]
[null,null,null,"Cost of Production"]
[null,null,null,null,"Historic Cost",null,null,null,{"$f":"IF(I142,I140/I142/1000)","v":20.009523980978258},{"$f":"IF(J142,J140/J142/1000)","v":41.008663326972012},44.647605633802819,39.657553191489356,30.551855670103095,85.434012400354305,46.191085129704057,false,false,false,false,false]
[null,null,null,null,"Cost of production forecast",null,null,{"$f":"'Mongolia Mining Scenario'!G28","v":30},{"$f":"IF(NOT(I2),$H$149)","v":false},false,false,false,false,false,false,30,30,30,30,30]
[null,null,null,null,"Cost of Production",null,null,null,{"$f":"IF(I2,I148,I149)","v":20.009523980978258},41.008663326972012,44.647605633802819,39.657553191489356,30.551855670103095,85.434012400354305,46.191085129704057,30,30,30,30,30]
[]
[null,null,null,"Admin and General Expense"]
[null,null,null,null,"Historic",null,null,null,{"$f":"-(I16+I17)","v":10427.0927734375},{"$f":"-(J16+J17)","v":38685.20703125},60303,48183,52410,87361,39109,0,0,0,0,0]
[null,null,null,null,"Percent of Sales",null,null,null,{"$f":"IF(I2,I153/I11)","v":0.15566843807391506},0.13940535082512476,0.11114367231388508,0.10154906423874557,0.11983838624042219,0.26609545334092788,0.39311453988038397,false,false,false,false,false]
[null,null,null,null,"Admin Percent Forecast",null,null,{"$f":"'Mongolia Mining Scenario'!H28","v":0.16},{"$f":"IF(NOT(I2),$H$155)","v":false},false,false,false,false,false,false,0.16,0.16,0.16,0.16,0.16]
[null,null,null,null,"Admin Percent History and Forecast",null,null,null,{"$f":"IF(I2,I154,I155)","v":0.15566843807391506},0.13940535082512476,0.11114367231388508,0.10154906423874557,0.11983838624042219,0.26609545334092788,0.39311453988038397,0.16,0.16,0.16,0.16,0.16]
[]
[null,null,null,"Other Revenues"]
[null,null,null,null,"Historic",null,null,null,{"$f":"IF(I2,I14+I15)","v":35.188999176025391},{"$f":"IF(J2,J14+J15)","v":324.49000549316406},511,6539,7665,37490,-234,false,false,false,false,false]
[null,null,null,null,"Forecast",null,null,20,{"$f":"$H$160*NOT(I2)","v":0},{"$f":"$H$160*NOT(J2)","v":0},0,0,0,0,0,20,20,20,20,20]
[null,null,null,null,"Other Revenues History and Forecast",null,null,null,{"$f":"I159+I160","v":35.188999176025391},{"$f":"J159+J160","v":324.49000549316406},511,6539,7665,37490,-234,20,20,20,20,20]
[]
[null,null,null,"Other Income"]
[null,null,null,null,"Historic",null,null,null,{"$f":"I23+I24","v":-9.7019996643066406},1.7610000371932983,-119,-362,-1087,-89,-102,0,0,0,0,0]
[null,null,null,null,"Forecast",null,null,{"$f":"'Mongolia Mining Scenario'!I28","v":-100},{"$f":"IF(NOT(I2),$H$165)","v":false},false,false,false,false,false,false,-100,-100,-100,-100,-100]
[null,null,null,null,"Other Income Applied",null,null,null,{"$f":"IF(I2,I164,I165)","v":-9.7019996643066406},1.7610000371932983,-119,-362,-1087,-89,-102,-100,-100,-100,-100,-100]
[]
[null,null,null,"Maintenance Captial Expenditures"]
[null,null,null,null,"Historic",null,null,null,{"$f":"-I99","v":58562.527999999998},220242,292294,284432,183465,-92664,-884,0,0,0,0,0]
[null,null,null,null,"High Maintenance Expenditures",null,null,{"$f":"'Mongolia Mining Scenario'!J28","v":500},{"$f":"IF(I2,,$H$170)","v":0},0,0,0,0,0,0,500,500,500,500,500]
[]
[null,null,null,"Capital Expenditures for New Projects"]
[null,null,null,null,"Historic Capital Expenditures",null,null,null,{"$f":"I169","v":58562.527999999998},{"$f":"J169","v":220242},292294,284432,183465,-92664,-884,0,0,0,0,0]
[null,null,null,null,"Projected Capital Expenditures",null,null,{"$f":"'Mongolia Mining Scenario'!K28","v":0},{"$f":"IF(NOT(I2),$H$174)","v":false},false,false,false,false,false,false,0,0,0,0,0]
[null,null,null,null,"Applied Capital Expenditures",null,null,null,{"$f":"IF(I2,I173,I174)","v":58562.527999999998},220242,292294,284432,183465,-92664,-884,0,0,0,0,0]
[]
[null,null,"Working Capital"]
[null,null,null,"Receivables",null,null,null,"Avg 1/Last 2",{"$f":"I50","v":20036.053},32350,109322,207914,209117,152207,93857,0,0,0,0,0]
[null,null,null,"Percent of Revenue",null,null,null,2,{"$f":"IF(I$2,I178/I11,CHOOSE($H179,H179,AVERAGEIF($2:$2,TRUE,179:179)))","v":0.29912278939548992},0.11657590705278607,0.2014899514899515,0.43819339065924801,0.47815767631059658,0.46361180236790567,0.9434286575865708,0.42008288212322126,0.42008288212322126,0.42008288212322126,0.42008288212322126,0.42008288212322126]
[]
[null,null,null,"Inventories",null,null,null,"Avg 1/Last 2",{"$f":"I49","v":7661.009},7876,57734,90290,106461,48900,45829,0,0,0,0,0]
[null,null,null,"Percent of CGS",null,null,null,1,{"$f":"IF(I$2,I181/I140,CHOOSE($H182,H182,AVERAGEIF($2:$2,TRUE,182:182)))","v":0.20808050465289132},4.8869460358665989E-2,0.18212733203364059,0.24220655022654053,0.35923712599501273,0.16899072106163496,0.36249950563575239,0.36249950563575239,0.36249950563575239,0.36249950563575239,0.36249950563575239,0.36249950563575239]
[]
[null,null,null,"Other Current Assets",null,null,null,55,{"$f":"IF(I2,I48,$H$184)","v":0},0,0,0,56906,484,55,55,55,55,55,55]
[]
[null,null,null,null,"Trade Payables",null,null,null,{"$f":"I57","v":17106.672999999999},40315,118680,247057,287951,298118,213429,0,0,0,0,0]
[null,null,null,null,"Total Expenses",null,null,"Avg 1/Last 2",{"$f":"I140+I153","v":47244.616898437496},199849.25390625,377301,420964,348763,376726,165534,0,0,0,0,0]
[null,null,null,null,"Payables as Percent of Expense",null,null,1,{"$f":"IF(I$2,I186/I187,CHOOSE($H188,H188,AVERAGEIF($2:$2,TRUE,188:188)))","v":0.36208724132051884},0.20172704782231465,0.31454992168056806,0.58688391406391049,0.82563517345589987,0.79133906340417171,1.2893363296966183,1.2893363296966183,1.2893363296966183,1.2893363296966183,1.2893363296966183,1.2893363296966183]
[]
[null,null,null,"Other Current Liabilities",null,null,null,null,{"$f":"IF(I2,I58,H190)","v":794.99900000000002},5455,17508,3950,3426,68,144,144,144,144,144,144]
[]
[null,null,"Other Long-term Assets and Liabilities"]
[null,null,null,"Other Long-term Assets",null,null,null,{"$f":"N39+N40+N42+N43+N44","v":537000},{"$f":"IF(I2,I39+I40+I42+I43+I44,$H193)","v":8490.8850000000002},27007,688880,801603,703029,537000,561125,537000,537000,537000,537000,537000]
[null,null,null,"Investments in Associates",null,null,null,{"$f":"N41","v":63},{"$f":"IF(I2,I41,$H194)","v":0},19,4278,3808,2203,63,45,63,63,63,63,63]
[null,null,null,"Deferred Tax Assets",null,null,null,{"$f":"N45","v":37968},{"$f":"IF(I2,I45,$H195)","v":328.03800000000001},1681,9698,19144,21781,37968,46629,37968,37968,37968,37968,37968]
[]
[null,null,null,"Provisions and Other",null,null,null,{"$f":"N66+N69","v":13451},{"$f":"IF(I2,I66+I69,$H197)","v":15214.753000000001},16811,213,15538,10573,13451,93008,13451,13451,13451,13451,13451]
[null,null,null,"Deferred Tax Liabilities",null,null,null,{"$f":"N67","v":101640},{"$f":"IF(I2,I67,$H198)","v":1704.998},6904,11110,149574,149627,101640,102483,101640,101640,101640,101640,101640]
[]
[null,null,null,"Net Other Assets",null,null,null,{"$f":"H193+H194+H195-H197-H198","v":459940},{"$f":"I193+I194+I195-I197-I198","v":-8100.8279999999995},4992,691533,659443,566813,459940,412308,459940,459940,459940,459940,459940]
[null,null,null,"Increase in Other Assets",null,null,null,null,{"$f":"I200-H200","v":-468040.82799999998},{"$f":"J200-I200","v":13092.828},686541,-32090,-92630,-106873,-47632,47632,0,0,0,0]
[]
[null,null,"Depreciation and Taxes"]
[null,null,null,"Net Depreciation Rate"]
[null,null,null,null,"Depreciation Expense",null,null,null,{"$f":"I81","v":1864.8040000000001},3204,19370,47619,65132,46145,39179,0,0,0,0,0]
[null,null,null,null,"Plant",null,null,"Avg/Lst",{"$f":"I37","v":30357.991000000002},{"$f":"I37","v":30357.991000000002},76646,347109,527358,574467,594926,540714,0,0,0,0]
[null,null,null,null,"Historic",null,null,1,{"$f":"IF(I$2,I205/I206,CHOOSE($H207,H207,AVERAGEIF($2:$2,TRUE,207:207)))","v":6.1427121445552839E-2},0.10554058073210443,0.25272029851525196,0.13718745408502805,0.12350623295749756,8.0326633209566428E-2,6.5855249224273271E-2,6.5855249224273271E-2,6.5855249224273271E-2,6.5855249224273271E-2,6.5855249224273271E-2,6.5855249224273271E-2]
[]
[null,null,null,null,"Income Taxes",null,null,null,{"$f":"-I26","v":4110.72314453125},22756.8203125,35650,3183,2551,-58978,-16873,0,0,0,0,0]
[null,null,null,null,"Pre-tax Income",null,null,null,{"$f":"I25","v":14380.88671875},82895.5234375,154740,641,-55522,-341683,-204586,0,0,0,0,0]
[null,null,null,null,"Income Tax Rate Applied",null,null,0.25,{"$f":"IF(I2,I209/I210,$H211)","v":0.28584629202117501},0.2745241162468533,0.23038645469820343,4.9656786271450857,-4.5945751233745183E-2,0.17261028497174283,8.2473874067629266E-2,0.25,0.25,0.25,0.25,0.25]
[]
[null,null,"Financing Assumptions"]
[null,null,null,"Interest Expense Rate"]
[null,null,null,null,"Interest Expense",null,null,null,{"$f":"-I21","v":3860.2041015625},4214.1611328125,13785,50994,95095,98431,104106,0,0,0,0,0]
[null,null,null,null,"Total Debt",null,null,null,{"$f":"I56+I59+I60+I65+I68","v":34567.231},256504,711640,760032,736237,710732,795265,0,0,0,0,0]
[null,null,null,null,"Prior Debt",null,null,null,{"$f":"I216","v":34567.231},{"$f":"I216","v":34567.231},{"$f":"J216","v":256504},711640,760032,736237,710732,795265,0,0,0,0]
[null,null,null,null,"Historic",null,null,7.0000000000000007E-2,{"$f":"IF(I2,I215/I217,$H$218)","v":0.11167235528823527},0.12191202508562228,5.3741851978916511E-2,7.165701759316509E-2,0.12511973180076627,0.13369472058589829,0.14647715313226364,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[]
[null,null,null,"Interest Income Rate"]
[null,null,null,null,"Interest Income",null,null,null,{"$f":"I20","v":342.3179931640625},12335.08984375,22236,39561,9551,3911,5084,0,0,0,0,0]
[null,null,null,null,"Total Cash Balance",null,null,null,{"$f":"I51","v":2371.0300000000002},674907,227765,284322,76535,252856,50702,0,0,0,0,0]
[null,null,null,null,"Prior Cash Balance",null,null,null,{"$f":"I222","v":2371.0300000000002},{"$f":"I222","v":2371.0300000000002},{"$f":"J222","v":674907},227765,284322,76535,252856,50702,0,0,0,0]
[null,null,null,null,"Income Rate",null,null,0.03,{"$f":"IF(I2,I221/I223,$H$224)","v":0.14437522644760398},5.202418292366608,3.2946761553814083E-2,0.17369218273220205,3.3592194765090282E-2,5.1100803553929576E-2,2.0106305565222894E-2,0.03,0.03,0.03,0.03,0.03]
[]
[null,null,null,"Dividend Payout Ratio",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Operations"]
[null,"Revenues",null,null,null,null,0]
[null,null,"Coal Price",null,null,true,{"$f":"F230+G229","v":1},null,{"$f":"I133","v":48.188995053956837},70.791222895408168,113.035,84.728571428571428,76.726140350877188,60.797592592592594,66.323333333333323,74,74,74,74,74]
[null,null,"Sales Volume",null,null,true,{"$f":"F231+G230","v":2},null,{"$f":"I125","v":1.39},3.92,4.8,5.6,5.7,5.4,1.5,4.2,4.2840000000000007,4.3696800000000007,4.4570736000000011,4.5462150720000007]
[null,null,null,"Revenues",null,true,3,null,{"$f":"PRODUCT(I230:I231)*1000","v":66982.703125},{"$f":"PRODUCT(J230:J231)*1000","v":277501.59375000006},542568,474479.99999999994,437339,328307,99484.999999999985,310800,317016.00000000006,323356.32000000007,329823.44640000007,336419.91532800003]
[null,null,null,null,null,null,3]
[null,null,null,"Other Revenues",null,true,4,null,{"$f":"I161","v":35.188999176025391},{"$f":"J161","v":324.49000549316406},511,6539,7665,37490,-234,20,20,20,20,20]
[null,null,null,null,null,null,4]
[null,"Operating expenses",null,null,null,null,4]
[null,null,"Cost of Production",null,null,null,4]
[null,null,null,"Production",null,false,4,null,{"$f":"I145","v":1.84},3.93,7.1,9.4,9.6999999999999993,3.387,2.7370000000000001,5.88,5.9976000000000003,6.1175520000000008,6.2399030400000015,6.3647011008000005]
[null,null,null,"Cash Cost of Production per Unit",null,true,5,null,{"$f":"I150","v":20.009523980978258},41.008663326972012,44.647605633802819,39.657553191489356,30.551855670103095,85.434012400354305,46.191085129704057,30,30,30,30,30]
[null,null,null,null,"Total Cash Cost of Sales",true,6,null,{"$f":"I238*I239*1000","v":36817.524124999996},{"$f":"J238*J239*1000","v":161164.04687500003},316998,372780.99999999994,296353,289365,126425.00000000001,176400,179928,183526.56000000003,187197.09120000005,190941.033024]
[null,null,null,null,null,null,6]
[null,null,"Administrative and Other Expenses",null,null,null,6]
[null,null,null,"Admin Cost as Percent of Revenues",null,true,7,null,{"$f":"I156","v":0.15566843807391506},0.13940535082512476,0.11114367231388508,0.10154906423874557,0.11983838624042219,0.26609545334092788,0.39311453988038397,0.16,0.16,0.16,0.16,0.16]
[null,null,null,"Sales ",null,true,8,null,{"$f":"I232","v":66982.703125},{"$f":"J232","v":277501.59375000006},542568,474479.99999999994,437339,328307,99484.999999999985,310800,317016.00000000006,323356.32000000007,329823.44640000007,336419.91532800003]
[null,null,null,null,"Administrative Expenses",true,9,null,{"$f":"I243*I244","v":10427.0927734375},{"$f":"J243*J244","v":38685.207031250007},60303,48182.999999999993,52410,87361.000000000015,39108.999999999993,49728,50722.560000000012,51737.011200000008,52771.751424000016,53827.186452480004]
[null,null,null,null,null,null,9]
[null,null,"Total Operating Expenses",null,null,true,10,null,{"$f":"I240+I245","v":47244.616898437496},{"$f":"J240+J245","v":199849.25390625003},377301,420963.99999999994,348763,376726,165534,226128,230650.56,235263.57120000003,239968.84262400007,244768.21947648001]
[null,null,null,null,null,null,10]
[null,null,"EBITDA",null,null,true,11,null,{"$f":"I232+I234-I247","v":19773.275225738529},{"$f":"J232+J234-J247","v":77976.829849243193},165778,60055,96241,-10929,-66283.000000000015,84692,86385.440000000061,88112.74880000003,89874.603776000004,91671.695851520024]
[null,null,null,null,null,null,11]
[null,null,"Historic Operating Income ",null,null,null,11,null,{"$f":"I19","v":17908.474609375},74772.8359375,146408,12436,31109,-247074,-105462,0,0,0,0,0]
[null,null,"Add Depreciation",null,null,null,11,null,{"$f":"I205-I18","v":1864.8040000000001},{"$f":"J205-J18","v":3204},19370,47619,65132,236145,39179,0,0,0,0,0]
[null,null,"Historic EBITDA",null,null,null,11,null,{"$f":"I251+I252","v":19773.278609375},{"$f":"J251+J252","v":77976.8359375},165778,60055,96241,-10929,-66283,0,0,0,0,0]
[null,null,null,"Difference",null,null,11,null,{"$f":"I249-I253","v":-3.3836364709713962E-3},{"$f":"J249-J253","v":-6.0882568068336695E-3},0,0,0,0,0,84692,86385.440000000061,88112.74880000003,89874.603776000004,91671.695851520024]
[null,null,"Check",null,null,null,11]
[null,null,null,null,null,null,11]
[null,null,"Capital Expenditures",null,null,null,11]
[null,null,null,"Maintenance Capital Expenditures",null,true,12,null,{"$f":"I170","v":0},0,0,0,0,0,0,500,500,500,500,500]
[null,null,null,"Project Capital Expenditures",null,true,13,null,{"$f":"I175","v":58562.527999999998},220242,292294,284432,183465,-92664,-884,0,0,0,0,0]
[null,null,null,null,"Total Capital Expenditures",true,14,null,{"$f":"SUM(I258:I259)","v":58562.527999999998},220242,292294,284432,183465,-92664,-884,500,500,500,500,500]
[null,null,null,null,null,null,14]
["Working Capital",null,null,null,null,null,14]
[null,null,"Accounts Receivable",null,null,null,14]
[null,null,null,"Revenues ",null,true,15,null,{"$f":"I232","v":66982.703125},277501.59375000006,542568,474479.99999999994,437339,328307,99484.999999999985,310800,317016.00000000006,323356.32000000007,329823.44640000007,336419.91532800003]
[null,null,null,"A/R to Sales",null,true,16,null,{"$f":"I179","v":0.29912278939548992},0.11657590705278607,0.2014899514899515,0.43819339065924801,0.47815767631059658,0.46361180236790567,0.9434286575865708,0.42008288212322126,0.42008288212322126,0.42008288212322126,0.42008288212322126,0.42008288212322126]
[null,null,null,null,"Total Accounts Receivable",true,17,null,{"$f":"PRODUCT(I264:I265)","v":20036.053},{"$f":"PRODUCT(J264:J265)","v":32350.000000000007},109322,207913.99999999997,209117,152207,93856.999999999985,130561.75976389716,133172.99495917512,135836.45485835863,138553.1839555258,141324.24763463633]
[null,null,null,null,null,null,17]
[null,null,"Inventories",null,null,null,17]
[null,null,null,"Cost of Sales Cash",null,true,18,null,{"$f":"I240","v":36817.524124999996},161164.04687500003,316998,372780.99999999994,296353,289365,126425.00000000001,176400,179928,183526.56000000003,187197.09120000005,190941.033024]
[null,null,null,"Inventories to Cost of Sales",null,true,19,null,{"$f":"I182","v":0.20808050465289132},4.8869460358665989E-2,0.18212733203364059,0.24220655022654053,0.35923712599501273,0.16899072106163496,0.36249950563575239,0.36249950563575239,0.36249950563575239,0.36249950563575239,0.36249950563575239,0.36249950563575239]
[null,null,null,null,"Total Inventories",true,20,null,{"$f":"PRODUCT(I269:I270)","v":7661.009},{"$f":"PRODUCT(J269:J270)","v":7876.0000000000009},57734,90289.999999999985,106461.00000000001,48900,45829,63944.912794146723,65223.811050029653,66528.287271030262,67858.85301645087,69216.030076779876]
[null,null,null,null,null,null,20]
[null,null,"Other Current Assets",null,null,null,20,null,{"$f":"I184","v":0},0,0,0,56906,484,55,55,55,55,55,55]
[null,null,null,null,null,null,20]
[null,null,"Accounts Payable to Expenses",null,null,true,21,null,{"$f":"I188","v":0.36208724132051884},0.20172704782231465,0.31454992168056806,0.58688391406391049,0.82563517345589987,0.79133906340417171,1.2893363296966183,1.2893363296966183,1.2893363296966183,1.2893363296966183,1.2893363296966183,1.2893363296966183]
[null,null,"Expenses",null,null,true,22,null,{"$f":"I247","v":47244.616898437496},199849.25390625003,377301,420963.99999999994,348763,376726,165534,226128,230650.56,235263.57120000003,239968.84262400007,244768.21947648001]
[null,null,null,"Total Accounts Payable",null,true,23,null,{"$f":"PRODUCT(I275:I276)","v":17106.672999999999},{"$f":"PRODUCT(J275:J276)","v":40315},118680.00000000001,247056.99999999997,287951,298118,213429,291555.04556163691,297386.14647286962,303333.86940232705,309400.54679037363,315588.55772618105]
[null,null,null,null,null,null,23]
[null,null,"Other Current Liabilities",null,null,null,23,null,{"$f":"I190","v":794.99900000000002},5455,17508,3950,3426,68,144,144,144,144,144,144]
[null,null,null,null,null,null,23]
[null,null,"Total Current Assets",null,null,true,24,null,{"$f":"I266+I271+I273","v":27697.061999999998},{"$f":"J266+J271+J273","v":40226.000000000007},167056,298203.99999999994,372484,201591,139741,194561.67255804388,198451.80600920477,202419.74212938891,206467.03697197669,210595.27771141619]
[null,null,"Total Current Liabilities",null,null,true,25,null,{"$f":"I277+I279","v":17901.671999999999},{"$f":"J277+J279","v":45770},136188,251006.99999999997,291377,298186,213573,291699.04556163691,297530.14647286962,303477.86940232705,309544.54679037363,315732.55772618105]
[null,null,"Total Working Captial",null,null,true,26,null,{"$f":"I281-I282","v":9795.39},{"$f":"J281-J282","v":-5543.9999999999927},30868,47196.999999999971,81107,-96595,-73832,-97137.373003593035,-99078.340463664848,-101058.12727293815,-103077.50981839694,-105137.28001476487]
[null,null,null,null,null,null,26]
[null,null,"Change in Working Captial",null,null,null,null,null,null,{"$f":"J283-I283","v":-15339.389999999992},{"$f":"K283-J283","v":36411.999999999993},16328.999999999971,33910.000000000029,-177702,22763,-23305.373003593035,-1940.9674600718135,-1979.786809273297,-2019.3825454587932,-2059.7701963679283]
[]
["Depreciation"]
[null,null,"Construcion in Progress"]
[null,null,null,"Opening Balance",null,null,null,null,null,{"$f":"I292","v":43985.016000000003},{"$f":"J292","v":232784},183229,242838,148371,58421,55164,500,500,500,500]
[null,null,null,"Add: Capital Expenditures",null,null,null,null,{"$f":"I260","v":58562.527999999998},220242,292294,284432,183465,-92664,-884,500,500,500,500,500]
[null,null,null,"Less: Plant in Service",null,null,null,null,null,{"$f":"J289","v":43985.016000000003},{"$f":"K289","v":232784},183229,242838,148371,58421,55164,500,500,500,500]
[null,null,null,"Closing Balance",null,null,null,null,{"$f":"IF(I2,I38,I289+I290-I291)","v":43985.016000000003},232784,183229,242838,148371,58421,55164,500,500,500,500,500]
[]
[null,null,"Net Plant Balance"]
[null,null,null,"Opening Balance",null,null,null,null,{"$f":"H298","v":0},{"$f":"I298","v":30357.991000000002},76646,347109,527358,574467,594926,540714,560269.14477094635,523872.48060938524,489872.72783711599,458112.0372572281]
[null,null,null,"Add: Plant in Service",null,null,null,null,{"$f":"I291","v":0},{"$f":"J291","v":43985.016000000003},232784,183229,242838,148371,58421,55164,500,500,500,500]
[null,null,null,"Less Depreciation expense",null,null,null,null,{"$f":"I301","v":1864.8040000000001},{"$f":"J301","v":3204},19370,47619,65132,46145,39179,35608.855229053697,36896.664161561115,34499.752772269334,32260.690579887865,30169.082386214319]
[null,null,null,"Closing Balance",null,null,null,null,{"$f":"IF(I2,I37,I295+I296-I297)","v":30357.991000000002},76646,347109,527358,574467,594926,540714,560269.14477094635,523872.48060938524,489872.72783711599,458112.0372572281,428442.95487101376]
[]
[null,null,"Depreciaiton Rate",null,null,null,null,null,{"$f":"I207","v":6.1427121445552839E-2},0.10554058073210443,0.25272029851525196,0.13718745408502805,0.12350623295749756,8.0326633209566428E-2,6.5855249224273271E-2,6.5855249224273271E-2,6.5855249224273271E-2,6.5855249224273271E-2,6.5855249224273271E-2,6.5855249224273271E-2]
[null,null,"Depreciation Expense",null,null,null,null,null,{"$f":"IF(I2,I81,I300*I295)","v":1864.8040000000001},3204,19370,47619,65132,46145,39179,35608.855229053697,36896.664161561115,34499.752772269334,32260.690579887865,30169.082386214319]
[]
[]
["Debt Schedule"]
[null,null,"Cash minus the Debt",null,null,null,null,null,{"$f":"SUMPRODUCT(I51:I68,$H$51:$H$68)","v":-32196.201000000001},418403,-483875,-724823,-809791,-619854,-744563,0,0,0,0,0]
[null,null,"Debt Balance",null,null,null,null,null,{"$f":"-SUMPRODUCT(I56:I68,$H$56:$H$68)","v":34567.231},256504,711640,1009145,886326,872710,795265,0,0,0,0,0]
[]
[null,null,"Net cash balance"]
[null,null,"Opening cash",null,null,null,null,null,{"$f":"H311","v":0},{"$f":"I311","v":-32196.201000000001},418403,-483875,-724823,-809791,-619854,-744563,-738965.11699640693,-702986.26772608352,-663793.76017936226,-621742.42456634797]
[null,null,"Add: Last line from cash/extra cash",null,null,null,null,null,{"$f":"I352","v":421578.0749739685},{"$f":"J352","v":-154977.2287577753},-877298,-230133,-125351.00000000003,293189,-122547.00000000001,5597.8830035930296,35978.849270323386,39192.507546721259,42051.335613014242,45124.335391828252]
[null,null,"Closing balance",null,null,null,null,null,{"$f":"IF(I2,I305,I309+I310)","v":-32196.201000000001},418403,-483875,-724823,-809791,-619854,-744563,-738965.11699640693,-702986.26772608352,-663793.76017936226,-621742.42456634797,-576618.08917451976]
[]
[null,null,"Cash Balance",null,null,null,null,null,{"$f":"IF(I2,I51,MAX(I311,0))","v":2371.0300000000002},674907,227765,284322,76535,252856,50702,0,0,0,0,0]
[null,null,"Interest Income rate",null,null,null,null,null,{"$f":"I224","v":0.14437522644760398},5.202418292366608,3.2946761553814083E-2,0.17369218273220205,3.3592194765090282E-2,5.1100803553929576E-2,2.0106305565222894E-2,0.03,0.03,0.03,0.03,0.03]
[null,null,"Interest Income",null,null,null,null,null,{"$f":"IF(I2,I221,I314*H313)","v":342.3179931640625},12335.08984375,22236,39561,9551,3911,5084,1521.06,0,0,0,0]
[]
[null,null,"Debt Balance",null,null,null,null,null,{"$f":"IF(I2,I306,MAX(-I311,0))","v":34567.231},256504,711640,1009145,886326,872710,795265,738965.11699640693,702986.26772608352,663793.76017936226,621742.42456634797,576618.08917451976]
[null,null,"Interest Expense Rate",null,null,null,null,null,{"$f":"I218","v":0.11167235528823527},0.12191202508562228,5.3741851978916511E-2,7.165701759316509E-2,0.12511973180076627,0.13369472058589829,0.14647715313226364,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,"Interest Expense  ",null,null,null,null,null,{"$f":"IF(I2,I215,I318*H317)","v":3860.2041015625},4214.1611328125,13785,50994,95095,98431,104106,55668.55,51727.558189748488,49209.038740825854,46465.56321255536,43521.969719644359]
[]
["Income Statement"]
[null,null,"Tax Rate",null,null,null,null,null,{"$f":"I211","v":0.28584629202117501},0.2745241162468533,0.23038645469820343,4.9656786271450857,-4.5945751233745183E-2,0.17261028497174283,8.2473874067629266E-2,0.25,0.25,0.25,0.25,0.25]
[]
[null,null,"Revenues",null,null,null,null,null,{"$f":"I232","v":66982.703125},277501.59375000006,542568,474479.99999999994,437339,328307,99484.999999999985,310800,317016.00000000006,323356.32000000007,329823.44640000007,336419.91532800003]
[null,null,"Less: Operating Expense",null,null,null,null,null,{"$f":"I247","v":47244.616898437496},199849.25390625003,377301,420963.99999999994,348763,376726,165534,226128,230650.56,235263.57120000003,239968.84262400007,244768.21947648001]
[null,null,null,"EBITDA",null,null,null,null,{"$f":"I324-I325","v":19738.086226562504},{"$f":"J324-J325","v":77652.339843750029},165267,53516,88576,-48419,-66049.000000000015,84672,86365.440000000061,88092.74880000003,89854.603776000004,91651.695851520024]
[null,null,"Less: Depreciation",null,null,null,null,null,{"$f":"I301","v":1864.8040000000001},{"$f":"J301","v":3204},19370,47619,65132,46145,39179,35608.855229053697,36896.664161561115,34499.752772269334,32260.690579887865,30169.082386214319]
[null,null,"Less: Impairment",null,null,null,null,null,{"$f":"I18","v":0},0,0,0,0,-190000,0,0,0,0,0,0]
[null,null,null,"EBIT  ",null,null,null,null,{"$f":"I326-I327+I328","v":17873.282226562504},{"$f":"J326-J327+J328","v":74448.339843750029},145897,5897,23444,-284564,-105228.00000000001,49063.144770946303,49468.775838438945,53592.996027730696,57593.913196112138,61482.613465305709]
[null,null,"Less: Interest Expense",null,null,null,null,null,{"$f":"I319","v":3860.2041015625},{"$f":"J319","v":4214.1611328125},13785,50994,95095,98431,104106,55668.55,51727.558189748488,49209.038740825854,46465.56321255536,43521.969719644359]
[null,null,"Plus: Interest Income",null,null,null,null,null,{"$f":"I315","v":342.3179931640625},{"$f":"J315","v":12335.08984375},22236,39561,9551,3911,5084,1521.06,0,0,0,0]
[null,null,"Plus: Other Income",null,null,null,null,null,{"$f":"I166","v":-9.7019996643066406},1.7610000371932983,-119,-362,-1087,-89,-102,-100,-100,-100,-100,-100]
[null,null,null,"EBT",null,null,null,null,{"$f":"I329-I330+I331+I332","v":14345.694118499759},{"$f":"J329-J330+J331+J332","v":82571.029554724722},154229,-5898,-63187,-379173,-204352,-5184.3452290537007,-2358.7823513095427,4283.9572869048425,11028.349983556778,17860.643745661349]
[null,null,"Less: Income Taxes",null,null,null,null,null,{"$f":"IF(I2,I209,MAX(I322*I333,0))","v":4110.72314453125},{"$f":"IF(J2,J209,MAX(J322*J333,0))","v":22756.8203125},35650,3183,2551,-58978,-16873,0,0,1070.9893217262106,2757.0874958891945,4465.1609364153373]
[null,null,null,"Net Income",null,null,null,null,{"$f":"I333-I334","v":10234.970973968509},{"$f":"J333-J334","v":59814.209242224722},118579,-9081,-65738,-320195,-187479,-5184.3452290537007,-2358.7823513095427,3212.9679651786319,8271.2624876675836,13395.482809246012]
[]
[null,null,"Actual Pre-tax Income",null,null,null,null,null,{"$f":"I25","v":14380.88671875},82895.5234375,154740,641,-55522,-341683,-204586,0,0,0,0,0]
[null,null,"Difference",null,null,null,null,null,{"$f":"I333-I337","v":-35.192600250240503},{"$f":"J333-J337","v":-324.4938827752776},-511,-6539,-7665,-37490,234,-5184.3452290537007,-2358.7823513095427,4283.9572869048425,11028.349983556778,17860.643745661349]
[null,null,null,"Test",null,{"$f":"SUMIF(2:2,TRUE,338:338)=0","v":false}]
[]
["Cash Flow Statement"]
[null,null,"EBITDA",null,null,null,null,null,{"$f":"I326","v":19738.086226562504},{"$f":"J326","v":77652.339843750029},165267,53516,88576,-48419,-66049.000000000015,84672,86365.440000000061,88092.74880000003,89854.603776000004,91651.695851520024]
[null,null,null,"Less: Change in Working Capital",null,null,null,null,null,{"$f":"J285","v":-15339.389999999992},36411.999999999993,16328.999999999971,33910.000000000029,-177702,22763,-23305.373003593035,-1940.9674600718135,-1979.786809273297,-2019.3825454587932,-2059.7701963679283]
[null,null,null,"Less: Capital Expenditures",null,null,null,null,{"$f":"I260","v":58562.527999999998},220242,292294,284432,183465,-92664,-884,500,500,500,500,500]
[null,null,null,"Less: Taxes",null,null,null,null,{"$f":"I334","v":4110.72314453125},{"$f":"J334","v":22756.8203125},35650,3183,2551,-58978,-16873,0,0,1070.9893217262106,2757.0874958891945,4465.1609364153373]
[null,null,null,"Less: Increase in Other Assets",null,null,null,null,{"$f":"I201","v":-468040.82799999998},{"$f":"J201","v":13092.828},686541,-32090,-92630,-106873,-47632,47632,0,0,0,0]
[null,null,null,null,"Operating Cash Flow",null,null,null,{"$f":"I342-SUM(I343:I346)","v":425105.66308203124},{"$f":"J342-SUM(J343:J346)","v":-163099.91846874999},-885630,-218338,-38720.000000000029,387798,-23423.000000000015,59845.373003593035,87806.407460071874,88501.546287547113,88616.898825569602,88746.305111472611]
[null,null,null,"Add: Interest Income",null,null,null,null,{"$f":"I331","v":342.3179931640625},{"$f":"J331","v":12335.08984375},22236,39561,9551,3911,5084,1521.06,0,0,0,0]
[null,null,null,"Less: Interest Expense",null,null,null,null,{"$f":"I330","v":3860.2041015625},{"$f":"J330","v":4214.1611328125},13785,50994,95095,98431,104106,55668.55,51727.558189748488,49209.038740825854,46465.56321255536,43521.969719644359]
[null,null,null,"Add: Other Income",null,null,null,null,{"$f":"I332","v":-9.7019996643066406},{"$f":"J332","v":1.7610000371932983},-119,-362,-1087,-89,-102,-100,-100,-100,-100,-100]
[null,null,null,"Less: Dividends"]
[null,null,null,null,"Net cash flow (remaining)",null,null,null,{"$f":"I347+I348-I349+I350-I351","v":421578.0749739685},{"$f":"J347+J348-J349+J350-J351","v":-154977.2287577753},-877298,-230133,-125351.00000000003,293189,-122547.00000000001,5597.8830035930296,35978.849270323386,39192.507546721259,42051.335613014242,45124.335391828252]
[]
["Balance Sheet"]
[null,null,"Equity Balance"]
[null,null,null,"Opening Balance",null,null,null,null,null,{"$f":"I359","v":43841.368000000002},{"$f":"J359","v":727281},768864,752013,560967,396838,189791,184606.6547709463,182247.87241963675,185460.84038481538,193732.10287248297]
[null,null,null,"Add: Net Income",null,null,null,null,null,{"$f":"J335","v":59814.209242224722},{"$f":"K335","v":118579},-9081,-65738,-320195,-187479,-5184.3452290537007,-2358.7823513095427,3212.9679651786319,8271.2624876675836,13395.482809246012]
[null,null,null,"Less: Dividends",null,null,null,null,null,{"$f":"J351","v":0},{"$f":"K351","v":0},0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance",null,null,null,null,{"$f":"IF(I2,I75,I356+I357-I358)","v":43841.368000000002},727281,768864,752013,560967,396838,189791,184606.6547709463,182247.87241963675,185460.84038481538,193732.10287248297,207127.58568172899]
[]
[null,null,"Assets"]
[null,null,null,"Cash",null,null,null,null,{"$f":"I313","v":2371.0300000000002},{"$f":"J313","v":674907},227765,284322,76535,252856,50702,0,0,0,0,0]
[null,null,null,"Accounts Receivable",null,null,null,null,{"$f":"I266","v":20036.053},{"$f":"J266","v":32350.000000000007},109322,207913.99999999997,209117,152207,93856.999999999985,130561.75976389716,133172.99495917512,135836.45485835863,138553.1839555258,141324.24763463633]
[null,null,null,"Inventories",null,null,null,null,{"$f":"I271","v":7661.009},{"$f":"J271","v":7876.0000000000009},57734,90289.999999999985,106461.00000000001,48900,45829,63944.912794146723,65223.811050029653,66528.287271030262,67858.85301645087,69216.030076779876]
[null,null,null,"Other Current Assets",null,null,null,null,{"$f":"I273","v":0},{"$f":"J273","v":0},0,0,56906,484,55,55,55,55,55,55]
[null,null,null,"Net Plant",null,null,null,null,{"$f":"I298","v":30357.991000000002},{"$f":"J298","v":76646},347109,527358,574467,594926,540714,560269.14477094635,523872.48060938524,489872.72783711599,458112.0372572281,428442.95487101376]
[null,null,null,"Construction in Progress",null,null,null,null,{"$f":"I292","v":43985.016000000003},{"$f":"J292","v":232784},183229,242838,148371,58421,55164,500,500,500,500,500]
[null,null,null,"Other Long-term Assets",null,null,null,null,{"$f":"I193","v":8490.8850000000002},{"$f":"J193","v":27007},688880,801603,703029,537000,561125,537000,537000,537000,537000,537000]
[null,null,null,"Investments in Associates",null,null,null,null,{"$f":"I194","v":0},{"$f":"J194","v":19},4278,3808,2203,63,45,63,63,63,63,63]
[null,null,null,"Deferred Tax Assets",null,null,null,null,{"$f":"I195","v":328.03800000000001},{"$f":"J195","v":1681},9698,19144,21781,37968,46629,37968,37968,37968,37968,37968]
[null,null,null,null,"Total Assets",null,null,null,{"$f":"SUM(I362:I370)","v":113230.022},{"$f":"SUM(J362:J370)","v":1053270},1628015,2177277,1898870,1682825,1394120,1330361.8173289902,1297855.2866185899,1267823.469966505,1240110.0742292048,1214569.2325824299]
[]
[null,null,null,"Historic Assets",null,null,null,null,{"$f":"I53","v":113230.022},1053270,1628015,2177277,1898870,0,0,0,0,0,0,0]
[null,null,null,"Difference ",null,null,null,null,{"$f":"I371-I373","v":0},{"$f":"J371-J373","v":0},0,0,0,1682825,1394120,1330361.8173289902,1297855.2866185899,1267823.469966505,1240110.0742292048,1214569.2325824299]
[null,null,null,"Check",null,null,{"$f":"SUMIFS(374:374,2:2,TRUE)=0","v":false}]
[]
[null,null,"Liabilites and Capital"]
[null,null,null,"Accunts Payable",null,null,null,null,{"$f":"I277","v":17106.672999999999},{"$f":"J277","v":40315},118680.00000000001,247056.99999999997,287951,298118,213429,291555.04556163691,297386.14647286962,303333.86940232705,309400.54679037363,315588.55772618105]
[null,null,null,"Other Current Liabilities",null,null,null,null,{"$f":"I279","v":794.99900000000002},{"$f":"J279","v":5455},17508,3950,3426,68,144,144,144,144,144,144]
[null,null,null,"Provisions and Other",null,null,null,null,{"$f":"I197","v":15214.753000000001},{"$f":"J197","v":16811},213,15538,10573,13451,93008,13451,13451,13451,13451,13451]
[null,null,null,"Deferred Tax Liabilities",null,null,null,null,{"$f":"I198","v":1704.998},{"$f":"J198","v":6904},11110,149574,149627,101640,102483,101640,101640,101640,101640,101640]
[null,null,null,"Debt Balance",null,null,null,null,{"$f":"I317","v":34567.231},{"$f":"J317","v":256504},711640,1009145,886326,872710,795265,738965.11699640693,702986.26772608352,663793.76017936226,621742.42456634797,576618.08917451976]
[null,null,null,"Equity Balance",null,null,null,null,{"$f":"I359","v":43841.368000000002},{"$f":"J359","v":727281},768864,752013,560967,396838,189791,184606.6547709463,182247.87241963675,185460.84038481538,193732.10287248297,207127.58568172899]
[null,null,null,null,"Total Liabilities and Capital",null,null,null,{"$f":"SUM(I378:I383)","v":113230.02200000001},{"$f":"SUM(J378:J383)","v":1053270},1628015,2177277,1898870,1682825,1394120,1330361.8173289902,1297855.2866185899,1267823.4699665047,1240110.0742292046,1214569.2325824299]
[]
[null,null,null,null,"Difference",null,null,null,{"$f":"I384-I371","v":0},{"$f":"J384-J371","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Test",null,{"$f":"AND(I387:T387)","v":true},null,{"$f":"ROUND(I386,2)=0","v":true},{"$f":"ROUND(J386,2)=0","v":true},true,true,true,true,true,true,true,true,true,true]
[]
["Outputs"]
[null,null,"Credit Analysis",null,null,2]
[null,null,"Debt/EBITDA",null,null,null,null,null,{"$f":"I382/I326","v":1.7512959768856007},3.3032359426146143,4.3060018031427933,18.856883922565213,10.006389992774567,-18.024122761725767,-12.040530515223544,8.7273846961971717,8.1396710041202009,7.5351691168860659,6.9194275912261514,6.2914066544787959]
[null,null,"Debt/Capital",null,null,null,null,null,{"$f":"I382/(I382+I383)","v":0.44086020463138231},0.26073176557886124,0.4806741488033805,0.57300083240685962,0.61240260265198543,0.68741788416034688,0.80732973556833321,0.80011661203364659,0.79412466809104709,0.78161926910774482,0.76243022147983053,0.73572092028486225]
[null,null,"Interest coverage",null,null,null,null,null,{"$f":"IF(I330,I329/I330)","v":4.6301391730369676},17.666230003422712,10.583750453391367,0.1156410558104875,0.24653241495346759,-2.890999786652579,-1.01077747680249,0.88134404023360224,0.95633309534883104,1.0890884560861729,1.2394967200257634,1.412679937543234]
[null,null,"Return on Equity",null,null,null,null,null,{"$f":"I335/AVERAGE(H359:I359)","v":0.23345464434340893},0.15513545378630417,0.15851271100060488,-1.1941794109582826E-2,-0.10013556946792793,-0.66860164647292508,-0.63917399242110429,-2.7694325340928989E-2,-1.2859497029372308E-2,1.7475615090400597E-2,4.3625614003344915E-2,6.6833773471010494E-2]
[null,null,"ROIC (Return on Invested Capital)",null,null,null,null,null,{"$f":"I396/AVERAGE(H397:I397)","v":0.16786794927454401},{"$f":"J396/AVERAGE(I397:J397)","v":0.28063544055864964},0.14380518067989298,-1.7134980254636396E-2,1.7222365401755951E-2,-0.19723581802115311,-9.8971976242089144E-2,3.9611225741495816E-2,4.102328683743512E-2,4.6347659777078713E-2,5.1894850844474483E-2,5.7668056009801384E-2]
[null,null,"NOPLAT ",null,null,null,null,null,{"$f":"I329*(1-I322)","v":12764.270775851641},54010.47514209916,112284.30741889622,-23385.60686427457,24521.15219192392,-235445.32686730099,-96549.439179611523,36797.358578209729,37101.581878829209,40194.747020798022,43195.434897084102,46111.960098979282]
[null,null,"Invested Capital",null,null,null,null,null,{"$f":"I382+I383-I362","v":76037.569000000003},308878,1252739,1476836,1370758,1016692,934354,923571.77176735317,885234.14014572022,849254.60056417761,815474.52743883093,783745.67485624878]
[null,null,"Cash Flow After Cap Exp",null,null,null,null,null,{"$f":"I347","v":425105.66308203124},-163099.91846874999,-885630,-218338,-38720.000000000029,387798,-23423.000000000015,59845.373003593035,87806.407460071874,88501.546287547113,88616.898825569602,88746.305111472611]
[null,null,"Cash Flow After Interest",null,null,null,null,null,{"$f":"I347+I348-I349+I350","v":421578.0749739685},-154977.2287577753,-877298,-230133,-125351.00000000003,293189,-122547.00000000001,5597.8830035930296,35978.849270323386,39192.507546721259,42051.335613014242,45124.335391828252]
[]
[null,null,{"$f":"INDEX(C391:C399,$F$390)","v":"Debt/Capital"},null,null,{"$f":"ROUNDUP(MAX(P401:T401),0)","v":1},{"$f":"IFERROR(LN(F401)/LN(10),0)","v":0},null,{"$f":"INDEX(I391:I399,$F$390)","v":0.44086020463138231},0.26073176557886124,0.4806741488033805,0.57300083240685962,0.61240260265198543,0.68741788416034688,0.80732973556833321,0.80011661203364659,0.79412466809104709,0.78161926910774482,0.76243022147983053,0.73572092028486225]
[null,null,null,null,null,"max",{"$f":"ROUNDUP(F401,G401)","v":1},null,{"$f":"I1","v":2009},2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020]
[null,null,"History",null,null,{"$f":"MIN(P401:T401)","v":0.73572092028486225},{"$f":"IFERROR(LN(F403)/LN(10),0)","v":-0.13328689458262},null,{"$f":"IF(I2,I401)","v":0.44086020463138231},0.26073176557886124,0.4806741488033805,0.57300083240685962,0.61240260265198543,0.68741788416034688,0.80732973556833321,false,false,false,false,false]
[null,null,"Projection",null,null,null,{"$f":"ROUNDDOWN(F403,G403)","v":0},null,{"$f":"IF(NOT(I2),I401)","v":false},false,false,false,false,false,false,0.80011661203364659,0.79412466809104709,0.78161926910774482,0.76243022147983053,0.73572092028486225]
[]
[null,null,"Stock Price",null,null,null,null,null,{"$f":"INDEX('Stock Prices'!$K$2:$K$6,MATCH('Mongolia Mining Corporate Model'!I1,'Stock Prices'!$J$2:$J$6))","v":{"$error":"#N/A"}},{"$f":"INDEX('Stock Prices'!$K$2:$K$6,MATCH('Mongolia Mining Corporate Model'!J1,'Stock Prices'!$J$2:$J$6))","v":{"$error":"#N/A"}},{"$f":"INDEX('Stock Prices'!$K$2:$K$6,MATCH('Mongolia Mining Corporate Model'!K1,'Stock Prices'!$J$2:$J$6))","v":1.051229946524064},{"$f":"INDEX('Stock Prices'!$K$2:$K$6,MATCH('Mongolia Mining Corporate Model'!L1,'Stock Prices'!$J$2:$J$6))","v":0.66740000000000055},{"$f":"INDEX('Stock Prices'!$K$2:$K$6,MATCH('Mongolia Mining Corporate Model'!M1,'Stock Prices'!$J$2:$J$6))","v":0.27456349206349218},{"$f":"INDEX('Stock Prices'!$K$2:$K$6,MATCH('Mongolia Mining Corporate Model'!N1,'Stock Prices'!$J$2:$J$6))","v":8.6904761904761985E-2},{"$f":"INDEX('Stock Prices'!$K$2:$K$6,MATCH('Mongolia Mining Corporate Model'!O1,'Stock Prices'!$J$2:$J$6))","v":6.3200000000000006E-2},{"$f":"INDEX('Stock Prices'!$K$2:$K$6,MATCH('Mongolia Mining Corporate Model'!P1,'Stock Prices'!$J$2:$J$6))","v":6.3200000000000006E-2},{"$f":"INDEX('Stock Prices'!$K$2:$K$6,MATCH('Mongolia Mining Corporate Model'!Q1,'Stock Prices'!$J$2:$J$6))","v":6.3200000000000006E-2},{"$f":"INDEX('Stock Prices'!$K$2:$K$6,MATCH('Mongolia Mining Corporate Model'!R1,'Stock Prices'!$J$2:$J$6))","v":6.3200000000000006E-2},{"$f":"INDEX('Stock Prices'!$K$2:$K$6,MATCH('Mongolia Mining Corporate Model'!S1,'Stock Prices'!$J$2:$J$6))","v":6.3200000000000006E-2},{"$f":"INDEX('Stock Prices'!$K$2:$K$6,MATCH('Mongolia Mining Corporate Model'!T1,'Stock Prices'!$J$2:$J$6))","v":6.3200000000000006E-2}]
[null,null,"Number of Shares",null,null,null,null,null,{"$f":"I32","v":30206.364705882352},31486.232460732983,37099.688473520247,36314.28571428571,36989.171974522294,128615.78947368421,0,0,0,0,0,0]
[null,null,"Market Cap",null,null,null,null,null,{"$f":"PRODUCT(I406:I407)","v":{"$error":"#N/A"}},{"$f":"PRODUCT(J406:J407)","v":{"$error":"#N/A"}},39000.303530078119,24236.154285714303,10155.876225861899,11177.324561403519,0,0,0,0,0,0]
[]
[null,null,"P/B ratio",null,null,null,null,null,{"$f":"I408/I359","v":{"$error":"#N/A"}},{"$error":"#N/A"},5.0724580068878394E-2,3.2228371432028842E-2,1.8104231132779466E-2,2.8165963343741069E-2,0,0,0,0,0,0]
[null,null,"PE ratio",null,null,null,null,null,{"$f":"I408/I335","v":{"$error":"#N/A"}},{"$error":"#N/A"},0.32889722067210991,-2.6688860572309552,-0.1544901917591332,-3.4907867272766652E-2,0,0,0,0,0,0]
[]
[null,null,"Net Debt",null,null,null,null,null,{"$f":"I382-I362","v":32196.201000000001},-418403,483875,724823,809791,619854,744563,738965.11699640693,702986.26772608352,663793.76017936226,621742.42456634797,576618.08917451976]
[null,null,"Enterprise Value",null,null,null,null,null,{"$f":"I408+I413","v":{"$error":"#N/A"}},{"$f":"J408+J413","v":{"$error":"#N/A"}},522875.30353007815,749059.15428571426,819946.87622586195,631031.32456140348,744563,738965.11699640693,702986.26772608352,663793.76017936226,621742.42456634797,576618.08917451976]
[]
[null,null,"EV/EBITDA",null,null,null,null,null,{"$f":"I414/I326","v":{"$error":"#N/A"}},{"$error":"#N/A"},3.1638215949347308,13.996919692908929,9.2569869516106156,-13.032721133468339,-11.272888310193945,8.7273846961971717,8.1396710041202009,7.5351691168860659,6.9194275912261514,6.2914066544787959]
[null,null,"DCF valuation "]
[]
["Graph Data",null,null,null,null,"Row Number",13]
[null,null,null,null,null,"Graph Code",1]
[null,null,null,null,null,"Match",{"$f":"MATCH(G420,G:G,0)","v":230}]
[]
[null,{"$f":"INDEX(B:B,$G$421)","v":0},"Coal Price",0,0,true,1,0,48.188995053956837,70.791222895408168,113.035,84.728571428571428,76.726140350877188,60.797592592592594,66.323333333333323,74,74,74,74,74]
[]
[null,{"$f":"IF(B423<>0,B423,\"\")","v":""},{"$f":"IF(C423<>0,C423,\"\")","v":"Coal Price"},{"$f":"IF(D423<>0,D423,\"\")","v":""},{"$f":"IF(E423<>0,E423,\"\")","v":""}]
[]
[null,{"$f":"B425&C425&D425&E425","v":"Coal Price"}]
[null,null,null,null,null,null,null,null,{"$f":"I1","v":2009},2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020]
[null,null,"History",null,null,null,null,null,{"$f":"IF(I2,I423)","v":48.188995053956837},70.791222895408168,113.035,84.728571428571428,76.726140350877188,60.797592592592594,66.323333333333323,false,false,false,false,false]
[null,null,"Forecast",null,null,null,null,null,{"$f":"IF(NOT(I2),I423)","v":false},false,false,false,false,false,false,74,74,74,74,74]
[]
[]
[null,null,null,null,null,"Match","Var #"]
[null,{"$f":"INDEX(B:B,$F434)","v":0},"Coal Price",0,0,{"$f":"MATCH(G434,G:G,0)","v":230},1,null,{"$f":"add_text_zero(B434:E434)","v":"Coal Price"}]
[null,0,"Sales Volume",0,0,231,2,null,{"$f":"add_text_zero(B435:E435)","v":"Sales Volume"}]
[null,0,0,"Revenues",0,232,3,null,"Revenues"]
[null,0,0,"Other Revenues",0,234,4,null,"Other Revenues"]
[null,0,0,"Cash Cost of Production per Unit",0,239,5,null,"Cash Cost of Production per Unit"]
[null,0,0,0,"Total Cash Cost of Sales",240,6,null,"Total Cash Cost of Sales"]
[null,0,0,"Admin Cost as Percent of Revenues",0,243,7,null,"Admin Cost as Percent of Revenues"]
[null,0,0,"Sales ",0,244,8,null,"Sales "]
[null,0,0,0,"Administrative Expenses",245,9,null,"Administrative Expenses"]
[null,0,"Total Operating Expenses",0,0,247,10,null,"Total Operating Expenses"]
[null,0,"EBITDA",0,0,249,11,null,"EBITDA"]
[null,0,0,"Maintenance Capital Expenditures",0,258,12,null,"Maintenance Capital Expenditures"]
[null,0,0,"Project Capital Expenditures",0,259,13,null,"Project Capital Expenditures"]
[null,0,0,0,"Total Capital Expenditures",260,14,null,"Total Capital Expenditures"]
[null,0,0,"Revenues ",0,264,15,null,"Revenues "]
[null,0,0,"A/R to Sales",0,265,16,null,"A/R to Sales"]
[null,0,0,0,"Total Accounts Receivable",266,17,null,"Total Accounts Receivable"]
[null,0,0,"Cost of Sales Cash",0,269,18,null,"Cost of Sales Cash"]
[null,0,0,"Inventories to Cost of Sales",0,270,19,null,"Inventories to Cost of Sales"]
[null,0,0,0,"Total Inventories",271,20,null,"Total Inventories"]
[null,0,"Accounts Payable to Expenses",0,0,275,21,null,"Accounts Payable to Expenses"]
[null,0,"Expenses",0,0,276,22,null,"Expenses"]
[null,0,0,"Total Accounts Payable",0,277,23,null,"Total Accounts Payable"]
[null,0,"Total Current Assets",0,0,281,24,null,"Total Current Assets"]

{"sheet":"Valuation Sheet","index":4,"n_rows":71,"n_cols":16,"rows_kept":71,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"Valuation Dates"]
[]
[null,null,null,"Valuation Year",2015]
[null,null,null,"Terminal Year",2020]
[]
[]
[null,null,"Economic Assumptions"]
[null,null,null,"WACC",0.08]
[null,null,null,"Terminal Growth Rate",0.02]
[null,null,null,"Terminal EV/EBITDA",8]
[]
[null,null,null,"Date","Start","End",null,{"$f":"E4","v":2015},{"$f":"H13+1","v":2016},{"$f":"I13+1","v":2017},2018,2019,2020,2021,2022]
[null,null,null,"Explicit period",{"$f":"E4","v":2015},{"$f":"E5","v":2020},null,{"$f":"AND(H13>=$E$14,H13<=$F$14)","v":true},{"$f":"AND(I13>=$E$14,I13<=$F$14)","v":true},true,true,true,true,false,false]
[null,null,null,"Terminal Value",null,null,null,{"$f":"H13=$F$14","v":false},{"$f":"I13=$F$14","v":false},false,false,false,true,false,false]
[null,null,null,"Column in Model",null,null,null,{"$f":"MATCH(H13,'Mongolia Mining Corporate Model'!$1:$1)","v":15},{"$f":"MATCH(I13,'Mongolia Mining Corporate Model'!$1:$1)","v":16},{"$f":"MATCH(J13,'Mongolia Mining Corporate Model'!$1:$1)","v":17},{"$f":"MATCH(K13,'Mongolia Mining Corporate Model'!$1:$1)","v":18},{"$f":"MATCH(L13,'Mongolia Mining Corporate Model'!$1:$1)","v":19},{"$f":"MATCH(M13,'Mongolia Mining Corporate Model'!$1:$1)","v":20},{"$f":"MATCH(N13,'Mongolia Mining Corporate Model'!$1:$1)","v":20},{"$f":"MATCH(O13,'Mongolia Mining Corporate Model'!$1:$1)","v":20}]
[null,null,null,"Period",null,null,null,1,2,3,4,5,6,7,8]
[null,null,null,"EBIT",null,null,null,{"$f":"INDEX('Mongolia Mining Corporate Model'!$329:$329,'Valuation Sheet'!H16)","v":-105228.00000000001},{"$f":"INDEX('Mongolia Mining Corporate Model'!$329:$329,'Valuation Sheet'!I16)","v":49063.144770946303},{"$f":"INDEX('Mongolia Mining Corporate Model'!$329:$329,'Valuation Sheet'!J16)","v":49468.775838438945},{"$f":"INDEX('Mongolia Mining Corporate Model'!$329:$329,'Valuation Sheet'!K16)","v":53592.996027730696},{"$f":"INDEX('Mongolia Mining Corporate Model'!$329:$329,'Valuation Sheet'!L16)","v":57593.913196112138},{"$f":"INDEX('Mongolia Mining Corporate Model'!$329:$329,'Valuation Sheet'!M16)","v":61482.613465305709},{"$f":"INDEX('Mongolia Mining Corporate Model'!$329:$329,'Valuation Sheet'!N16)","v":61482.613465305709},{"$f":"INDEX('Mongolia Mining Corporate Model'!$329:$329,'Valuation Sheet'!O16)","v":61482.613465305709}]
[]
[null,null,null,"EBITDA",null,null,null,{"$f":"INDEX('Mongolia Mining Corporate Model'!326:326,'Valuation Sheet'!H16)","v":-66049.000000000015},{"$f":"INDEX('Mongolia Mining Corporate Model'!326:326,'Valuation Sheet'!I16)","v":84672},{"$f":"INDEX('Mongolia Mining Corporate Model'!326:326,'Valuation Sheet'!J16)","v":86365.440000000061},{"$f":"INDEX('Mongolia Mining Corporate Model'!326:326,'Valuation Sheet'!K16)","v":88092.74880000003},{"$f":"INDEX('Mongolia Mining Corporate Model'!326:326,'Valuation Sheet'!L16)","v":89854.603776000004},{"$f":"INDEX('Mongolia Mining Corporate Model'!326:326,'Valuation Sheet'!M16)","v":91651.695851520024},{"$f":"INDEX('Mongolia Mining Corporate Model'!326:326,'Valuation Sheet'!N16)","v":91651.695851520024},{"$f":"INDEX('Mongolia Mining Corporate Model'!326:326,'Valuation Sheet'!O16)","v":91651.695851520024}]
[null,null,null,"Less: Working Capital Change",null,null,null,{"$f":"INDEX('Mongolia Mining Corporate Model'!285:285,'Valuation Sheet'!H16)","v":22763},{"$f":"INDEX('Mongolia Mining Corporate Model'!285:285,'Valuation Sheet'!I16)","v":-23305.373003593035},{"$f":"INDEX('Mongolia Mining Corporate Model'!285:285,'Valuation Sheet'!J16)","v":-1940.9674600718135},{"$f":"INDEX('Mongolia Mining Corporate Model'!285:285,'Valuation Sheet'!K16)","v":-1979.786809273297},{"$f":"INDEX('Mongolia Mining Corporate Model'!285:285,'Valuation Sheet'!L16)","v":-2019.3825454587932},{"$f":"INDEX('Mongolia Mining Corporate Model'!285:285,'Valuation Sheet'!M16)","v":-2059.7701963679283},{"$f":"INDEX('Mongolia Mining Corporate Model'!285:285,'Valuation Sheet'!N16)","v":-2059.7701963679283},{"$f":"INDEX('Mongolia Mining Corporate Model'!285:285,'Valuation Sheet'!O16)","v":-2059.7701963679283}]
[null,null,null,"Less: Capital Expenditures",null,null,null,{"$f":"INDEX('Mongolia Mining Corporate Model'!260:260,'Valuation Sheet'!H16)","v":-884},{"$f":"INDEX('Mongolia Mining Corporate Model'!260:260,'Valuation Sheet'!I16)","v":500},{"$f":"INDEX('Mongolia Mining Corporate Model'!260:260,'Valuation Sheet'!J16)","v":500},{"$f":"INDEX('Mongolia Mining Corporate Model'!260:260,'Valuation Sheet'!K16)","v":500},{"$f":"INDEX('Mongolia Mining Corporate Model'!260:260,'Valuation Sheet'!L16)","v":500},{"$f":"INDEX('Mongolia Mining Corporate Model'!260:260,'Valuation Sheet'!M16)","v":500},{"$f":"INDEX('Mongolia Mining Corporate Model'!260:260,'Valuation Sheet'!N16)","v":500},{"$f":"INDEX('Mongolia Mining Corporate Model'!260:260,'Valuation Sheet'!O16)","v":500},"Very important!! The terminal year values are very important. Is this Capex capable of yielding the EBITDA?"]
[null,null,null,"Less: Taxes (EBIT x t)",0.25,null,null,{"$f":"$E$23*H18","v":-26307.000000000004},{"$f":"$E$23*I18","v":12265.786192736576},12367.193959609736,13398.249006932674,14398.478299028035,15370.653366326427,15370.653366326427,15370.653366326427]
[null,null,null,"Free Cash Flow",null,null,null,{"$f":"(H20-H21-H22-H23)*H14","v":-61621.000000000015},{"$f":"(I20-I21-I22-I23)*I14","v":95211.586810856461},75439.213500462138,76174.286602340653,76975.50802243076,77840.812681561525,0,0]
[]
[null,null,null,"PV Factor",null,null,null,{"$f":"1/(1+$F$29)^H17","v":0.92592592592592582},{"$f":"1/(1+$F$29)^I17","v":0.85733882030178321},0.79383224102016958,0.73502985279645328,0.68058319703375303,0.63016962688310452,0.58349039526213387,0.54026888450197574]
[null,null,null,"PV Factor (Half year)",null,null,null,{"$f":"1/(1+$F$29)^(H17-0.5)","v":0.96225044864937614},{"$f":"1/(1+$F$29)^(I17-0.5)","v":0.89097263763831136},0.82497466447991774,0.76386543007399788,0.70728280562407209,0.65489148668895558,0.60638100619347735,0.56146389462359003]
[]
[null,null,null,"PV of FCF Explicit Period",{"$f":"NPV(F29,H24:M24)","v":241889.71584308369},{"$f":"E9","v":0.08},null,"NPV method on Excel gives the value at the beginning of the period but assumes that CFs happen at the end of the period."]
[null,null,null,"PV of Half Year",{"$f":"E29*(1+F29)^0.5","v":251379.16660117163},null,null,"Hence, we fix this by *(1+wacc)^0.5, to bring the CFs to half year and when CFs occur earlier they yield higher present value."]
[]
[null,null,null,"PV of FCF Explicit Period",{"$f":"SUMPRODUCT(24:24,26:26)","v":241889.71584308369},"Second method "]
[null,null,null,"PV of Half Year",{"$f":"SUMPRODUCT(24:24,27:27)","v":251379.1666011716}]
[]
[]
[null,null,null,"Terminal Value from growth",null,null,null,{"$f":"H24*(1+$E$10)/($E$9-$E$10)*H15","v":0},0,0,0,0,1323293.815586546,0,0]
[null,null,null,"PV of Terminal Value",{"$f":"NPV(F29,H36:O36)","v":833899.5700248935}]
[null,null,null,"PV of Terminal Value (Half Year)",{"$f":"E37*(1+F29)^0.5","v":866613.85421577387}]
[]
[null,null,null,"Enterprise Value",{"$f":"E29+E37","v":1075789.2858679772}]
[null,null,null,"Enterprise Value (Half Year)",{"$f":"E30+E38","v":1117993.0208169455}]
[]
[null,null,null,null,{"$f":"H13-1","v":2014},{"$f":"MATCH('Valuation Sheet'!E43,'Mongolia Mining Corporate Model'!1:1)","v":14}]
[null,null,null,"Less: Net Debt",{"$f":"INDEX('Mongolia Mining Corporate Model'!413:413,'Valuation Sheet'!F43)","v":619854}]
[null,null,null,"Equity Value",{"$f":"E41-E44","v":498139.02081694547}]
[]
[null,null,null,"Terminal Value from EV/EBITDA",null,{"$f":"E11","v":8},null,{"$f":"$F$47*H20*H15","v":0},{"$f":"$F$47*I20*I15","v":0},0,0,0,733213.56681216019,0,0]
[null,null,null,"PV of Terminal Value",{"$f":"NPV(E9,H47:O47)","v":462048.91982364928}]
[null,null,null,"PV of Terminal Value (Half Year)",{"$f":"E48*(1+F29)^0.5","v":480175.32283012755}]
[]
[null,null,null,"Enterprise Value",{"$f":"E48+E29","v":703938.63566673291}]
[null,null,null,"Enterprise Value (Half Year)",{"$f":"E49+E30","v":731554.48943129915}]
[null,null,null,"Equity Value",{"$f":"E52-E44","v":111700.48943129915}]
[]
[null,null,null,"Number of Shares"]
[null,null,null,"Equity Value per Share"]
[]
[null,null,null,null,null,null,null,null,null,"WACC"]
[null,null,null,null,null,null,null,{"$f":"E45","v":498139.02081694547},0.05,0.06,7.0000000000000007E-2,0.08]
[null,null,null,null,null,null,null,0,851226.58294211957,592205.21270526806,407310.10295648419,268741.23587747593,"Huge variation in value, bad model"]
[null,null,null,null,null,"GR",null,0.01,1163708.9530422692,791827.81511696102,543998.31774778618,367054.57228010555]
[null,null,null,null,null,null,null,0.02,1684512.9032091848,1091261.7187345,735361.81845560903,498139.02081694547]
[null,null,null,null,null,null,null,0.03,2726120.8035430163,1590318.2247637315,1022407.0695173433,681657.24876852101]
[null,null,null,null,null,null,null,0.04,5850944.5045445114,2588431.2368221954,1500815.8212869004,956934.59069588478]
[]
[null,null,null,null,null,null,null,null,null,"WACC"]
[null,null,null,null,null,null,null,{"$f":"E53","v":111700.48943129915},0.05,0.06,7.0000000000000007E-2,0.08]
[null,null,null,null,null,null,null,7,151383.50359441992,116235.60282021854,83043.326350870077,51678.574077533209,"With this case the variation in value is much smaller"]
[null,null,null,null,null,"EV/EBITDA",null,7.5,186423.92856622359,149496.06276498362,114629.69736420829,81689.531754416297,"But EV/EBITDA is relative valuation, can be not very reliable."]
[null,null,null,null,null,null,null,8,221464.35353802727,182756.52270974836,146216.06837754638,111700.48943129915]
[null,null,null,null,null,null,null,8.5,256504.77850983094,216016.98265451321,177802.4393908846,141711.44710818212]

{"sheet":"Stock Prices","index":6,"n_rows":967,"n_cols":15,"rows_kept":967,"cut":false,"hidden":false,"merged":[]}
["Date",null,"Open","High","Low","Close","Volume","Adj Close",null,null,"close","adj close"]
["2011-04-06",{"$f":"YEAR(A2)","v":"1905-07-03"},1.27,1.27,1.27,1.27,100,8.64,null,2011,{"$f":"AVERAGEIF(B:B,J2,F:F)","v":1.051229946524064},{"$f":"AVERAGEIF(B:B,J2,H:H)","v":7.1508021390374283}]
["2011-04-07",{"$f":"YEAR(A3)","v":"1905-07-03"},1.28,1.28,1.28,1.28,1400,8.7100000000000009,null,2012,{"$f":"AVERAGEIF(B:B,J3,F:F)","v":0.66740000000000055},{"$f":"AVERAGEIF(B:B,J3,H:H)","v":4.5401199999999964}]
["2011-04-08","1905-07-03",1.29,1.29,1.29,1.29,100,8.7799999999999994,null,2013,{"$f":"AVERAGEIF(B:B,J4,F:F)","v":0.27456349206349218},{"$f":"AVERAGEIF(B:B,J4,H:H)","v":1.8675396825396819}]
["2011-04-11","1905-07-03",1.31,1.31,1.31,1.31,10600,8.91,null,2014,{"$f":"AVERAGEIF(B:B,J5,F:F)","v":8.6904761904761985E-2},{"$f":"AVERAGEIF(B:B,J5,H:H)","v":0.56607142857142756}]
["2011-04-12","1905-07-03",1.3,1.3,1.3,1.3,200,8.84,null,2015,{"$f":"AVERAGEIF(B:B,J6,F:F)","v":6.3200000000000006E-2},{"$f":"AVERAGEIF(B:B,J6,H:H)","v":6.3200000000000006E-2}]
["2011-04-13","1905-07-03",1.3,1.3,1.3,1.3,100,8.84]
["2011-04-14","1905-07-03",1.3,1.3,1.3,1.3,0,8.84]
["2011-04-15","1905-07-03",1.29,1.29,1.29,1.29,700,8.7799999999999994]
["2011-04-18","1905-07-03",1.27,1.28,1.26,1.28,10300,8.7100000000000009]
["2011-04-19","1905-07-03",1.29,1.29,1.29,1.29,1300,8.7799999999999994]
["2011-04-20","1905-07-03",1.29,1.29,1.29,1.29,0,8.7799999999999994,null,null,null,2011,2012,2013,2014]
["2011-04-21","1905-07-03",1.26,1.26,1.26,1.26,400,8.57,null,"Price per share"]
["2011-04-25","1905-07-03",1.24,1.24,1.24,1.24,1500,8.44,null,"Vlookup",null,{"$f":"VLOOKUP(L12,$J$2:$L$6,2)","v":1.051229946524064},{"$f":"VLOOKUP(M12,$J$2:$L$6,2)","v":0.66740000000000055},{"$f":"VLOOKUP(N12,$J$2:$L$6,2)","v":0.27456349206349218},{"$f":"VLOOKUP(O12,$J$2:$L$6,2)","v":8.6904761904761985E-2}]
["2011-04-26","1905-07-03",1.22,1.22,1.22,1.22,400,8.3000000000000007,null,"Lookup",null,{"$f":"LOOKUP(L12,$J:$J,$K:$K)","v":1.051229946524064},{"$f":"LOOKUP(M12,$J:$J,$K:$K)","v":0.66740000000000055},{"$f":"LOOKUP(N12,$J:$J,$K:$K)","v":0.27456349206349218},{"$f":"LOOKUP(O12,$J:$J,$K:$K)","v":8.6904761904761985E-2}]
["2011-04-27","1905-07-03",1.22,1.22,1.22,1.22,0,8.3000000000000007,null,"Match & Index",null,{"$f":"INDEX($K$2:$K$6,MATCH(L12,$J$2:$J$6))","v":1.051229946524064},{"$f":"INDEX($K$2:$K$6,MATCH(M12,$J$2:$J$6))","v":0.66740000000000055},{"$f":"INDEX($K$2:$K$6,MATCH(N12,$J$2:$J$6))","v":0.27456349206349218},{"$f":"INDEX($K$2:$K$6,MATCH(O12,$J$2:$J$6))","v":8.6904761904761985E-2}]
["2011-04-28","1905-07-03",1.22,1.22,1.22,1.22,2300,8.3000000000000007]
["2011-04-29","1905-07-03",1.21,1.21,1.21,1.21,1500,8.23,null,"Number of shares"]
["2011-05-02","1905-07-03",1.2,1.21,1.2,1.21,1400,8.23,null,"Market Cap"]
["2011-05-03","1905-07-03",1.21,1.21,1.21,1.21,0,8.23]
["2011-05-04","1905-07-03",1.21,1.21,1.21,1.21,0,8.23]
["2011-05-05","1905-07-03",1.21,1.21,1.21,1.21,0,8.23]
["2011-05-06","1905-07-03",1.23,1.23,1.22,1.22,1800,8.3000000000000007]
["2011-05-09","1905-07-03",1.22,1.22,1.22,1.22,0,8.3000000000000007]
["2011-05-10","1905-07-03",1.19,1.19,1.19,1.19,300,8.1]
["2011-05-11","1905-07-03",1.18,1.18,1.18,1.18,1900,8.0299999999999994]
["2011-05-12","1905-07-03",1.18,1.22,1.18,1.18,1300,8.0299999999999994]
["2011-05-13","1905-07-03",1.22,1.22,1.22,1.22,100,8.3000000000000007]
["2011-05-16","1905-07-03",1.22,1.22,1.22,1.22,0,8.3000000000000007]
["2011-05-17","1905-07-03",1.22,1.22,1.22,1.22,0,8.3000000000000007]
["2011-05-18","1905-07-03",1.22,1.22,1.22,1.22,0,8.3000000000000007]
["2011-05-19","1905-07-03",1.22,1.22,1.22,1.22,0,8.3000000000000007]
["2011-05-20","1905-07-03",1.22,1.22,1.22,1.22,0,8.3000000000000007]
["2011-05-23","1905-07-03",1.22,1.22,1.22,1.22,0,8.3000000000000007]
["2011-05-24","1905-07-03",1.22,1.22,1.22,1.22,0,8.3000000000000007]
["2011-05-25","1905-07-03",1.19,1.19,1.19,1.19,300,8.1]
["2011-05-26","1905-07-03",1.19,1.19,1.19,1.19,0,8.1]
["2011-05-27","1905-07-03",1.2,1.2,1.2,1.2,100,8.16]
["2011-05-31","1905-07-03",1.21,1.21,1.19,1.21,2100,8.23]
["2011-06-01","1905-07-03",1.22,1.22,1.22,1.22,100,8.3000000000000007]
["2011-06-02","1905-07-03",1.22,1.22,1.22,1.22,0,8.3000000000000007]
["2011-06-03","1905-07-03",1.22,1.22,1.22,1.22,400,8.3000000000000007]
["2011-06-06","1905-07-03",1.21,1.21,1.2,1.2,500,8.16]
["2011-06-07","1905-07-03",1.1599999999999999,1.1599999999999999,1.1599999999999999,1.1599999999999999,400,7.89]
["2011-06-08","1905-07-03",1.1599999999999999,1.1599999999999999,1.1599999999999999,1.1599999999999999,2900,7.89]
["2011-06-09","1905-07-03",1.21,1.21,1.21,1.21,400,8.23]
["2011-06-10","1905-07-03",1.2,1.2,1.2,1.2,400,8.16]
["2011-06-13","1905-07-03",1.2,1.2,1.2,1.2,0,8.16]
["2011-06-14","1905-07-03",1.2,1.2,1.2,1.2,1800,8.16]
["2011-06-15","1905-07-03",1.17,1.17,1.17,1.17,1100,7.96]
["2011-06-16","1905-07-03",1.18,1.18,1.18,1.18,300,8.0299999999999994]
["2011-06-17","1905-07-03",1.18,1.18,1.18,1.18,0,8.0299999999999994]
["2011-06-20","1905-07-03",1.18,1.18,1.18,1.18,0,8.0299999999999994]
["2011-06-21","1905-07-03",1.18,1.18,1.18,1.18,0,8.0299999999999994]
["2011-06-22","1905-07-03",1.18,1.18,1.18,1.18,0,8.0299999999999994]
["2011-06-23","1905-07-03",1.25,1.25,1.25,1.25,100,8.5]
["2011-06-24","1905-07-03",1.25,1.25,1.25,1.25,0,8.5]
["2011-06-27","1905-07-03",1.25,1.25,1.25,1.25,0,8.5]
["2011-06-28","1905-07-03",1.25,1.25,1.25,1.25,0,8.5]
["2011-06-29","1905-07-03",1.25,1.25,1.25,1.25,0,8.5]
["2011-06-30","1905-07-03",1.27,1.28,1.27,1.28,300,8.7100000000000009]
["2011-07-01","1905-07-03",1.28,1.28,1.28,1.28,0,8.7100000000000009]
["2011-07-05","1905-07-03",1.28,1.28,1.28,1.28,0,8.7100000000000009]
["2011-07-06","1905-07-03",1.27,1.27,1.27,1.27,800,8.64]
["2011-07-07","1905-07-03",1.28,1.28,1.28,1.28,0,8.7100000000000009]
["2011-07-08","1905-07-03",1.28,1.28,1.28,1.28,0,8.7100000000000009]
["2011-07-11",{"$f":"YEAR(A67)","v":"1905-07-03"},1.22,1.29,1.21,1.21,1300,8.23]
["2011-07-12","1905-07-03",1.21,1.21,1.21,1.21,0,8.23]
["2011-07-13","1905-07-03",1.21,1.21,1.21,1.21,0,8.23]
["2011-07-14","1905-07-03",1.21,1.21,1.21,1.21,0,8.23]
["2011-07-15","1905-07-03",1.21,1.21,1.21,1.21,0,8.23]
["2011-07-18","1905-07-03",1.25,1.26,1.21,1.21,1900,8.23]
["2011-07-19","1905-07-03",1.25,1.25,1.23,1.25,19300,8.5]
["2011-07-20","1905-07-03",1.26,1.26,1.26,1.26,700,8.57]
["2011-07-21","1905-07-03",1.26,1.26,1.26,1.26,0,8.57]
["2011-07-22","1905-07-03",1.26,1.26,1.26,1.26,0,8.57]
["2011-07-25","1905-07-03",1.26,1.26,1.26,1.26,100,8.57]
["2011-07-26","1905-07-03",1.26,1.26,1.26,1.26,0,8.57]
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["2011-12-20","1905-07-03",0.75,0.75,0.75,0.75,100,5.0999999999999996]
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["2012-01-04","1905-07-04",0.79,0.8,0.75,0.75,500,5.0999999999999996]
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["2012-01-11",{"$f":"YEAR(A195)","v":"1905-07-04"},0.72,0.72,0.72,0.72,0,4.9000000000000004]
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["2012-01-13","1905-07-04",0.72,0.72,0.72,0.72,0,4.9000000000000004]
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["2012-02-24","1905-07-04",0.93,0.93,0.93,0.93,0,6.33]
["2012-02-27","1905-07-04",0.91,0.91,0.86,0.86,1100,5.85]
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["2012-03-05","1905-07-04",0.91,0.91,0.9,0.9,300,6.12]
["2012-03-06","1905-07-04",0.88,0.88,0.88,0.88,1200,5.99]
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["2012-03-13","1905-07-04",1.05,1.05,1.01,1.01,500,6.87]
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["2012-03-29","1905-07-04",1,1,0.97,0.97,1100,6.6]
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["2012-04-04","1905-07-04",0.95,0.95,0.89,0.9,2200,6.12]
["2012-04-05","1905-07-04",0.93,0.93,0.93,0.93,200,6.33]
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["2012-04-13",{"$f":"YEAR(A259)","v":"1905-07-04"},0.9,0.9,0.9,0.9,0,6.12]
["2012-04-16","1905-07-04",0.82,0.87,0.82,0.85,2600,5.78]
["2012-04-17","1905-07-04",0.82,0.82,0.82,0.82,800,5.58]
["2012-04-18","1905-07-04",0.82,0.82,0.82,0.82,800,5.58]
["2012-04-19","1905-07-04",0.81,0.81,0.81,0.81,400,5.51]
["2012-04-20","1905-07-04",0.81,0.81,0.81,0.81,0,5.51]
["2012-04-23","1905-07-04",0.79,0.79,0.79,0.79,300,5.37]
["2012-04-24","1905-07-04",0.79,0.79,0.79,0.79,0,5.37]
["2012-04-25","1905-07-04",0.79,0.79,0.79,0.79,0,5.37]
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["2012-04-30","1905-07-04",0.79,0.79,0.79,0.79,0,5.37]
["2012-05-01","1905-07-04",0.79,0.79,0.79,0.79,0,5.37]
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["2012-05-08","1905-07-04",0.79,0.79,0.79,0.79,0,5.37]
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["2012-05-10","1905-07-04",0.78,0.78,0.78,0.78,3700,5.31]
["2012-05-11","1905-07-04",0.82,0.82,0.82,0.82,100,5.58]
["2012-05-14","1905-07-04",0.82,0.82,0.82,0.82,0,5.58]
["2012-05-15","1905-07-04",0.82,0.82,0.82,0.82,0,5.58]
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["2012-05-17","1905-07-04",0.79,0.79,0.79,0.79,6000,5.37]
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["2013-12-26","1905-07-05",0.12,0.12,0.12,0.12,0,0.82]
["2013-12-27","1905-07-05",0.12,0.12,0.11,0.11,900,0.75]
["2013-12-30","1905-07-05",0.11,0.11,0.11,0.11,400,0.75]
["2013-12-31","1905-07-05",0.11,0.11,0.11,0.11,0,0.75]
["2014-01-02","1905-07-06",0.11,0.11,0.11,0.11,0,0.75]
["2014-01-03","1905-07-06",0.11,0.11,0.11,0.11,1500,0.75]
["2014-01-06","1905-07-06",0.11,0.11,0.11,0.11,100,0.75]
["2014-01-07","1905-07-06",0.11,0.11,0.11,0.11,0,0.75]
["2014-01-08","1905-07-06",0.11,0.11,0.11,0.11,0,0.75]
["2014-01-09","1905-07-06",0.11,0.11,0.11,0.11,0,0.75]
["2014-01-10","1905-07-06",0.13,0.13,0.13,0.13,1500,0.88]
["2014-01-13","1905-07-06",0.14000000000000001,0.14000000000000001,0.14000000000000001,0.14000000000000001,100,0.95]
["2014-01-14","1905-07-06",0.14000000000000001,0.14000000000000001,0.14000000000000001,0.14000000000000001,0,0.95]
["2014-01-15","1905-07-06",0.14000000000000001,0.14000000000000001,0.14000000000000001,0.14000000000000001,0,0.95]
["2014-01-16","1905-07-06",0.14000000000000001,0.14000000000000001,0.14000000000000001,0.14000000000000001,0,0.95]
["2014-01-17","1905-07-06",0.14000000000000001,0.14000000000000001,0.14000000000000001,0.14000000000000001,0,0.95]
["2014-01-21","1905-07-06",0.1,0.1,0.1,0.1,400,0.68]
["2014-01-22","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-01-23","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-01-24","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-01-27",{"$f":"YEAR(A707)","v":"1905-07-06"},0.1,0.1,0.1,0.1,0,0.68]
["2014-01-28","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-01-29","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-01-30","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-01-31","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-02-03","1905-07-06",0.1,0.1,0.1,0.1,1500,0.68]
["2014-02-04","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-02-05","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-02-06","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-02-07","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-02-10","1905-07-06",0.09,0.09,0.09,0.09,400,0.61]
["2014-02-11","1905-07-06",0.11,0.14000000000000001,0.11,0.14000000000000001,4600,0.95]
["2014-02-12","1905-07-06",0.14000000000000001,0.14000000000000001,0.14000000000000001,0.14000000000000001,0,0.95]
["2014-02-13","1905-07-06",0.09,0.09,0.09,0.09,100,0.61]
["2014-02-14","1905-07-06",0.08,0.08,0.08,0.08,500,0.54]
["2014-02-18","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-02-19","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-02-20","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-02-21","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-02-24","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-02-25","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-02-26","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-02-27","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-02-28","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-03-03","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-03-04","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-03-05","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-03-06","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-03-07","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-03-10","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-03-11","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-03-12","1905-07-06",0.1,0.1,0.1,0.1,100,0.68]
["2014-03-13","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-03-14","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-03-17","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-03-18","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-03-19","1905-07-06",0.11,0.11,0.11,0.11,400,0.75]
["2014-03-20","1905-07-06",0.11,0.11,0.11,0.11,0,0.75]
["2014-03-21","1905-07-06",0.11,0.11,0.11,0.11,0,0.75]
["2014-03-24","1905-07-06",0.11,0.11,0.11,0.11,0,0.75]
["2014-03-25","1905-07-06",0.11,0.11,0.11,0.11,0,0.75]
["2014-03-26","1905-07-06",0.11,0.11,0.11,0.11,0,0.75]
["2014-03-27","1905-07-06",0.11,0.11,0.11,0.11,0,0.75]
["2014-03-28","1905-07-06",0.11,0.11,0.11,0.11,0,0.75]
["2014-03-31","1905-07-06",0.08,0.08,0.08,0.08,14800,0.54]
["2014-04-01","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-04-02","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-04-03","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-04-04","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-04-07","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-04-08","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-04-09","1905-07-06",0.09,0.09,0.09,0.09,1500,0.61]
["2014-04-10","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-04-11","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-04-14","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-04-15","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-04-16","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-04-17","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-04-21","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-04-22","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-04-23","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-04-24","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-04-25","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-04-28","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-04-29",{"$f":"YEAR(A771)","v":"1905-07-06"},0.09,0.09,0.09,0.09,0,0.61]
["2014-04-30","1905-07-06",0.08,0.08,0.08,0.08,100,0.54]
["2014-05-01","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-05-02","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-05-05","1905-07-06",0.08,0.08,0.08,0.08,2600,0.54]
["2014-05-06","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-05-07","1905-07-06",7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,100,0.48]
["2014-05-08","1905-07-06",7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,0,0.48]
["2014-05-09","1905-07-06",7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,0,0.48]
["2014-05-12","1905-07-06",7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,0,0.48]
["2014-05-13","1905-07-06",0.06,0.06,0.06,0.06,400,0.41]
["2014-05-14","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-05-15","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-05-16","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-05-19","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-05-20","1905-07-06",0.06,0.06,0.06,0.06,300,0.41]
["2014-05-21","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-05-22","1905-07-06",7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,100,0.48]
["2014-05-23","1905-07-06",7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,0,0.48]
["2014-05-27","1905-07-06",0.11,0.11,0.06,0.06,3200,0.41]
["2014-05-28","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-05-29","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-05-30","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-06-02","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-06-03","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-06-04","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-06-05","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-06-06","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-06-09","1905-07-06",0.05,0.06,0.05,0.06,1000,0.41]
["2014-06-10","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-06-11","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-06-12","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-06-13","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-06-16","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-06-17","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-06-18","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-06-19","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-06-20","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-06-23","1905-07-06",0.06,0.06,0.06,0.06,100,0.41]
["2014-06-24","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-06-25","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-06-26","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-06-27","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-06-30","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-07-01","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-07-02","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-07-03","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-07-07","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-07-08","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-07-09","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-07-10","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-07-11","1905-07-06",0.06,0.06,0.06,0.06,100,0.41]
["2014-07-14","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-07-15","1905-07-06",0.1,0.1,0.1,0.1,4400,0.68]
["2014-07-16","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-07-17","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-07-18","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-07-21","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-07-22","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-07-23","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-07-24","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-07-25","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-07-28","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-07-29","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-07-30",{"$f":"YEAR(A835)","v":"1905-07-06"},0.1,0.1,0.1,0.1,0,0.68]
["2014-07-31","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-08-01","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-08-04","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-08-05","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-08-06","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-08-07","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-08-08","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-08-11","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-08-12","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-08-13","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-08-14","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-08-15","1905-07-06",0.09,0.09,0.09,0.09,100,0.61]
["2014-08-18","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-08-19","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-08-20","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-08-21","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-08-22","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-08-25","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-08-26","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-08-27","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-08-28","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-08-29","1905-07-06",0.09,0.09,0.09,0.09,0,0.61]
["2014-09-02","1905-07-06",0.08,0.08,0.06,0.06,2400,0.41]
["2014-09-03","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-09-04","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-09-05","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-09-08","1905-07-06",0.06,0.06,0.06,0.06,300,0.41]
["2014-09-09","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-09-10","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-09-11","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-09-12","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-09-15","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-09-16","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-09-17","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-09-18","1905-07-06",0.06,0.06,0.06,0.06,0,0.41]
["2014-09-19","1905-07-06",0.08,0.08,0.08,0.08,200,0.54]
["2014-09-22","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-09-23","1905-07-06",0.12,0.12,0.12,0.12,700,0.82]
["2014-09-24","1905-07-06",0.12,0.12,0.12,0.12,0,0.82]
["2014-09-25","1905-07-06",0.12,0.12,0.12,0.12,0,0.82]
["2014-09-26","1905-07-06",0.12,0.12,0.12,0.12,0,0.82]
["2014-09-29","1905-07-06",0.12,0.12,0.12,0.12,0,0.82]
["2014-09-30","1905-07-06",0.12,0.12,0.12,0.12,0,0.82]
["2014-10-01","1905-07-06",0.12,0.12,0.12,0.12,0,0.82]
["2014-10-02","1905-07-06",0.12,0.12,0.12,0.12,0,0.82]
["2014-10-03","1905-07-06",0.12,0.12,0.12,0.12,0,0.82]
["2014-10-06","1905-07-06",0.12,0.12,0.12,0.12,0,0.82]
["2014-10-07","1905-07-06",0.12,0.12,0.12,0.12,0,0.82]
["2014-10-08","1905-07-06",0.12,0.12,0.12,0.12,0,0.82]
["2014-10-09","1905-07-06",0.12,0.12,0.12,0.12,0,0.82]
["2014-10-10","1905-07-06",0.1,0.1,0.1,0.1,1500,0.68]
["2014-10-13","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-10-14","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-10-15","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-10-16","1905-07-06",0.1,0.1,0.1,0.1,0,0.68]
["2014-10-17","1905-07-06",0.1,0.1,0.1,0.1,500,0.68]
["2014-10-20","1905-07-06",0.12,0.12,0.12,0.12,4600,0.82]
["2014-10-21","1905-07-06",0.15,0.15,0.15,0.15,100,1.02]
["2014-10-22","1905-07-06",0.15,0.15,0.15,0.15,0,1.02]
["2014-10-23","1905-07-06",0.15,0.15,0.15,0.15,0,1.02]
["2014-10-24","1905-07-06",0.15,0.15,0.15,0.15,0,1.02]
["2014-10-27","1905-07-06",0.15,0.15,0.15,0.15,0,1.02]
["2014-10-28","1905-07-06",0.15,0.15,0.15,0.15,0,1.02]
["2014-10-29",{"$f":"YEAR(A899)","v":"1905-07-06"},0.14000000000000001,0.14000000000000001,0.14000000000000001,0.14000000000000001,300,0.95]
["2014-10-30","1905-07-06",0.14000000000000001,0.14000000000000001,0.14000000000000001,0.14000000000000001,0,0.95]
["2014-10-31","1905-07-06",0.14000000000000001,0.14000000000000001,0.14000000000000001,0.14000000000000001,0,0.95]
["2014-11-03","1905-07-06",0.14000000000000001,0.14000000000000001,0.14000000000000001,0.14000000000000001,0,0.95]
["2014-11-04","1905-07-06",0.14000000000000001,0.14000000000000001,0.14000000000000001,0.14000000000000001,0,0.95]
["2014-11-05","1905-07-06",0.14000000000000001,0.14000000000000001,0.14000000000000001,0.14000000000000001,0,0.95]
["2014-11-06","1905-07-06",0.14000000000000001,0.14000000000000001,0.14000000000000001,0.14000000000000001,0,0.95]
["2014-11-07","1905-07-06",0.14000000000000001,0.14000000000000001,0.14000000000000001,0.14000000000000001,0,0.95]
["2014-11-10","1905-07-06",0.14000000000000001,0.14000000000000001,0.14000000000000001,0.14000000000000001,0,0.95]
["2014-11-11","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-11-12","1905-07-06",0.08,0.08,0.08,0.08,500,0.54]
["2014-11-13","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-11-14","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-11-17","1905-07-06",7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,300,0.48]
["2014-11-18","1905-07-06",7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,0,0.48]
["2014-11-19","1905-07-06",0.11,0.11,0.11,0.11,0,0.75]
["2014-11-20","1905-07-06",0.11,0.11,0.11,0.11,0,0.75]
["2014-11-21","1905-07-06",0.11,0.11,0.11,0.11,0,0.75]
["2014-11-24","1905-07-06",0.08,0.08,0.08,0.08,1200,0.54]
["2014-11-25","1905-07-06",0.08,0.08,0.08,0.08,0,0.54]
["2014-11-26","1905-07-06",0.06,0.06,0.06,0.06,51000,0.06]
["2014-11-28","1905-07-06",0.06,0.06,0.06,0.06,0,0.06]
["2014-12-01","1905-07-06",0.06,0.06,0.06,0.06,0,0.06]
["2014-12-02","1905-07-06",0.06,0.06,0.06,0.06,0,0.06]
["2014-12-03","1905-07-06",0.06,0.06,0.06,0.06,0,0.06]
["2014-12-04","1905-07-06",0.06,0.06,0.06,0.06,0,0.06]
["2014-12-05","1905-07-06",0.06,0.06,0.06,0.06,0,0.06]
["2014-12-08","1905-07-06",0.06,0.06,0.06,0.06,0,0.06]
["2014-12-09","1905-07-06",0.06,0.06,0.06,0.06,0,0.06]
["2014-12-10","1905-07-06",0.06,0.06,0.06,0.06,0,0.06]
["2014-12-11","1905-07-06",0.06,0.06,0.06,0.06,0,0.06]
["2014-12-12","1905-07-06",0.05,0.05,0.05,0.05,20000,0.05]
["2014-12-15","1905-07-06",0.03,0.03,0.03,0.03,15000,0.03]
["2014-12-16","1905-07-06",0.03,0.03,0.03,0.03,40000,0.03]
["2014-12-17","1905-07-06",0.03,0.03,0.03,0.03,0,0.03]
["2014-12-18","1905-07-06",0.03,0.03,0.03,0.03,0,0.03]
["2014-12-19","1905-07-06",0.03,0.03,0.03,0.03,0,0.03]
["2014-12-22","1905-07-06",0.03,0.03,0.03,0.03,5000,0.03]
["2014-12-23","1905-07-06",0.04,0.04,0.04,0.04,2000,0.04]
["2014-12-24","1905-07-06",0.03,0.03,0.03,0.03,1500,0.03]
["2014-12-26","1905-07-06",0.03,0.03,0.03,0.03,0,0.03]
["2014-12-29","1905-07-06",0.03,0.03,0.03,0.03,400,0.03]
["2014-12-30","1905-07-06",0.03,0.03,0.03,0.03,0,0.03]
["2014-12-31","1905-07-06",0.03,0.03,0.03,0.03,0,0.03]
["2015-01-02","1905-07-07",0.03,0.03,0.03,0.03,0,0.03]
["2015-01-05","1905-07-07",0.03,0.03,0.03,0.03,0,0.03]
["2015-01-06","1905-07-07",0.03,0.03,0.03,0.03,0,0.03]
["2015-01-07","1905-07-07",0.03,0.03,0.03,0.03,0,0.03]
["2015-01-08","1905-07-07",0.03,0.03,0.03,0.03,0,0.03]
["2015-01-09","1905-07-07",0.03,0.03,0.03,0.03,0,0.03]
["2015-01-12","1905-07-07",0.03,0.08,0.03,0.08,40500,0.08]
["2015-01-13","1905-07-07",0.08,0.08,0.08,0.08,0,0.08]
["2015-01-14","1905-07-07",0.08,0.08,0.08,0.08,0,0.08]
["2015-01-15","1905-07-07",0.08,0.08,0.08,0.08,0,0.08]
["2015-01-16","1905-07-07",0.08,0.08,0.08,0.08,0,0.08]
["2015-01-20","1905-07-07",0.08,0.08,0.08,0.08,0,0.08]
["2015-01-21","1905-07-07",0.08,0.08,0.08,0.08,0,0.08]
["2015-01-22","1905-07-07",0.08,0.08,0.08,0.08,0,0.08]
["2015-01-23","1905-07-07",0.08,0.08,0.08,0.08,0,0.08]
["2015-01-26","1905-07-07",0.08,0.08,0.08,0.08,0,0.08]
["2015-01-27","1905-07-07",0.08,0.08,0.08,0.08,0,0.08]
["2015-01-28","1905-07-07",0.08,0.08,0.08,0.08,0,0.08]
["2015-01-29","1905-07-07",0.08,0.08,0.08,0.08,0,0.08]
["2015-01-30","1905-07-07",0.08,0.08,0.08,0.08,0,0.08]
["2015-02-02",{"$f":"YEAR(A963)","v":"1905-07-07"},0.08,0.08,0.08,0.08,0,0.08]
["2015-02-03",{"$f":"YEAR(A964)","v":"1905-07-07"},0.08,0.08,0.08,0.08,0,0.08]
["2015-02-04",{"$f":"YEAR(A965)","v":"1905-07-07"},0.08,0.08,0.08,0.08,0,0.08]
["2015-02-05",{"$f":"YEAR(A966)","v":"1905-07-07"},0.02,0.02,0.02,0.02,2000,0.02]
["2015-02-06",{"$f":"YEAR(A967)","v":"1905-07-07"},0.02,0.02,0.02,0.02,0,0.02]

{"sheet":"PF Modelling","index":8,"n_rows":160,"n_cols":33,"rows_kept":160,"cut":false,"hidden":false,"merged":[]}
[null,"Time period",null,null,null,null,null,0,{"$f":"H1+1","v":1},{"$f":"I1+1","v":2},3,4,5,6,7,8,9,10,11,12,13,14,15,16,{"$f":"X1+1","v":17},18,19,20,21,22,23,24,25]
[null,null,"Operating period",null,null,"NoYears",{"$f":"F6","v":18},null,{"$f":"I1<=$G$2","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"Y1<=$G$2","v":true},true,false,false,false,false,false,false,false]
[]
["Assumptions"]
[null,"Timing assumptions"]
[null,null,"Project life",null,"years",{"$f":"'Scenario PF Model'!D9","v":18}]
[]
[null,"Operating assumptions"]
[null,null,"Capital expenditure",null,"USD",1000]
[]
[null,null,"Revenues"]
[null,null,null,"Price","USD/unit",11,null,"LLCR",{"$f":"G134","v":1.2130543305850054}]
[null,null,null,"Inflation rate","%",{"$f":"'Scenario PF Model'!H9","v":0.04}]
[null,null,null,"Volume","units",{"$f":"'Scenario PF Model'!E9","v":16}]
[]
[null,null,"Operating costs"]
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[null,null,null,"Variable costs","USD/unit",{"$f":"'Scenario PF Model'!F9","v":4}]
[]
[null,"Taxes and depreciation"]
[null,null,"Tax life",null,null,10]
[null,null,"Income tax rate",null,null,0.1]
[]
[null,"Financing assumptions"]
[null,null,"Senior Loan"]
[null,null,null,"Size","USD",700]
[null,null,null,"Repayment","Sweep %",0.8]
[null,null,null,"Interest ","%",0.06]
[null,null,null,"Covenant"]
[]
[null,null,"Subordinated loan"]
[null,null,null,"Size",null,0]
[null,null,null,"Repayment",null,0.8]
[null,null,null,"Interest ",null,0.11]
[null,null,null,"Covenant"]
[]
["Operations"]
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[]
[null,null,"Revenues"]
[null,null,null,"Prices","USD",{"$f":"F12","v":11},{"$f":"F13","v":0.04},null,{"$f":"F41","v":11},{"$f":"I41*(1+$G$41)","v":11.440000000000001},{"$f":"J41*(1+$G$41)","v":11.897600000000002},12.373504000000002,12.868444160000003,13.383181926400002,13.918509203456003,14.475249571594244,15.054259554458014,15.656429936636336,16.282687134101788,16.93399461946586,17.611354404244494,18.315808580414274,19.048440923630846,19.81037856057608,{"$f":"X41*(1+$G$41)","v":20.602793702999122},21.426905451119087,22.28398166916385,23.175340935930404,24.10235457336762,25.066448756302325,26.069106706554418,27.111870974816597,28.196345813809263]
[null,null,null,"Quantity","Units",{"$f":"F14","v":16},null,null,{"$f":"$F42*I2","v":16},16,16,16,16,16,16,16,16,16,16,16,16,16,16,16,16,16,0,0,0,0,0,0,0]
[null,null,null,"Total revenues",null,null,null,null,{"$f":"PRODUCT(I41:I42)","v":176},{"$f":"PRODUCT(J41:J42)","v":183.04000000000002},190.36160000000004,197.97606400000004,205.89510656000004,214.13091082240004,222.69614725529604,231.6039931455079,240.86815287132822,250.50287898618137,260.52299414562862,270.94391391145376,281.78167046791191,293.05293728662838,304.77505477809353,316.96605696921728,{"$f":"PRODUCT(Y41:Y42)","v":329.64469924798595},342.83048721790539,0,0,0,0,0,0,0]
[]
[null,null,"Operating costs"]
[null,null,null,"Fixed",null,null,null,null,{"$f":"$F$17*I2","v":28},28,28,28,28,28,28,28,28,28,28,28,28,28,28,28,28,28,0,0,0,0,0,0,0]
[null,null,null,"Quantity",null,null,null,null,{"$f":"I42","v":16},16,16,16,16,16,16,16,16,16,16,16,16,16,16,16,16,16,0,0,0,0,0,0,0]
[null,null,null,"variable costs per unit",null,null,null,null,{"$f":"$F$18","v":4},{"$f":"$F$18","v":4},4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4]
[null,null,null,"Variable costs",null,null,null,null,{"$f":"I47*I48","v":64},{"$f":"J47*J48","v":64},64,64,64,64,64,64,64,64,64,64,64,64,64,64,{"$f":"Y47*Y48","v":64},64,0,0,0,0,0,0,0]
[null,null,null,"Total cost",null,null,null,null,{"$f":"I49+I46","v":92},{"$f":"J49+J46","v":92},92,92,92,92,92,92,92,92,92,92,92,92,92,92,{"$f":"Y49+Y46","v":92},92,0,0,0,0,0,0,0]
[]
[null,null,null,"EBITDA",null,null,null,null,{"$f":"I43-I50","v":84},91.04000000000002,98.361600000000038,105.97606400000004,113.89510656000004,122.13091082240004,130.69614725529604,139.6039931455079,148.86815287132822,158.50287898618137,168.52299414562862,178.94391391145376,189.78167046791191,201.05293728662838,212.77505477809353,{"$f":"X43-X50","v":224.96605696921728},237.64469924798595,250.83048721790539,0,0,0,0,0,0,0]
[]
["Taxes and depreciation"]
[null,"Net plant balance"]
[null,null,"Opening balance",null,null,null,null,null,{"$f":"H59","v":1000},{"$f":"I59","v":900},800,700,600,500,400,300,200,100,0,0,0,0,0,{"$f":"W59","v":0},0,0,0,0,0,0,0,0,0]
[null,null,"Add: Capital expenditure",null,null,null,null,{"$f":"F9","v":1000}]
[null,null,"Less: depreciation",null,null,null,null,null,{"$f":"I60","v":100},{"$f":"J60","v":100},100,100,100,100,100,100,100,100,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing balance",null,null,null,null,{"$f":"H56+H57-H58","v":1000},{"$f":"I56+I57-I58","v":900},{"$f":"J56+J57-J58","v":800},700,600,500,400,300,200,100,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Depreciation expense",null,"depr rate",{"$f":"1/F21","v":0.1},null,null,{"$f":"MIN($I$56*$F$60,I56)","v":100},{"$f":"MIN($I$56*$F$60,J56)","v":100},100,100,100,100,100,100,100,100,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Plant Test",null,null,null,{"$f":"AND(I61:W61)","v":true},null,{"$f":"I59>=0","v":true},{"$f":"J59>=0","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
["Debt schedule"]
[null,null,"Senior debt"]
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[null,null,null,"Less : repayment",null,null,null,null,{"$f":"I101","v":42},{"$f":"J101","v":51.560000000000024},61.975200000000044,73.308176000000046,85.625709120000053,98.999055929600061,113.50423571827206,129.22233575158023,43.805287480547378,0,0,0,0,0,0,0,{"$f":"Y101","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"closing balance",null,null,null,{"$f":"$F$26","v":700},{"$f":"I65-I66","v":658},{"$f":"J65-J66","v":606.43999999999994},544.46479999999985,471.15662399999979,385.53091487999973,286.53185895039968,173.02762323212761,43.805287480547378,0,0,0,0,0,0,0,0,{"$f":"Y65-Y66","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"interest expense","Int Rate",{"$f":"F28","v":0.06},null,null,{"$f":"$F$68*I65","v":42},{"$f":"$F$68*J65","v":39.479999999999997},36.386399999999995,32.667887999999991,28.269397439999988,23.131854892799982,17.19191153702398,10.381657393927656,2.6283172488328428,0,0,0,0,0,0,0,{"$f":"$F$68*Y65","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"Total debt facility",null,null,null,null,{"$f":"SUM(I67:I68)","v":700},{"$f":"SUM(J67:J68)","v":645.91999999999996},580.85119999999984,503.8245119999998,413.8003123199997,309.66371384319967,190.21953476915158,54.186944874475031,2.6283172488328428,0,0,0,0,0,0,0,{"$f":"SUM(Y67:Y68)","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"Debt Test Senior",null,null,{"$f":"AND(I70:X70)","v":true},null,{"$f":"I69>=0","v":true},{"$f":"J69>=0","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
[null,null,"Subordinated loan"]
[null,null,null,"Opening balance",null,null,null,null,{"$f":"H76","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"X76","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"Less : repayment",null,null,null,null,{"$f":"I103","v":0},{"$f":"J103","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Y103","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"Add: capitalized interest","Int Rate",{"$f":"F34","v":0.11},null,null,{"$f":"I73*$F$75","v":0},{"$f":"J73*$F$75","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Y73*$F$75","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"closing balance",null,null,null,{"$f":"F32","v":0},{"$f":"I73-I74+I75","v":0},{"$f":"J73-J74+J75","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Y73-Y74+Y75","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"Debt Test Sub",null,null,{"$f":"AND(I77:AG77)","v":true},null,{"$f":"I76>=0","v":true},{"$f":"J76>=0","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
[null,"Income statement"]
[null,null,null,"Revenue",null,null,null,null,{"$f":"I43","v":176},183.04000000000002,190.36160000000004,197.97606400000004,205.89510656000004,214.13091082240004,222.69614725529604,231.6039931455079,240.86815287132822,250.50287898618137,260.52299414562862,270.94391391145376,281.78167046791191,293.05293728662838,304.77505477809353,316.96605696921728,329.64469924798595,342.83048721790539,0,0,0,0,0,0,0]
[null,null,null,"OPEX",null,null,null,null,{"$f":"I50","v":92},92,92,92,92,92,92,92,92,92,92,92,92,92,92,92,92,92,0,0,0,0,0,0,0]
[null,null,null,"EBITDA",null,null,null,null,{"$f":"I80-I81","v":84},{"$f":"J80-J81","v":91.04000000000002},98.361600000000038,105.97606400000004,113.89510656000004,122.13091082240004,130.69614725529604,139.6039931455079,148.86815287132822,158.50287898618137,168.52299414562862,178.94391391145376,189.78167046791191,201.05293728662838,212.77505477809353,224.96605696921728,{"$f":"Y80-Y81","v":237.64469924798595},250.83048721790539,0,0,0,0,0,0,0]
[null,null,null,"Depreciation",null,null,null,null,{"$f":"I60","v":100},{"$f":"J60","v":100},100,100,100,100,100,100,100,100,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBIT",null,null,null,null,{"$f":"I82-I83","v":-16},{"$f":"J82-J83","v":-8.9599999999999795},-1.6383999999999617,5.9760640000000365,13.895106560000045,22.13091082240004,30.69614725529604,39.6039931455079,48.86815287132822,58.502878986181372,168.52299414562862,178.94391391145376,189.78167046791191,201.05293728662838,212.77505477809353,224.96605696921728,{"$f":"Y82-Y83","v":237.64469924798595},250.83048721790539,0,0,0,0,0,0,0]
[null,null,null,"Interest",null,null,null,null,{"$f":"I68+I75","v":42},{"$f":"J68+J75","v":39.479999999999997},36.386399999999995,32.667887999999991,28.269397439999988,23.131854892799982,17.19191153702398,10.381657393927656,2.6283172488328428,0,0,0,0,0,0,0,{"$f":"Y68+Y75","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"EBT before NOL",null,null,null,null,{"$f":"I84-I85","v":-58},{"$f":"J84-J85","v":-48.439999999999976},-38.024799999999956,-26.691823999999954,-14.374290879999943,-1.0009440703999424,13.50423571827206,29.222335751580246,46.239835622495377,58.502878986181372,168.52299414562862,178.94391391145376,189.78167046791191,201.05293728662838,212.77505477809353,224.96605696921728,{"$f":"Y84-Y85","v":237.64469924798595},250.83048721790539,0,0,0,0,0,0,0]
[null,null,null,"NOL opening balance",null,null,null,null,{"$f":"H90","v":0},{"$f":"I90","v":58},106.43999999999997,144.46479999999991,171.15662399999985,185.53091487999978,186.53185895039974,173.02762323212767,143.80528748054741,97.565451858052029,39.062572871870657,0,0,0,0,0,{"$f":"X90","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"Add: NOL made",null,null,null,null,{"$f":"MAX(-I86,0)","v":58},{"$f":"MAX(-J86,0)","v":48.439999999999976},38.024799999999956,26.691823999999954,14.374290879999943,1.0009440703999424,0,0,0,0,0,0,0,0,0,0,{"$f":"MAX(-Y86,0)","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"Less: NOL used",null,null,null,null,{"$f":"MAX(MIN(I86,I87),0)","v":0},{"$f":"MAX(MIN(J86,J87),0)","v":0},0,0,0,0,13.50423571827206,29.222335751580246,46.239835622495377,58.502878986181372,39.062572871870657,0,0,0,0,0,{"$f":"MAX(MIN(Y86,Y87),0)","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"NOL closing balance",null,null,null,0,{"$f":"I87+I88-I89","v":58},{"$f":"J87+J88-J89","v":106.43999999999997},144.46479999999991,171.15662399999985,185.53091487999978,186.53185895039974,173.02762323212767,143.80528748054741,97.565451858052029,39.062572871870657,0,0,0,0,0,0,{"$f":"Y87+Y88-Y89","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"Adjusted EBT",null,null,null,null,{"$f":"I86+I88-I89","v":0},{"$f":"J86+J88-J89","v":0},0,0,0,0,0,0,0,0,129.46042127375796,178.94391391145376,189.78167046791191,201.05293728662838,212.77505477809353,224.96605696921728,{"$f":"Y86+Y88-Y89","v":237.64469924798595},250.83048721790539,0,0,0,0,0,0,0]
[null,null,null,"Tax",null,{"$f":"F22","v":0.1},null,null,{"$f":"I91*$F$92","v":0},{"$f":"J91*$F$92","v":0},0,0,0,0,0,0,0,0,12.946042127375797,17.894391391145376,18.978167046791192,20.10529372866284,21.277505477809356,22.49660569692173,{"$f":"Y91*$F$92","v":23.764469924798597},25.08304872179054,0,0,0,0,0,0,0]
[null,null,null,"Earnings after tax",null,null,null,null,{"$f":"I86-I92","v":-58},{"$f":"J86-J92","v":-48.439999999999976},-38.024799999999956,-26.691823999999954,-14.374290879999943,-1.0009440703999424,13.50423571827206,29.222335751580246,46.239835622495377,58.502878986181372,155.57695201825283,161.04952252030839,170.80350342112072,180.94764355796553,191.49754930028416,202.46945127229554,{"$f":"Y86-Y92","v":213.88022932318736},225.74743849611485,0,0,0,0,0,0,0]
[]
[null,"Cash flow statement"]
[null,null,null,"EBITDA ",null,null,null,null,{"$f":"I52","v":84},91.04000000000002,98.361600000000038,105.97606400000004,113.89510656000004,122.13091082240004,130.69614725529604,139.6039931455079,148.86815287132822,158.50287898618137,168.52299414562862,178.94391391145376,189.78167046791191,201.05293728662838,212.77505477809353,224.96605696921728,237.64469924798595,250.83048721790539,0,0,0,0,0,0,0]
[null,null,null,"less: taxes",null,null,null,null,{"$f":"I92","v":0},{"$f":"J92","v":0},0,0,0,0,0,0,0,0,12.946042127375797,17.894391391145376,18.978167046791192,20.10529372866284,21.277505477809356,22.49660569692173,{"$f":"Y92","v":23.764469924798597},25.08304872179054,0,0,0,0,0,0,0]
[null,null,null,"operating cashflow",null,null,null,null,{"$f":"I96-I97","v":84},{"$f":"J96-J97","v":91.04000000000002},98.361600000000038,105.97606400000004,113.89510656000004,122.13091082240004,130.69614725529604,139.6039931455079,148.86815287132822,158.50287898618137,155.57695201825283,161.04952252030839,170.80350342112072,180.94764355796553,191.49754930028416,202.46945127229554,{"$f":"Y96-Y97","v":213.88022932318736},225.74743849611485,0,0,0,0,0,0,0]
[null,null,null,"Less: interest expense",null,null,null,null,{"$f":"I68","v":42},39.479999999999997,36.386399999999995,32.667887999999991,28.269397439999988,23.131854892799982,17.19191153702398,10.381657393927656,2.6283172488328428,0,0,0,0,0,0,0,{"$f":"Y68","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"cash flow available for repayment",null,null,null,null,{"$f":"I98-I99","v":42},{"$f":"J98-J99","v":51.560000000000024},61.975200000000044,73.308176000000046,85.625709120000053,98.999055929600061,113.50423571827206,129.22233575158023,146.23983562249538,158.50287898618137,155.57695201825283,161.04952252030839,170.80350342112072,180.94764355796553,191.49754930028416,202.46945127229554,{"$f":"Y98-Y99","v":213.88022932318736},225.74743849611485,0,0,0,0,0,0,0]
[null,null,null,"Less: senior loan repayment",null,null,null,null,{"$f":"MIN(I65,I100)","v":42},51.560000000000024,61.975200000000044,73.308176000000046,85.625709120000053,98.999055929600061,113.50423571827206,129.22233575158023,43.805287480547378,0,0,0,0,0,0,0,{"$f":"MIN(Y65,Y100)","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"CF available for subordinated debt",null,null,null,null,{"$f":"I100-I101","v":0},{"$f":"J100-J101","v":0},0,0,0,0,0,0,102.434548141948,158.50287898618137,155.57695201825283,161.04952252030839,170.80350342112072,180.94764355796553,191.49754930028416,202.46945127229554,{"$f":"Y100-Y101","v":213.88022932318736},225.74743849611485,0,0,0,0,0,0,0]
[null,null,null,"Less: subordinated loan repayment",null,null,null,null,{"$f":"MIN(I73+I75,I102)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN(Y73+Y75,Y102)","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"CF available for dividends",null,null,null,null,{"$f":"I102-I103","v":0},{"$f":"J102-J103","v":0},0,0,0,0,0,0,102.434548141948,158.50287898618137,155.57695201825283,161.04952252030839,170.80350342112072,180.94764355796553,191.49754930028416,202.46945127229554,{"$f":"Y102-Y103","v":213.88022932318736},225.74743849611485,0,0,0,0,0,0,0]
[]
[null,"Balance sheet"]
[null,null,"Equity balance"]
[null,null,null,"Opening balance",null,null,null,null,{"$f":"H111","v":300},{"$f":"I111","v":242},193.56000000000003,155.53520000000009,128.84337600000015,114.4690851200002,113.46814104960026,126.97237676787232,156.19471251945257,99.999999999999943,0,0,0,0,0,0,{"$f":"X111","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"Add: net income",null,null,null,null,{"$f":"I93","v":-58},-48.439999999999976,-38.024799999999956,-26.691823999999954,-14.374290879999943,-1.0009440703999424,13.50423571827206,29.222335751580246,46.239835622495377,58.502878986181372,155.57695201825283,161.04952252030839,170.80350342112072,180.94764355796553,191.49754930028416,202.46945127229554,{"$f":"Y93","v":213.88022932318736},225.74743849611485,0,0,0,0,0,0,0]
[null,null,null,"Less: dividends",null,null,null,null,{"$f":"I104","v":0},0,0,0,0,0,0,0,102.434548141948,158.50287898618137,155.57695201825283,161.04952252030839,170.80350342112072,180.94764355796553,191.49754930028416,202.46945127229554,{"$f":"Y104","v":213.88022932318736},225.74743849611485,0,0,0,0,0,0,0]
[null,null,null,"Closing balance",null,null,null,{"$f":"F9-F26-F32","v":300},{"$f":"I108+I109-I110","v":242},{"$f":"J108+J109-J110","v":193.56000000000003},155.53520000000009,128.84337600000015,114.4690851200002,113.46814104960026,126.97237676787232,156.19471251945257,99.999999999999943,0,0,0,0,0,0,0,{"$f":"Y108+Y109-Y110","v":0},0,0,0,0,0,0,0,0]
[]
[null,null,"Asset"]
[null,null,null,"Net plant",null,null,null,{"$f":"H59","v":1000},900,800,700,600,500,400,300,200,100,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Liability"]
[null,null,null,"Senior debt",null,null,null,{"$f":"H67","v":700},658,606.43999999999994,544.46479999999985,471.15662399999979,385.53091487999973,286.53185895039968,173.02762323212761,43.805287480547378,0,0,0,0,0,0,0,0,{"$f":"Y67","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"Subordinated loan",null,null,null,{"$f":"H76","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Y76","v":0},0,0,0,0,0,0,0,0]
[null,null,"Equity"]
[null,null,null,"shareholder's equity",null,null,null,{"$f":"H111","v":300},{"$f":"I111","v":242},193.56000000000003,155.53520000000009,128.84337600000015,114.4690851200002,113.46814104960026,126.97237676787232,156.19471251945257,99.999999999999943,0,0,0,0,0,0,0,{"$f":"Y111","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"Total Liabities and Equity",null,null,null,{"$f":"SUM(H117:H120)","v":1000},{"$f":"SUM(I117:I120)","v":900},800,700,600,499.99999999999994,399.99999999999994,299.99999999999994,199.99999999999994,99.999999999999943,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Difference",null,null,null,null,{"$f":"H121-H114","v":0},{"$f":"I121-I114","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,{"$f":"AND(H124:X124)","v":true},{"$f":"ROUND(H123,3)=0","v":true},{"$f":"ROUND(I123,3)=0","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
[null,null,null,"Debt service",null,null,null,null,{"$f":"I66+I68","v":84},{"$f":"J66+J68","v":91.04000000000002},98.361600000000038,105.97606400000004,113.89510656000004,122.13091082240004,130.69614725529604,139.6039931455079,46.433604729380221,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"NPV of Debt Service",null,{"$f":"F68","v":0.06},{"$f":"NPV(F127,I126:AG126)","v":699.99999999999989}]
[null,null,null,"NPV_CF",null,{"$f":"F127","v":0.06},{"$f":"NPV(F128,82:82)","v":1558.2167841885966}]
[null,null,null,"PLCR",null,null,{"$f":"G128/F26","v":2.226023977412281}]
[null,null,null,"LLCR"]
[null,null,null,"CF over loan life",null,"loan life",10,null,{"$f":"(I1<=$G$131)*I96","v":84},{"$f":"(J1<=$G$131)*J96","v":91.04000000000002},98.361600000000038,105.97606400000004,113.89510656000004,122.13091082240004,130.69614725529604,139.6039931455079,148.86815287132822,158.50287898618137,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"NPV_CF over loan life",null,{"$f":"F127","v":0.06},{"$f":"NPV(F133,I131:AG131)","v":849.13803140950381}]
[null,null,null,"LLCR loan life",null,0.95,{"$f":"G133/F26","v":1.2130543305850054}]
[]
[null,null,null,"Plant test",null,null,{"$f":"G61","v":true},{"$f":"IF(G136,\"\",D136)","v":""}]
[null,null,null,"senior test",null,null,{"$f":"G70","v":true},{"$f":"IF(G137,\"\",D137)","v":""}]
[null,null,null,"subordinated test",null,null,{"$f":"G77","v":true},{"$f":"IF(G138,\"\",D138)","v":""}]
[null,null,null,"balance sheet",null,null,{"$f":"G124","v":true},{"$f":"IF(G139,\"\",D139)","v":""}]
[]
[null,null,null,"total test",null,null,{"$f":"G136:G139","v":{"$error":"#VALUE!"}},{"$f":"sum_labels(H136:H140)","v":{"$error":"#NAME?"}}]
[]
[]
[null,null,null,"loan life coverage ratio"]
[null,null,null,null,null,null,null,null,null,null,null,"Price"]
[]
[null,null,null,null,null,null,null,null,{"$f":"G134","v":1.2130543305850054},10,11,12,13,14,15]
[null,null,null,null,null,null,null,null,900,0.78931841468332198,0.94348670156611536,1.0976549884489086,1.251823275331702,1.4059915622144958,1.5601598490972894]
[null,null,null,null,null,null,null,null,800,0.88798321651873724,1.0614225392618797,1.2348618620050222,1.4083011847481648,1.5817405074913078,1.7551798302344506]
[null,null,null,null,null,null,null,null,700,1.0148379617356997,1.2130543305850054,1.4112706994343112,1.6094870682836171,1.807703437132923,2.0059198059822294]
[null,null,null,null,null,null,null,"debt",600,1.1839776220249829,1.415230052349173,1.6464824826733631,1.8777349129975531,2.1089873433217434,2.3402397736459339]
[null,null,null,null,null,null,null,null,500,1.4207731464299795,1.6982760628190077,1.9757789792080358,2.2532818955970639,2.5307848119860923,2.8082877283751211]
[null,null,null,null,null,null,null,null,400,1.7759664330374745,2.1228450785237594,2.4697237240100445,2.8166023694963296,3.1634810149826156,3.5103596604689011]
[]
[]
[null,"Cash flow waterfall graph",null,null,null,null,null,null,{"$f":"I1","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]
[null,null,"Ebitda",null,null,null,null,null,{"$f":"I96","v":84},91.04000000000002,98.361600000000038,105.97606400000004,113.89510656000004,122.13091082240004,130.69614725529604,139.6039931455079,148.86815287132822,158.50287898618137,168.52299414562862,178.94391391145376,189.78167046791191,201.05293728662838,212.77505477809353,224.96605696921728,{"$f":"Y96","v":237.64469924798595},250.83048721790539,0,0,0,0,0,0,0]
[null,null,"Senior debt service",null,null,null,null,null,{"$f":"I66+I68","v":84},91.04000000000002,98.361600000000038,105.97606400000004,113.89510656000004,122.13091082240004,130.69614725529604,139.6039931455079,46.433604729380221,0,0,0,0,0,0,0,{"$f":"Y66+Y68","v":0},0,0,0,0,0,0,0,0]
[null,null,"Subordinated debt service",null,null,null,null,null,{"$f":"I103","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Y103","v":0},0,0,0,0,0,0,0,0]
[null,null,"Equity",null,null,null,null,null,{"$f":"I157-I158-I159","v":0},{"$f":"J157-J158-J159","v":0},0,0,0,0,0,0,102.434548141948,158.50287898618137,168.52299414562862,178.94391391145376,189.78167046791191,201.05293728662838,212.77505477809353,224.96605696921728,{"$f":"Y157-Y158-Y159","v":237.64469924798595},250.83048721790539,0,0,0,0,0,0,0]

{"sheet":"Scenario PF Model","index":9,"n_rows":9,"n_cols":11,"rows_kept":9,"cut":false,"hidden":false,"merged":[]}
[null,null,null,"Loan size",{"$f":"'PF Modelling'!F26","v":700}]
[null,null,null,"Scenario #",3]
[null,null,null,"Price","Qua","Variables","Fixe","Growth",null,"LLCR","PLCR"]
[null,null,null,null,null,null,null,null,null,{"$f":"'PF Modelling'!G134","v":1.2130543305850054},{"$f":"'PF Modelling'!G129","v":2.226023977412281}]
[null,null,"Base",15,15,5,30,0.02,1,0.7776933944210761,1.1266864875916449]
[null,null,"Lo",12,11,6,32,0,2,0.24183143168933996,0.27546915804116612]
[null,null,"High",18,16,4,28,0.04,3,1.2130543305850054,2.226023977412281]
[]
[null,null,{"$f":"INDEX(C5:C7,$E$2)","v":"High"},18,16,4,28,0.04]

{"sheet":"Cash Flow Analysis Corp Model","index":10,"n_rows":43,"n_cols":9,"rows_kept":43,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"assets",700]
[null,null,"cash",100]
[]
[null,null,"Debt",500]
[null,null,"Equity",300]
[]
[null,null,"EBIT",null,-10,20,100,300,300]
[]
[null,null,"Interest rate assumption",null,0.05,0.05,0.05,0.05,0.05]
[null,null,"Interest income assumptions",null,0.02,0.02,0.02,0.02,0.02]
[null,null,"Minimum cash balance",null,80,80,80,80,80]
[]
[]
[null,null,"Net cash account"]
[null,null,"Opening balance",null,{"$f":"D18","v":-400},{"$f":"E18","v":-433},{"$f":"F18","v":-437.05},{"$f":"G18","v":-361.30250000000001},{"$f":"H18","v":-81.76762500000001}]
[null,null,"Add surplus cash",null,{"$f":"E30","v":-33},{"$f":"F30","v":-4.0500000000000025},{"$f":"G30","v":75.747500000000002},{"$f":"H30","v":279.534875},{"$f":"I30","v":293.51161875000003}]
[null,null,"Closing balance",{"$f":"D3-D5","v":-400},{"$f":"E16+E17","v":-433},{"$f":"F16+F17","v":-437.05},{"$f":"G16+G17","v":-361.30250000000001},{"$f":"H16+H17","v":-81.76762500000001},{"$f":"I16+I17","v":211.74399375000002}]
[]
[null,null,"Cash Balance",{"$f":"D3","v":100},{"$f":"MAX(E18,E12)","v":80},{"$f":"MAX(F18,F12)","v":80},{"$f":"MAX(G18,G12)","v":80},{"$f":"MAX(H18,H12)","v":80},{"$f":"MAX(I18,I12)","v":211.74399375000002}]
[null,null,"Interest income",null,{"$f":"E11*D20","v":2},{"$f":"F11*E20","v":1.6},{"$f":"G11*F20","v":1.6},{"$f":"H11*G20","v":1.6},{"$f":"I11*H20","v":1.6}]
[]
[null,null,"Debt balance",{"$f":"D5","v":500},{"$f":"MAX(-E18+E12,0)","v":513},{"$f":"MAX(-F18+F12,0)","v":517.04999999999995},{"$f":"MAX(-G18+G12,0)","v":441.30250000000001},{"$f":"MAX(-H18+H12,0)","v":161.76762500000001},{"$f":"MAX(-I18+I12,0)","v":0}]
[null,null,"Interest expence",null,{"$f":"E10*D23","v":25},{"$f":"F10*E23","v":25.650000000000002},{"$f":"G10*F23","v":25.852499999999999},{"$f":"H10*G23","v":22.065125000000002},{"$f":"I10*H23","v":8.0883812500000012}]
[]
[null,null,"Cash flow statement "]
[null,null,"EBIT",null,{"$f":"E8","v":-10},{"$f":"F8","v":20},{"$f":"G8","v":100},{"$f":"H8","v":300},{"$f":"I8","v":300}]
[null,null,"Less interest expense",null,{"$f":"E24","v":25},{"$f":"F24","v":25.650000000000002},{"$f":"G24","v":25.852499999999999},{"$f":"H24","v":22.065125000000002},{"$f":"I24","v":8.0883812500000012}]
[null,null,"Add Interest income",null,{"$f":"E21","v":2},{"$f":"F21","v":1.6},{"$f":"G21","v":1.6},{"$f":"H21","v":1.6},{"$f":"I21","v":1.6}]
[null,null,"Net cash flow/extra cash",null,{"$f":"E27-E28+E29","v":-33},{"$f":"F27-F28+F29","v":-4.0500000000000025},{"$f":"G27-G28+G29","v":75.747500000000002},{"$f":"H27-H28+H29","v":279.534875},{"$f":"I27-I28+I29","v":293.51161875000003}]
[]
[null,null,"Equity",{"$f":"D6","v":300},{"$f":"D32+E30","v":267},{"$f":"E32+F30","v":262.95},{"$f":"F32+G30","v":338.69749999999999},{"$f":"G32+H30","v":618.23237500000005},{"$f":"H32+I30","v":911.74399375000007}]
[]
[null,null,"Asset",{"$f":"$D$2","v":700},700,700,700,700,700]
[null,1,"Cash",{"$f":"D20","v":100},80,80,80,80,211.74399375000002]
[null,null,null,{"$f":"D34+D35","v":800},780,780,780,780,911.74399375000007]
[]
[null,-1,"Debt",{"$f":"D23","v":500},513,517.04999999999995,441.30250000000001,161.76762500000001,0]
[null,null,"Equity",{"$f":"D32","v":300},267,262.95,338.69749999999999,618.23237500000005,911.74399375000007]
[null,null,null,{"$f":"D38+D39","v":800},780,780,780,780,911.74399375000007]
[]
[]
[null,null,"Net cash balance",{"$f":"SUMPRODUCT(D34:D40,$B$34:$B$40)","v":-400},-433,-437.04999999999995,-361.30250000000001,-81.76762500000001,211.74399375000002]

{"sheet":"Cap Exp","index":11,"n_rows":10,"n_cols":23,"rows_kept":10,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
[]
[]
[]
[]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,3.1315999999999997]

{"sheet":"Fixed and Variable Admin Cost","index":12,"n_rows":9,"n_cols":7,"rows_kept":9,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,null,null,null,"Sales","Admin"]
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[null,null,null,null,null,542568,60303]
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