{"text_format":"1","workbook":"xlsx","n_sheets":2,"sheets":["Corporate Model","Sheet2"],"not_rendered":{"charts":0,"images":0,"macros":1,"external_links":0,"defined_names":32,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Corporate Model","index":0,"n_rows":127,"n_cols":12,"rows_kept":127,"cut":false,"hidden":false,"merged":[]}
[]
["Period",null,null,null,2016,{"$f":"E2+1","v":2017},{"$f":"F2+1","v":2018},2019,2020,2021,2022,2023]
["Historic Switch",null,null,null,true,false,false,false,false,false,false,false]
[]
["Historic Balance"]
[null,"Assets"]
[null,null,"Cash Balance",null,150]
[null,null,"Gross Assets",null,1000]
[null,null,"Acccumulated Depreciation",null,450]
[null,null,"Net Plant",null,{"$f":"E8-E9","v":550}]
[null,null,null,"Total Assets",{"$f":"E10+E7","v":700}]
[]
[null,null,"Debt",null,400]
[null,null,"Equity",null,{"$f":"E11-E13","v":300}]
[null,null,null,"Total",{"$f":"SUM(E13:E14)","v":700}]
[]
["Operating Analysis and Assumptions"]
[null,"EBITDA",null,null,150,100,280,{"$f":"G18*1.03","v":288.40000000000003},297.05200000000002,305.96356000000003,315.14246680000002,324.59674080400004]
[null,"Cap Exp",null,null,80,400,200,80,80,80,80,80]
[]
["Depreciation"]
[null,"Historic Growth",null,null,9.2058045142561329E-2]
[null,"Life",null,null,7]
[]
[null,"Gross Plant - Existing Plant"]
[null,null,"Opening Balance",null,null,{"$f":"E28","v":1000},{"$f":"F28","v":891.99340280982312},774.04392941981848,645.23625808393547,504.57080432550549,350.95596387498313,183.19964150769917]
[null,null,"Less Retirement",null,98.901883165081458,{"$f":"E27*(1+$E$22)","v":108.00659719017686},{"$f":"F27*(1+$E$22)","v":117.94947339000461},128.80767133588301,140.66545375842995,153.61484045052239,167.75632236728396,183.19964146472148]
[null,null,"Closing Balance",null,{"$f":"IF(E3,E8,E26-E27)","v":1000},{"$f":"IF(F3,F8,F26-F27)","v":891.99340280982312},774.04392941981848,645.23625808393547,504.57080432550549,350.95596387498313,183.19964150769917,4.2977688963219407E-8]
[]
[null,null,"Depreciation",null,{"$f":"1/E23","v":0.14285714285714285},{"$f":"AVERAGE(F28,F26)*$E$30","v":135.14238591498736},{"$f":"AVERAGE(G28,G26)*$E$30","v":119.00266658783154},101.37715625026813,82.129075886388634,61.109054871463471,38.153971813048734,13.085688682191204]
[]
[null,"Accumulated Depreciation"]
[null,null,"Opening Balance",null,null,{"$f":"E36","v":450},{"$f":"F36","v":477.13578872481048},478.18898192263737,450.75846683702252,392.22208896498114,299.71630338592217,170.11395283168693]
[null,null,"Add: Depreciation",null,null,{"$f":"F30","v":135.14238591498736},{"$f":"G30","v":119.00266658783154},101.37715625026813,82.129075886388634,61.109054871463471,38.153971813048734,13.085688682191204]
[null,null,"Less: Retirements",null,null,{"$f":"F27","v":108.00659719017686},{"$f":"G27","v":117.94947339000461},128.80767133588301,140.66545375842995,153.61484045052239,167.75632236728396,183.19964146472148]
[null,null,"Closing Balance",null,{"$f":"IF(E3,E9,E33+E34-E35)","v":450},{"$f":"IF(F3,F9,F33+F34-F35)","v":477.13578872481048},478.18898192263737,450.75846683702252,392.22208896498114,299.71630338592217,170.11395283168693,4.9156653858517529E-8]
[]
[null,null,"Net Plant",null,{"$f":"E28-E36","v":550},{"$f":"F28-F36","v":414.85761408501264},{"$f":"G28-G36","v":295.85494749718112},194.47779124691294,112.34871536052435,51.239660489060952,13.085688676012239,-6.1789648952981224E-9]
[]
[null,"New Gross Plant"]
[null,null,"Opening Balance",null,null,{"$f":"E43","v":0},{"$f":"F43","v":400},600,680,760,840,920]
[null,null,"Add: Cap Exp",null,null,{"$f":"F19","v":400},{"$f":"G19","v":200},80,80,80,80,80]
[null,null,"Closing Balance",null,null,{"$f":"SUM(F41:F42)","v":400},{"$f":"SUM(G41:G42)","v":600},680,760,840,920,1000]
[]
[null,null,"Depreciation Expense",null,{"$f":"E30","v":0.14285714285714285},{"$f":"AVERAGE(F43,F41)*$E$45","v":28.571428571428569},{"$f":"AVERAGE(G43,G41)*$E$45","v":71.428571428571431},91.428571428571416,102.85714285714285,114.28571428571428,125.71428571428571,137.14285714285714]
[]
[null,null,"Accumulated Depreciation",null,null,{"$f":"E47+F45","v":28.571428571428569},{"$f":"F47+G45","v":100},191.42857142857142,294.28571428571428,408.57142857142856,534.28571428571422,671.42857142857133]
[]
[null,null,"Total Net Plant",null,{"$f":"E38+E43-E47","v":550},{"$f":"F38+F43-F47","v":786.28618551358409},795.85494749718112,683.0492198183415,578.06300107481002,482.6682319176324,398.79997439029808,328.57142856524968]
[]
[]
["Financing"]
[null,"Cash Balance"]
[null,null,"Opening Balance",null,null,{"$f":"E57","v":150},{"$f":"F57","v":150},112,115.36000000000001,118.82080000000002,122.38542400000001,126.05698672000001]
[null,null,"Add: New Surplus Cash",null,null,{"$f":"F99","v":0},{"$f":"G99","v":0},0,0,0,0,0]
[null,null,"Less: Cash Use for Deficit",null,null,{"$f":"F96","v":0},{"$f":"G96","v":38},-3.3600000000000136,-3.4608000000000061,-3.5646239999999949,-3.6715627199999972,-3.7817096016000136]
[null,null,"Closing Balance",null,{"$f":"IF(E3,E7,E54+E55)","v":150},{"$f":"IF(F3,F7,F54+F55-F56)","v":150},{"$f":"IF(G3,G7,G54+G55-G56)","v":112},115.36000000000001,118.82080000000002,122.38542400000001,126.05698672000001,129.83869632160003]
[null,null,"Interest Income",null,0.02,{"$f":"AVERAGE(F57,F54)*$E$58","v":3},{"$f":"AVERAGE(G57,G54)*$E$58","v":2.62},2.2736000000000001,2.3418080000000003,2.4120622400000005,2.4844241072000002,2.5589568304160002]
[]
[null,null,"Minimum Cash Balance",null,0.4,{"$f":"$E$60*F18","v":40},{"$f":"$E$60*G18","v":112},115.36000000000001,118.82080000000002,122.38542400000001,126.05698672000001,129.83869632160003]
[null,null,"Minimum Test",null,null,{"$f":"F54-F60","v":110},{"$f":"G54-G60","v":38},-3.3600000000000136,-3.4608000000000061,-3.5646239999999949,-3.6715627199999972,-3.7817096016000136]
[]
[null,"Debt Balance"]
[null,null,"Opening Balance",null,null,{"$f":"E67","v":400},{"$f":"F67","v":374.50843238830566},408.5341739654541,439.12291084289552,383.28157156066897,332.77761111853027,288.66829004946777]
[null,null,"Add: New Debt Issued",null,null,{"$f":"F100","v":0},{"$f":"G100","v":34.025741577148438},30.58873687744142,3.4608000000000061,3.5646239999999949,3.6715627199999972,3.7817096016000136]
[null,null,"Less: Debt Repaid",null,null,{"$f":"F97","v":25.491567611694336},{"$f":"G97","v":0},0,59.302139282226563,54.068584442138672,47.7808837890625,40.327335357666016]
[null,null,"Closing Debt Balance",null,{"$f":"IF(E3,E13,E64+E65-E66)","v":400},{"$f":"IF(F3,F13,F64+F65-F66)","v":374.50843238830566},{"$f":"IF(G3,G13,G64+G65-G66)","v":408.5341739654541},{"$f":"IF(H3,H13,H64+H65-H66)","v":439.12291084289552},{"$f":"IF(I3,I13,I64+I65-I66)","v":383.28157156066897},{"$f":"IF(J3,J13,J64+J65-J66)","v":332.77761111853027},{"$f":"IF(K3,K13,K64+K65-K66)","v":288.66829004946777},{"$f":"IF(L3,L13,L64+L65-L66)","v":252.12266429340178}]
[null,null,"Interest Expense",null,0.05,{"$f":"AVERAGE(F67,F64)*$E$68","v":19.362710809707643},{"$f":"AVERAGE(G67,G64)*$E$68","v":19.576065158843996},21.191427120208743,20.560112060089114,17.901479566979983,15.536147529199951,13.519773858571739]
[]
["Profit and Loss"]
[null,null,"EBITDA",null,null,{"$f":"F18","v":100},280,288.40000000000003,297.05200000000002,305.96356000000003,315.14246680000002,324.59674080400004]
[null,null,"Less: Depreciation",null,null,{"$f":"F45+F30","v":163.71381448641591},190.43123801640297,192.80572767883956,184.98621874353148,175.39476915717773,163.86825752733444,150.22854582504834]
[null,null,"EBIT",null,null,{"$f":"F71-F72","v":-63.713814486415913},{"$f":"G71-G72","v":89.568761983597028},95.594272321160474,112.06578125646854,130.5687908428223,151.27420927266559,174.36819497895169]
[null,null,"Less: Interest Expense",null,null,{"$f":"F68","v":19.362710809707643},{"$f":"G68","v":19.576065158843996},21.191427120208743,20.560112060089114,17.901479566979983,15.536147529199951,13.519773858571739]
[null,null,"Add: Interest Income",null,null,{"$f":"F58","v":3},{"$f":"G58","v":2.62},2.2736000000000001,2.3418080000000003,2.4120622400000005,2.4844241072000002,2.5589568304160002]
[null,null,"EBT",null,null,{"$f":"F73-F74+F75","v":-80.076525296123549},{"$f":"G73-G74+G75","v":72.612696824753044},76.676445200951733,93.84747719637943,115.07937351584231,138.22248585066563,163.40737795079596]
[null,null,"Opening NOL Balance",null,null,{"$f":"E80","v":0},{"$f":"F80","v":80.076525296123549},7.4638284713705048,0,0,0,0]
[null,null,"Add: Increase from Negative Tax",null,null,{"$f":"MAX(-F76,0)","v":80.076525296123549},{"$f":"MAX(-G76,0)","v":0},0,0,0,0,0]
[null,null,"Less: Use from Positive Taxable",null,null,{"$f":"MIN(MAX(F76,0),F77)","v":0},{"$f":"MIN(MAX(G76,0),G77)","v":72.612696824753044},7.4638284713705048,0,0,0,0]
[null,null,"Closing NOL Balance",null,null,{"$f":"F77+F78-F79","v":80.076525296123549},{"$f":"G77+G78-G79","v":7.4638284713705048},0,0,0,0,0]
[null,null,"Less: Taxes Paid",null,0.3,{"$f":"(F76+F78-F79)*$E$81","v":0},{"$f":"(G76+G78-G79)*$E$81","v":0},{"$f":"(H76+H78-H79)*$E$81","v":20.763785018874369},28.154243158913829,34.523812054752689,41.466745755199689,49.022213385238786]
[null,null,"Earnings",null,null,{"$f":"F76-F81","v":-80.076525296123549},{"$f":"G76-G81","v":72.612696824753044},55.91266018207736,65.693234037465601,80.55556146108961,96.755740095465939,114.38516456555718]
[]
["Cash Flow Statement"]
[null,null,"EBITDA",null,null,{"$f":"F71","v":100},280,288.40000000000003,297.05200000000002,305.96356000000003,315.14246680000002,324.59674080400004]
[null,null,"Less: Taxes Paid",null,null,{"$f":"F81","v":0},{"$f":"G81","v":0},20.763785018874369,28.154243158913829,34.523812054752689,41.466745755199689,49.022213385238786]
[null,null,"Less: WC Changes"]
[null,null,null,"Net Operating Cash Flow",null,{"$f":"F85-F86-F87","v":100},{"$f":"G85-G86-G87","v":280},267.63621498112565,268.89775684108622,271.43974794524735,273.67572104480035,275.57452741876125]
[null,null,"Less: Capital Expenditures",null,null,{"$f":"F19","v":400},200,80,80,80,80,80]
[null,null,null,"Cash Before Financing",null,{"$f":"F88-F89","v":-300},{"$f":"G88-G89","v":80},187.63621498112565,188.89775684108622,191.43974794524735,193.67572104480035,195.57452741876125]
[null,null,"Less: Interest Expense",null,null,{"$f":"F74","v":19.362710809707643},19.576065158843996,21.191427120208743,20.560112060089114,17.901479566979983,15.536147529199951,13.519773858571739]
[null,null,"Add: Income",null,null,3,2.62,2.2736000000000001,2.3418080000000003,2.4120622400000005,2.4844241072000002,2.5589568304160002]
[null,null,"Less: Dividends",null,0.6,{"$f":"$E$93*F82","v":-48.045915177674125},{"$f":"$E$93*G82","v":43.567618094851824},33.547596109246413,39.415940422479359,48.333336876653767,58.053444057279563,68.631098739334305]
[null,null,"Add: Equity Issues/Buybacks",null,null,{"$f":"cash_reconcile(F85,F64,$E$68,F54,$E$58,F60,$E$93,F73,F89,$E$81,F77,F107,F125)","v":293.80828857421875},{"$f":"cash_reconcile(G85,G64,$E$68,G54,$E$58,G60,$E$93,G73,G89,$E$81,G77,G107,G125)","v":-91.50213623046875},{"$f":"cash_reconcile(H85,H64,$E$68,H54,$E$58,H60,$E$93,H73,H89,$E$81,H77,H107,H125)","v":-162.39968872070312},{"$f":"cash_reconcile(I85,I64,$E$68,I54,$E$58,I60,$E$93,I73,I89,$E$81,I77,I107,I125)","v":-71.961395263671875},{"$f":"cash_reconcile(J85,J64,$E$68,J54,$E$58,J60,$E$93,J73,J89,$E$81,J77,J107,J125)","v":-73.548431396484375},{"$f":"cash_reconcile(K85,K64,$E$68,K54,$E$58,K60,$E$93,K73,K89,$E$81,K77,K107,K125)","v":-74.789688110351563},{"$f":"cash_reconcile(L85,L64,$E$68,L54,$E$58,L60,$E$93,L73,L89,$E$81,L77,L107,L125)","v":-75.655288696289062}]
[null,null,"Net Cash Flow",null,null,25.491567611694336,-72.025741577148438,-27.228736877441406,59.302139282226563,54.068584442138672,47.7808837890625,40.327335357666016]
[null,null,null,"Add: Cash Use if Negative",null,{"$f":"MIN(F61,MAX(-F95,0))","v":0},38,-3.3600000000000136,-3.4608000000000061,-3.5646239999999949,-3.6715627199999972,-3.7817096016000136]
[null,null,null,"Less: Debt Repaid if Positive",null,{"$f":"MIN(MAX(F95,0),F64)","v":25.491567611694336},0,0,59.302139282226563,54.068584442138672,47.7808837890625,40.327335357666016]
[null,null,"Cash Flow Sub-total",null,null,{"$f":"F95+F96-F97","v":0},{"$f":"G95+G96-G97","v":-34.025741577148438},-30.58873687744142,-3.4608000000000061,-3.5646239999999949,-3.6715627199999972,-3.7817096016000136]
[null,null,null,"Surplus Cash",null,{"$f":"MAX(F98,0)","v":0},{"$f":"MAX(G98,0)","v":0},0,0,0,0,0]
[null,null,null,"Added Debt",null,{"$f":"MAX(-F98,0)","v":0},{"$f":"MAX(-G98,0)","v":34.025741577148438},30.58873687744142,3.4608000000000061,3.5646239999999949,3.6715627199999972,3.7817096016000136]
[]
[null,null,null,"Computed",null,{"$f":"F90-F91+F92-F93+F94","v":25.491492942185232},{"$f":"G90-G91+G92-G93+G94","v":-72.025819484164572},-27.228896969032633,59.302117094845869,54.068562345129237,47.780865455169277,40.327322954982151]
[null,null,null,"Difference",null,{"$f":"F95-F102","v":7.4669509103841847E-5},{"$f":"G95-G102","v":7.7907016134304286E-5},1.60091591226319E-4,2.2187380693594605E-5,2.2097009434673964E-5,1.8333893223143605E-5,1.2402683864820574E-5]
[]
["Balance Sheet"]
[null,"Equity Balance"]
[null,null,"Opening Balance",null,null,{"$f":"E111","v":300},{"$f":"F111","v":561.77767845576932},499.32062095520178,359.28599630732958,313.60189465864391,272.27568784659536,236.18829577443023]
[null,null,"Add: Net Income",null,null,{"$f":"F82","v":-80.076525296123549},{"$f":"G82","v":72.612696824753044},55.91266018207736,65.693234037465601,80.55556146108961,96.755740095465939,114.38516456555718]
[null,null,"Less: Dividends",null,null,{"$f":"F93","v":-48.045915177674125},{"$f":"G93","v":43.567618094851824},33.547596109246413,39.415940422479359,48.333336876653767,58.053444057279563,68.631098739334305]
[null,null,"Add: Equity Issues",null,null,{"$f":"F94","v":293.80828857421875},{"$f":"G94","v":-91.50213623046875},-162.39968872070312,-71.961395263671875,-73.548431396484375,-74.789688110351563,-75.655288696289062]
[null,null,"Closing Balance",null,{"$f":"IF(E3,E14,E107+E108-E109+E110)","v":300},561.77767845576932,499.32062095520178,359.28599630732958,313.60189465864391,272.27568784659536,236.18829577443023,206.28707290436398]
[]
[null,"Assets"]
[null,null,"Cash Balance",null,{"$f":"E57","v":150},150,112,115.36000000000001,118.82080000000002,122.38542400000001,126.05698672000001,129.83869632160003]
[null,null,"Net Plant",null,{"$f":"E49","v":550},786.28618551358409,795.85494749718112,683.0492198183415,578.06300107481002,482.6682319176324,398.79997439029808,328.57142856524968]
[null,null,null,"Total",{"$f":"SUM(E114:E115)","v":700},{"$f":"SUM(F114:F115)","v":936.28618551358409},907.85494749718112,798.40921981834151,696.88380107480998,605.05365591763245,524.85696111029813,458.4101248868497]
[]
[null,null,"Debt",null,{"$f":"E67","v":400},374.50843238830566,408.5341739654541,439.12291084289552,383.28157156066897,332.77761111853027,288.66829004946777,252.12266429340178]
[null,null,"Equity",null,{"$f":"E111","v":300},{"$f":"F111","v":561.77767845576932},499.32062095520178,359.28599630732958,313.60189465864391,272.27568784659536,236.18829577443023,206.28707290436398]
[null,null,null,"Total",{"$f":"SUM(E118:E119)","v":700},{"$f":"SUM(F118:F119)","v":936.28611084407498},907.85479492065588,798.4089071502251,696.88346621931282,605.05329896512558,524.85658582389806,458.40973719776576]
[]
[null,null,"Difference",null,{"$f":"E120-E116","v":0},{"$f":"F120-F116","v":-7.4669509103841847E-5},-1.5257652523814613E-4,-3.1266811640762171E-4,-3.3485549715805973E-4,-3.5695250687695079E-4,-3.7528640007167269E-4,-3.8768908393649326E-4]
[null,null,"Test",null,{"$f":"ROUND(E122,3)=0","v":true},{"$f":"ROUND(F122,3)=0","v":true},true,true,true,true,true,true]
[]
[null,null,"Debt to Capital Ratio",null,null,0.4,0.45,0.55000000000000004,0.55000000000000004,0.55000000000000004,0.55000000000000004,0.55000000000000004]
[null,null,"Acutal Debt to Capital",null,null,{"$f":"F118/F120","v":0.39999357893996856},{"$f":"G118/G120","v":0.44999946715174743},0.54999750993543473,0.54999377964873153,0.54999718485579419,0.5499946039475303,0.54999412934510106]
[null,null,"Difference",null,null,{"$f":"F125-F126","v":6.4210600314584809E-6},{"$f":"G125-G126","v":5.32848252576823E-7},2.4900645653191944E-6,6.2203512685155005E-6,2.8151442058588216E-6,5.396052469741619E-6,5.8706548989873042E-6]

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