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{"sheet":"Simple Exercise Complete","index":0,"n_rows":37,"n_cols":19,"rows_kept":37,"cut":false,"hidden":false,"merged":[]}
["Assumptions"]
[null,"Industy",null,null,null,null,null,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026]
[null,null,"Industry Demand"]
[null,null,null,"Base Case",null,null,1,100,{"$f":"H4*1.05","v":105},110.25,115.7625,121.55062500000001,127.62815625000002,134.00956406250003,140.71004226562505,147.74554437890632,155.13282159785163,162.88946267774421,171.03393581163144]
[null,null,null,"Low Case ",null,null,2,80,{"$f":"H5*0.95","v":76},{"$f":"I5*0.95","v":72.2},{"$f":"J5*0.95","v":68.59},{"$f":"K5*0.95","v":65.160499999999999},{"$f":"L5*0.95","v":61.902474999999995},{"$f":"M5*1.02","v":63.140524499999998},64.403334990000005,65.691401689800003,67.005229723596003,68.345334318067927,69.712241004429288]
[null,null,null,"High Case",null,null,3,110,{"$f":"H6*1.05","v":115.5},121.27500000000001,127.33875,133.70568750000001,140.39097187500002,147.41052046875004,154.78104649218756,162.52009881679695,170.64610375763681,179.17840894551867,188.13732939279461]
[]
[null,null,null,{"$f":"INDEX(D4:D6,$F$8)","v":"High Case"},"Code",3,null,{"$f":"INDEX(H4:H6,$F$8)","v":110},{"$f":"INDEX(I4:I6,$F$8)","v":115.5},121.27500000000001,127.33875,133.70568750000001,140.39097187500002,147.41052046875004,154.78104649218756,162.52009881679695,170.64610375763681,179.17840894551867,188.13732939279461]
[]
[null,null,"Industry Supply"]
[null,null,null,"Existing Supply",null,115]
[]
[null,null,null,"Base Case",null,null,1,7,{"$f":"H13*1.05","v":7.3500000000000005},7.7175000000000011,8.1033750000000015,8.5085437500000012,8.9339709375000016,9.3806694843750016,9.8497029585937526,10.342188106523441,10.859297511849613,11.402262387442095,11.972375506814201]
[null,null,null,"Surplus Case",null,null,2,17,20,15,5,0,0,0,0,0,0,0,0]
[null,null,null,"Tight Case",null,null,3,2,3,5,10,7,{"$f":"L15*1.05","v":7.3500000000000005},7.7175000000000011,8.1033750000000015,8.5085437500000012,8.9339709375000016,9.3806694843750016,9.8497029585937526]
[]
[null,null,null,{"$f":"INDEX(D13:D15,$F$17)","v":"Tight Case"},"Code ",3,null,{"$f":"INDEX(H13:H15,$F$17)","v":2},{"$f":"INDEX(I13:I15,$F$17)","v":3},5,10,7,7.3500000000000005,7.7175000000000011,8.1033750000000015,8.5085437500000012,8.9339709375000016,9.3806694843750016,9.8497029585937526]
[]
[null,null,null,"Retirements",null,null,null,2,3,1,1,3,2,3,{"$f":"N19*1.5","v":4.5},{"$f":"O19*1.5","v":6.75},{"$f":"P19*1.5","v":10.125},{"$f":"Q19*1.5","v":15.1875},{"$f":"R19*1.5","v":22.78125}]
[]
[null,null,"Pricing"]
[null,null,null,"Capacity Balance",null,null,0,0.9,1,1.05,1.1000000000000001,1.2,1.3]
[null,null,null,"LRMC",null,null,100,100,100,100,100,100,100]
[null,null,null,"SRMC",null,null,50,50,50,50,50,50,50]
[null,null,null,"Price",null,null,150,120,100,80,75,73,50]
[]
[null,null,"Industry Capacity"]
[null,null,null,"Opening Balance",null,null,null,{"$f":"G31","v":115},{"$f":"H31","v":115},115,119,128,132,137.35,142.0675,145.670875,147.42941875,146.23838968749999,140.43155917187499]
[null,null,null,"Add: New Additions",null,null,null,{"$f":"H17","v":2},{"$f":"I17","v":3},5,10,7,7.3500000000000005,7.7175000000000011,8.1033750000000015,8.5085437500000012,8.9339709375000016,9.3806694843750016,9.8497029585937526]
[null,null,null,"Less: Retirement",null,null,null,{"$f":"-H19","v":-2},{"$f":"-I19","v":-3},-1,-1,-3,-2,-3,-4.5,-6.75,-10.125,-15.1875,-22.78125]
[null,null,null,"Closing Balance",null,null,{"$f":"F11","v":115},{"$f":"SUM(H28:H30)","v":115},115,119,128,132,137.35,142.0675,145.670875,147.42941875,146.23838968749999,140.43155917187499,127.50001213046875]
[]
[null,null,"Industry Demand",null,null,null,null,{"$f":"H8","v":110},{"$f":"I8","v":115.5},121.27500000000001,127.33875,133.70568750000001,140.39097187500002,147.41052046875004,154.78104649218756,162.52009881679695,170.64610375763681,179.17840894551867,188.13732939279461]
[]
[null,null,"Capcity Margin",null,null,null,null,{"$f":"H31/H33","v":1.0454545454545454},{"$f":"I31/I33","v":0.99567099567099571},0.98124098124098125,1.0051928419275358,0.98724296975025827,0.9783392633131166,0.96375414419703698,0.94114155642016939,0.90714576119100121,0.85696881714450213,0.78375268537279441,0.67769651319049606]
[]
[null,null,"Price",null,null,null,null,{"$f":"LOOKUP(H35,22:22,25:25)","v":100},{"$f":"LOOKUP(I35,22:22,25:25)","v":120},120,100,120,120,120,120,120,150,150,150]

{"sheet":"Complex Exercise Complete","index":1,"n_rows":145,"n_cols":32,"rows_kept":145,"cut":false,"hidden":false,"merged":[]}
[]
["History"]
[null,"Last Historic Year",null,null,null,null,2011]
[]
[null,"Year",null,null,null,null,2001,{"$f":"G5+1","v":2002},2003,2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026]
[null,"Historic Switch",null,null,null,null,{"$f":"G5<=$G$3","v":true},{"$f":"H5<=$G$3","v":true},true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,"Balance Sheet"]
[null,null,"Assets"]
[null,null,null,"Cash Balance",null,null,2484.3000000000002,2363.4910042371143,2351.7893717528741,2541.7815304752094,2620.6102646386239,2612.8643271682099,3039.9062555971404,3145.0769105634436,3967.9656880377047,4197.3648251139994,3851.7099754797332]
[null,null,null,"Investments",null,null,208.56947945203865,3671.116519688745,21065.36326324736,31965.18163010024,3503.2406465696986,10958.445627283305,29292.124288972176,8007.6994436584646,32876.24132164265,74028.482879675226,78169.130416503176]
[null,null,null,"A/R and Other Current Assets",null,null,10209.452054794519,9707.5812383468256,9688.0512980385556,10484.916338113531,10783.887313102372,10737.963373682313,12444.519084056637,12847.573419137616,16219.57122884899,17106.711349300233,15722.900898386646]
[null,null,null,null,"Total Current Assets",null,{"$f":"SUM(G10:G12)","v":12902.321534246559},{"$f":"SUM(H10:H12)","v":15742.188762272684},33105.203933038792,44991.879498688977,16907.738224310695,24309.27332813383,44776.549628625951,24000.349773359521,53063.778238529347,95332.559054089448,97743.741290369566]
[]
[null,null,null,"Plant  Assets",null,null,480432,487302.1776,494270.59873968002,501338.66830165742,612547.8112583711,621307.24495936581,630191.93856228469,804815.80376372545,816324.66975754674,827998.11253507971,839838.48554433137]
[null,null,null,"Accumulated Depreciation",null,null,230240,239389.446457424,248669.72999918918,259569.0073098873,271070.03000041412,282735.51731541549,296933.70853444992,312044.70011854515,327371.77888229291,342918.03487236227,358686.60232308961]
[null,null,null,null,"Net Plant",null,{"$f":"G15-G16","v":250192},{"$f":"H15-H16","v":247912.731142576},245600.86874049084,241769.66099177013,341477.78125795699,338571.72764395032,333258.23002783477,492771.10364518029,488952.89087525383,485080.07766271743,481151.88322124176]
[]
[null,null,null,null,"Other Non-Associated Investments",null,50322,50322,50322,50322,50322,50322,50322,50322,50322,50322,50322]
[null,null,null,null,"Derivative Assets",null,0,0,210,350,0,0,0,320,200,0,0]
[null,null,null,null,"Total Other Assets",null,{"$f":"SUM(G19:G20)","v":50322},{"$f":"SUM(H19:H20)","v":50322},50532,50672,50322,50322,50322,50642,50522,50322,50322]
[]
[null,null,null,null,"Total Assets",null,{"$f":"G13+G17+G21","v":313416.32153424656},{"$f":"H13+H17+H21","v":313976.91990484868},329238.07267352962,337433.54049045913,408707.51948226767,413203.00097208412,428356.77965646074,567413.45341853984,592538.66911378317,630734.63671680691,629217.6245116113]
[]
[]
[null,null,"Liabilities"]
[null,null,null,"Short-term Debt",null,null,1630,2000,2000,2000,15000,7000,6000,6000,6000,6000,6000]
[null,null,null,"Other Current Liabilities",null,null,6908.3958904109586,6793.1977514234586,6894.166344240085,7499.2927688761183,7557.2317247337614,8427.7109930428433,10257.369322568282,9787.9581636256171,11858.254546867511,12758.009006992059,12617.193110683871]
[null,null,null,null,"Total Current Liabilities",null,{"$f":"G27+G28","v":8538.3958904109586},{"$f":"H27+H28","v":8793.1977514234586},8894.1663442400859,9499.2927688761192,22557.231724733763,15427.710993042843,16257.369322568282,15787.958163625617,17858.254546867509,18758.009006992059,18617.193110683871]
[]
[null,null,null,null,"Long-term Debt",null,87743.810575342461,77542.822104251289,81801.95150178326,79196.738137803099,116518.51848084218,117203.28371813546,122322.83504168107,156829.29283891586,168833.5846360366,190119.28325153104,171680.37869045886]
[null,null,null,null,"Un-funded Pension Plans",null,367,351.846368818484,378.30379693633728,530.89396264246534,529.67639463985392,821.14621573032855,1302.8032331445575,1108.5024571546164,1554.9150329907091,1798.9565256731112,1873.707536369639]
[]
[null,null,null,null,"Deferred Income Taxes",null,25019.200000000001,24791.273114257601,24560.086874049084,24176.966099177014,34147.778125795703,33857.172764395036,33325.82300278348,49277.110364518034,48895.289087525387,48508.007766271745,48115.188322124181]
[null,null,null,null,"Derivative Liabilities",null,0,0,0,0,290,180,240,0,0,120,315]
[null,null,null,null,"Total Other Liabilities",null,{"$f":"G31+G32+G34+G35","v":113130.01057534246},{"$f":"H31+H32+H34+H35","v":102685.94158732737},106740.34217276868,103904.59819962259,151485.97300127774,152061.60269826083,157191.46127760911,207214.90566058853,219283.78875655271,240546.24754347588,221984.2745489527]
[]
[null,null,null,null,"Minority Interest",null,19174.791506849317,20185.278863624157,21229.22252112392,22209.274545475229,23208.933077499041,24247.57409480432,25111.834701701591,26005.082912277561,27037.770316585076,28544.94322604682,30160.406234496582]
[null,null,null,null,"Common Equity",null,95873.957534246583,95873.957534246583,95873.957534246583,95873.957534246583,95873.957534246583,95873.957534246583,95873.957534246583,175873.95753424658,175873.95753424658,175873.95753424658,175873.95753424658]
[null,null,null,null,"Retained Earnings",null,76699.166027397267,86438.544168227119,96500.384101150368,105946.41744223854,115581.42414451059,125592.15565172952,133922.15682033516,142531.54914780144,152484.89795953131,167011.47940604558,182581.79308323155]
[null,null,null,null,"Total Equity",null,191747.91506849317,202497.78056609788,213603.56415652088,224029.64952196035,234664.31475625621,245713.68728078043,254907.94905628334,344410.58959432563,355396.62581036298,371430.38016633899,388616.15685197472]
[]
[null,null,null,null,"Total Liabilities and Capital",null,{"$f":"G29+G36+G41","v":313416.32153424656},{"$f":"H29+H36+H41","v":313976.91990484868},329238.07267352962,337433.54049045907,408707.51948226767,413203.00097208412,428356.77965646074,567413.45341853984,592538.66911378317,630734.63671680691,629217.6245116113]
[]
[null,null,null,null,"Difference",null,{"$f":"G23-G43","v":0},{"$f":"H23-H43","v":0},0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,{"$f":"-G45","v":0},{"$f":"-H45","v":0},0,0,0,0,0,0,0,0,0]
[]
[null,"Income Statement"]
[]
[null,null,null,"Revenues",null,null,124215,118174.55021185572,117589.4685876437,127089.07652376046,131030.5132319312,130643.21635841049,151995.31277985702,157253.84552817218,198398.28440188523,209868.24125569995,192585.49877398665]
[null,null,null,"Less: Cash Operating Expense",null,null,41405,41011.005589280583,41698.898720344769,45666.243028704099,45634.586260636213,53212.801608988542,65735.884061758494,60684.063886020034,72290.790857758431,78635.869667500883,80579.395945610624]
[null,null,null,null,"Gross Profit",null,{"$f":"G50-G51","v":82810},{"$f":"H50-H51","v":77163.544622575137},75890.569867298938,81422.833495056373,85395.926971294975,77430.414749421936,86259.428718098527,96569.781642152142,126107.4935441268,131232.37158819905,112006.10282837602]
[null,null,null,"Less: Selling and Administrative",null,null,18632.25,18048.551423405843,18112.29887495724,19331.780253414909,19979.316737674908,20027.21736619544,23652.119375551014,24743.364504809688,31157.939467380183,32896.512104786903,29597.245947833642]
[null,null,null,"Less: Depreciation Expense",null,null,13824.773965714287,14022.468233423999,14222.989529161963,15912.663993714692,17626.500803110528,17878.559764595007,20500.110604657286,23159.14962173246,23490.325461323231,23826.237115420157,24166.952306170668]
[null,null,null,null,"Operating Profit",null,{"$f":"G52-G53-G54","v":50352.976034285712},{"$f":"H52-H53-H54","v":45092.524965745295},43555.281463179737,46178.389247926774,47790.109430509547,39524.637618631488,42107.198737890227,48667.267515609987,71459.228615423388,74509.622367991993,58241.904574371714]
[null,null,null,"Add: Other Income",null,null,2717.3879999999999,2717.3879999999999,2818.0320000000002,2818.0320000000002,2818.0320000000002,3019.3199999999997,3019.3199999999997,2516.1000000000004,2616.7439999999997,2566.422,2717.3879999999999]
[null,null,null,"Add: Interest Income",null,null,52.944589589041662,120.70447327851714,468.35537550000583,690.15139714864711,22.488826293195807,271.23512461493493,646.44851712316176,222.86003416211906,736.68326593967663,1564.3090754668758,1640.2000272962821]
[null,null,null,"Less: Interest Expense - LTD",null,null,5264.6286345205472,4348.0141748341148,5503.2224106755657,4994.3117822494405,6464.4439393743232,6415.6502465312715,6555.7812604442934,8281.4294685333534,10728.472951141834,11095.049568351647,8321.6537544921339]
[null,null,null,"Less: Interest Expense - STD",null,null,81.5,100,100,100,500,350,300,300,300,300,300]
[null,null,null,null,"Earnings Before Tax",null,{"$f":"G55+G56+G57-G58-G59","v":47777.179989354205},{"$f":"H55+H56+H57-H58-H59","v":43482.603264189696},41238.446428004172,44592.260862825984,43666.186317428415,36049.542496715148,38917.185994569096,42824.798081238754,63784.182930221235,67245.303875107231,53977.838847175866]
[null,null,null,"Less: Taxes",null,null,11944.294997338551,11751.793005838237,11449.6310981771,14207.503050552126,12096.550533073521,9780.2231381354595,11766.784457305524,11436.123178274793,17973.456198861193,18143.084773290844,14519.778214673446]
[null,null,null,null,"Net Income before Minority",null,{"$f":"G60-G61","v":35832.88499201565},{"$f":"H60-H61","v":31730.810258351459},29788.81532982707,30384.757812273856,31569.635784354894,26269.319358579691,27150.401537263569,31388.674902963961,45810.726731360046,49102.219101816387,39458.06063250242]
[null,null,null,"Less: Minority",null,null,3368.2911892494712,2982.696164285037,2800.1486410037446,2856.1672343537425,2967.5457637293603,2469.3160197064908,2552.1377445027756,2950.5354408786125,4306.2083127478445,4615.6085955707404,3709.0576994552275]
[null,null,null,null,"Net Income  ",null,{"$f":"G62-G63","v":32464.59380276618},{"$f":"H62-H63","v":28748.114094066423},26988.666688823327,27528.590577920113,28602.090020625532,23800.003338873201,24598.263792760794,28438.13946208535,41504.518418612199,44486.610506245648,35749.002933047195]
[]
[null,null,null,null,"Shares",null,7400,7400,7400,7400,7400,7400,7400,9425.6163524319873,9425.6163524319873,9425.6163524319873,9425.6163524319873]
[null,null,null,null,"EPS",null,{"$f":"G64/G66","v":4.3871072706440781},{"$f":"H64/H66","v":3.8848802829819489},3.6471171201112602,3.7200798078270423,3.8651473000845313,3.2162166674152974,3.3240897017244317,3.0171119212535924,4.4033744708804372,4.7197561244647162,3.7927496299829002]
[]
[null,null,null,null,"Dividends",null,22725.215661936323,18686.274161143174,17542.633347735162,17893.583875648073,18591.358513406598,15470.00217026758,15988.871465294516,18484.790650355477,26977.93697209793,28916.296829059673,23236.851906480679]
[]
[null,"Operating"]
[null,null,"Industry Volumes",null,null,null,1820,2115.4307085337855,2033.6355724902587,2327.4548866009163,2615.4297914585932,3170.9676193907253,3198.7010817275923,3416.1895674483853,2842.8582224226534,2814.3624734085765,2884.0932266480677]
[null,null,"Company Volumes",null,null,null,637,593.62607211826594,567.89637146014059,619.91774669124516,610.90905593954074,657.52860318464923,803.31013709793535,733.01102905719404,871.05789881814837,912.59613511117936,868.32917426853635]
[]
[null,null,"Industry Capacity",null,null,null,2020,2200,2400,2600,2800,3400,3400,3900,3900,3900,4200]
[null,null,"Company Capacity",null,null,null,700,700,700,800,800,800,850,940,1050,1100,1200]
[]
[null,null,"Cost of Capacity",null,null,null,null,500,510,520.20000000000005,530.60400000000004,541.21608000000003,552.0404016,563.08120963199997,574.34283382464002,585.82969050113286,597.54628431115555]
[]
[null,"Assumptions"]
[null,null,"Industry Demand Growth",null,null,null,0.04]
[]
[null,null,"Capacity Scenario Code Number",null,null,null,1]
[]
[null,null,null,"Company Modelled",null,null,2012,2014,2017,2019,2020]
[null,null,null,null,"Base Case",null,200,100,300,150,200]
[null,null,null,null,"Low Demand",null,200,100,300,0,0]
[null,null,null,null,"Surplus Capacity",null,200,100,300,400,400]
[null,null,null,null,{"$f":"INDEX(E86:E88,$G$83)","v":"Base Case"},null,{"$f":"INDEX(G86:G88,$G$83)","v":200},100,300,150,200]
[]
[null,null,null,"Other Company 1",null,null,2012,2015,2018,2020]
[null,null,null,null,"Base Case",null,100,200,400,100]
[null,null,null,null,"Low Demand",null,100,200,100,0]
[null,null,null,null,"Surplus Capacity",null,100,200,500,300]
[null,null,null,null,{"$f":"INDEX(E92:E94,$G$83)","v":"Base Case"},null,{"$f":"INDEX(G92:G94,$G$83)","v":100},200,400,100]
[]
[null,null,null,"Other Company 2",null,null,2012,2015,2016,2017,2019,2020]
[null,null,null,null,"Base Case",null,50,50,50,50,50,50]
[null,null,null,null,"Low Demand",null,50,50,50,50,0,0]
[null,null,null,null,"Surplus Capacity",null,50,50,50,50,100,100]
[null,null,null,null,{"$f":"INDEX(E98:E100,$G$83)","v":"Base Case"},null,{"$f":"INDEX(G98:G100,$G$83)","v":50},50,50,50,50,50]
[]
[null,null,null,"Other Company 3",null,null,2012,2013,2014,2017,2019]
[null,null,null,null,"Base Case",null,300,20,150,400,200]
[null,null,null,null,"Low Demand",null,300,20,150,200,100]
[null,null,null,null,"Surplus Capacity",null,300,20,150,100,50]
[null,null,null,null,{"$f":"INDEX(E104:E106,$G$83)","v":"Base Case"},null,{"$f":"INDEX(G104:G106,$G$83)","v":300},20,150,400,200]
[]
[null,null,null,"Other Company 4",null,null,2012,2015,2018,2020]
[null,null,null,null,"Base Case",null,350,450,250,150]
[null,null,null,null,"Low Demand",null,350,450,20,0]
[null,null,null,null,"Surplus Capacity",null,350,450,350,300]
[null,null,null,null,{"$f":"INDEX(E110:E112,$G$83)","v":"Base Case"},null,{"$f":"INDEX(G110:G112,$G$83)","v":350},450,250,150]
[]
[null,null,"Price"]
[null,null,null,"Revenues",null,null,{"$f":"G50","v":124215},118174.55021185572,117589.4685876437,127089.07652376046,131030.5132319312,130643.21635841049,151995.31277985702,157253.84552817218,198398.28440188523,209868.24125569995,192585.49877398665,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Volumes",null,null,{"$f":"G73","v":637},593.62607211826594,567.89637146014059,619.91774669124516,610.90905593954074,657.52860318464923,803.31013709793535,733.01102905719404,871.05789881814837,912.59613511117936,868.32917426853635,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Historic Price",null,{"$f":"IF(G6,G116/G117)","v":195},199.07237192289668,207.06148955540041,205.00957941934539,214.48448334165596,198.68826348490097,189.21124701470879,214.53134986308953,227.76704587728565,229.96836517407803,221.78858488339625,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[]
[null,null,"Projected Price Table"]
[null,null,null,"Capacity Balance",null,null,0,0.9,1,1.05,1.3,1.5,2]
[null,null,null,"LRMC",null,null,250,250,250,250,250,250,250]
[null,null,null,"SRMC",null,null,100,100,100,100,100,100,100]
[null,null,null,"Price",null,null,375,300,250,200,187.5,182.5,{"$f":"M124","v":100}]
[]
[null,null,null,"Industry Capacity Balance"]
[null,null,null,null,"Opening  Balance",null,null,{"$f":"G134","v":2020},{"$f":"H134","v":2200},2400,2600,2800,3400,3400,3900,3900,3900,4200,4857,4877,5127,5385,5435,6185,6594,6994,7354,7354,7354,7354,7354,7354]
[null,null,null,null,"Add: New Capacity for Company",null,null,{"$f":"IFERROR(INDEX(89:89,MATCH(H5,85:85,0)),0)","v":0},{"$f":"IFERROR(INDEX(89:89,MATCH(I5,85:85,0)),0)","v":0},0,0,0,0,0,0,0,0,200,0,100,0,0,300,0,150,200,0,0,0,0,0,0]
[null,null,null,null,"Add: New Capacity for Company 1",null,null,{"$f":"IFERROR(INDEX(95:95,MATCH(H5,91:91,0)),0)","v":0},{"$f":"IFERROR(INDEX(95:95,MATCH(I5,91:91,0)),0)","v":0},0,0,0,0,0,0,0,0,100,0,0,200,0,0,400,0,100,0,0,0,0,0,0]
[null,null,null,null,"Add: New Capacity for Company 2",null,null,{"$f":"IFERROR(INDEX(101:101,MATCH(H5,97:97,0)),0)","v":0},{"$f":"IFERROR(INDEX(101:101,MATCH(I5,97:97,0)),0)","v":0},0,0,0,0,0,0,0,0,50,0,0,50,50,50,0,50,50,0,0,0,0,0,0]
[null,null,null,null,"Add: New Capacity for Company 3",null,null,{"$f":"IFERROR(INDEX(107:107,MATCH(H5,103:103,0)),0)","v":0},{"$f":"IFERROR(INDEX(107:107,MATCH(I5,103:103,0)),0)","v":0},0,0,0,0,0,0,0,0,300,20,150,0,0,400,0,200,0,0,0,0,0,0,0]
[null,null,null,null,"Add: New Capacity for Company 4",null,null,{"$f":"IFERROR(MATCH(H5,109:109,113:113),0)","v":0},{"$f":"IFERROR(MATCH(I5,109:109,113:113),0)","v":0},0,0,0,0,0,0,0,0,7,0,0,8,0,0,9,0,10,0,0,0,0,0,0]
[null,null,null,null,"Closing Balance",null,{"$f":"IF(G6,G75,SUM(G128:G133))","v":2020},{"$f":"IF(H6,H75,SUM(H128:H133))","v":2200},2400,2600,2800,3400,3400,3900,3900,3900,4200,4857,4877,5127,5385,5435,6185,6594,6994,7354,7354,7354,7354,7354,7354,7354]
[]
[null,null,null,"Industry Demand"]
[null,null,null,null,"Growth Rate",null,{"$f":"IF(NOT(G6),$G$81)","v":false},{"$f":"IF(NOT(H6),$G$81)","v":false},false,false,false,false,false,false,false,false,false,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[null,null,null,null,"Demand",null,{"$f":"IF(G6,G72,F138*(1+G137))","v":1820},{"$f":"IF(H6,H72,G138*(1+H137))","v":2115.4307085337855},2033.6355724902587,2327.4548866009163,2615.4297914585932,3170.9676193907253,3198.7010817275923,3416.1895674483853,2842.8582224226534,2814.3624734085765,2884.0932266480677,2999.4569557139903,3119.43523394255,3244.2126433002522,3373.9811490322622,3508.9403949935527,3649.2980107932949,3795.269931225027,3947.0807284740281,4104.9639576129894,4269.1625159175092,4439.9290165542097,4617.5261772163785,4802.2272243050338,4994.3163132772352,5194.0889658083252]
[]
[null,null,null,null,"Capacity Margin",null,{"$f":"G134/G138","v":1.1098901098901099},{"$f":"H134/H138","v":1.0399773394255158},1.1801524483863719,1.1171000628059935,1.0705697431237389,1.0722279152927086,1.0629314565910259,1.1416228294710768,1.3718587755236213,1.3857490059823632,1.4562636052099109,1.6192931159579986,1.5634240284694492,1.5803526352034796,1.596037370138996,1.5489006332950224,1.6948465106732917,1.7374258272774834,1.7719424762573666,1.7914895419145909,1.7225860979947987,1.6563327865334603,1.5926276793590963,1.5313727686145155,1.4724738159754958,1.4158402076687457]
[]
[null,null,null,null,"Company Capacity",null,{"$f":"IF(G6,G76,F142+G129)","v":700},{"$f":"IF(H6,H76,G142+H129)","v":700},700,800,800,800,850,940,1050,1100,1200,1400,1400,1500,1500,1500,1800,1800,1950,2150,2150,2150,2150,2150,2150,2150]
[null,null,null,null,"Company Demand",null,{"$f":"IF(G6,G73,G142/G140)","v":637},{"$f":"IF(H6,H73,H142/H140)","v":593.62607211826594},567.89637146014059,619.91774669124516,610.90905593954074,657.52860318464923,803.31013709793535,733.01102905719404,871.05789881814837,912.59613511117936,868.32917426853635,864.5747864936352,895.47043828574328,949.15524964899134,939.82761811483624,968.42881186574596,1062.0430750893986,1036.0154498339473,1100.4871919537254,1200.1186441212847,1248.1233898861362,1298.0483254815815,1349.9702585008449,1403.9690688408789,1460.127831594514,1518.5329448582947]
[]
[null,null,null,null,"Price",null,{"$f":"IF(G6,G118,LOOKUP(G140,122:122,125:125))","v":195},{"$f":"IF(H6,H118,LOOKUP(H140,122:122,125:125))","v":199.07237192289668},207.06148955540041,205.00957941934539,214.48448334165596,198.68826348490097,189.21124701470879,214.53134986308953,227.76704587728565,229.96836517407803,221.78858488339625,182.5,182.5,182.5,182.5,182.5,182.5,182.5,182.5,182.5,182.5,182.5,182.5,182.5,187.5,187.5]

{"sheet":"Simple Exercies","index":2,"n_rows":37,"n_cols":19,"rows_kept":37,"cut":false,"hidden":false,"merged":[]}
["Assumptions"]
[null,"Industy",null,null,null,null,null,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026]
[null,null,"Industry Demand"]
[null,null,null,"Base Case",null,null,1,100,{"$f":"H4*1.05","v":105},110.25,115.7625,121.55062500000001,127.62815625000002,134.00956406250003,140.71004226562505,147.74554437890632,155.13282159785163,162.88946267774421,171.03393581163144]
[null,null,null,"Low Case ",null,null,2,80,{"$f":"H5*0.95","v":76},{"$f":"I5*0.95","v":72.2},{"$f":"J5*0.95","v":68.59},{"$f":"K5*0.95","v":65.160499999999999},{"$f":"L5*0.95","v":61.902474999999995},{"$f":"M5*1.02","v":63.140524499999998},64.403334990000005,65.691401689800003,67.005229723596003,68.345334318067927,69.712241004429288]
[null,null,null,"High Case",null,null,3,110,{"$f":"H6*1.05","v":115.5},121.27500000000001,127.33875,133.70568750000001,140.39097187500002,147.41052046875004,154.78104649218756,162.52009881679695,170.64610375763681,179.17840894551867,188.13732939279461]
[]
[null,null,null,null,"Code",3]
[]
[null,null,"Industry Supply"]
[null,null,null,"Existing Supply",null,115]
[]
[null,null,null,"Base Case",null,null,1,7,{"$f":"H13*1.05","v":7.3500000000000005},7.7175000000000011,8.1033750000000015,8.5085437500000012,8.9339709375000016,9.3806694843750016,9.8497029585937526,10.342188106523441,10.859297511849613,11.402262387442095,11.972375506814201]
[null,null,null,"Surplus Case",null,null,2,17,20,15,5,0,0,0,0,0,0,0,0]
[null,null,null,"Tight Case",null,null,3,2,3,5,10,7,{"$f":"L15*1.05","v":7.3500000000000005},7.7175000000000011,8.1033750000000015,8.5085437500000012,8.9339709375000016,9.3806694843750016,9.8497029585937526]
[]
[null,null,null,null,"Code ",3]
[]
[null,null,null,"Retirements",null,null,null,2,3,1,1,3,2,3,{"$f":"N19*1.5","v":4.5},{"$f":"O19*1.5","v":6.75},{"$f":"P19*1.5","v":10.125},{"$f":"Q19*1.5","v":15.1875},{"$f":"R19*1.5","v":22.78125}]
[]
[null,null,"Pricing"]
[null,null,null,"Capacity Balance",null,null,0,0.9,1,1.05,1.1000000000000001,1.2,1.3]
[null,null,null,"LRMC",null,null,100,100,100,100,100,100,100]
[null,null,null,"SRMC",null,null,50,50,50,50,50,50,50]
[null,null,null,"Price",null,null,150,120,100,80,75,73,50]
[]
[null,null,"Industry Capacity"]
[null,null,null,"Opening Balance"]
[null,null,null,"Add: New Additions"]
[null,null,null,"Less: Retirement"]
[null,null,null,"Closing Balance"]
[]
[null,null,"Industry Demand"]
[]
[null,null,"Capcity Margin"]
[]
[null,null,"Price"]

{"sheet":"Complex Exercise","index":3,"n_rows":145,"n_cols":32,"rows_kept":145,"cut":false,"hidden":false,"merged":[]}
[]
["History"]
[null,"Last Historic Year",null,null,null,null,2011]
[]
[null,"Year",null,null,null,null,2001,{"$f":"G5+1","v":2002},2003,2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026]
[null,"Historic Switch",null,null,null,null,{"$f":"G5<=$G$3","v":true},{"$f":"H5<=$G$3","v":true},true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,"Balance Sheet"]
[null,null,"Assets"]
[null,null,null,"Cash Balance",null,null,2484.3000000000002,2363.4910042371143,2351.7893717528741,2541.7815304752094,2620.6102646386239,2612.8643271682099,3039.9062555971404,3145.0769105634436,3967.9656880377047,4197.3648251139994,3851.7099754797332]
[null,null,null,"Investments",null,null,208.56947945203865,3671.116519688745,21065.36326324736,31965.18163010024,3503.2406465696986,10958.445627283305,29292.124288972176,8007.6994436584646,32876.24132164265,74028.482879675226,78169.130416503176]
[null,null,null,"A/R and Other Current Assets",null,null,10209.452054794519,9707.5812383468256,9688.0512980385556,10484.916338113531,10783.887313102372,10737.963373682313,12444.519084056637,12847.573419137616,16219.57122884899,17106.711349300233,15722.900898386646]
[null,null,null,null,"Total Current Assets",null,{"$f":"SUM(G10:G12)","v":12902.321534246559},{"$f":"SUM(H10:H12)","v":15742.188762272684},33105.203933038792,44991.879498688977,16907.738224310695,24309.27332813383,44776.549628625951,24000.349773359521,53063.778238529347,95332.559054089448,97743.741290369566]
[]
[null,null,null,"Plant  Assets",null,null,480432,487302.1776,494270.59873968002,501338.66830165742,612547.8112583711,621307.24495936581,630191.93856228469,804815.80376372545,816324.66975754674,827998.11253507971,839838.48554433137]
[null,null,null,"Accumulated Depreciation",null,null,230240,239389.446457424,248669.72999918918,259569.0073098873,271070.03000041412,282735.51731541549,296933.70853444992,312044.70011854515,327371.77888229291,342918.03487236227,358686.60232308961]
[null,null,null,null,"Net Plant",null,{"$f":"G15-G16","v":250192},{"$f":"H15-H16","v":247912.731142576},245600.86874049084,241769.66099177013,341477.78125795699,338571.72764395032,333258.23002783477,492771.10364518029,488952.89087525383,485080.07766271743,481151.88322124176]
[]
[null,null,null,null,"Other Non-Associated Investments",null,50322,50322,50322,50322,50322,50322,50322,50322,50322,50322,50322]
[null,null,null,null,"Derivative Assets",null,0,0,210,350,0,0,0,320,200,0,0]
[null,null,null,null,"Total Other Assets",null,{"$f":"SUM(G19:G20)","v":50322},{"$f":"SUM(H19:H20)","v":50322},50532,50672,50322,50322,50322,50642,50522,50322,50322]
[]
[null,null,null,null,"Total Assets",null,{"$f":"G13+G17+G21","v":313416.32153424656},{"$f":"H13+H17+H21","v":313976.91990484868},329238.07267352962,337433.54049045913,408707.51948226767,413203.00097208412,428356.77965646074,567413.45341853984,592538.66911378317,630734.63671680691,629217.6245116113]
[]
[]
[null,null,"Liabilities"]
[null,null,null,"Short-term Debt",null,null,1630,2000,2000,2000,15000,7000,6000,6000,6000,6000,6000]
[null,null,null,"Other Current Liabilities",null,null,6908.3958904109586,6793.1977514234586,6894.166344240085,7499.2927688761183,7557.2317247337614,8427.7109930428433,10257.369322568282,9787.9581636256171,11858.254546867511,12758.009006992059,12617.193110683871]
[null,null,null,null,"Total Current Liabilities",null,{"$f":"G27+G28","v":8538.3958904109586},{"$f":"H27+H28","v":8793.1977514234586},8894.1663442400859,9499.2927688761192,22557.231724733763,15427.710993042843,16257.369322568282,15787.958163625617,17858.254546867509,18758.009006992059,18617.193110683871]
[]
[null,null,null,null,"Long-term Debt",null,87743.810575342461,77542.822104251289,81801.95150178326,79196.738137803099,116518.51848084218,117203.28371813546,122322.83504168107,156829.29283891586,168833.5846360366,190119.28325153104,171680.37869045886]
[null,null,null,null,"Un-funded Pension Plans",null,367,351.846368818484,378.30379693633728,530.89396264246534,529.67639463985392,821.14621573032855,1302.8032331445575,1108.5024571546164,1554.9150329907091,1798.9565256731112,1873.707536369639]
[]
[null,null,null,null,"Deferred Income Taxes",null,25019.200000000001,24791.273114257601,24560.086874049084,24176.966099177014,34147.778125795703,33857.172764395036,33325.82300278348,49277.110364518034,48895.289087525387,48508.007766271745,48115.188322124181]
[null,null,null,null,"Derivative Liabilities",null,0,0,0,0,290,180,240,0,0,120,315]
[null,null,null,null,"Total Other Liabilities",null,{"$f":"G31+G32+G34+G35","v":113130.01057534246},{"$f":"H31+H32+H34+H35","v":102685.94158732737},106740.34217276868,103904.59819962259,151485.97300127774,152061.60269826083,157191.46127760911,207214.90566058853,219283.78875655271,240546.24754347588,221984.2745489527]
[]
[null,null,null,null,"Minority Interest",null,19174.791506849317,20185.278863624157,21229.22252112392,22209.274545475229,23208.933077499041,24247.57409480432,25111.834701701591,26005.082912277561,27037.770316585076,28544.94322604682,30160.406234496582]
[null,null,null,null,"Common Equity",null,95873.957534246583,95873.957534246583,95873.957534246583,95873.957534246583,95873.957534246583,95873.957534246583,95873.957534246583,175873.95753424658,175873.95753424658,175873.95753424658,175873.95753424658]
[null,null,null,null,"Retained Earnings",null,76699.166027397267,86438.544168227119,96500.384101150368,105946.41744223854,115581.42414451059,125592.15565172952,133922.15682033516,142531.54914780144,152484.89795953131,167011.47940604558,182581.79308323155]
[null,null,null,null,"Total Equity",null,191747.91506849317,202497.78056609788,213603.56415652088,224029.64952196035,234664.31475625621,245713.68728078043,254907.94905628334,344410.58959432563,355396.62581036298,371430.38016633899,388616.15685197472]
[]
[null,null,null,null,"Total Liabilities and Capital",null,{"$f":"G29+G36+G41","v":313416.32153424656},{"$f":"H29+H36+H41","v":313976.91990484868},329238.07267352962,337433.54049045907,408707.51948226767,413203.00097208412,428356.77965646074,567413.45341853984,592538.66911378317,630734.63671680691,629217.6245116113]
[]
[null,null,null,null,"Difference",null,{"$f":"G23-G43","v":0},{"$f":"H23-H43","v":0},0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,{"$f":"-G45","v":0},{"$f":"-H45","v":0},0,0,0,0,0,0,0,0,0]
[]
[null,"Income Statement"]
[]
[null,null,null,"Revenues",null,null,124215,118174.55021185572,117589.4685876437,127089.07652376046,131030.5132319312,130643.21635841049,151995.31277985702,157253.84552817218,198398.28440188523,209868.24125569995,192585.49877398665]
[null,null,null,"Less: Cash Operating Expense",null,null,41405,41011.005589280583,41698.898720344769,45666.243028704099,45634.586260636213,53212.801608988542,65735.884061758494,60684.063886020034,72290.790857758431,78635.869667500883,80579.395945610624]
[null,null,null,null,"Gross Profit",null,{"$f":"G50-G51","v":82810},{"$f":"H50-H51","v":77163.544622575137},75890.569867298938,81422.833495056373,85395.926971294975,77430.414749421936,86259.428718098527,96569.781642152142,126107.4935441268,131232.37158819905,112006.10282837602]
[null,null,null,"Less: Selling and Administrative",null,null,18632.25,18048.551423405843,18112.29887495724,19331.780253414909,19979.316737674908,20027.21736619544,23652.119375551014,24743.364504809688,31157.939467380183,32896.512104786903,29597.245947833642]
[null,null,null,"Less: Depreciation Expense",null,null,13824.773965714287,14022.468233423999,14222.989529161963,15912.663993714692,17626.500803110528,17878.559764595007,20500.110604657286,23159.14962173246,23490.325461323231,23826.237115420157,24166.952306170668]
[null,null,null,null,"Operating Profit",null,{"$f":"G52-G53-G54","v":50352.976034285712},{"$f":"H52-H53-H54","v":45092.524965745295},43555.281463179737,46178.389247926774,47790.109430509547,39524.637618631488,42107.198737890227,48667.267515609987,71459.228615423388,74509.622367991993,58241.904574371714]
[null,null,null,"Add: Other Income",null,null,2717.3879999999999,2717.3879999999999,2818.0320000000002,2818.0320000000002,2818.0320000000002,3019.3199999999997,3019.3199999999997,2516.1000000000004,2616.7439999999997,2566.422,2717.3879999999999]
[null,null,null,"Add: Interest Income",null,null,52.944589589041662,120.70447327851714,468.35537550000583,690.15139714864711,22.488826293195807,271.23512461493493,646.44851712316176,222.86003416211906,736.68326593967663,1564.3090754668758,1640.2000272962821]
[null,null,null,"Less: Interest Expense - LTD",null,null,5264.6286345205472,4348.0141748341148,5503.2224106755657,4994.3117822494405,6464.4439393743232,6415.6502465312715,6555.7812604442934,8281.4294685333534,10728.472951141834,11095.049568351647,8321.6537544921339]
[null,null,null,"Less: Interest Expense - STD",null,null,81.5,100,100,100,500,350,300,300,300,300,300]
[null,null,null,null,"Earnings Before Tax",null,{"$f":"G55+G56+G57-G58-G59","v":47777.179989354205},{"$f":"H55+H56+H57-H58-H59","v":43482.603264189696},41238.446428004172,44592.260862825984,43666.186317428415,36049.542496715148,38917.185994569096,42824.798081238754,63784.182930221235,67245.303875107231,53977.838847175866]
[null,null,null,"Less: Taxes",null,null,11944.294997338551,11751.793005838237,11449.6310981771,14207.503050552126,12096.550533073521,9780.2231381354595,11766.784457305524,11436.123178274793,17973.456198861193,18143.084773290844,14519.778214673446]
[null,null,null,null,"Net Income before Minority",null,{"$f":"G60-G61","v":35832.88499201565},{"$f":"H60-H61","v":31730.810258351459},29788.81532982707,30384.757812273856,31569.635784354894,26269.319358579691,27150.401537263569,31388.674902963961,45810.726731360046,49102.219101816387,39458.06063250242]
[null,null,null,"Less: Minority",null,null,3368.2911892494712,2982.696164285037,2800.1486410037446,2856.1672343537425,2967.5457637293603,2469.3160197064908,2552.1377445027756,2950.5354408786125,4306.2083127478445,4615.6085955707404,3709.0576994552275]
[null,null,null,null,"Net Income  ",null,{"$f":"G62-G63","v":32464.59380276618},{"$f":"H62-H63","v":28748.114094066423},26988.666688823327,27528.590577920113,28602.090020625532,23800.003338873201,24598.263792760794,28438.13946208535,41504.518418612199,44486.610506245648,35749.002933047195]
[]
[null,null,null,null,"Shares",null,7400,7400,7400,7400,7400,7400,7400,9425.6163524319873,9425.6163524319873,9425.6163524319873,9425.6163524319873]
[null,null,null,null,"EPS",null,{"$f":"G64/G66","v":4.3871072706440781},{"$f":"H64/H66","v":3.8848802829819489},3.6471171201112602,3.7200798078270423,3.8651473000845313,3.2162166674152974,3.3240897017244317,3.0171119212535924,4.4033744708804372,4.7197561244647162,3.7927496299829002]
[]
[null,null,null,null,"Dividends",null,22725.215661936323,18686.274161143174,17542.633347735162,17893.583875648073,18591.358513406598,15470.00217026758,15988.871465294516,18484.790650355477,26977.93697209793,28916.296829059673,23236.851906480679]
[]
[null,"Operating"]
[null,null,"Industry Volumes",null,null,null,1820,2115.4307085337855,2033.6355724902587,2327.4548866009163,2615.4297914585932,3170.9676193907253,3198.7010817275923,3416.1895674483853,2842.8582224226534,2814.3624734085765,2884.0932266480677]
[null,null,"Company Volumes",null,null,null,637,593.62607211826594,567.89637146014059,619.91774669124516,610.90905593954074,657.52860318464923,803.31013709793535,733.01102905719404,871.05789881814837,912.59613511117936,868.32917426853635]
[]
[null,null,"Industry Capacity",null,null,null,2020,2200,2400,2600,2800,3400,3400,3900,3900,3900,4200]
[null,null,"Company Capacity",null,null,null,700,700,700,800,800,800,850,940,1050,1100,1200]
[]
[null,null,"Cost of Capacity",null,null,null,null,500,510,520.20000000000005,530.60400000000004,541.21608000000003,552.0404016,563.08120963199997,574.34283382464002,585.82969050113286,597.54628431115555]
[]
[null,"Assumptions"]
[null,null,"Industry Demand Growth",null,null,null,0.04]
[]
[null,null,"Capacity Scenario Code Number",null,null,null,1]
[]
[null,null,null,"Company Modelled",null,null,2012,2014,2017,2019,2020]
[null,null,null,null,"Base Case",null,200,100,300,150,200]
[null,null,null,null,"Low Demand",null,200,100,300,0,0]
[null,null,null,null,"Surplus Capacity",null,200,100,300,400,400]
[]
[]
[null,null,null,"Other Company 1",null,null,2012,2015,2018,2020]
[null,null,null,null,"Base Case",null,100,200,400,100]
[null,null,null,null,"Low Demand",null,100,200,100,0]
[null,null,null,null,"Surplus Capacity",null,100,200,500,300]
[]
[]
[null,null,null,"Other Company 2",null,null,2012,2015,2016,2017,2019,2020]
[null,null,null,null,"Base Case",null,50,50,50,50,50,50]
[null,null,null,null,"Low Demand",null,50,50,50,50,0,0]
[null,null,null,null,"Surplus Capacity",null,50,50,50,50,100,100]
[]
[]
[null,null,null,"Other Company 3",null,null,2012,2013,2014,2017,2019]
[null,null,null,null,"Base Case",null,300,20,150,400,200]
[null,null,null,null,"Low Demand",null,300,20,150,200,100]
[null,null,null,null,"Surplus Capacity",null,300,20,150,100,50]
[]
[]
[null,null,null,"Other Company 4",null,null,2012,2015,2018,2020]
[null,null,null,null,"Base Case",null,350,450,250,150]
[null,null,null,null,"Low Demand",null,350,450,20,0]
[null,null,null,null,"Surplus Capacity",null,350,450,350,300]
[]
[]
[null,null,"Price"]
[null,null,null,"Revenues",null,null,{"$f":"G50","v":124215},118174.55021185572,117589.4685876437,127089.07652376046,131030.5132319312,130643.21635841049,151995.31277985702,157253.84552817218,198398.28440188523,209868.24125569995,192585.49877398665,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Volumes",null,null,{"$f":"G73","v":637},593.62607211826594,567.89637146014059,619.91774669124516,610.90905593954074,657.52860318464923,803.31013709793535,733.01102905719404,871.05789881814837,912.59613511117936,868.32917426853635,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Historic Price",null,{"$f":"IF(G6,G116/G117)","v":195},199.07237192289668,207.06148955540041,205.00957941934539,214.48448334165596,198.68826348490097,189.21124701470879,214.53134986308953,227.76704587728565,229.96836517407803,221.78858488339625,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[]
[null,null,"Projected Price Table"]
[null,null,null,"Capacity Balance",null,null,0,0.9,1,1.05,1.3,1.5,2]
[null,null,null,"LRMC",null,null,250,250,250,250,250,250,250]
[null,null,null,"SRMC",null,null,100,100,100,100,100,100,100]
[null,null,null,"Price",null,null,375,300,250,200,187.5,182.5,{"$f":"M124","v":100}]
[]
[null,null,null,"Industry Capacity Balance"]
[null,null,null,null,"Opening  Balance"]
[null,null,null,null,"Add: New Capacity for Company"]
[null,null,null,null,"Add: New Capacity for Company 1"]
[null,null,null,null,"Add: New Capacity for Company 2"]
[null,null,null,null,"Add: New Capacity for Company 3"]
[null,null,null,null,"Add: New Capacity for Company 4"]
[null,null,null,null,"Closing Balance"]
[]
[null,null,null,"Industry Demand"]
[null,null,null,null,"Growth Rate"]
[null,null,null,null,"Demand"]
[]
[null,null,null,null,"Capacity Margin"]
[]
[null,null,null,null,"Company Capacity"]
[null,null,null,null,"Company Demand"]
[]
[null,null,null,null,"Price"]

{"sheet":"Advertising","index":4,"n_rows":29,"n_cols":9,"rows_kept":29,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"High Quality Modelling, Finance and Energy Courses"]
[]
[null,null,"This page is my advertising and publicity - You can of course delete the page without affecting the model"]
[]
[null,null,"I have taught classes for many years and I believe I have learned from my mistakes and can offer high quality courses"]
[]
[null,null,"Here is my simple concept"]
[null,null,null,"1. Deliver the courses at a reasonable price -- I will do quite well if a lot of people attend and I will survive if course numbers are low"]
[null,null,null,null,"USD 1,000 -2,000 for courses in Europe"]
[null,null,null,null,"USD 750 - 1,500 for courses in Africa and Latin America"]
[null,null,null,"2. Do not cancel the classes as long as one student has signed up (I take the risk of low numbers and not you)"]
[null,null,null,"3. Limit the size of the classes to 25 participants"]
[null,null,null,"4. Lunches are offered by not with a four course elaborate menu -- we assume that you are attending the course to learn and not to have a fancy lunch"]
[]
[null,null,"Download Outlines at",null,null,null,null,null,"www.FinanceEnergyInstitute.com"]
[null,null,"Check for upcomming dates",null,null,null,null,null,"www.FinanceEnergyInstitute.com"]
[]
[null,null,"Customised In-Company Courses"]
[]
[null,null,"I also offer courses tailored for single institutions (or combinations of institutions) "]
[null,null,"Depending on various considerations my rate is USD 1,500 to USD 2,000 per day plus expenses"]
[]
[null,null,"Contact Details"]
[null,null,null,"E-mail",null,null,null,null,"edwardbodmer@gmail.com"]
[null,null,null,"Phone",null,null,null,null,"001-630-886-2754"]
[]
[null,null,null,"Skype",null,null,null,null,"edward.bodmer"]
[null,null,null,"Link to Book"]

{"sheet":"Sheet1","index":5,"n_rows":182,"n_cols":16,"rows_kept":182,"cut":false,"hidden":false,"merged":[]}
[]
["History"]
[]
[null,"Balance Sheet",null,null,null,2000,{"$f":"F4+1","v":2001},2002,2003,2004,2005,2006,2007,2008,2009,2010]
[null,null,"Assets"]
[null,null,null,"Cash Balance",null,{"$f":"F139","v":2484.3000000000002},{"$f":"G139","v":2363.4910042371143},2351.7893717528741,2541.7815304752094,2620.6102646386239,2612.8643271682099,3039.9062555971404,3145.0769105634436,3967.9656880377047,4197.3648251139994,3851.7099754797332]
[null,null,null,"Investments",null,163]
[null,null,null,"A/R and Other Current Assets",null,{"$f":"F110","v":10209.452054794519},{"$f":"G110","v":9707.5812383468256},9688.0512980385556,10484.916338113531,10783.887313102372,10737.963373682313,12444.519084056637,12847.573419137616,16219.57122884899,17106.711349300233,15722.900898386646]
[null,null,null,null,"Total Current Assets",{"$f":"SUM(F6:F8)","v":12856.752054794521},{"$f":"SUM(G6:G8)","v":12071.072242583939},12039.840669791429,13026.697868588741,13404.497577740996,13350.827700850523,15484.425339653779,15992.65032970106,20187.536916886696,21304.076174414233,19574.610873866379]
[]
[null,null,null,"Plant  Assets",null,{"$f":"F91","v":480432},{"$f":"G91","v":487302.1776},494270.59873968002,501338.66830165742,612547.8112583711,621307.24495936581,630191.93856228469,804815.80376372545,816324.66975754674,827998.11253507971,839838.48554433137]
[null,null,null,"Accumulated Depreciation",null,{"$f":"F103","v":230240},{"$f":"G103","v":239389.446457424},248669.72999918918,259569.0073098873,271070.03000041412,282735.51731541549,296933.70853444992,312044.70011854515,327371.77888229291,342918.03487236227,358686.60232308961]
[null,null,null,null,"Net Plant",{"$f":"F11-F12","v":250192},{"$f":"G11-G12","v":247912.731142576},245600.86874049084,241769.66099177013,341477.78125795699,338571.72764395032,333258.23002783477,492771.10364518029,488952.89087525383,485080.07766271743,481151.88322124176]
[]
[null,null,null,null,"Other Non-Associated Investments",{"$f":"F112","v":50322},{"$f":"G112","v":50322},50322,50322,50322,50322,50322,50322,50322,50322,50322]
[null,null,null,null,"Derivative Assets",{"$f":"F115","v":0},{"$f":"G115","v":0},210,350,0,0,0,320,200,0,0]
[null,null,null,null,"Total Other Assets",{"$f":"SUM(F15:F16)","v":50322},{"$f":"SUM(G15:G16)","v":50322},50532,50672,50322,50322,50322,50642,50522,50322,50322]
[]
[null,null,null,null,"Total Assets",{"$f":"F9+F13+F17","v":313370.75205479452},{"$f":"G9+G13+G17","v":310305.80338515993},308172.70941028226,305468.35886035883,405204.27883569797,402244.55534480081,399064.65536748857,559405.75397488137,559662.42779214052,556706.15383713169,551048.49409510812]
[]
[]
[null,null,"Liabilities"]
[null,null,null,"Short-term Debt",null,{"$f":"F144","v":1630},{"$f":"G144","v":2000},2000,2000,10000,7000,6000,6000,6000,6000,6000]
[null,null,null,"Other Current Liabilities",null,{"$f":"F127","v":6908.3958904109586},{"$f":"G127","v":6793.1977514234586},6894.166344240085,7499.2927688761183,7557.2317247337614,8427.7109930428433,10257.369322568282,9787.9581636256171,11858.254546867511,12758.009006992059,12617.193110683871]
[null,null,null,null,"Total Current Liabilities",{"$f":"F23+F24","v":8538.3958904109586},{"$f":"G23+G24","v":8793.1977514234586},8894.1663442400859,9499.2927688761192,17557.231724733763,15427.710993042843,16257.369322568282,15787.958163625617,17858.254546867509,18758.009006992059,18617.193110683871]
[]
[null,null,null,null,"Long-term Debt",{"$f":"F130","v":87743.810575342461},{"$f":"G130","v":77542.822104251289},81801.95150178326,79196.738137803099,116518.51848084218,117203.28371813546,122322.83504168107,156829.29283891586,168833.5846360366,190119.28325153104,171680.37869045886]
[null,null,null,null,"Un-funded Pension Plans",{"$f":"F134","v":367},{"$f":"G134","v":351.846368818484},378.30379693633728,530.89396264246534,529.67639463985392,821.14621573032855,1302.8032331445575,1108.5024571546164,1554.9150329907091,1798.9565256731112,1873.707536369639]
[]
[null,null,null,null,"Deferred Income Taxes",{"$f":"F137","v":25019.200000000001},{"$f":"G137","v":24791.273114257601},24560.086874049084,24176.966099177014,34147.778125795703,33857.172764395036,33325.82300278348,49277.110364518034,48895.289087525387,48508.007766271745,48115.188322124181]
[null,null,null,null,"Derivative Liabilities",{"$f":"F116","v":0},{"$f":"G116","v":0},0,0,290,180,240,0,0,120,315]
[null,null,null,null,"Total Other Liabilities",{"$f":"F27+F28+F30+F31","v":113130.01057534246},{"$f":"G27+G28+G30+G31","v":102685.94158732737},106740.34217276868,103904.59819962259,151485.97300127774,152061.60269826083,157191.46127760911,207214.90566058853,219283.78875655271,240546.24754347588,221984.2745489527]
[]
[null,null,null,null,"Minority Interest",{"$f":"F164","v":19174.791506849317},{"$f":"G164","v":20185.278863624157},21229.22252112392,22209.274545475229,23208.933077499041,24247.57409480432,25111.834701701591,26005.082912277561,27037.770316585076,28544.94322604682,30160.406234496582]
[null,null,null,null,"Common Equity",{"$f":"F150","v":95873.957534246583},{"$f":"G150","v":95873.957534246583},95873.957534246583,95873.957534246583,95873.957534246583,95873.957534246583,95873.957534246583,175873.95753424658,175873.95753424658,175873.95753424658,175873.95753424658]
[null,null,null,null,"Retained Earnings",{"$f":"F156","v":76699.166027397267},{"$f":"G156","v":86438.544168227119},96500.384101150368,105946.41744223854,115581.42414451059,125592.15565172952,133922.15682033516,142531.54914780144,152484.89795953131,167011.47940604558,182581.79308323155]
[null,null,null,null,"Total Equity",{"$f":"SUM(F34:F36)","v":191747.91506849317},{"$f":"SUM(G34:G36)","v":202497.78056609788},213603.56415652088,224029.64952196035,234664.31475625621,245713.68728078043,254907.94905628334,344410.58959432563,355396.62581036298,371430.38016633899,388616.15685197472]
[]
[null,null,null,null,"Total Liabilities and Capital",{"$f":"F25+F32+F37","v":313416.32153424656},{"$f":"G25+G32+G37","v":313976.91990484868},329238.07267352962,337433.54049045907,403707.51948226767,413203.00097208412,428356.77965646074,567413.45341853984,592538.66911378317,630734.63671680691,629217.6245116113]
[]
[null,null,null,null,"Difference",{"$f":"F19-F39","v":-45.569479452038649},{"$f":"G19-G39","v":-3671.116519688745},-21065.36326324736,-31965.18163010024,1496.7593534303014,-10958.445627283305,-29292.124288972176,-8007.6994436584646,-32876.24132164265,-74028.482879675226,-78169.130416503176]
[null,null,null,null,null,{"$f":"-F41","v":45.569479452038649},{"$f":"-G41","v":3671.116519688745},21065.36326324736,31965.18163010024,-1496.7593534303014,10958.445627283305,29292.124288972176,8007.6994436584646,32876.24132164265,74028.482879675226,78169.130416503176]
[]
[null,"Income Statement"]
[]
[null,null,null,"Revenues",null,{"$f":"F83","v":124215},{"$f":"G83","v":118174.55021185572},117589.4685876437,127089.07652376046,131030.5132319312,130643.21635841049,151995.31277985702,157253.84552817218,198398.28440188523,209868.24125569995,192585.49877398665]
[null,null,null,"Less: Cash Operating Expense",null,{"$f":"F120","v":41405},{"$f":"G120","v":41011.005589280583},41698.898720344769,45666.243028704099,45634.586260636213,53212.801608988542,65735.884061758494,60684.063886020034,72290.790857758431,78635.869667500883,80579.395945610624]
[null,null,null,null,"Gross Profit",{"$f":"F46-F47","v":82810},{"$f":"G46-G47","v":77163.544622575137},75890.569867298938,81422.833495056373,85395.926971294975,77430.414749421936,86259.428718098527,96569.781642152142,126107.4935441268,131232.37158819905,112006.10282837602]
[null,null,null,"Less: Selling and Administrative",null,{"$f":"F123","v":18632.25},{"$f":"G123","v":18048.551423405843},18112.29887495724,19331.780253414909,19979.316737674908,20027.21736619544,23652.119375551014,24743.364504809688,31157.939467380183,32896.512104786903,29597.245947833642]
[null,null,null,"Less: Depreciation Expense",null,{"$f":"F101","v":13824.773965714287},{"$f":"G101","v":14022.468233423999},14222.989529161963,15912.663993714692,17626.500803110528,17878.559764595007,20500.110604657286,23159.14962173246,23490.325461323231,23826.237115420157,24166.952306170668]
[null,null,null,null,"Operating Profit",{"$f":"F48-F49-F50","v":50352.976034285712},{"$f":"G48-G49-G50","v":45092.524965745295},43555.281463179737,46178.389247926774,47790.109430509547,39524.637618631488,42107.198737890227,48667.267515609987,71459.228615423388,74509.622367991993,58241.904574371714]
[null,null,null,"Add: Other Income",null,{"$f":"F113","v":2717.3879999999999},{"$f":"G113","v":2717.3879999999999},2818.0320000000002,2818.0320000000002,2818.0320000000002,3019.3199999999997,3019.3199999999997,2516.1000000000004,2616.7439999999997,2566.422,2717.3879999999999]
[null,null,null,"Add: Interest Income",null,{"$f":"F142","v":52.944589589041662},{"$f":"G142","v":120.70447327851714},468.35537550000583,690.15139714864711,22.488826293195807,271.23512461493493,646.44851712316176,222.86003416211906,736.68326593967663,1564.3090754668758,1640.2000272962821]
[null,null,null,"Less: Interest Expense - LTD",null,{"$f":"F132","v":5264.6286345205472},{"$f":"G132","v":4348.0141748341148},5503.2224106755657,4994.3117822494405,6464.4439393743232,6415.6502465312715,6555.7812604442934,8281.4294685333534,10728.472951141834,11095.049568351647,8321.6537544921339]
[null,null,null,"Less: Interest Expense - STD",null,{"$f":"F146","v":81.5},{"$f":"G146","v":100},100,100,500,350,300,300,300,300,300]
[null,null,null,null,"Earnings Before Tax",{"$f":"F51+F52+F53-F54-F55","v":47777.179989354205},{"$f":"G51+G52+G53-G54-G55","v":43482.603264189696},41238.446428004172,44592.260862825984,43666.186317428415,36049.542496715148,38917.185994569096,42824.798081238754,63784.182930221235,67245.303875107231,53977.838847175866]
[null,null,null,"Less: Taxes",null,{"$f":"F56*F148","v":11944.294997338551},{"$f":"G56*G148","v":11751.793005838237},11449.6310981771,14207.503050552126,12096.550533073521,9780.2231381354595,11766.784457305524,11436.123178274793,17973.456198861193,18143.084773290844,14519.778214673446]
[null,null,null,null,"Net Income before Minority",{"$f":"F56-F57","v":35832.88499201565},{"$f":"G56-G57","v":31730.810258351459},29788.81532982707,30384.757812273856,31569.635784354894,26269.319358579691,27150.401537263569,31388.674902963961,45810.726731360046,49102.219101816387,39458.06063250242]
[null,null,null,"Less: Minority",null,{"$f":"F165","v":3368.2911892494712},{"$f":"G165","v":2982.696164285037},2800.1486410037446,2856.1672343537425,2967.5457637293603,2469.3160197064908,2552.1377445027756,2950.5354408786125,4306.2083127478445,4615.6085955707404,3709.0576994552275]
[null,null,null,null,"Net Income  ",{"$f":"F58-F59","v":32464.59380276618},{"$f":"G58-G59","v":28748.114094066423},26988.666688823327,27528.590577920113,28602.090020625532,23800.003338873201,24598.263792760794,28438.13946208535,41504.518418612199,44486.610506245648,35749.002933047195]
[]
[null,null,null,null,"Shares",{"$f":"F169","v":7400},{"$f":"G169","v":7400},7400,7400,7400,7400,7400,9425.6163524319873,9425.6163524319873,9425.6163524319873,9425.6163524319873]
[null,null,null,null,"EPS",{"$f":"F60/F62","v":4.3871072706440781},{"$f":"G60/G62","v":3.8848802829819489},3.6471171201112602,3.7200798078270423,3.8651473000845313,3.2162166674152974,3.3240897017244317,3.0171119212535924,4.4033744708804372,4.7197561244647162,3.7927496299829002]
[]
[null,null,null,null,"Dividends",{"$f":"F162","v":22725.215661936323},{"$f":"G162","v":18686.274161143174},17542.633347735162,17893.583875648073,18591.358513406598,15470.00217026758,15988.871465294516,18484.790650355477,26977.93697209793,28916.296829059673,23236.851906480679]
[]
[]
[]
[]
[null,"Opeating"]
[null,null,null,null,null,0.04,0.1,null,null,null,null,null,null,null,null,{"$f":"(P72/F72)^(1/10)-1","v":9.5274598193006543E-2}]
[null,null,"Industry Volumes",null,null,1820,{"$f":"F72*(1+$F$71)+F72*(1+$F$71)*NORMSINV(RAND())*$G$71","v":1837.5999875542493},2144.3152296250219,2300.1618452791058,2516.0379382146766,2667.6630719170589,2952.431256686089,2836.818247490849,3015.9233693869996,3751.4193604159109,4521.6979024409238]
[null,null,null,null,null,null,{"$f":"G72/F72-1","v":9.6703228320051959E-3},0.16691077718116154,7.2678966926582378E-2,9.3852566669879733E-2,6.0263452867476364E-2,0.10674818261977426,-3.9158577844419673E-2,6.3135917168668954E-2,0.24387091478998824,0.20532989464009543]
[null,null,"Industry Volumes",null,null,1820,2115.4307085337855,2033.6355724902587,2327.4548866009163,2615.4297914585932,3170.9676193907253,3198.7010817275923,3416.1895674483853,2842.8582224226534,2814.3624734085765,2884.0932266480677]
[null,null,"Company Volumes",null,null,637,593.62607211826594,567.89637146014059,619.91774669124516,610.90905593954074,657.52860318464923,803.31013709793535,733.01102905719404,871.05789881814837,912.59613511117936,868.32917426853635]
[]
[null,null,"Industry Capacity",null,null,2020,2200,2400,2600,2800,3400,{"$f":"K77","v":3400},3900,{"$f":"M77","v":3900},{"$f":"N77","v":3900},4200]
[null,null,"Company Capacity",null,null,600,{"$f":"F78","v":600},{"$f":"G78","v":600},800,800,800,1100,1100,1100,1100,1100]
[]
[null,null,"Adjustment",null,null,13,{"$f":"F80","v":13},{"$f":"G80","v":13},13,13,13,13,13,13,13,13]
[null,null,"Company Price",null,null,15,15.313259378684359,15.927806888876955,15.769967647641952,16.498806410896613,15.283712575761614,14.554711308823753,16.502411527929965,17.520541990560432,17.689874244159849,17.060660375645867]
[null,null,"Adjusted Price",null,null,{"$f":"F80*F81","v":195},{"$f":"G80*G81","v":199.07237192289668},207.06148955540041,205.00957941934539,214.48448334165596,198.68826348490097,189.21124701470879,214.53134986308953,227.76704587728563,229.96836517407803,221.78858488339625]
[null,null,"Revenues",null,null,{"$f":"F82*F75","v":124215},{"$f":"G82*G75","v":118174.55021185572},117589.4685876437,127089.07652376046,131030.5132319312,130643.21635841049,151995.31277985702,157253.84552817218,198398.28440188523,209868.24125569995,192585.49877398665]
[]
[null,null,"Market Share",null,null,{"$f":"F75/F74","v":0.35},{"$f":"G75/G74","v":0.28061711958871527},0.27925178883684226,0.26635005913974613,0.23357883967469997,0.20735897748176557,0.25113635709407212,0.2145697756476358,0.30640215961098549,0.3242638941265803,0.30107527948315327]
[null,null,"Market Capacity",null,null,{"$f":"F78/F77","v":0.29702970297029702},{"$f":"G78/G77","v":0.27272727272727271},0.25,0.30769230769230771,0.2857142857142857,0.23529411764705882,0.3235294117647059,0.28205128205128205,0.28205128205128205,0.28205128205128205,0.26190476190476192]
[]
[null,null,"Increase Capacity",null,null,null,{"$f":"G78-F78","v":0},{"$f":"H78-G78","v":0},200,0,0,300,0,0,0,0]
[null,null,"Cost of Capacity",null,null,null,500,{"$f":"G89*1.02","v":510},{"$f":"H89*1.02","v":520.20000000000005},530.60400000000004,541.21608000000003,552.0404016,563.08120963199997,574.34283382464002,585.82969050113286,597.54628431115555]
[]
[null,null,"Plant Cost",null,null,480432,{"$f":"F97","v":487302.1776},{"$f":"G97","v":494270.59873968002},501338.66830165742,612547.8112583711,621307.24495936581,630191.93856228469,804815.80376372545,816324.66975754674,827998.11253507971,839838.48554433137]
[null,null,"Retirement Rate",null,null,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
[null,null,"Retirements",null,null,{"$f":"F92*F91","v":4804.32},{"$f":"G92*G91","v":4873.0217760000005},{"$f":"H92*H91","v":4942.7059873968001},5013.3866830165744,6125.4781125837108,6213.0724495936583,6301.9193856228467,8048.1580376372549,8163.2466975754678,8279.9811253507978,8398.3848554433134]
[null,null,"New Additions",null,null,{"$f":"F88*F89","v":0},{"$f":"G88*G89","v":0},{"$f":"H88*H89","v":0},104040.00000000001,0,0,165612.12048000001,0,0,0,0]
[null,null,"Maintenance Perecent",null,null,2.4299999999999999E-2,2.4299999999999999E-2,2.4299999999999999E-2,2.4299999999999999E-2,2.4299999999999999E-2,2.4299999999999999E-2,2.4299999999999999E-2,2.4299999999999999E-2,2.4299999999999999E-2,2.4299999999999999E-2,2.4299999999999999E-2]
[null,null,"Maintenance Expenditures",null,null,{"$f":"F95*F91","v":11674.497599999999},{"$f":"G95*G91","v":11841.44291568},{"$f":"H95*H91","v":12010.775549374224},12182.529639730275,14884.911813578417,15097.766052512588,15313.664107063518,19557.024031458528,19836.689475108386,20120.354134602436,20408.075198727252]
[null,null,"Ending Balance",null,null,{"$f":"F91-F93+F94+F96","v":487302.1776},{"$f":"G91-G93+G94+G96","v":494270.59873968002},{"$f":"H91-H93+H94+H96","v":501338.66830165742},612547.8112583711,621307.24495936581,630191.93856228469,804815.80376372545,816324.66975754674,827998.11253507971,839838.48554433137,851848.17588761542]
[]
[null,null,"Deperciation Life",null,null,35,35,35,35,35,35,35,35,35,35,35]
[null,null,"Depreciaiton Rate",null,null,{"$f":"1/F99","v":2.8571428571428571E-2},{"$f":"1/G99","v":2.8571428571428571E-2},2.8571428571428571E-2,2.8571428571428571E-2,2.8571428571428571E-2,2.8571428571428571E-2,2.8571428571428571E-2,2.8571428571428571E-2,2.8571428571428571E-2,2.8571428571428571E-2,2.8571428571428571E-2]
[null,null,"Depreciation Expense",null,null,{"$f":"F100*AVERAGE(F97,F91)","v":13824.773965714287},{"$f":"G100*AVERAGE(G97,G91)","v":14022.468233423999},14222.989529161963,15912.663993714692,17626.500803110528,17878.559764595007,20500.110604657286,23159.14962173246,23490.325461323231,23826.237115420157,24166.952306170668]
[]
[null,null,"Accumulated Depreciation",null,null,230240,{"$f":"F103+G101-G93","v":239389.446457424},{"$f":"G103+H101-H93","v":248669.72999918918},259569.0073098873,271070.03000041412,282735.51731541549,296933.70853444992,312044.70011854515,327371.77888229291,342918.03487236227,358686.60232308961]
[]
[null,null,"Capital Expenditures",null,null,null,{"$f":"G88*G89","v":0},{"$f":"H88*H89","v":0},104040.00000000001,0,0,165612.12048000001,0,0,0,0]
[null,null,"Maintenance Cap Exp Percent",null,null,null,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06]
[]
[null,null,"A/R Days",null,null,30,29.983335207491375,30.071899858518879,30.112693931613759,30.039711912867347,30.000460342629385,29.884141705471251,29.820347364065736,29.839690985118349,29.751760462351527,29.799018433086189]
[null,null,"A/R Percent",null,null,{"$f":"F108/365","v":8.2191780821917804E-2},8.2146123856140757E-2,8.2388766735668167E-2,8.2500531319489756E-2,8.230058058319821E-2,8.2193042034601052E-2,8.1874360836907537E-2,8.1699581819358186E-2,8.1752578041420138E-2,8.1511672499593221E-2,8.1641146392016958E-2]
[null,null,"A/R",null,null,{"$f":"F109*F83","v":10209.452054794519},9707.5812383468256,9688.0512980385556,10484.916338113531,10783.887313102372,10737.963373682313,12444.519084056637,12847.573419137616,16219.57122884899,17106.711349300233,15722.900898386646]
[]
[null,null,"Other Investments",null,null,50322,50322,50322,50322,50322,50322,50322,50322,50322,50322,50322]
[null,null,"Income on Other Investments",null,null,{"$f":"F112*0.054","v":2717.3879999999999},{"$f":"G112*0.054","v":2717.3879999999999},{"$f":"H112*0.056","v":2818.0320000000002},{"$f":"I112*0.056","v":2818.0320000000002},{"$f":"J112*0.056","v":2818.0320000000002},{"$f":"K112*0.06","v":3019.3199999999997},{"$f":"L112*0.06","v":3019.3199999999997},{"$f":"M112*0.05","v":2516.1000000000004},{"$f":"N112*0.052","v":2616.7439999999997},{"$f":"O112*0.051","v":2566.422},{"$f":"P112*0.054","v":2717.3879999999999}]
[]
[null,null,"Derivative Assets",null,null,0,0,210,350,0,0,0,320,200,0,0]
[null,null,"Derivative Liabilities",null,null,0,0,0,0,290,180,240,0,0,120,315]
[]
[null,null,"Operating Cost per Unit",null,null,5,5.3142759151058145,5.6482269566637111,5.6665387368471354,5.7461135256556322,6.2252690021929977,6.2947126306121044,6.3682601342482759,6.3839959129311081,6.6282475003132655,7.1383241015260168]
[null,null,"Adjusted Cost",null,null,{"$f":"F118*F80","v":65},{"$f":"G118*G80","v":69.085586896375588},73.426950436628246,73.665003579012762,74.699475833523223,80.928497028508971,81.831264197957353,82.787381745227592,82.991946868104407,86.167217504072454,92.798213319838226]
[null,null,"Total Operating Cost",null,null,{"$f":"F119*F75","v":41405},{"$f":"G119*G75","v":41011.005589280583},41698.898720344769,45666.243028704099,45634.586260636213,53212.801608988542,65735.884061758494,60684.063886020034,72290.790857758431,78635.869667500883,80579.395945610624]
[]
[null,null,"SG&A Percent",null,null,0.15,0.15272790453654836,0.15402994071239881,0.15211205228799232,0.15247835214008831,0.15329703236371781,0.15561084709110504,0.15734664180518809,0.15704742387925666,0.1567484051324676,0.15368366848102205]
[null,null,"SG&A Amount",null,null,{"$f":"F122*F83","v":18632.25},{"$f":"G122*G83","v":18048.551423405843},18112.29887495724,19331.780253414909,19979.316737674908,20027.21736619544,23652.119375551014,24743.364504809688,31157.939467380183,32896.512104786903,29597.245947833642]
[]
[null,null,"A/P Days",null,null,{"$f":"F108+12","v":42},{"$f":"G108+12","v":41.983335207491379},42.071899858518876,42.112693931613762,42.039711912867347,42.000460342629381,41.884141705471251,41.820347364065739,41.839690985118352,41.751760462351527,41.799018433086189]
[null,null,"A/P Percent",null,null,{"$f":"F125/365","v":0.11506849315068493},{"$f":"G125/365","v":0.11502283618490788},0.11526547906443528,0.11537724364825688,0.11517729291196534,0.11506975436336817,0.11475107316567466,0.11457629414812531,0.11462929037018726,0.11438838482836035,0.11451785872078409]
[null,null,"A/P",null,null,{"$f":"F126*(F120+F123)","v":6908.3958904109586},{"$f":"G126*(G120+G123)","v":6793.1977514234586},6894.166344240085,7499.2927688761183,7557.2317247337614,8427.7109930428433,10257.369322568282,9787.9581636256171,11858.254546867511,12758.009006992059,12617.193110683871]
[]
[null,null,"Debt to Assets",null,null,0.2,0.17849401935198894,0.18960136175012998,0.18518807931828787,0.20539643223843798,0.20812371507546795,0.21894560800114149,0.20024985917716978,0.21547885226620633,0.24393387265580146,0.22253729614691811]
[null,null,"Total Long-term Debt",null,null,{"$f":"F129*F19*1.4","v":87743.810575342461},77542.822104251289,81801.95150178326,79196.738137803099,116518.51848084218,117203.28371813546,122322.83504168107,156829.29283891586,168833.5846360366,190119.28325153104,171680.37869045886]
[null,null,"Interest Rate",null,null,0.06,5.6072426265173739E-2,6.7274952609848157E-2,6.306208942039114E-2,5.5479970254146325E-2,5.4739509363580616E-2,5.3594091881621564E-2,5.2805374038378546E-2,6.354466129632777E-2,5.8358359965373467E-2,4.8471781213251776E-2]
[null,null,"Interest Expense",null,null,{"$f":"F131*F130","v":5264.6286345205472},{"$f":"G131*G130","v":4348.0141748341148},5503.2224106755657,4994.3117822494405,6464.4439393743232,6415.6502465312715,6555.7812604442934,8281.4294685333534,10728.472951141834,11095.049568351647,8321.6537544921339]
[]
[null,null,"Pension Obigations",null,null,367,351.846368818484,378.30379693633728,530.89396264246534,529.67639463985392,821.14621573032855,1302.8032331445575,1108.5024571546164,1554.9150329907091,1798.9565256731112,1873.707536369639]
[]
[null,null,"Deferred Taxes as Pct of Plant",null,null,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,"Deferred Taxes  ",null,null,{"$f":"F136*F13","v":25019.200000000001},24791.273114257601,24560.086874049084,24176.966099177014,34147.778125795703,33857.172764395036,33325.82300278348,49277.110364518034,48895.289087525387,48508.007766271745,48115.188322124181]
[]
[null,null,"Cash Balance",null,null,{"$f":"F83*0.02","v":2484.3000000000002},{"$f":"G83*0.02","v":2363.4910042371143},2351.7893717528741,2541.7815304752094,2620.6102646386239,2612.8643271682099,3039.9062555971404,3145.0769105634436,3967.9656880377047,4197.3648251139994,3851.7099754797332]
[null,null,"Investments",null,null,162.92947945208289,3671.7326596887433,21065.979403247416,31965.788326957147,-1496.1689499788336,10948.891903578537,29282.519600560947,7997.9247975425096,32866.197608946124,74018.088948229793,78158.291389334365]
[null,null,"Interest Income Rate",null,null,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[null,null,"Interest Income  ",null,null,{"$f":"F141*(F139+F140)","v":52.944589589041662},{"$f":"G141*(G139+G140)","v":120.70447327851714},468.35537550000583,690.15139714864711,22.488826293195807,271.23512461493493,646.44851712316176,222.86003416211906,736.68326593967663,1564.3090754668758,1640.2000272962821]
[]
[null,null,"Short-term Debt",null,null,1630,2000,{"$f":"G144","v":2000},2000,10000,7000,6000,6000,6000,6000,6000]
[null,null,"Interest Expense Rate",null,null,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,"Interest Expense  ",null,null,{"$f":"F145*F144","v":81.5},{"$f":"G145*G144","v":100},100,100,500,350,300,300,300,300,300]
[]
[null,null,"Tax Rate",null,null,0.25,0.27026424647202485,0.2776445790257,0.31860916615681417,0.27702328857249997,0.27129950786550588,0.30235445232210734,0.26704441563461517,0.28178547365769091,0.26980448786412614,0.26899517514553334]
[]
[null,null,"Common Equity",null,null,95873.957534246583,{"$f":"F152","v":95873.957534246583},{"$f":"G152","v":95873.957534246583},95873.957534246583,95873.957534246583,95873.957534246583,95873.957534246583,175873.95753424658,175873.95753424658,175873.95753424658,175873.95753424658]
[null,null,"Add: New Equity Issue",null,null,null,null,null,null,null,null,80000,0]
[null,null,"Ending",null,null,{"$f":"F150+F151","v":95873.957534246583},{"$f":"G150+G151","v":95873.957534246583},{"$f":"H150+H151","v":95873.957534246583},95873.957534246583,95873.957534246583,95873.957534246583,175873.95753424658,{"$f":"M150+M151","v":175873.95753424658},175873.95753424658,175873.95753424658,175873.95753424658]
[]
[null,null,"Equity Percent",null,null,{"$f":"(F37)/(F37+F27)","v":0.68605936231845044},{"$f":"(G37)/(G37+G27)","v":0.72310150255057437},0.7230859033911754,0.73881976846069819,0.66821123513695324,0.67705207228105746,0.67573474859911054,0.68711728987406862,0.67793999416350093,0.6614381672061368,0.69359014771659822]
[]
[null,null,"Retained Earings",null,null,76699.166027397267,{"$f":"F159","v":86438.544168227119},{"$f":"G159","v":96500.384101150368},105946.41744223854,115581.42414451059,125592.15565172952,133922.15682033516,142531.54914780144,152484.89795953131,167011.47940604558,182581.79308323155]
[null,null,"Add: Income",null,null,{"$f":"F60","v":32464.59380276618},{"$f":"G60","v":28748.114094066423},{"$f":"H60","v":26988.666688823327},27528.590577920113,28602.090020625532,23800.003338873201,24598.263792760794,28438.13946208535,41504.518418612199,44486.610506245648,35749.002933047195]
[null,null,"Less: Dividends",null,null,{"$f":"F162","v":22725.215661936323},{"$f":"G162","v":18686.274161143174},{"$f":"H162","v":17542.633347735162},17893.583875648073,18591.358513406598,15470.00217026758,15988.871465294516,18484.790650355477,26977.93697209793,28916.296829059673,23236.851906480679]
[null,null,"Closing",null,null,{"$f":"F156+F157-F158","v":86438.544168227119},{"$f":"G156+G157-G158","v":96500.384101150368},{"$f":"H156+H157-H158","v":105946.41744223854},115581.42414451059,125592.15565172952,133922.15682033516,142531.54914780144,152484.89795953131,167011.47940604558,182581.79308323155,195093.94410979806]
[]
[null,null,"Payout Ratio",null,null,0.7,0.65,0.65,0.65,0.65,0.65,0.65,0.65,0.65,0.65,0.65]
[null,null,"Dividends",null,null,{"$f":"F161*F60","v":22725.215661936323},{"$f":"G161*G60","v":18686.274161143174},17542.633347735162,17893.583875648073,18591.358513406598,15470.00217026758,15988.871465294516,18484.790650355477,26977.93697209793,28916.296829059673,23236.851906480679]
[]
[null,null,"Minority",null,null,19174.791506849317,{"$f":"F167","v":20185.278863624157},{"$f":"G167","v":21229.22252112392},22209.274545475229,23208.933077499041,24247.57409480432,25111.834701701591,26005.082912277561,27037.770316585076,28544.94322604682,30160.406234496582]
[null,null,"Add: Income",null,null,{"$f":"F58*0.094","v":3368.2911892494712},{"$f":"G58*0.094","v":2982.696164285037},{"$f":"H58*0.094","v":2800.1486410037446},2856.1672343537425,2967.5457637293603,2469.3160197064908,2552.1377445027756,2950.5354408786125,4306.2083127478445,4615.6085955707404,3709.0576994552275]
[null,null,"Less: Dividends",null,null,{"$f":"F161*F165","v":2357.8038324746299},{"$f":"G161*G165","v":1938.7525067852741},{"$f":"H161*H165","v":1820.096616652434},1856.5087023299327,1928.9047464240841,1605.055412809219,1658.8895339268042,1917.8480365710982,2799.0354032860992,3000.1455871209814,2410.8875046458979]
[null,null,"Closing",null,null,{"$f":"F164+F165-F166","v":20185.278863624157},{"$f":"G164+G165-G166","v":21229.22252112392},{"$f":"H164+H165-H166","v":22209.274545475229},23208.933077499041,24247.57409480432,25111.834701701591,26005.082912277561,27037.770316585076,28544.94322604682,30160.406234496582,31458.576429305911]
[]
[null,null,"Shares",null,null,7400,{"$f":"F172","v":7400},{"$f":"G172","v":7400},7400,7400,7400,7400,9425.6163524319873,9425.6163524319873,9425.6163524319873,9425.6163524319873]
[null,null,"New Equity",null,null,{"$f":"F151","v":0},{"$f":"G151","v":0},{"$f":"H151","v":0},0,0,0,80000,0,0,0,0]
[null,null,"New Shares",null,null,{"$f":"F170/F175","v":0},{"$f":"G170/G175","v":0},{"$f":"H170/H175","v":0},0,0,0,2025.6163524319877,0,0,0,0]
[null,null,"Ending",null,null,{"$f":"F169+F171","v":7400},{"$f":"G169+G171","v":7400},{"$f":"H169+H171","v":7400},7400,7400,7400,9425.6163524319873,9425.6163524319873,9425.6163524319873,9425.6163524319873,9425.6163524319873]
[]
[null,null,"P/E Ratio",null,null,12,11.809684748461157,11.557169675846417,11.608754470749966,11.692773626043753,11.888571173036938,11.881193194615639,12.142076748262294,12.212607286124012,12.010716782883438,11.636718308459308]
[null,null,"Price",null,null,{"$f":"F174*F63","v":52.645287247728938},{"$f":"G174*G63","v":45.879211427529384},{"$f":"H174*H63","v":42.150351384810172},43.185493100658853,45.194292411202625,38.236220758474438,39.494151942420245,36.634004505958224,53.776683146606892,56.687654095225263,44.135159058624282]
[]
[null,null,"Average Equity",null,null,{"$f":"AVERAGE(E37:F37)","v":191747.91506849317},{"$f":"AVERAGE(F37:G37)","v":197122.84781729552},208050.67236130938,218816.60683924062,229346.9821391083,240189.00101851832,250310.81816853187,299659.26932530449,349903.60770234431,363413.50298835099,380023.26850915689]
[null,null,"Net Income",null,null,{"$f":"F60","v":32464.59380276618},{"$f":"G60","v":28748.114094066423},26988.666688823327,27528.590577920113,28602.090020625532,23800.003338873201,24598.263792760794,28438.13946208535,41504.518418612199,44486.610506245648,35749.002933047195]
[]
[null,null,"ROE",null,null,{"$f":"F178/F177","v":0.1693087186432754},{"$f":"G178/G177","v":0.14583856925967192},0.12972160283122611,0.12580667882371796,0.12471099359518582,9.9088647847943065E-2,9.8270877674168353E-2,9.4901584476645831E-2,0.11861700624109948,0.12241320187728864,9.4070563292852169E-2]
[]
[null,null,"Margin",null,null,{"$f":"F48/F46","v":0.66666666666666663},{"$f":"G48/G46","v":0.65296245667312725},0.64538577118183793,0.64067530996524025,0.65172550167867771,0.59268607209575297,0.56751374197329818,0.61410124069017802,0.63562794368058806,0.62530838779130815,0.58159157123155714]