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{"sheet":"Notes","index":0,"n_rows":29,"n_cols":9,"rows_kept":29,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,null,null,null,null,null,"Separate Construction Period"]
[null,"At DSCR > 1, 50% is swept by bank",null,null,null,null,null,null,"Move Transaction Costs to S&U"]
[]
[null,"If production of single customer is 60%",null,null,null,null,null,null,"Problems with inflation in first year"]
[null,null,null,null,null,null,null,null,"Huur Technische ruimte"]
[null,"Put in 1/2 of equity in preference shares at 12%",null,null,null,null,null,null,"Working Capital"]
[null,null,null,null,null,null,null,null,"Fix Depreciation"]
[null,"Look at maco"]
[]
[null,"Preference Interest Senior to sweep"]
[]
[null,"Target Up-front cash"]
[]
[]
[]
[null,"2017-08-29"]
[]
[null,"construction financing, bonds 6% p.a. as of 1 st of September 2016",null,null,null,null,null,1050,"financing "]
[]
[null,"senior debt - quaterly repayments"]
[]
[null,"capex, say 1.6 MEUR, how to finance?",null,null,null,"fix the debt, then cash sweep"]
[]
[null,"taxs"]
[]
[null,"construction started 1 Sept 2016, ends 1 November"]
[]
[null,"cash sweep bank (above 1.0 , 50% sweep)"]

{"sheet":"Model","index":1,"n_rows":771,"n_cols":28,"rows_kept":771,"cut":false,"hidden":false,"merged":[]}
[null,null,"DATA",{"$f":"D178","v":6.1137500405311587E-2},{"$f":"D10","v":"2016-08-31"},{"$f":"EOMONTH(E1,8)","v":"2017-04-30"},{"$f":"EOMONTH(F1,4)","v":"2017-08-31"},{"$f":"EDATE(G1,12)","v":"2018-08-31"},"2019-08-31","2020-08-31","2021-08-31","2022-08-31","2023-08-31","2024-08-31","2025-08-31","2026-08-31","2027-08-31","2028-08-31","2029-08-31","2030-08-31","2031-08-31","2032-08-31","2033-08-31","2034-08-31","2035-08-31","2036-08-31"]
[null,null,null,null,null,{"$f":"1/3","v":0.33333333333333331},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,null,null,null,0,1,{"$f":"G3+1","v":2},{"$f":"H3+1","v":3},4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
["Summary"]
[]
[null,null,null,"Verkoop Koude de Burg",null,null,{"$f":"'Kosten & Scenario''s'!$K$9","v":51840},null,null,null,"Equity IRR"]
[null,"Crowd Funding",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,7]
[null,null,"Total Cash Funding",1050000,null,null,null,null,null,"Uses of Funds",null,"Amount","Percent",null,null,null,null,"Scenarios",null,"Scenario 1","Scenario 2","Scenario 3",null,null,null,85]
[null,null,"Annual Interest Rate",0.06,null,"Pre-tax Project IRR",null,{"$f":"Model!D178","v":6.1137500405311587E-2},null,"Capital Expenditures",null,{"$f":"E195","v":1465519.3033425277},null,null,null,null,null,"Koude levering De Burg",null,51840,57600,72000]
[null,null,"Funding Date","2016-08-31",null,"After-tax Project IRR",null,{"$f":"Model!D191","v":5.0773826241493222E-2},null,"Transaction Costs",null,{"$f":"E196","v":125000},null,null,null,null,null,"MW",null,{"$f":"'Kosten & Scenario''s'!$K$11","v":5300},{"$f":"'Kosten & Scenario''s'!$K$11","v":5300},{"$f":"'Kosten & Scenario''s'!$K$11","v":5300}]
[null,null,null,null,null,null,null,null,null,"Beheerkosten",null,{"$f":"E197","v":50000},null,null,null,null,null,"Verkoopprijs WKO De Burg",null,1250000,1350000,1600000]
[null,"Sr lening",null,null,null,"Target Equity IRR",null,{"$f":"Z8/1000","v":8.5000000000000006E-2},null,"Sub-total",null,{"$f":"E198","v":1640519.3033425277},null,null,null,null,null,"Commerciele waarde ",null,1870000,1870000,1870000]
[null,null,"Minimum DSCR Sr Lening",1.3,null,"Equity IRR",null,{"$f":"Model!D419","v":6.8073740601539645E-2},null,"Interest During Construction",null,{"$f":"E199","v":29361.707628742453},null,null,null,null,null,"Max sr Debt",null,1064100,1072100,1293100,null,null,null,null,{"$f":"+IF(ABS(net_position)>0.5,\"NEED TO RUN MODEL\",\"\")","v":"NEED TO RUN MODEL"}]
[null,null,"Resulting",{"$f":"D265","v":1.3002348034997169},null,null,null,null,null,"Cash for Reserves",null,{"$f":"E232","v":52545.034062427789},null,null,null,null,null,"Sr Debt / Capex",null,0.60506249999999995,0.67006250000000001,0.80818749999999995,null,null,null,null,"optimalisatie van SHL eruit gehaald dus model lost niet zelf funding gap op"]
[null,null,"Rente",3.4000000000000002E-2,null,"Resulting Cap Exp",null,1465519.3033425277,null,"Total",null,{"$f":"SUM(L12:L14)","v":1722426.045033698},null,null,null,null,null,"Max Jr Lening",null,129100,142100,177100]
[null,null,"Effective Quarterly",{"$f":"'Annualized PF'!F22","v":3.2725000000000011E-2},null,"Electricity Cost/kWh",null,{"$f":"Z7/100","v":7.0000000000000007E-2},null,null,null,null,null,null,null,null,null,"cash equity IRR",null,0.104,0.10299999999999999,0.10100000000000001]
[null,null,"Looptijd",17,null,null,null,null,null,"Sources of Funds",null,null,null,null,null,null,null,"Equity",null,325000,350000,400000]
[null,null,"Sr. Debt amount",1352166.6057169533,null,"Fix Debt Repayments",null,false,null,"Senior Debt",null,{"$f":"E218","v":1147916.5072350213},{"$f":"L18/L22","v":0.66645329159114242},null,null,null,null,"Start SHL",null,0,0,0]
[null,null,"Max Debt to Capital",0.65,null,null,null,null,null,"Subordinated Debt",null,{"$f":"E219","v":0},{"$f":"L19/L22","v":0},null,null,null,null,"Total non-equity",null,{"$f":"sr_1+jr_1+shl_1","v":1193200},{"$f":"sr_1+jr_1+shl_1","v":1193200},{"$f":"sr_1+jr_1+shl_1","v":1193200}]
[null,null,"Cash Sweep",1,null,"Apply Dynamic Goal Seek",null,true,null,"Preference ",null,{"$f":"E220","v":0},{"$f":"L20/$L$22","v":0}]
[null,null,"Level Repayment (True) /Sculpt ",true,null,null,null,null,null,"Equity",null,{"$f":"E239","v":574509.53779867676},{"$f":"L21/$L$22","v":0.33354670840885764}]
[null,null,"Max DSCR Before Sweep",1.5,null,"NPV",null,{"$f":"Model!D422","v":-89386.227580876759},null,"Total",null,{"$f":"SUM(L18:L21)","v":1722426.045033698}]
[]
[null,"Jr Lening",null,null,null,"Taxes"]
[null,null,"Apply Junior Debt",false,null,"First Increment",null,200000,null,"Preference Shares"]
[null,null,"Min DSCR After Jr",1.1000000000000001,null,"Tax Rate 1st Increment",null,0.2,null,"Percent of Equity",null,0]
[null,null,"Actual",{"$f":"D284","v":1.3002348034997169},null,"Tax Rate 2nd Increment",null,0.25,null,"Interest Rate",null,0.12]
[null,null,"Rente",6.5000000000000002E-2,null,null,null,null,null,"Tenor",null,20]
[null,null,"Effective Quarterly",{"$f":"'Annualized PF'!I22","v":6.2562499999999993E-2},null,"Construction Months",null,12]
[null,null,"Looptijd",15]
[null,null,"Amount",155100,null,"Tax Depreciation Life",null,20]
[null,null,"Max Total Debt to Capital",0.8,null,"Annual Rate",null,{"$f":"1/H31","v":0.05}]
[null,null,"Level Repayment",true]
[null,null,null,null,null,"DSRA Percent",null,0.5]
[]
["Turnover"]
[null,"De Burg"]
[null,null,"Koude levering",{"$f":"Model!de_burg","v":51840},null,{"$f":"$D38*F$2","v":17280},51840,51840,51840,51840,51840,51840,51840,51840,51840,51840,51840,51840,51840,51840,51840,51840,51840,51840,51840,51840]
[null,null,"Tarief koude",2.4700000000000002,null,{"$f":"D39*(100%+$D40*F2)","v":2.4823499999999998},{"$f":"F39*(100%+$D40*G2)","v":2.5195852499999996},2.5573790287499993,2.5957397141812493,2.6346758098939675,2.6741959470423766,2.7143088862480118,2.7550235195417319,2.7963488723348577,2.8382941054198803,2.8808685170011783,2.9240815447561959,2.9679427679275383,3.0124619094464511,3.0576488380881477,3.1035135706594694,3.1500662742193613,3.1973172683326512,3.2452770273576408,3.2939561827680053,3.3433655255095251]
[null,null,"Indexatie tarief",1.4999999999999999E-2]
[null,null,"Omzet koude levering",null,null,{"$f":"F38*D39","v":42681.600000000006},{"$f":"G38*F39","v":128685.02399999999},{"$f":"H38*H39","v":132574.52885039998},134563.14678315597,136581.59398490327,138630.31789467682,140709.77266309693,142820.41925304339,144962.72554183903,147137.16642496659,149344.22392134109,151584.3872801612,153858.15308936359,156166.02538570404,158508.51576648958,160886.1435029869,163299.43565553168,165748.92719036463,168235.16109822009,170758.68851469341,173320.06884241378]
[]
[null,null,"Vermogen koude",5300,null,{"$f":"$D43*F2","v":1766.6666666666665},5300,5300,5300,5300,5300,5300,5300,5300,5300,5300,5300,5300,5300,5300,5300,5300,5300,5300,5300,5300]
[null,null,"Vastrecht koude",11.66,null,{"$f":"D44*(100%+$D45*F2)","v":11.718299999999999},{"$f":"F44*(100%+$D45*G2)","v":11.894074499999999},12.072485617499998,12.253572901762498,12.437376495288934,12.623937142718267,12.813296199859041,13.005495642856925,13.200578077499777,13.398586748662273,13.599565549892207,13.803559033140589,14.010612418637697,14.22077160491726,14.434083178991019,14.650594426675882,14.870353343076019,15.093408643222158,15.319809772870489,15.549606919463544,15.782851023255496]
[null,null,"Indexatie vastrecht",1.4999999999999999E-2]
[null,null,"Omzet vastrecht koude",null,null,{"$f":"F43*F44","v":20702.329999999998},{"$f":"G43*G44","v":63038.594849999994},{"$f":"H43*H44","v":63984.173772749993},64943.936379341241,65918.095425031352,66906.866856406821,67910.469859252917,68929.126907141705,69963.063810748819,71012.509767910044,72077.697414428694,73158.862875645122,74256.245818779789,75370.089506061486,76500.640848652401,77648.150461382174,78812.872718302897,79995.065809077438,81194.991796213595,82412.916673156782,83649.110423254126]
[]
[null,null,"Totaal omzet De Burg",null,null,{"$f":"F46+F41","v":63383.930000000008},{"$f":"G46+G41","v":191723.61884999997},{"$f":"H46+H41","v":196558.70262314996},199507.08316249721,202499.68940993462,205537.18475108364,208620.24252234984,211749.5461601851,214925.78935258783,218149.67619287665,221421.92133576979,224743.25015580631,228114.3989081434,231536.11489176552,235009.15661514198,238534.29396436908,242112.30837383459,245743.99299944207,249430.1528944337,253171.60518785019,256969.17926566792,null,"To model"]
[]
[null,"Stammis"]
[null,null,"Warmte levering",342.5,null,{"$f":"$D51*F2","v":114.16666666666666},342.5,342.5,342.5,342.5,342.5,342.5,342.5,342.5,342.5,342.5,342.5,342.5,342.5,342.5,342.5,342.5,342.5,342.5,342.5,342.5]
[null,null,"Tarief warmte",18.71,null,{"$f":"D52*(100%+$D53*F2)","v":18.803549999999998},{"$f":"F52*(100%+$D53*G2)","v":19.085603249999995},19.371887298749993,19.662465608231241,19.957402592354708,20.256763631240027,20.560615085708626,20.869024311994252,21.182059676674164,21.499790571824274,21.822287430401637,22.149621741857661,22.481866067985525,22.819094059005305,23.161380469890382,23.508801176938736,23.861433194592813,24.219354692511704,24.582645012899377,24.951384688092865,25.325655458414257]
[null,null,"Indexatie tarief",1.4999999999999999E-2]
[null,null,"Omzet warmte levering",null,null,{"$f":"F51*F52","v":2146.7386249999995},{"$f":"G51*G52","v":6536.8191131249978},{"$f":"H51*H52","v":6634.8713998218727},6734.3944708192003,6835.4103878814876,6937.9415436997087,7042.0106668552044,7147.6408268580317,7254.8554392609012,7363.678270849814,7474.1334449125607,7586.2454465862493,7700.0391282850424,7815.5397152093174,7932.7728109374557,8051.764403101517,8172.5408691480388,8295.1289821852588,8419.555916918036,8545.8492556718065,8674.0369945068833]
[]
[null,null,"Vermogen warmte",1000,null,{"$f":"$D56*F2","v":333.33333333333331},1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000]
[null,null,"Vastrecht warmte",1.5620000000000001,null,{"$f":"D57*(100%+$D58*F2)","v":1.5698099999999999},{"$f":"F57*(100%+$D58*G2)","v":1.5933571499999997},1.6172575072499995,1.6415163698587494,1.6661391154066305,1.6911312021377298,1.7164981701697957,1.7422456427223425,1.7683793273631774,1.7949050172736249,1.8218285925327291,1.8491560214207199,1.8768933617420305,1.9050467621681608,1.9336224636006831,1.9626268005546932,1.9920662025630134,2.0219471956014585,2.0522764035354801,2.0830605495885122,2.1143064578323396]
[null,null,"Indexatie vastrecht",1.4999999999999999E-2]
[null,null,"Omzet vastrecht warmte",null,null,{"$f":"F56*F57","v":523.27},{"$f":"G56*G57","v":1593.3571499999996},{"$f":"H56*H57","v":1617.2575072499994},1641.5163698587494,1666.1391154066305,1691.1312021377298,1716.4981701697957,1742.2456427223426,1768.3793273631775,1794.9050172736249,1821.8285925327291,1849.15602142072,1876.8933617420305,1905.0467621681607,1933.6224636006832,1962.6268005546931,1992.0662025630133,2021.9471956014586,2052.2764035354803,2083.060549588512,2114.3064578323397]
[]
[null,null,"Koude levering",14,null,{"$f":"$D61*F2","v":4.6666666666666661},14,14,14,14,14,14,14,14,14,14,14,14,14,14,14,14,14,14,14,14]
[null,null,"Tarief koude",18.71,null,{"$f":"D62*(100%+$D63*F2)","v":18.77236666666667},{"$f":"F62*(100%+$D63*G2)","v":18.960090333333337},19.149691236666669,19.341188149033336,19.53460003052367,19.729946030828906,19.927245491137196,20.126517946048569,20.327783125509054,20.531060956764144,20.736371566331787,20.943735281995107,21.153172634815057,21.364704361163209,21.578351404774843,21.794134918822593,22.012076268010819,22.232197030690926,22.454519000997834,22.679064191007814,22.905854832917893]
[null,null,"Indexatie tarief",0.01]
[null,null,"Omzet koude levering",null,null,{"$f":"F61*F62","v":87.604377777777785},{"$f":"G61*G62","v":265.44126466666671},{"$f":"H61*H62","v":268.09567731333334},270.77663408646669,273.48440042733137,276.21924443160469,278.98143687592074,281.77125124467995,284.58896375712675,287.434853394698,290.309201928645,293.21229394793147,296.14441688741078,299.10586105628494,302.09691966684778,305.11788886351633,308.16906775215148,311.25075842967294,314.36326601396968,317.50689867410938,320.68196766085049]
[]
[null,null,"Vermogen koude",0,null,{"$f":"$D66*F2","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Vastrecht koude",0,null,{"$f":"D67*(100%+$D68*F2)","v":0},{"$f":"F67*(100%+$D68*G2)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Indexatie vastrecht",0.01]
[null,null,"Omzet vastrecht koude",null,null,{"$f":"F66*F67","v":0},{"$f":"G66*G67","v":0},{"$f":"H66*H67","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Totaal omzet Stammis",null,null,{"$f":"F69+F64+F59+F54","v":2757.6130027777772},{"$f":"G69+G64+G59+G54","v":8395.6175277916645},{"$f":"H69+H64+H59+H54","v":8520.2245843852052},8646.687474764416,8775.0339037154499,8905.2919902690428,9037.4902739009212,9171.6577208250546,9307.8237303812057,9446.018141518136,9586.2712393739348,9728.6137619549008,9873.0769069144844,10019.692338433762,10168.492194204988,10319.509092519726,10472.776139463203,10628.32693621639,10786.195586467486,10946.416703934428,11109.025420000075,null,"To model"]
[]
[null,null,"Total Revenues",null,null,{"$f":"F71+F48","v":66141.543002777791},200119.23637779165,205078.92720753516,208153.77063726162,211274.72331365009,214442.47674135267,217657.73279625076,220921.20388101015,224233.61308296904,227595.69433439479,231008.19257514371,234471.86391776122,237987.47581505787,241555.80723019928,245177.64880934698,248853.80305688881,252585.0845132978,256372.31993565845,260216.34848090119,264118.02189178462,268078.204685668]
[]
["OPERATING COST"]
[null,"De Burg"]
[null,null,"Electriciteitsverbruik",{"$f":"D38*4.90041666666667","v":254037.60000000018},null,{"$f":"$D77*F2","v":84679.200000000055},254037.60000000018,254037.60000000018,254037.60000000018,254037.60000000018,254037.60000000018,254037.60000000018,254037.60000000018,254037.60000000018,254037.60000000018,254037.60000000018,254037.60000000018,254037.60000000018,254037.60000000018,254037.60000000018,254037.60000000018,254037.60000000018,254037.60000000018,254037.60000000018,254037.60000000018,254037.60000000018]
[null,null,"Inkoopprijs elektriciteit",{"$f":"Model!H16","v":7.0000000000000007E-2},null,{"$f":"D78*(100%+$D79*F2)","v":7.0233333333333342E-2},{"$f":"F78*(100%+$D79*G2)","v":7.0935666666666675E-2},7.1645023333333335E-2,7.2361473566666668E-2,7.3085088302333331E-2,7.3815939185356672E-2,7.4554098577210237E-2,7.5299639562982343E-2,7.6052635958612169E-2,7.6813162318198291E-2,7.7581293941380275E-2,7.8357106880794072E-2,7.9140677949602015E-2,7.9932084729098032E-2,8.0731405576389012E-2,8.1538719632152909E-2,8.2354106828474438E-2,8.3177647896759188E-2,8.4009424375726782E-2,8.4849518619484046E-2,8.5698013805678888E-2]
[null,null,"Indexatie inkoopprijs",0.01]
[null,null,"Totaal inkoopkosten",null,null,{"$f":"F77*F78","v":5947.3024800000048},{"$f":"G77*G78","v":18020.326514400014},{"$f":"H77*H78","v":18200.529779544013},18382.535077339453,18566.360428112846,18752.024032393976,18939.544272717918,19128.939715445096,19320.229112599547,19513.431403725543,19708.565717762798,19905.651374940426,20104.707888689831,20305.75496757673,20508.812517252496,20713.900642425022,20921.039648849273,21130.250045337765,21341.552545791146,21554.968071249055,21770.517751961546]
[]
[null,"Stammis"]
[null,null,"Electriciteitsverbruik",19028,null,{"$f":"$D83*F2","v":6342.6666666666661},19028,19028,19028,19028,19028,19028,19028,19028,19028,19028,19028,19028,19028,19028,19028,19028,19028,19028,19028,19028]
[null,null,"Inkoopprijs elektriciteit",{"$f":"Model!D78","v":7.0000000000000007E-2},null,{"$f":"D84*(100%+$D85*F2)","v":7.0233333333333342E-2},{"$f":"F84*(100%+$D85*G2)","v":7.0935666666666675E-2},7.1645023333333335E-2,7.2361473566666668E-2,7.3085088302333331E-2,7.3815939185356672E-2,7.4554098577210237E-2,7.5299639562982343E-2,7.6052635958612169E-2,7.6813162318198291E-2,7.7581293941380275E-2,7.8357106880794072E-2,7.9140677949602015E-2,7.9932084729098032E-2,8.0731405576389012E-2,8.1538719632152909E-2,8.2354106828474438E-2,8.3177647896759188E-2,8.4009424375726782E-2,8.4849518619484046E-2,8.5698013805678888E-2]
[null,null,"Indexatie inkoopprijs",0.01]
[null,null,"Totaal inkoopkosten",null,null,{"$f":"F83*F84","v":445.46662222222221},{"$f":"G83*G84","v":1349.7638653333336},{"$f":"H83*H84","v":1363.2615039866666},1376.8941190265334,1390.6630602167986,1404.5696908189668,1418.6153877271563,1432.8015416044279,1447.1295570204722,1461.6008525906771,1476.2168611165839,1490.9790297277495,1505.8888200250271,1520.9477082252774,1536.1571853075302,1551.5187571606054,1567.0339447322117,1582.7042841795339,1598.5313270213292,1614.5166402915424,1630.6618066944579]
[]
[null,null,"Total",null,null,{"$f":"F86+F80","v":6392.769102222227},{"$f":"G86+G80","v":19370.090379733349},{"$f":"H86+H80","v":19563.791283530678},19759.429196365985,19957.023488329643,20156.593723212944,20358.159660445075,20561.741257049525,20767.358669620018,20975.032256316219,21184.782578879382,21396.630404668176,21610.596708714857,21826.702675802007,22044.969702560025,22265.419399585626,22488.073593581485,22712.954329517299,22940.083872812476,23169.484711540597,23401.179558656004]
[]
["OPEX",null,null,null,null,0,1,{"$f":"G90+1","v":2},{"$f":"H90+1","v":3},4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21]
[null,"De Burg + Stammis"]
[null,"Onderhoud"]
[null,null,"Asset kostprijs",{"$f":"Model!D140","v":1465519.3033425277},null,{"$f":"Model!D93","v":1465519.3033425277},{"$f":"Model!F93","v":1465519.3033425277},{"$f":"Model!G93","v":1465519.3033425277},{"$f":"Model!H93","v":1465519.3033425277},{"$f":"Model!I93","v":1465519.3033425277},{"$f":"Model!J93","v":1465519.3033425277}]
[null,null,"% onderhoudskosten",null,null,5.0000000000000001E-3,7.4999999999999997E-3,0.01,1.4999999999999999E-2,0.02,2.5000000000000001E-2]
[null,null,"Indexatie",null,null,null,null,null,null,null,null,1.4999999999999999E-2,{"$f":"Model!L95","v":1.4999999999999999E-2},{"$f":"Model!M95","v":1.4999999999999999E-2},{"$f":"Model!N95","v":1.4999999999999999E-2},{"$f":"Model!O95","v":1.4999999999999999E-2},{"$f":"Model!P95","v":1.4999999999999999E-2},{"$f":"Model!Q95","v":1.4999999999999999E-2},{"$f":"Model!R95","v":1.4999999999999999E-2},{"$f":"Model!S95","v":1.4999999999999999E-2},{"$f":"Model!T95","v":1.4999999999999999E-2},{"$f":"Model!U95","v":1.4999999999999999E-2},{"$f":"Model!V95","v":1.4999999999999999E-2},{"$f":"Model!W95","v":1.4999999999999999E-2},{"$f":"Model!X95","v":1.4999999999999999E-2},{"$f":"Model!Y95","v":1.4999999999999999E-2}]
[null,null,"Onderhoudskosten",null,null,{"$f":"F94*F93","v":7327.5965167126387},10991.394775068957,14655.193033425277,21982.789550137913,29310.386066850555,36637.982583563193,{"$f":"K96*(100%+$L95)","v":37187.552322316638},37745.365607151383,38311.54609125865,38886.219282627528,39469.512571866937,40061.55526044494,40662.478589351609,41272.41576819188,41891.502004714755,42519.874534785471,43157.672652807247,43805.03774259935,44462.113308738335,45129.045008369409,45805.980683494949,null,"To model"]
[]
[null,"Monitoring & Verification"]
[null,null,"Project kostprijs",{"$f":"Model!D140","v":1465519.3033425277}]
[null,null,"% monitoringkosten",4.0000000000000001E-3]
[null,null,"Indexatie",1.4999999999999999E-2]
[null,null,"Monitoring kosten",null,null,{"$f":"$D$99*$D$100*(100%+$D$101)*F2","v":1983.3361238568873},{"$f":"$D$99*$D$100*G2*(100%+$D$101)^H90","v":6039.2584971442211},6129.8473746013842,6221.795085220404,6315.1220114987091,6409.848841671188,6505.9965742962549,6603.5865229106985,6702.6403207543581,6803.1799255656724,6905.2276244491568,7008.8060388158929,7113.9381293981305,7220.6472013391003,7328.9569093591863,7438.891262999573,7550.4746319445658,7663.7317514237338,7778.6877276950891,7895.3680436105124,8013.7985642646699]
[null,null,null,null,null,null,"`"]
[null,"Verzekering"]
[null,null,"Omzet levering koude",null,null,{"$f":"Model!F41","v":42681.600000000006},{"$f":"Model!G41","v":128685.02399999999},{"$f":"Model!H41","v":132574.52885039998},{"$f":"Model!I41","v":134563.14678315597},{"$f":"Model!J41","v":136581.59398490327},{"$f":"Model!K41","v":138630.31789467682},{"$f":"Model!L41","v":140709.77266309693},{"$f":"Model!M41","v":142820.41925304339},{"$f":"Model!N41","v":144962.72554183903},{"$f":"Model!O41","v":147137.16642496659},{"$f":"Model!P41","v":149344.22392134109},{"$f":"Model!Q41","v":151584.3872801612},{"$f":"Model!R41","v":153858.15308936359},{"$f":"Model!S41","v":156166.02538570404},{"$f":"Model!T41","v":158508.51576648958},{"$f":"Model!U41","v":160886.1435029869},{"$f":"Model!V41","v":163299.43565553168},{"$f":"Model!W41","v":165748.92719036463},{"$f":"Model!X41","v":168235.16109822009},{"$f":"Model!Y41","v":170758.68851469341},{"$f":"Model!Z41","v":173320.06884241378}]
[null,null,"Omzet vastrechte koude",null,null,{"$f":"Model!F46","v":20702.329999999998},{"$f":"Model!G46","v":63038.594849999994},{"$f":"Model!H46","v":63984.173772749993},{"$f":"Model!I46","v":64943.936379341241},{"$f":"Model!J46","v":65918.095425031352},{"$f":"Model!K46","v":66906.866856406821},{"$f":"Model!L46","v":67910.469859252917},{"$f":"Model!M46","v":68929.126907141705},{"$f":"Model!N46","v":69963.063810748819},{"$f":"Model!O46","v":71012.509767910044},{"$f":"Model!P46","v":72077.697414428694},{"$f":"Model!Q46","v":73158.862875645122},{"$f":"Model!R46","v":74256.245818779789},{"$f":"Model!S46","v":75370.089506061486},{"$f":"Model!T46","v":76500.640848652401},{"$f":"Model!U46","v":77648.150461382174},{"$f":"Model!V46","v":78812.872718302897},{"$f":"Model!W46","v":79995.065809077438},{"$f":"Model!X46","v":81194.991796213595},{"$f":"Model!Y46","v":82412.916673156782},{"$f":"Model!Z46","v":83649.110423254126}]
[null,null,"Totaal",null,null,{"$f":"F105+F106","v":63383.930000000008},{"$f":"G105+G106","v":191723.61884999997},{"$f":"H105+H106","v":196558.70262314996},199507.08316249721,202499.68940993462,205537.18475108364,208620.24252234984,211749.5461601851,214925.78935258783,218149.67619287665,221421.92133576979,224743.25015580631,228114.3989081434,231536.11489176552,235009.15661514198,238534.29396436908,242112.30837383459,245743.99299944207,249430.1528944337,253171.60518785019,256969.17926566792]
[null,null,"% verzekeringskosten",1.4999999999999999E-2,null,{"$f":"F107*$D$108","v":950.75895000000003},2875.8542827499996,2948.3805393472494,2992.606247437458,3037.4953411490192,3083.0577712662543,3129.3036378352476,3176.2431924027765,3223.8868402888174,3272.2451428931495,3321.3288200365469,3371.1487523370947,3421.7159836221508,3473.0417233764829,3525.1373492271296,3578.0144094655361,3631.6846256075187,3686.1598949916311,3741.4522934165052,3797.5740778177528,3854.5376889850186,null,"To model"]
[]
[null,"Beheerkosten"]
[null,null,"Totaal investering",{"$f":"D140+D146+D153","v":1465519.3033425277}]
[null,null,"% Beheerkosten",0.01]
[null,null,"Indexatie",1.4999999999999999E-2]
[null,null,"Beheerkosten",null,50000,0,{"$f":"$D$111*$D$112*(1+$D$113)^(G$90)*G2","v":14875.020928926655},15098.146242860552,15324.618436503459,15554.487713051009,15787.805028746772,16024.62210417797,16264.991435740638,16508.966307276747,16756.600801885896,17007.94981391418,17263.069061122893,17522.01509703973,17784.845323495327,18051.61800334775,18322.392273397967,18597.228157498932,18876.186579861413,19159.329378559334,19446.71931923772,19738.42010902628,null,"To model"]
[]
[null,null,"Huur Technische ruimte",5000,null,{"$f":"$D$116*F2","v":1666.6666666666665},5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000]
[]
[null,null,"Total Operating Expenses",null,null,{"$f":"F114+F108+F102+F96+F116","v":11928.358257236192},{"$f":"G114+G108+G102+G96+G116","v":39781.52848388983},43831.567190234462,51521.809319299238,59217.491132549287,66918.694225247411,67847.47463862611,68790.186758205498,69747.039559578581,70718.245152972246,71704.01883026681,72704.579112720821,73720.147799411614,74750.950016402785,75797.214266648822,76859.172480648544,77937.060067858256,79031.115968876125,80141.58270840926,81268.706449035395,82412.737045770918]
[]
[null,null,"EBITDA",null,null,{"$f":"F73-F118-F88","v":47820.415643319371},140967.61751416847,141683.56873377002,136872.53212159639,132100.20869277118,127367.18879289232,129452.09849717956,131569.27586575513,133719.21485377045,135902.41692510631,138119.39116599751,140370.65440037224,142656.73130693141,144978.15453799447,147335.46484013813,149729.21117665461,152159.95085185807,154628.24963726502,157134.68189967945,159679.83073120864,162264.28808124107]
[null,null,"Check",null,null,{"$f":"F120-F246","v":3333.3333333333358},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["WORKING CAPITAL CHANGES"]
[null,"Days Sales Outstanding",null,0,null,{"$f":"$D$124","v":0},{"$f":"$D$124","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Percent of Revenues",null,null,null,{"$f":"F124/(360*F2)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Revenues",null,null,null,{"$f":"Model!F88","v":6392.769102222227},{"$f":"Model!G88","v":19370.090379733349},{"$f":"Model!H88","v":19563.791283530678},{"$f":"Model!I88","v":19759.429196365985},{"$f":"Model!J88","v":19957.023488329643},{"$f":"Model!K88","v":20156.593723212944},{"$f":"Model!L88","v":20358.159660445075},{"$f":"Model!M88","v":20561.741257049525},{"$f":"Model!N88","v":20767.358669620018},{"$f":"Model!O88","v":20975.032256316219},{"$f":"Model!P88","v":21184.782578879382},{"$f":"Model!Q88","v":21396.630404668176},{"$f":"Model!R88","v":21610.596708714857},{"$f":"Model!S88","v":21826.702675802007},{"$f":"Model!T88","v":22044.969702560025},{"$f":"Model!U88","v":22265.419399585626},{"$f":"Model!V88","v":22488.073593581485},{"$f":"Model!W88","v":22712.954329517299},{"$f":"Model!X88","v":22940.083872812476},{"$f":"Model!Y88","v":23169.484711540597},{"$f":"Model!Z88","v":23401.179558656004}]
[null,"Debiteuren",null,null,null,{"$f":"F126*F125","v":0},{"$f":"G126*G125","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"∆ Debiteuren",null,null,null,{"$f":"F127-E127","v":0},{"$f":"G127-F127","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Days Payables Outstanding",null,0,null,{"$f":"$D$130","v":0},{"$f":"$D$130","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Percent of Operating Cost",null,null,null,{"$f":"F130/(360*F2)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Operating Expenses",null,null,null,{"$f":"Model!F118","v":11928.358257236192},{"$f":"Model!G118","v":39781.52848388983},{"$f":"Model!H118","v":43831.567190234462},{"$f":"Model!I118","v":51521.809319299238},{"$f":"Model!J118","v":59217.491132549287},{"$f":"Model!K118","v":66918.694225247411},{"$f":"Model!L118","v":67847.47463862611},{"$f":"Model!M118","v":68790.186758205498},{"$f":"Model!N118","v":69747.039559578581},{"$f":"Model!O118","v":70718.245152972246},{"$f":"Model!P118","v":71704.01883026681},{"$f":"Model!Q118","v":72704.579112720821},{"$f":"Model!R118","v":73720.147799411614},{"$f":"Model!S118","v":74750.950016402785},{"$f":"Model!T118","v":75797.214266648822},{"$f":"Model!U118","v":76859.172480648544},{"$f":"Model!V118","v":77937.060067858256},{"$f":"Model!W118","v":79031.115968876125},{"$f":"Model!X118","v":80141.58270840926},{"$f":"Model!Y118","v":81268.706449035395},{"$f":"Model!Z118","v":82412.737045770918}]
[null,"Crediteuren",null,null,null,{"$f":"F131*F132","v":0},{"$f":"G131*G132","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"∆ Crediteuren",null,null,null,{"$f":"F133-E133","v":0},{"$f":"G133-F133","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"∆ Working Capital",null,null,null,{"$f":"F128-F134","v":0},{"$f":"G128-G134","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["CAPEX",null,null,null,null,0,1,{"$f":"G138+1","v":2},{"$f":"H138+1","v":3},4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,"Capex 1"]
[null,null,"Amount",{"$f":"Model!H15","v":1465519.3033425277}]
[null,null,"Year",0]
[null,null,"Capex life",{"$f":"H31","v":20}]
[null,null,"Capex",null,{"$f":"-$D$140*(F$138=$D$141)","v":-1465519.3033425277},null,{"$f":"-$D$140*(G$138=$D$141)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Depreciation",null,{"$f":"($D$140/$D$142)*(AND(F$138>$D$141,F138<=($D$141+$D$142)))","v":0},null,{"$f":"($D$140/$D$142)*(AND(G$138>$D$141,G138<=($D$141+$D$142)))","v":73275.965167126385},73275.965167126385,73275.965167126385,73275.965167126385,73275.965167126385,73275.965167126385,73275.965167126385,73275.965167126385,73275.965167126385,73275.965167126385,73275.965167126385,73275.965167126385,73275.965167126385,73275.965167126385,73275.965167126385,73275.965167126385,73275.965167126385,73275.965167126385,73275.965167126385,73275.965167126385]
[]
[null,"Capex 2"]
[null,null,"Year",0]
[null,null,"Capex life",20]
[null,null,"Capex",null,{"$f":"-$D$146*(F$138=$D$147)","v":0},null,{"$f":"-$D$146*(G$138=$D$147)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Depreciation",null,{"$f":"($D$146/$D$148)*(AND(F$138>$D$147,F$138<=($D$147+$D$148)))","v":0},null,{"$f":"($D$146/$D$148)*(AND(G$138>$D$147,G$138<=($D$147+$D$148)))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Capex 3"]
[null,null,"Amount",0]
[null,null,"Year",0]
[null,null,"Capex life",15]
[null,null,"Capex",null,{"$f":"-$D$153*(F$138=$D$154)","v":0},null,{"$f":"-$D$153*(G$138=$D$154)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Depreciation",null,{"$f":"($D$153/$D$155)*(AND(F$138>$D$154,F$138<=($D$154+$D$155)))","v":0},null,{"$f":"($D$153/$D$155)*(AND(G$138>$D$154,G$138<=($D$154+$D$155)))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Total Capex",null,{"$f":"(E143+E149+E156)*-1","v":1465519.3033425277},null,{"$f":"G143+G149+G156","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,null,"To model"]
[null,null,"Transaction Costs",null,{"$f":"E196","v":125000}]
[null,null,"Beheerkosten",null,{"$f":"E197","v":50000}]
[null,null,"Interest During Construction",null,{"$f":"E199","v":29361.707628742453}]
[null,null,"Total Depreciation Base",null,{"$f":"SUM(E159:E162)","v":1669881.0109712703}]
[]
[null,null,"Total depreciation Rate",{"$f":"D142","v":20},null,{"$f":"1/$D$165*F2","v":1.6666666666666666E-2},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,"Total depreciation",{"$f":"E163","v":1669881.0109712703},{"$f":"E144+E150+E157","v":0},{"$f":"MIN(F165*$D$166,E170)","v":27831.350182854505},{"$f":"MIN(G165*$D$166,F170)","v":83494.050548563522},83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,55662.700365709374]
[]
[null,null,"Gross Plant",null,{"$f":"E163","v":1669881.0109712703},{"$f":"E168","v":1669881.0109712703},{"$f":"F168","v":1669881.0109712703},1669881.0109712703,1669881.0109712703,1669881.0109712703,1669881.0109712703,1669881.0109712703,1669881.0109712703,1669881.0109712703,1669881.0109712703,1669881.0109712703,1669881.0109712703,1669881.0109712703,1669881.0109712703,1669881.0109712703,1669881.0109712703,1669881.0109712703,1669881.0109712703,1669881.0109712703,1669881.0109712703,1669881.0109712703]
[null,null,"Accumulated Depreciation",null,null,{"$f":"E169+F166","v":27831.350182854505},{"$f":"F169+G166","v":111325.40073141802},194819.45127998153,278313.50182854506,361807.5523771086,445301.60292567214,528795.65347423567,612289.70402279915,695783.75457136263,779277.80511992611,862771.85566848959,946265.90621705307,1029759.9567656165,1113254.00731418,1196748.0578627435,1280242.108411307,1363736.1589598705,1447230.2095084339,1530724.2600569974,1614218.3106055609,1669881.0109712703]
[null,null,"Net Plant",null,null,{"$f":"F168-F169","v":1642049.6607884157},{"$f":"G168-G169","v":1558555.6102398522},1475061.5596912887,1391567.5091427253,1308073.4585941616,1224579.4080455981,1141085.3574970346,1057591.3069484711,974097.25639990764,890603.20585134416,807109.15530278068,723615.1047542172,640121.05420565372,556627.00365709024,473132.95310852677,389638.90255996329,306144.85201139981,222650.80146283633,139156.75091427285,55662.700365709374,0]
[]
["Project Cash Flow and IRR"]
[null,"EBITDA",null,null,{"$f":"Model!E120","v":0},{"$f":"Model!F120","v":47820.415643319371},{"$f":"Model!G120","v":140967.61751416847},{"$f":"Model!H120","v":141683.56873377002},{"$f":"Model!I120","v":136872.53212159639},{"$f":"Model!J120","v":132100.20869277118},{"$f":"Model!K120","v":127367.18879289232},{"$f":"Model!L120","v":129452.09849717956},{"$f":"Model!M120","v":131569.27586575513},{"$f":"Model!N120","v":133719.21485377045},{"$f":"Model!O120","v":135902.41692510631},{"$f":"Model!P120","v":138119.39116599751},{"$f":"Model!Q120","v":140370.65440037224},{"$f":"Model!R120","v":142656.73130693141},{"$f":"Model!S120","v":144978.15453799447},{"$f":"Model!T120","v":147335.46484013813},{"$f":"Model!U120","v":149729.21117665461},{"$f":"Model!V120","v":152159.95085185807},{"$f":"Model!W120","v":154628.24963726502},{"$f":"Model!X120","v":157134.68189967945},{"$f":"Model!Y120","v":159679.83073120864},{"$f":"Model!Z120","v":162264.28808124107}]
[null,"Less: Cap Exp",null,null,{"$f":"-SUM(E159:E161)","v":-1640519.3033425277},{"$f":"Model!F159","v":0},{"$f":"Model!G159","v":0},{"$f":"Model!H159","v":0},{"$f":"Model!I159","v":0},{"$f":"Model!J159","v":0},{"$f":"Model!K159","v":0},{"$f":"Model!L159","v":0},{"$f":"Model!M159","v":0},{"$f":"Model!N159","v":0},{"$f":"Model!O159","v":0},{"$f":"Model!P159","v":0},{"$f":"Model!Q159","v":0},{"$f":"Model!R159","v":0},{"$f":"Model!S159","v":0},{"$f":"Model!T159","v":0},{"$f":"Model!U159","v":0},{"$f":"Model!V159","v":0},{"$f":"Model!W159","v":0},{"$f":"Model!X159","v":0},{"$f":"Model!Y159","v":0},{"$f":"Model!Z159","v":0}]
[null,"Less: WC Movements",null,null,{"$f":"Model!E136","v":0},{"$f":"Model!F136","v":0},{"$f":"Model!G136","v":0},{"$f":"Model!H136","v":0},{"$f":"Model!I136","v":0},{"$f":"Model!J136","v":0},{"$f":"Model!K136","v":0},{"$f":"Model!L136","v":0},{"$f":"Model!M136","v":0},{"$f":"Model!N136","v":0},{"$f":"Model!O136","v":0},{"$f":"Model!P136","v":0},{"$f":"Model!Q136","v":0},{"$f":"Model!R136","v":0},{"$f":"Model!S136","v":0},{"$f":"Model!T136","v":0},{"$f":"Model!U136","v":0},{"$f":"Model!V136","v":0},{"$f":"Model!W136","v":0},{"$f":"Model!X136","v":0},{"$f":"Model!Y136","v":0},{"$f":"Model!Z136","v":0}]
[null,null,"Pre-tax Free Cash Flow",null,{"$f":"E173+E174+E175","v":-1640519.3033425277},{"$f":"F173+F174+F175","v":47820.415643319371},140967.61751416847,141683.56873377002,136872.53212159639,132100.20869277118,127367.18879289232,129452.09849717956,131569.27586575513,133719.21485377045,135902.41692510631,138119.39116599751,140370.65440037224,142656.73130693141,144978.15453799447,147335.46484013813,149729.21117665461,152159.95085185807,154628.24963726502,157134.68189967945,159679.83073120864,162264.28808124107]
[]
[null,"Pre-tax Project IRR",null,{"$f":"XIRR(E176:Z176,E1:Z1)","v":6.1137500405311587E-2}]
[]
[null,"EBITDA",null,null,{"$f":"Model!E173","v":0},{"$f":"Model!F173","v":47820.415643319371},{"$f":"Model!G173","v":140967.61751416847},{"$f":"Model!H173","v":141683.56873377002},{"$f":"Model!I173","v":136872.53212159639},{"$f":"Model!J173","v":132100.20869277118},{"$f":"Model!K173","v":127367.18879289232},{"$f":"Model!L173","v":129452.09849717956},{"$f":"Model!M173","v":131569.27586575513},{"$f":"Model!N173","v":133719.21485377045},{"$f":"Model!O173","v":135902.41692510631},{"$f":"Model!P173","v":138119.39116599751},{"$f":"Model!Q173","v":140370.65440037224},{"$f":"Model!R173","v":142656.73130693141},{"$f":"Model!S173","v":144978.15453799447},{"$f":"Model!T173","v":147335.46484013813},{"$f":"Model!U173","v":149729.21117665461},{"$f":"Model!V173","v":152159.95085185807},{"$f":"Model!W173","v":154628.24963726502},{"$f":"Model!X173","v":157134.68189967945},{"$f":"Model!Y173","v":159679.83073120864},{"$f":"Model!Z173","v":162264.28808124107}]
[null,"Less: Depreciation",null,null,null,{"$f":"Model!F166","v":27831.350182854505},{"$f":"Model!G166","v":83494.050548563522},{"$f":"Model!H166","v":83494.050548563522},{"$f":"Model!I166","v":83494.050548563522},{"$f":"Model!J166","v":83494.050548563522},{"$f":"Model!K166","v":83494.050548563522},{"$f":"Model!L166","v":83494.050548563522},{"$f":"Model!M166","v":83494.050548563522},{"$f":"Model!N166","v":83494.050548563522},{"$f":"Model!O166","v":83494.050548563522},{"$f":"Model!P166","v":83494.050548563522},{"$f":"Model!Q166","v":83494.050548563522},{"$f":"Model!R166","v":83494.050548563522},{"$f":"Model!S166","v":83494.050548563522},{"$f":"Model!T166","v":83494.050548563522},{"$f":"Model!U166","v":83494.050548563522},{"$f":"Model!V166","v":83494.050548563522},{"$f":"Model!W166","v":83494.050548563522},{"$f":"Model!X166","v":83494.050548563522},{"$f":"Model!Y166","v":83494.050548563522},{"$f":"Model!Z166","v":55662.700365709374}]
[null,"EBIT ",null,null,null,{"$f":"F180-F181","v":19989.065460464866},{"$f":"G180-G181","v":57473.566965604943},58189.5181852065,53378.48157303287,48606.158144207657,43873.138244328802,45958.047948616033,48075.225317191609,50225.164305206927,52408.366376542792,54625.340617433991,56876.603851808715,59162.680758367889,61484.103989430951,63841.414291574605,66235.160628091093,68665.900303294547,71134.199088701498,73640.631351115924,76185.780182645118,106601.5877155317]
[null,"Taxes"]
[null,null,"First Increment",{"$f":"H25","v":200000},null,{"$f":"MIN($D$184,F182)","v":19989.065460464866},{"$f":"MIN($D$184,G182)","v":57473.566965604943},58189.5181852065,53378.48157303287,48606.158144207657,43873.138244328802,45958.047948616033,48075.225317191609,50225.164305206927,52408.366376542792,54625.340617433991,56876.603851808715,59162.680758367889,61484.103989430951,63841.414291574605,66235.160628091093,68665.900303294547,71134.199088701498,73640.631351115924,76185.780182645118,106601.5877155317]
[null,null,"Taxes on First Increment",{"$f":"H26","v":0.2},null,{"$f":"MAX($D$185*F184,0)","v":3997.8130920929734},{"$f":"MAX($D$185*G184,0)","v":11494.71339312099},11637.903637041301,10675.696314606575,9721.2316288415313,8774.6276488657604,9191.6095897232062,9615.0450634383214,10045.032861041385,10481.67327530856,10925.068123486799,11375.320770361745,11832.536151673579,12296.82079788619,12768.282858314922,13247.03212561822,13733.180060658909,14226.8398177403,14728.126270223185,15237.156036529024,21320.317543106343]
[null,null,"Second Increment",null,null,{"$f":"F182-F184","v":0},{"$f":"G182-G184","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Taxes on Second Increment",{"$f":"H27","v":0.25},null,{"$f":"MAX(F186*$D$187,0)","v":0},{"$f":"MAX(G186*$D$187,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Taxes",null,null,{"$f":"F185+F187","v":3997.8130920929734},{"$f":"G185+G187","v":11494.71339312099},11637.903637041301,10675.696314606575,9721.2316288415313,8774.6276488657604,9191.6095897232062,9615.0450634383214,10045.032861041385,10481.67327530856,10925.068123486799,11375.320770361745,11832.536151673579,12296.82079788619,12768.282858314922,13247.03212561822,13733.180060658909,14226.8398177403,14728.126270223185,15237.156036529024,21320.317543106343]
[]
[null,"After-Tax Project Cash Flow",null,null,{"$f":"E176-E183","v":-1640519.3033425277},{"$f":"F176-F188","v":43822.602551226395},{"$f":"G176-G188","v":129472.90412104747},130045.66509672871,126196.83580698981,122378.97706392965,118592.56114402656,120260.48890745635,121954.23080231682,123674.18199272906,125420.74364979775,127194.32304251072,128995.33363001049,130824.19515525782,132681.3337401083,134567.1819818232,136482.17905103639,138426.77079119917,140401.40981952474,142406.55562945627,144442.67469467962,140943.97053813474]
[null,"After-Tax Project IRR",null,{"$f":"XIRR(E190:Z190,E1:Z1)","v":5.0773826241493222E-2}]
[]
["Uses and Sources of Funds"]
[null,"Uses of Funds - Before Re-financing of Crowd Funding"]
[null,null,"Capital Expenditures",null,{"$f":"Model!H15","v":1465519.3033425277}]
[null,null,"Transaction Costs",null,125000]
[null,null,"Beheerkosten",null,{"$f":"Model!E114","v":50000}]
[null,null,"Sub-total",null,{"$f":"SUM(E195:E197)","v":1640519.3033425277}]
[null,null,"Interest During Construction",null,{"$f":"'Annualized PF'!E43","v":29361.707628742453}]
[null,null,"Cash for Reserves"]
[null,null,"Total",null,{"$f":"E198+E199+E200","v":1669881.0109712703}]
[]
[null,"Sources of Funds"]
[null,null,"Crowd Funding - Cash Funding",null,{"$f":"D8","v":1050000}]
[null,null,"Crowd Funding - Capitalised Interest",null,{"$f":"'Annualized PF'!E43","v":29361.707628742453}]
[null,null,"Equity Funding",null,{"$f":"E201-E204-E205","v":590519.30334252783}]
[null,null,"Total Sources before Re-financing",null,{"$f":"SUM(E204:E206)","v":1669881.0109712705}]
[]
["Re-financing at of Crowd Funding at COD"]
[null,"Uses of Funds"]
[null,null,"Repayment of Crowd Funding",null,{"$f":"E204+E205","v":1079361.7076287426}]
[null,null,"Funding of DSCR",null,{"$f":"E343","v":52545.034062427789}]
[null,null,"Subtotal",null,{"$f":"E211+E212","v":1131906.7416911703}]
[null,null,"Repayment of Equity",null,{"$f":"MAX(E221-E213,0)","v":16009.76554385107}]
[null,null,"Total Uses of Funds",null,{"$f":"E213+E214","v":1147916.5072350213}]
[]
[null,"Sources of Funds"]
[null,null,"Senior Debt - Sized from DSCR",null,{"$f":"E299","v":1147916.5072350213}]
[null,null,"Subordinated Debt - Sized from DSCR",null,{"$f":"Model!D461","v":0}]
[null,null,"Preference "]
[null,null,"Subtotal",null,{"$f":"E218+E219+E220","v":1147916.5072350213}]
[null,null,"Added Equity",null,{"$f":"MAX(E213-E221,0)","v":0}]
[null,null,"Total",null,{"$f":"E221+E222","v":1147916.5072350213}]
[]
["Total Final Sources and Uses of Funds"]
[null,"Uses of Funds"]
[null,null,"Capital Expenditures",null,{"$f":"E195","v":1465519.3033425277}]
[null,null,"Transaction Costs",null,{"$f":"E196","v":125000}]
[null,null,"Beheerkosten",null,{"$f":"E197","v":50000}]
[null,null,"Sub-total",null,{"$f":"E198","v":1640519.3033425277}]
[null,null,"Interest During Construction",null,{"$f":"E199","v":29361.707628742453}]
[null,null,"DSRA",null,{"$f":"E212","v":52545.034062427789}]
[null,null,"Total Uses of Funds",null,{"$f":"E230+E231+E232","v":1722426.045033698}]
[]
[null,"Sources of Funds"]
[null,null,"Senior Debt",null,{"$f":"E299","v":1147916.5072350213},{"$f":"E236/E240","v":0.66645329159114242}]
[null,null,"Junior Debt",null,{"$f":"E316","v":0}]
[null,null,"Preference Shares",null,{"$f":"E220","v":0}]
[null,null,"Common Equity",null,{"$f":"E206+E222-E214","v":574509.53779867676}]
[null,null,"Total Sources of Funds",null,{"$f":"SUM(E236:E239)","v":1722426.045033698}]
[]
[null,null,"Check",null,{"$f":"E240=E233","v":true}]
[]
["CFADS for Debt Service Coverage and Sizing"]
[null,"CFADS for Senior Debt"]
[null,null,"EBITDA",null,null,{"$f":"Model!F535","v":44487.082309986035},{"$f":"Model!G535","v":140967.61751416847},{"$f":"Model!H535","v":141683.56873377002},{"$f":"Model!I535","v":136872.53212159639},{"$f":"Model!J535","v":132100.20869277115},{"$f":"Model!K535","v":127367.18879289232},{"$f":"Model!L535","v":129452.09849717956},{"$f":"Model!M535","v":131569.27586575513},{"$f":"Model!N535","v":133719.21485377045},{"$f":"Model!O535","v":135902.41692510631},{"$f":"Model!P535","v":138119.39116599748},{"$f":"Model!Q535","v":140370.65440037224},{"$f":"Model!R535","v":142656.73130693141},{"$f":"Model!S535","v":144978.15453799447},{"$f":"Model!T535","v":147335.46484013813},{"$f":"Model!U535","v":149729.21117665461},{"$f":"Model!V535","v":152159.95085185804},{"$f":"Model!W535","v":154628.24963726502},{"$f":"Model!X535","v":157134.68189967945},{"$f":"Model!Y535","v":159679.83073120864},{"$f":"Model!Z535","v":162264.28808124107}]
[null,null,"∆ Debiteuren",null,null,{"$f":"Model!F128","v":0},{"$f":"Model!G128","v":0},{"$f":"Model!H128","v":0},{"$f":"Model!I128","v":0},{"$f":"Model!J128","v":0},{"$f":"Model!K128","v":0},{"$f":"Model!L128","v":0},{"$f":"Model!M128","v":0},{"$f":"Model!N128","v":0},{"$f":"Model!O128","v":0},{"$f":"Model!P128","v":0},{"$f":"Model!Q128","v":0},{"$f":"Model!R128","v":0},{"$f":"Model!S128","v":0},{"$f":"Model!T128","v":0},{"$f":"Model!U128","v":0},{"$f":"Model!V128","v":0},{"$f":"Model!W128","v":0},{"$f":"Model!X128","v":0},{"$f":"Model!Y128","v":0},{"$f":"Model!Z128","v":0}]
[null,null,"∆ Crediteuren",null,null,{"$f":"Model!F134","v":0},{"$f":"Model!G134","v":0},{"$f":"Model!H134","v":0},{"$f":"Model!I134","v":0},{"$f":"Model!J134","v":0},{"$f":"Model!K134","v":0},{"$f":"Model!L134","v":0},{"$f":"Model!M134","v":0},{"$f":"Model!N134","v":0},{"$f":"Model!O134","v":0},{"$f":"Model!P134","v":0},{"$f":"Model!Q134","v":0},{"$f":"Model!R134","v":0},{"$f":"Model!S134","v":0},{"$f":"Model!T134","v":0},{"$f":"Model!U134","v":0},{"$f":"Model!V134","v":0},{"$f":"Model!W134","v":0},{"$f":"Model!X134","v":0},{"$f":"Model!Y134","v":0},{"$f":"Model!Z134","v":0}]
[null,null,"Plus: Interest Income"]
[null,null,"Less: Taxes",null,null,{"$f":"F451","v":826.77533167630611},4127.9282368709892,4713.1255120412998,4192.9256114815744,3680.4679569665259,3175.8710082407606,4034.8599803482066,4900.3028759383224,5772.2977047913855,6650.9451503085584,7536.347029736793,8428.6069031742427,9327.8293157360786,10234.12099319869,11147.590182533671,12068.34657874322,12996.501593862029,13932.16843102155,14728.126270223185,15237.156036529024,21320.317543106343]
[null,null,"CFADS",null,null,{"$f":"F246-F247+F248-F250+F249","v":43660.306978309731},{"$f":"G246-G247+G248-G250+G249","v":136839.68927729747},136970.44322172872,132679.60651011483,128419.74073580462,124191.31778465156,125417.23851683135,126668.97298981682,127946.91714897906,129251.47177479776,130583.04413626069,131942.04749719799,133328.90199119534,134744.03354479579,136187.87465760447,137660.86459791139,139163.44925799602,140696.08120624349,142406.55562945627,144442.67469467962,140943.97053813474]
[]
["Senior Debt - Level Repayment"]
[null,null,"CFADS",null,null,{"$f":"Model!F251","v":43660.306978309731},{"$f":"Model!G251","v":136839.68927729747},{"$f":"Model!H251","v":136970.44322172872},{"$f":"Model!I251","v":132679.60651011483},{"$f":"Model!J251","v":128419.74073580462},{"$f":"Model!K251","v":124191.31778465156},{"$f":"Model!L251","v":125417.23851683135},{"$f":"Model!M251","v":126668.97298981682},{"$f":"Model!N251","v":127946.91714897906},{"$f":"Model!O251","v":129251.47177479776},{"$f":"Model!P251","v":130583.04413626069},{"$f":"Model!Q251","v":131942.04749719799},{"$f":"Model!R251","v":133328.90199119534},{"$f":"Model!S251","v":134744.03354479579},{"$f":"Model!T251","v":136187.87465760447},{"$f":"Model!U251","v":137660.86459791139},{"$f":"Model!V251","v":139163.44925799602},{"$f":"Model!W251","v":140696.08120624349},{"$f":"Model!X251","v":142406.55562945627},{"$f":"Model!Y251","v":144442.67469467962},{"$f":"Model!Z251","v":140943.97053813474}]
[null,null,"Senior Outstanding Switch",{"$f":"Model!D17","v":17},null,{"$f":"F3<=$D$255","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false]
[null,null,"Percent of Period",null,null,{"$f":"F2","v":0.33333333333333331},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[]
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[null,null,"Closing Balance",null,{"$f":"Model!F437","v":1147916.5072350213},{"$f":"F258-F259","v":1125408.3404264916},{"$f":"G258-G259","v":1057883.8400009021},990359.33957531257,922834.83914972306,855310.33872413356,787785.83829854405,720261.33787295455,652736.83744736505,585212.33702177554,517687.83659618604,450163.33617059654,382638.83574500703,315114.33531941753,247589.83489382803,180065.33446823852,112540.83404264903,45016.333617059543,0,0,0,0]
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[]
[null,null,"Debt Service",null,null,{"$f":"F259+F261","v":35030.022708285192},{"$f":"G259+G261","v":104353.48836604644},102143.74908961903,99934.009813191602,97724.27053676419,95514.531260336778,93304.791983909352,91095.05270748194,88885.313431054514,86675.574154627102,84465.834878199676,82256.095601772264,80046.356325344852,77836.617048917426,75626.877772490014,73417.138496062602,71207.399219635176,46489.493134677818,0,0,0]
[null,null,"CFADS",null,"Target",{"$f":"F251","v":43660.306978309731},{"$f":"G251","v":136839.68927729747},136970.44322172872,132679.60651011483,128419.74073580462,124191.31778465156,125417.23851683135,126668.97298981682,127946.91714897906,129251.47177479776,130583.04413626069,131942.04749719799,133328.90199119534,134744.03354479579,136187.87465760447,137660.86459791139,139163.44925799602,140696.08120624349,142406.55562945627,144442.67469467962,140943.97053813474]
[null,null,"DSCR",{"$f":"MIN(G265:Z265)","v":1.3002348034997169},{"$f":"Model!target_dscr_sr","v":1.3},{"$f":"IF(F263,F264/F263)","v":1.2463682179681639},{"$f":"IF(G263,G264/G263)","v":1.3113091993369441},1.3409576644925516,1.3276721984651185,1.3141028326989936,1.3002348034997169,1.3441671735194465,1.3905142949592153,1.4394607186509318,1.4912098712402677,1.5459865438441751,1.6040397557400621,1.6656461094779373,1.7311136924169528,1.8007866868086426,1.8750508044561587,1.9543397284986392,3.0264060053021815,false,false,false]
[null,null,"Senior Debt Difference",{"$f":"E265-D265","v":-2.3480349971682912E-4}]
[]
[null,null,"Debt from Goal Seek",{"$f":"D293","v":1029729.999906051}]
[null,null,"Max from Debt to Capital",{"$f":"Model!E637","v":1085422.6571313257}]
[null,null,"Applied Debt",{"$f":"MIN(D268:D269)","v":1029729.999906051}]
[]
["Sub-Debt Level Repayment"]
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[null,null,"Less: Repayment",{"$f":"Model!D30","v":15},null,{"$f":"MIN(F274,$E$276/$D$275*F2)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,{"$f":"[0]!Sub_Debt_from_Goal_Seek","v":0},{"$f":"F274-F275","v":0},{"$f":"G274-G275","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Intrest Rate",null,null,{"$f":"Model!F625","v":2.1666666666666667E-2},{"$f":"Model!G625","v":6.5000000000000002E-2},{"$f":"Model!H625","v":6.5000000000000002E-2},{"$f":"Model!I625","v":6.5000000000000002E-2},{"$f":"Model!J625","v":6.5000000000000002E-2},{"$f":"Model!K625","v":6.5000000000000002E-2},{"$f":"Model!L625","v":6.5000000000000002E-2},{"$f":"Model!M625","v":6.5000000000000002E-2},{"$f":"Model!N625","v":6.5000000000000002E-2},{"$f":"Model!O625","v":6.5000000000000002E-2},{"$f":"Model!P625","v":6.5000000000000002E-2},{"$f":"Model!Q625","v":6.5000000000000002E-2},{"$f":"Model!R625","v":6.5000000000000002E-2},{"$f":"Model!S625","v":6.5000000000000002E-2},{"$f":"Model!T625","v":6.5000000000000002E-2},{"$f":"Model!U625","v":6.5000000000000002E-2},{"$f":"Model!V625","v":6.5000000000000002E-2},{"$f":"Model!W625","v":6.5000000000000002E-2},{"$f":"Model!X625","v":6.5000000000000002E-2},{"$f":"Model!Y625","v":6.5000000000000002E-2},{"$f":"Model!Z625","v":6.5000000000000002E-2}]
[null,null,"Interest on Sub",null,null,{"$f":"F277*F274","v":0},{"$f":"G277*G274","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt Service on Sub",null,null,{"$f":"F275+F278","v":0},{"$f":"G275+G278","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt Service on Senior",null,null,{"$f":"F297+F302","v":35030.022708285192},104353.48836604644,102143.74908961903,99934.009813191602,97724.27053676419,95514.531260336778,93304.791983909352,91095.05270748194,88885.313431054514,86675.574154627102,84465.834878199676,82256.095601772264,80046.356325344852,77836.617048917426,75626.877772490014,73417.138496062602,71207.399219635176,46489.493134677818,0,0,0]
[null,null,"Total Debt Service",null,null,{"$f":"F280+F281","v":35030.022708285192},{"$f":"G280+G281","v":104353.48836604644},102143.74908961903,99934.009813191602,97724.27053676419,95514.531260336778,93304.791983909352,91095.05270748194,88885.313431054514,86675.574154627102,84465.834878199676,82256.095601772264,80046.356325344852,77836.617048917426,75626.877772490014,73417.138496062602,71207.399219635176,46489.493134677818,0,0,0]
[null,null,"CFADS",null,"Taget",{"$f":"Model!F251","v":43660.306978309731},{"$f":"Model!G251","v":136839.68927729747},{"$f":"Model!H251","v":136970.44322172872},{"$f":"Model!I251","v":132679.60651011483},{"$f":"Model!J251","v":128419.74073580462},{"$f":"Model!K251","v":124191.31778465156},{"$f":"Model!L251","v":125417.23851683135},{"$f":"Model!M251","v":126668.97298981682},{"$f":"Model!N251","v":127946.91714897906},{"$f":"Model!O251","v":129251.47177479776},{"$f":"Model!P251","v":130583.04413626069},{"$f":"Model!Q251","v":131942.04749719799},{"$f":"Model!R251","v":133328.90199119534},{"$f":"Model!S251","v":134744.03354479579},{"$f":"Model!T251","v":136187.87465760447},{"$f":"Model!U251","v":137660.86459791139},{"$f":"Model!V251","v":139163.44925799602},{"$f":"Model!W251","v":140696.08120624349},{"$f":"Model!X251","v":142406.55562945627},{"$f":"Model!Y251","v":144442.67469467962},{"$f":"Model!Z251","v":140943.97053813474}]
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[null,null,"Sub Difference",{"$f":"Difference_Total_DSCR-D284","v":-0.20023480349971678},null,{"$f":"F437","v":1147916.5072350213},{"$f":"F285-R437*F2","v":1125408.3404264916},{"$f":"G285*P437","v":36828.987940456951}]
[]
["Final Senior Debt Balance"]
[null,"Level Debt Switch",null,{"$f":"Model!D21","v":true}]
[null,"Sculpted Debt Repayment",null,{"$f":"SUM(F289:Z289)","v":1135622.3539437291},null,{"$f":"Model!F768","v":16133.458280009756},{"$f":"Model!G768","v":52764.588299850075},{"$f":"Model!H768","v":54643.741222852208},{"$f":"Model!I768","v":53707.108965478707},{"$f":"Model!J768","v":52758.801843045701},{"$f":"Model!K768","v":51798.730238126038},{"$f":"Model!L768","v":54358.299956634699},{"$f":"Model!M768","v":57021.706918370008},{"$f":"Model!N768","v":59792.739459364253},{"$f":"Model!O768","v":62675.317868065576},{"$f":"Model!P768","v":65673.499948539684},{"$f":"Model!Q768","v":68791.485374488184},{"$f":"Model!R768","v":72033.621082626196},{"$f":"Model!S768","v":75404.40557833192},{"$f":"Model!T768","v":78908.494597044759},{"$f":"Model!U768","v":82550.706577491874},{"$f":"Model!V768","v":86336.02809936316},{"$f":"Model!W768","v":90269.619634046234},{"$f":"Model!X768","v":0},{"$f":"Model!Y768","v":0},{"$f":"Model!Z768","v":0}]
[null,"Level Debt Repayment",null,{"$f":"SUM(F290:Z290)","v":1147916.5072350213},null,{"$f":"Model!F259","v":22508.16680852983},{"$f":"Model!G259","v":67524.500425589489},{"$f":"Model!H259","v":67524.500425589489},{"$f":"Model!I259","v":67524.500425589489},{"$f":"Model!J259","v":67524.500425589489},{"$f":"Model!K259","v":67524.500425589489},{"$f":"Model!L259","v":67524.500425589489},{"$f":"Model!M259","v":67524.500425589489},{"$f":"Model!N259","v":67524.500425589489},{"$f":"Model!O259","v":67524.500425589489},{"$f":"Model!P259","v":67524.500425589489},{"$f":"Model!Q259","v":67524.500425589489},{"$f":"Model!R259","v":67524.500425589489},{"$f":"Model!S259","v":67524.500425589489},{"$f":"Model!T259","v":67524.500425589489},{"$f":"Model!U259","v":67524.500425589489},{"$f":"Model!V259","v":67524.500425589489},{"$f":"Model!W259","v":45016.333617059543},{"$f":"Model!X259","v":0},{"$f":"Model!Y259","v":0},{"$f":"Model!Z259","v":0}]
[]
[null,{"$f":"IF($D$288,B290,B289)","v":"Level Debt Repayment"},null,{"$f":"SUM(F292:Z292)","v":1147916.5072350213},null,{"$f":"IF($D$288,F290,F289)","v":22508.16680852983},67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,45016.333617059543,0,0,0]
[null,"Level Debt Repayment",null,1029729.999906051,null,22882.888886801131,68648.666660403396,68648.666660403396,68648.666660403396,68648.666660403396,68648.666660403396,68648.666660403396,68648.666660403396,68648.666660403396,68648.666660403396,68648.666660403396,68648.666660403396,68648.666660403396,68648.666660403396,68648.666660403396,45765.777773602516,0,0,0,0,0]
[]
[null,"Opening Balance",null,null,null,{"$f":"Model!E299","v":1147916.5072350213},{"$f":"Model!F299","v":1125408.3404264916},{"$f":"Model!G299","v":1057883.8400009021},{"$f":"Model!H299","v":990359.33957531257},{"$f":"Model!I299","v":922834.83914972306},{"$f":"Model!J299","v":855310.33872413356},{"$f":"Model!K299","v":787785.83829854405},{"$f":"Model!L299","v":720261.33787295455},{"$f":"Model!M299","v":652736.83744736505},{"$f":"Model!N299","v":585212.33702177554},{"$f":"Model!O299","v":517687.83659618604},{"$f":"Model!P299","v":450163.33617059654},{"$f":"Model!Q299","v":382638.83574500703},{"$f":"Model!R299","v":315114.33531941753},{"$f":"Model!S299","v":247589.83489382803},{"$f":"Model!T299","v":180065.33446823852},{"$f":"Model!U299","v":112540.83404264903},{"$f":"Model!V299","v":45016.333617059543},{"$f":"Model!W299","v":0},{"$f":"Model!X299","v":0},{"$f":"Model!Y299","v":0}]
[null,"Add: Draws"]
[null,"Less: Repayments",null,{"$f":"Model!H18","v":false},{"$f":"SUM(F297:Z297)","v":1147916.5072350213},{"$f":"MIN(IF($D$297,F293,F290),F295)","v":22508.16680852983},{"$f":"MIN(IF($D$297,G293,G290),G295)","v":67524.500425589489},67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,67524.500425589489,45016.333617059543,0,0,0]
[null,"Less: Cash Sweep",null,null,null,{"$f":"F403","v":0},{"$f":"G403","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Closing Balance",null,null,{"$f":"IF(D297,D293,D292)","v":1147916.5072350213},{"$f":"F295-F297-F298","v":1125408.3404264916},{"$f":"G295-G297-G298","v":1057883.8400009021},990359.33957531257,922834.83914972306,855310.33872413356,787785.83829854405,720261.33787295455,652736.83744736505,585212.33702177554,517687.83659618604,450163.33617059654,382638.83574500703,315114.33531941753,247589.83489382803,180065.33446823852,112540.83404264903,45016.333617059543,0,0,0,0]
[]
[null,"Interest Rate",null,{"$f":"D16","v":3.2725000000000011E-2},null,{"$f":"$D$301*F2","v":1.0908333333333336E-2},3.2725000000000011E-2,3.2725000000000011E-2,3.2725000000000011E-2,3.2725000000000011E-2,3.2725000000000011E-2,3.2725000000000011E-2,3.2725000000000011E-2,3.2725000000000011E-2,3.2725000000000011E-2,3.2725000000000011E-2,3.2725000000000011E-2,3.2725000000000011E-2,3.2725000000000011E-2,3.2725000000000011E-2,3.2725000000000011E-2,3.2725000000000011E-2,3.2725000000000011E-2,3.2725000000000011E-2,3.2725000000000011E-2,3.2725000000000011E-2]
[null,"Interest Expense",null,null,null,{"$f":"F301*F295","v":12521.855899755361},{"$f":"G301*G295","v":36828.987940456951},34619.248664029532,32409.509387602113,30199.770111174697,27990.030834747282,25780.291558319863,23570.552281892447,21360.813005465028,19151.073729037613,16941.334452610194,14731.595176182776,12521.855899755359,10312.116623327942,8102.3773469005246,5892.6380704731073,3682.8987940456909,1473.1595176182741,0,0,0]
[null,"Applied Debt Service",null,null,null,{"$f":"F302+F297","v":35030.022708285192},{"$f":"G302+G297","v":104353.48836604644},102143.74908961903,99934.009813191602,97724.27053676419,95514.531260336778,93304.791983909352,91095.05270748194,88885.313431054514,86675.574154627102,84465.834878199676,82256.095601772264,80046.356325344852,77836.617048917426,75626.877772490014,73417.138496062602,71207.399219635176,46489.493134677818,0,0,0]
[]
["Final Sub Debt"]
[null,null,"Level Payment Switch",{"$f":"Model!D33","v":true}]
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[]
[null,null,"Fixed Repayment",null,null,{"$f":"Model!F309","v":0},{"$f":"Model!G309","v":0},{"$f":"Model!H309","v":0},{"$f":"Model!I309","v":0},{"$f":"Model!J309","v":0},{"$f":"Model!K309","v":0},{"$f":"Model!L309","v":0},{"$f":"Model!M309","v":0},{"$f":"Model!N309","v":0},{"$f":"Model!O309","v":0},{"$f":"Model!P309","v":0},{"$f":"Model!Q309","v":0},{"$f":"Model!R309","v":0},{"$f":"Model!S309","v":0},{"$f":"Model!T309","v":0},{"$f":"Model!U309","v":0},{"$f":"Model!V309","v":0},{"$f":"Model!W309","v":0},{"$f":"Model!X309","v":0},{"$f":"Model!Y309","v":0},{"$f":"Model!Z309","v":0}]
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[]
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[]
["Preference Shares"]
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[]
[null,"Non-Paid Preference Shares"]
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[]
["Debt Service Reserve Account"]
[]
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[]
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[]
[null,"DSRA Balance"]
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[]
[null,null,"Interest Income on DSRA",0,null,{"$f":"F346*$D$351","v":0},{"$f":"G346*$D$351","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
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[null,"Rente aandeelhouderslening"]
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[null,"First Increment",null,null,{"$f":"H25","v":200000},{"$f":"MIN(F377,$E$378)","v":4133.8762273761695},{"$f":"MIN(G377,$E$378)","v":20644.579025147992},23570.269521176968,20968.972185430757,18406.38803303293,15883.10740958152,20177.75639029617,24504.673035299162,28864.351299741898,33257.292647505179,37684.006164823768,42145.008675625941,46640.824858612526,51171.987366103007,55739.036944674081,60342.522557617987,64983.001509248825,69661.039571083224,73640.631351115924,76185.780182645118,106601.5877155317]
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[null,"Remaining Increment",null,null,null,{"$f":"F377-F378","v":0},{"$f":"G377-G378","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Tax on Remaining Taxable Income",null,null,{"$f":"H27","v":0.25},{"$f":"MAX($E$381*F380,0)","v":0},{"$f":"MAX($E$381*G380,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,"Net income",null,null,{"$f":"F377-F382","v":3307.1009819009355},16515.663220118393,18856.215616941576,16775.177748344606,14725.110426426345,12706.485927665217,16142.205112236936,19603.738428239329,23091.481039793518,26605.834118004143,30147.204931859014,33716.006940500753,37312.659886890018,40937.589892882403,44591.229555739264,48274.018046094388,51986.40120739906,55728.831656866576,58912.505080892741,60948.624146116097,85281.270172425357]
[]
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[]
["Cash Flow Waterfall"]
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[null,"Less: Income Taxes",null,null,null,{"$f":"F382","v":826.77524547523399},4128.9158050295982,4714.0539042353939,4193.7944370861514,3681.2776066065862,3176.6214819163042,4035.5512780592344,4900.9346070598322,5772.8702599483804,6651.4585295010365,7536.8012329647536,8429.0017351251881,9328.1649717225064,10234.397473220602,11147.807388934816,12068.504511523599,12996.600301849765,13932.207914216646,14728.126270223185,15237.156036529024,21320.317543106343]
[null,"Less: Working Capital Changes",null,null,null,{"$f":"Model!F136","v":0},{"$f":"Model!G136","v":0},{"$f":"Model!H136","v":0},{"$f":"Model!I136","v":0},{"$f":"Model!J136","v":0},{"$f":"Model!K136","v":0},{"$f":"Model!L136","v":0},{"$f":"Model!M136","v":0},{"$f":"Model!N136","v":0},{"$f":"Model!O136","v":0},{"$f":"Model!P136","v":0},{"$f":"Model!Q136","v":0},{"$f":"Model!R136","v":0},{"$f":"Model!S136","v":0},{"$f":"Model!T136","v":0},{"$f":"Model!U136","v":0},{"$f":"Model!V136","v":0},{"$f":"Model!W136","v":0},{"$f":"Model!X136","v":0},{"$f":"Model!Y136","v":0},{"$f":"Model!Z136","v":0}]
[null,"Less: Captial Expenditures",null,null,null,{"$f":"F195+F196+F197+F199","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Plus: Interest Income",null,null,null,{"$f":"Model!F351","v":0},{"$f":"Model!G351","v":0},{"$f":"Model!H351","v":0},{"$f":"Model!I351","v":0},{"$f":"Model!J351","v":0},{"$f":"Model!K351","v":0},{"$f":"Model!L351","v":0},{"$f":"Model!M351","v":0},{"$f":"Model!N351","v":0},{"$f":"Model!O351","v":0},{"$f":"Model!P351","v":0},{"$f":"Model!Q351","v":0},{"$f":"Model!R351","v":0},{"$f":"Model!S351","v":0},{"$f":"Model!T351","v":0},{"$f":"Model!U351","v":0},{"$f":"Model!V351","v":0},{"$f":"Model!W351","v":0},{"$f":"Model!X351","v":0},{"$f":"Model!Y351","v":0},{"$f":"Model!Z351","v":0}]
[null,null,"Cash Flow Availabile for Debt Service",null,null,{"$f":"F388-F389-F390-F391-F392","v":43660.307064510802},136838.70170913887,136969.51482953463,132678.73768451024,128418.93108616456,124190.56731097602,125416.54721912032,126668.34125869531,127946.34459382207,129250.95839560528,130582.58993303272,131941.65266524703,133328.56633520892,134743.75706477388,136187.65745120333,137660.70666513103,139163.35055000827,140696.04172304837,142406.55562945627,144442.67469467962,140943.97053813474]
[null,"Less: Interest on Senior Debt",null,null,null,{"$f":"Model!F302","v":12521.855899755361},{"$f":"Model!G302","v":36828.987940456951},{"$f":"Model!H302","v":34619.248664029532},{"$f":"Model!I302","v":32409.509387602113},{"$f":"Model!J302","v":30199.770111174697},{"$f":"Model!K302","v":27990.030834747282},{"$f":"Model!L302","v":25780.291558319863},{"$f":"Model!M302","v":23570.552281892447},{"$f":"Model!N302","v":21360.813005465028},{"$f":"Model!O302","v":19151.073729037613},{"$f":"Model!P302","v":16941.334452610194},{"$f":"Model!Q302","v":14731.595176182776},{"$f":"Model!R302","v":12521.855899755359},{"$f":"Model!S302","v":10312.116623327942},{"$f":"Model!T302","v":8102.3773469005246},{"$f":"Model!U302","v":5892.6380704731073},{"$f":"Model!V302","v":3682.8987940456909},{"$f":"Model!W302","v":1473.1595176182741},{"$f":"Model!X302","v":0},{"$f":"Model!Y302","v":0},{"$f":"Model!Z302","v":0}]
[null,"Less: Repayment on Senior Debt",null,null,null,{"$f":"Model!F297","v":22508.16680852983},{"$f":"Model!G297","v":67524.500425589489},{"$f":"Model!H297","v":67524.500425589489},{"$f":"Model!I297","v":67524.500425589489},{"$f":"Model!J297","v":67524.500425589489},{"$f":"Model!K297","v":67524.500425589489},{"$f":"Model!L297","v":67524.500425589489},{"$f":"Model!M297","v":67524.500425589489},{"$f":"Model!N297","v":67524.500425589489},{"$f":"Model!O297","v":67524.500425589489},{"$f":"Model!P297","v":67524.500425589489},{"$f":"Model!Q297","v":67524.500425589489},{"$f":"Model!R297","v":67524.500425589489},{"$f":"Model!S297","v":67524.500425589489},{"$f":"Model!T297","v":67524.500425589489},{"$f":"Model!U297","v":67524.500425589489},{"$f":"Model!V297","v":67524.500425589489},{"$f":"Model!W297","v":45016.333617059543},{"$f":"Model!X297","v":0},{"$f":"Model!Y297","v":0},{"$f":"Model!Z297","v":0}]
[null,null,"Cash Flow Available for Sub Debt",null,null,{"$f":"F393-F394-F395","v":8630.2843562256094},32485.21334309243,34825.765739915616,32744.727871318639,30694.660549400374,28676.036050639246,32111.755235210963,35573.288551213365,39061.031162767555,42575.384240978179,46116.755054833033,49685.557063474771,53282.210009864066,56907.14001585645,60560.779678713312,64243.568169068443,67955.951330373078,94206.548588370555,142406.55562945627,144442.67469467962,140943.97053813474]
[null,"Less: Interest on Sub Debt",null,null,null,{"$f":"Model!F318","v":0},{"$f":"Model!G318","v":0},{"$f":"Model!H318","v":0},{"$f":"Model!I318","v":0},{"$f":"Model!J318","v":0},{"$f":"Model!K318","v":0},{"$f":"Model!L318","v":0},{"$f":"Model!M318","v":0},{"$f":"Model!N318","v":0},{"$f":"Model!O318","v":0},{"$f":"Model!P318","v":0},{"$f":"Model!Q318","v":0},{"$f":"Model!R318","v":0},{"$f":"Model!S318","v":0},{"$f":"Model!T318","v":0},{"$f":"Model!U318","v":0},{"$f":"Model!V318","v":0},{"$f":"Model!W318","v":0},{"$f":"Model!X318","v":0},{"$f":"Model!Y318","v":0},{"$f":"Model!Z318","v":0}]
[null,"Less: Repayment of Sub Debt",null,null,null,{"$f":"Model!F315","v":0},{"$f":"Model!G315","v":0},{"$f":"Model!H315","v":0},{"$f":"Model!I315","v":0},{"$f":"Model!J315","v":0},{"$f":"Model!K315","v":0},{"$f":"Model!L315","v":0},{"$f":"Model!M315","v":0},{"$f":"Model!N315","v":0},{"$f":"Model!O315","v":0},{"$f":"Model!P315","v":0},{"$f":"Model!Q315","v":0},{"$f":"Model!R315","v":0},{"$f":"Model!S315","v":0},{"$f":"Model!T315","v":0},{"$f":"Model!U315","v":0},{"$f":"Model!V315","v":0},{"$f":"Model!W315","v":0},{"$f":"Model!X315","v":0},{"$f":"Model!Y315","v":0},{"$f":"Model!Z315","v":0}]
[null,null,"Cash Flow After Scheduled Repayment",null,null,{"$f":"F396-F397-F398","v":8630.2843562256094},32485.21334309243,34825.765739915616,32744.727871318639,30694.660549400374,28676.036050639246,32111.755235210963,35573.288551213365,39061.031162767555,42575.384240978179,46116.755054833033,49685.557063474771,53282.210009864066,56907.14001585645,60560.779678713312,64243.568169068443,67955.951330373078,94206.548588370555,142406.55562945627,144442.67469467962,140943.97053813474]
[null,"Less: Interest on Preference Shares",null,null,null,{"$f":"Model!F324+F333","v":0},{"$f":"Model!G324+G333","v":0},{"$f":"Model!H324+H333","v":0},{"$f":"Model!I324+I333","v":0},{"$f":"Model!J324+J333","v":0},{"$f":"Model!K324+K333","v":0},{"$f":"Model!L324+L333","v":0},{"$f":"Model!M324+M333","v":0},{"$f":"Model!N324+N333","v":0},{"$f":"Model!O324+O333","v":0},{"$f":"Model!P324+P333","v":0},{"$f":"Model!Q324+Q333","v":0},{"$f":"Model!R324+R333","v":0},{"$f":"Model!S324+S333","v":0},{"$f":"Model!T324+T333","v":0},{"$f":"Model!U324+U333","v":0},{"$f":"Model!V324+V333","v":0},{"$f":"Model!W324+W333","v":0},{"$f":"Model!X324+X333","v":0},{"$f":"Model!Y324+Y333","v":0},{"$f":"Model!Z324+Z333","v":0}]
[null,"Add: Default on Preference Interest",null,null,null,{"$f":"MAX(F400-F399,0)","v":0},{"$f":"MAX(G400-G399,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash Flow Available for Sweep",null,null,{"$f":"F399-F400+F401","v":8630.2843562256094},{"$f":"G399-G400+G401","v":32485.21334309243},34825.765739915616,32744.727871318639,30694.660549400374,28676.036050639246,32111.755235210963,35573.288551213365,39061.031162767555,42575.384240978179,46116.755054833033,49685.557063474771,53282.210009864066,56907.14001585645,60560.779678713312,64243.568169068443,67955.951330373078,94206.548588370555,142406.55562945627,144442.67469467962,140943.97053813474]
[null,"Less: Cash Flow Sweep",null,{"$f":"H18","v":false},{"$f":"D20","v":1},{"$f":"IF($D$403,MIN(F402*$E$403,F295-F297),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash After Sweep",null,null,{"$f":"F402-F403","v":8630.2843562256094},{"$f":"G402-G403","v":32485.21334309243},34825.765739915616,32744.727871318639,30694.660549400374,28676.036050639246,32111.755235210963,35573.288551213365,39061.031162767555,42575.384240978179,46116.755054833033,49685.557063474771,53282.210009864066,56907.14001585645,60560.779678713312,64243.568169068443,67955.951330373078,94206.548588370555,142406.55562945627,144442.67469467962,140943.97053813474]
[null,"Add: DSRA Flows",null,null,null,{"$f":"-F343","v":368.28987940456864},{"$f":"-G343","v":1104.8696382137059},1104.8696382137132,1104.8696382137059,1104.8696382137059,1104.8696382137132,1104.8696382137059,1104.8696382137132,1104.8696382137059,1104.8696382137132,1104.8696382137059,1104.8696382137059,1104.8696382137132,1104.8696382137059,1104.8696382137059,1104.8696382137132,12358.953042478679,23244.746567338909,0,0,0]
[null,"Less: Repayment of Preference Shares",null,null,null,{"$f":"Model!F322","v":0},{"$f":"Model!G322","v":0},{"$f":"Model!H322","v":0},{"$f":"Model!I322","v":0},{"$f":"Model!J322","v":0},{"$f":"Model!K322","v":0},{"$f":"Model!L322","v":0},{"$f":"Model!M322","v":0},{"$f":"Model!N322","v":0},{"$f":"Model!O322","v":0},{"$f":"Model!P322","v":0},{"$f":"Model!Q322","v":0},{"$f":"Model!R322","v":0},{"$f":"Model!S322","v":0},{"$f":"Model!T322","v":0},{"$f":"Model!U322","v":0},{"$f":"Model!V322","v":0},{"$f":"Model!W322","v":0},{"$f":"Model!X322","v":0},{"$f":"Model!Y322","v":0},{"$f":"Model!Z322","v":0}]
[null,"Add: Default on Preference Repayment",null,null,null,{"$f":"MAX(F406-F404,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Repayment of Default",null,null,null,{"$f":"MIN(MAX(F404-F406,0),F327)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash Flow to Common Equity",null,null,{"$f":"F404-F406+F407-F408+F405","v":8998.574235630178},{"$f":"G404-G406+G407-G408+G405","v":33590.082981306135},35930.635378129329,33849.597509532345,31799.53018761408,29780.905688852959,33216.624873424669,36678.158189427078,40165.900800981261,43680.253879191892,47221.624693046739,50790.426701688477,54387.079648077779,58012.009654070156,61665.649316927018,65348.437807282156,80314.904372851757,117451.29515570946,142406.55562945627,144442.67469467962,140943.97053813474]
[]
[null,null,"Net Equity Cash Flow",null,{"$f":"-E239","v":-574509.53779867676},{"$f":"Model!F409","v":8998.574235630178},{"$f":"Model!G409","v":33590.082981306135},{"$f":"Model!H409","v":35930.635378129329},{"$f":"Model!I409","v":33849.597509532345},{"$f":"Model!J409","v":31799.53018761408},{"$f":"Model!K409","v":29780.905688852959},{"$f":"Model!L409","v":33216.624873424669},{"$f":"Model!M409","v":36678.158189427078},{"$f":"Model!N409","v":40165.900800981261},{"$f":"Model!O409","v":43680.253879191892},{"$f":"Model!P409","v":47221.624693046739},{"$f":"Model!Q409","v":50790.426701688477},{"$f":"Model!R409","v":54387.079648077779},{"$f":"Model!S409","v":58012.009654070156},{"$f":"Model!T409","v":61665.649316927018},{"$f":"Model!U409","v":65348.437807282156},{"$f":"Model!V409","v":80314.904372851757},{"$f":"Model!W409","v":117451.29515570946},{"$f":"Model!X409","v":142406.55562945627},{"$f":"Model!Y409","v":144442.67469467962},{"$f":"Model!Z409","v":140943.97053813474}]
[]
[null,null,"CFADS for Debt Service",null,null,{"$f":"F393","v":43660.307064510802},136838.70170913887,136969.51482953463,132678.73768451024,128418.93108616456,124190.56731097602,125416.54721912032,126668.34125869531,127946.34459382207,129250.95839560528,130582.58993303272,131941.65266524703,133328.56633520892,134743.75706477388,136187.65745120333,137660.70666513103,139163.35055000827,140696.04172304837,142406.55562945627,144442.67469467962,140943.97053813474]
[null,null,"Senior Debt Serive",null,null,{"$f":"F394+F395","v":35030.022708285192},104353.48836604644,102143.74908961903,99934.009813191602,97724.27053676419,95514.531260336778,93304.791983909352,91095.05270748194,88885.313431054514,86675.574154627102,84465.834878199676,82256.095601772264,80046.356325344852,77836.617048917426,75626.877772490014,73417.138496062602,71207.399219635176,46489.493134677818,0,0,0]
[null,null,"DSCR for Sweep Test",null,null,{"$f":"IF(F414>0.1,F413/F414)","v":1.2463682204289408},{"$f":"IF(G414>0.1,G413/G414)","v":1.3112997356556233},1.3409485754175727,1.3276635044718903,1.3140945476574619,1.3002269463321674,1.3441597644925751,1.3905073601026812,1.4394542771463132,1.4912039482429587,1.5459811664838656,1.6040349557073343,1.6656419162079146,1.7311101403609619,1.8007838147291975,1.875048653285688,1.9543383422945533,3.0264051560093099,false,false,false]
[null,null,"Sweep Applied",null,null,{"$f":"Model!E415>1.5","v":false},{"$f":"Model!F415>1.5","v":false},{"$f":"Model!G415>1.5","v":false},{"$f":"Model!H415>1.5","v":false},{"$f":"Model!I415>1.5","v":false},{"$f":"Model!J415>1.5","v":false},{"$f":"Model!K415>1.5","v":false},{"$f":"Model!L415>1.5","v":false},{"$f":"Model!M415>1.5","v":false},{"$f":"Model!N415>1.5","v":false},{"$f":"Model!O415>1.5","v":false},{"$f":"Model!P415>1.5","v":true},{"$f":"Model!Q415>1.5","v":true},{"$f":"Model!R415>1.5","v":true},{"$f":"Model!S415>1.5","v":true},{"$f":"Model!T415>1.5","v":true},{"$f":"Model!U415>1.5","v":true},{"$f":"Model!V415>1.5","v":true},{"$f":"Model!W415>1.5","v":true},{"$f":"Model!X415>1.5","v":true},{"$f":"Model!Y415>1.5","v":true}]
[null,null,"Cash Flow Sweep Percent",{"$f":"Model!D20","v":1},null,{"$f":"F416*$D$417","v":0},{"$f":"G416*$D$417","v":0},0,0,0,0,0,0,0,0,0,1,1,1,1,1,1,1,1,1,1]
[]
[null,null,"Equity IRR",{"$f":"XIRR(E411:Z411,E1:Z1)","v":6.8073740601539645E-2}]
[null,null,"Target IRR",{"$f":"Model!H12","v":8.5000000000000006E-2}]
[null,null,"Difference",{"$f":"D420-D419","v":1.6926259398460361E-2}]
[null,null,"NPV at Target",{"$f":"XNPV(D420,E411:Z411,E1:Z1)","v":-89386.227580876759}]
[]
[]
[]
["Graphs"]
[null,null,null,null,null,{"$f":"F1","v":"2017-04-30"},"2017-08-31","2018-08-31","2019-08-31","2020-08-31","2021-08-31","2022-08-31","2023-08-31","2024-08-31","2025-08-31","2026-08-31","2027-08-31","2028-08-31","2029-08-31","2030-08-31","2031-08-31","2032-08-31","2033-08-31","2034-08-31","2035-08-31","2036-08-31"]
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[null,"Senior Debt Service",null,null,null,{"$f":"F394+F395","v":35030.022708285192},104353.48836604644,102143.74908961903,99934.009813191602,97724.27053676419,95514.531260336778,93304.791983909352,91095.05270748194,88885.313431054514,86675.574154627102,84465.834878199676,82256.095601772264,80046.356325344852,77836.617048917426,75626.877772490014,73417.138496062602,71207.399219635176,46489.493134677818,0,0,0]
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[null,"Subordinated Debit Service",null,null,null,{"$f":"F397+F398","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Preference Dividends",null,null,null,{"$f":"F400-F401+F406-F407+F408","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
["Dynamic Goal Seek"]
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[null,null,"Debt Size from Dynamic Goal Seek",{"$f":"H20","v":true},null,{"$f":"level_payment_debt(255:255,273:273,2:2,E284,E265,246:246,D261,D29,H26,166:166,H20,D25)","v":1147916.5072350213},0,0,308,1.300060510635376,1.3,0,1.1000000000000001,6,6,3.2725000000000011E-2,6.2562499999999993E-2,67524.500425589489,11,18,0,0,0,0,0,0]
[null,null,"Taxes from Function",null,null,826.77532958984375,4127.92822265625,4713.12548828125,4192.92578125,3680.468017578125,3175.87109375,4034.85986328125,4900.302734375,5772.2978515625,6650.9453125,7536.34716796875,8428.6064453125,9327.8291015625,10234.12109375,11147.58984375,12068.3466796875,12996.501953125,13932.16796875,0,0,0]
[null,null,"EBITDA",null,{"$f":"F437/15","v":76527.767149001418},44487.082309986035,140967.61751416847,141683.56873377002,136872.53212159639,132100.20869277115,127367.18879289232,129452.09849717956,131569.27586575513,133719.21485377045,135902.41692510631,138119.39116599748,140370.65440037224,142656.73130693141,144978.15453799447,147335.46484013813,149729.21117665461,152159.95085185804,154628.24963726502,157134.68189967945,159679.83073120864,162264.28808124107]
[null,null,"Depreciation",null,{"$f":"R437*F2","v":22508.16680852983},27831.350182854505,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,55662.700365709374]
[null,null,"Senior Interest",null,null,12521.85546875,36833.92578125,34623.890625,32413.853515625,30203.818359375,27993.783203125,25783.748046875,23573.7109375,21363.67578125,19153.640625,16943.60546875,14733.5693359375,12523.5341796875,10313.4990234375,8103.46337890625,5893.427734375,3683.392333984375,1473.35693359375,0,0,0]
[null,null,"Junior Interest",null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,"Repayment",null,null,22508.166015625,67533.5546875,67533.5546875,67533.5546875,67533.5546875,67533.5546875,67533.5546875,67533.5546875,67533.5546875,67533.5546875,67533.5546875,67533.5546875,67533.5546875,67533.5546875,67533.5546875,67533.5546875,67533.5546875,45022.3671875,0,0,0]
[null,null,"Balance",null,null,1147916.5,1125559.25,1058025.625,990492.0625,922958.5625,855425,787891.4375,720357.875,652824.3125,585290.75,517757.21875,450223.6875,382690.125,315156.5625,247623.015625,180089.46875,112555.921875,45022.3671875,0,0,0]
[null,null,"DSCR",null,null,10000,1.3111333847045898,1.3407778739929199,1.3274942636489868,1.3139266967773438,1.300060510635376,1.3439871072769165,1.3903279304504395,1.4392677545547485,1.4910099506378174,1.5457793474197388,1.6038247346878052,1.6654229164123535,1.7308816909790039,1.800545334815979,1.8747994899749756,1.9540778398513794,3.0260002613067627,10000,10000,10000]
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[]
[null,null,"Opening Balance",null,null,{"$f":"F258","v":1147916.5072350213},1125408.3404264916,1057883.8400009021,990359.33957531257,922834.83914972306,855310.33872413356,787785.83829854405,720261.33787295455,652736.83744736505,585212.33702177554,517687.83659618604,450163.33617059654,382638.83574500703,315114.33531941753,247589.83489382803,180065.33446823852,112540.83404264903,45016.333617059543,0,0,0]
[null,null,"EBT",null,null,{"$f":"F439-F440-F441-F442","v":4133.8766583815304},20639.641184354943,23565.6275602065,20964.62805740787,18402.339784832628,15879.355041203802,20174.299901741033,24501.514379691609,28861.488523956927,33254.725751542792,37681.735148683962,42143.034515871215,46639.146578680389,51170.604965993451,55737.950912668355,60341.732893716093,64982.507969310143,69660.842155107748,73640.631351115924,76185.780182645118,106601.5877155317]
[null,null,"Taxes",{"$f":"H26","v":0.2},null,{"$f":"F450*$D$451","v":826.77533167630611},4127.9282368709892,4713.1255120412998,4192.9256114815744,3680.4679569665259,3175.8710082407606,4034.8599803482066,4900.3028759383224,5772.2977047913855,6650.9451503085584,7536.347029736793,8428.6069031742427,9327.8293157360786,10234.12099319869,11147.590182533671,12068.34657874322,12996.501593862029,13932.16843102155,14728.126270223185,15237.156036529024,21320.317543106343]
[null,null,"Computed CFADS",null,null,{"$f":"F439-F451","v":43660.306978309731},136839.68927729747,136970.44322172872,132679.60651011483,128419.74073580462,124191.31778465156,125417.23851683135,126668.97298981682,127946.91714897906,129251.47177479776,130583.04413626069,131942.04749719799,133328.90199119534,134744.03354479579,136187.87465760447,137660.86459791139,139163.44925799602,140696.08120624349,142406.55562945627,144442.67469467962,140943.97053813474]
[]
[null,null,"Taxes from P&L",null,null,{"$f":"F382","v":826.77524547523399},4128.9158050295982,4714.0539042353939,4193.7944370861514,3681.2776066065862,3176.6214819163042,4035.5512780592344,4900.9346070598322,5772.8702599483804,6651.4585295010365,7536.8012329647536,8429.0017351251881,9328.1649717225064,10234.397473220602,11147.807388934816,12068.504511523599,12996.600301849765,13932.207914216646,14728.126270223185,15237.156036529024,21320.317543106343]
[null,null,"CFADS",null,null,{"$f":"F173","v":47820.415643319371},140967.61751416847,141683.56873377002,136872.53212159639,132100.20869277118,127367.18879289232,129452.09849717956,131569.27586575513,133719.21485377045,135902.41692510631,138119.39116599751,140370.65440037224,142656.73130693141,144978.15453799447,147335.46484013813,149729.21117665461,152159.95085185807,154628.24963726502,157134.68189967945,159679.83073120864,162264.28808124107]
[]
[null,null,"Senior Interest",null,null,{"$f":"F302","v":12521.855899755361},36828.987940456951,34619.248664029532,32409.509387602113,30199.770111174697,27990.030834747282,25780.291558319863,23570.552281892447,21360.813005465028,19151.073729037613,16941.334452610194,14731.595176182776,12521.855899755359,10312.116623327942,8102.3773469005246,5892.6380704731073,3682.8987940456909,1473.1595176182741,0,0,0]
[]
[]
[null,null,"Sub Debt from Goal Seek",{"$f":"Model!G437","v":0}]
[null,null,"Debt Sized Applied",{"$f":"[0]!Sub_Debt_from_Goal_Seek","v":0}]
[]
[]
[]
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[null,null,"Reserve 1",0,null,{"$f":"D468-F365","v":0},{"$f":"F468-G365","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Reserve 2",0,null,{"$f":"D469-F366","v":0},{"$f":"F469-G366","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Risico reserve",0,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,"Liquide middelen",{"$f":"Model!D483","v":1050000}]
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[]
[null,null,"Eigen vermogen",0]
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[null,null,"Voorziening 2",0,null,{"$f":"D477-F366","v":0},{"$f":"F477-G366","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,"Aandeelhouderslening",0,null,{"$f":"Model!F769","v":1069289.198851316},{"$f":"Model!G769","v":1016524.6105514659},{"$f":"Model!H769","v":961880.86932861363},{"$f":"Model!I769","v":908173.7603631349},{"$f":"Model!J769","v":855414.95852008916},{"$f":"Model!K769","v":803616.22828196315},{"$f":"Model!L769","v":749257.92832532851},{"$f":"Model!M769","v":692236.22140695853},{"$f":"Model!N769","v":632443.48194759432},{"$f":"Model!O769","v":569768.16407952877},{"$f":"Model!P769","v":504094.66413098911},{"$f":"Model!Q769","v":435303.17875650094},{"$f":"Model!R769","v":363269.55767387478},{"$f":"Model!S769","v":287865.15209554287},{"$f":"Model!T769","v":208956.6574984981},{"$f":"Model!U769","v":126405.95092100622},{"$f":"Model!V769","v":40069.922821643064},{"$f":"Model!W769","v":-50199.69681240317},{"$f":"Model!X769","v":-50199.69681240317},{"$f":"Model!Y769","v":-50199.69681240317},{"$f":"Model!Z769","v":-50199.69681240317}]
[null,null,"Junior Obligatielening",0,null,{"$f":"Model!F605","v":155100},{"$f":"Model!G605","v":148686.18336211881},{"$f":"Model!H605","v":141855.46864277535},{"$f":"Model!I605","v":134580.75746667455},{"$f":"Model!J605","v":126833.19006412721},{"$f":"Model!K605","v":118582.03078041428},{"$f":"Model!L605","v":109794.54614326001},{"$f":"Model!M605","v":100435.87500469072},{"$f":"Model!N605","v":90468.89024211443},{"$f":"Model!O605","v":79854.051469970669},{"$f":"Model!P605","v":68549.248177637579},{"$f":"Model!Q605","v":56509.632671302832},{"$f":"Model!R605","v":43687.442157056328},{"$f":"Model!S605","v":30031.809259383797},{"$f":"Model!T605","v":15488.560223362554},{"$f":"Model!U605","v":0},{"$f":"Model!V605","v":0},{"$f":"Model!W605","v":0},{"$f":"Model!X605","v":0},{"$f":"Model!Y605","v":0},{"$f":"Model!Z605","v":0}]
[null,null,"Senior Lening",0,null,{"$f":"Model!F573","v":1352166.6057169533},{"$f":"F481+G564","v":1272627.393615956},1193088.1815149586,1113548.9694139613,1034009.7573129641,954470.54521196685,874931.33311096963,795392.12100997241,715852.90890897519,636313.69680797798,556774.48470698076,477235.27260598354,397696.06050498632,318156.8484039891,238617.63630299186,159078.42420199461,79539.212100997363,1.1641532182693481E-10,0,0,0]
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[]
[]
["Consolidated Cash Flow"]
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[null,null,"Capex",null,null,{"$f":"Model!E159","v":1465519.3033425277},{"$f":"Model!G159","v":0},{"$f":"Model!H159","v":0},{"$f":"Model!I159","v":0},{"$f":"Model!J159","v":0},{"$f":"Model!K159","v":0},{"$f":"Model!L159","v":0},{"$f":"Model!M159","v":0},{"$f":"Model!N159","v":0},{"$f":"Model!O159","v":0},{"$f":"Model!P159","v":0},{"$f":"Model!Q159","v":0},{"$f":"Model!R159","v":0},{"$f":"Model!S159","v":0},{"$f":"Model!T159","v":0},{"$f":"Model!U159","v":0},{"$f":"Model!V159","v":0},{"$f":"Model!W159","v":0},{"$f":"Model!X159","v":0},{"$f":"Model!Y159","v":0},{"$f":"Model!Z159","v":0}]
[null,null,"Afschrijving",null,null,{"$f":"-F371","v":27831.350182854505},83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,83494.050548563522,55662.700365709374]
[null,null,"∆ Debiteuren",null,null,{"$f":"-(F471-D471)","v":0},{"$f":"-(G471-F471)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"∆ Crediteuren",null,null,{"$f":"F478-D478","v":0},{"$f":"G478-F478","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"∆ Risico reserve",null,null,{"$f":"-(F470-D470)","v":0},{"$f":"-(G470-F470)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"∆ Senior Lening",null,null,{"$f":"F481-D481","v":1352166.6057169533},{"$f":"G481-F481","v":-79539.212100997334},-79539.212100997334,-79539.212100997334,-79539.212100997218,-79539.212100997218,-79539.212100997218,-79539.212100997218,-79539.212100997218,-79539.212100997218,-79539.212100997218,-79539.212100997218,-79539.212100997218,-79539.212100997218,-79539.212100997247,-79539.212100997247,-79539.212100997247,-79539.212100997247,-1.1641532182693481E-10,0,0]
[null,null,"∆ Junior Lening",null,null,{"$f":"F480-D480","v":155100},{"$f":"G480-F480","v":-6413.8166378811875},-6830.7147193434648,-7274.7111761007982,-7747.5674025473418,-8251.1592837129283,-8787.4846371542662,-9358.6711385692906,-9966.9847625762923,-10614.838772143761,-11304.80329233309,-12039.615506334747,-12822.190514246504,-13655.632897672531,-14543.249036021243,-15488.560223362554,0,0,0,0,0]
[null,null,"∆ ObligatieLening",null,null,{"$f":"F482-D482","v":-1050000},{"$f":"G482-F482","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"∆ Voorziening 1",null,null,{"$f":"F476-D476","v":0},{"$f":"G476-F476","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"∆ Reserve 1",null,null,{"$f":"-(F468-D468)","v":0},{"$f":"-(G468-F468)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"∆ Voorziening 2",null,null,{"$f":"F477-D477","v":0},{"$f":"G477-F477","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"∆ Reserve 2",null,null,{"$f":"-(F469-D469)","v":0},{"$f":"-(G469-F469)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"∆ DSRA Senior Lening",null,null,{"$f":"-(F467-D467)","v":-52297.031956405692},{"$f":"-(G467-F467)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,52297.031956405692,0,0,0]
[null,null,"∆ AandeelhoudersLening",null,null,{"$f":"F479-D479","v":1069289.198851316},{"$f":"G479-F479","v":-52764.588299850118},-54643.741222852259,-53707.108965478721,-52758.801843045745,-51798.730238126009,-54358.299956634641,-57021.706918369979,-59792.739459364209,-62675.317868065555,-65673.499948539655,-68791.485374488169,-72033.621082626167,-75404.405578331905,-78908.494597044773,-82550.706577491874,-86336.02809936316,-90269.619634046234,0,0,0]
[null,null,"Dividends"]
[null,null,"Eigen vermogen",null,null,325000,0,{"$f":"Model!G504","v":0},{"$f":"Model!H504","v":0},{"$f":"Model!I504","v":0},{"$f":"Model!J504","v":0},{"$f":"Model!K504","v":0},{"$f":"Model!L504","v":0},{"$f":"Model!M504","v":0},{"$f":"Model!N504","v":0},{"$f":"Model!O504","v":0},{"$f":"Model!P504","v":0},{"$f":"Model!Q504","v":0},{"$f":"Model!R504","v":0},{"$f":"Model!S504","v":0},{"$f":"Model!T504","v":0},{"$f":"Model!U504","v":0},{"$f":"Model!V504","v":0},{"$f":"Model!W504","v":0},{"$f":"Model!X504","v":0},{"$f":"Model!Y504","v":0}]
[null,null,"Cashflow in jaar"]
[null,null,"Liquide middelen",{"$f":"Model!D472","v":1050000},null,{"$f":"D506+F505","v":1050000},{"$f":"F506+G505","v":1050000},{"$f":"G506+H505","v":1050000},1050000,1050000,1050000,1050000,1050000,1050000,1050000,1050000,1050000,1050000,1050000,1050000,1050000,1050000,1050000,1050000,1050000,1050000]
[]
[]
[]
[]
[]
[]
[]
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[]
[]
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[]
[]
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[]
[null,"Aandeelhouderslening (SAUND/YARD)",null,null,null,{"$f":"Model!F588","v":0},{"$f":"Model!G588","v":0},{"$f":"Model!H588","v":0},{"$f":"Model!I588","v":0},{"$f":"Model!J588","v":0},{"$f":"Model!K588","v":0},{"$f":"Model!L588","v":0},{"$f":"Model!M588","v":0},{"$f":"Model!N588","v":0},{"$f":"Model!O588","v":0},{"$f":"Model!P588","v":0},{"$f":"Model!Q588","v":0},{"$f":"Model!R588","v":0},{"$f":"Model!S588","v":0},{"$f":"Model!T588","v":0},{"$f":"Model!U588","v":0},{"$f":"Model!V588","v":0},{"$f":"Model!W588","v":0},{"$f":"Model!X588","v":0},{"$f":"Model!Y588","v":0},{"$f":"Model!Z588","v":0}]
[]
[null,null,"EBITDA",null,null,{"$f":"Model!F370","v":44487.082309986035},{"$f":"G370*(G533<=$F$544)","v":140967.61751416847},141683.56873377002,136872.53212159639,132100.20869277115,127367.18879289232,129452.09849717956,131569.27586575513,133719.21485377045,135902.41692510631,138119.39116599748,140370.65440037224,142656.73130693141,144978.15453799447,147335.46484013813,149729.21117665461,152159.95085185804,154628.24963726502,157134.68189967945,159679.83073120864,162264.28808124107]
[null,null,"Vennootschapsbelasting"]
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[null,null,"∆ DSRA Senior lening",null,null,{"$f":"F501*(F533<=$F$544)","v":-52297.031956405692},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,52297.031956405692,0,0,0]
[null,null,"∆ Debiteuren",null,null,{"$f":"F491*(F533<=$F$544)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"∆ Crediteuren",null,null,{"$f":"F492*(F533<=$F$544)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Rente & Aflossing Junior lening",null,null,{"$f":"+F604+F606","v":0},-16495.316637881191,-16495.316637881191,-16495.316637881191,-16495.316637881191,-16495.316637881191,-16495.316637881191,-16495.316637881191,-16495.316637881191,-16495.316637881191,-16495.316637881191,-16495.316637881191,-16495.316637881191,-16495.316637881191,-16495.316637881191,-16495.316637881122,0,0,0,0,0]
[null,null,"CFADS AandeelhouderLening",null,null,{"$f":"SUM(F535:F541)","v":-7809.9496464196563},{"$f":"SUM(G535:G541)","v":-1040.5758190863889},{"$f":"SUM(H535:H541)","v":2379.7086119490814},273.00521120935082,-1794.985006181978,-3823.6716946268898,965.57122109424017,5787.0818011037154,10641.354000552947,15528.889283322726,20450.196735647794,25405.793181456447,30396.203299449535,35421.959741946499,40483.603255524067,45581.682803474519,67212.072327992981,124681.73628123954,157134.68189967933,159679.83073120864,162264.28808124107]
[]
[null,null,"Looptijd maximaal",null,null,{"$f":"Model!L8","v":"Amount"}]
[null,null,"Rente",null,null,{"$f":"Model!#REF!","v":{"$error":"#REF!"}}]
[null,null,"Cash positie na aantrekken lening",null,null,{"$f":"Model!F472","v":0}]
[]
[]
[]
[]
[]
[]
[null,null,"Construction Financing",null,null,{"$f":"Model!F138","v":0},{"$f":"Model!G138","v":1},{"$f":"Model!H138","v":2},{"$f":"Model!I138","v":3},{"$f":"Model!J138","v":4},{"$f":"Model!K138","v":5},{"$f":"Model!L138","v":6},{"$f":"Model!M138","v":7},{"$f":"Model!N138","v":8},{"$f":"Model!O138","v":9},{"$f":"Model!P138","v":10},{"$f":"Model!Q138","v":11},{"$f":"Model!R138","v":12},{"$f":"Model!S138","v":13},{"$f":"Model!T138","v":14},{"$f":"Model!U138","v":15},{"$f":"Model!V138","v":16},{"$f":"Model!W138","v":17},{"$f":"Model!X138","v":18},{"$f":"Model!Y138","v":19},{"$f":"Model!Z138","v":20}]
[null,null,"Open",1050000,null,{"$f":"Model!D556","v":1050000},{"$f":"Model!F556","v":0}]
[null,null,"Repay",0,null,{"$f":"-F554","v":-1050000},{"$f":"-G554","v":0}]
[null,null,"Close",{"$f":"D554+D555","v":1050000},null,{"$f":"F554+F555","v":0},{"$f":"G554+G555","v":0}]
[null,null,"Interest",null,null,{"$f":"-$D$559*F554","v":-63000},{"$f":"-$D$559*G554","v":0}]
[]
[null,null,"Interest rate",0.06]
[]
[]
[null,null,"Senior lening (ASN Bank)",null,null,0,{"$f":"Model!G487","v":0},{"$f":"Model!H487","v":0},{"$f":"Model!I487","v":0},{"$f":"Model!J487","v":0},{"$f":"Model!K487","v":0},{"$f":"Model!L487","v":0},{"$f":"Model!M487","v":0},{"$f":"Model!N487","v":0},{"$f":"Model!O487","v":0},{"$f":"Model!P487","v":0},{"$f":"Model!Q487","v":0},{"$f":"Model!R487","v":0},{"$f":"Model!S487","v":0},{"$f":"Model!T487","v":0},{"$f":"Model!U487","v":0},{"$f":"Model!V487","v":0},{"$f":"Model!W487","v":0},{"$f":"Model!X487","v":0},{"$f":"Model!Y487","v":0},{"$f":"Model!Z487","v":0}]
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[]
[null,null,"Aflossing",null,null,"Lineair"]
[]
[null,null,"Annuiteit",null,null,{"$f":"+IF($F$568=\"Annuïtair\",PMT(F572,F571,F573),0)","v":0}]
[null,null,"Looptijd",null,null,{"$f":"Model!D17","v":17}]
[null,null,"Rente",null,null,{"$f":"Model!D15","v":3.4000000000000002E-2}]
[null,null,"Hoofdsom",null,null,{"$f":"Model!sr_amount","v":1352166.6057169533},{"$f":"F573/F466","v":-0.90545820737069826},"van de investering gefinancierd met Senior"]
[]
[null,null,"DSCR Senior lening (ASN Bank)",{"$f":"MIN(G575:Z575)","v":0}]
[null,null,"CFADS"]
[null,null,"EBITDA",null,null,null,{"$f":"Model!G370","v":140967.61751416847},{"$f":"Model!H370","v":141683.56873377002},{"$f":"Model!I370","v":136872.53212159639},{"$f":"Model!J370","v":132100.20869277115},{"$f":"Model!K370","v":127367.18879289232},{"$f":"Model!L370","v":129452.09849717956},{"$f":"Model!M370","v":131569.27586575513},{"$f":"Model!N370","v":133719.21485377045},{"$f":"Model!O370","v":135902.41692510631},{"$f":"Model!P370","v":138119.39116599748},{"$f":"Model!Q370","v":140370.65440037224},{"$f":"Model!R370","v":142656.73130693141},{"$f":"Model!S370","v":144978.15453799447},{"$f":"Model!T370","v":147335.46484013813},{"$f":"Model!U370","v":149729.21117665461},{"$f":"Model!V370","v":152159.95085185804},{"$f":"Model!W370","v":154628.24963726502},{"$f":"Model!X370","v":157134.68189967945},{"$f":"Model!Y370","v":159679.83073120864},{"$f":"Model!Z370","v":162264.28808124107}]
[null,null,"Vennootschapsbelasting"]
[null,null,"∆ Debiteuren",null,null,null,{"$f":"Model!G491","v":0},{"$f":"Model!H491","v":0},{"$f":"Model!I491","v":0},{"$f":"Model!J491","v":0},{"$f":"Model!K491","v":0},{"$f":"Model!L491","v":0},{"$f":"Model!M491","v":0},{"$f":"Model!N491","v":0},{"$f":"Model!O491","v":0},{"$f":"Model!P491","v":0},{"$f":"Model!Q491","v":0},{"$f":"Model!R491","v":0},{"$f":"Model!S491","v":0},{"$f":"Model!T491","v":0},{"$f":"Model!U491","v":0},{"$f":"Model!V491","v":0},{"$f":"Model!W491","v":0},{"$f":"Model!X491","v":0},{"$f":"Model!Y491","v":0},{"$f":"Model!Z491","v":0}]
[null,null,"∆ Crediteuren",null,null,null,{"$f":"Model!G492","v":0},{"$f":"Model!H492","v":0},{"$f":"Model!I492","v":0},{"$f":"Model!J492","v":0},{"$f":"Model!K492","v":0},{"$f":"Model!L492","v":0},{"$f":"Model!M492","v":0},{"$f":"Model!N492","v":0},{"$f":"Model!O492","v":0},{"$f":"Model!P492","v":0},{"$f":"Model!Q492","v":0},{"$f":"Model!R492","v":0},{"$f":"Model!S492","v":0},{"$f":"Model!T492","v":0},{"$f":"Model!U492","v":0},{"$f":"Model!V492","v":0},{"$f":"Model!W492","v":0},{"$f":"Model!X492","v":0},{"$f":"Model!Y492","v":0},{"$f":"Model!Z492","v":0}]
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[]
[null,null,"DSRA",null,null,null,138114.99487499997,142191.2733951018,144024.44408037499,149531.7009743719,159353.23122201726,180626.23484605853,208323.19584508613,244108.48689312729,290244.35276863858,349815.53817345516,425876.17260237638,440015.0985758176,538260.76688774885,668759.0084167833,442276.90489197534,0,0,0,0,0]
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[]
[]
[null,null,"Junior lening",null,null,0,{"$f":"Model!G562","v":0},{"$f":"Model!H562","v":0},{"$f":"Model!I562","v":0},{"$f":"Model!J562","v":0},{"$f":"Model!K562","v":0},{"$f":"Model!L562","v":0},{"$f":"Model!M562","v":0},{"$f":"Model!N562","v":0},{"$f":"Model!O562","v":0},{"$f":"Model!P562","v":0},{"$f":"Model!Q562","v":0},{"$f":"Model!R562","v":0},{"$f":"Model!S562","v":0},{"$f":"Model!T562","v":0},{"$f":"Model!U562","v":0},{"$f":"Model!V562","v":0},{"$f":"Model!W562","v":0},{"$f":"Model!X562","v":0},{"$f":"Model!Y562","v":0},{"$f":"Model!Z562","v":0}]
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[null,null,"Vennootschapsbelasting"]
[null,null,"Rente & Aflossing Senior Lening",null,null,null,{"$f":"(G566+G564)*(G588<=$F$597)","v":-125512.87669537366},-122808.54348393975,-120104.21027250585,-117399.87706107194,-114695.54384963802,-111991.21063820412,-109286.87742677022,-106582.54421533631,-103878.2110039024,-101173.8777924685,-98469.544581034599,-95765.211369600685,-93060.878158166786,-90356.544946732873,-87652.211735298974,-84947.87852386506,-82243.545312431161,-1.203734427690506E-10,0,0]
[null,null,"∆ DSRA Senior lening",null,null,null,{"$f":"G501*(G588<=$F$597)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,52297.031956405692,0,0,0]
[null,null,"∆ Debiteuren",null,null,null,{"$f":"G491*(G588<=$F$597)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"∆ Crediteuren",null,null,null,{"$f":"G492*(G588<=$F$597)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CFADS Junior Lening",null,null,null,{"$f":"SUM(G589:G594)","v":15454.740818794802},18875.025249830273,16768.321849090542,14700.331631699213,12671.644943254301,17460.887858975431,22282.398438984907,27136.670638434138,32024.205921203917,36945.513373528986,41901.109819337638,46891.519937330726,51917.276379827686,56978.919893405255,62076.999441355641,67212.072327992981,124681.73628123954,157134.68189967933,159679.83073120864,162264.28808124107]
[]
[null,null,"Looptijd",null,null,{"$f":"Model!D30","v":15}]
[null,null,"Rente",null,null,{"$f":"Model!D28","v":6.5000000000000002E-2}]
[null,null,"Annuiteit",null,null,{"$f":"-PMT(F598,F597,F605)","v":16495.316637881191}]
[null,null,"Aandeelhouderslening",null,null,{"$f":"Model!F769","v":1069289.198851316}]
[null,null,"Cash positie na aantrekken lening",null,null,{"$f":"Model!F472","v":0}]
[]
[null,null,"Open",null,null,null,{"$f":"Model!F605","v":155100},{"$f":"Model!G605","v":148686.18336211881},{"$f":"Model!H605","v":141855.46864277535},{"$f":"Model!I605","v":134580.75746667455},{"$f":"Model!J605","v":126833.19006412721},{"$f":"Model!K605","v":118582.03078041428},{"$f":"Model!L605","v":109794.54614326001},{"$f":"Model!M605","v":100435.87500469072},{"$f":"Model!N605","v":90468.89024211443},{"$f":"Model!O605","v":79854.051469970669},{"$f":"Model!P605","v":68549.248177637579},{"$f":"Model!Q605","v":56509.632671302832},{"$f":"Model!R605","v":43687.442157056328},{"$f":"Model!S605","v":30031.809259383797},{"$f":"Model!T605","v":15488.560223362554},{"$f":"Model!U605","v":0},{"$f":"Model!V605","v":0},{"$f":"Model!W605","v":0},{"$f":"Model!X605","v":0},{"$f":"Model!Y605","v":0}]
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[]
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[]
["Sub Debt Sculpted"]
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[null,null,"Sub Debt Service",null,null,{"$f":"F616-F617","v":4661.1654538145594},{"$f":"G616-G617","v":20046.229158769434},{"$f":"H616-H617","v":22374.835657407079},20683.814286912777,19020.948313967267,17386.666725710093,20710.879395028227,24058.559101442428,27430.06579529008,30825.763822461755,34246.023427491862,37691.220304771356,41161.736393923624,44657.95890089692,48180.281007150392,51729.102047493201,-71207.399219635176,-46489.493134677818,0,0,0]
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[null,null,"Opening Balance",null,null,{"$f":"Model!E622","v":221015.4976522561},{"$f":"Model!F622","v":221143.00131424042},{"$f":"Model!G622","v":215471.06724089661},{"$f":"Model!H622","v":207101.85095414781},{"$f":"Model!I622","v":199879.65697925465},{"$f":"Model!J622","v":193850.88636893893},{"$f":"Model!K622","v":189064.52725720988},{"$f":"Model!L622","v":180642.8421339003},{"$f":"Model!M622","v":168326.06777116138},{"$f":"Model!N622","v":151837.19638099679},{"$f":"Model!O622","v":130880.85032329982},{"$f":"Model!P622","v":105142.08216682245},{"$f":"Model!Q622","v":74285.097202894554},{"$f":"Model!R622","v":37951.892127159081},{"$f":"Model!S622","v":-4239.1937854724965},{"$f":"Model!T622","v":-52695.022388678597},{"$f":"Model!U622","v":-107849.30089143591},{"$f":"Model!V622","v":-43652.106229744066},{"$f":"Model!W622","v":3.8562575355172157E-10},{"$f":"Model!X622","v":4.1069142753258348E-10},{"$f":"Model!Y622","v":4.3738637032220141E-10}]
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[null,null,"Interest Rate",{"$f":"Model!D28","v":6.5000000000000002E-2},null,{"$f":"$D$625*F2","v":2.1666666666666667E-2},6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2]
[null,null,"Interest Rate Factor",{"$f":"Model!D28","v":6.5000000000000002E-2},1,{"$f":"E626*(1+F625)","v":1.0216666666666667},{"$f":"F626*(1+G625)","v":1.0880749999999999},1.1587998749999999,1.2341218668749998,1.3143397882218748,1.3997718744562966,1.4907570462959558,1.5876562543051929,1.6908539108350302,1.8007594150393071,1.9178087770168619,2.0424663475229576,2.1752266601119499,2.3166163930192263,2.4671964585654758,2.6275642283722314,2.7983559032164265,2.9802490369254939,3.1739652243256509,3.3802729639068181,3.599990706560761]
[null,null,"Debt Size from DSCR",{"$f":"SUMPRODUCT(F618:Z618/F626:Z626)","v":221015.4976522561}]
[null,null,"Maximum from Sources",{"$f":"#REF!","v":{"$error":"#REF!"}}]
[null,null,"Debt Applied from Sculpting",{"$f":"MIN(D627:D628)","v":{"$error":"#REF!"}}]
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[null,null,"Total DSCR",{"$f":"\"Min \"& ROUND(MIN(G631:Z631),2)","v":"Min 1.54"},null,{"$f":"IF(F633>0.1,F251/F754)","v":1.5354470686796939},1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796937,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796942,1.5354470686796939,1.5354470686796939,1.5354470686796939,false,false,false]
[null,null,"CFADS Total",null,null,{"$f":"F535+F536","v":44487.082309986035},140967.61751416847,141683.56873377002,136872.53212159639,132100.20869277115,127367.18879289232,129452.09849717956,131569.27586575513,133719.21485377045,135902.41692510631,138119.39116599748,140370.65440037224,142656.73130693141,144978.15453799447,147335.46484013813,149729.21117665461,152159.95085185804,154628.24963726502,157134.68189967945,159679.83073120864,162264.28808124107]
[null,null,"Debt Service - pure sculpting",null,null,{"$f":"F770+F768","v":28434.915060831448},89120.421060794819,89205.577981602051,86411.058522651569,83636.709695392288,80882.838827809072,81681.251718221451,82496.476481431178,83328.770987200842,84178.396254283783,85045.617527243667,85930.703954941811,86833.929160347223,87755.570539243665,88695.909768293219,89655.232932440806,90633.830430677379,91631.997009982093,-1706.789691621708,-1706.789691621708,-1706.789691621708]
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[null,"Debt Sizing"]
[null,null,"Maximum Senior Debt",null,{"$f":"E201*F637","v":1085422.6571313257},{"$f":"Model!D19","v":0.65}]
[null,null,"Maximum Total Debt",null,{"$f":"F638*E201","v":1335904.8087770164},{"$f":"Model!D32","v":0.8}]
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[null,null,"Total Equity",null,{"$f":"E201-E218-E219","v":521964.50373624894}]
[null,null,"Preference",null,{"$f":"E640*F641","v":0},{"$f":"Model!L26","v":0}]
[null,null,"Common",null,{"$f":"E640-E641","v":521964.50373624894}]
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[null,null,"DATA",{"$f":"#REF!","v":{"$error":"#REF!"}},null,{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}},{"$f":"#REF!","v":{"$error":"#REF!"}}]
[null,null,"Equity IRR",null,null,{"$f":"Model!F588","v":0},{"$f":"Model!G588","v":0},{"$f":"Model!H588","v":0},{"$f":"Model!I588","v":0},{"$f":"Model!J588","v":0},{"$f":"Model!K588","v":0},{"$f":"Model!L588","v":0},{"$f":"Model!M588","v":0},{"$f":"Model!N588","v":0},{"$f":"Model!O588","v":0},{"$f":"Model!P588","v":0},{"$f":"Model!Q588","v":0},{"$f":"Model!R588","v":0},{"$f":"Model!S588","v":0},{"$f":"Model!T588","v":0},{"$f":"Model!U588","v":0},{"$f":"Model!V588","v":0},{"$f":"Model!W588","v":0},{"$f":"Model!X588","v":0},{"$f":"Model!Y588","v":0},{"$f":"Model!Z588","v":0}]
[null,null,"Investment",{"$f":"-D475","v":0},null,{"$f":"-F504","v":-325000}]
[null,null,"Dividends/terugbetaling eigen vermogen",null,null,{"$f":"-F503","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Totaal",{"$f":"SUM(D716:D717)","v":0},null,{"$f":"SUM(F716:F717)","v":-325000},{"$f":"SUM(G716:G717)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,"DATA",{"$f":"Model!D714","v":{"$error":"#REF!"}},null,{"$f":"Model!F714","v":{"$error":"#REF!"}},{"$f":"Model!G714","v":{"$error":"#REF!"}},{"$f":"Model!H714","v":{"$error":"#REF!"}},{"$f":"Model!I714","v":{"$error":"#REF!"}},{"$f":"Model!J714","v":{"$error":"#REF!"}},{"$f":"Model!K714","v":{"$error":"#REF!"}},{"$f":"Model!L714","v":{"$error":"#REF!"}},{"$f":"Model!M714","v":{"$error":"#REF!"}},{"$f":"Model!N714","v":{"$error":"#REF!"}},{"$f":"Model!O714","v":{"$error":"#REF!"}},{"$f":"Model!P714","v":{"$error":"#REF!"}},{"$f":"Model!Q714","v":{"$error":"#REF!"}},{"$f":"Model!R714","v":{"$error":"#REF!"}},{"$f":"Model!S714","v":{"$error":"#REF!"}},{"$f":"Model!T714","v":{"$error":"#REF!"}},{"$f":"Model!U714","v":{"$error":"#REF!"}},{"$f":"Model!V714","v":{"$error":"#REF!"}},{"$f":"Model!W714","v":{"$error":"#REF!"}},{"$f":"Model!X714","v":{"$error":"#REF!"}},{"$f":"Model!Y714","v":{"$error":"#REF!"}},{"$f":"Model!Z714","v":{"$error":"#REF!"}}]
[null,null,"Equity & SHL IRR",null,null,{"$f":"Model!F715","v":0},{"$f":"F723+1","v":1},{"$f":"G723+1","v":2},3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,null,"Equity",{"$f":"Model!D716","v":0},null,{"$f":"Model!F716","v":-325000}]
[null,null,"Investering SHL",{"$f":"-D502","v":0},null,-1069289.198851316,52764.588299850118,54643.741222852259,53707.108965478721,52758.801843045745,51798.730238126009,54358.299956634641,57021.706918369979,59792.739459364209,62675.317868065555,65673.499948539655,68791.485374488169,72033.621082626167,75404.405578331905,78908.494597044773,82550.706577491874,86336.02809936316,90269.619634046234,0,0,0]
[null,null,"Rente SHL",{"$f":"-D376","v":0},null,{"$f":"-F376","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Dividends",{"$f":"Model!D717","v":0},null,{"$f":"Model!F717","v":0},{"$f":"Model!G717","v":0},{"$f":"Model!H717","v":0},{"$f":"Model!I717","v":0},{"$f":"Model!J717","v":0},{"$f":"Model!K717","v":0},{"$f":"Model!L717","v":0},{"$f":"Model!M717","v":0},{"$f":"Model!N717","v":0},{"$f":"Model!O717","v":0},{"$f":"Model!P717","v":0},{"$f":"Model!Q717","v":0},{"$f":"Model!R717","v":0},{"$f":"Model!S717","v":0},{"$f":"Model!T717","v":0},{"$f":"Model!U717","v":0},{"$f":"Model!V717","v":0},{"$f":"Model!W717","v":0},{"$f":"Model!X717","v":0},{"$f":"Model!Y717","v":0},{"$f":"Model!Z717","v":0}]
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[null,null,"IRR",{"$f":"XIRR(D728:Z728,D722:Z722)","v":{"$error":"#REF!"}}]
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[null,null,"NPV at Target",{"$f":"Model!H12","v":8.5000000000000006E-2},null,{"$f":"NPV(D732,F718:Z718)","v":-299539.17050691246}]
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[null,null,"Electricity Cost",{"$f":"Model!H16","v":7.0000000000000007E-2},null,"Cap Exp",{"$f":"Model!H15","v":1465519.3033425277},"Equity IRR",{"$f":"Model!D719","v":{"$error":"#REF!"}}]
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[null,null,"Switch",{"$f":"Model!D17","v":17},null,{"$f":"F3<=$D$752","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false]
[null,null,"Senior DSCR",{"$f":"Model!D763","v":1.5354470686796939},null,{"$f":"$D$753","v":1.5354470686796939},1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939,1.5354470686796939]
[null,null,"Senior Target Debt Service",null,null,{"$f":"F251/F753*F752","v":28434.915060831448},89120.421060794819,89205.577981602051,86411.058522651569,83636.709695392288,80882.838827809072,81681.251718221451,82496.476481431178,83328.770987200842,84178.396254283783,85045.617527243667,85930.703954941811,86833.929160347223,87755.570539243665,88695.909768293219,89655.232932440806,90633.830430677379,91631.997009982093,0,0,0]
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[null,null,"Interest Rate",{"$f":"Model!D15","v":3.4000000000000002E-2},null,{"$f":"$D$756*F2","v":1.1333333333333334E-2},3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2,3.4000000000000002E-2]
[null,null,"Interest Rate Index",{"$f":"Model!D15","v":3.4000000000000002E-2},1,{"$f":"E757*(1+F756)","v":1.0113333333333334},{"$f":"F757*(1+G756)","v":1.0457186666666667},1.0812731013333334,1.1180363867786669,1.1560496239291416,1.1953553111427324,1.2359973917215854,1.2780213030401193,1.3214740273434833,1.3664041442731618,1.4128618851784494,1.4608991892745167,1.5105697617098504,1.5619291336079852,1.6150347241506569,1.6699459047717793,1.7267240655340199,1.7854326837621766,1.8461373950100906,1.9089060664404336,1.9738088726994083]
[null,null,"PV of Debt from DSCR",{"$f":"SUMPRODUCT(F754:Z754/F757:Z757)","v":1113538.921199386}]
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[null,null,"Maximum Debt to Capital (S&U)",{"$f":"Model!E637","v":1085422.6571313257}]
[null,null,"PV of CFADS",{"$f":"SUMPRODUCT(G761:Z761/G757:Z757)","v":1666609.0371708185},null,{"$f":"F251*F752","v":43660.306978309731},136839.68927729747,136970.44322172872,132679.60651011483,128419.74073580462,124191.31778465156,125417.23851683135,126668.97298981682,127946.91714897906,129251.47177479776,130583.04413626069,131942.04749719799,133328.90199119534,134744.03354479579,136187.87465760447,137660.86459791139,139163.44925799602,140696.08120624349,0,0,0]
[null,null,"LLCR from Max Debt to Cap",{"$f":"D761/D760","v":1.5354470686796939}]
[null,null,"DSCR Applied",{"$f":"MAX(D762,target_dscr_sr)","v":1.5354470686796939}]
[null,null,"Debt Applied",{"$f":"MIN(D758,D760)","v":1085422.6571313257}]
[]
[null,"Senior Debt Balance - Sculpted"]
[null,null,"Open",null,null,{"$f":"Model!E769","v":1085422.6571313257},{"$f":"Model!F769","v":1069289.198851316},{"$f":"Model!G769","v":1016524.6105514659},{"$f":"Model!H769","v":961880.86932861363},{"$f":"Model!I769","v":908173.7603631349},{"$f":"Model!J769","v":855414.95852008916},{"$f":"Model!K769","v":803616.22828196315},{"$f":"Model!L769","v":749257.92832532851},{"$f":"Model!M769","v":692236.22140695853},{"$f":"Model!N769","v":632443.48194759432},{"$f":"Model!O769","v":569768.16407952877},{"$f":"Model!P769","v":504094.66413098911},{"$f":"Model!Q769","v":435303.17875650094},{"$f":"Model!R769","v":363269.55767387478},{"$f":"Model!S769","v":287865.15209554287},{"$f":"Model!T769","v":208956.6574984981},{"$f":"Model!U769","v":126405.95092100622},{"$f":"Model!V769","v":40069.922821643064},{"$f":"Model!W769","v":-50199.69681240317},{"$f":"Model!X769","v":-50199.69681240317},{"$f":"Model!Y769","v":-50199.69681240317}]
[null,null,"Repay",null,null,{"$f":"(F754-F770)*F752","v":16133.458280009756},52764.588299850075,54643.741222852208,53707.108965478707,52758.801843045701,51798.730238126038,54358.299956634699,57021.706918370008,59792.739459364253,62675.317868065576,65673.499948539684,68791.485374488184,72033.621082626196,75404.40557833192,78908.494597044759,82550.706577491874,86336.02809936316,90269.619634046234,0,0,0]
[null,null,"Close",null,{"$f":"Model!D764","v":1085422.6571313257},{"$f":"F767-F768","v":1069289.198851316},{"$f":"G767-G768","v":1016524.6105514659},{"$f":"H767-H768","v":961880.86932861363},908173.7603631349,855414.95852008916,803616.22828196315,749257.92832532851,692236.22140695853,632443.48194759432,569768.16407952877,504094.66413098911,435303.17875650094,363269.55767387478,287865.15209554287,208956.6574984981,126405.95092100622,40069.922821643064,-50199.69681240317,-50199.69681240317,-50199.69681240317,-50199.69681240317,null,{"$f":"MAX(F769:Z769)","v":1069289.198851316}]
[null,null,"Interest",{"$f":"Model!D757","v":3.4000000000000002E-2},null,{"$f":"F767*F756","v":12301.456780821693},{"$f":"G767*G756","v":36355.832760944744},34561.836758749843,32703.949557172866,30877.907852346591,29084.108589683034,27322.951761586748,25474.769563061171,23536.031527836592,21503.078386218207,19372.117578703979,17139.218580453631,14800.308077721033,12351.164960911743,9787.4151712484581,7104.5263549489355,4297.8023313142121,1362.3773759358642,-1706.789691621708,-1706.789691621708,-1706.789691621708]
[null,null,"Test",{"$f":"Z769=0","v":false}]

{"sheet":"Annualized PF","index":2,"n_rows":124,"n_cols":25,"rows_kept":124,"cut":false,"hidden":false,"merged":[]}
[]
["Effective Annual Interest"]
[null,null,"Annual Interest Rate",null,null,{"$f":"Model!D15","v":3.4000000000000002E-2},null,null,{"$f":"Model!D28","v":6.5000000000000002E-2}]
[null,null,"Payments",null,null,4,null,null,4]
[null,null,"Periodic",null,null,{"$f":"F3/F4","v":8.5000000000000006E-3},null,null,{"$f":"I3/I4","v":1.6250000000000001E-2}]
[]
[null,null,"Annual Repayment",null,null,100,null,null,100]
[null,null,"Periodic Repayment",null,null,{"$f":"F7/F4","v":25},null,null,{"$f":"I7/I4","v":25}]
[]
[null,null,"Opening Balance",null,null,{"$f":"E18","v":1000},null,null,{"$f":"H18","v":1000}]
[null,null,"Repayment 1",null,null,{"$f":"IF(F4=4,F8)","v":25},null,null,{"$f":"IF(I4=4,I8)","v":25}]
[null,null,"Subtotal",null,null,{"$f":"F10-F11","v":975},null,null,{"$f":"I10-I11","v":975}]
[null,null,"Repayment 2",null,null,{"$f":"IF(OR(F4=2,F4=4),F8)","v":25},null,null,{"$f":"IF(OR(I4=2,I4=4),I8)","v":25}]
[null,null,"Subtotal",null,null,{"$f":"F12-F13","v":950},null,null,{"$f":"I12-I13","v":950}]
[null,null,"Repayment 3",null,null,{"$f":"IF(F4=4,F8)","v":25},null,null,{"$f":"IF(I4=4,I8)","v":25}]
[null,null,"Subtotal",null,null,{"$f":"F14-F15","v":925},null,null,{"$f":"I14-I15","v":925}]
[null,null,"Repayment 4",null,null,{"$f":"F8","v":25},null,null,{"$f":"I8","v":25}]
[null,null,"Closing Balance",null,1000,{"$f":"F16-F17","v":900},null,1000,{"$f":"I16-I17","v":900}]
[]
[null,null,"Annual",null,null,{"$f":"F10*F3","v":34},null,null,{"$f":"I10*I3","v":65}]
[null,null,"Periodic",null,null,{"$f":"F5*F10+F12*F5+F14*F5+F16*F5","v":32.725000000000009},null,null,{"$f":"I5*I10+I12*I5+I14*I5+I16*I5","v":62.5625}]
[null,null,"Effective",null,null,{"$f":"F21/F10","v":3.2725000000000011E-2},null,null,{"$f":"I21/I10","v":6.2562499999999993E-2}]
[]
[]
["Interest During Construction"]
[null,null,"Periods of Construction",null,null,{"$f":"Model!H29","v":12}]
[]
[null,null,"Total Crowd Funding",null,null,{"$f":"Model!D8","v":1050000}]
[null,null,"Periodic Crowd Funding",null,null,{"$f":"F28/F26","v":87500}]
[null,null,"Annual Interest Rate",null,null,{"$f":"Model!D9","v":0.06}]
[null,null,"Periodic Interest Rate",null,null,{"$f":"F30/12","v":5.0000000000000001E-3}]
[]
[null,null,"Period",null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,null,"Switch",null,{"$f":"F26","v":12},{"$f":"F33<=$E$34","v":true},{"$f":"G33<=$E$34","v":true},true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false]
[null,null,"Draws",null,{"$f":"F29","v":87500},{"$f":"$E$35*F34","v":87500},{"$f":"$E$35*G34","v":87500},87500,87500,87500,87500,87500,87500,87500,87500,87500,87500,0,0,0,0,0,0,0,0]
[]
[null,null,"Opening Balance",null,null,{"$f":"E40","v":0},{"$f":"F40","v":87500},175437.5,263814.6875,352633.76093749999,441896.92974218749,531606.41439089843,621764.44646285288,712373.26869516715,803435.13503864303,894952.31071383622,986927.07226740546,1079361.7076287426,1079361.7076287426,1079361.7076287426,1079361.7076287426,1079361.7076287426,1079361.7076287426,1079361.7076287426,1079361.7076287426]
[null,null,"Add Funding",null,null,{"$f":"F35","v":87500},{"$f":"G35","v":87500},87500,87500,87500,87500,87500,87500,87500,87500,87500,87500,0,0,0,0,0,0,0,0]
[null,null,"Add Interest During Construction",null,null,{"$f":"F42","v":0},{"$f":"G42","v":437.5},877.1875,1319.0734375,1763.1688046874999,2209.4846487109376,2658.032071954492,3108.8222323142645,3561.8663434758359,4017.1756751932153,4474.7615535691812,4934.6353613370275,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,{"$f":"IF(F34,F37+F38+F39,E40)","v":87500},{"$f":"IF(G34,G37+G38+G39,F40)","v":175437.5},263814.6875,352633.76093749999,441896.92974218749,531606.41439089843,621764.44646285288,712373.26869516715,803435.13503864303,894952.31071383622,986927.07226740546,1079361.7076287426,1079361.7076287426,1079361.7076287426,1079361.7076287426,1079361.7076287426,1079361.7076287426,1079361.7076287426,1079361.7076287426,1079361.7076287426]
[]
[null,null,"Interest",null,{"$f":"F31","v":5.0000000000000001E-3},{"$f":"F37*$E$42*F34","v":0},{"$f":"G37*$E$42*G34","v":437.5},877.1875,1319.0734375,1763.1688046874999,2209.4846487109376,2658.032071954492,3108.8222323142645,3561.8663434758359,4017.1756751932153,4474.7615535691812,4934.6353613370275,0,0,0,0,0,0,0,0]
[null,null,"Total Interest During Construction",null,{"$f":"SUM(F42:Y42)","v":29361.707628742453}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,0.03]
[null,"Kwartaal","BoY","Aflossing","EoY","Interest",null,"Jaar","BoY","Aflossing","EoY","Interest","Effective %"]
[null,1,750000,{"$f":"-($C$65/60)","v":-12500},{"$f":"C65+D65","v":737500},{"$f":"C65*$F$63/4","v":5625},null,1,{"$f":"C65","v":750000},{"$f":"K65-I65","v":-50000},{"$f":"I66","v":700000},{"$f":"SUM(OFFSET($F$65,4*(H65-1),0):OFFSET($F$68,4*(H65-1),0))","v":21937.5},{"$f":"L65/I65","v":2.9250000000000002E-2}]
[null,{"$f":"B65+1","v":2},{"$f":"E65","v":737500},{"$f":"-($C$65/60)","v":-12500},{"$f":"C66+D66","v":725000},{"$f":"C66*$F$63/4","v":5531.25},null,{"$f":"H65+1","v":2},{"$f":"OFFSET($C$65,4*(H66-1),0)","v":700000},{"$f":"K66-I66","v":-50000},{"$f":"I67","v":650000},{"$f":"SUM(OFFSET($F$65,4*(H66-1),0):OFFSET($F$68,4*(H66-1),0))","v":20437.5},{"$f":"L66/I66","v":2.9196428571428571E-2}]
[null,{"$f":"B66+1","v":3},{"$f":"E66","v":725000},{"$f":"-($C$65/60)","v":-12500},{"$f":"C67+D67","v":712500},5437.5,null,{"$f":"H66+1","v":3},{"$f":"OFFSET($C$65,4*(H67-1),0)","v":650000},-50000,600000,{"$f":"SUM(OFFSET($F$65,4*(H67-1),0):OFFSET($F$68,4*(H67-1),0))","v":18937.5},2.9134615384615384E-2]
[null,4,712500,-12500,700000,5343.75,null,4,600000,-50000,550000,{"$f":"SUM(OFFSET($F$65,4*(H68-1),0):OFFSET($F$68,4*(H68-1),0))","v":17437.5},2.9062500000000002E-2]
[null,5,700000,-12500,687500,5250,null,5,550000,-50000,500000,{"$f":"SUM(OFFSET($F$65,4*(H69-1),0):OFFSET($F$68,4*(H69-1),0))","v":15937.5},2.8977272727272727E-2]
[null,6,687500,-12500,675000,5156.25,null,6,500000,-50000,450000,{"$f":"SUM(OFFSET($F$65,4*(H70-1),0):OFFSET($F$68,4*(H70-1),0))","v":14437.5},2.8875000000000001E-2]
[null,7,675000,-12500,662500,5062.5,null,7,450000,-50000,400000,{"$f":"SUM(OFFSET($F$65,4*(H71-1),0):OFFSET($F$68,4*(H71-1),0))","v":12937.5},2.8750000000000001E-2]
[null,8,662500,-12500,650000,4968.75,null,8,400000,-50000,350000,{"$f":"SUM(OFFSET($F$65,4*(H72-1),0):OFFSET($F$68,4*(H72-1),0))","v":11437.5},2.8593750000000001E-2]
[null,9,650000,-12500,637500,4875,null,9,350000,-50000,300000,{"$f":"SUM(OFFSET($F$65,4*(H73-1),0):OFFSET($F$68,4*(H73-1),0))","v":9937.5},2.8392857142857143E-2]
[null,10,637500,-12500,625000,4781.25,null,10,300000,-50000,250000,{"$f":"SUM(OFFSET($F$65,4*(H74-1),0):OFFSET($F$68,4*(H74-1),0))","v":8437.5},2.8125000000000001E-2]
[null,11,625000,-12500,612500,4687.5,null,11,250000,-50000,200000,{"$f":"SUM(OFFSET($F$65,4*(H75-1),0):OFFSET($F$68,4*(H75-1),0))","v":6937.5},2.775E-2]
[null,12,612500,-12500,600000,4593.75,null,12,200000,-50000,150000,{"$f":"SUM(OFFSET($F$65,4*(H76-1),0):OFFSET($F$68,4*(H76-1),0))","v":5437.5},2.71875E-2]
[null,13,600000,-12500,587500,4500,null,13,150000,-50000,100000,{"$f":"SUM(OFFSET($F$65,4*(H77-1),0):OFFSET($F$68,4*(H77-1),0))","v":3937.5},2.6249999999999999E-2]
[null,14,587500,-12500,575000,4406.25,null,14,100000,-50000,50000,{"$f":"SUM(OFFSET($F$65,4*(H78-1),0):OFFSET($F$68,4*(H78-1),0))","v":2437.5},2.4375000000000001E-2]
[null,15,575000,-12500,562500,4312.5,null,15,50000,-50000,0,{"$f":"SUM(OFFSET($F$65,4*(H79-1),0):OFFSET($F$68,4*(H79-1),0))","v":937.5},1.8749999999999999E-2]
[null,16,562500,-12500,550000,4218.75,null,null,null,null,null,{"$f":"SUM(L65:L79)","v":171562.5},{"$f":"AVERAGE(M65:M79)","v":2.7511328255078252E-2}]
[null,17,550000,-12500,537500,4125]
[null,18,537500,-12500,525000,4031.25]
[null,19,525000,-12500,512500,3937.5]
[null,20,512500,-12500,500000,3843.75]
[null,21,500000,-12500,487500,3750]
[null,22,487500,-12500,475000,3656.25]
[null,23,475000,-12500,462500,3562.5]
[null,24,462500,-12500,450000,3468.75]
[null,25,450000,-12500,437500,3375]
[null,26,437500,-12500,425000,3281.25]
[null,27,425000,-12500,412500,3187.5]
[null,28,412500,-12500,400000,3093.75]
[null,29,400000,-12500,387500,3000]
[null,30,387500,-12500,375000,2906.25]
[null,31,375000,-12500,362500,2812.5]
[null,32,362500,-12500,350000,2718.75]
[null,33,350000,-12500,337500,2625]
[null,34,337500,-12500,325000,2531.25]
[null,35,325000,-12500,312500,2437.5]
[null,36,312500,-12500,300000,2343.75]
[null,37,300000,-12500,287500,2250]
[null,38,287500,-12500,275000,2156.25]
[null,39,275000,-12500,262500,2062.5]
[null,40,262500,-12500,250000,1968.75]
[null,41,250000,-12500,237500,1875]
[null,42,237500,-12500,225000,1781.25]
[null,43,225000,-12500,212500,1687.5]
[null,44,212500,-12500,200000,1593.75]
[null,45,200000,-12500,187500,1500]
[null,46,187500,-12500,175000,1406.25]
[null,47,175000,-12500,162500,1312.5]
[null,48,162500,-12500,150000,1218.75]
[null,49,150000,-12500,137500,1125]
[null,{"$f":"B113+1","v":50},137500,-12500,125000,1031.25]
[null,51,125000,-12500,112500,937.5]
[null,52,112500,-12500,100000,843.75]
[null,53,100000,-12500,87500,750]
[null,{"$f":"B117+1","v":54},87500,-12500,75000,656.25]
[null,55,75000,-12500,62500,562.5]
[null,56,62500,-12500,50000,468.75]
[null,{"$f":"B120+1","v":57},50000,-12500,37500,375]
[null,58,37500,-12500,25000,281.25]
[null,{"$f":"B122+1","v":59},25000,-12500,12500,187.5]
[null,60,12500,-12500,0,93.75]

{"sheet":"Kosten & Scenario's","index":3,"n_rows":65,"n_cols":18,"rows_kept":65,"cut":false,"hidden":false,"merged":[[22,8,27,23]]}
[null,null,null,null,null,null,null,null,null,null,"Currently on minimum"]
[]
[null,null,"I",null,"Waarde assets",null,"[EUR]",null,"Scenario analyse De Burg op investeringsruimte capex I",null,null,null,null,null,null,null,null,1]
[null,null,"a",null,"Asfaltcollector","Kodi",432000,null,null,null,"koude","inkoop elektra"]
[null,null,null,null,"capex II",null,{"$f":"SUM(G4)","v":432000},null,1,"minimaal",51840,254038,null,{"$f":"L5/K5","v":4.9004243827160492}]
[null,null,"b",null,"De Burg + TR","Kodi",1800000,null,2,"nominaal",57600,282264,null,{"$f":"L6/K6","v":4.9004166666666666}]
[null,null,"c",null,"Stammis","Kodi",70000,null,3,"maximaal",72000,352830,null,{"$f":"L7/K7","v":4.9004166666666666}]
[]
[null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(K5:K7,$R$3)","v":51840},{"$f":"INDEX(L5:L7,$R$3)","v":254038}]
[null,null,"d"]
[null,null,"d",null,null,null,null,"E",null,"beschikbaar gesteld vermogen koude",5300,null,null,4.9004166666666702]
[null,null,null,null,"totaal capex I",null,{"$f":"SUM(G6:G11)","v":1870000}]
[null,null,null,null,"total capex",null,{"$f":"G5+G12","v":2302000}]
[null,null,null,null,null,null,null,null,"Scenario analyse De Burg op investeringsruimte capex I"]
[null,null,null,null,"transactiekosten",null,null,null,"-","rente aandeelhouderslening",0.1]
[null,null,null,1,"Juridische zaken","West Advocaten",10379,null,"-","rente juniorlening",7.4999999999999997E-2]
[null,null,null,2,"Notaris (begroot)","Van Putten van Apeldoorn",5000,"E","-","looptijd junior lening",8]
[null,null,null,3,"Juridische zaken","Octo Consilium",5000,"E"]
[null,null,null,4,"fee financiering","DuurzaamInvesteren",21000,null,"Scenario analyse op DSCR senior loan"]
[null,null,null,5,"fee financiering","Escoplan",10500,null,"-","10% wanbetaling over een periode van 5 jaar"]
[null,null,null,6,"fee financiering",null,5000,"E","-","electriciteitsprijs veranderingen:"]
[null,null,null,7,"arrangement, advies, JZ","via ESCO2Service",45000]
[null,null,null,8,"rentekosten ESCO2Service","7% p.a. (107k-45k)",4340,null,"De gevoeligheid van de Burg case voor ontwikkelingen op de elektriciteitsmarkt is laag. Bij een stijgende elektriciteitsprijs stijgt de kostprijs voor de geleverde koude.  Bij dalende prijzen daalt de kostprijs. De ontwikkeling van de energieprijzen werkt door in de CBS index, waardoor de inkomsten mee bewegen met de kostprijs ontwikkeling. In deze scenario analyse is alleen een stijgende kostprijs doorgerekend. De CBS index is op 1,5% per jaar blijven staan, gelijk aan de base case. Dit is een conservatieve (stress) aanname. In de praktijk bewegen de inkomsten mee met de ontwikkelingen op de energiemarkt."]
[null,null,null,9,"afsluitprovisie","ASN Bank (1%)",10500,"E"]
[null,null,null,10,"rentekosten bouwdepot","ASN Bank (0,5%)",5250,"E"]
[null,null,null,null,"totaal",null,{"$f":"SUM(G16:G25)","v":121969}]
[]
[null,null,"II",null,"Rentevergoeding","[%]"]
[null,null,"a",null,"Kodi",0]
[null,null,"b",null,"SAUND",0]
[null,null,"c",null,"ASN Bank",3.4000000000000002E-2]
[]
[null,null,"III",null,"Managementfee",null,"[EUR]"]
[null,null,"a",null,"ESCO2Service",0.02,45000]
[]
[null,null,"IV",null,"Managementvergoeding","[%]"]
[null,null,null,null,"SAUND / KODI",5.0000000000000001E-3]
[]
[null,null,"V",null,"Beheervergoeding","[%]"]
[null,null,null,null,"SAUND",0.01]
[]
[null,null,"VI",null,"M&V vergoeding","[%]"]
[null,null,null,null,"SAUND",3.0000000000000001E-3]
[]
[null,null,"VII",null,"Financieringsfee","[%]"]
[null,null,null,null,"Escoplan",0.01,10500]
[null,null,null,null,"DuurzaamInvesteren",0.02,21000]
[null,null,null,null,"Overig",null,"N.T.B."]
[]
[null,null,"VIII",null,"Aanneemsom installatie","[EUR]"]
[null,null,"a",null,"Asfaltcollector",null,432000]
[null,null,"b",null,"De Burg, TR, Stammis",null,1870000]
[]
[null,null,"IX",null,"Onderhoudskosten","[%]"]
[null,null,null,null,null,0.03]
[]
[null,null,"X",null,"Investering deelproject",null,"[EUR]"]
[]
[]
[null,null,"XI",null,"Ontwikkelfee basis","[%]"]
[null,null,null,null,null,0.01]
[]
[null,null,"XII",null,"Ontwikkelfee deelproject","[%]"]
[null,null,null,null,null,0.03]
[null,null,null,null,null,0.03]