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[null,null,"Contents"]
[null,null,null,null,null," Colour Codes ",null,null,null,null," File Name: ",null,{"$f":"IFERROR(File_name(),\"\")","v":"C:\\Users\\stormy daniels\\Documents\\Corporate Model for Credit3.xlsm"}]
[null,null,"Company Case",null,null,null," Inputs ",null,"1234567890"]
[null,null,null,"HISTORIC BALANCE SHEET",null,null," Section Titles ",null,"TITLE ROW",null," Last Save Date ",null,{"$f":"IFERROR(lastsaved(),\"\")","v":"1/18/2020 10:25:20 AM"}]
[null,null,null,"INCOME STATEMENT",null,null," Sum Column ",null,"1000000000"]
[null,null,null,"CASH FLOW STATEMENT - DIRECT",null,null," True or 1 ",null,{"$f":"1=1","v":true},null," Last Save By",null,{"$f":"IFERROR(last_save_by(),\"\")","v":"Nelson Mandela"}]
[null,null,null,"Balance Sheet Items",null,null," False or 0 ",null,{"$f":"1=2","v":false}]
[null,null,null,null,null,null," Other Sheet Links ",null,"|||||||||||||||||||"]
[null,null,"Assumptions and Working"]
[null,null,null,"Revenues"]
[null,null,null,"Home Power Systems - Cap Exp and Depreciation"]
[null,null,null,"Cooking Systems - Cap Exp and Depreciation"]
[null,null,null,"Non-Depreciation Cost of Goods Sold"]
[null,null,null,"SG&A and Overheads"]
[null,null,null,"Working Capital"]
[null,null,null,"Financing Assumptions"]
[]
[null,null,"Forecast"]
[null,null,null,"HISTORIC BALANCE SHEET"]
[null,null,null,"INCOME STATEMENT"]
[null,null,null,"CASH FLOW STATEMENT - DIRECT"]
[null,null,null,"FINANCING"]
[null,null,null,"Balance Sheet"]
[null,null,null,"Financial Ratios for Re-Financing"]
[]
[null,null,"Analysis"]
[]
[null,null,"Scenarios"]
[]
[null,null,"Financial Statements"]
[null,null,null,"Month end date"]
[null,null,null,"INCOME STATEMENT"]
[null,null,null,"BALANCE SHEET"]
[null,null,null,"CASH FLOW STATEMENT - DIRECT"]
[]
[null,null,"Simple Example"]

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["          ",null,"Months"]
[null,null,"Year",null,null,null,2015,2016,2017,2018,2019,2020,2021,2022,2023]
[null,null,"History",null,null,null,true,true,true,true,true,false,false,false,false]
[]
[null,"HISTORIC BALANCE SHEET"]
[null,null,"Intangible fixed assets"]
[null,null,"Fixtures and Fittings",null,null,null,65740,70255,120650,240432,260023]
[null,null,"Accumulated Depreciation F&F",null,null,null,-33527.4,-36532.6,-62738,-125024.64,-143201]
[null,null,"Capitalised Solar Power Costs",null,null,null,1023121,1533234,5320431,8785039.6999999993,8172272.75]
[null,null,"Accumulated Depreciation Solar Power",null,null,null,-153468.15,-229985.1,-798064.65,-1317755.9549999998,-1225840.9124999999]
[null,null,"Capitalised Appliances (TV, Fans etc)",null,null,null,122774.51999999999,183988.08,638451.72,1054204.764,980672.73]
[null,null,"Accumulated Depreciation on Appliances",null,null,null,-15960.687599999999,-23918.450399999998,-82998.723599999998,-137046.61932,-127487.4549]
[null,null,"Other Assets",null,null,null,607,514,424418.86306745559,500000,450000]
[null,null,"Total Fixed Assets",null,null,null,{"$f":"SUM(G7:G13)","v":1009286.2824000001},{"$f":"SUM(H7:H13)","v":1497554.9295999999},5560150.2094674548,8999849.2496799994,8366439.1126000006]
[]
[null,null,"Current Assets:"]
[null,null,"Cash at Bank",null,null,null,40321,250321,810913,1234121,650342]
[null,null,"Inventory and Work in Progress solar",null,null,null,325634,3845321,2765333,1235653,3042321]
[null,null,"Trade Receivables",null,null,null,1142515,431317,372006,500678.01,431947.52000000002]
[null,null,"Other Current Assets",null,null,null,55438,96026,158884.69704142027,153267.51999999979,805893.57999999961]
[null,null,"Total Current Assets",null,null,null,{"$f":"SUM(G17:G20)","v":1563908},{"$f":"SUM(H17:H20)","v":4622985},{"$f":"SUM(I17:I20)","v":4107136.6970414203},{"$f":"SUM(J17:J20)","v":3123719.5299999993},{"$f":"SUM(K17:K20)","v":4930504.0999999996}]
[null,null,"Total Assets",null,null,null,{"$f":"G21+G14","v":2573194.2823999999},{"$f":"H21+H14","v":6120539.9296000004},{"$f":"I21+I14","v":9667286.9065088741},{"$f":"J21+J14","v":12123568.779679999},{"$f":"K21+K14","v":13296943.2126}]
[]
[null,null,"Total Current Liabilities",null,null,null,58756,70899,162789.13254437869,2672584.5799999996,3733016.3299999991]
[null,null,"Intercompany Company Loans",null,null,null,2000000,2000000,2000000,2000000,2000000]
[null,null,"Loans",null,null,null,0,0,4522177.6366863903,3100000,6400000]
[null,null,"Total Equity",null,null,null,{"$f":"G22-G24-G25-G26","v":514438.28239999991},{"$f":"H22-H24-H25-H26","v":4049640.9296000004},2982320.1372781061,4350984.1996799987,1163926.882600002]
[null,null,"Total Liabilities and Capital",null,null,null,{"$f":"SUM(G24:G27)","v":2573194.2823999999},{"$f":"SUM(H24:H27)","v":6120539.9296000004},9667286.9065088741,12123568.779679999,13296943.2126]
[]
[]
[null,"INCOME STATEMENT"]
[null,null,"Revenue"]
[null,null,"Welcome pack  ",null,null,null,null,null,null,null,null,1509280.0636182902,1852772.9622266402,2808751.4592445325,3709084.6838966208]
[null,null,"TV",null,null,null,null,null,null,null,null,758479.15932203399,1407523.964745763,2592116.8433898306,4068001.0576271191]
[null,null,"bPower 50",null,null,null,null,null,null,null,null,2199476.3840000005,2115290.128,2343075.5040000007,2775433.9200000004]
[null,null,"bPower 20",null,null,null,null,null,null,null,null,211772.96000000002,1238306.3840000001,2840240.9280000008,4226340.1600000011]
[null,null,"Upgrades non TV",null,null,null,null,null,null,null,null,234288.27037773357,236524.85089463223,326389.66202783299,485359.84095427446]
[null,null,"Revenue solar",null,null,null,null,null,null,null,null,4900000,6900000,10900000,15300000]
[null,null,"Revenue appliances",null,null,null,null,null,null,null,null,0,1600300,5200000,10192368.305084746]
[null,null,"Total revenue",null,null,null,490000,1160000,2340000,3250000,3480000,{"$f":"SUM(L38:L39)","v":4900000},{"$f":"SUM(M38:M39)","v":8500300},16100000,25492368.305084746]
[null,null,"Cost of Sales"]
[null,null,"Depreciation HPA Assets",null,null,null,0,114878,619077.56636390532,905988.59595726267,1092404.25,1671618.7502666668,2190589.7036422067,3499384.6433759267,5021903.8047356494]
[null,null,"Installation",null,null,null,0,41041,135303.64666666667,88033.92459508407,46218.259999999995,45522,72949.2,100083.6,106745.99999999999]
[null,null,"Import Duties ",null,null,null,0,177654,495981.92563636322,534335.9831138486,10370.23,0,0,0,0]
[null,null,"Freight Costs",null,null,null,0,0,0,29945.5,548322.29999999993,0,0,0,0]
[null,null,"Stock Uplift Adjustment",null,null,null,0,0,0,-522415.4443675956,-518009.95000000007,0,0,0,0]
[null,null,"Repossession",null,null,null,0,7938,17217.50909090909,45555.956795690552,14389.029999999999,16652.399999999998,14314.800000000001,12894,18194.400000000001]
[null,null,"Bad debt written off due to repossession",null,null,null,0,102333,139344.2645652662,0,0,0,0,0,0]
[null,null,"Maintenance",null,null,null,0,0,164352.22190303029,810494.38747668464,430920.84000000008,477414.83999999997,515524.09875,681038.46250000002,937075.50749999995]
[null,null,"Data",null,null,null,0,61848,2706.9951878787874,835986.51347222296,592473.19999999995,982516.98129394406,1245879.2633451286,1778223.0056406381,2202928.6477730428]
[null,null,"Upfront Sales Cost",null,null,null,612917,62234,108733.93844848484,771688.54067368212,146836.84,0,0,0,0]
[]
[null,null,"Depreciation HPA Assets","Cook",null,null,0,0,0,0,0,0,247683.13402777779,726756.2506944444,1189963.8416666666]
[null,null,"Gas","Cook",null,null,0,0,0,0,0,0,543348.33333333326,1927459.9999999998,4024310.8333333335]
[null,null,"Maintenance","Cook",null,null,0,0,0,0,0,0,11010,33820,62120]
[null,null,"Other cost of sales appliances","Cook",null,null,0,0,0,0,0,0,260052.36652996365,774890.74875756633,1343599.7197230628]
[null,null,"Cost of Sales",null,null,null,612917,567926,1682718.0678625044,3499613.9577168799,2363925,3193724.9715606109,5101350.8996284101,9534550.7109685764,14906842.754731756]
[]
[null,null,"Home Systems Assets Depreciation",null,null,null,0,114878,619077.56636390532,905988.59595726267,1092404.25,1671618.7502666668,2190589.7036422067,3499384.6433759267,5021903.8047356494]
[null,null,"Cash COGS Home Systems",null,null,null,450000,610000,1063640.5014985991,2593625.3617596175,1271520.75,1500000,1850000,2500000,3250000]
[null,null,"appliancesing Systems Assets Depreciation",null,null,null,0,0,0,0,0,0,250000,720000,1180000]
[null,null,"Cash COGS appliancesing",null,null,null,0,0,0,0,0,0,800000,2750000,5500000]
[null,null,"Total COGS",null,null,null,{"$f":"SUM(G59:G62)","v":450000},{"$f":"SUM(H59:H62)","v":724878},1682718.0678625044,3499613.9577168804,2363925,3171618.7502666665,5090589.7036422063,9469384.6433759257,14951903.804735649]
[null,null,"Gross profit",null,null,null,{"$f":"G40-G63","v":40000},{"$f":"H40-H63","v":435122},{"$f":"I40-I63","v":657281.93213749561},-249613.95771688037,1116075,1728381.2497333335,3409710.2963577937,6630615.3566240743,10540464.500349097]
[]
[null,null,"SG&A Costs"]
[null,null,"Salaries & Wages: Shops ",null,null,null,0,0,-801683,-538661.7516467924,-368764.42000000004,-479780,-529368,-583729.65000000014,-644067.82125000015]
[null,null,"Shops Running Costs",null,null,null,0,0,-362306.60479041922,-357824.47756771086,-97990.289999999979,-60000,-60000,-60000,-60000]
[null,null,"Shops customer acquisition",null,null,null,null,null,null,null,null,-121680,-179140,-243360,-243360]
[null,null,"Salaries & Wages: Logistics center ",null,null,null,0,0,0,-10810.82,-108042.54000000001,-148963.5,-166830.29999999996,-213720.72749999998,-279651.52293749998]
[null,null,"Logistics center Running Costs",null,null,null,0,0,0,-18593.46,-146985.44,-170970,-175244.24999999997,-179625.35625000004,-184115.99015624993]
[null,null,"Salaries & Wages: Call Center",null,null,null,0,0,-98529,-127611.7803839445,-120471.76,-89586,-131373.9,-167323.11750000005,-175689.27337500008]
[null,null,"Call Center Running Costs",null,null,null,0,0,0,-139520.59619589482,-122487.85999999999,-199718.21990446927,-276808.6067111732,-431327.90152793296,-591266.25464413408]
[null,null,"Sales Commission & Agent Costs",null,null,null,0,-65688,-156554.07151515153,-203341.08065643528,-153785.14000000001,-277946.23200000008,-446972.09799999994,-698663.40559999994,-791892.89320000005]
[null,null,"Other agents costs",null,null,null,0,0,523431,0,0,-55600,-55600,-55600,-55600]
[null,null,"SG&A appliances",null,null,null,null,null,null,null,null,0,-485532.4121664805,-1307636.5797888269,-2173535.7368027936]
[null,null,"Total SG&A",null,null,null,0,240000,1390000,1400000,1100000,1600000,2500000,3950000,5200000]
[null,null,"Overheads",null,null,null,0,0,0,0,0,0,0,0,0]
[null,null,"Salaries & Wages: Management & Support",null,null,null,564371,1257925,0,356660.96180846094,392751.88,699904.80000000016,734900.04000000015,771645.04200000002,810227.29410000041]
[null,null,"Staff bonus",null,null,null,0,0,0,0,0,113458.74400000001,124997.7792,138913.48295999999,152770.87293300006]
[null,null,"Legal & Professional",null,null,null,28335,52814,55768.345951515148,213796.2823183724,107917.49,73799.999999999985,75644.999999999985,77536.124999999985,79474.528124999953]
[null,null,"Property",null,null,null,47836,58249,115980.85,65875.06976161318,42616.13,67649.999999999985,69341.249999999985,71074.781249999985,72851.650781249962]
[null,null,"Travel",null,null,null,0,0,77130,185892.72467703448,109309.3,125280,125280,125280,125280]
[null,null,"Training",null,null,null,0,0,20361.365580665861,59864.861088178761,24384.86,36000,39240,45000,48240]
[null,null,"Communications",null,null,null,4647,10125,0,56239.513651360045,20954.870000000003,30750,31518.749999999996,32306.718749999996,33114.386718749993]
[null,null,"Insurance",null,null,null,9568,35678,57584,138806.8087771828,95985.37999999999,120000,130800,150000,160800]
[null,null,"Marketing, Conferences & Events",null,null,null,0,0,57799.977614600415,106664.14614270907,92877.39,72000,168000,168000,168000]
[null,null,"Office Consumables",null,null,null,0,0,0,4448.9226165342725,7214.8799999999992,8700,8700,8700,8700]
[null,null,"Mobile Money Charges",null,null,null,0,0,0,122010.94658585856,78345.150000000009,101205.68992,142326.167808,227919.32550400001,320432.53039999999]
[null,null,"Bank Charges",null,null,null,0,0,0,26402.842931121653,24817.55,30750,31518.749999999996,32306.718749999996,33114.386718749993]
[null,null,"Shared services",null,null,null,0,0,0,0,19917.43,61500,63037.499999999993,64613.437499999993,66228.773437499985]
[null,null,"Equipment",null,null,null,0,0,0,0,0,12300,12607.5,12922.6875,13245.754687500003]
[null,null,"Other employee costs",null,null,null,0,0,0,0,0,30750,31518.749999999996,32306.718749999996,33114.386718749993]
[null,null,"Other Admin Expenses",null,null,null,198220,382469,107605.27934545453,88672.104196745859,66756.069999999992,36899.999999999993,37822.499999999993,38768.062499999993,39737.264062499977]
[null,null,"Customer write off","Solar",null,null,0,0,0,0,0,69315.461733333344,98708.613649999999,168384.94866111112,242427.66472777788]
[null,null,"Stock write off","Solar",null,null,0,0,0,84.14,651033.95000000007,4882.5265999999992,17415.692599999998,27432.161400000001,15259.1775]
[null,null,"Customer write off","Cook",null,null,0,0,0,0,0,0,8259.4166666666679,10719.333333333332,18978.75]
[null,null,"Stock write off","Cook",null,null,0,0,0,0,0,0,2350,3620,2840]
[null,null,"Other overheads appliances","Cook",null,null,0,0,0,0,0,0,166605.88,246324.37000000002,348463.85249999998]
[null,null,"Total Overheads",null,null,null,852977,1780000,450000,1350000,1700000,1695000,2120000,250000,2800000]
[null,null,"Total Cash Expenses",null,null,null,{"$f":"G60+G62+G77+G100","v":1302977},{"$f":"H60+H62+H77+H100","v":2630000},2903640.5014985991,5343625.3617596179,4071520.75,4795000,7270000,9450000,16750000]
[]
[null,null,"Operating Income After Overheads",null,null,null,{"$f":"G64-G77-G100","v":-812977},-1584878,-1182718.0678625044,-2999613.9577168804,-1683925,-1566618.7502666665,-1210289.7036422063,2430615.3566240743,2540464.500349097]
[null,null,"Add back: HPA Depreciation",null,null,null,{"$f":"G59+G61","v":0},114878,619077.56636390532,905988.59595726267,1092404.25,1671618.7502666668,2440589.7036422067,4219384.6433759267,6201903.8047356494]
[null,null,"EBITDA",null,null,null,{"$f":"G103+G104","v":-812977},-1470000,-563640.50149859907,-2093625.3617596177,-591520.75,105000.00000000023,1230300.0000000005,6650000.0000000009,8742368.3050847463]
[]
[null,null,"Depreciation"]
[null,null,"Depreciation HPA Assets solar",null,null,null,{"$f":"G59","v":0},114878,619077.56636390532,905988.59595726267,1092404.25,1671618.7502666668,2190589.7036422067,3499384.6433759267,5021903.8047356494]
[null,null,"Depreciation HPA Assets appliances",null,null,null,{"$f":"G61","v":0},0,0,0,0,0,250000,720000,1180000]
[null,null,"Depreciation Fixtures and Fittings",null,null,-1,16812,48697,22435.205442424241,61854.845480593074,46025.299999999996,67565.079365079378,74385.714285714304,77947.619047619097,63277.777777777796]
[null,null,"Total Depreciation",null,null,null,{"$f":"SUM(G108:G110)","v":16812},{"$f":"SUM(H108:H110)","v":163575},641512.77180632961,967843.44143785571,1138429.55,1739183.829631746,2514975.4179279208,4297332.2624235461,6265181.5825134274]
[]
[null,null,"EBIT",null,null,null,{"$f":"G105-G111","v":-829789},{"$f":"H105-H111","v":-1633575},-1205153.2733049286,-3061468.8031974733,-1729950.3,-1634183.8296317458,-1284675.4179279204,2352667.7375764549,2477186.722571319]
[]
[null,null,"Interest Expense",null,null,-1,7606,16258,376495.49881212122,1016009.0370551841,1884089.5799999998,1281235.3134340483,1823616.4293859645,2654583.3333333335,3486249.9999999995]
[null,null,"Profit before Tax",null,null,null,{"$f":"G113-G115","v":-837395},{"$f":"H113-H115","v":-1649833},-1581648.7721170499,-4077477.8402526574,-3614039.88,-2915419.1430657944,-3108291.8473138846,-301915.59575687861,-1009063.2774286806]
[null,null,"Tax",null,null,null,null,null,null,null,null,0,0,0,0]
[null,null,"Net Income",null,null,null,{"$f":"G116-G117","v":-837395},{"$f":"H116-H117","v":-1649833},-1581648.7721170499,-4077477.8402526574,-3614039.88,-2915419.1430657944,-3108291.8473138846,-301915.59575687861,-1009063.2774286806]
[]
[null,"CASH FLOW STATEMENT - DIRECT"]
[null,null,"Non-Cash Current Assets",null,null,null,1523221,4406591,3274921.6970414203,1877962.3699999999,4894607.1399999997,2591085.9471055558,5197153.3631111113,7650230.9562166659,3511032.023755555]
[null,null,"Current Liabilities",null,null,null,58756,70899,162789.13254437869,2672584.5799999996,3733016.3299999991,2639432.1510522254,2746851.7416224014,2904956.6392649473,3013289.9725982775]
[]
[null,null,"Operating Cash Flow"]
[null,null,"EBITDA",null,null,null,{"$f":"G105","v":-812977},-1470000,-563640.50149859907,-2093625.3617596177,-591520.75,105000.00000000023,1230300.0000000005,6650000.0000000009,8742368.3050847463]
[null,null,"Less: Changes in Current Assets",null,null,null,{"$f":"G121-F121","v":1523221},{"$f":"H121-G121","v":2883370},-1131669.3029585797,-1396959.3270414204,3016644.7699999996,-2303521.1928944439,2606067.4160055555,2453077.5931055546,-4139198.9324611109]
[null,null,"Add: Changes in Current Liabilities",null,null,null,{"$f":"G122-F122","v":58756},12143,91890.132544378692,2509795.4474556209,1060431.7499999995,-1093584.1789477738,107419.59057017602,158104.89764254587,108333.33333333023]
[null,null,"Less: Income Tax"]
[null,null,"Operating Cash Flow",null,null,null,{"$f":"G125-G126+G127","v":-2277442},{"$f":"H125-H126+H127","v":-4341227},659918.93400435941,1813129.4127374236,-2547733.77,1314937.0139466701,-1268347.8254353791,4355027.3045369927,12989900.570879187]
[]
[null,null,"Capital Expenditures"]
[null,null,"Stock purchases solar",null,null,null,0,0,0,0,0,2000000,7000000,11000000,6000000]
[null,null,"Maintenance solar",null,null,null,0,0,0,0,0,477414.83999999997,515524.09875,681038.46250000002,937075.50749999995]
[null,null,"Stock purchases appliances",null,null,null,0,0,0,0,0,0,2466350,3558620,2802840]
[null,null,"Maintenance appliances",null,null,null,0,0,0,0,0,0,11010,33820,62120]
[null,null,"Fixed asset purchases",null,null,null,0,0,0,0,0,119000,60000,60000,60000]
[null,null,"Total  Capital Expenditures",null,null,null,{"$f":"SUM(G132:G136)","v":0},{"$f":"SUM(H132:H136)","v":0},0,0,0,2596414.84,10052884.098749999,15333478.4625,9862035.5075000003]
[]
[null,null,"Cash Flow After Capital Expeniture",null,null,null,{"$f":"G129-G137","v":-2277442},{"$f":"H129-H137","v":-4341227},659918.93400435941,1813129.4127374236,-2547733.77,-1281477.8260533297,-11321231.924185378,-10978451.157963008,3127865.0633791871]
[]
[null,null,"Less: Interest on Loan"]
[null,null,"Net Cash Flow"]
[null,null,"Add: New Loans"]
[null,null,"Less: Repayment of Loans"]
[null,null,"Net Cash Flow"]
[]
[null,null,"Loan Balance"]
[null,null,"Opening Balance"]
[null,null,"Add: New Loans"]
[null,null,"Less: Repayment"]
[null,null,"Closing Balance"]
[]
[null,null,"Interest Rate"]
[null,null,"Interest Expense"]
[]
[null,"Balance Sheet Items"]
[null,null,"Inventory and Work in Progress solar",null,null,null,325268,3879248,2744031,1224016.8400000001,3656766.04,1185037.2171055556,2057599.2997777783,4143000.0595499999,1081427.293755556]
[null,null,"Inventory and Work in Progress appliances",null,null,null,null,null,null,null,null,0,1733505.3333333333,2101182.166666667,1023556]
[null,null,"Trade Receivables",null,null,null,1142515,431317,372006,500678.01,431947.52000000002,415756.07,415756.07,415756.07,415756.07]
[]
[null,null,"Non-Cash Current Assets",null,null,null,1523221,4406591,3274921.6970414203,1877962.3699999999,4894607.1399999997,2591085.9471055558,5197153.3631111113,7650230.9562166659,3511032.023755555]
[null,null,"Other Current Assets",null,null,null,{"$f":"G161-G157-G158-G159","v":55438},96026,158884.69704142027,153267.51999999979,805893.57999999961,990292.66000000015,990292.65999999968,990292.65999999898,990292.65999999898]
[]
[null,null,"HPA assets solar",null,null,null,0,1521823,5440117.6863905322,8785039.6999999993,9709426.7703000009,12083080.082138889,17135910.658141665,24769752.47346111,31982604.532083333]
[null,null,"HPA assets accumulated depreciation solar",null,null,null,0,0,0,-807448.04,-2521193.2693055556,-2929883.6233944455,-4224780.1731616529,-6606335.3974903589,-9969001.1503815651]
[null,null,"HPA assets appliances",null,null,null,0,0,0,null,0,0,1322692.0833333335,4075736.2222222225,7246535.2499999991]
[null,null,"HPA assets accumulated depreciation appliances",null,null,null,0,0,0,null,0,0,-123189.37638888894,-426385.93263888889,-928501.38541666663]

{"sheet":"Assumptions and Working","index":2,"n_rows":217,"n_cols":19,"rows_kept":217,"cut":false,"hidden":false,"merged":[]}
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[]
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[null,null,null,"Bank Sensitivity Case Cap Exp",null,null,null,null,null,null,null,null,null,null,null,null,null,null,5]
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[null,null,null,{"$f":"INDEX(D63:D66,Scenarios!$AA$13)","v":"Company Case appliances Cap Exp"},null,null,null,{"$f":"INDEX(H63:H66,Scenarios!$AA$13)","v":0},{"$f":"INDEX(I63:I66,Scenarios!$AA$13)","v":0},{"$f":"INDEX(J63:J66,Scenarios!$AA$13)","v":0},{"$f":"INDEX(K63:K66,Scenarios!$AA$13)","v":0},{"$f":"INDEX(L63:L66,Scenarios!$AA$13)","v":0},{"$f":"INDEX(M63:M66,Scenarios!$AA$13)","v":0},{"$f":"INDEX(N63:N66,Scenarios!$AA$13)","v":1.5480597387989752},{"$f":"INDEX(O63:O66,Scenarios!$AA$13)","v":0.69085384615384615},{"$f":"INDEX(P63:P66,Scenarios!$AA$13)","v":0.28108874348376273},null,true,6]
[null,null,null,"appliances Revenues",null,null,null,{"$f":"H23","v":0},{"$f":"I23","v":0},0,0,0,0,1600300,5200000,10192368.305084746,null,null,6]
[null,null,null,"appliances Cap Exp Applied",null,null,null,{"$f":"H68*H69","v":0},{"$f":"I68*I69","v":0},0,0,0,0,2477360,3592440,2864959.9999999995,null,true,7]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,7]
[null,null,null,"HPA assets appliances",null,null,null,0,0,0,0,0,0,1322692.08333333,4075736.2222222202,7246535.25,null,null,7]
[null,null,null,"Home Systems HPA Assets Depreciation",null,null,null,0,0,0,0,0,0,247683.13402777779,726756.2506944444,1189963.8416666666,null,null,7]
[null,null,null,"Depreciation Rate (Closing)",null,null,null,0,0,0,0,0,0,9.9978660359325164E-2,0.1197331461818255,0.13318363802347982,null,null,7]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,7]
[null,null,null,"HPA assets appliances",null,null,null,null,null,null,null,null,null,null,null,null,null,null,7]
[null,null,null,"Opening Balance",null,null,null,{"$f":"G79","v":0},{"$f":"H79","v":0},0,0,0,0,0,2477360,6069800,null,null,7]
[null,null,null,"Add: Capital Expenditures",null,null,null,{"$f":"H70","v":0},{"$f":"I70","v":0},0,0,0,0,2477360,3592440,2864959.9999999995,null,null,7]
[null,null,null,"Closing Balance",null,null,null,{"$f":"SUM(H77:H78)","v":0},{"$f":"SUM(I77:I78)","v":0},0,0,0,0,2477360,6069800,8934760,null,null,{"$f":"IF(R79,S78+1,S78)","v":7}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,7]
[null,null,null,"Depreciation Rate on Opening Balance",null,null,null,{"$f":"H74","v":0},{"$f":"I74","v":0},0,0,0,0,9.9978660359325164E-2,0.1197331461818255,0.13318363802347982,null,null,7]
[null,null,null,"Depreciation Expense",null,null,null,{"$f":"H81*H79","v":0},{"$f":"I81*I79","v":0},0,0,0,0,247683.13402777779,726756.2506944444,1189963.8416666666,null,null,7]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,7]
[null,null,null,"Accumulated Depreciation",null,null,null,{"$f":"G84+H82","v":0},{"$f":"H84+I82","v":0},0,0,0,0,247683.13402777779,974439.38472222222,2164403.2263888889,null,null,7]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,7]
[null,"Non-Depreciation Cost of Goods Sold",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,7]
[null,null,null,"Cash COGS Code Number",1,null,null,null,null,null,null,null,null,null,null,null,null,null,7]
[null,null,null,"Other COGS Home Systems - Company Case",null,null,null,{"$f":"'Company Case'!G60","v":450000},{"$f":"'Company Case'!H60","v":610000},{"$f":"'Company Case'!I60","v":1063640.5014985991},{"$f":"'Company Case'!J60","v":2593625.3617596175},{"$f":"'Company Case'!K60","v":1271520.75},{"$f":"'Company Case'!L60","v":1500000},{"$f":"'Company Case'!M60","v":1850000},{"$f":"'Company Case'!N60","v":2500000},{"$f":"'Company Case'!O60","v":3250000},null,null,7]
[null,null,null,"Company Case  Cash COGS Percent",null,null,null,{"$f":"H88/H7","v":0.91836734693877553},{"$f":"I88/I7","v":0.52586206896551724},0.4545472228626492,0.79803857284911306,0.36537952586206895,0.30612244897959184,0.26811594202898553,0.22935779816513763,0.21241830065359477,null,null,7]
[null,null,null,"Bank Base Case Cash COGS Percent",null,null,null,null,null,null,null,null,0.31,0.28000000000000003,0.26,0.24,null,null,7]
[null,null,null,"Bank Low Case Cash COGS Percent",null,null,null,null,null,null,null,null,0.31,{"$f":"M91","v":0.31},0.31,0.31,null,null,7]
[null,null,null,"Bank Sensitivity Case COGS Percent",null,null,null,null,null,null,null,null,0.31,0.31,0.31,0.31,null,null,7]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,7]
[null,null,null,{"$f":"INDEX(D89:D92,Scenarios!$AA$7)","v":"Company Case  Cash COGS Percent"},null,null,null,{"$f":"IF(H3,H89,INDEX(H89:H92,Scenarios!$AA$7))","v":0.91836734693877553},{"$f":"IF(I3,I89,INDEX(I89:I92,Scenarios!$AA$7))","v":0.52586206896551724},{"$f":"IF(J3,J89,INDEX(J89:J92,Scenarios!$AA$7))","v":0.4545472228626492},{"$f":"IF(K3,K89,INDEX(K89:K92,Scenarios!$AA$7))","v":0.79803857284911306},{"$f":"IF(L3,L89,INDEX(L89:L92,Scenarios!$AA$7))","v":0.36537952586206895},{"$f":"IF(M3,M89,INDEX(M89:M92,Scenarios!$AA$7))","v":0.30612244897959184},{"$f":"IF(N3,N89,INDEX(N89:N92,Scenarios!$AA$7))","v":0.26811594202898553},{"$f":"IF(O3,O89,INDEX(O89:O92,Scenarios!$AA$7))","v":0.22935779816513763},{"$f":"IF(P3,P89,INDEX(P89:P92,Scenarios!$AA$7))","v":0.21241830065359477},null,true,8]
[null,null,null,"Revenue Applied",null,null,null,{"$f":"H14","v":490000},{"$f":"I14","v":1160000},2340000,3250000,3480000,4900000,6900000,10900000,15300000,null,null,8]
[null,null,null,"Cash COGS Applied Solar",null,null,null,{"$f":"H94*H95","v":450000},{"$f":"I94*I95","v":610000},1063640.5014985991,2593625.3617596175,1271520.75,1500000,1850000.0000000002,2500000,3250000,null,true,9]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,9]
[null,null,null,"appliances Cash COGS ",{"$f":"Scenarios!AA14","v":1},null,null,null,null,null,null,null,null,null,null,null,null,null,9]
[null,null,null,"Other COGS appliances",null,null,null,{"$f":"'Company Case'!G62","v":0},{"$f":"'Company Case'!H62","v":0},{"$f":"'Company Case'!I62","v":0},{"$f":"'Company Case'!J62","v":0},{"$f":"'Company Case'!K62","v":0},{"$f":"'Company Case'!L62","v":0},{"$f":"'Company Case'!M62","v":800000},{"$f":"'Company Case'!N62","v":2750000},{"$f":"'Company Case'!O62","v":5500000},null,null,9]
[null,null,null,"Other COGS appliances as Percent of Revenues",null,null,null,{"$f":"IFERROR(H99/H17,0)","v":0},{"$f":"IFERROR(I99/I17,0)","v":0},0,0,0,0,0.4999062675748297,0.52884615384615385,0.53961943243908994,null,null,9]
[null,null,null,"Bank Base Case COGS appliances Pct",null,null,null,null,null,null,null,null,null,0.5,0.5,0.5,null,null,9]
[null,null,null,"Bank Low Case COGS appliances Pct",null,null,null,null,null,null,null,null,null,0.53,0.53,0.53,null,null,9]
[null,null,null,"Bank Sensitivity Case appliances Pct",null,null,null,null,null,null,null,null,null,0.53,{"$f":"N103","v":0.53},{"$f":"O103","v":0.53},null,null,9]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,9]
[null,null,null,{"$f":"INDEX(D100:D103,Scenarios!$AA$14)","v":"Other COGS appliances as Percent of Revenues"},null,null,null,{"$f":"IF(H3,H100,INDEX(H100:H103,Scenarios!$AA$14))","v":0},{"$f":"IF(I3,I100,INDEX(I100:I103,Scenarios!$AA$14))","v":0},{"$f":"IF(J3,J100,INDEX(J100:J103,Scenarios!$AA$14))","v":0},{"$f":"IF(K3,K100,INDEX(K100:K103,Scenarios!$AA$14))","v":0},{"$f":"IF(L3,L100,INDEX(L100:L103,Scenarios!$AA$14))","v":0},{"$f":"IF(M3,M100,INDEX(M100:M103,Scenarios!$AA$14))","v":0},{"$f":"IF(N3,N100,INDEX(N100:N103,Scenarios!$AA$14))","v":0.4999062675748297},{"$f":"IF(O3,O100,INDEX(O100:O103,Scenarios!$AA$14))","v":0.52884615384615385},{"$f":"IF(P3,P100,INDEX(P100:P103,Scenarios!$AA$14))","v":0.53961943243908994},null,true,10]
[null,null,null,"appliances Revenues",null,null,null,{"$f":"H23","v":0},{"$f":"I23","v":0},0,0,0,0,1600300,5200000,10192368.305084746,null,null,10]
[null,null,null,"appliances Cash COGS",null,null,null,{"$f":"H105*H106","v":0},{"$f":"I105*I106","v":0},0,0,0,0,800000,2750000,5500000,null,null,10]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,10]
[null,"SG&A and Overheads",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,10]
[null,null,null,"SG&A Code",1,null,null,null,null,null,null,null,null,null,null,null,null,null,10]
[null,null,null,"Total SG&A",null,null,null,{"$f":"'Company Case'!G77","v":0},{"$f":"'Company Case'!H77","v":240000},{"$f":"'Company Case'!I77","v":1390000},{"$f":"'Company Case'!J77","v":1400000},{"$f":"'Company Case'!K77","v":1100000},{"$f":"'Company Case'!L77","v":1600000},{"$f":"'Company Case'!M77","v":2500000},{"$f":"'Company Case'!N77","v":3950000},{"$f":"'Company Case'!O77","v":5200000},null,null,10]
[null,null,null,"Total Revenues",null,null,null,{"$f":"'Company Case'!G40","v":490000},{"$f":"'Company Case'!H40","v":1160000},{"$f":"'Company Case'!I40","v":2340000},{"$f":"'Company Case'!J40","v":3250000},{"$f":"'Company Case'!K40","v":3480000},{"$f":"'Company Case'!L40","v":4900000},{"$f":"'Company Case'!M40","v":8500300},{"$f":"'Company Case'!N40","v":16100000},{"$f":"'Company Case'!O40","v":25492368.305084746},null,null,10]
[null,null,null,"SG&A as Percent of Revenues",null,null,null,{"$f":"H111/H112","v":0},{"$f":"I111/I112","v":0.20689655172413793},0.59401709401709402,0.43076923076923079,0.31609195402298851,0.32653061224489793,0.29410726680234817,0.24534161490683229,0.20398261698434664,null,null,10]
[null,null,null,"SG&G Growth Rate",null,null,null,null,{"$f":"I112/H112-1","v":1.3673469387755102},{"$f":"J112/I112-1","v":1.0172413793103448},0.38888888888888884,7.0769230769230695E-2,0.40804597701149414,0.73475510204081629,0.89405079820712219,0.58337691335930097,null,null,10]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,10]
[null,null,null,"Company Case SG&A Percent",null,null,null,{"$f":"H113","v":0},{"$f":"I113","v":0.20689655172413793},0.59401709401709402,0.43076923076923079,0.31609195402298851,0.32653061224489793,0.29410726680234817,0.24534161490683229,0.20398261698434664,null,null,10]
[null,null,null,"Bank Base Case SG&A Percent",null,null,null,null,null,null,null,null,0.33,0.3,0.27,0.25,null,null,10]
[null,null,null,"Bank Low Case SG&A Percent",null,null,null,null,null,null,null,null,0.33,0.32,0.32,0.32,null,null,10]
[null,null,null,"Bank Sensitivity Case SG&A Percent",null,null,null,null,null,null,null,null,0.32,{"$f":"M119","v":0.32},{"$f":"N119","v":0.32},{"$f":"O119","v":0.32},null,null,10]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,10]
[null,null,null,{"$f":"INDEX(D116:D119,Scenarios!$AA$8)","v":"Company Case SG&A Percent"},null,null,null,{"$f":"IF(H3,H116,INDEX(H116:H119,Scenarios!$AA$8))","v":0},{"$f":"IF(I3,I116,INDEX(I116:I119,Scenarios!$AA$8))","v":0.20689655172413793},{"$f":"IF(J3,J116,INDEX(J116:J119,Scenarios!$AA$8))","v":0.59401709401709402},{"$f":"IF(K3,K116,INDEX(K116:K119,Scenarios!$AA$8))","v":0.43076923076923079},{"$f":"IF(L3,L116,INDEX(L116:L119,Scenarios!$AA$8))","v":0.31609195402298851},{"$f":"IF(M3,M116,INDEX(M116:M119,Scenarios!$AA$8))","v":0.32653061224489793},{"$f":"IF(N3,N116,INDEX(N116:N119,Scenarios!$AA$8))","v":0.29410726680234817},{"$f":"IF(O3,O116,INDEX(O116:O119,Scenarios!$AA$8))","v":0.24534161490683229},{"$f":"IF(P3,P116,INDEX(P116:P119,Scenarios!$AA$8))","v":0.20398261698434664},null,true,11]
[null,null,null,"Total Revenue",null,null,null,{"$f":"H14+H23","v":490000},1160000,2340000,3250000,3480000,4900000,8500300,16100000,25492368.305084746,null,null,11]
[null,null,null,"SG&A Projections",null,null,null,{"$f":"IF(H3,H111,H122*H121)","v":0},240000,1390000,1400000,1100000,1599999.9999999998,2500000,3950000,5200000,null,true,12]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,12]
[null,null,null,"Overhead Code",{"$f":"Scenarios!AA9","v":1},null,null,null,null,null,null,null,null,null,null,null,null,null,12]
[null,null,null,"Total Overheads",null,null,null,{"$f":"'Company Case'!G100","v":852977},{"$f":"'Company Case'!H100","v":1780000},{"$f":"'Company Case'!I100","v":450000},{"$f":"'Company Case'!J100","v":1350000},{"$f":"'Company Case'!K100","v":1700000},{"$f":"'Company Case'!L100","v":1695000},{"$f":"'Company Case'!M100","v":2120000},{"$f":"'Company Case'!N100","v":250000},{"$f":"'Company Case'!O100","v":2800000},null,null,12]
[null,null,null,"Total Revenues",null,null,null,{"$f":"'Company Case'!G40","v":490000},{"$f":"'Company Case'!H40","v":1160000},{"$f":"'Company Case'!I40","v":2340000},{"$f":"'Company Case'!J40","v":3250000},{"$f":"'Company Case'!K40","v":3480000},{"$f":"'Company Case'!L40","v":4900000},{"$f":"'Company Case'!M40","v":8500300},{"$f":"'Company Case'!N40","v":16100000},{"$f":"'Company Case'!O40","v":25492368.305084746},null,null,12]
[null,null,null,"Overheads as Percent of Revenues",null,null,null,{"$f":"H126/H127","v":1.740769387755102},{"$f":"I126/I127","v":1.5344827586206897},0.19230769230769232,0.41538461538461541,0.4885057471264368,0.34591836734693876,0.24940296224839123,1.5527950310559006E-2,0.10983679376080205,null,null,12]
[null,null,null,"Overheads Growth Rate",null,null,null,{"$f":"IFERROR(H126/G126-1,0)","v":0},{"$f":"IFERROR(I126/H126-1,0)","v":1.0868089057500963},-0.74719101123595499,2,0.2592592592592593,-2.9411764705882248E-3,0.25073746312684375,-0.88207547169811318,10.199999999999999,null,null,12]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,12]
[null,null,null,"Company Case Overheads",null,null,null,{"$f":"H128","v":1.740769387755102},{"$f":"I128","v":1.5344827586206897},0.19230769230769232,0.41538461538461541,0.4885057471264368,0.34591836734693876,0.24940296224839123,1.5527950310559006E-2,0.10983679376080205,null,null,12]
[null,null,null,"Bank Base Case Overheads",null,null,null,null,null,null,null,null,0.3,0.25,0.2,0.15,null,null,12]
[null,null,null,"Bank Low Case Overheads",null,null,null,null,null,null,null,null,{"$f":"M132+5%","v":0.35},{"$f":"N132+5%","v":0.3},{"$f":"O132+5%","v":0.25},{"$f":"P132+5%","v":0.2},null,null,12]
[null,null,null,"Bank Sensitivity Case Overheads",null,null,null,null,null,null,null,null,0.3,{"$f":"$M$134","v":0.3},{"$f":"$M$134","v":0.3},{"$f":"$M$134","v":0.3},null,null,12]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,12]
[null,null,null,{"$f":"INDEX(D131:D134,Scenarios!$AA$9)","v":"Company Case Overheads"},null,null,null,{"$f":"MIN(50%,IF(H3,H131,INDEX(H131:H134,Scenarios!$AA$9)))","v":0.5},{"$f":"MIN(50%,IF(I3,I131,INDEX(I131:I134,Scenarios!$AA$9)))","v":0.5},{"$f":"MIN(50%,IF(J3,J131,INDEX(J131:J134,Scenarios!$AA$9)))","v":0.19230769230769232},{"$f":"MIN(50%,IF(K3,K131,INDEX(K131:K134,Scenarios!$AA$9)))","v":0.41538461538461541},{"$f":"MIN(50%,IF(L3,L131,INDEX(L131:L134,Scenarios!$AA$9)))","v":0.4885057471264368},{"$f":"MIN(50%,IF(M3,M131,INDEX(M131:M134,Scenarios!$AA$9)))","v":0.34591836734693876},{"$f":"MIN(50%,IF(N3,N131,INDEX(N131:N134,Scenarios!$AA$9)))","v":0.24940296224839123},{"$f":"MIN(50%,IF(O3,O131,INDEX(O131:O134,Scenarios!$AA$9)))","v":1.5527950310559006E-2},{"$f":"MIN(50%,IF(P3,P131,INDEX(P131:P134,Scenarios!$AA$9)))","v":0.10983679376080205},null,true,13]
[null,null,null,"Total Revenue",null,null,null,{"$f":"H14+H23","v":490000},{"$f":"I14+I23","v":1160000},2340000,3250000,3480000,4900000,8500300,16100000,25492368.305084746,null,null,13]
[null,null,null,"Projected Overheands",null,null,null,{"$f":"H136*H137","v":245000},{"$f":"I136*I137","v":580000},450000,1350000,1700000,1695000,2120000,250000,2800000,null,true,14]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,14]
[null,"Working Capital",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,14]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,14]
[null,null,null,"Debtors",null,null,null,{"$f":"'Company Case'!G159","v":1142515},{"$f":"'Company Case'!H159","v":431317},{"$f":"'Company Case'!I159","v":372006},{"$f":"'Company Case'!J159","v":500678.01},{"$f":"'Company Case'!K159","v":431947.52000000002},{"$f":"'Company Case'!L159","v":415756.07},{"$f":"'Company Case'!M159","v":415756.07},{"$f":"'Company Case'!N159","v":415756.07},{"$f":"'Company Case'!O159","v":415756.07},null,null,14]
[null,null,null,"Total Revenues from Company",null,null,null,{"$f":"'Company Case'!G40","v":490000},{"$f":"'Company Case'!H40","v":1160000},{"$f":"'Company Case'!I40","v":2340000},{"$f":"'Company Case'!J40","v":3250000},{"$f":"'Company Case'!K40","v":3480000},{"$f":"'Company Case'!L40","v":4900000},{"$f":"'Company Case'!M40","v":8500300},{"$f":"'Company Case'!N40","v":16100000},{"$f":"'Company Case'!O40","v":25492368.305084746},null,null,{"$f":"IF(R143,S142+1,S142)","v":14}]
[null,null,null,"Trade Receivables as % of Revenues",null,null,null,{"$f":"H142/H143","v":2.3316632653061227},{"$f":"I142/I143","v":0.37182500000000002},0.15897692307692307,0.15405477230769232,0.12412285057471265,8.4848177551020407E-2,4.8910752561674292E-2,2.5823358385093167E-2,1.6309040612639849E-2,null,null,14]
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[null,null,null,"Inventory Code",1,null,null,null,null,null,null,null,null,null,null,null,null,null,14]
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[null,null,null,"Bank Base Case Inventory %",null,null,null,null,null,null,null,null,0.3,0.3,0.3,0.3,null,null,14]
[null,null,null,"Bank Downside Case Inventory %",null,null,null,null,null,null,null,null,0.4,0.4,0.4,0.4,null,null,14]
[null,null,null,"Sensitivity Cash Inventory %",null,null,null,null,null,null,null,null,0.35,{"$f":"M154","v":0.35},{"$f":"N154","v":0.35},{"$f":"O154","v":0.35},null,null,14]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,16]
[null,null,null,"Current Liabilities Code",1,null,null,null,null,null,null,null,null,null,null,null,null,null,16]
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[null,null,null,"CL as Percent of Exp Company",null,null,null,{"$f":"H161/H162","v":4.5093658598731982E-2},{"$f":"I161/I162","v":2.6957794676806084E-2},5.6063804200403432E-2,0.50014445232738702,0.91686044581745019,0.55045508885343597,0.37783380214888601,0.30740281896983568,0.17989790881183745,null,null,16]
[null,null,null,"Bank Base CL as % of Exp",null,null,null,null,null,null,null,null,0.5,0.35,0.2,0.15,null,null,16]
[null,null,null,"Bank Low CL as % of Exp",null,null,null,null,null,null,null,null,0.4,0.3,0.1,0.1,null,null,16]
[null,null,null,"Sensitivty CL as % of Exp",null,null,null,null,null,null,null,null,0.4,{"$f":"M166","v":0.4},{"$f":"N166","v":0.4},{"$f":"O166","v":0.4},null,null,16]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,16]
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[null,null,null,"Total Current Liabilities to Model",null,null,null,{"$f":"H168*H169","v":31340.092726118728},{"$f":"I168*I169","v":38549.646387832698},162789.13254437869,2672584.5799999996,3733016.3299999991,2639432.1510522254,2746851.7416224014,2904956.6392649473,3013289.9725982775,null,true,18]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,18]
[null,"Financing Assumptions",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,18]
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[null,null,null,"Other Loans",null,null,null,{"$f":"'Company Case'!G26","v":0},{"$f":"'Company Case'!H26","v":0},{"$f":"'Company Case'!I26","v":4522177.6366863903},{"$f":"'Company Case'!J26","v":3100000},{"$f":"'Company Case'!K26","v":6400000},{"$f":"'Company Case'!L26","v":0},{"$f":"'Company Case'!M26","v":0},{"$f":"'Company Case'!N26","v":0},{"$f":"'Company Case'!O26","v":0},{"$f":"'Company Case'!P26","v":0},{"$f":"'Company Case'!Q26","v":0},18]
[null,null,null,"Interest Expense",null,null,null,{"$f":"'Company Case'!G115","v":7606},{"$f":"'Company Case'!H115","v":16258},{"$f":"'Company Case'!I115","v":376495.49881212122},{"$f":"'Company Case'!J115","v":1016009.0370551841},{"$f":"'Company Case'!K115","v":1884089.5799999998},{"$f":"'Company Case'!L115","v":1281235.3134340483},{"$f":"'Company Case'!M115","v":1823616.4293859645},{"$f":"'Company Case'!N115","v":2654583.3333333335},{"$f":"'Company Case'!O115","v":3486249.9999999995},null,null,18]
[null,null,null,"Average Loans",null,null,null,{"$f":"AVERAGE(G174:H174)","v":0},{"$f":"AVERAGE(H174:I174)","v":0},2261088.8183431951,3811088.8183431951,4750000,3200000,0,0,0,null,null,18]
[null,null,null,"Interest Rate",null,null,null,{"$f":"IFERROR(H175/H176,0)","v":0},{"$f":"IFERROR(I175/I176,0)","v":0},0.16651070747764654,0.26659285193381466,0.39665043789473681,0.40038603544814011,0,0,0,null,null,18]
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[null,null,null,"Intercompany Loans",null,null,null,{"$f":"IF(H3,'Company Case'!G25,'Assumptions and Working'!G179)","v":2000000},{"$f":"IF(I3,'Company Case'!H25,'Assumptions and Working'!H179)","v":2000000},{"$f":"IF(J3,'Company Case'!I25,'Assumptions and Working'!I179)","v":2000000},{"$f":"IF(K3,'Company Case'!J25,'Assumptions and Working'!J179)","v":2000000},{"$f":"IF(L3,'Company Case'!K25,'Assumptions and Working'!K179)","v":2000000},{"$f":"IF(M3,'Company Case'!L25,'Assumptions and Working'!L179)","v":2000000},{"$f":"IF(N3,'Company Case'!M25,'Assumptions and Working'!M179)","v":2000000},{"$f":"IF(O3,'Company Case'!N25,'Assumptions and Working'!N179)","v":2000000},{"$f":"IF(P3,'Company Case'!O25,'Assumptions and Working'!O179)","v":2000000},null,null,18]
[null,null,null,"Intercompany Plus Other Loans",null,null,null,{"$f":"H179+H174","v":2000000},{"$f":"I179+I174","v":2000000},6522177.6366863903,5100000,8400000,2000000,2000000,2000000,2000000,null,null,18]
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[null,null,null,"Average Interest Rate",null,null,null,{"$f":"H181/AVERAGE(G180:H180)","v":3.803E-3},{"$f":"I181/AVERAGE(H180:I180)","v":8.1290000000000008E-3},8.8356641896638735E-2,0.17483970195879048,0.27912438222222219,0.24639140642962468,0.91180821469298223,1.3272916666666668,1.7431249999999998,null,null,18]
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[null,null,null,"Interest Expense Assumed for Other Loans",0.1,null,null,{"$f":"$E$184","v":0.1},{"$f":"$E$184","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,null,null,18]
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[]
[]
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[]
[null,null,null,"Code Number",{"$f":"F208+187","v":200},13]
[]
[]
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[]
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{"sheet":"Forecast","index":3,"n_rows":210,"n_cols":18,"rows_kept":210,"cut":false,"hidden":false,"merged":[]}
["          ",null,"Months"]
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[]
[null,"HISTORIC BALANCE SHEET"]
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[null,null,"Current Assets:"]
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[]
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[null,null,"Intercompany Creditor Balances",null,null,null,2244298,7305778,5359545,7548455.6600000001,7006235.0199999986]
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[null,null,"Total Liabilities and Capital",null,null,null,{"$f":"G24+G25+G27+G28+G26+G29","v":1627048},{"$f":"H24+H25+H27+H28+H26+H29","v":6236936},{"$f":"I24+I25+I27+I28+I26+I29","v":9643866.318445893},{"$f":"J24+J25+J27+J28+J26+J29","v":10809486.609999999},{"$f":"K24+K25+K27+K28+K26+K29","v":12457740.259999998}]
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[]
[null,"INCOME STATEMENT"]
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[null,null,"Other COGS Home Systems",null,null,null,{"$f":"'Assumptions and Working'!H96","v":450000},{"$f":"'Assumptions and Working'!I96","v":610000},{"$f":"'Assumptions and Working'!J96","v":1063640.5014985991},{"$f":"'Assumptions and Working'!K96","v":2593625.3617596175},{"$f":"'Assumptions and Working'!L96","v":1271520.75},{"$f":"'Assumptions and Working'!M96","v":1500000},{"$f":"'Assumptions and Working'!N96","v":1850000.0000000002},{"$f":"'Assumptions and Working'!O96","v":2500000},{"$f":"'Assumptions and Working'!P96","v":3250000},null,null,1]
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[null,null,"Total Overheads",null,null,null,{"$f":"'Assumptions and Working'!H138","v":245000},{"$f":"'Assumptions and Working'!I138","v":580000},{"$f":"'Assumptions and Working'!J138","v":450000},{"$f":"'Assumptions and Working'!K138","v":1350000},{"$f":"'Assumptions and Working'!L138","v":1700000},{"$f":"'Assumptions and Working'!M138","v":1695000},{"$f":"'Assumptions and Working'!N138","v":2120000},{"$f":"'Assumptions and Working'!O138","v":250000},{"$f":"'Assumptions and Working'!P138","v":2800000},null,null,2]
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[null,null,"EBIT",null,null,null,{"$f":"G47-G52","v":-221812},-433575,-1205153.2733049286,-3061468.8031974738,-1729950.3,-1630768.1230018877,-1297604.003586024,2319546.0652517043,2449192.5562865324,null,null,3]
[null,null,"Interest Expense",null,null,null,{"$f":"G115","v":0},{"$f":"H115","v":0},452217.76366863906,335261.44800000003,1171791.1170000001,1171791.1170000001,1392585.3218747997,2536828.8740202161,3753204.0768987061,null,null,3]
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[null,null,"Tax",null,null,null,null,null,null,null,null,0,0,0,0,null,null,3]
[null,null,"Net Income",null,null,null,{"$f":"G56-G57","v":-221812},{"$f":"H56-H57","v":-433575},-1657371.0369735677,-3396730.2511974736,-2901741.4170000004,-2802559.240001888,-2690189.3254608237,-217282.80876851175,-1304011.5206121737,null,true,4]
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[null,"CASH FLOW STATEMENT - DIRECT",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,4]
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[null,null,"Working Capital Changes",null,null,null,null,null,null,null,null,null,null,null,null,null,null,4]
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[null,null,"Other Current Assets",null,null,null,{"$f":"'Company Case'!G162","v":55438},{"$f":"'Company Case'!H162","v":96026},{"$f":"'Company Case'!I162","v":158884.69704142027},{"$f":"'Company Case'!J162","v":153267.51999999979},{"$f":"'Company Case'!K162","v":805893.57999999961},{"$f":"'Company Case'!L162","v":990292.66000000015},{"$f":"'Company Case'!M162","v":990292.65999999968},{"$f":"'Company Case'!N162","v":990292.65999999898},{"$f":"'Company Case'!O162","v":990292.65999999898},null,null,4]
[null,null,"Total Current Liabilities",null,null,null,{"$f":"'Assumptions and Working'!H170","v":31340.092726118728},{"$f":"'Assumptions and Working'!I170","v":38549.646387832698},{"$f":"'Assumptions and Working'!J170","v":162789.13254437869},{"$f":"'Assumptions and Working'!K170","v":2672584.5799999996},{"$f":"'Assumptions and Working'!L170","v":3733016.3299999991},{"$f":"'Assumptions and Working'!M170","v":2639432.1510522254},{"$f":"'Assumptions and Working'!N170","v":2746851.7416224014},{"$f":"'Assumptions and Working'!O170","v":2904956.6392649473},{"$f":"'Assumptions and Working'!P170","v":3013289.9725982775},null,null,4]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,4]
[null,null,"Change in Receivables",null,null,null,null,{"$f":"H63-G63","v":-711198},{"$f":"I63-H63","v":-59311},128672.01000000007,-68730.490000000049,-16191.450000000012,0,0,0,null,null,4]
[null,null,"Change in Inventories",null,null,null,null,{"$f":"H64-G64","v":1414732},{"$f":"I64-H64","v":1004031},-1520014.16,2432749.2000000002,-2471728.8228944447,2606067.4160055565,2453077.5931055546,-4139198.9324611104,null,null,4]
[null,null,"Change in Other Current Assets",null,null,null,null,{"$f":"H65-G65","v":40588},{"$f":"I65-H65","v":62858.697041420266},-5617.1770414204802,652626.05999999982,184399.08000000054,0,0,0,null,null,4]
[null,null,"Change in Liabilities",null,null,null,null,{"$f":"H66-G66","v":7209.5536617139696},124239.48615654599,2509795.4474556209,1060431.7499999995,-1093584.1789477738,107419.59057017602,158104.89764254587,108333.33333333023,null,null,4]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,4]
[null,null,"Operating Cash Flow",null,null,null,null,null,null,null,null,null,null,null,null,null,null,4]
[null,null,"EBITDA",null,null,null,{"$f":"Forecast!G47","v":-205000},{"$f":"Forecast!H47","v":-270000},{"$f":"Forecast!I47","v":-563640.50149859907},{"$f":"Forecast!J47","v":-2093625.3617596179},{"$f":"Forecast!K47","v":-591520.75},{"$f":"Forecast!L47","v":105000},{"$f":"Forecast!M47","v":1230300},{"$f":"Forecast!N47","v":6650000},{"$f":"Forecast!O47","v":8742368.3050847463},null,null,4]
[null,null,"Less: Changes in Current Assets",null,null,null,{"$f":"G68+G69+G70","v":0},{"$f":"H68+H69+H70","v":744122},1007578.6970414203,-1396959.3270414204,3016644.7699999996,-2303521.1928944443,2606067.4160055565,2453077.5931055546,-4139198.9324611104,null,null,4]
[null,null,"Add: Changes in Current Liabilities",null,null,null,{"$f":"Forecast!G71","v":0},{"$f":"Forecast!H71","v":7209.5536617139696},{"$f":"Forecast!I71","v":124239.48615654599},{"$f":"Forecast!J71","v":2509795.4474556209},{"$f":"Forecast!K71","v":1060431.7499999995},{"$f":"Forecast!L71","v":-1093584.1789477738},{"$f":"Forecast!M71","v":107419.59057017602},{"$f":"Forecast!N71","v":158104.89764254587},{"$f":"Forecast!O71","v":108333.33333333023},null,null,4]
[null,null,"Less: Income Tax",null,null,null,null,null,null,null,null,null,null,null,null,null,null,4]
[null,null,"Operating Cash Flow",null,null,null,{"$f":"G74-G75+G76","v":-205000},-1006912.446338286,-1446979.7123834733,1813129.4127374233,-2547733.77,1314937.0139466706,-1268347.8254353805,4355027.3045369908,{"$f":"O74-O75+O76","v":12989900.570879187},null,true,5]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,5]
[null,null,"Capital Expenditures",null,null,null,null,null,null,null,null,null,null,null,null,null,null,5]
[null,null,"Solar Lease Capital Expenditures",null,null,null,{"$f":"'Assumptions and Working'!H38","v":0},{"$f":"'Assumptions and Working'!I38","v":0},{"$f":"'Assumptions and Working'!J38","v":2925000},{"$f":"'Assumptions and Working'!K38","v":2634493},{"$f":"'Assumptions and Working'!L38","v":4350000},{"$f":"'Assumptions and Working'!M38","v":2477414.84},{"$f":"'Assumptions and Working'!N38","v":7515524.0987499999},{"$f":"'Assumptions and Working'!O38","v":11681038.4625},{"$f":"'Assumptions and Working'!P38","v":7005279.6944000004},null,null,5]
[null,null,"appliances Lease Capital Expenditures",null,null,null,{"$f":"'Assumptions and Working'!H70","v":0},{"$f":"'Assumptions and Working'!I70","v":0},{"$f":"'Assumptions and Working'!J70","v":0},{"$f":"'Assumptions and Working'!K70","v":0},{"$f":"'Assumptions and Working'!L70","v":0},{"$f":"'Assumptions and Working'!M70","v":0},{"$f":"'Assumptions and Working'!N70","v":2477360},{"$f":"'Assumptions and Working'!O70","v":3592440},{"$f":"'Assumptions and Working'!P70","v":2864959.9999999995},null,null,5]
[null,null,"Fixed asset purchases",null,null,null,0,0,0,0,0,119000,60000,60000,60000,null,null,5]
[null,null,"Total  Capital Expenditures",null,null,null,{"$f":"SUM(G81:G83)","v":0},0,2925000,2634493,4350000,2596414.84,10052884.098749999,15333478.4625,9930239.6943999995,null,true,6]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,6]
[null,null,"Cash Flow After Capital Expenditure",null,null,null,{"$f":"G78-G84","v":-205000},-1006912.446338286,-4371979.7123834733,-821363.58726257668,-6897733.7699999996,-1281477.8260533293,-11321231.92418538,-10978451.15796301,3059660.876479188,null,true,7]
[null,null,"Less: Total Interest",null,null,null,{"$f":"G115","v":0},{"$f":"H115","v":0},452217.76366863906,335261.44800000003,1171791.1170000001,1171791.1170000001,1392585.3218747997,2536828.8740202161,3753204.0768987061,null,null,7]
[null,null,"Net Cash Flow to Financing",null,null,null,{"$f":"G86-G87","v":-205000},-1006912.446338286,-4824197.4760521119,-1156625.0352625768,-8069524.8870000001,-2453268.9430533294,-12713817.24606018,-13515280.031983227,-693543.20041951817,null,true,8]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,8]
[null,"FINANCING",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,8]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,8]
[null,null,"Intercompany Creditor Balances Debt",null,null,null,{"$f":"IF(G3,G25,F92)","v":2244298},7305778,5359545,7548455.6600000001,7006235.0199999986,7006235.0199999986,7006235.0199999986,7006235.0199999986,7006235.0199999986,null,null,8]
[null,null,"Interest Rate on Intercopany Balances",null,null,null,null,null,null,null,null,null,null,null,null,null,null,8]
[null,null,"Interest Expense on Intercompany Balances",null,null,null,null,null,null,null,null,null,null,null,null,null,null,8]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,8]
[null,null,"Loans and Borrowings",null,null,null,{"$f":"IF(G3,G26+G27,F96)","v":0},0,4522177.6366863903,3352614.48,11717911.17,11717911.17,11717911.17,11717911.17,11717911.17,null,null,8]
[null,null,"Interest Rate on Loans and Borrowings",null,null,null,{"$f":"'Assumptions and Working'!H184","v":0.1},{"$f":"'Assumptions and Working'!I184","v":0.1},{"$f":"'Assumptions and Working'!J184","v":0.1},{"$f":"'Assumptions and Working'!K184","v":0.1},{"$f":"'Assumptions and Working'!L184","v":0.1},{"$f":"'Assumptions and Working'!M184","v":0.1},{"$f":"'Assumptions and Working'!N184","v":0.1},{"$f":"'Assumptions and Working'!O184","v":0.1},{"$f":"'Assumptions and Working'!P184","v":0.1},null,null,8]
[null,null,"Interest Expense on Loans and Borrowings",null,null,null,{"$f":"G96*G97","v":0},{"$f":"H96*H97","v":0},452217.76366863906,335261.44800000003,1171791.1170000001,1171791.1170000001,1171791.1170000001,1171791.1170000001,1171791.1170000001,null,null,8]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,8]
[null,null,"Total Intercompany and Other Loans",null,null,null,{"$f":"G96+G92","v":2244298},{"$f":"H96+H92","v":7305778},9881722.6366863903,10901070.140000001,18724146.189999998,18724146.189999998,18724146.189999998,18724146.189999998,18724146.189999998,null,null,8]
[null,null,"Changes in Intercompany and Other Loans",null,null,null,null,{"$f":"H100-G100","v":5061480},{"$f":"I100-H100","v":2575944.6366863903},1019347.5033136103,7823076.049999997,0,0,0,0,null,null,8]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IF(Q102,R101+1,R101)","v":8}]
[null,null,"Net Cash Flow to New Loans",null,null,null,{"$f":"G88+G101","v":-205000},4054567.5536617138,-2248252.8393657217,-137277.53194896644,-246448.83700000308,-2453268.9430533294,-12713817.24606018,-13515280.031983227,-693543.20041951817,null,null,8]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,8]
[null,null,"New Loans from Negative Cash Flow",null,null,null,{"$f":"IF(NOT(G3),MAX(-G103,0))","v":false},false,false,false,false,2453268.9430533294,12713817.24606018,13515280.031983227,693543.20041951817,null,null,8]
[null,null,"Repayment of Loans from Positivie Cash Flow",null,null,null,{"$f":"IF(NOT(G3),MAX(G103,0))","v":false},false,false,false,false,0,0,0,0,null,null,8]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,8]
[null,null,"Loan Balance",null,null,null,null,null,null,null,null,null,null,null,null,null,null,8]
[null,null,"Opening Balance",null,null,null,{"$f":"Forecast!F112","v":0},{"$f":"Forecast!G112","v":0},{"$f":"Forecast!H112","v":0},{"$f":"Forecast!I112","v":0},{"$f":"Forecast!J112","v":0},{"$f":"Forecast!K112","v":0},{"$f":"Forecast!L112","v":2453268.9430533294},{"$f":"Forecast!M112","v":15167086.189113509},{"$f":"Forecast!N112","v":28682366.221096735},null,null,8]
[null,null,"New Loans Required",null,null,null,{"$f":"Forecast!G105","v":false},{"$f":"Forecast!H105","v":false},{"$f":"Forecast!I105","v":false},{"$f":"Forecast!J105","v":false},{"$f":"Forecast!K105","v":false},{"$f":"Forecast!L105","v":2453268.9430533294},{"$f":"Forecast!M105","v":12713817.24606018},{"$f":"Forecast!N105","v":13515280.031983227},{"$f":"Forecast!O105","v":693543.20041951817},null,true,9]
[null,null,"Repayment of Loans",null,null,null,{"$f":"Forecast!G106","v":false},{"$f":"Forecast!H106","v":false},{"$f":"Forecast!I106","v":false},{"$f":"Forecast!J106","v":false},{"$f":"Forecast!K106","v":false},{"$f":"Forecast!L106","v":0},{"$f":"Forecast!M106","v":0},{"$f":"Forecast!N106","v":0},{"$f":"Forecast!O106","v":0},null,true,10]
[null,null,"Closing Balance",null,null,null,{"$f":"G109+G110-G111","v":0},{"$f":"H109+H110-H111","v":0},0,0,0,2453268.9430533294,15167086.189113509,28682366.221096735,29375909.421516255,null,null,10]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,10]
[null,null,"Interest on New Loans",0.09,null,null,{"$f":"G109*$D$114","v":0},{"$f":"H109*$D$114","v":0},{"$f":"I109*$D$114","v":0},0,0,0,220794.20487479965,1365037.7570202157,2581412.9598987061,null,null,10]
[null,null,"Total Interest Expense",null,null,null,{"$f":"G114+G98","v":0},0,452217.76366863906,335261.44800000003,1171791.1170000001,1171791.1170000001,1392585.3218747997,2536828.8740202161,3753204.0768987061,null,null,10]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,10]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,10]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,10]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,10]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,10]
[null,"Balance Sheet",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,10]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,10]
[null,null,"Equity Balance",null,null,null,null,null,null,null,null,null,null,null,null,null,null,10]
[null,null,"Opening Equity Balance",null,null,null,{"$f":"F128","v":0},{"$f":"G128","v":-676006},-1139741,-400645.45078487648,-2764168.1099999994,-9999422.2599999998,-12801981.500001889,-15492170.825462712,-15709453.634231225,null,null,10]
[null,null,"Add: Net Income",null,null,null,{"$f":"G58","v":-221812},{"$f":"H58","v":-433575},-1657371.0369735677,-3396730.2511974736,-2901741.4170000004,-2802559.240001888,-2690189.3254608237,-217282.80876851175,-1304011.5206121737,null,null,10]
[null,null,"Add: New Equity Issued",null,null,null,null,null,null,null,null,null,null,null,null,null,null,10]
[null,null,"Less: Dividends",null,null,null,null,null,null,null,null,null,null,null,null,null,null,10]
[null,null,"Closing Balance",null,null,null,{"$f":"IF(G3,G28+G29,G124+G125+G126-G127)","v":-676006},{"$f":"IF(H3,H28+H29,H124+H125+H126-H127)","v":-1139741},-400645.45078487648,-2764168.1099999994,-9999422.2599999998,-12801981.500001889,-15492170.825462712,-15709453.634231225,-17013465.154843397,null,null,10]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,10]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,10]
[null,null,"Fixed Assets:",null,null,null,null,null,null,null,null,null,null,null,null,null,null,10]
[null,null,"Fixtures and Fittings",null,null,null,{"$f":"IF(G3,G7,F132+G83)","v":65740},61095,119788.60473372781,238363.86,271181.94,390181.94,450181.94,510181.94,570181.93999999994,null,null,10]
[null,null,"Accumulated Depreciation F&F",null,null,null,{"$f":"IF(G3,G8,F133-G51)","v":0},0,0,-155852.74,-136214.48000000001,-203779.55936507939,-278165.27365079371,-356112.89269841282,-419390.67047619063,null,null,10]
[null,null,"HPA assets solar",null,null,null,{"$f":"'Assumptions and Working'!H48","v":1145895.52},{"$f":"'Assumptions and Working'!I48","v":1717222.08},{"$f":"'Assumptions and Working'!J48","v":5958882.7199999997},{"$f":"'Assumptions and Working'!K48","v":9839244.4639999997},{"$f":"'Assumptions and Working'!L48","v":9152945.4800000004},{"$f":"'Assumptions and Working'!M48","v":11630360.32},{"$f":"'Assumptions and Working'!N48","v":19145884.418749999},{"$f":"'Assumptions and Working'!O48","v":30826922.881250001},{"$f":"'Assumptions and Working'!P48","v":37832202.575649999},null,null,10]
[null,null,"HPA assets accumulated depreciation solar",null,null,null,{"$f":"-'Assumptions and Working'!H54","v":-169428.8376},{"$f":"-'Assumptions and Working'!I54","v":-253903.55040000001},{"$f":"-'Assumptions and Working'!J54","v":-881063.37360000005},{"$f":"-'Assumptions and Working'!K54","v":-1454802.5743199999},{"$f":"-'Assumptions and Working'!L54","v":-1353328.3673999999},{"$f":"-'Assumptions and Working'!M54","v":-3021531.411036808},{"$f":"-'Assumptions and Working'!N54","v":-5227366.5663093403},{"$f":"-'Assumptions and Working'!O54","v":-8753116.6313155722},{"$f":"-'Assumptions and Working'!P54","v":-13793050.760669341},null,null,10]
[null,null,"HPA assets appliances",null,null,null,{"$f":"'Assumptions and Working'!H79","v":0},{"$f":"'Assumptions and Working'!I79","v":0},{"$f":"'Assumptions and Working'!J79","v":0},{"$f":"'Assumptions and Working'!K79","v":0},{"$f":"'Assumptions and Working'!L79","v":0},{"$f":"'Assumptions and Working'!M79","v":0},{"$f":"'Assumptions and Working'!N79","v":2477360},{"$f":"'Assumptions and Working'!O79","v":6069800},{"$f":"'Assumptions and Working'!P79","v":8934760},null,null,10]
[null,null,"HPA assets accumulated depreciation appliances",null,null,null,{"$f":"-'Assumptions and Working'!H84","v":0},{"$f":"-'Assumptions and Working'!I84","v":0},{"$f":"-'Assumptions and Working'!J84","v":0},{"$f":"-'Assumptions and Working'!K84","v":0},{"$f":"-'Assumptions and Working'!L84","v":0},{"$f":"-'Assumptions and Working'!M84","v":0},{"$f":"-'Assumptions and Working'!N84","v":-247683.13402777779},{"$f":"-'Assumptions and Working'!O84","v":-974439.38472222222},{"$f":"-'Assumptions and Working'!P84","v":-2164403.2263888889},null,null,10]
[null,null,"Other Assets",null,null,null,{"$f":"IF(G3,G13,F138)","v":607},{"$f":"IF(H3,H13,G138)","v":514},424418.86306745559,500000,450000,450000,450000,450000,450000,null,null,10]
[null,null,"Total Fixed Assets",null,null,null,{"$f":"SUM(G132:G138)","v":1042813.6824},{"$f":"SUM(H132:H138)","v":1524927.5296},5622026.8142011836,8966953.0096799992,8384584.5726000015,9245231.2895981129,16770211.384762088,27773235.912513796,31410299.858115572,null,null,10]
[null,null,"Historic",null,null,null,{"$f":"Forecast!G14","v":66347},{"$f":"Forecast!H14","v":1583432},{"$f":"Forecast!I14","v":5984325.1541917156},{"$f":"Forecast!J14","v":8137648.4199999981},{"$f":"Forecast!K14","v":7342352.75},{"$f":"Forecast!L14","v":0},{"$f":"Forecast!M14","v":0},{"$f":"Forecast!N14","v":0},{"$f":"Forecast!O14","v":0},null,null,10]
[null,null,"Historic Check",null,null,null,{"$f":"ROUND(G139-G140,0)=0","v":false},{"$f":"ROUND(H139-H140,0)=0","v":false},false,false,false,false,false,false,false,null,null,10]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,10]
[null,null,"Current Assets:",null,null,null,null,null,null,null,null,null,null,null,null,null,null,10]
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[null,null,"Trade Receivables",null,null,null,{"$f":"Forecast!G63","v":1142515},{"$f":"Forecast!H63","v":431317},{"$f":"Forecast!I63","v":372006},{"$f":"Forecast!J63","v":500678.01000000007},{"$f":"Forecast!K63","v":431947.52000000002},{"$f":"Forecast!L63","v":415756.07},{"$f":"Forecast!M63","v":415756.07},{"$f":"Forecast!N63","v":415756.07},{"$f":"Forecast!O63","v":415756.07},null,null,10]
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[]
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[]
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{"sheet":"Scenarios","index":6,"n_rows":63,"n_cols":27,"rows_kept":63,"cut":false,"hidden":false,"merged":[]}
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[null,null,null,"Code Number",null,1,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"INDEX",null,"Reset or Combo"]
[null,null,null,null,null,"Company Case","Bank Base Case"," Bank Downside Case","Sensitivity Case",{"$f":"TRANSPOSE(D5:D11)&\" Company Case\"","v":"Solar Growth Company Case"},"Capital Expenditure Company Case","Solar COGS Company Case","SG&A Company Case","Overheads Company Case","Inventory Company Case","CL as % of Expense Company Case",{"$f":"TRANSPOSE(D5:D11)&H4","v":"Solar Growth Bank Downside Case"},"Capital Expenditure Bank Downside Case","Solar COGS Bank Downside Case","SG&A Bank Downside Case","Overheads Bank Downside Case","Inventory Bank Downside Case","CL as % of Expense Bank Downside Case",null,{"$f":"INDEX(F4:W4,$F$3)","v":"Company Case"},null,"Applied Case"]
[null,null,null,"Solar Growth",null,1,2,3,4,{"$f":"F5","v":1},2,2,2,2,2,2,{"$f":"H5","v":3},2,2,2,2,2,2,{"$f":"D5&\" Scenario\"","v":"Solar Growth Scenario"},{"$f":"INDEX(F5:W5,$F$3)","v":1},{"$f":"D5&\" Applied\"","v":"Solar Growth Applied"},1]
[null,null,null,"Capital Expenditure",null,1,2,3,4,2,{"$f":"F6","v":1},2,2,2,2,2,2,{"$f":"H6","v":3},2,2,2,2,2,{"$f":"D6&\" Scenario\"","v":"Capital Expenditure Scenario"},{"$f":"INDEX(F6:W6,$F$3)","v":1},{"$f":"D6&\" Applied\"","v":"Capital Expenditure Applied"},1]
[null,null,null,"Solar COGS",null,1,2,3,4,2,2,{"$f":"F7","v":1},2,2,2,2,2,2,{"$f":"H7","v":3},2,2,2,2,"Solar COGS Scenario",{"$f":"INDEX(F7:W7,$F$3)","v":1},"Solar COGS Applied",1]
[null,null,null,"SG&A",null,1,2,3,4,2,2,2,{"$f":"F8","v":1},2,2,2,2,2,2,{"$f":"H8","v":3},2,2,2,"SG&A Scenario",{"$f":"INDEX(F8:W8,$F$3)","v":1},"SG&A Applied",1]
[null,null,null,"Overheads",null,1,2,3,4,2,2,2,2,{"$f":"F9","v":1},2,2,2,2,2,2,{"$f":"H9","v":3},2,2,"Overheads Scenario",{"$f":"INDEX(F9:W9,$F$3)","v":1},"Overheads Applied",1]
[null,null,null,"Inventory",null,1,2,3,4,2,2,2,2,2,{"$f":"F10","v":1},2,2,2,2,2,2,{"$f":"H10","v":3},2,"Inventory Scenario",{"$f":"INDEX(F10:W10,$F$3)","v":1},"Inventory Applied",1]
[null,null,null,"CL as % of Expense",null,1,2,3,4,2,2,2,2,2,2,{"$f":"F11","v":1},2,2,2,2,2,2,{"$f":"H11","v":3},"CL as % of Expense Scenario",{"$f":"INDEX(F11:W11,$F$3)","v":1},"CL as % of Expense Applied",1]
[null,null,null,"Cooking Revenue",null,1,2,3,4,2,2,2,2,2,2,2,2,2,2,2,2,2,2,"Cooking Revenue Scenario",{"$f":"INDEX(F12:W12,$F$3)","v":1},"Cooking Revenue Applied",1]
[null,null,null,"Cooking Cap Exp",null,1,2,3,4,2,2,2,2,2,2,2,2,2,2,2,2,2,2,"Cooking Cap Exp Scenario",{"$f":"INDEX(F13:W13,$F$3)","v":1},"Cooking Cap Exp Applied",1]
[null,null,null,"Cooking COGS",null,1,2,3,4,2,2,2,2,2,2,2,2,2,2,2,2,2,2,"Cooking COGS Scenario",{"$f":"INDEX(F14:W14,$F$3)","v":1},"Cooking COGS Applied",1]
[null,null,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18]
[null,null,null,"Debt to EBITDA",{"$f":"Forecast!O174","v":4.7005364173018451},4.9332605313452085,11.563820294008051,15,15,8.5060040127714451,10.606509308777294,10.77563939033122,9.6243488043198031,9.8323587299823103,10.767137950106322,12.862242962213706,13.379929304788009,12.374668703872334,14.220533250792673,15,14.925848832409885,12.004058036219968,11.745752534815916]
[null,null,null,"Debt to Capital",{"$f":"Forecast!O167","v":1.5472927363506148},1.6200792585669441,1.9193480169283341,2.6568439100745347,2.8874008906557651,1.5441038850133828,2.1010563823885944,1.8995721435306083,1.8777789304666432,1.883809360775214,2.0486413180526752,1.8430649846305887,2.1656273849327046,1.9538961918408326,1.9687470095149877,1.9896900651822542,1.996743510902613,1.8794300535467956,1.9067137795778382]
[null,null,null,"New Loan Balance",{"$f":"Forecast!O156","v":29375909.421516255},31542502.080803335,28075165.113057066,23598472.891201258,22715651.246010508,39358410.047445379,24780894.87248309,27653542.053986978,27232243.61159604,27359289.173542608,25333645.40086703,32543258.785381824,23631274.022138573,30865432.672337972,29111321.896017067,29513715.8804821,29764025.929893382,29590098.207235035,28701224.957705989]
[]
[null,null,null,"Code Number",1]
[null,null,null,{"$f":"INDEX(D16:D18,$E$20)","v":"Debt to EBITDA"},{"$f":"INDEX(E16:E18,$E$20)","v":4.7005364173018451},{"$f":"INDEX(F16:F18,$E$20)","v":4.9332605313452085},{"$f":"INDEX(G16:G18,$E$20)","v":11.563820294008051},{"$f":"INDEX(H16:H18,$E$20)","v":15},{"$f":"INDEX(I16:I18,$E$20)","v":15},{"$f":"INDEX(J16:J18,$E$20)","v":8.5060040127714451},{"$f":"INDEX(K16:K18,$E$20)","v":10.606509308777294},{"$f":"INDEX(L16:L18,$E$20)","v":10.77563939033122},{"$f":"INDEX(M16:M18,$E$20)","v":9.6243488043198031},{"$f":"INDEX(N16:N18,$E$20)","v":9.8323587299823103},{"$f":"INDEX(O16:O18,$E$20)","v":10.767137950106322},{"$f":"INDEX(P16:P18,$E$20)","v":12.862242962213706},{"$f":"INDEX(Q16:Q18,$E$20)","v":13.379929304788009},{"$f":"INDEX(R16:R18,$E$20)","v":12.374668703872334},{"$f":"INDEX(S16:S18,$E$20)","v":14.220533250792673},{"$f":"INDEX(T16:T18,$E$20)","v":15},{"$f":"INDEX(U16:U18,$E$20)","v":14.925848832409885},{"$f":"INDEX(V16:V18,$E$20)","v":12.004058036219968},{"$f":"INDEX(W16:W18,$E$20)","v":11.745752534815916}]
[]
[null,null,null,null,{"$f":"TRANSPOSE(D5:D10)","v":"Solar Growth"},"Capital Expenditure","Solar COGS","SG&A","Overheads","Inventory",{"$error":"#N/A"}]
[null,null,null,"Company vs Base",{"$f":"J21-$G$21","v":-3.0578162812366063},{"$f":"K21-$G$21","v":-0.95731098523075708},-0.78818090367683169,-1.9394714896882483,-1.7314615640257411,-0.79668234390172898]
[null,null,null,"Downside vs Base",{"$f":"Q21-$G$21","v":1.8161090107799573},{"$f":"R21-$G$21","v":0.81084840986428297},2.6567129567846219,3.4361797059919486,3.3620285384018338,0.44023774221191658]
[null,null,null,"Absolute Value",{"$f":"ABS(E24)+ABS(E25)","v":4.8739252920165637},{"$f":"ABS(F24)+ABS(F25)","v":1.7681593950950401},3.4448938604614536,5.3756511956801969,5.0934901024275749,1.2369200861136456]
[]
[null,null,null,null,1,2,3,4,5,6]
[null,null,null,{"$f":"D26","v":"Absolute Value"},{"$f":"SMALL($E$26:$J$26,E28)","v":1.2369200861136456},{"$f":"SMALL($E$26:$J$26,F28)","v":1.7681593950950401},3.4448938604614536,4.8739252920165637,5.0934901024275749,5.3756511956801969]
[]
[null,null,null,"Match Value",{"$f":"MATCH(E29,$E$26:$J$26,0)","v":6},{"$f":"MATCH(F29,$E$26:$J$26,0)","v":2},3,1,5,4]
[null,null,null,null,{"$f":"INDEX($E$23:$K$23,E31)","v":"Inventory"},{"$f":"INDEX($E$23:$K$23,F31)","v":"Capital Expenditure"},{"$f":"INDEX($E$23:$K$23,G31)","v":"Solar COGS"},{"$f":"INDEX($E$23:$K$23,H31)","v":"Solar Growth"},{"$f":"INDEX($E$23:$K$23,I31)","v":"Overheads"},{"$f":"INDEX($E$23:$K$23,J31)","v":"SG&A"}]
[null,null,null,{"$f":"D24","v":"Company vs Base"},{"$f":"INDEX($E$24:$J$24,E31)","v":-0.79668234390172898},{"$f":"INDEX($E$24:$J$24,F31)","v":-0.95731098523075708},{"$f":"INDEX($E$24:$J$24,G31)","v":-0.78818090367683169},{"$f":"INDEX($E$24:$J$24,H31)","v":-3.0578162812366063},{"$f":"INDEX($E$24:$J$24,I31)","v":-1.7314615640257411},{"$f":"INDEX($E$24:$J$24,J31)","v":-1.9394714896882483}]
[null,null,null,{"$f":"D25","v":"Downside vs Base"},{"$f":"INDEX($E$25:$J$25,E31)","v":0.44023774221191658},{"$f":"INDEX($E$25:$J$25,F31)","v":0.81084840986428297},{"$f":"INDEX($E$25:$J$25,G31)","v":2.6567129567846219},{"$f":"INDEX($E$25:$J$25,H31)","v":1.8161090107799573},{"$f":"INDEX($E$25:$J$25,I31)","v":3.3620285384018338},{"$f":"INDEX($E$25:$J$25,J31)","v":3.4361797059919486}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Capital_Expenditure_Applied"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Capital_Expenditure_Scenario"]
[null,null,null,{"$f":"TRANSPOSE(F4:W4)","v":"Company Case"},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"CL_as___of_Expense_Applied"]
[null,null,null,"Bank Base Case",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"CL_as___of_Expense_Scenario"]
[null,null,null," Bank Downside Case",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Cooking_Cap_Exp_Applied"]
[null,null,null,"Sensitivity Case",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Cooking_Cap_Exp_Scenario"]
[null,null,null,"Solar Growth Company Case",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Cooking_COGS_Applied"]
[null,null,null,"Capital Expenditure Company Case",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Cooking_COGS_Scenario"]
[null,null,null,"Solar COGS Company Case",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Cooking_Revenue_Applied"]
[null,null,null,"SG&A Company Case",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Cooking_Revenue_Scenario"]
[null,null,null,"Overheads Company Case",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Inventory_Applied"]
[null,null,null,"Inventory Company Case",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Inventory_Scenario"]
[null,null,null,"CL as % of Expense Company Case",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Overheads_Applied"]
[null,null,null,"Solar Growth Bank Downside Case",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Overheads_Scenario"]
[null,null,null,"Capital Expenditure Bank Downside Case",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"SG_A_Applied"]
[null,null,null,"Solar COGS Bank Downside Case",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"SG_A_Scenario"]
[null,null,null,"SG&A Bank Downside Case",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Solar_COGS_Applied"]
[null,null,null,"Overheads Bank Downside Case",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Solar_COGS_Scenario"]
[null,null,null,"Inventory Bank Downside Case",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Solar_Growth_Applied"]
[null,null,null,"CL as % of Expense Bank Downside Case",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Solar_Growth_Scenario"]

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["          ","          "]
[null,null,null,null,2017,2018,null,{"$f":"E2","v":2017},{"$f":"F2","v":2018}]
[null,null,null,"FRW’ FRW’"]
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[null,null,null,"Cost of sales",-1172423,-3195429,null,{"$f":"H57*H81/1000","v":-1195697.3910713992},{"$f":"I57*I81/1000","v":-3010631.1163539235}]
[null,null,null,"Gross profit",837997,595759,null,{"$f":"H4+H5","v":467321.91570395255},{"$f":"I4+I5","v":-211599.35510915564}]
[null,null,null,"Other income",512589,32477]
[null,null,null,"Personnel expenses",-974499,-908574]
[null,null,null,"Depreciation expenses",-53865,-53181]
[null,null,null,"Administrative expenses",-1381638,-2546319]
[null,null,null,"Operating expenses",-192660,-211123,null,{"$f":"H57*H123/1000","v":-1354561.0403322605},{"$f":"I57*I123/1000","v":-2504424.5109365741}]
[null,null,null,"Results from operating activities",-1252076,-3090961,null,{"$f":"H6+H11","v":-887239.124628308},{"$f":"I6+I11","v":-2716023.8660457297}]
[null,null,null,"Net finance costs",-352574,-875160]
[null,null,null,"Loss before income tax",-1604650,-3966121]
[null,null,null,"Income tax charge",-751414,-667023]
[null,null,null,"Loss for the year",-2356064,-4633144]
[null,null,null,"Other comprehensive income",0,0]
[null,null,null,"Total comprehensive loss",-2356064,-4633144,null,{"$f":"H137*H57/1000","v":-311104.61133767245},{"$f":"I137*I57/1000","v":-4581812.434522165}]
[]
[null,null,null,"EBITDA",{"$f":"E12+E27+E28+E29+E30","v":-657053},{"$f":"F12+F27+F28+F29+F30","v":-2141296},null,{"$f":"H114*H57/1000","v":-431396.18680202571},{"$f":"I114*I57/1000","v":-1883412.1506516035}]
[]
[]
[null,null,null,"FRW' FRW'"]
[null,null,null,"Operating activities"]
[null,null,null,"Loss for the year before tax",-1604650,-3966121]
[null,null,null,"Adjustments for:"]
[null,null,null,"Depreciation",51886,53181]
[null,null,null,"Amortisation",1979,86]
[null,null,null,"Depreciation for operating lease assets",536932,896398,null,{"$f":"H118*H57/1000","v":-439901.04171903199},{"$f":"I118*I57/1000","v":-779399.52549229155}]
[null,null,null,"PPE write offs",4226,0]
[null,null,null,"Intangible write offs",0,30]
[null,null,null,"Cash generated before changes in working capital",-1009626,-3016426]
[null,null,null,"Changes in working capital",-1729685,2661331]
[null,null,null,"Cash used in/generated from operating activities",2739312,-355095]
[null,null,null,"Tax paid",0,0]
[null,null,null,"Net cash generated from operating activities",2739312,-355095]
[null,null,null,"Investing activities"]
[null,null,null,"Purchase of fixed assets",-59000,-32362]
[null,null,null,"Proceeds from sale of fixed assets",1138881,0]
[null,null,null,"Purchase of operating lease assets",-5000623,-2634493]
[null,null,null,"Net cash used in investing activities",-3920742,-2666855]
[null,null,null,"Financing activities"]
[null,null,null,"Proceeds from loans",3882545,3523736]
[null,null,null,"Proceeds from issue of share capital",3244000,0]
[null,null,null,"Net cash from financing activities",7126545,3523736]
[null,null,null,"Net increase in cash and cash equivalents",466314,501786]
[null,null,null,"Cash and cash equivalents at January",169171,635661]
[null,null,null,"Cash and cash equivalents at December",635661,1137447]
[]
[]
[]
[null,"Month end date"]
[null,null,"Country: ","RWANDA","Forecast V18"]
[]
[null,null,"Month",null,null,42005]
[null,null,"Year",null,null,2015,2016,2017,2018,2019]
[null,null,"RWF to USD",null,null,823.93500000000006,763.51041666666663,710.57499999999993,860.27520541666672,895.71100000000001]
[null,null,"Currency"]
[]
[null,"INCOME STATEMENT"]
[]
[null,null,"Revenue"]
[null,null,"HPA Sales",null,null,1155269,493794,1989096.4186601706,3693472.3676161212,3350939.71]
[null,null,"Defaults",null,null,0,0,226875.91262132919,-1157509.2363052471,-49498.97000000003]
[null,null,"Discounts",null,null,0,0,0,0,0]
[null,null,"Upfront sales",null,null,0,0,124413,717683.77565662551,176369.01]
[null,null,"Minigrid Revenue",null,null,0,0,0,0,0]
[null,null,"Total Revenue",null,null,1155269,493794,2340385.3312814999,3253646.9069674993,3477809.7499999995]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Cost of Sales",null,null,0,0,0,0,0]
[null,null,"Depreciation HPA Assets",null,null,0,-114878,-619077.56636390532,-905988.59595726267,-1092404.25]
[null,null,"Installation",null,null,0,-41041,-135303.64666666667,-88033.92459508407,-46218.259999999995]
[null,null,"Import Duties ",null,null,0,-177654,-495981.92563636322,-534335.9831138486,-10370.23]
[null,null,"Freight Costs",null,null,0,0,0,-29945.5,-548322.29999999993]
[null,null,"Stock Uplift Adjustment",null,null,0,0,0,522415.4443675956,518009.95000000007]
[null,null,"Repossession",null,null,0,-7938,-17217.50909090909,-45555.956795690552,-14389.029999999999]
[null,null,"Bad debt written off due to repossession",null,null,0,-102333,-139344.2645652662,0,0]
[null,null,"Maintenance",null,null,0,0,-164352.22190303029,-810494.38747668464,-430920.84000000008]
[null,null,"Data",null,null,0,-61848,-2706.9951878787874,-835986.51347222296,-592473.19999999995]
[null,null,"Upfront Sales Cost",null,null,-612917,-62234,-108733.93844848484,-771688.54067368212,-146836.84]
[null,null,"Cost of Sales",null,null,-612917,-567926,-1682718.0678625046,-3499613.9577168804,-2363925]
[]
[null,null,"Gross profit",null,null,542352,-74132,657667.26341899531,-245967.05074938008,1113884.7499999998]
[null,null,"Gross margin",null,null,2.5529609722310136,-25.902376354805074,2.5829887899927515,-2.293501363306139,{"$error":"#DIV/0!"}]
[]
[null,null,"SG&A Costs"]
[null,null,"Salaries & Wages: Shops ",null,null,0,0,-801683,-538661.7516467924,-368764.42000000004]
[null,null,"Shops Running Costs",null,null,0,0,-362306.60479041922,-357824.47756771086,-97990.289999999979]
[null,null,"Salaries & Wages: Logistics center ",null,null,0,0,0,-10810.82,-108042.54000000001]
[null,null,"Logistics center Running Costs",null,null,0,0,0,-18593.46,-146985.44]
[null,null,"Salaries & Wages: Call Center",null,null,0,0,-98529,-127611.7803839445,-120471.76]
[null,null,"Call Center Running Costs",null,null,0,0,0,-139520.59619589482,-122487.85999999999]
[null,null,"Sales Commission & Agent Costs",null,null,0,-65688,-156554.07151515153,-203341.08065643528,-153785.14000000001]
[null,null,"Reduction in SG&A due to overhead absorption",null,null,0,0,523431,0,0]
[null,null,"Total SG&A",null,null,0,-243342,-1391623.6019419339,-1423915.7551970305,-1118527.45]
[]
[null,null,"Overheads"]
[null,null,"Salaries & Wages: Management & Support",null,null,-564371,-1257925,0,-356660.96180846094,-392751.88]
[null,null,"Legal & Professional",null,null,-28335,-52814,-55768.345951515148,-213796.2823183724,-107917.49]
[null,null,"Property",null,null,-47836,-58249,-115980.85,-65875.06976161318,-42616.13]
[null,null,"Travel",null,null,0,0,-77130,-185892.72467703448,-109309.3]
[null,null,"Communications",null,null,-4647,-10125,0,-56239.513651360045,-20954.870000000003]
[null,null,"Insurance",null,null,-9568,-35678,-57584,-138806.8087771828,-95985.37999999999]
[null,null,"Marketing, Conferences & Events",null,null,0,0,-57799.977614600415,-106664.14614270907,-92877.39]
[null,null,"Training",null,null,0,0,-20361.365580665861,-59864.861088178761,-24384.86]
[null,null,"Office Consumables",null,null,0,0,0,-4448.9226165342725,-7214.8799999999992]
[null,null,"Mobile Money Charges",null,null,0,0,0,-122010.94658585856,-78345.150000000009]
[null,null,"Bank Charges",null,null,0,0,0,-26402.842931121653,-24817.55]
[null,null,"Shared services",null,null,0,0,0,0,-19917.43]
[null,null,"Other Admin Expenses",null,null,-198220,-382469,-107605.27934545453,-88672.104196745859,-66756.069999999992]
[null,null,"Stock write off",null,null,0,0,0,-84.14,-651033.95000000007]
[null,null,"Total Overheads",null,null,-852977,-1797260,-492229.81849223602,-1425419.3245551721,-1734882.3299999998]
[]
[null,null,"EBITDA",null,null,-310625,-1999856,-607108.59065126942,-2189313.5345443198,-647120.78000000026]
[null,null,"EBITDA margin",null,null,-9.1137999531977556,-140.30212558721556,-6.2815122354821762,-4.8367651140885126,{"$error":"#DIV/0!"}]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Depreciation",null,null,0,0,0,0,0]
[null,null,"Depreciation HPA Assets ",null,null,0,-114878,-619077.56636390532,-905988.59595726267,-1092404.25]
[null,null,"Depreciation Fixtures and Fittings",null,null,-16812,-48697,-22435.205442424241,-61854.845480593074,-46025.299999999996]
[null,null,"Total Depreciation",null,null,-16812,-163575,-641512.77180632949,-967843.44143785583,-1138429.5499999998]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Operating Profit",null,null,-327437,-1985777,-752639.43682123569,-3129605.1872359226,-1785550.3299999998]
[null,null,"Total Other Expenses",null,null,{"$f":"F95+F112+F119","v":-869789},{"$f":"G95+G112+G119","v":-2089299},{"$f":"H95+H112+H119","v":-1906288.6258765941},{"$f":"I95+I112+I119","v":-2911189.9252327955},{"$f":"J95+J112+J119","v":-2899435.0799999996}]
[]
[null,null,"Finance income and expenses"]
[null,null,"Other Income",null,null,-5,0,691314,-1854.0644655998403,9194.32]
[null,null,"Finance cost",null,null,-7606,-16258,-376495.49881212122,-996195.7470551841,-850297.44]
[null,null,"Finance cost - subordinated debt (BEYOND)",null,null,0,0,0,-19813.29,-1033792.1399999999]
[null,null,"Unrealized FX gain / (loss)",null,null,0,0,0,-419759.78,-662542.55999999994]
[null,null,"Total finance income/(expenses)",null,null,0,0,0,-503825.66000000003,-2537437.8199999998]
[null,null,null,null,null,0,0,0,0,0]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Profit before Tax",null,null,-335048,-2002035,-437820.9356333568,-4567228.068756707,-4322988.1500000004]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Tax",null,null,-3134,-18823,0,-758756.46,0]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Net Income",null,null,-338182,-2020858,-437820.9356333568,-5325984.528756707,-4322988.1500000004]
[null,null,"Check"]
[]
[null,"BALANCE SHEET",null,null,null,null,null,{"$f":"H148-G148","v":0},{"$f":"I148-H148","v":513328.97},{"$f":"J148-I148","v":486084.75}]
[null,null,null,null,null,null,null,{"$f":"H146-G146","v":3918294.6863905322},{"$f":"I146-H146","v":3344922.0136094671},{"$f":"J146-I146","v":-612766.94999999925}]
[null,null,"Fixed Assets:",null,null,null,null,{"$f":"H141*H57/1000","v":2784242.2467819517},{"$f":"I141*I57/1000","v":2877553.4723606147},{"$f":"J141*J57/1000","v":-548862.09755144932}]
[null,null,"Intangible fixed assets",null,null,606,513,243.91834319526626,0,0]
[null,null,"Fixtures and Fittings",null,null,65740,61095,119788.60473372781,238363.86,271181.94]
[null,null,"Accumulated Depreciation F&F",null,null,0,0,0,-155852.74,-136214.48000000001]
[null,null,"HQ Capitalised Power Units",null,null,0,1521823,5440117.6863905322,8785039.6999999993,8172272.75]
[null,null,"Accumulated Depreciation PU",null,null,0,0,0,-807448.04,-1261794.3400000001]
[null,null,"HQ Capitalised Appliances",null,null,0,0,0,513328.97,999413.72]
[null,null,"Accumulated Depreciation CA",null,null,0,0,0,-935783.33,-1152506.8400000001]
[null,null,"Investments",null,null,0,0,0,0,0]
[null,null,"Total Fixed Assets",null,null,66346,1583431,5560150.2094674548,7637648.4199999981,6892352.75]
[]
[null,null,"Current Assets:"]
[null,null,"Inventory and Work in Progress",null,null,325268,3879248,2744031,1224016.8400000001,3656766.04]
[null,null,"Trade Receivables",null,null,1142515,431317,372006,500678.01,431947.52000000002]
[null,null,"Prepayments",null,null,54970,95599,158884.69704142012,153267.51999999999,794051.95]
[null,null,"Cash at Bank",null,null,37480,246913,808794,1293875.8,670780.36]
[null,null,"Other Debtors",null,null,468,427,0,0,11841.63]
[null,null,"Total Current Assets",null,null,1560701,4653504,4083715.6970414203,3171838.17,5565387.5]
[]
[null,null,"Current Liabilities:"]
[null,null,"Trade Payables",null,null,-22704,-34657,-105618.94674556213,-187655.5,-176617.06]
[null,null,"Payroll taxes",null,null,-34909,-35712,85629.120710059171,-8571.8799999999992,-9048.34]
[null,null,"VAT payable",null,null,0,0,0,-88099.62,-164778.21]
[null,null,"Import taxes",null,null,0,0,0,145241.26,276375.96000000002]
[null,null,"Corporation Tax Creditor",null,null,0,-1,0,-1893907.19,-1821512.7]
[null,null,"Accruals",null,null,-1143,-529,-142799.30650887574,-247622.66,-351370.72]
[null,null,"Deferred income",null,null,0,0,0,-221779.86,-272356.09000000003]
[null,null,"Interest Accruals",null,null,0,0,0,-150299.75,-157845.24]
[null,null,"Interest Accruals - subordinated debt (BEYOND)",null,null,0,0,0,-19889.38,-1055863.93]
[null,null,"Total Current Liabilities",null,null,-58756,-70899,-162789.13254437869,-2672584.5799999996,-3733016.3299999991]
[]
[null,null,"Net Current Assets",null,null,1501945,4582605,3920926.5644970415,499253.59000000032,1832371.1700000009]
[]
[null,null,"BBOXX Ltd Intercompany",null,null,0,0,0,1226082.29,1910339.28]
[null,null,"BBOXX Capital Ltd",null,null,0,0,0,221592.39,142898.03]
[null,null,"BBOXX Capital Kenya Intercompany",null,null,0,0,0,-143437.07999999999,-2531.25]
[null,null,"BBOXX Capital Asia Intercompany",null,null,0,0,0,-9307421.2599999998,-9227890.4499999993]
[null,null,"BBOXX Africa Management Intercompany",null,null,0,0,0,131425.67000000001,123085.03]
[null,null,"BBOXX DRC Intercompany",null,null,0,0,0,323302.33,104700.67]
[null,null,"Intercompany Accrual - BBOXX Ltd.",null,null,0,0,0,0,-56836.33]
[null,null,"Intercompany Creditor Balances",null,null,-2244298,-7305778,-5359545,-7548455.6600000001,-7006235.0199999986]
[]
[null,null,"Borrowings: "]
[null,null,"Loans",null,null,0,0,-4522177.6366863903,-910967.71,-4268121.42]
[null,null,"Beyond Loan",null,null,0,0,0,-2441646.77,-7449789.75]
[null,null,"Deutsche Bank",null,null,0,0,0,-5072220.95,-1777628.05]
[null,null,"Total Borrowings",null,null,0,0,-4522177.6366863903,-8424835.4299999997,-13495539.220000001]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Net Assets",null,null,-676007,-1139742,-400645.86272189394,-7836389.0800000019,-11777050.319999997]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Represented By:",null,null,0,0,0,0,0]
[null,null,"Share Capital",null,null,0,-165854,-4164848.4848484802,-3844837.49,-3697868.7999999998]
[null,null,"Retained Earnings",null,null,676006,1305595,4565493.9356333567,10313373.18,14965175.140000001]
[null,null,"Retained Earnings","P&L",null,0,0,0,1367853.37,509743.97]
[null,null,"Shareholders' funds",null,null,676006,1139741,400645.45078487648,7836389.0599999996,11777050.310000001]
[null,null,"Check",null,null,0,0,0,-2.0000002346932888E-2,-9.9999960511922836E-3]
[null,null,"Check 2",null,null,0,0,0,0,0]
[]
[null,"CASH FLOW STATEMENT - DIRECT"]
[]
[null,null,"Cash flows from operating activities",null,null,0,0,0,0,0]
[null,null,"Revenue",null,null,0,0,0,-362461.58,3379151.5399999996]
[null,null,"Decrease/(increase) in trade receivables",null,null,0,0,0,827761.53,68730.489999999991]
[null,null,"Decrease/(increase) in intercompany DRC",null,null,0,0,0,-177616.97000000003,162456.87000000002]
[null,null,"Increase/(decrease) in VAT payable",null,null,0,0,0,6382.8499999999913,76678.59]
[null,null,"Increase/(decrease) in deferred income",null,null,0,0,0,-596.5800000000163,50576.23000000004]
[null,null,"Cash receipts",null,null,0,0,0,293469.24999999994,3737593.7199999997]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Cost of Sales",null,null,0,0,0,0,0]
[null,null,"Installation",null,null,0,0,0,-2835.8,-46218.259999999995]
[null,null,"Repossession",null,null,0,0,0,-3909.39,-14389.029999999999]
[null,null,"Bad debt written off due to repossession",null,null,0,0,0,0,0]
[null,null,"Data",null,null,0,0,0,491669.91,-607605.76000000024]
[null,null,"Upfront Sales Cost",null,null,0,0,0,0,0]
[null,null,"Increase/(decrease) in intercompany accrual",null,null,0,0,0,-773750.83,171541.36000000004]
[null,null,"Cost of Sales",null,null,0,0,0,-288826.11,-496671.69000000012]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"SG&A Costs",null,null,0,0,0,0,0]
[null,null,"Salaries & Wages: Shops ",null,null,0,0,0,-43243.27,-368764.42000000004]
[null,null,"Shops Running Costs",null,null,0,0,0,-12395.64,-97990.289999999979]
[null,null,"Salaries & Wages: Logistics center ",null,null,0,0,0,-10810.82,-108042.54000000001]
[null,null,"Logistics center Running Costs",null,null,0,0,0,-18593.46,-146985.44]
[null,null,"Salaries & Wages: Call Center",null,null,0,0,0,-12776.42,-120471.76]
[null,null,"Call Center Running Costs",null,null,0,0,0,-15494.55,-122487.85999999999]
[null,null,"Sales Commission & Agent Costs",null,null,0,0,0,-14941.93,-153785.14000000001]
[null,null,"Reduction in SG&A due to overhead absorption",null,null,0,0,0,0,0]
[null,null,"Total SG&A ",null,null,0,0,0,-128256.09,-1118527.45]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Overheads",null,null,0,0,0,0,0]
[null,null,"Salaries & Wages: Management & Support",null,null,0,0,0,-31449.65,-392751.88]
[null,null,"Increase/(decrease) in payroll taxes",null,null,0,0,0,-567.32999999999993,476.46000000000276]
[null,null,"Legal & Professional",null,null,0,0,0,-122988.05,-107917.49]
[null,null,"Property",null,null,0,0,0,-4115.88,-42616.13]
[null,null,"Travel",null,null,0,0,0,-13908.86,-109309.3]
[null,null,"Communications",null,null,0,0,0,-4769.8999999999996,-20954.870000000003]
[null,null,"Insurance",null,null,0,0,0,-11355.55,-95985.37999999999]
[null,null,"Marketing, Conferences & Events",null,null,0,0,0,-2451.75,-92877.39]
[null,null,"Training",null,null,0,0,0,-1537.48,-24384.86]
[null,null,"Office Consumables",null,null,0,0,0,-676.35,-7214.8799999999992]
[null,null,"Mobile Money Charges",null,null,0,0,0,-46025.4,-78345.150000000009]
[null,null,"Bank Charges",null,null,0,0,0,-5302.4,-24817.55]
[null,null,"Shared services",null,null,0,0,0,0,-19917.43]
[null,null,"Other Admin Expenses",null,null,0,0,0,-39795.949999999997,-66756.069999999992]
[null,null,"Tax",null,null,0,0,0,-758756.46,0]
[null,null,"Increase/(decrease) in trade payables",null,null,0,0,0,-521755.4,-11038.440000000002]
[null,null,"Increase/(decrease) in accruals",null,null,0,0,0,175980.72,139280.7369069187]
[null,null,"Increase/(decrease) in corporation tax",null,null,0,0,0,755702.91999999993,-72394.489999999991]
[null,null,"Decrease/(increase) in prepayments",null,null,0,0,0,465905.6,21076.989075938167]
[null,null,"Decrease/(increase) in other debtors",null,null,0,0,0,0,-11841.63]
[null,null,"Increase/(decrease) in intercompany for operations",null,null,0,0,0,447.54999999998836,87035.000000000058]
[null,null,"Total Overheads",null,null,0,0,0,-167419.62000000029,-931253.75401714316]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Cash in/(out) flow from operations",null,null,0,0,0,-291032.5700000003,1191140.825982857]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Cash flows from investing activities",null,null,0,0,0,0,0]
[null,null,"Stock Uplift Adjustment",null,null,0,0,0,13153.22,518009.95000000007]
[null,null,"Import Duties ",null,null,0,0,0,2478.0300000000002,-10370.23]
[null,null,"Freight Costs",null,null,0,0,0,-29945.5,-548322.29999999993]
[null,null,"Maintenance",null,null,0,0,0,-72688.850000000006,-466453.51690691878]
[null,null,"Upfront Sales Cost",null,null,0,0,0,61153.39,-146836.84]
[null,null,"Stock write off",null,null,0,0,0,-84.14,-651033.95000000007]
[null,null,"Decrease/(increase) in stock & HPA",null,null,0,0,0,-576129.23999999836,-2727401.4400000004]
[null,null,"Increase/(decrease) in import taxes",null,null,0,0,0,4609.7599999999802,-131134.70000000001]
[null,null,"Increase/(Decrease) in intercompany for investing",null,null,0,0,0,-857273.11000000127,-882129.06907594041]
[null,null,"Decrease/(increase) in Fixtures and Fittings",null,null,0,0,0,235.24999999999091,-98481.639999999985]
[null,null,"Net cash in/(out) flow from investing",null,null,0,0,0,-1454491.1899999995,-5144153.7359828595]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Cash flows from financing activities",null,null,0,0,0,0,0]
[null,null,"Unrealized FX gain / (loss)",null,null,0,0,0,-419759.78,-662542.55999999994]
[null,null,"Other Income",null,null,0,0,0,33540.1,9194.32]
[null,null,"Finance cost",null,null,0,0,0,-97792.69,-850297.44]
[null,null,"Decrease/(increase) in intercompany for financing",null,null,0,0,0,431661.05999999971,-629026.46]
[null,null,"Increase/(decrease) in interest accrual",null,null,0,0,0,85150.13,7545.4900000000052]
[null,null,"Increase/(decrease) in loans",null,null,0,0,0,214368.51999999955,62560.80999999959]
[null,null,"FX on translation",null,null,0,0,0,17400,382155]
[null,null,"Finance cost - subordinated debt (BEYOND)",null,null,0,0,0,-19813.29,-1033792.1399999999]
[null,null,"Increase/(decrease) in interest accrual (subordinated debt - BEYOND)",null,null,0,0,0,19889.38,1035974.5499999999]
[null,null,"Increase/(decrease) in subordinated debt - BEYOND",null,null,0,0,0,2441646.77,5008142.9800000004]
[null,null,"Net cash in/(out) flow from financing",null,null,0,0,0,2706290.1999999993,3329914.55]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Net cash in/(out) flow",null,null,0,0,0,960766.43999999948,-623098.36000000348]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Opening cash balance",null,null,0,0,0,333109.11,11346761.919999998]
[null,null,"Closing cash balance",null,null,0,0,0,1293875.5499999993,10723663.559999997]
[null,null,"Check",null,null,0,0,0,-0.25000000069849193,-2.9200000034179538]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"LION'S HEAD COVENANT CHECKS",null,null,0,0,0,0,0]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Cash receipts previous 6 months",null,null,3766427,4626386,11356189.930368658,21363789.922169458,21715267.550000004]
[null,null,"Interest repayments (previous quarter) P&L",null,null,-16336,-44886,-976949.49643636367,-2583435.9156094003,-2553540.9700000002]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Revenue / Interest repayments","4x",null,1719.2994442433555,34205.793124720607,254.90082168657523,116.62266721562683,145.8275348867553]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Total Equity",null,null,-5969054,-8993155,-4492838.0372217279,-62270659.73678039,-99584766.379999995]
[null,null,"Intercompany",null,null,-16785602,-51614561,-66096991.236477524,-108070772.07743514,-70042967.680000007]
[null,null,"Subordinated debt",null,null,0,0,0,-6387519,-64368699.789999999]
[null,null,"Total Equity plus the Intercompany Loans that constitute Subordinated Debt of BBOXX Capital Rwanda Ltd",null,null,0,0,0,0,34826901.089999996]
[null,null,"Total Assets of BBOXX Capital Rwanda Ltd ",null,null,11918192,44167048,96187937.709407836,147126223.75158566,121668681.36]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Capitalisation Ratio of BBOXX Capital Rwanda Ltd",0.25,null,10.659368558023546,11.546519036499834,7.8055042773364596,4.1224783211609584,2.8938848003158588]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Additional cash equity contribution payable to cure Capitalisation Ratio breach",null,null,0,0,0,0,1302559.0400000028]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Fiscal Quarter",null,null,0,0,0,0,0]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Finance charges unsubordinated debt",null,null,0,0,0,0,-850297.44]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Operating Cash Flow for period",null,null,0,0,0,0,1782678.0559828563]
[null,null,"Finance Charges for period",null,null,0,0,0,0,1034774.1]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"Liquid Assets of BBOXX Capital Rwanda Ltd",null,null,0,0,0,0,7211245.5099999942]
[null,null,null,null,null,0,0,0,0,0]
[null,null,"UNIT ECONOMICS",null,null,0,0,0,0,0]
[null,null,null,null,null,0,0,0,0,0]
[null,null,null,null,null,0,0,0,0,0]

{"sheet":"Simple Example","index":8,"n_rows":23,"n_cols":17,"rows_kept":23,"cut":false,"hidden":false,"merged":[]}
["          "]
[]
[]
[null,null,null,null,1,2,3,4,5,6,7,8,9,10]
[null,null,"EBIDTA",null,100,120,130,220,{"$f":"H5","v":220},220,220,220,220,220]
[null,null,"CAPEX",null,300,200,200,100,100,100,100,100,100,100]
[null,null,"Interest",null,{"$f":"E15","v":0},{"$f":"F15","v":20},30,40,32,23.200000000000003,13.52,2.8719999999999986,0,0]
[null,null,"Net Cashflow",null,{"$f":"E5-E6-E7","v":-200},{"$f":"F5-F6-F7","v":-100},-100,80,88,96.8,106.48,117.128,120,120]
[]
[null,null,"Loan balance"]
[null,null,"Opening Balance",null,{"$f":"D14","v":0},{"$f":"E14","v":200},300,400,320,232,135.19999999999999,28.719999999999985,0,0]
[null,null,"Add borrowings",null,{"$f":"MAX(-E8,0)","v":200},{"$f":"MAX(-F8,0)","v":100},100,0,0,0,0,0,0,0]
[null,null,"Less repayments",null,{"$f":"MIN(E11,MAX(E8,0))","v":0},{"$f":"MIN(F11,MAX(F8,0))","v":0},0,80,88,96.8,106.48,28.719999999999985,0,0]
[null,null,"Closing balance",null,{"$f":"E11+E12-E13","v":200},{"$f":"F11+F12-F13","v":300},400,320,232,135.19999999999999,28.719999999999985,0,0,0]
[null,null,"Interest",0.1,{"$f":"$D$15*E11","v":0},{"$f":"$D$15*F11","v":20},30,40,32,23.200000000000003,13.52,2.8719999999999986,0,0]
[]
[null,null,"Debt to EBIDTA"]
[null,null,"EBIDTA to interest"]
[null,null,null,null,null,null,null,null,null,null,{"$f":"E20","v":8},220,250,300,350,400,450]
[null,null,"Repayment Year",null,{"$f":"MATCH(0,E14:N14,0)","v":8},null,null,null,null,null,120,9,7,6,6,5,5]
[null,null,null,null,null,null,null,null,null,null,100,8,7,6,5,5,5]
[null,null,null,null,null,null,null,null,null,null,80,7,6,6,5,5,5]
[null,null,null,null,null,null,null,null,null,null,60,7,6,5,5,5,5]