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{"sheet":"Contents","index":0,"n_rows":13,"n_cols":5,"rows_kept":13,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,"Sheet Tab","Description","Author"]
[null,1,"Contents"]
[null,2,"Summary"]
[null,3,"Assumptions"]
[null,4,"Annual Model"]
[null,5,"Sensitivity Factors"]
[null,6,"Comparison"]
[null,7,"Cap Exp"]
[null,8,"Energy Yield in Jordan"]
[null,9,"Jordan Tax Rates"]
[null,10,"Simple Model"]

{"sheet":"Currency Notes","index":1,"n_rows":34,"n_cols":17,"rows_kept":34,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,null,null,null,null,null,null,null,null,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2]
[null,null,"1. Set up with PPP exchange rate",null,null,null,null,null,null,null,7.18,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[]
[null,null,"2. Allow deviations from PPP exchange rate",null,null,null,null,null,"PPP",null,{"$f":"K3","v":7.18},{"$f":"K5*(1+L3)/(1+L2)","v":7.5690640394088673},{"$f":"L5*(1+M3)/(1+M2)","v":7.979210366667477},8.4115813717578352,8.8673813475673757,9.3478798442335904,9.8544152052511755]
[null,null,null,null,null,null,null,null,null,0,1,{"$f":"K6*(1+$J$6)","v":1},{"$f":"L6*(1+$J$6)","v":1},1,1,1,1]
[null,null,"3. Compute Adjusted exchange rate with deviations",null,null,null,null,null,"Adjusted",null,null,{"$f":"L5*L6","v":7.5690640394088673},{"$f":"M5*M6","v":7.979210366667477},8.4115813717578352,8.8673813475673757,9.3478798442335904,9.8544152052511755]
[]
[null,null,"4. Compute key flows like revenues, cap exp and expenses in local and foreign currency"]
[]
[null,null,"5. Compute depreciation in local currency if taxes depend on depreciation"]
[]
[null,null,"6. Compute debt in currency of the debt"]
[]
[null,null,"7. Compute cash flows and IRRs in alternative currencies"]
[]
[null,null,"8. Compute translation adjustments for asset and liability balances"]
[]
[null,null,"9. If higher inflation in local currency, then the value of assets declines in foreign currency and depreciation of assets that decline in value produces less tax shield"]
[]
[null,null,"10. If higher inflation in local currency, and debt is in foreign currency then the liability increases when stated in local currency. Must have increase in liability when convert to local"]
[]
[null,null,"11. If higher inflation in local currency, and debt is in foreign currency then the liability increases when stated in foreign currency. Must have decrease in liability"]
[]
[null,null,"12. Should make financial statements in both currencies"]
[]
[]
[]
[null,null,"To Make Foreign curreny debt flexible"]
[]
[null,null,1,"Make sources and uses in both currencies"]
[null,null,2,"For alternative currency (what debt was NOT issued), take IDC, DSRA, Fees, Draws from bottom of debt schedule where it is shown in alt currency"]
[null,null,3,"Make debt schedule in currency of debt"]
[null,null,4,"Transalate to alternative currency"]

{"sheet":"Summary","index":2,"n_rows":31,"n_cols":19,"rows_kept":31,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Financial Model'!L156","v":false}]
[]
["Project Cost and Financing",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Assumptions!G23","v":"USD"},{"$f":"Assumptions!G23","v":"USD"},{"$f":"Assumptions!G22","v":"PKR"},"Profit/"]
[null,"Capacity",null,null,null,"kWp",{"$f":"Assumptions!G35","v":61200},null,null,null,null,"Project Returns",null,null,null,"Nominal","Real","Nominal","Multiplier"]
[null,null,null,null,null,null,null,null,null,null,null,null,"Project IRR Pre-tax",null,null,{"$f":"'Financial Model'!F189","v":5.7459011673927321E-2},{"$f":"'Financial Model'!F190","v":4.3515494465827961E-2},{"$f":"'Financial Model'!F188","v":0.13346295952796941}]
[null,"Sources and Uses",null,null,null,{"$f":"Assumptions!G22","v":"PKR"},{"$f":"Assumptions!G23","v":"USD"},{"$f":"G7&\"/kWp\"","v":"USD/kWp"},"Percent",null,null,null,"Project IRR After-tax",null,null,{"$f":"'Financial Model'!F228","v":4.2907294631004331E-2},{"$f":"'Financial Model'!F229","v":2.8973761200904849E-2},{"$f":"'Financial Model'!F227","v":0.11734928488731386}]
[null,null,"Uses of Funds",null,null,null,null,null,null,null,null,null,"Cash Equity IRR All Sources",null,null,{"$f":"'Financial Model'!F414","v":6.685123145580292E-2},{"$f":"'Financial Model'!F415","v":5.2437832951545721E-2},{"$f":"'Financial Model'!F413","v":0.14253204464912422}]
[null,null,null,"Development Cost - Partner 1",null,{"$f":"G9*Assumptions!$G$26","v":44840628},{"$f":"Assumptions!G49","v":428400},{"$f":"Assumptions!H49","v":7},{"$f":"G9/$G$19","v":7.2369974393387123E-3},null,null,null,"Developer 1 IRR",null,null,{"$f":"'Financial Model'!E452","v":0.33638966679573057},{"$f":"'Financial Model'!F476","v":0.32700653672218327},{"$f":"'Financial Model'!F483","v":0.44806918501853943},{"$f":"Assumptions!G52","v":8}]
[null,null,null,"Development Cost - Partner 2",null,{"$f":"G10*Assumptions!$G$26","v":12811608},{"$f":"Assumptions!G50","v":122400},{"$f":"Assumptions!H50","v":2},2.0677135540967751E-3,null,null,null,"Developer 2 IRR",null,null,{"$f":"'Financial Model'!E453","v":0.62308093905448936},{"$f":"'Financial Model'!F477","v":0.61658058762550372},{"$f":"'Financial Model'!F484","v":0.76485513448715214},{"$f":"Assumptions!G53","v":6}]
[null,null,null,"Development Profit Fee - Partner 1",null,{"$f":"G11*Assumptions!$G$26","v":313884396},{"$f":"Assumptions!G58","v":2998800},{"$f":"G11/G5","v":49},5.0658982075370985E-2,null,null,null,"EPC IRR",null,null,{"$f":"'Financial Model'!E454","v":5.4847374558448805E-2},{"$f":"'Financial Model'!F478","v":4.0345892310142531E-2},{"$f":"'Financial Model'!F485","v":0.12895315289497378}]
[null,null,null,"Development Profit Fee - Partner 2",null,{"$f":"G12*Assumptions!$G$26","v":64058040},{"$f":"Assumptions!G59","v":612000},{"$f":"G12/G5","v":10},1.0338567770483875E-2,null,null,null,"Sponsor IRR",null,null,{"$f":"'Financial Model'!E455","v":5.4879304766654979E-2},{"$f":"'Financial Model'!F479","v":4.0369698405265816E-2},{"$f":"'Financial Model'!F486","v":0.12897483706474303}]
[null,null,null,"Advisory Fees",null,{"$f":"G13*Assumptions!$G$26","v":27748017},{"$f":"'Financial Model'!F152+'Financial Model'!F153","v":265100},{"$f":"G13/G5","v":4.3316993464052285},4.4783567254171163E-3]
[null,null,null,"EPC Cost Charged to Project",null,{"$f":"G14*Assumptions!$G$26","v":5444933400},{"$f":"'Financial Model'!F154","v":52020000},{"$f":"G14/G5","v":850},0.87877826049112939,null,null,null,"Debt IRR Pre-tax",null,null,{"$f":"'Financial Model'!F426","v":1.5446546673774722E-2},{"$f":"'Financial Model'!F428","v":2.9590398073196409E-3},{"$f":"'Financial Model'!F427","v":9.1366222500801106E-2},{"$f":"'Financial Model'!H426","v":36}]
[null,null,null,null,"Sub-total",{"$f":"G15*Assumptions!G26","v":5908276089},{"$f":"SUM(G9:G14)","v":56446700},{"$f":"G15/$G$5","v":922.33169934640523},0.95355887805583683,null,null,null,"Debt IRR After-tax",null,null,{"$f":"'Financial Model'!F513","v":0},{"$f":"'Financial Model'!F514","v":0},null,{"$f":"'Financial Model'!H513","v":36}]
[null,null,null,"Interest During Construction",null,{"$f":"'Financial Model'!F156","v":561956.62172232987},{"$f":"'Financial Model'!F156","v":561956.62172232987},9.1822977405609461,9.4931807479550299E-3]
[null,null,null,"Lending Fees",null,{"$f":"G17*Assumptions!$G$26","v":64417401.281902745},{"$f":"'Financial Model'!F157","v":615433.27870357072},10.056099325221744,1.0396566438052217E-2,null,null,null,"LCOE ",null,null,{"$f":"'Financial Model'!F565","v":45.023509383054204},{"$f":"'Financial Model'!F569","v":38.875769659843272}]
[null,null,null,"DSRA",null,{"$f":"G18*Assumptions!$G$26","v":164513021.92637572},{"$f":"'Financial Model'!F158","v":1571730.4091561642},25.681869430656278,2.6551374758155805E-2]
[null,null,null,null,"Total",{"$f":"G19*Assumptions!$G$26","v":6196026511.8039551},{"$f":"SUM(G15:G18)","v":59195820.30958207},{"$f":"G19/$G$5","v":967.25196584284424},1,null,null,"Key Assumptions"]
[null,null,"Sources of Funds",null,null,null,null,null,null,null,null,null,"Plant Life",null,null,"Yrs",null,{"$f":"Assumptions!H10","v":25}]
[null,null,null,"Debt",null,{"$f":"G21*Assumptions!$G$26","v":3173896493.3584442},{"$f":"'Financial Model'!F166","v":30322886.15036251},{"$f":"G21/$G$5","v":495.47199592095603},{"$f":"G21/$G$27","v":0.51224708082057147},null,null,null,"Irriadiation with Tilt",null,null,"w-hr",null,{"$f":"Assumptions!I36","v":133.78766999999999}]
[null,null,null,"Developer 1 Equity",null,{"$f":"G22*Assumptions!$G$26","v":358725024},{"$f":"'Financial Model'!F171","v":3427200},{"$f":"G22/$G$5","v":56},5.7895979514709699E-2,null,null,null,"Irriadiation from Tracking",null,null,"w-hr",null,{"$f":"Assumptions!I37","v":0}]
[null,null,null,"Developer 2 Equity",null,{"$f":"G23*Assumptions!$G$26","v":76869648},{"$f":"'Financial Model'!F172","v":734400},{"$f":"G23/$G$5","v":12},1.240628132458065E-2,null,null,null,"Performance Ratio",null,null,"Pct",null,{"$f":"Assumptions!I39","v":0.81114564147238033}]
[null,null,null,"EPC Equity",null,{"$f":"G24*Assumptions!$G$26","v":403328400.00000024},{"$f":"'Financial Model'!F173","v":3853333.3333333358},62.962962962963005,6.5094685962305929E-2,null,null,null,"Capacity Factor",null,null,"Pct",null,{"$f":"'Financial Model'!H51","v":0.21840548524528069}]
[null,null,null,"Sponsor Equity",null,{"$f":"G25*Assumptions!$G$26","v":2183206946.4455109},{"$f":"'Financial Model'!F174","v":20858000.82588622},340.81700695892516,0.35235597237783223,null,null,null,"Energy Yield",null,null,"kWh/kWp/yr",null,{"$f":"'Energy Yield Data \"PVSyst\"'!F37","v":1914.5424836601308}]
[null,null,null,"Total Equity",null,{"$f":"G26*Assumptions!$G$26","v":3022130018.4455109},{"$f":"SUM(G22:G25)","v":28872934.159219556},471.77996992188815,0.48775291917942848]
[null,null,null,null,"Total",{"$f":"G27*Assumptions!$G$26","v":6196026511.8039551},{"$f":"G26+G21","v":59195820.30958207},{"$f":"H26+H21","v":967.25196584284413},{"$f":"SUM(I21:I26)","v":1.4877529191794285},null,null,null,"Price per kWh",null,null,{"$f":"'Financial Model'!E55","v":"USD/kWh"},null,{"$f":"Assumptions!I116","v":5.0599999999999999E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,"Price Escalation",null,null,"Annual %",null,{"$f":"Assumptions!I120","v":1.2999999999999999E-2}]
[null,null,"DSCR",null,null,{"$f":"'Financial Model'!E519","v":1.5305554510909023},null,null,null,null,null,null,"O&M without Tracking",null,null,"EUR/kwp-yr",null,{"$f":"Assumptions!I127+Assumptions!I128","v":18}]
[null,null,"Interest Rate",null,null,{"$f":"SUM(Assumptions!K155:K157)","v":0.09},null,"Tenor",{"$f":"Assumptions!G151","v":22},null,null,null,"Tracking O&M Cost",null,null,"EUR/kwp-yr",null,{"$f":"Assumptions!G129","v":0}]
[null,null,"Debt to Capital",null,null,{"$f":"Assumptions!G148","v":0.6}]

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[]
[null,"Overall Cash Equity",{"$f":"'Financial Model'!F414","v":6.685123145580292E-2}]
[]
[null,"Sponsor",{"$f":"'Financial Model'!E455","v":5.4879304766654979E-2}]
[]
[null,"Discount Rate 1",0.14000000000000001,null,"Success","Success","Adjusted"]
[null,"Multiplier",{"$f":"Assumptions!G52","v":8},null,"NPV","Probability","NPV"]
[]
[]
[null,null,null,null,{"$f":"'Financial Model'!F459","v":1234642.9765812892},0.3,{"$f":"F11*E11+D12","v":-20669.91105238616},null,"Wtd NPV"]
[null,"Developer 1 - Other",null,{"$f":"'Financial Model'!F466","v":-391062.80402677291},null,null,null,null,{"$f":"G11+G13","v":-294413.8738711272}]
[null,null,null,null,0,{"$f":"1-F11","v":0.7},{"$f":"F13*D12","v":-273743.96281874104}]
[]
[null,"Discount Rate 2",0.4]
[null,"Multiplier",{"$f":"Summary!$S$10","v":6}]
[null,null,null,null,{"$f":"'Financial Model'!F460","v":1234642.9765812892},{"$f":"F11","v":0.3},{"$f":"F17*E17","v":370392.89297438675},null,"Wtd NPV 2"]
[null,"Developer 2 - Land",null,{"$f":"'Financial Model'!F467","v":-122400},null,null,null,null,{"$f":"G17+G19","v":247992.89297438675}]
[null,null,null,null,0,{"$f":"F13","v":0.7},{"$f":"F19*E19+D18","v":-122400}]
[]
[]
[null,null,null,null,"Expected",null,"Weighted"]
[null,null,null,"IRR","NPV","Prob","NPV"]
[null,"Profit Percent",{"$f":"Assumptions!G100","v":0.08}]
[null,null,null,null,{"$f":"'Financial Model'!F473","v":1672189.757783592},{"$f":"1-F27","v":0.7},{"$f":"F25*E25","v":1170532.8304485143},null,"Wtd NPV 3"]
[null,"EPC Contractor",null,null,null,null,null,null,{"$f":"G25*F25+G27*F27","v":146220.05951448344}]
[null,null,null,null,{"$f":"E25+Assumptions!G107+Assumptions!G101","v":-7479476.9088830724},{"$f":"Assumptions!G88","v":0.3},{"$f":"E27*F27","v":-2243843.0726649216}]
[]
[]
[null,"Advisors"]

{"sheet":"Development and Advisory","index":4,"n_rows":26,"n_cols":15,"rows_kept":26,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"Developer 1",null,null,null,null,null,null,null,"Developer 2"]
[null,null,null,"Capacity","kWp",{"$f":"Assumptions!G35","v":61200},null,null,null,null,null,{"$f":"D3","v":"Capacity"},"kWp",{"$f":"F3","v":61200}]
[null,null,null,"Cost per kW",{"$f":"Assumptions!G23&\" /kWp\"","v":"USD /kWp"},{"$f":"'Sensitivity Factors'!$C$20","v":7},null,null,null,null,null,{"$f":"D4","v":"Cost per kW"},{"$f":"E4","v":"USD /kWp"},{"$f":"'Sensitivity Factors'!$C$21","v":2}]
[null,null,null,"Total Cost",{"$f":"Assumptions!G23","v":"USD"},{"$f":"F3*F4","v":428400},null,null,null,null,null,"Total Cost",{"$f":"E5","v":"USD"},{"$f":"N3*N4","v":122400}]
[]
[null,null,null,"Development Period","Months",18]
[]
[]
[null,null,null,"Milestone",null,"Month","Cost","Probability",null,null,null,"Milestone","Month","Cost","Probability"]
[null,null,null,"Permit1","Month/EUR",1,1000,null,null,null,null,"Land",1,{"$f":"N5","v":122400}]
[null,null,null,"Permit1","Month/EUR",3,1200,null,null,null,null,"Permit1",3]
[null,null,null,"Study","Month/EUR",4,500,null,null,null,null,"Study",4]
[null,null,null,"Approval","Month/EUR",1,1000,null,null,null,null,"Approval",1]
[null,null,null,"Approval","Month/EUR",2,800,null,null,null,null,"Approval",2]
[null,null,null,"Approval","Month/EUR",12,2000,null,null,null,null,"Approval",12]
[null,null,null,"Approval","Month/EUR",15,900,null,null,null,null,"Approval",15]
[null,null,null,"Approval","Month/EUR",13,800,null,null,null,null,"Approval",13]
[null,null,null,"Approval","Month/EUR",14,1000,null,null,null,null,"Approval",14]
[null,null,null,"Permit1","Month/EUR",6,700,null,null,null,null,"Permit1",6]
[null,null,null,"Permit1","Month/EUR",18,900,null,null,null,null,"Permit1",18]
[]
[null,null,null,"Total","EUR",null,{"$f":"SUM(G11:G22)","v":10800},null,null,null,null,null,null,{"$f":"SUM(N11:N22)","v":122400}]
[]
[null,null,null,null,null,"Amount","Monthly",null,null,null,null,null,null,"Amount","Monthly"]
[null,null,null,"Salary Cost","EUR",{"$f":"F5-G23","v":417600},{"$f":"F26/F7","v":23200},null,null,null,null,null,null,{"$f":"N5-N23","v":0},{"$f":"N26/F7","v":0}]

{"sheet":"Assumptions","index":5,"n_rows":168,"n_cols":12,"rows_kept":168,"cut":false,"hidden":false,"merged":[]}
["Timing"]
[null,"Start of Development",null,null,null,"Date","2016-04-01"]
[null,"Phase 01 - Development Phase",null,null,null,"Months",18,null,"Foreign IRR",{"$f":"'Financial Model'!F189","v":5.7459011673927321E-2}]
[null,"Event - Ready to Bid",null,null,null,"Date",{"$f":"EDATE(G2,G3)","v":"2017-10-01"}]
[null,"Phase 02 EPC Bidding Phase",null,null,null,"Months",2]
[null,"Event - Ready to Build",null,null,null,"Date",{"$f":"EDATE(G4,G5)","v":"2017-12-01"}]
[null,"Event - Financial Close",null,null,null,"Date",{"$f":"G6","v":"2017-12-01"}]
[null,"Phase 03 - Construction Phase",null,null,null,"Months",5]
[null,"Event - COD",null,null,null,"Date",{"$f":"EDATE(G7,G8)","v":"2018-05-01"}]
[null,"Phase 04 - Operations",null,null,null,"Years",{"$f":"ROUND(H10,0)","v":25},25,{"$f":"'Sensitivity Factors'!D6","v":1.03}]
[null,"Months of EPC Bonding post COD",null,null,null,"Months",36]
[null,"Event -  End of EPC liabilities",null,null,null,"Date",{"$f":"EDATE(G9,G11)","v":"2021-05-01"}]
[null,"Event -  End of Project Life",null,null,null,"Date",{"$f":"EDATE(G9,H10*12)","v":"2043-05-01"}]
[null,"Phase 05 - Dismantling",null,null,null,"Months",12]
[null,"Event -  Dismanteled Date",null,null,null,"Date",{"$f":"EDATE(G13,G14)","v":"2044-05-01"}]
[]
[null,"Pre-COD Months ",null,null,null,"Months",{"$f":"DAYS360(G2,G9)/30","v":25}]
[null,"Months in Period Pre-COD",null,null,null,"Months",1]
[null,"Months in Period Post-COD",null,null,null,"Months",12]
[]
["General Macro Assumptions"]
[null,"Local Currency",null,null,null,"Symbol","PKR"]
[null,"Foreign Currency Symbol",null,null,null,"Symbol","USD"]
[]
[null,{"$f":"G22&\" to \" &G23&\" Exchange Rate\"","v":"PKR to USD Exchange Rate"},null,null,null,{"$f":"G22&\"/\"&G23","v":"PKR/USD"},{"$f":"1/G26","v":9.5538358650998374E-3}]
[null,{"$f":"G23&\" to \"&G22&\"  Exchange Rate\"","v":"USD to PKR  Exchange Rate"},null,null,null,{"$f":"G23&\"/\"&G22","v":"USD/PKR"},104.67]
[]
[null,"Year",null,null,null,null,null,{"$f":"YEAR(G2)","v":2016},{"$f":"H28+4","v":2020},{"$f":"I28+4","v":2024},2028,2032]
[null,{"$f":"'Sensitivity Factors'!B49","v":"LOCAL Inflation Rate - 6%"},null,null,null,"Annual %",{"$f":"'Sensitivity Factors'!C39","v":1},{"$f":"'Sensitivity Factors'!G49","v":0.06},{"$f":"'Sensitivity Factors'!H49","v":0.06},{"$f":"'Sensitivity Factors'!I49","v":0.06},{"$f":"'Sensitivity Factors'!J49","v":0.06},{"$f":"'Sensitivity Factors'!K49","v":0.06}]
[null,{"$f":"'Sensitivity Factors'!B59","v":"FOREIGN Inflation Rate - Changing"},null,null,null,"Annual %",{"$f":"'Sensitivity Factors'!C51","v":3},{"$f":"'Sensitivity Factors'!G59","v":0},{"$f":"'Sensitivity Factors'!H59","v":0.01},{"$f":"'Sensitivity Factors'!I59","v":1.4999999999999999E-2},{"$f":"'Sensitivity Factors'!J59","v":0.02},{"$f":"'Sensitivity Factors'!K59","v":0.02}]
[]
[null,{"$f":"'Sensitivity Factors'!B69","v":"3% Devaluation in LOCAL Relative to PPP"},null,null,null,"Annual %",{"$f":"'Sensitivity Factors'!C61","v":2},{"$f":"'Sensitivity Factors'!G69","v":0.03},{"$f":"'Sensitivity Factors'!H69","v":0.03},{"$f":"'Sensitivity Factors'!I69","v":0.03},{"$f":"'Sensitivity Factors'!J69","v":0.03},{"$f":"'Sensitivity Factors'!K69","v":0}]
[]
["Plant Characteristics",null,null,null,null,null,"Base","Sensitivity","Adjusted"]
[null,"Plant Capacity at STC",null,null,null,"kWp",{"$f":"'Energy Yield Data \"PVSyst\"'!H24","v":61200},null,{"$f":"G35","v":61200}]
[null,"Average Irriadiation with Tilt (incl. Tracking) per day",null,null,null,"KWh/day",133.78766999999999,{"$f":"'Sensitivity Factors'!D7","v":1},{"$f":"G36*H36","v":133.78766999999999}]
[null,"Increased Irriadiation from Tracking",null,null,null,"KWh/day",null,null,{"$f":"G37","v":0}]
[]
[null,"Performance Ratio",null,null,null,"Percent",{"$f":"'Energy Yield Data \"PVSyst\"'!F40","v":0.81114564147238033},{"$f":"'Sensitivity Factors'!D9","v":1},{"$f":"G39*H39","v":0.81114564147238033}]
[]
[null,"Degradation"]
[null,null,"Year",null,null,null,"Senstivity",0,1,2,3]
[null,null,"Base Percent",null,null,"Percent",{"$f":"'Sensitivity Factors'!D10","v":1},5.0000000000000001E-3,5.0000000000000001E-3,5.0000000000000001E-3,5.0000000000000001E-3]
[]
["Development Costs and Fees"]
[null,"Probability of Successful Development",null,null,null,"Percent",0.2]
[]
[null,null,null,null,null,null,"Amount","per kW"]
[null,"Development Costs - Partner 1",null,null,null,{"$f":"G23","v":"USD"},{"$f":"'Development and Advisory'!F5","v":428400},{"$f":"'Development and Advisory'!F4","v":7}]
[null,"Development Costs - Partner 2",null,null,null,{"$f":"F49","v":"USD"},{"$f":"'Development and Advisory'!N5","v":122400},{"$f":"'Development and Advisory'!N4","v":2}]
[]
[null,"Development Fee/Cost Ratio - Partner 1",null,null,null,"x",{"$f":"'Sensitivity Factors'!C23","v":8}]
[null,"Development Fee/Cost Ratio - Partner 2",null,null,null,"x",{"$f":"'Sensitivity Factors'!C24","v":6}]
[]
[null,"Development Fee - Partner 1",null,null,null,{"$f":"$G$23","v":"USD"},{"$f":"G49*G52","v":3427200}]
[null,"Development Fee - Partner 2",null,null,null,{"$f":"$G$23","v":"USD"},{"$f":"G50*G53","v":734400}]
[]
[null,"Development Profit - Partner 1",null,null,null,{"$f":"$G$23","v":"USD"},{"$f":"G55-G49","v":2998800}]
[null,"Development Profit - Partner 2",null,null,null,{"$f":"$G$23","v":"USD"},{"$f":"G56-G50","v":612000}]
[]
[null,null,null,null,null,null,null,null,null,"Net Contribution"]
[null,"Development Fee Option - Partner 1",null,null,null,null,2,"FC Payment","Equity","at FC","FC Date"]
[null,null,"Pay Fee and Cost at COD",null,null,"Switch",{"$f":"CHOOSE($G$62,TRUE,FALSE,FALSE)","v":false},{"$f":"G55","v":3427200},0,{"$f":"-G49","v":-428400},{"$f":"G7","v":"2017-12-01"}]
[null,null,"Retain Fee and Cost for Equity Contribution",null,null,"Switch",{"$f":"CHOOSE($G$62,FALSE,TRUE,FALSE)","v":true},0,{"$f":"G49+G58","v":3427200},{"$f":"G58","v":2998800},{"$f":"K63","v":"2017-12-01"}]
[null,null,"Retain Profit for Contribution and Pay Cost",null,null,"Switch",{"$f":"CHOOSE($G$62,FALSE,FALSE,TRUE)","v":false},{"$f":"G49","v":428400},{"$f":"G58","v":2998800},{"$f":"J64+J63","v":2570400},{"$f":"K64","v":"2017-12-01"}]
[]
[null,null,{"$f":"INDEX(C63:C65,$G$62)","v":"Retain Fee and Cost for Equity Contribution"},null,null,{"$f":"INDEX(F63:F65,$G$62)","v":"Switch"},true,0,3427200,2998800,{"$f":"INDEX(K63:K65,$G$62)","v":"2017-12-01"}]
[]
[null,"Development Fee Option - Partner 2",null,null,null,null,{"$f":"G62","v":2},"FC Payment","Equity",null,"FC Date"]
[null,null,"Pay Fee and Cost at COD",null,null,"Switch",{"$f":"CHOOSE(G69,TRUE,FALSE,FALSE)","v":false},{"$f":"$G$50+$G$56","v":856800},{"$f":"$G$50+$G$56-H70","v":0},{"$f":"-G50","v":-122400},{"$f":"G12","v":"2021-05-01"}]
[null,null,"Retain Fee and Cost for Equity Contribution",null,null,"Switch",{"$f":"CHOOSE(G69,FALSE,TRUE,FALSE)","v":true},0,{"$f":"$G$50+$G$56-H71","v":856800},{"$f":"G59","v":612000},{"$f":"K70","v":"2021-05-01"}]
[null,null,"Retain Profit for Contribution and Pay Cost",null,null,"Switch",{"$f":"CHOOSE(G69,FALSE,FALSE,TRUE)","v":false},{"$f":"G50","v":122400},734400,{"$f":"J71+J70","v":489600},{"$f":"K71","v":"2021-05-01"}]
[]
[null,null,{"$f":"INDEX(C70:C72,$G$69)","v":"Retain Fee and Cost for Equity Contribution"},null,null,{"$f":"INDEX(F70:F72,$G$69)","v":"Switch"},true,0,856800,612000,"2021-05-01"]
[]
["Advisory Fees and Costs"]
[null,"Advisory Costs",null,null,null,null,"Amount","Start","End","Date"]
[null,null,"Underlying Cost",null,null,{"$f":"$G$23","v":"USD"},3000,5,{"$f":"H78","v":5},{"$f":"EDATE($G$2,H78)","v":"2016-09-01"}]
[null,null,"Retainer/Month",null,null,"EUR/Mnt",1000,1,5,{"$f":"EDATE($G$2,I79)","v":"2016-09-01"}]
[null,null,"Months of Retainer",null,null,"Mnths",5]
[null,null,"Retainer Total",null,null,{"$f":"$G$23","v":"USD"},{"$f":"G79*G80","v":5000}]
[null,null,"Success Fee Percent",null,null,"% of EPC",5.0000000000000001E-3]
[null,null,"Success Fee Amount",null,null,{"$f":"$G$23","v":"USD"},{"$f":"G82*G96","v":260100},{"$f":"I83","v":20},{"$f":"G3+G5","v":20},{"$f":"EDATE($G$2,I83)","v":"2017-12-01"}]
[]
[null,"Total Advisory Fees",null,null,null,{"$f":"$G$23","v":"USD"},{"$f":"G81+G83","v":265100},{"$f":"G85/G35","v":4.3316993464052285}]
[]
["Capital Expenditures for EPC"]
[null,"Cost Over-run Probability",null,null,null,"Percent",0.3]
[null,"Cost Over-run Percent",null,null,null,"Percent",0.2]
[]
[null,"Currency for EPC Outlays",null,null,null,"Local",false]
[null,null,null,null,null,"Foreign",{"$f":"NOT(G91)","v":true}]
[null,null,null,null,null,"Currency",{"$f":"IF(G91,$G$22,$G$23)","v":"USD"}]
[]
[null,null,null,null,null,null,"Amount"]
[null,"EPC Price",null,null,null,{"$f":"$G$23","v":"USD"},{"$f":"G97*G35","v":52020000}]
[null,"EPC Price",null,null,null,"per kW",850]
[]
[null,"No Cost Over-Run Scenario"]
[null,null,"EPC Profit",null,null,"Percent",0.08]
[null,null,"EPC Profit/Equity Constribution",null,null,{"$f":"$G$23","v":"USD"},{"$f":"G96-G102","v":3853333.3333333358}]
[null,null,"Underlying EPC Cost",null,null,{"$f":"$G$23","v":"USD"},{"$f":"G96/(1+G100)","v":48166666.666666664},{"$f":"G102/G35","v":787.03703703703695}]
[]
[null,"Cost Over-Run Scenario"]
[null,null,"EPC Profit",null,null,"Percent",{"$f":"G100-G89","v":-0.12000000000000001}]
[null,null,"Underlying Cost",null,null,{"$f":"$G$23","v":"USD"},{"$f":"G96/(1-G89)","v":65025000}]
[null,null,"EPC Profit",null,null,{"$f":"$G$23","v":"USD"},{"$f":"G96-G106","v":-13005000}]
[null,null,"EPC Equity Contribution",null,null,{"$f":"$G$23","v":"USD"},{"$f":"G101","v":3853333.3333333358}]
[]
["Revenues"]
[null,"Currency of Revenues",null,null,null,"Local",true]
[null,null,null,null,null,"Foreign",{"$f":"NOT(G111)","v":false}]
[null,null,null,null,null,"Currency",{"$f":"IF(G111,$G$22,$G$23)","v":"PKR"}]
[]
[null,null,null,null,null,null,"Base","Sensitivity","Adjusted"]
[null,"Price per kWh",null,null,null,{"$f":"F101&\"/kWh\"","v":"USD/kWh"},5.5E-2,{"$f":"'Sensitivity Factors'!D11","v":0.92},{"$f":"G116*H116","v":5.0599999999999999E-2}]
[null,"Price per kWh",null,null,null,{"$f":"G22&\"/kWh\"","v":"PKR/kWh"},{"$f":"G116*G26","v":5.75685},{"$f":"H116","v":0.92},{"$f":"G117*H117","v":5.2963019999999998}]
[]
[null,"Apply Price Inflation",null,null,null,"Switch",{"$f":"'Sensitivity Factors'!C35","v":true}]
[null,"Price Escalation",null,null,null,"Annual Pct",1.2999999999999999E-2,{"$f":"'Sensitivity Factors'!D12","v":1},{"$f":"G120*H120","v":1.2999999999999999E-2}]
[]
["Operating Expenses"]
[null,"Currency of Operating Expenses",null,null,null,"Local",true]
[null,null,null,null,null,"Foreign",{"$f":"NOT(G123)","v":false}]
[null,null,null,null,null,"Currency",{"$f":"IF(G123,$G$22,$G$23)","v":"PKR"}]
[]
[null,"Base O&M Fee",null,null,null,{"$f":"F101&\"/kWp-yr\"","v":"USD/kWp-yr"},15,{"$f":"'Sensitivity Factors'!D13","v":1},{"$f":"G127*H127","v":15}]
[null,"G&A, Insurance, Trustee",null,null,null,{"$f":"F127","v":"USD/kWp-yr"},3,null,{"$f":"G128","v":3}]
[null,"Tracking O&M",null,null,null,{"$f":"F128","v":"USD/kWp-yr"},{"$f":"'Sensitivity Factors'!C16","v":0},null,{"$f":"G129","v":0}]
[null,null,"Total",null,null,{"$f":"F129","v":"USD/kWp-yr"},{"$f":"SUM(G127:G129)","v":18}]
[]
[null,"Base O&M Fee",null,null,null,{"$f":"G22&\"/kWp-yr\"","v":"PKR/kWp-yr"},{"$f":"G127/G25","v":1570.05},{"$f":"H127","v":1},{"$f":"G132*H132","v":1570.05}]
[null,"G&A, Insurance, Trustee",null,null,null,{"$f":"F132","v":"PKR/kWp-yr"},{"$f":"G128/G25","v":314.01},null,{"$f":"G133","v":314.01}]
[null,"Tracking O&M",null,null,null,{"$f":"F133","v":"PKR/kWp-yr"},{"$f":"G129/G25","v":0},null,{"$f":"G134","v":0}]
[null,null,"Total",null,null,{"$f":"F134","v":"PKR/kWp-yr"},{"$f":"SUM(G132:G134)","v":1884.06}]
[]
["Tax and Depreciation"]
[null,"Currency of Tax Return",null,null,null,{"$f":"G22","v":"PKR"}]
[null,"Depreciation Life",null,null,null,"Yrs",20]
[null,"Fee Amortisation Period",null,null,null,"Yrs",5]
[null,"Income Tax Rate",null,null,null,"Percent",0.2]
[]
["Financing"]
[null,"Currency of Debt",null,null,null,"Local",true]
[null,null,null,null,null,"Foreign",{"$f":"NOT(G144)","v":false}]
[null,null,null,null,null,"Currency",{"$f":"IF(G144,$G$22,$G$23)","v":"PKR"},{"$f":"IF(G145,G22,G23)","v":"USD"}]
[null,null,null,null,null,null,{"$f":"G146","v":"PKR"}]
[null,"Debt Percent",null,null,null,"Percent",{"$f":"'Sensitivity Factors'!D28","v":0.6}]
[]
[null,"Debt Repayment",null,null,null,"Sculpt",{"$f":"'Sensitivity Factors'!C36","v":false}]
[null,"Debt Tenor",null,null,null,"Years",{"$f":"'Sensitivity Factors'!$C$29","v":22}]
[]
[null,null,null,null,null,null,{"$f":"G23","v":"USD"},{"$f":"G22","v":"PKR"},{"$f":"IF($G$144,H153,G153)","v":"PKR"},"Sensitivity","Applied"]
[null,"Up-Front Fee",null,null,null,"Percent",0.02,0.03,{"$f":"IF($G$144,H154,G154)","v":0.03},null,{"$f":"I154","v":0.03}]
[null,"Base Rate",null,null,null,"Percent",0.02,0.06,0.06,{"$f":"'Sensitivity Factors'!D30","v":1},{"$f":"I155*J155","v":0.06}]
[null,"Credit Spread",null,null,null,"Percent",7.0000000000000007E-2,0.03,0.03,{"$f":"'Sensitivity Factors'!D31","v":1},{"$f":"I156*J156","v":0.03}]
[null,"Contry Risk Premium",null,null,null,"Percent",0.01,0,0,{"$f":"'Sensitivity Factors'!D32","v":1},0]
[]
[null,"DSRA Percent",null,null,null,"Percent",0.5]
[]
["Other"]
[null,"LCOE Rate - Nominal",null,null,null,"Percent",0.05,"Discount rate for moving future cash flows in comparing prices"]
[null,"LCOE Rate - Real",null,null,null,"Percent",0.02,"Discount rate for moving future cash flows in comparing prices, Real"]
[]
["Discount Rate After COD"]
[null,"Developer",null,null,null,{"$f":"$G$23","v":"USD"},0.12]
[null,"EPC",null,null,null,{"$f":"$G$23","v":"USD"},0.12]
[null,"Sponsor",null,null,null,{"$f":"$G$23","v":"USD"},0.12]

{"sheet":"Financial Model","index":6,"n_rows":572,"n_cols":76,"rows_kept":572,"cut":false,"hidden":false,"merged":[]}
[null,"Period Number",null,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70]
[null,"Pre-Cod Period",null,null,"Months",{"$f":"Assumptions!G17","v":25},{"$f":"G1<=$F$2","v":true},{"$f":"H1<=$F$2","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BT1<=$F$2","v":false},false,false,false,false]
[null,"Months in Period",null,null,{"$f":"Assumptions!G18","v":1},{"$f":"Assumptions!G19","v":12},{"$f":"IF(G2,$E$3,$F$3)","v":1},{"$f":"IF(H2,$E$3,$F$3)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(BT2,$E$3,$F$3)","v":12},12,12,12,12]
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[null,"Development Phase",null,null,{"$f":"Assumptions!G2","v":"2016-04-01"},{"$f":"Assumptions!G4","v":"2017-10-01"},{"$f":"AND(G$4>=$E7,G$4<$F7)","v":true},{"$f":"AND(H$4>=$E7,H$4<$F7)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(BT$4>=$E7,BT$4<$F7)","v":false},false,false,false,false]
[null,"Bidding Phase",null,null,{"$f":"Assumptions!G4","v":"2017-10-01"},{"$f":"Assumptions!G6","v":"2017-12-01"},{"$f":"AND(G$4>=$E8,G$4<$F8)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Construction Phase",null,null,{"$f":"F8","v":"2017-12-01"},{"$f":"Assumptions!G9","v":"2018-05-01"},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Operations Phase",null,null,{"$f":"F9","v":"2018-05-01"},{"$f":"Assumptions!G13","v":"2043-05-01"},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Dismanteling Phase",null,null,{"$f":"F10","v":"2043-05-01"},{"$f":"Assumptions!G15","v":"2044-05-01"},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,{"$f":"AND(BO$4>=$E11,BO$4<$F11)","v":false},false,false,false,false,false,false,false,false,false]
[null,"Retainer Phase",null,null,{"$f":"E7","v":"2016-04-01"},{"$f":"Assumptions!J79","v":"2016-09-01"},true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(W$4>=$E12,W$4<$F12)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,"Ready to Bid",null,null,null,{"$f":"Assumptions!G4","v":"2017-10-01"},{"$f":"$F14=G$4","v":false},{"$f":"$F14=H$4","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"$F14=BT$4","v":false},false,false,false,false]
[null,"Ready to Build",null,null,null,{"$f":"Assumptions!G6","v":"2017-12-01"},{"$f":"$F15=G$4","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Financial Close",null,null,null,{"$f":"Assumptions!G7","v":"2017-12-01"},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"COD",null,null,null,{"$f":"Assumptions!G9","v":"2018-05-01"},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"End of Life",null,null,null,{"$f":"Assumptions!G13","v":"2043-05-01"},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,{"$f":"$F18=BO$4","v":false},false,false,false,false,false,false,false,false,false]
[null,"Dismantelled ",null,null,null,{"$f":"Assumptions!G15","v":"2044-05-01"},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"$F19=W$4","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,"Life Period",null,null,null,null,{"$f":"F21+G10","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1,2,3,4,5,6,7,{"$f":"AL21+AM10","v":8},9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,25,25,25,25,25,25,25,25,25,25,25,25,25,25,{"$f":"BR21+BS10","v":25},25,25,25,25,25]
[null,"Life",null,null,"Yrs",{"$f":"Assumptions!G10","v":25},{"$f":"G10","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,true,true,true,true,true,true,{"$f":"AM10","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BS10","v":false},false,false,false,false,false]
[null,"Local Inflation 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[null,"Foreign Inflation 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[]
[null,"PPP Exchange Rate",null,null,{"$f":"Assumptions!F26","v":"USD/PKR"},{"$f":"Assumptions!G26","v":104.67},{"$f":"F26*(1+G23)/(1+G24)","v":105.17948651767446},{"$f":"G26*(1+H23)/(1+H24)","v":105.69145298673607},106.20591147847358,106.7228741229334,107.24235310920552,107.76436068571095,108.28890916049052,108.81601090149505,109.345678336877,109.87792395528348,110.41276030615074,110.95020000000004,111.49025570873496,112.03294016594026,112.57826616718202,113.12624657030943,113.67689429575788,114.23022232685364,114.78624371011998,115.34497155558478,115.90641903708965,116.47059939260052,117.03752592451981,117.60721200000006,118.17967105125908,125.27045131433462,131.47195880514326,137.98047161727905,144.81118803397604,151.98005872872733,158.71809088911428,165.7548535393706,173.10359088840676,180.77813432680904,187.86747292786038,195.23482480738431,202.89109244688959,210.84760587617939,219.11613943995113,227.70892922191001,236.638691152181,245.91863982481553,255.5625080532397,265.58456719258248,275.9996482589583,286.8231638769567,298.07113108781778,309.7601950520459,321.90765368153791,334.53148323767664,347.65036493327182,361.28371257771386,375.45170130625166,390.17529743590859,405.47628949221877,421.37732045269797,437.90192125476455,455.07454561769651,472.92060623015522,491.46651235682799,510.73970891984095,530.7687171127759,551.58317660739453,573.21388941552766,595.69286547103854,{"$f":"BS26*(1+BT23)/(1+BT24)","v":619.05336999931467},643.32997274438583,668.55859912651863,694.77658340598998,722.02272393171506]
[]
[null,"Added Devaluation of 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[null,"Added Devaluation Index",null,null,null,1,{"$f":"F29*(1+G28)","v":1.0024662697723037},{"$f":"G29*(1+H28)","v":1.0049386220311971},1.0074170717777331,1.0099016340499611,1.0123923239230186,1.0148891565092222,1.0173921469581597,1.0199013104567818,1.0224166622294943,1.0249382175382507,1.0274659916826441,1.0300000000000009,1.0325402578654737,1.035086780692134,1.0376395839310661,1.0401986830714611,1.0427640936407103,1.0453358312045,1.0479139113669056,1.0504983497704863,1.05308916209638,1.055686364064399,1.0582899714331242,1.060900000000002,1.0635164656014389,1.0954219595694821,1.1282846183565665,1.1621331569072635,1.1969971516144815,1.232907066162916,1.2698942781478035,1.3079911064922376,1.3472308396870047,1.3876477648776149,1.4292771978239434,1.4721555137586617,1.5163201791714216,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644,{"$f":"BS29*(1+BT28)","v":1.5618097845465644},1.5618097845465644,1.5618097845465644,1.5618097845465644,1.5618097845465644]
[null,"Final Exchange Rate",null,null,{"$f":"Assumptions!F26","v":"USD/PKR"},null,{"$f":"G26*G29","v":105.43888750593942},{"$f":"H26*H29","v":106.2134231249656},106.99364834712898,107.77960496725876,108.57133508720153,109.36888111807677,110.17228578254858,110.98159211711425,111.79684347440971,112.6180835255317,113.44535626237726,114.27870600000014,115.1181773789848,115.96381536783758,116.81566526539558,117.67377270325326,118.5381836482068,119.40894440471638,120.28610161738669,121.16970227346549,122.05979370536065,122.95642359317564,123.8596399672636,124.7694912108003,125.68602606237573,137.22400325490185,148.33778886505129,160.35168107214156,173.33857959857841,187.37728832250289,201.55519545862924,216.80587428742012,233.21049610542397,250.85637403734179,268.51469526859779,287.41602381789716,307.64785765135309,329.30385390563464,342.21773052938505,355.63803368740014,369.58462324376882,384.07813788077931,399.14002564080994,414.79257566593981,431.05895118225123,447.96322377763369,465.53040902381542,483.78650349533757,502.75852324025277,522.47454375947837,542.96374155396779,564.25643730118213,586.38414072475791,609.37959722376809,633.27683633058257,658.11122206903678,683.91950528743041,710.73987804380033,738.61203012394935,767.57720777586894,797.67827474747185,828.95977571796095,861.46800221670446,895.25106112716344,930.35894587724829,{"$f":"BT26*BT29","v":966.84361042145429},1004.7590461242563,1044.161361658541,1085.1088660373073,1127.6621549015154]
[null,"Exchange Rate ",null,null,{"$f":"Assumptions!F25","v":"PKR/USD"},null,{"$f":"1/G30","v":9.4841668349703485E-3},{"$f":"1/H30","v":9.4150058493402307E-3},9.3463492034182374E-3,9.278193219429404E-3,9.2105342464180555E-3,9.1433686600522184E-3,9.0766928624294828E-3,9.0105032818842759E-3,8.9447963727965173E-3,8.8795686154017131E-3,8.8148165156023885E-3,8.7505366047809351E-3,8.6867254396137909E-3,8.6233796018869921E-3,8.560495698313084E-3,8.498070360349325E-3,8.436100244017258E-3,8.3745820297235814E-3,8.3135124220823156E-3,8.2528881497382894E-3,8.1927059651918932E-3,8.1329626446251177E-3,8.0736549877288705E-3,8.0147798175315317E-3,7.9563339802287796E-3,7.2873548087825412E-3,6.7413705411891994E-3,6.2362925871048656E-3,5.7690561576991322E-3,5.3368260847006079E-3,4.9614201098837846E-3,4.6124211499652323E-3,4.2879716680845484E-3,3.9863447912674632E-3,3.7241909572200155E-3,3.4792771353401863E-3,3.2504695713931027E-3,3.0367090701785716E-3,2.9221162750774931E-3,2.8118477363953238E-3,2.7057402746445565E-3,2.6036368680541961E-3,2.5053864202030942E-3,2.4108435364218451E-3,2.3198683086323411E-3,2.2323261083065922E-3,2.1480873872384188E-3,2.0670274858331952E-3,1.9890264486319429E-3,1.9139688467967751E-3,1.8417436072950097E-3,1.7722438485291605E-3,1.7053667221695696E-3,1.6410132609556234E-3,1.5790882322403168E-3,1.5194999970614368E-3,1.4621603745308166E-3,1.4069845113409741E-3,1.3538907561960317E-3,1.3028005389810872E-3,1.2536382544912346E-3,1.2063311505481691E-3,1.1608092203388043E-3,1.1170050988165852E-3,1.0748539630121858E-3,{"$f":"1/BT30","v":1.0342934361060655E-3},9.9526349512093094E-4,9.5770638209749948E-4,9.2156651862212221E-4,8.8679042357977795E-4]
[]
[null,"Price Index - Local",null,null,"Index",1,{"$f":"F33*(1+G23)","v":1.004867550565343},1.0097587941791923,1.0146738461686593,1.0196128224222163,1.0245758393924285,1.0295630140987,1.0345744641300325,1.039610307647798,1.0446706633885257,1.0497556506666998,1.0548653893775746,1.0600000000000003,1.0651596035992639,1.070344321829944,1.0755542769387791,1.0807895917675496,1.0860503897559746,1.0913367949446222,1.0966489319778345,1.1019869261066662,1.1073509031918374,1.112740989706702,1.1181573127402293,1.1236000000000006,1.1290691798152201,1.1968133306041333,1.2686221304403813,1.3447394582668042,1.4254238257628125,1.5109492553085813,1.6016062106270963,1.6977025832647221,{"$f":"AL33*(1+AM23)","v":1.7995647382606055},1.9075386225562418,2.0219909399096165,2.1433103963041935,2.2719090200824454,2.4082235612873921,2.5527169749646359,2.7058799934625144,2.8682327930702654,3.0403267606544815,3.2227463662937503,3.4161111482713755,3.6210778171676581,3.8383424861977176,4.0686430353695808,4.3127616174917556,4.5715273145412612,4.8458189534137368,5.1365680906185611,5.4447621760556748,5.7714479066190156,6.1177347810161571,6.4847988678771271,6.873886799949755,7.286320007946741,7.7234992084235454,8.186909160928959,8.6781237105846962,9.1988111332197793,9.7507398012129674,10.335784189285746,10.955931240642892,{"$f":"BR33*(1+BS23)","v":11.613287115081466},12.310084341986354,13.048689402505536,13.831610766655869,14.661507412655222,15.541197857414536]
[null,"Price Index - Foreign",null,null,"Index",1,{"$f":"F34*(1+G24)","v":1},{"$f":"G34*(1+H24)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1.01,1.0201,1.0303009999999999,1.04060401,1.0562130701499999,1.0720562662022497,1.0881371101952833,1.1044591668482124,1.1265483501851767,1.1490793171888802,1.1720609035326579,1.195502121603311,1.2194121640353772,1.2438004073160849,1.2686764154624066,1.2940499437716548,1.319930942647088,1.3463295615000297,1.3732561527300302,1.4007212757846308,1.4287357013003235,1.4573104153263299,1.4864566236328565,1.5161857561055136,1.5465094712276239,1.5774396606521766,1.6089884538652202,1.6411682229425246,1.6739915874013751,1.7074714191494027,1.7416208475323909,1.7764532644830386,1.8119823297726994,1.8482219763681533,1.8851864158955165,1.922890144213427,1.9613479470976956,2.0005749060396494,2.0405864041604422,{"$f":"BS34*(1+BT24)","v":2.0813981322436512},2.1230260948885245,2.1654866167862949,2.2087963491220211,2.2529722761044617]
[null,"Hrs per Year (leap yrs. considered)",null,null,{"$f":"((3*365)+(1*366))/4*24","v":8766}]
[]
["Operational"]
[null,"Nominal Plant Output (Pnom)",null,null,"KWp ",{"$f":"Assumptions!G35","v":61200},{"$f":"$F$38*G22","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,61200,61200,61200,61200,61200,61200,61200,{"$f":"$F$38*AM22","v":61200},61200,61200,61200,61200,61200,61200,61200,61200,61200,61200,61200,61200,61200,61200,61200,61200,61200,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$38*BS22","v":0},0,0,0,0,0]
[]
[null,"Maximum Energy Output (theoretical) / hr",null,null,"kW/h",{"$f":"'Energy Yield Data \"PVSyst\"'!H30/E35","v":16478.441125256675},{"$f":"$F$40*G22","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,{"$f":"$F$40*AM22","v":16478.441125256675},16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$40*BS22","v":0},0,0,0,0,0]
[null,"+ additional Energy from Tracking",null,null,"kW/h",{"$f":"Assumptions!I37","v":0},{"$f":"$F$41","v":0},{"$f":"$F$41","v":0},{"$f":"$F$41","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$41","v":0},0,0,0]
[null,null,"Total - Maximum Energy Output / hr",null,"kW/h",{"$f":"F40","v":16478.441125256675},{"$f":"SUM(G40:G41)","v":0},{"$f":"SUM(H40:H41)","v":0},{"$f":"SUM(I40:I41)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,16478.441125256675,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BU40:BU41)","v":0},0,0,0]
[null,"Performance Ratio (PVSyst)",null,null,"Percent",{"$f":"Assumptions!I39","v":0.81114564147238033},{"$f":"$F$43","v":0.81114564147238033},{"$f":"$F$43","v":0.81114564147238033},{"$f":"$F$43","v":0.81114564147238033},0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,0.81114564147238033,{"$f":"$F$43","v":0.81114564147238033},0.81114564147238033,0.81114564147238033,0.81114564147238033]
[null,null,"System Energy Output",null,"KW/h",{"$f":"PRODUCT(F42:F43)","v":13366.415697011178},{"$f":"PRODUCT(G42:G43)","v":0},{"$f":"PRODUCT(H42:H43)","v":0},{"$f":"PRODUCT(I42:I43)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,13366.415697011178,13366.415697011178,13366.415697011178,13366.415697011178,13366.415697011178,13366.415697011178,13366.415697011178,13366.415697011178,13366.415697011178,13366.415697011178,13366.415697011178,13366.415697011178,13366.415697011178,13366.415697011178,13366.415697011178,13366.415697011178,13366.415697011178,13366.415697011178,13366.415697011178,13366.415697011178,13366.415697011178,13366.415697011178,13366.415697011178,13366.415697011178,13366.415697011178,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"PRODUCT(BU42:BU43)","v":0},0,0,0]
[null,"Real Energy Produced w/o Degradation",null,null,"kWh/Year",{"$f":"F44*E35","v":117169999.99999999},{"$f":"G44*$E$35","v":0},{"$f":"H44*$E$35","v":0},{"$f":"I44*$E$35","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,117169999.99999999,117169999.99999999,117169999.99999999,117169999.99999999,117169999.99999999,117169999.99999999,117169999.99999999,117169999.99999999,117169999.99999999,117169999.99999999,117169999.99999999,117169999.99999999,117169999.99999999,117169999.99999999,117169999.99999999,117169999.99999999,117169999.99999999,117169999.99999999,117169999.99999999,117169999.99999999,117169999.99999999,117169999.99999999,117169999.99999999,117169999.99999999,117169999.99999999,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU44*$E$35","v":0},0,0,0]
[]
[null,"Degradation Rate",null,null,"Percent / Year",null,{"$f":"((1+LOOKUP(G21,Assumptions!42:42,Assumptions!43:43))^(G3/12)-1)*G22","v":0},{"$f":"((1+LOOKUP(H21,Assumptions!42:42,Assumptions!43:43))^(H3/12)-1)*H22","v":0},{"$f":"((1+LOOKUP(I21,Assumptions!42:42,Assumptions!43:43))^(I3/12)-1)*I22","v":0},{"$f":"((1+LOOKUP(J21,Assumptions!42:42,Assumptions!43:43))^(J3/12)-1)*J22","v":0},{"$f":"((1+LOOKUP(K21,Assumptions!42:42,Assumptions!43:43))^(K3/12)-1)*K22","v":0},{"$f":"((1+LOOKUP(L21,Assumptions!42:42,Assumptions!43:43))^(L3/12)-1)*L22","v":0},{"$f":"((1+LOOKUP(M21,Assumptions!42:42,Assumptions!43:43))^(M3/12)-1)*M22","v":0},{"$f":"((1+LOOKUP(N21,Assumptions!42:42,Assumptions!43:43))^(N3/12)-1)*N22","v":0},{"$f":"((1+LOOKUP(O21,Assumptions!42:42,Assumptions!43:43))^(O3/12)-1)*O22","v":0},{"$f":"((1+LOOKUP(P21,Assumptions!42:42,Assumptions!43:43))^(P3/12)-1)*P22","v":0},{"$f":"((1+LOOKUP(Q21,Assumptions!42:42,Assumptions!43:43))^(Q3/12)-1)*Q22","v":0},{"$f":"((1+LOOKUP(R21,Assumptions!42:42,Assumptions!43:43))^(R3/12)-1)*R22","v":0},{"$f":"((1+LOOKUP(S21,Assumptions!42:42,Assumptions!43:43))^(S3/12)-1)*S22","v":0},{"$f":"((1+LOOKUP(T21,Assumptions!42:42,Assumptions!43:43))^(T3/12)-1)*T22","v":0},{"$f":"((1+LOOKUP(U21,Assumptions!42:42,Assumptions!43:43))^(U3/12)-1)*U22","v":0},{"$f":"((1+LOOKUP(V21,Assumptions!42:42,Assumptions!43:43))^(V3/12)-1)*V22","v":0},{"$f":"((1+LOOKUP(W21,Assumptions!42:42,Assumptions!43:43))^(W3/12)-1)*W22","v":0},{"$f":"((1+LOOKUP(X21,Assumptions!42:42,Assumptions!43:43))^(X3/12)-1)*X22","v":0},{"$f":"((1+LOOKUP(Y21,Assumptions!42:42,Assumptions!43:43))^(Y3/12)-1)*Y22","v":0},{"$f":"((1+LOOKUP(Z21,Assumptions!42:42,Assumptions!43:43))^(Z3/12)-1)*Z22","v":0},{"$f":"((1+LOOKUP(AA21,Assumptions!42:42,Assumptions!43:43))^(AA3/12)-1)*AA22","v":0},{"$f":"((1+LOOKUP(AB21,Assumptions!42:42,Assumptions!43:43))^(AB3/12)-1)*AB22","v":0},{"$f":"((1+LOOKUP(AC21,Assumptions!42:42,Assumptions!43:43))^(AC3/12)-1)*AC22","v":0},{"$f":"((1+LOOKUP(AD21,Assumptions!42:42,Assumptions!43:43))^(AD3/12)-1)*AD22","v":0},{"$f":"((1+LOOKUP(AE21,Assumptions!42:42,Assumptions!43:43))^(AE3/12)-1)*AE22","v":0},{"$f":"((1+LOOKUP(AF21,Assumptions!42:42,Assumptions!43:43))^(AF3/12)-1)*AF22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(AG21,Assumptions!42:42,Assumptions!43:43))^(AG3/12)-1)*AG22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(AH21,Assumptions!42:42,Assumptions!43:43))^(AH3/12)-1)*AH22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(AI21,Assumptions!42:42,Assumptions!43:43))^(AI3/12)-1)*AI22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(AJ21,Assumptions!42:42,Assumptions!43:43))^(AJ3/12)-1)*AJ22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(AK21,Assumptions!42:42,Assumptions!43:43))^(AK3/12)-1)*AK22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(AL21,Assumptions!42:42,Assumptions!43:43))^(AL3/12)-1)*AL22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(AM21,Assumptions!42:42,Assumptions!43:43))^(AM3/12)-1)*AM22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(AN21,Assumptions!42:42,Assumptions!43:43))^(AN3/12)-1)*AN22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(AO21,Assumptions!42:42,Assumptions!43:43))^(AO3/12)-1)*AO22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(AP21,Assumptions!42:42,Assumptions!43:43))^(AP3/12)-1)*AP22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(AQ21,Assumptions!42:42,Assumptions!43:43))^(AQ3/12)-1)*AQ22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(AR21,Assumptions!42:42,Assumptions!43:43))^(AR3/12)-1)*AR22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(AS21,Assumptions!42:42,Assumptions!43:43))^(AS3/12)-1)*AS22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(AT21,Assumptions!42:42,Assumptions!43:43))^(AT3/12)-1)*AT22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(AU21,Assumptions!42:42,Assumptions!43:43))^(AU3/12)-1)*AU22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(AV21,Assumptions!42:42,Assumptions!43:43))^(AV3/12)-1)*AV22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(AW21,Assumptions!42:42,Assumptions!43:43))^(AW3/12)-1)*AW22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(AX21,Assumptions!42:42,Assumptions!43:43))^(AX3/12)-1)*AX22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(AY21,Assumptions!42:42,Assumptions!43:43))^(AY3/12)-1)*AY22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(AZ21,Assumptions!42:42,Assumptions!43:43))^(AZ3/12)-1)*AZ22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(BA21,Assumptions!42:42,Assumptions!43:43))^(BA3/12)-1)*BA22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(BB21,Assumptions!42:42,Assumptions!43:43))^(BB3/12)-1)*BB22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(BC21,Assumptions!42:42,Assumptions!43:43))^(BC3/12)-1)*BC22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(BD21,Assumptions!42:42,Assumptions!43:43))^(BD3/12)-1)*BD22","v":4.9999999999998934E-3},{"$f":"((1+LOOKUP(BE21,Assumptions!42:42,Assumptions!43:43))^(BE3/12)-1)*BE22","v":0},{"$f":"((1+LOOKUP(BF21,Assumptions!42:42,Assumptions!43:43))^(BF3/12)-1)*BF22","v":0},{"$f":"((1+LOOKUP(BG21,Assumptions!42:42,Assumptions!43:43))^(BG3/12)-1)*BG22","v":0},{"$f":"((1+LOOKUP(BH21,Assumptions!42:42,Assumptions!43:43))^(BH3/12)-1)*BH22","v":0},{"$f":"((1+LOOKUP(BI21,Assumptions!42:42,Assumptions!43:43))^(BI3/12)-1)*BI22","v":0},{"$f":"((1+LOOKUP(BJ21,Assumptions!42:42,Assumptions!43:43))^(BJ3/12)-1)*BJ22","v":0},{"$f":"((1+LOOKUP(BK21,Assumptions!42:42,Assumptions!43:43))^(BK3/12)-1)*BK22","v":0},{"$f":"((1+LOOKUP(BL21,Assumptions!42:42,Assumptions!43:43))^(BL3/12)-1)*BL22","v":0},{"$f":"((1+LOOKUP(BM21,Assumptions!42:42,Assumptions!43:43))^(BM3/12)-1)*BM22","v":0},{"$f":"((1+LOOKUP(BN21,Assumptions!42:42,Assumptions!43:43))^(BN3/12)-1)*BN22","v":0},{"$f":"((1+LOOKUP(BO21,Assumptions!42:42,Assumptions!43:43))^(BO3/12)-1)*BO22","v":0},{"$f":"((1+LOOKUP(BP21,Assumptions!42:42,Assumptions!43:43))^(BP3/12)-1)*BP22","v":0},{"$f":"((1+LOOKUP(BQ21,Assumptions!42:42,Assumptions!43:43))^(BQ3/12)-1)*BQ22","v":0},{"$f":"((1+LOOKUP(BR21,Assumptions!42:42,Assumptions!43:43))^(BR3/12)-1)*BR22","v":0},{"$f":"((1+LOOKUP(BS21,Assumptions!42:42,Assumptions!43:43))^(BS3/12)-1)*BS22","v":0},{"$f":"((1+LOOKUP(BT21,Assumptions!42:42,Assumptions!43:43))^(BT3/12)-1)*BT22","v":0},{"$f":"((1+LOOKUP(BU21,Assumptions!42:42,Assumptions!43:43))^(BU3/12)-1)*BU22","v":0},{"$f":"((1+LOOKUP(BV21,Assumptions!42:42,Assumptions!43:43))^(BV3/12)-1)*BV22","v":0},{"$f":"((1+LOOKUP(BW21,Assumptions!42:42,Assumptions!43:43))^(BW3/12)-1)*BW22","v":0},{"$f":"((1+LOOKUP(BX21,Assumptions!42:42,Assumptions!43:43))^(BX3/12)-1)*BX22","v":0}]
[null,"Degradation Index",null,null,"Index",null,1,{"$f":"G48*(1-H47)","v":1},{"$f":"H48*(1-I47)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0.99500000000000011,0.99002500000000027,0.98507487500000035,0.9801495006250005,0.97524875312187564,0.9703725093562664,0.96552064680948513,0.96069304357543783,0.95588957835756072,0.95111013046577297,0.94635457981344417,{"$f":"AP48*(1-AQ47)","v":0.94162280691437705},{"$f":"AQ48*(1-AR47)","v":0.93691469287980522},{"$f":"AR48*(1-AS47)","v":0.93223011941540634},{"$f":"AS48*(1-AT47)","v":0.9275689688183294},{"$f":"AT48*(1-AU47)","v":0.92293112397423782},{"$f":"AU48*(1-AV47)","v":0.91831646835436676},{"$f":"AV48*(1-AW47)","v":0.91372488601259505},{"$f":"AW48*(1-AX47)","v":0.90915626158253215},{"$f":"AX48*(1-AY47)","v":0.90461048027461954},{"$f":"AY48*(1-AZ47)","v":0.90008742787324658},{"$f":"AZ48*(1-BA47)","v":0.89558699073388048},{"$f":"BA48*(1-BB47)","v":0.89110905578021116},{"$f":"BB48*(1-BC47)","v":0.88665351050131025},{"$f":"BC48*(1-BD47)","v":0.88222024294880375},{"$f":"BD48*(1-BE47)","v":0.88222024294880375},{"$f":"BE48*(1-BF47)","v":0.88222024294880375},{"$f":"BF48*(1-BG47)","v":0.88222024294880375},{"$f":"BG48*(1-BH47)","v":0.88222024294880375},{"$f":"BH48*(1-BI47)","v":0.88222024294880375},{"$f":"BI48*(1-BJ47)","v":0.88222024294880375},{"$f":"BJ48*(1-BK47)","v":0.88222024294880375},{"$f":"BK48*(1-BL47)","v":0.88222024294880375},{"$f":"BL48*(1-BM47)","v":0.88222024294880375},{"$f":"BM48*(1-BN47)","v":0.88222024294880375},{"$f":"BN48*(1-BO47)","v":0.88222024294880375},{"$f":"BO48*(1-BP47)","v":0.88222024294880375},{"$f":"BP48*(1-BQ47)","v":0.88222024294880375},{"$f":"BQ48*(1-BR47)","v":0.88222024294880375},{"$f":"BR48*(1-BS47)","v":0.88222024294880375},{"$f":"BS48*(1-BT47)","v":0.88222024294880375},{"$f":"BT48*(1-BU47)","v":0.88222024294880375},{"$f":"BU48*(1-BV47)","v":0.88222024294880375},{"$f":"BV48*(1-BW47)","v":0.88222024294880375},{"$f":"BW48*(1-BX47)","v":0.88222024294880375}]
[]
[null,"Real Energy Produced w Degradation (Energy --> GRID)",null,null,"kWh /Year",{"$f":"F45*G48","v":117169999.99999999},null,{"$f":"H45*H48","v":0},{"$f":"I45*I48","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,116584150,116001229.25000001,115421223.10375002,114844116.9882313,114269896.40329015,113698546.92127372,113130054.18666735,112564403.91573404,112001581.89615537,111441573.98667461,110884366.11674124,110329944.28615755,109778294.56472677,109229403.09190315,108683256.07644364,108139839.79606143,107599140.59708114,107061144.89409575,106525839.16962528,105993209.97377716,105463243.92390829,104935927.70428877,104411248.06576733,103889191.82543851,103369745.86631133,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU45*BU48","v":0},0,0,0]
[null,"Capacity Utilization Factor (CUF) w Degradation",null,null,"Percent",{"$f":"F50/(F38*$E$35)","v":0.21840548524528069},{"$f":"$F$51*G48","v":0.21840548524528069},{"$f":"$F$51*H48","v":0.21840548524528069},{"$f":"$F$51*I48","v":0.21840548524528069},0.21840548524528069,0.21840548524528069,0.21840548524528069,0.21840548524528069,0.21840548524528069,0.21840548524528069,0.21840548524528069,0.21840548524528069,0.21840548524528069,0.21840548524528069,0.21840548524528069,0.21840548524528069,0.21840548524528069,0.21840548524528069,0.21840548524528069,0.21840548524528069,0.21840548524528069,0.21840548524528069,0.21840548524528069,0.21840548524528069,0.21840548524528069,0.21840548524528069,0.21731345781905431,0.21622689052995908,0.21514575607730929,0.21407002729692279,0.21299967716043822,0.21193467877463604,0.21087500538076287,0.20982063035385909,0.2087715272020898,0.20772766956607938,0.206689031218249,0.20565558606215778,0.20462730813184699,0.20360417159118779,0.20258615073323186,0.20157321997956573,0.20056535387966792,0.19956252711026962,0.1985647144747183,0.1975718909023447,0.19658403144783301,0.19560111129059388,0.19462310573414093,0.19364999020547025,0.1926817402544429,0.1926817402544429,0.1926817402544429,0.1926817402544429,0.1926817402544429,0.1926817402544429,0.1926817402544429,0.1926817402544429,0.1926817402544429,0.1926817402544429,0.1926817402544429,0.1926817402544429,0.1926817402544429,0.1926817402544429,0.1926817402544429,0.1926817402544429,0.1926817402544429,{"$f":"$F$51*BU48","v":0.1926817402544429},0.1926817402544429,0.1926817402544429,0.1926817402544429]
[]
["Revenues"]
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[null,"Base Price",null,null,{"$f":"Assumptions!G23&\"/kWh\"","v":"USD/kWh"},{"$f":"Assumptions!I116","v":5.0599999999999999E-2},{"$f":"$F$55","v":5.0599999999999999E-2},5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,{"$f":"$F$55","v":5.0599999999999999E-2},5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,{"$f":"$F$55","v":5.0599999999999999E-2},5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2,5.0599999999999999E-2]
[null,null,null,null,null,"Basis"]
[null,"Escalated Price - Local",null,null,{"$f":"E54","v":"PKR/kWh"},{"$f":"Assumptions!G111","v":true},{"$f":"IF($F$57,G54*G33,G58*G30)","v":5.3220820177943278},{"$f":"IF($F$57,H54*H33,H58*H30)","v":5.3479875211288448},5.3740191208107628,5.4001774306204284,5.4264630673257974,5.4528766506969726,5.4794188035208196,5.5060901516156475,5.5328913238459752,5.5598229521373437,5.5868856714912267,5.6140801200000015,5.6414069388619881,5.6688667723965755,5.6964602680594094,5.724188076457656,5.7520508513653477,5.7800492497387923,5.8081839317320689,5.8364555607125883,5.8648648032767348,5.8934123292655851,5.9220988117807023,5.9509249272000027,5.9798913551937103,{"$f":"IF($F$57,AF54*AF33,AF58*AF30)","v":6.3386848365053323},6.7190059266956519,7.1221462822973916,7.5494750592352347,8.0024435627893489,8.4825901765567107,8.9915455871501138,9.5310383223791213,10.102900621721869,10.709074659025182,11.351619138566692,12.032716286880696,12.754679264093538,13.51996001993915,14.331157621135501,15.191027078403632,16.102488703107852,17.068638025294323,18.092756306811982,19.178321685220702,20.329020986333944,21.548762245513981,22.841687980244821,24.21218925905951,25.66492061460308,27.204815851479264,28.837104802568021,30.567331090722107,32.401370956165437,34.345453213535365,36.406180406347488,38.590551230728337,40.905984304572037,43.360343362846365,45.961963964617148,48.719681802494179,51.64286271064384,54.741434473282474,58.025920541679426,61.507475774180193,{"$f":"IF($F$57,BT54*BT33,BT58*BT30)","v":65.197924320631003},69.109799779868879,73.256387766661007,77.651771032660676,82.310877294620326]
[null,"Escalated Price - Foreign",null,null,{"$f":"E55","v":"USD/kWh"},{"$f":"Assumptions!G112","v":false},{"$f":"IF($F$58,G55*G34,G57/G30)","v":5.0475513766157033E-2},{"$f":"IF($F$58,H55*H34,H57/H30)","v":5.0351333793626635E-2},5.0227459328944048E-2,5.0103889620498158E-2,4.9980623918527027E-2,4.985766147511321E-2,4.9735001544179321E-2,4.9612643381483482E-2,4.9490586244614797E-2,4.936882939298886E-2,4.9247372087843209E-2,4.9126213592232959E-2,4.9005353171026188E-2,4.8884790090899584E-2,4.8764523620333969E-2,4.8644553029609822E-2,4.8524877590802894E-2,4.8405496577779761E-2,4.8286409266193459E-2,4.8167614933479062E-2,4.8049112858849281E-2,4.7930902323290107E-2,4.7812982609556486E-2,4.769535300216788E-2,4.7578012787404041E-2,4.6192245424664109E-2,4.5295308620301705E-2,4.4415788064567703E-2,4.3553345577877052E-2,4.2707649547238664E-2,4.2085693485871108E-2,4.147279503704774E-2,4.0868822293789762E-2,4.0273645270093791E-2,3.9882639005335604E-2,3.9495428917905154E-2,3.9111978151711906E-2,3.8732250208491394E-2,3.9506895212661222E-2,4.0297033116914453E-2,4.110297377925274E-2,4.1925033254837804E-2,4.2763533919934552E-2,4.3618804598333234E-2,4.4491180690299899E-2,4.5381004304105889E-2,4.6288624390188007E-2,4.7214396877991768E-2,4.8158684815551606E-2,4.912185851186264E-2,5.0104295682099884E-2,5.1106381595741886E-2,5.212850922765673E-2,5.3171079412209866E-2,5.4234501000454065E-2,5.5319191020463149E-2,5.6425574840872406E-2,5.7554086337689846E-2,5.8705168064443654E-2,5.9879271425732523E-2,6.1076856854247165E-2,6.2298393991332121E-2,6.3544361871158778E-2,6.4815249108581954E-2,6.6111554090753588E-2,{"$f":"IF($F$58,BT55*BT34,BT57/BT30)","v":6.743378517256865E-2},6.8782460876020038E-2,7.0158110093540435E-2,7.1561272295411246E-2,7.2992497741319481E-2]
[]
[null,"Revenue - Local",null,null,{"$f":"Assumptions!G22","v":"PKR"},null,{"$f":"G57*G45","v":0},{"$f":"H57*H45","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AF57*AF45","v":742703702.29332972},787265924.43092942,834501879.89678526,884571992.69059229,937646312.25202787,993905090.98714972,1053539396.4463787,1116751760.2331614,1183756865.8471513,1254782277.7979805,1330069214.4658592,1409873367.333811,1494465769.3738396,1584133715.5362699,1679181738.4684465,1779932642.7765534,1886728601.3431468,1999932317.4237356,2119928256.4691596,2247123951.8573093,2381951388.9687481,2524868472.3068728,2676360580.6452851,2836942215.4840026,3007158748.4130425,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT57*BT45","v":0},0,0,0,0]
[null,"Revenues - Foreign",null,null,{"$f":"Assumptions!G23","v":"USD"},null,{"$f":"G58*G45","v":0},{"$f":"H58*H45","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AF58*AF45","v":5412345.3964078929},5307251.3110407498,5204197.8875253974,5103145.5013598539,5004055.2974499539,4931180.7057395168,4859367.3944908828,4788599.9081633454,4718863.0162968887,4673048.8122551721,4627679.4063109467,4582750.4800360836,4538257.7569289356,4629022.9120675148,4721603.3703088658,4816035.4377150433,4912356.1464693453,5010603.2693987312,5110815.3347867047,5213031.6414824389,5317292.2743120864,5423638.1197983278,5532110.8821942946,5642753.0998381805,5755608.161834945,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT58*BT45","v":0},0,0,0,0]
[]
["O&M Expenses"]
[null,"Base O&M per kW - Local",null,null,{"$f":"Assumptions!F132","v":"PKR/kWp-yr"},{"$f":"Assumptions!I132+Assumptions!I133+Assumptions!I134","v":1884.06},{"$f":"$F$64","v":1884.06},{"$f":"$F$64","v":1884.06},1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,1884.06,{"$f":"$F$64","v":1884.06},1884.06,1884.06,1884.06,1884.06]
[null,"Base O&M per kW - Foreigh",null,null,{"$f":"Assumptions!F127","v":"USD/kWp-yr"},{"$f":"Assumptions!I127+Assumptions!I128+Assumptions!I129","v":18},{"$f":"$F$65","v":18},{"$f":"$F$65","v":18},18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,18,{"$f":"$F$65","v":18},18,18,18,18]
[]
[null,"Inflated O&M - Local",null,null,{"$f":"E64","v":"PKR/kWp-yr"},{"$f":"Assumptions!G123","v":true},{"$f":"IF($F$67,G64*G33,G68*G30)","v":1893.2307573181401},{"$f":"IF($F$67,H64*H33,H68*H30)","v":1902.446153761249},1911.7064066125242,1921.0117342128008,1930.3623559656987,1939.7584923427967,1949.200364888829,1958.6881962269103,1968.2222100637855,1977.8026311951025,1987.4296855107132,1997.1036000000004,2006.8246027572291,2016.5929229869241,2026.4087910092762,2036.2724382655695,2046.1840973236415,2056.144001883365,2066.1523867821588,2076.2094880005252,2086.315542667613,2096.4707890668087,2106.6754666413563,2116.9298160000012,2127.2340789226637,2254.8681236580233,2390.1602110775048,2533.5698237421552,2685.5840131666841,2846.7190539566855,3017.5221971940869,3198.5735290257321,3390.4879407672761,3593.9172172133131,3809.5522502461122,4038.1253852608788,4280.412908376532,4537.2376828791239,4809.4719438518714,5098.0402604829851,5403.9226761119644,5728.158036678682,6071.8475188794027,6436.1583700121673,6822.327872212898,7231.6675445456713,7665.5675972184126,8125.5016530515168,8613.0317522346086,9129.8136573686843,9677.6024768108055,10258.258625419454,10873.754142944623,11526.1793915213,12217.75015501258,12950.815164313335,13727.864074172136,14551.535918622465,15424.628073739814,16350.105758164202,17331.112103654057,18370.978829873304,19473.237559665704,20641.631813245647,21880.129722040387,{"$f":"IF($F$67,BT64*BT33,BT68*BT30)","v":23192.93750536281},24584.51375568458,26059.584581025654,27623.159655887197,29280.549235240429]
[null,"Inflated O&M - Foreign",null,null,{"$f":"E65","v":"USD/kWp-yr"},{"$f":"Assumptions!G124","v":false},{"$f":"IF($F$68,G65*G34,G67/G30)","v":17.9557163595025},{"$f":"IF($F$68,H65*H34,H67/H30)","v":17.911541665716982},17.867475650612509,17.823518046817529,17.77966858761831,17.735927006957269,17.69229303943138,17.648766420290567,17.605346885436095,17.562034171418961,17.518828015438295,17.475728155339787,17.43273432961406,17.389846277395108,17.347063738458726,17.304386453220886,17.261814162736208,17.219346608696359,17.176983533428505,17.134724679893736,17.092569791685513,17.0505186130281,17.008570888775033,16.966726364407549,16.924984786033058,16.432024064109761,16.11295563568045,15.800082710715783,15.493284988177608,15.192444502970275,14.971195311179446,14.753168194997221,14.538316230992404,14.326593179084748,14.187500041423734,14.049757322574957,13.913351911676171,13.778270825155042,14.053836241658141,14.334912966491309,14.621611225821134,14.914043450337557,15.212324319344306,15.51657080573119,15.826902221845813,16.143440266282727,16.466309071608382,16.795635253040551,17.131547958101361,17.474178917263387,17.823662495608652,18.180135745520829,18.54373846043125,18.914613229639873,19.29290549423267,19.678763604117325,20.072338876199669,20.473785653723663,20.883261366798138,21.300926594134101,21.72694512601678,22.161484028537117,22.604713709107866,23.056807983290025,23.517944142955823,{"$f":"IF($F$68,BT65*BT34,BT67/BT30)","v":23.988303025814936},24.468069086331241,24.957430468057861,25.456579077419022,25.965710658967403]
[]
[null,"O&M in Local Currency",null,null,{"$f":"Assumptions!G22","v":"PKR"},null,{"$f":"G67*G38","v":0},{"$f":"H67*H38","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,137997929.16787103,146277804.9179433,155054473.21301991,164357741.60580108,174219206.10214916,184672358.46827811,195752699.9763748,207497861.97495729,219947733.69345477,233144597.71506205,247133273.5779658,261961269.99264374,277678946.19220239,294339682.96373451,312000063.94155866,330720067.77805221,350563271.84473532,371597068.15541947,393892892.24474466,417526465.77942938,442578053.7261951,469132736.94976687,497280701.16675282,527117543.23675805,558744595.83096349,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT67*BT38","v":0},0,0,0,0]
[null,"O&M in Foreign",null,null,{"$f":"Assumptions!G23","v":"USD"},null,{"$f":"G68*G38","v":0},{"$f":"H68*H38","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1005639.8727235174,986112.88490364351,966965.06189580588,948189.04127646959,929777.6035817808,916237.15304418211,902893.89353382995,889744.95333673514,876787.50255998655,868275.00253513246,859845.14814158739,851497.13699458167,843230.17449948855,860094.7779894782,877296.67354926816,894842.60702025343,912739.45916065853,930994.24834387156,949614.13331074885,968606.41597696382,987978.54429650295,1007738.115182433,1027892.8774860817,1048450.7350358033,1069419.7497365193,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT68*BT38","v":0},0,0,0,0]
[]
["EBITDA and Pre-tax Cash Flow"]
[null,"EBITDA - Local",null,null,{"$f":"E67","v":"PKR/kWp-yr"},null,{"$f":"G60-G70","v":0},{"$f":"H60-H70","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,604705773.12545872,640988119.51298618,679447406.68376541,720214251.08479118,763427106.14987874,809232732.51887155,857786696.47000384,909253898.25820422,963809132.15369654,1021637680.0829185,1082935940.8878934,1147912097.3411672,1216786823.1816373,1289794032.5725355,1367181674.5268879,1449212574.9985013,1536165329.4984114,1628335249.2683163,1726035364.2244148,1829597486.0778799,1939373335.242553,2055735735.357106,2179079879.4785323,2309824672.2472444,2448414152.5820789,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT60-BT70","v":0},0,0,0,0]
[null,"EBITDA - Foreign",null,null,{"$f":"E68","v":"USD/kWp-yr"},null,{"$f":"G61-G71","v":0},{"$f":"H61-H71","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,4406705.5236843759,4321138.4261371065,4237232.8256295919,4154956.4600833841,4074277.6938681733,4014943.5526953349,3956473.5009570527,3898854.9548266102,3842075.5137369023,3804773.8097200394,3767834.2581693595,3731253.3430415019,3695027.5824294472,3768928.1340780365,3844306.6967595974,3921192.83069479,3999616.6873086868,4079609.0210548597,4161201.201475956,4244425.225505475,4329313.7300155833,4415900.0046158945,4504218.0047082128,4594302.3648023773,4686188.4120984254,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT61-BT71","v":0},0,0,0,0]
[]
["Funding Requirements - Foreign"]
[null,"Partner 1 Expenditures",null,null,{"$f":"Assumptions!$F$78","v":"USD"},null,{"$f":"SUMIF('Development and Advisory'!$F$11:$F$21,'Financial Model'!G1,'Development and Advisory'!$G$11:$G$21)","v":2000},{"$f":"SUMIF('Development and Advisory'!$F$11:$F$21,'Financial Model'!H1,'Development and Advisory'!$G$11:$G$21)","v":800},{"$f":"SUMIF('Development and Advisory'!$F$11:$F$21,'Financial Model'!I1,'Development and Advisory'!$G$11:$G$21)","v":1200},{"$f":"SUMIF('Development and Advisory'!$F$11:$F$21,'Financial Model'!J1,'Development and Advisory'!$G$11:$G$21)","v":500},{"$f":"SUMIF('Development and Advisory'!$F$11:$F$21,'Financial Model'!K1,'Development and Advisory'!$G$11:$G$21)","v":0},{"$f":"SUMIF('Development and Advisory'!$F$11:$F$21,'Financial Model'!L1,'Development and Advisory'!$G$11:$G$21)","v":700},{"$f":"SUMIF('Development and Advisory'!$F$11:$F$21,'Financial Model'!M1,'Development and Advisory'!$G$11:$G$21)","v":0},{"$f":"SUMIF('Development and 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[null,"Partner 1 Constant",null,null,{"$f":"Assumptions!$F$78","v":"USD"},{"$f":"'Development and Advisory'!G26","v":23200},{"$f":"$F$79*G7","v":23200},23200,23200,23200,23200,23200,23200,23200,23200,23200,23200,23200,23200,23200,23200,23200,23200,23200,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$79*AM7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$79*BS7","v":0},0,0,0,0,0]
[null,"Partner 2 Expenditures",null,null,{"$f":"Assumptions!$F$78","v":"USD"},null,{"$f":"SUMIF('Development and Advisory'!$M$11:$M$21,'Financial Model'!G1,'Development and Advisory'!$N$11:$N$21)","v":122400},{"$f":"SUMIF('Development and Advisory'!$M$11:$M$21,'Financial Model'!H1,'Development and Advisory'!$N$11:$N$21)","v":0},{"$f":"SUMIF('Development and Advisory'!$M$11:$M$21,'Financial Model'!I1,'Development and Advisory'!$N$11:$N$21)","v":0},{"$f":"SUMIF('Development and Advisory'!$M$11:$M$21,'Financial Model'!J1,'Development and Advisory'!$N$11:$N$21)","v":0},{"$f":"SUMIF('Development and Advisory'!$M$11:$M$21,'Financial Model'!K1,'Development and Advisory'!$N$11:$N$21)","v":0},{"$f":"SUMIF('Development and Advisory'!$M$11:$M$21,'Financial Model'!L1,'Development and Advisory'!$N$11:$N$21)","v":0},{"$f":"SUMIF('Development and Advisory'!$M$11:$M$21,'Financial Model'!M1,'Development and Advisory'!$N$11:$N$21)","v":0},{"$f":"SUMIF('Development and Advisory'!$M$11:$M$21,'Financial 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[null,"Partner 2 Constant",null,null,{"$f":"Assumptions!$F$78","v":"USD"},{"$f":"'Development and Advisory'!O26","v":0},{"$f":"$F$81*G7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$81*AM7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$81*BS7","v":0},0,0,0,0,0]
[null,"Partner 1 Development Profit",null,null,{"$f":"Assumptions!$F$78","v":"USD"},{"$f":"Assumptions!G58","v":2998800},{"$f":"$F$82*G16","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,2998800,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$82*AM16","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$82*BS16","v":0},0,0,0,0,0]
[null,"Partner 2 Development Profit",null,null,{"$f":"Assumptions!$F$78","v":"USD"},{"$f":"Assumptions!G59","v":612000},{"$f":"$F$83*G16","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,612000,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$83*AM16","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$83*BS16","v":0},0,0,0,0,0]
[null,"Advisory Success Fee",null,null,{"$f":"Assumptions!$F$78","v":"USD"},{"$f":"Assumptions!G83","v":260100},{"$f":"$F$84*G16","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,260100,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$84*AM16","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$84*BS16","v":0},0,0,0,0,0]
[null,"Advisory Retainer",null,null,{"$f":"Assumptions!$F$78","v":"USD"},{"$f":"Assumptions!G79","v":1000},{"$f":"$F$85*G12","v":1000},1000,1000,1000,1000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$85*AM12","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$85*BS12","v":0},0,0,0,0,0]
[null,null,"Total Development and Advisor Fees",null,{"$f":"Assumptions!F78","v":"USD"},null,{"$f":"SUM(G78:G85)","v":148600},{"$f":"SUM(H78:H85)","v":25000},25400,24700,24200,23900,23200,23200,23200,23200,23200,25200,24000,24200,24100,23200,23200,24100,0,0,3870900,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BT78:BT85)","v":0},0,0,0,0]
[null,"EPC Expendtitures",null,null,{"$f":"Assumptions!G8","v":5},{"$f":"Assumptions!G96","v":52020000},{"$f":"$F$87/$E$87*G9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,10404000,10404000,10404000,10404000,10404000,0,0,0,0,0,0,0,{"$f":"$F$87/$E$87*AM9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$87/$E$87*BS9","v":0},0,0,0,0,0]
[null,"Interest During Construction",null,null,{"$f":"Assumptions!$F$78","v":"USD"},null,{"$f":"IF(Local_Switch,G109/G30,G262)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,22742.164612771889,67894.810402680145,112718.19147793543,157214.70892158436,201386.746307358,0,0,0,0,0,0,0,{"$f":"IF(Local_Switch,AM109/AM30,AM262)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF(Local_Switch,BS109/BS30,BS262)","v":0},0,0,0,0,0]
[null,"Fees During Construction",null,null,{"$f":"Assumptions!$F$78","v":"USD"},null,{"$f":"IF(Local_Switch,G110/G30,G265)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,615433.27870357072,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF(Local_Switch,AM110/AM30,AM265)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF(Local_Switch,BS110/BS30,BS265)","v":0},0,0,0,0,0]
[null,"DSRA Funding",null,null,{"$f":"Assumptions!$F$78","v":"USD"},null,{"$f":"IF(Local_Switch,G111/G30,G275)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1571730.4091561642,0,0,0,0,0,0,0,{"$f":"IF(Local_Switch,AM111/AM30,AM275)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF(Local_Switch,BS111/BS30,BS275)","v":0},0,0,0,0,0]
[null,null,"Total Funding Needs",null,{"$f":"Assumptions!F78","v":"USD"},null,{"$f":"G86+G87+G88+G89+G90","v":148600},{"$f":"H86+H87+H88+H89+H90","v":25000},25400,24700,24200,23900,23200,23200,23200,23200,23200,25200,24000,24200,24100,23200,23200,24100,0,0,14913075.443316342,10471894.81040268,10516718.191477936,10561214.708921585,12177117.155463522,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT86+BT87+BT88+BT89+BT90","v":0},0,0,0,0]
[]
[null,"Accumulated Development and Financing",null,null,{"$f":"Assumptions!$F$78","v":"USD"},null,{"$f":"F93+G78+G79+G80+G81+G85","v":148600},{"$f":"G93+H78+H79+H80+H81+H85","v":173600},199000,223700,247900,271800,295000,318200,341400,364600,387800,413000,437000,461200,485300,508500,531700,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,555800,{"$f":"BS93+BT78+BT79+BT80+BT81+BT85","v":555800},555800,555800,555800,555800]
[null,"Basis for Debt Draws",null,null,{"$f":"Assumptions!$F$78","v":"USD"},null,{"$f":"(G86+G87)*G9+G16*G93","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,14830700,10404000,10404000,10404000,10404000,0,0,0,0,0,0,0,{"$f":"(AM86+AM87)*AM9+AM16*AM93","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BS86+BS87)*BS9+BS16*BS93","v":0},0,0,0,0,0]
[]
[]
[]
["Funding Requirements - Local"]
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[null,"Partner 2 Expenditures",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},null,12905719.830726985,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Partner 2 Constant",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Partner 1 Development Profit",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,366032909.36363548,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BO82*BO$30","v":0},0,0,0,0,0,0,0,0,0]
[null,"Partner 2 Development Profit",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"W83*W$30","v":0},0,0,0,74700593.747680709,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Advisory Success Fee",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,31747752.342764303,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Advisory Retainer",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},null,105438.88750593942,106213.4231249656,106993.64834712898,107779.60496725877,108571.33508720153,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,"EPC Expendtitures",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"W87*W$30","v":0},0,0,0,1269910093.7105722,1279238631.0633993,1288635694.2194104,1298101786.5571663,1307637415.1529572,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,"Fees During Construction",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},null,{"$f":"IF(Local_Switch,G265,G89*G$30)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,75119659.037971571,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF(Local_Switch,AM265,AM89*AM$30)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF(Local_Switch,BS265,BS89*BS$30)","v":0},0,0,0,0,0]
[null,"DSRA Funding",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},null,{"$f":"IF(Local_Switch,G275,G90*G$30)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,197544549.16823012,0,0,0,0,0,0,0,{"$f":"IF(Local_Switch,AM275,AM90*AM$30)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF(Local_Switch,BS275,BS90*BS$30)","v":0},0,0,0,0,0]
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[null,"Debt Draw Percent",null,null,null,null,{"$f":"G94/SUM(94:94)","v":0},{"$f":"H94/SUM(94:94)","v":0},{"$f":"I94/SUM(94:94)","v":0},{"$f":"J94/SUM(94:94)","v":0},{"$f":"K94/SUM(94:94)","v":0},{"$f":"L94/SUM(94:94)","v":0},{"$f":"M94/SUM(94:94)","v":0},{"$f":"N94/SUM(94:94)","v":0},{"$f":"O94/SUM(94:94)","v":0},{"$f":"P94/SUM(94:94)","v":0},{"$f":"Q94/SUM(94:94)","v":0},{"$f":"R94/SUM(94:94)","v":0},{"$f":"S94/SUM(94:94)","v":0},{"$f":"T94/SUM(94:94)","v":0},{"$f":"U94/SUM(94:94)","v":0},{"$f":"V94/SUM(94:94)","v":0},{"$f":"W94/SUM(94:94)","v":0},{"$f":"X94/SUM(94:94)","v":0},{"$f":"Y94/SUM(94:94)","v":0},{"$f":"Z94/SUM(94:94)","v":0},{"$f":"AA94/SUM(94:94)","v":0.26273812286635001},{"$f":"AB94/SUM(94:94)","v":0.1843154692834125},{"$f":"AC94/SUM(94:94)","v":0.1843154692834125},{"$f":"AD94/SUM(94:94)","v":0.1843154692834125},{"$f":"AE94/SUM(94:94)","v":0.1843154692834125},{"$f":"AF94/SUM(94:94)","v":0},{"$f":"AG94/SUM(94:94)","v":0},{"$f":"AH94/SUM(94:94)","v":0},{"$f":"AI94/SUM(94:94)","v":0},{"$f":"AJ94/SUM(94:94)","v":0},{"$f":"AK94/SUM(94:94)","v":0},{"$f":"AL94/SUM(94:94)","v":0},{"$f":"AM94/SUM(94:94)","v":0},{"$f":"AN94/SUM(94:94)","v":0},{"$f":"AO94/SUM(94:94)","v":0},{"$f":"AP94/SUM(94:94)","v":0},{"$f":"AQ94/SUM(94:94)","v":0},{"$f":"AR94/SUM(94:94)","v":0},{"$f":"AS94/SUM(94:94)","v":0},{"$f":"AT94/SUM(94:94)","v":0},{"$f":"AU94/SUM(94:94)","v":0},{"$f":"AV94/SUM(94:94)","v":0},{"$f":"AW94/SUM(94:94)","v":0},{"$f":"AX94/SUM(94:94)","v":0},{"$f":"AY94/SUM(94:94)","v":0},{"$f":"AZ94/SUM(94:94)","v":0},{"$f":"BA94/SUM(94:94)","v":0},{"$f":"BB94/SUM(94:94)","v":0},{"$f":"BC94/SUM(94:94)","v":0},{"$f":"BD94/SUM(94:94)","v":0},{"$f":"BE94/SUM(94:94)","v":0},{"$f":"BF94/SUM(94:94)","v":0},{"$f":"BG94/SUM(94:94)","v":0},{"$f":"BH94/SUM(94:94)","v":0},{"$f":"BI94/SUM(94:94)","v":0},{"$f":"BJ94/SUM(94:94)","v":0},{"$f":"BK94/SUM(94:94)","v":0},{"$f":"BL94/SUM(94:94)","v":0},{"$f":"BM94/SUM(94:94)","v":0},{"$f":"BN94/SUM(94:94)","v":0},{"$f":"BO94/SUM(94:94)","v":0},{"$f":"BP94/SUM(94:94)","v":0},{"$f":"BQ94/SUM(94:94)","v":0},{"$f":"BR94/SUM(94:94)","v":0},{"$f":"BS94/SUM(94:94)","v":0},{"$f":"BT94/SUM(94:94)","v":0},{"$f":"BU94/SUM(94:94)","v":0},{"$f":"BV94/SUM(94:94)","v":0},{"$f":"BW94/SUM(94:94)","v":0},{"$f":"BX94/SUM(94:94)","v":0}]
[null,"Local Debt Switch",null,null,{"$f":"Assumptions!G144","v":true}]
[]
["Sources of Funds - Foreign (For foreign debt)"]
[null,"Developer 1 Contribution of Costs",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G78+G79","v":25200},24000,24400,23700,23200,23900,23200,23200,23200,23200,23200,25200,24000,24200,24100,23200,23200,24100,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM78+AM79","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS78+BS79","v":0},0,0,0,0,0]
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[null,"Developer 2 Contribution of Fees",null,null,{"$f":"Assumptions!$G$23","v":"USD"},{"$f":"Assumptions!J74","v":612000},{"$f":"$F121*G$16","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,612000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"EPC Contribution",null,null,{"$f":"Assumptions!G8","v":5},{"$f":"Assumptions!G101","v":3853333.3333333358},{"$f":"$F122/$E122*G9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,770666.66666666721,770666.66666666721,770666.66666666721,770666.66666666721,770666.66666666721,0,0,0,0,0,0,0,{"$f":"$F122/$E122*AM9","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F122/$E122*BS9","v":0},0,0,0,0,0]
[null,"Debt Draws",null,null,{"$f":"Assumptions!$G$23","v":"USD"},{"$f":"F166","v":30322886.15036251},{"$f":"IF($E$115,G140/G30,$F$123*G114)","v":0},{"$f":"IF($E$115,H140/H30,$F$123*H114)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,6064577.230072503,6064577.230072502,6064577.230072502,6064577.230072502,6064577.230072503,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF($E$115,BT140/BT30,$F$123*BT114)","v":0},0,0,0,0]
[null,"Remaining Funding by Sponsor",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G91-SUM(G118:G123)","v":1000},1000,1000,1000,1000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,4467031.5465771724,3636650.9136635112,3681474.2947387667,3725970.8121824162,5341873.2587243523,0,0,0,0,0,0,0,{"$f":"AM91-SUM(AM118:AM123)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS91-SUM(BS118:BS123)","v":0},0,0,0,0,0]
[null,null,"Total Funding Sources",null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"SUM(G118:G124)","v":148600},{"$f":"SUM(H118:H124)","v":25000},25400,24700,24200,23900,23200,23200,23200,23200,23200,25200,24000,24200,24100,23200,23200,24100,0,0,14913075.443316342,10471894.81040268,10516718.191477936,10561214.708921585,12177117.155463522,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BT118:BT124)","v":0},0,0,0,0]
[]
[null,"Cash Equity Contribution Total",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G118+G119+G122+G124-G82-G83+G120+G121","v":148600},25000,25400,24700,24200,23900,23200,23200,23200,23200,23200,25200,24000,24200,24100,23200,23200,24100,0,0,5237698.2132438393,4407317.5803301781,4452140.9614054337,4496637.4788490832,6112539.9253910193,0,0,0,0,0,0,0,{"$f":"AM118+AM119+AM122+AM124-AM82-AM83+AM120+AM121","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS118+BS119+BS122+BS124-BS82-BS83+BS120+BS121","v":0},0,0,0,0,0]
[null,"Total Equity Contribution Including Development Fees",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G118+G119+G120+G121+G122+G124","v":148600},{"$f":"H118+H119+H120+H121+H122+H124","v":25000},25400,24700,24200,23900,23200,23200,23200,23200,23200,25200,24000,24200,24100,23200,23200,24100,0,0,8848498.2132438384,4407317.5803301781,4452140.9614054337,4496637.4788490832,6112539.9253910193,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT118+BT119+BT120+BT121+BT122+BT124","v":0},0,0,0,0]
[null,"Total Funding Less Development Fee and Debt",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G91-G82-G83-G123","v":148600},25000,25400,24700,24200,23900,23200,23200,23200,23200,23200,25200,24000,24200,24100,23200,23200,24100,0,0,5237698.2132438393,4407317.5803301781,4452140.9614054337,4496637.4788490832,6112539.9253910193,0,0,0,0,0,0,0,{"$f":"AM91-AM82-AM83-AM123","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS91-BS82-BS83-BS123","v":0},0,0,0,0,0]
[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,null,{"$f":"AA127-AA129","v":0}]
[null,"Debt Draw Percent - Local Currency",null,null,null,null,{"$f":"G108/SUM(108:108)","v":0},{"$f":"H108/SUM(108:108)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0.19708317505506764,0.19853091357547187,0.19998928692973689,0.20145837323949148,0.20293825120023212,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT108/SUM(108:108)","v":0},0,0,0,0]
[null,"Local Currency Debt Switch",null,null,{"$f":"Assumptions!G144","v":true}]
[]
["Sources of Funds - Local (For Local Debt Issuance)"]
[null,"Developer 1 Contribution of Costs",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},null,{"$f":"G118*G$30","v":2657059.9651496732},2549122.1549991746,2610645.0196699472,2554376.6377240326,2518854.9740230758,2613916.2587220347,2555997.0301551269,2574772.9371170504,2593686.7686063051,2612739.5377923353,2631932.2652871525,2879823.3912000037,2762836.2570956349,2806324.3319016695,2815257.5328960335,2730031.5267154756,2750085.8606383977,2877755.5601536646,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM118*AM$30","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS118*BS$30","v":0},0,0,0,0,0]
[null,"Developer 2 Contribution of Costs",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},null,{"$f":"G119*G$30","v":12905719.830726985},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM119*AM$30","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS119*BS$30","v":0},0,0,0,0,0]
[null,"Developer 1 Contribution of Fees",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},null,{"$f":"G120*G$30","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,366032909.36363548,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM120*AM$30","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS120*BS$30","v":0},0,0,0,0,0]
[null,"Developer 2 Contribution of Fees",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},null,{"$f":"G121*G$30","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,74700593.747680709,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM121*AM$30","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS121*BS$30","v":0},0,0,0,0,0]
[null,"EPC Contribution",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},null,{"$f":"G122*G$30","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,94067414.348931342,94758417.115807429,95454495.868104547,96155687.893123493,96862030.752070963,0,0,0,0,0,0,0,{"$f":"AM122*AM$30","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BO122*BO$30","v":0},0,0,0,0,0,0,0,0,0]
[null,"Debt Draws",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},{"$f":"G166","v":3755982951.8985782},{"$f":"IF($E$132,$F$140*G131,G123*G30)","v":0},{"$f":"IF($E$132,$F$140*H131,H123*H30)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,740241045.61287725,745678726.81432235,751156352.27044487,756674215.4047507,762232611.79618299,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF($E$132,$F$140*BT131,BT123*BT30)","v":0},0,0,0,0]
[null,"Remaining Funding by Sponsor",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},null,{"$f":"G124*G$30","v":105438.88750593942},106213.4231249656,106993.64834712898,107779.60496725877,108571.33508720153,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,545244949.05054784,447149590.20091993,455986080.69507933,464887482.50229239,671398821.61793697,0,0,0,0,0,0,0,{"$f":"AM124*AM$30","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS124*BS$30","v":0},0,0,0,0,0]
[null,null,"Total Funding Sources",null,{"$f":"Assumptions!$G$22","v":"PKR"},null,{"$f":"G125*G$30","v":15668218.683382597},2655335.5781241399,2717638.6680170763,2662156.2426912915,2627426.3091102769,2613916.2587220347,2555997.0301551269,2574772.9371170504,2593686.7686063051,2612739.5377923353,2631932.2652871525,2879823.3912000037,2762836.2570956349,2806324.3319016695,2815257.5328960335,2730031.5267154756,2750085.8606383977,2877755.5601536646,0,0,1820286912.1236725,1287586734.1310496,1302596928.8336287,1317717385.8001666,1530493464.1661909,0,0,0,0,0,0,0,{"$f":"AM125*AM$30","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS125*BS$30","v":0},0,0,0,0,0]
[]
["Summary Sources and Uses of Funds in Local and Foreign Currency"]
[null,"Uses of Funds",null,null,null,{"$f":"Assumptions!G23","v":"USD"},{"$f":"Assumptions!G22","v":"PKR"}]
[null,null,"Partner 1 Expenditures",null,null,{"$f":"SUM(G78:BX78)","v":10800},{"$f":"SUM(G99:BX99)","v":1203906.8287688156}]
[null,null,"Partner 1 Constant",null,null,417600,46891311.181077972]
[null,null,"Partner 2 Expenditures",null,null,122400,12905719.830726985]
[null,null,"Partner 2 Constant",null,null,0,0]
[null,null,"Partner 1 Development Fees",null,null,2998800,366032909.36363548]
[null,null,"Partner 2 Development Fees",null,null,612000,74700593.747680709]
[null,null,"Advisory Success Fee",null,null,260100,31747752.342764303]
[null,null,"Advisory Retainer",null,null,5000,534996.89903249429]
[null,null,"EPC Expendtitures",null,null,{"$f":"SUM(G87:BX87)","v":52020000},534017190.19368678]
[null,null,null,"Subtotal",null,{"$f":"SUM(F146:F154)","v":56446700},6443523620.7035055]
[null,null,"Interest During Construction",null,null,{"$f":"SUM(G88:BX88)","v":561956.62172232987},70012340.690920532,{"$f":"G156/F156","v":124.58673496246219},null,null,null,{"$f":"IF(Local_Switch,Local_Difference=0,Difference=0)","v":false}]
[null,null,"Fees During Construction",null,null,{"$f":"SUM(G89:BX89)","v":615433.27870357072},75119659.037971571,{"$f":"G157/F157","v":122.05979370536066}]
[null,null,"DSRA Funding",null,null,{"$f":"SUM(G90:BX90)","v":1571730.4091561642},197544549.16823012,125.68602606237573]
[null,null,null,null,null,null,null,"Foreign"]
[null,null,null,null,null,null,null,"Fixed","Computed","Difference",null,"Local Fixed","Local Computed","Local Difference"]
[null,null,null,"Total Uses of Funds",{"$f":"Assumptions!$G$23","v":"USD"},{"$f":"IF(Local_Switch,SUM(F155:F158),H161)","v":59195820.30958207},{"$f":"L161","v":6259971586.4976301},58492495.796819329,{"$f":"F155+F156+F157+F158","v":59195820.30958207},{"$f":"I161-H161","v":703324.51276274025},null,6259971586.4976301,{"$f":"SUM(G155:G158)","v":6786200169.6006279},{"$f":"M161-L161","v":526228583.10299778}]
[]
[null,"Local Currency Debt",null,null,"Local Switch",{"$f":"Assumptions!G144","v":true}]
[null,null,null,null,null,null,null,{"$f":"IF(F163,G165,F165)","v":"PKR"},{"$f":"IF(F163,F165,G165)","v":"USD"}]
[null,"Sources of Funds",null,null,null,{"$f":"Assumptions!$G$23","v":"USD"},{"$f":"Assumptions!G22","v":"PKR"},"Pct Currency","Pct Alternate"]
[null,null,"Debt Financing",null,null,{"$f":"IF(F163,F236,F161*H166)","v":30322886.15036251},{"$f":"IF(F163,H166*G161,F236)","v":3755982951.8985782},{"$f":"Assumptions!G148","v":0.6},{"$f":"IF(F163,F166/F161,G166/$G$161)","v":0.51224708082057147},null,{"$f":"G166/F166","v":123.86627490779519}]
[null,null,"Total Equity Financing",null,null,{"$f":"F161-F166","v":28872934.159219559},{"$f":"G161-G166","v":2503988634.599052},{"$f":"IF(Local_Switch,G167/G168,F167/F168)","v":0.39999999999999997},{"$f":"IF(F163,F167/F168,G167/$G$161)","v":0.48775291917942859}]
[null,null,null,"Total Sources",null,{"$f":"SUM(F166:F167)","v":59195820.30958207},{"$f":"SUM(G166:G167)","v":6259971586.4976301},{"$f":"H166+H167","v":1},{"$f":"I166+I167","v":1}]
[]
[null,null,"Equity Funding"]
[null,null,null,"Developer 1",null,{"$f":"SUM(G118:BX118)+SUM(G120:BX120)","v":3427200},{"$f":"SUM(G135:BX135)+SUM(G137:BX137)","v":414128127.37348229},{"$f":"IF($F$163,G171/$G$175,F171/$F$175)","v":0.11618992467388711},{"$f":"IF($F$163,F171/$F$175,G171/G$175)","v":0.11869940135286335}]
[null,null,null,"Developer 2",null,{"$f":"SUM(G119:BX119)+SUM(G121:BX121)","v":734400},{"$f":"SUM(G136:BX136)+SUM(G138:BX138)","v":87606313.57840769},{"$f":"IF($F$163,G172/$G$175,F172/$F$175)","v":2.4579279461624682E-2},{"$f":"IF($F$163,F172/$F$175,G172/G$175)","v":2.5435586004185003E-2}]
[null,null,null,"EPC Funding",null,{"$f":"SUM(G122:BX122)","v":3853333.3333333358},{"$f":"SUM(G139:BX139)","v":477298045.97803777},0.13391320304879342,0.13345832162689669]
[null,null,null,"Sponsor Funding",null,{"$f":"SUM(G124:BX124)","v":20858000.82588622},{"$f":"SUM(G141:BX141)","v":2585201920.9658089},0.72531759281569474,0.72240669101605492]
[null,null,null,"Total Equity Funding",null,{"$f":"SUM(F171:F174)","v":28872934.159219556},{"$f":"SUM(G171:G174)","v":3564234407.8957367},{"$f":"F175/$F$175","v":1},1]
[]
["Pre-tax Cash"]
[null,"EBITDA - Foreign",null,null,{"$f":"Assumptions!G23","v":"USD"},null,{"$f":"G75","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,4406705.5236843759,4321138.4261371065,4237232.8256295919,4154956.4600833841,4074277.6938681733,4014943.5526953349,3956473.5009570527,{"$f":"AM75","v":3898854.9548266102},3842075.5137369023,3804773.8097200394,3767834.2581693595,3731253.3430415019,3695027.5824294472,3768928.1340780365,3844306.6967595974,3921192.83069479,3999616.6873086868,4079609.0210548597,4161201.201475956,4244425.225505475,4329313.7300155833,4415900.0046158945,4504218.0047082128,4594302.3648023773,4686188.4120984254,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS75","v":0},0,0,0,0,0]
[null,"EBITDA - Local",null,null,{"$f":"Assumptions!G22","v":"PKR"},null,{"$f":"G74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,604705773.12545872,640988119.51298618,679447406.68376541,720214251.08479118,763427106.14987874,809232732.51887155,857786696.47000384,{"$f":"AM74","v":909253898.25820422},963809132.15369654,1021637680.0829185,1082935940.8878934,1147912097.3411672,1216786823.1816373,1289794032.5725355,1367181674.5268879,1449212574.9985013,1536165329.4984114,1628335249.2683163,1726035364.2244148,1829597486.0778799,1939373335.242553,2055735735.357106,2179079879.4785323,2309824672.2472444,2448414152.5820789,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS74","v":0},0,0,0,0,0]
[]
[null,"Captial Expenditure Outlays",null,null,{"$f":"Assumptions!G23","v":"USD"},null,{"$f":"G78+G79+G80+G81+G85+G84+G87","v":148600},25000,25400,24700,24200,23900,23200,23200,23200,23200,23200,25200,24000,24200,24100,23200,23200,24100,0,0,10664100,10404000,10404000,10404000,10404000,0,0,0,0,0,0,0,{"$f":"AM78+AM79+AM80+AM81+AM85+AM84+AM87","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS78+BS79+BS80+BS81+BS85+BS84+BS87","v":0},0,0,0,0,0]
[null,"Capital Expenditures",null,null,{"$f":"Assumptions!G22","v":"PKR"},null,{"$f":"G181*G30","v":15668218.683382597},2655335.5781241399,2717638.6680170763,2662156.2426912915,2627426.3091102769,2613916.2587220347,2555997.0301551269,2574772.9371170504,2593686.7686063051,2612739.5377923353,2631932.2652871525,2879823.3912000037,2762836.2570956349,2806324.3319016695,2815257.5328960335,2730031.5267154756,2750085.8606383977,2877755.5601536646,0,0,1301657846.0533364,1279238631.0633993,1288635694.2194104,1298101786.5571663,1307637415.1529572,0,0,0,0,0,0,0,{"$f":"AM181*AM30","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS181*BS30","v":0},0,0,0,0,0]
[]
[null,"Pre-tax Cash Flow",null,null,{"$f":"Assumptions!G22","v":"PKR"},null,{"$f":"G74-G182","v":-15668218.683382597},-2655335.5781241399,-2717638.6680170763,-2662156.2426912915,-2627426.3091102769,-2613916.2587220347,-2555997.0301551269,-2574772.9371170504,-2593686.7686063051,-2612739.5377923353,-2631932.2652871525,-2879823.3912000037,-2762836.2570956349,-2806324.3319016695,-2815257.5328960335,-2730031.5267154756,-2750085.8606383977,-2877755.5601536646,0,0,-1301657846.0533364,-1279238631.0633993,-1288635694.2194104,-1298101786.5571663,-1307637415.1529572,604705773.12545872,640988119.51298618,679447406.68376541,720214251.08479118,763427106.14987874,809232732.51887155,857786696.47000384,{"$f":"AM74-AM182","v":909253898.25820422},963809132.15369654,1021637680.0829185,1082935940.8878934,1147912097.3411672,1216786823.1816373,1289794032.5725355,1367181674.5268879,1449212574.9985013,1536165329.4984114,1628335249.2683163,1726035364.2244148,1829597486.0778799,1939373335.242553,2055735735.357106,2179079879.4785323,2309824672.2472444,2448414152.5820789,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS74-BS182","v":0},0,0,0,0,0]
[null,"Pre-tax Cash Flow",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G178-G181","v":-148600},{"$f":"H178-H181","v":-25000},-25400,-24700,-24200,-23900,-23200,-23200,-23200,-23200,-23200,-25200,-24000,-24200,-24100,-23200,-23200,-24100,0,0,-10664100,-10404000,-10404000,-10404000,-10404000,4406705.5236843759,4321138.4261371065,4237232.8256295919,4154956.4600833841,4074277.6938681733,4014943.5526953349,3956473.5009570527,3898854.9548266102,3842075.5137369023,3804773.8097200394,3767834.2581693595,3731253.3430415019,3695027.5824294472,3768928.1340780365,3844306.6967595974,3921192.83069479,3999616.6873086868,4079609.0210548597,4161201.201475956,4244425.225505475,4329313.7300155833,4415900.0046158945,4504218.0047082128,4594302.3648023773,4686188.4120984254,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT178-BT181","v":0},0,0,0,0]
[null,"Pre-tax Cash Flow - Real",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G185/G34","v":-148600},-25000,-25400,-24700,-24200,-23900,-23200,-23200,-23200,-23200,-23200,-25200,-24000,-24200,-24100,-23200,-23200,-24100,0,0,-10664100,-10404000,-10404000,-10404000,-10404000,4406705.5236843759,4278354.8773634713,4153742.5993820135,4032759.805225254,3915300.7817720915,3801262.8949243603,3690546.4999265634,{"$f":"AM185/AM34","v":3583054.8542976351},3478694.033298675,3377372.8478627913,3279002.7649153317,3183497.8300148849,3090774.59224746,3090774.5922474605,3090774.5922474605,3090774.592247461,3090774.5922474614,3090774.5922474605,3090774.59224746,3090774.59224746,3090774.5922474596,3090774.5922474591,3090774.5922474591,3090774.5922474596,3090774.5922474596,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS185/BS34","v":0},0,0,0,0,0]
[]
[null,"Pre-tax IRR",null,null,{"$f":"Assumptions!G22","v":"PKR"},{"$f":"XIRR(G184:BX184,$G$5:$BX$5)","v":0.13346295952796941},"Payback",{"$f":"payback(G184:AP184)","v":33.572469491702151}]
[null,"Pre-tax IRR Nominal",null,null,{"$f":"Assumptions!G23","v":"USD"},{"$f":"XIRR(G185:BX185,G5:BX5)","v":5.7459011673927321E-2},"Payback",{"$f":"payback(G186:AP186)","v":36}]
[null,"Pre-tax IRR Real",null,null,{"$f":"Assumptions!G23","v":"USD"},{"$f":"XIRR(G186:BX186,G5:BX5)","v":4.3515494465827961E-2},"Payback",{"$f":"payback(G185:AP185)","v":36}]
[]
[]
["Taxes, Depreciation and After Tax Cash Flow (Local Currency)"]
[null,"Opening Balance",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},null,{"$f":"F196","v":0},{"$f":"G196","v":15668218.683382597},18323554.261506736,21041192.929523811,23703349.172215104,26330775.481325381,28944691.740047414,31500688.77020254,34075461.707319587,36669148.475925893,39281888.013718225,41913820.279005378,44793643.670205384,47556479.927301019,50362804.259202689,53178061.792098723,55908093.318814196,58658179.179452591,61535934.739606254,61535934.739606254,61535934.739606254,1363193780.7929425,2642432411.8563418,3931068106.0757523,5229169892.6329184,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,{"$f":"BS196","v":6536807307.7858753},6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753]
[null,"Add: Pure Cap Exp",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},null,{"$f":"G182","v":15668218.683382597},{"$f":"H182","v":2655335.5781241399},2717638.6680170763,2662156.2426912915,2627426.3091102769,2613916.2587220347,2555997.0301551269,2574772.9371170504,2593686.7686063051,2612739.5377923353,2631932.2652871525,2879823.3912000037,2762836.2570956349,2806324.3319016695,2815257.5328960335,2730031.5267154756,2750085.8606383977,2877755.5601536646,0,0,1301657846.0533364,1279238631.0633993,1288635694.2194104,1298101786.5571663,1307637415.1529572,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT182","v":0},0,0,0,0]
[null,"Closing Balance",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},null,{"$f":"SUM(G194:G195)","v":15668218.683382597},{"$f":"SUM(H194:H195)","v":18323554.261506736},21041192.929523811,23703349.172215104,26330775.481325381,28944691.740047414,31500688.77020254,34075461.707319587,36669148.475925893,39281888.013718225,41913820.279005378,44793643.670205384,47556479.927301019,50362804.259202689,53178061.792098723,55908093.318814196,58658179.179452591,61535934.739606254,61535934.739606254,61535934.739606254,1363193780.7929425,2642432411.8563418,3931068106.0757523,5229169892.6329184,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,{"$f":"SUM(BT194:BT195)","v":6536807307.7858753},6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753]
[]
[null,"Depreciation Base",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},null,{"$f":"G194*G22","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,{"$f":"AM194*AM22","v":6536807307.7858753},6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,6536807307.7858753,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS194*BS22","v":0},0,0,0,0,0]
[null,"Depreciation Expense",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},{"$f":"1/Assumptions!G139","v":0.05},{"$f":"MIN($F$199*G198,F201)","v":0},{"$f":"MIN($F$199*H198,G201)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN($F$199*AF198,AE201)","v":326840365.38929379},326840365.38929379,326840365.38929379,326840365.38929379,326840365.38929379,326840365.38929379,326840365.38929379,326840365.38929379,326840365.38929379,326840365.38929379,326840365.38929379,326840365.38929379,326840365.38929379,326840365.38929379,326840365.38929379,326840365.38929379,326840365.38929379,326840365.38929379,326840365.38929379,326840365.38929379,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN($F$199*BT198,BS201)","v":0},0,0,0,0]
[null,"Accumulated Deprecation",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},null,{"$f":"F200+G199","v":0},{"$f":"G200+H199","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,326840365.38929379,653680730.77858758,980521096.16788137,1307361461.5571752,1634201826.9464688,1961042192.3357625,2287882557.7250562,2614722923.1143498,2941563288.5036435,3268403653.8929372,3595244019.2822309,3922084384.6715245,4248924750.0608182,4575765115.4501123,4902605480.839406,5229445846.2286997,5556286211.6179934,5883126577.007287,6209966942.3965807,6536807307.7858744,6536807307.7858744,6536807307.7858744,6536807307.7858744,6536807307.7858744,6536807307.7858744,6536807307.7858744,6536807307.7858744,6536807307.7858744,6536807307.7858744,6536807307.7858744,6536807307.7858744,6536807307.7858744,6536807307.7858744,6536807307.7858744,6536807307.7858744,6536807307.7858744,6536807307.7858744,6536807307.7858744,6536807307.7858744,6536807307.7858744,{"$f":"BS200+BT199","v":6536807307.7858744},6536807307.7858744,6536807307.7858744,6536807307.7858744,6536807307.7858744]
[null,"Net Plant",null,null,{"$f":"Assumptions!$G$22","v":"PKR"},null,{"$f":"G196-G200","v":15668218.683382597},{"$f":"H196-H200","v":18323554.261506736},21041192.929523811,23703349.172215104,26330775.481325381,28944691.740047414,31500688.77020254,34075461.707319587,36669148.475925893,39281888.013718225,41913820.279005378,44793643.670205384,47556479.927301019,50362804.259202689,53178061.792098723,55908093.318814196,58658179.179452591,61535934.739606254,61535934.739606254,61535934.739606254,1363193780.7929425,2642432411.8563418,3931068106.0757523,5229169892.6329184,6536807307.7858753,6209966942.3965816,5883126577.007288,5556286211.6179943,5229445846.2287006,4902605480.839407,4575765115.4501133,4248924750.0608191,3922084384.6715255,3595244019.2822318,3268403653.8929381,2941563288.5036445,2614722923.1143508,2287882557.7250571,1961042192.335763,1634201826.9464693,1307361461.5571756,980521096.16788197,653680730.77858829,326840365.38929462,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT196-BT200","v":0},0,0,0,0]
[]
[null,"Depreciation in Foreign Currency",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G199/G30","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,2381801.708423913,2203352.0109068989,2038272.1478438985,1885560.4225337398,1744290.1875426609,1621592.3615642064,1507525.4139839434,{"$f":"AM199/AM30","v":1401482.2267756935},1302898.3881455658,1217215.9332372937,1137168.210205202,1062384.6624009029,992519.102078147,955065.55105632998,919025.34158250631,884345.14001335495,850973.62529587001,818861.413020554,787960.98234053294,758226.60564843728,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS199/BS30","v":0},0,0,0,0,0]
[null,"Total Depreciation",null,null,{"$f":"Assumptions!G23","v":"USD"},{"$f":"SUM(203:203)","v":26470521.434599649}]
[null,"Sum of Cap Exp",null,null,{"$f":"Assumptions!G23","v":"USD"},{"$f":"SUM(181:181)","v":52835900}]
[null,"Difference",null,null,null,{"$f":"F205-F204","v":26365378.565400351}]
[]
[null,"Net Plant in Foreign Currency"]
[null,null,"Opening Balance",null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"F213","v":0},{"$f":"G213","v":148600},172516.37055278904,196658.33677582437,219924.25356741381,242520.50930549233,264651.98733082192,285922.07692211005,307037.05954552523,327998.06628099899,348806.21996033721,369462.63522736705,391968.41859764617,413110.08400296845,434297.57894263591,455230.56921588856,475110.91073625913,494846.27968938823,515337.73325254972,511579.75786216342,507849.18659556529,11168245.819614831,21490804.096574284,31738087.621720385,41910645.317917846,52009022.105144575,45254232.460054353,39660336.196324192,34650626.513346285,30168966.760539845,26164352.813139915,22702293.061898891,19597830.381791264,16817786.721308321,14331882.269601222,12172159.332372935,10234513.891846817,8499077.2992072236,6947633.7145470288,5730393.3063379796,4595126.7079125317,3537380.5600534203,2552920.8758876105,1637722.8260411085,787960.9823405334,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS213","v":0},0,0,0,0]
[null,null,"Add: Capital Expenditures",null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G181","v":148600},25000,25400,24700,24200,23900,23200,23200,23200,23200,23200,25200,24000,24200,24100,23200,23200,24100,0,0,10664100,10404000,10404000,10404000,10404000,0,0,0,0,0,0,0,{"$f":"AM181","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS181","v":0},0,0,0,0,0]
[null,null,"Less: Depreciation",null,{"$f":"Assumptions!G23","v":"USD"},null,{"$f":"G203","v":0},{"$f":"H203","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,2381801.708423913,2203352.0109068989,2038272.1478438985,1885560.4225337398,1744290.1875426609,1621592.3615642064,1507525.4139839434,1401482.2267756935,1302898.3881455658,1217215.9332372937,1137168.210205202,1062384.6624009029,992519.102078147,955065.55105632998,919025.34158250631,884345.14001335495,850973.62529587001,818861.413020554,787960.98234053294,758226.60564843728,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT203","v":0},0,0,0,0]
[null,null,"Less: Loss on Currency Translation",null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"(G209*(F30-G30)/G30)","v":0},-1083.629447210963,-1258.0337769646844,-1434.0832084105782,-1603.7442619214701,-1768.521974670432,-1929.910408711854,-2085.0173765848376,-2238.9932645262452,-2391.8463206617562,-2543.5847329701442,-2694.2166297208905,-2858.3345946777381,-3012.5050603325121,-3167.0097267473525,-3319.6584796294292,-3464.6310468709166,-3608.5464368384869,-3757.9753903862861,-3730.5712665981273,-3703.3669807340125,-81441.723040546611,-156716.47485389799,-231442.30380254338,-305623.21277327236,-4372987.9366663126,-3390544.2528232625,-2971437.53513401,-2596099.3302726992,-2260323.7598572653,-1840467.3896768168,-1596937.266123683,{"$f":"(AM209*(AL30-AM30)/AM30)","v":-1378561.433707247},-1183006.0635615322,-942507.00399099325,-800477.23032091779,-673051.93023869093,-558924.48258204735,-262174.85715271876,-216241.25684294244,-173401.00784575645,-133486.05886993994,-96336.636825947979,-61800.861360042087,-29734.37669209571,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BS209*(BR30-BS30)/BS30)","v":0},0,0,0,0,0]
[null,null,"Closing Balance",null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G209+G210+G212-G211","v":148600},{"$f":"H209+H210+H212-H211","v":172516.37055278904},196658.33677582437,219924.25356741381,242520.50930549233,264651.98733082192,285922.07692211005,307037.05954552523,327998.06628099899,348806.21996033721,369462.63522736705,391968.41859764617,413110.08400296845,434297.57894263591,455230.56921588856,475110.91073625913,494846.27968938823,515337.73325254972,511579.75786216342,507849.18659556529,11168245.819614831,21490804.096574284,31738087.621720385,41910645.317917846,52009022.105144575,45254232.460054353,39660336.196324192,34650626.513346285,30168966.760539845,26164352.813139915,22702293.061898891,19597830.381791264,16817786.721308321,14331882.269601222,12172159.332372935,10234513.891846817,8499077.2992072236,6947633.7145470288,5730393.3063379796,4595126.7079125317,3537380.5600534203,2552920.8758876105,1637722.8260411085,787960.9823405334,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT209+BT210+BT212-BT211","v":0},0,0,0,0]
[]
[null,null,"Valuation from Local Currency",null,{"$f":"Assumptions!G22","v":"PKR"},null,{"$f":"G213*G30","v":15668218.683382597},18323554.26150674,21041192.929523814,23703349.172215108,26330775.481325384,28944691.740047421,31500688.770202547,34075461.707319602,36669148.475925907,39281888.01371824,41913820.279005386,44793643.670205392,47556479.927301034,50362804.259202696,53178061.792098731,55908093.318814211,58658179.179452606,61535934.739606269,61535934.739606269,61535934.739606269,1363193780.7929428,2642432411.8563418,3931068106.0757523,5229169892.6329193,6536807307.7858763,6209966942.3965836,5883126577.0072899,5556286211.6179962,5229445846.2287016,4902605480.8394079,4575765115.4501133,4248924750.0608196,{"$f":"AM213*AM30","v":3922084384.671525},3595244019.2822313,3268403653.8929377,2941563288.503644,2614722923.1143503,2287882557.7250566,1961042192.3357625,1634201826.9464691,1307361461.5571752,980521096.16788149,653680730.7785877,326840365.38929397,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS213*BS30","v":0},0,0,0,0,0]
[null,null,"Difference"]
[]
[null,null,"Depreciation Expense",null,{"$f":"Assumptions!$F$78","v":"USD"},null,{"$f":"G199/G30","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,2381801.708423913,2203352.0109068989,2038272.1478438985,1885560.4225337398,1744290.1875426609,1621592.3615642064,1507525.4139839434,{"$f":"AM199/AM30","v":1401482.2267756935},1302898.3881455658,1217215.9332372937,1137168.210205202,1062384.6624009029,992519.102078147,955065.55105632998,919025.34158250631,884345.14001335495,850973.62529587001,818861.413020554,787960.98234053294,758226.60564843728,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS199/BS30","v":0},0,0,0,0,0]
[]
[null,"EBIT",null,null,{"$f":"Assumptions!G22","v":"PKR"},null,{"$f":"G179-G199","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,277865407.73616493,314147754.12369239,352607041.29447162,393373885.69549739,436586740.76058495,482392367.12957776,530946331.08071005,{"$f":"AM179-AM199","v":582413532.86891043},636968766.76440275,694797314.69362473,756095575.49859965,821071731.95187342,889946457.7923435,962953667.18324172,1040341309.1375941,1122372209.6092076,1209324964.1091175,1301494883.8790226,1399194998.8351212,1502757120.6885862,1939373335.242553,2055735735.357106,2179079879.4785323,2309824672.2472444,2448414152.5820789,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS179-BS199","v":0},0,0,0,0,0]
[null,"Taxes on EBIT",null,null,{"$f":"Assumptions!G23","v":"USD"},{"$f":"Assumptions!G141","v":0.2},{"$f":"G220*$F$221","v":0},{"$f":"H220*$F$221","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,55573081.547232985,62829550.82473848,70521408.258894324,78674777.139099479,87317348.152116999,96478473.425915554,106189266.21614201,116482706.57378209,127393753.35288055,138959462.93872496,151219115.09971994,164214346.39037469,177989291.5584687,192590733.43664837,208068261.82751882,224474441.92184153,241864992.82182351,260298976.77580452,279838999.76702422,300551424.13771725,387874667.04851061,411147147.07142121,435815975.89570647,461964934.44944888,489682830.51641583,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT220*$F$221","v":0},0,0,0,0]
[]
[null,"After-Tax Cash Flow",null,null,{"$f":"Assumptions!G22","v":"PKR"},null,{"$f":"G184-G221","v":-15668218.683382597},-2655335.5781241399,-2717638.6680170763,-2662156.2426912915,-2627426.3091102769,-2613916.2587220347,-2555997.0301551269,-2574772.9371170504,-2593686.7686063051,-2612739.5377923353,-2631932.2652871525,-2879823.3912000037,-2762836.2570956349,-2806324.3319016695,-2815257.5328960335,-2730031.5267154756,-2750085.8606383977,-2877755.5601536646,0,0,-1301657846.0533364,-1279238631.0633993,-1288635694.2194104,-1298101786.5571663,-1307637415.1529572,549132691.57822573,578158568.68824768,608925998.42487109,641539473.9456917,676109757.99776173,712754259.09295595,751597430.25386178,{"$f":"AM184-AM221","v":792771191.68442214},836415378.80081594,882678217.14419353,931716825.78817344,983697750.95079255,1038797531.6231686,1097203299.1358871,1159113412.699369,1224738133.0766597,1294300336.6765878,1368036272.4925117,1446196364.4573905,1529046061.9401627,1551498668.1940424,1644588588.2856848,1743263903.5828259,1847859737.7977955,1958731322.0656631,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS184-BS221","v":0},0,0,0,0,0]
[null,"After-Tax Cash Flow",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G223/G30","v":-148600},-25000,-25400,-24700,-24199.999999999996,-23900,-23199.999999999996,-23200,-23199.999999999996,-23199.999999999996,-23200,-25200,-24000,-24200,-24100,-23200,-23200,-24100,0,0,-10664100,-10404000,-10403999.999999998,-10404000,-10404000,4001724.7606322831,3897581.1430910649,3797440.6900724526,3701077.2525734552,3608280.1926030703,3536273.3144691088,3466683.8835624307,{"$f":"AM223/AM30","v":3399380.4092164272},3334240.0886186347,3287262.2344234907,3241701.0485765277,3197479.6069133817,3154525.8863591878,3206155.617473695,3259250.4257241795,3313823.2925585024,3369888.0749061229,3427459.4994479986,3486553.1576488707,3547185.5015340666,3463450.9840124673,3532720.0036927159,3603374.4037665706,3675441.8918419019,3748950.7296787398,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS223/BS30","v":0},0,0,0,0,0]
[null,"After-Tax Cash Flow Real",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G224/G34","v":-148600},-25000,-25400,-24700,-24199.999999999996,-23900,-23199.999999999996,-23200,-23199.999999999996,-23199.999999999996,-23200,-25200,-24000,-24200,-24100,-23200,-23200,-24100,0,0,-10664100,-10404000,-10403999.999999998,-10404000,-10404000,4001724.7606322831,3858991.2307832325,3722616.1063351166,3592229.1180669102,3467486.3424782213,3348068.1260334137,3233677.1798770684,{"$f":"AM224/AM34","v":3124036.8308055913},3018889.4154715859,2917994.8058892866,2821129.0553093059,2728083.1544470065,2638661.8888878189,2629263.2729393365,2620396.654120014,2612031.9193848036,2604140.6602006434,2596696.076064643,2589672.8834835095,2583047.2301050825,2472619.6737979678,2472619.6737979674,2472619.6737979678,2472619.6737979678,2472619.6737979674,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS224/BS34","v":0},0,0,0,0,0]
[]
[null,"After Tax IRR - Nominal",null,null,{"$f":"Assumptions!G22","v":"PKR"},{"$f":"XIRR(G223:BX223,G5:BX5)","v":0.11734928488731386}]
[null,"After Tax IRR - Nominal",null,null,"EUR",{"$f":"XIRR(G224:BX224,G5:BX5)","v":4.2907294631004331E-2},"Payback",{"$f":"payback(G223:AP223)","v":34.441160266284683}]
[null,"After Tax IRR - Real",null,null,"EUR",{"$f":"XIRR(G225:BX225,G5:BX5)","v":2.8973761200904849E-2},"Payback",{"$f":"payback(G224:AP224)","v":36}]
[]
["Debt Schedule "]
[null,"Currency of Debt",null,null,{"$f":"Assumptions!G146","v":"PKR"}]
[null,"Local Currency Debt",null,null,{"$f":"Assumptions!$G$144","v":true}]
[]
[null,null,"Drawdowns in Debt Currency",null,{"$f":"E232","v":"PKR"},{"$f":"SUM(G235:BX235)","v":3755982951.8985782},{"$f":"IF($E$233,G140,G123)","v":0},{"$f":"IF($E$233,H140,H123)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,740241045.61287725,745678726.81432235,751156352.27044487,756674215.4047507,762232611.79618299,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF($E$233,BT140,BT123)","v":0},0,0,0,0]
[null,null,"Drawdowns in Alternate Currency",null,{"$f":"Assumptions!H146","v":"USD"},{"$f":"SUM(G236:BX236)","v":30322886.15036251},{"$f":"IF($E$233,G123,G140)","v":0},{"$f":"IF($E$233,H123,H140)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,6064577.230072503,6064577.230072502,6064577.230072502,6064577.230072502,6064577.230072503,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF($E$233,BT123,BT140)","v":0},0,0,0,0]
[]
[null,"Repayments",null,null,null,null,"Debt",{"$f":"Assumptions!G23","v":"USD"},{"$f":"F166","v":30322886.15036251},{"$f":"Assumptions!G22","v":"PKR"},{"$f":"G166","v":3755982951.8985782},"Applied",{"$f":"IF(E233,K238,I238)","v":3755982951.8985782}]
[null,null,"Repayment Timing Switch",null,null,{"$f":"Assumptions!G151","v":22},{"$f":"AND(G21>0,G21<=$F$239)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,true,true,true,true,true,true,{"$f":"AND(AM21>0,AM21<=$F$239)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(BS21>0,BS21<=$F$239)","v":false},false,false,false,false,false]
[null,null,"Level Repayment",null,{"$f":"Assumptions!$G$147","v":"PKR"},{"$f":"IF($E$233,K238/F239,I238/F239)","v":170726497.81357172},{"$f":"IF(G239,PPMT(G259,G21,$F$239,-$M$238))*1","v":0},{"$f":"IF(H239,PPMT(H259,H21,$F$239,-$M$238))*1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,59738882.372343697,65115381.78585463,70975766.14658156,77363585.099773899,84326307.758753553,91915675.457041368,100188086.24817508,109205014.01051085,119033465.27145682,129746477.14588793,141423660.08901784,154151789.49702945,168025450.55176213,183147741.10142073,199631037.80054858,217597831.20259795,237181636.01083177,258527983.25180665,281795501.74446923,307157096.90147144,334801235.62260395,364933346.82863826,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF(BT239,PPMT(BT259,BT21,$F$239,-$M$238))*1","v":0},0,0,0,0]
[null,null,"Sculpted Repayment Calculations"]
[null,null,null,"EBITDA",{"$f":"Assumptions!$G$147","v":"PKR"},null,{"$f":"IF($E$233,G179*G239,G75*G239)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,604705773.12545872,640988119.51298618,679447406.68376541,720214251.08479118,763427106.14987874,809232732.51887155,857786696.47000384,{"$f":"IF($E$233,AM179*AM239,AM75*AM239)","v":909253898.25820422},963809132.15369654,1021637680.0829185,1082935940.8878934,1147912097.3411672,1216786823.1816373,1289794032.5725355,1367181674.5268879,1449212574.9985013,1536165329.4984114,1628335249.2683163,1726035364.2244148,1829597486.0778799,1939373335.242553,2055735735.357106,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF($E$233,BS179*BS239,BS75*BS239)","v":0},0,0,0,0,0]
[null,null,null,"Less: Tax",{"$f":"Assumptions!$G$147","v":"PKR"}]
[null,null,null,"CFADS (Cash Flow Available for Debt Service)",{"$f":"Assumptions!$G$147","v":"PKR"},{"$f":"llcr(I238,F239,F259,F221,AF240:BC240,AF349:BD349,AF350:BD350,AF351:BD351)","v":32.103744730575549},{"$f":"G242-G243","v":0},{"$f":"H242-H243","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,604705773.12545872,640988119.51298618,679447406.68376541,720214251.08479118,763427106.14987874,809232732.51887155,857786696.47000384,909253898.25820422,963809132.15369654,1021637680.0829185,1082935940.8878934,1147912097.3411672,1216786823.1816373,1289794032.5725355,1367181674.5268879,1449212574.9985013,1536165329.4984114,1628335249.2683163,1726035364.2244148,1829597486.0778799,1939373335.242553,2055735735.357106,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT242-BT243","v":0},0,0,0,0]
[null,null,null,"Target Debt Service",{"$f":"Assumptions!$G$147","v":"PKR"},{"$f":"E247/E248","v":2.4622744912245387},{"$f":"G244/$F$245","v":0},{"$f":"H244/$F$245","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,245588286.47277516,260323583.66114166,275942998.68081015,292499578.6016587,310049553.31775826,328652526.51682383,348371678.10783327,369273978.7943033,391430417.52196151,414916242.57327926,439811217.12767595,466199890.15533656,494171883.56465679,523822196.57853621,555251528.37324846,588566620.07564342,623880617.280182,661313454.316993,700992261.57601249,743051797.27057326,787634905.10680783,834892999.41321623,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT244/$F$245","v":0},0,0,0,0]
[null,null,null,"Discount Factor",null,1,{"$f":"F246*(1+G239*G259)","v":1},{"$f":"G246*(1+H239*H259)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1.0900000000000001,1.1881000000000002,1.2950290000000002,1.4115816100000003,1.5386239549000005,1.6771001108410006,1.8280391208166908,1.9925626416901931,2.1718932794423105,2.3673636745921187,2.5804264053054098,2.8126647817828969,3.0658046121433578,3.34172702723626,3.6424824596875238,3.9703058810594012,4.327633410354748,4.7171204172866759,5.1416612548424769,5.6044107677783002,6.1088077368783473,6.6586004331973987,6.6586004331973987,6.6586004331973987,6.6586004331973987,6.6586004331973987,6.6586004331973987,6.6586004331973987,6.6586004331973987,6.6586004331973987,6.6586004331973987,6.6586004331973987,6.6586004331973987,6.6586004331973987,6.6586004331973987,6.6586004331973987,6.6586004331973987,6.6586004331973987,6.6586004331973987,6.6586004331973987,{"$f":"BS246*(1+BT239*BT259)","v":6.6586004331973987},6.6586004331973987,6.6586004331973987,6.6586004331973987,6.6586004331973987]
[null,null,null,"NPV of Cash Flow",{"$f":"SUMPRODUCT(G244:BX244/G246:BX246)","v":9248261011.9341125}]
[null,null,null,"Debt",{"$f":"M238","v":3755982951.8985782}]
[null,null,null,"Repayments",{"$f":"Assumptions!$G$147","v":"PKR"}]
[]
[null,null,"Repayment Applied",null,"Sculpt",{"$f":"Assumptions!G150","v":false},{"$f":"IF($F$251,G249,G240)","v":0},{"$f":"IF($F$251,H249,H240)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,59738882.372343697,65115381.78585463,70975766.14658156,77363585.099773899,84326307.758753553,91915675.457041368,100188086.24817508,109205014.01051085,119033465.27145682,129746477.14588793,141423660.08901784,154151789.49702945,168025450.55176213,183147741.10142073,199631037.80054858,217597831.20259795,237181636.01083177,258527983.25180665,281795501.74446923,307157096.90147144,334801235.62260395,364933346.82863826,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF($F$251,BT249,BT240)","v":0},0,0,0,0]
[null,null,"Sum of Repayments",null,null,{"$f":"SUM(G251:BX251)","v":3755982951.8985772}]
[]
[null,null,"Opening Balance",null,{"$f":"Assumptions!$G$147","v":"PKR"},null,{"$f":"F257","v":0},{"$f":"G257","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,740241045.61287725,1485919772.4271996,2237076124.6976442,2993750340.1023951,3755982951.8985782,3696244069.5262346,3631128687.7403798,3560152921.5937982,3482789336.4940243,3398463028.7352705,3306547353.2782292,3206359267.0300541,3097154253.0195432,2978120787.7480865,2848374310.6021986,2706950650.5131807,2552798861.0161514,2384773410.4643893,2201625669.3629684,2001994631.5624199,1784396800.359822,1547215164.3489902,1288687181.0971835,1006891679.3527143,699734582.45124292,364933346.82863897,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,{"$f":"BS257","v":7.152557373046875E-7},7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7]
[null,null,"Add: Draws",null,{"$f":"Assumptions!$G$147","v":"PKR"},null,{"$f":"G235","v":0},{"$f":"H235","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,740241045.61287725,745678726.81432235,751156352.27044487,756674215.4047507,762232611.79618299,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT235","v":0},0,0,0,0]
[null,null,"Less: Repayments",null,{"$f":"Assumptions!$G$147","v":"PKR"},null,{"$f":"G251","v":0},{"$f":"H251","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,59738882.372343697,65115381.78585463,70975766.14658156,77363585.099773899,84326307.758753553,91915675.457041368,100188086.24817508,109205014.01051085,119033465.27145682,129746477.14588793,141423660.08901784,154151789.49702945,168025450.55176213,183147741.10142073,199631037.80054858,217597831.20259795,237181636.01083177,258527983.25180665,281795501.74446923,307157096.90147144,334801235.62260395,364933346.82863826,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT251","v":0},0,0,0,0]
[null,null,"Closing Balance",null,{"$f":"Assumptions!$G$147","v":"PKR"},null,{"$f":"G254+G255-G256","v":0},{"$f":"H254+H255-H256","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,740241045.61287725,1485919772.4271996,2237076124.6976442,2993750340.1023951,3755982951.8985782,3696244069.5262346,3631128687.7403798,3560152921.5937982,3482789336.4940243,3398463028.7352705,3306547353.2782292,3206359267.0300541,3097154253.0195432,2978120787.7480865,2848374310.6021986,2706950650.5131807,2552798861.0161514,2384773410.4643893,2201625669.3629684,2001994631.5624199,1784396800.359822,1547215164.3489902,1288687181.0971835,1006891679.3527143,699734582.45124292,364933346.82863897,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,{"$f":"BT254+BT255-BT256","v":7.152557373046875E-7},7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7,7.152557373046875E-7]
[]
[null,null,"Interest Rate",null,{"$f":"Assumptions!$G$147","v":"PKR"},{"$f":"SUM(Assumptions!K155:K157)","v":0.09},{"$f":"$F$259/12*G3","v":7.4999999999999997E-3},7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,0.09,0.09,0.09,0.09,0.09,0.09,0.09,{"$f":"$F$259/12*AM3","v":0.09},0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,0.09,{"$f":"$F$259/12*BS3","v":0.09},0.09,0.09,0.09,0.09,0.09]
[null,null,"Interest Accruded",null,{"$f":"Assumptions!$G$147","v":"PKR"},null,{"$f":"G259*AVERAGE(G257,G254)","v":0},{"$f":"H259*AVERAGE(H257,H254)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,2775903.9210482896,8348103.0676502874,13961234.614218162,19615599.243000146,25311499.845003646,335350215.96411651,329731774.07699764,323607672.42003798,316932401.61395198,309656356.43531823,301725467.19060749,293080797.91387272,283658108.40223187,273387376.83454335,262192279.4257628,249989623.25019205,236688728.01881993,222190752.21662435,206387958.59223112,189162913.54164246,170387614.43650088,149922538.41189656,127615605.54507782,103301048.72024539,76798181.781178072,47910056.817594685,16422000.607288785,6.4373016357421879E-8,6.4373016357421879E-8,6.4373016357421879E-8,6.4373016357421879E-8,6.4373016357421879E-8,6.4373016357421879E-8,6.4373016357421879E-8,6.4373016357421879E-8,6.4373016357421879E-8,6.4373016357421879E-8,6.4373016357421879E-8,6.4373016357421879E-8,6.4373016357421879E-8,6.4373016357421879E-8,6.4373016357421879E-8,6.4373016357421879E-8,6.4373016357421879E-8,6.4373016357421879E-8,{"$f":"BT259*AVERAGE(BT257,BT254)","v":6.4373016357421879E-8},6.4373016357421879E-8,6.4373016357421879E-8,6.4373016357421879E-8,6.4373016357421879E-8]
[null,null,"Interest Expense",null,{"$f":"Assumptions!$G$147","v":"PKR"},null,{"$f":"G260*G22","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,335350215.96411651,329731774.07699764,323607672.42003798,316932401.61395198,309656356.43531823,301725467.19060749,293080797.91387272,{"$f":"AM260*AM22","v":283658108.40223187},273387376.83454335,262192279.4257628,249989623.25019205,236688728.01881993,222190752.21662435,206387958.59223112,189162913.54164246,170387614.43650088,149922538.41189656,127615605.54507782,103301048.72024539,76798181.781178072,47910056.817594685,16422000.607288785,6.4373016357421879E-8,6.4373016357421879E-8,6.4373016357421879E-8,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS260*BS22","v":0},0,0,0,0,0]
[null,null,"Interest During Construction",null,{"$f":"Assumptions!$G$147","v":"PKR"},null,{"$f":"G260*G2","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,2775903.9210482896,8348103.0676502874,13961234.614218162,19615599.243000146,25311499.845003646,0,0,0,0,0,0,0,{"$f":"AM260*AM2","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS260*BS2","v":0},0,0,0,0,0]
[]
[null,null,"Debt Balance",null,{"$f":"Assumptions!$G$147","v":"PKR"},{"$f":"M238","v":3755982951.8985782}]
[null,null,"Debt Fees",null,{"$f":"Assumptions!$G$147","v":"PKR"},{"$f":"Assumptions!G154","v":0.02},{"$f":"$F$264*$F$265*G16","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,75119659.037971571,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$264*$F$265*AM16","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$264*$F$265*BS16","v":0},0,0,0,0,0]
[]
["DSRA - Debt Service Reserve Account"]
[null,null,"Debt Service",null,{"$f":"Assumptions!$G$147","v":"PKR"},null,{"$f":"G256+G261","v":0},{"$f":"H256+H261","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,395089098.33646023,394847155.86285228,394583438.56661952,394295986.71372586,393982664.19407177,393641142.64764887,393268884.1620478,392863122.41274273,392420842.10600019,391938756.57165074,391413283.33920991,390840517.51584935,390216202.76838648,389535699.69365185,388793951.34219104,387985445.63909882,387104174.4227283,386143588.79688448,385096550.46471465,383955278.68264949,382711292.44019866,381355347.43592703,6.4373016357421879E-8,6.4373016357421879E-8,6.4373016357421879E-8,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT256+BT261","v":0},0,0,0,0]
[null,null,"Next Period Debt Service",null,{"$f":"Assumptions!$G$147","v":"PKR"},null,{"$f":"H268","v":0},{"$f":"I268","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,395089098.33646023,394847155.86285228,394583438.56661952,394295986.71372586,393982664.19407177,393641142.64764887,393268884.1620478,392863122.41274273,392420842.10600019,391938756.57165074,391413283.33920991,390840517.51584935,390216202.76838648,389535699.69365185,388793951.34219104,387985445.63909882,387104174.4227283,386143588.79688448,385096550.46471465,383955278.68264949,382711292.44019866,381355347.43592703,6.4373016357421879E-8,6.4373016357421879E-8,6.4373016357421879E-8,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU268","v":0},0,0,0,0]
[null,null,"DSRA Requirement",null,{"$f":"Assumptions!$G$147","v":"PKR"},{"$f":"Assumptions!G159","v":0.5},{"$f":"$F$270*G269","v":0},{"$f":"$F$270*H269","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,197544549.16823012,197423577.93142614,197291719.28330976,197147993.35686293,196991332.09703588,196820571.32382444,196634442.0810239,196431561.20637137,196210421.05300009,195969378.28582537,195706641.66960496,195420258.75792468,195108101.38419324,194767849.84682593,194396975.67109552,193992722.81954941,193552087.21136415,193071794.39844224,192548275.23235732,191977639.34132475,191355646.22009933,190677673.71796352,3.218650817871094E-8,3.218650817871094E-8,3.218650817871094E-8,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$270*BT269","v":0},0,0,0,0]
[null,null,"Less: Opening DSRA",null,{"$f":"Assumptions!$G$147","v":"PKR"},null,{"$f":"G274","v":0},{"$f":"H274","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,197544549.16823012,197423577.93142614,197291719.28330976,197147993.35686293,196991332.09703588,196820571.32382444,196634442.0810239,196431561.20637137,196210421.05300009,195969378.28582537,195706641.66960496,195420258.75792468,195108101.38419324,194767849.84682593,194396975.67109552,193992722.81954941,193552087.21136415,193071794.39844224,192548275.23235732,191977639.34132475,191355646.22009933,190677673.71796352,0,3.218650817871094E-8,3.218650817871094E-8,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT274","v":0},0,0,0,0]
[null,null,"Required Balance",null,{"$f":"Assumptions!$G$147","v":"PKR"},null,{"$f":"G270-G271","v":0},{"$f":"H270-H271","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,197544549.16823012,-120971.23680397868,-131858.64811637998,-143725.92644682527,-156661.25982704759,-170760.77321144938,-186129.24280053377,-202880.87465253472,-221140.15337127447,-241042.76717472076,-262736.61622041464,-286382.91168028116,-312157.37373143435,-340251.5373673141,-370874.17573040724,-404252.85154610872,-440635.60818526149,-480292.81292191148,-523519.1660849154,-570635.89103257656,-621993.12122541666,-677972.50213581324,-190677673.71796349,3.218650817871094E-8,0,-3.218650817871094E-8,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT270-BT271","v":0},0,0,0,0]
[]
[null,null,"Opening DSRA",null,{"$f":"Assumptions!$G$147","v":"PKR"},null,{"$f":"F277","v":0},{"$f":"G277","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,197544549.16823012,197423577.93142614,197291719.28330976,197147993.35686293,196991332.09703588,196820571.32382444,196634442.0810239,196431561.20637137,196210421.05300009,195969378.28582537,195706641.66960496,195420258.75792468,195108101.38419324,194767849.84682593,194396975.67109552,193992722.81954941,193552087.21136415,193071794.39844224,192548275.23235732,191977639.34132475,191355646.22009933,190677673.71796352,0,3.218650817871094E-8,3.218650817871094E-8,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS277","v":0},0,0,0,0]
[null,null,"Add: Deposits During Construction",null,{"$f":"Assumptions!$G$147","v":"PKR"},null,{"$f":"G272*G2","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,197544549.16823012,0,0,0,0,0,0,0,{"$f":"AM272*AM2","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS272*BS2","v":0},0,0,0,0,0]
[null,null,"Add: New Deposits",null,{"$f":"Assumptions!$G$147","v":"PKR"},null,{"$f":"G272*G10","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-120971.23680397868,-131858.64811637998,-143725.92644682527,-156661.25982704759,-170760.77321144938,-186129.24280053377,-202880.87465253472,{"$f":"AM272*AM10","v":-221140.15337127447},-241042.76717472076,-262736.61622041464,-286382.91168028116,-312157.37373143435,-340251.5373673141,-370874.17573040724,-404252.85154610872,-440635.60818526149,-480292.81292191148,-523519.1660849154,-570635.89103257656,-621993.12122541666,-677972.50213581324,-190677673.71796349,3.218650817871094E-8,0,-3.218650817871094E-8,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS272*BS10","v":0},0,0,0,0,0]
[null,null,"Closing Balance",null,{"$f":"Assumptions!$G$147","v":"PKR"},null,{"$f":"SUM(G274:G276)","v":0},{"$f":"SUM(H274:H276)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,197544549.16823012,197423577.93142614,197291719.28330976,197147993.35686293,196991332.09703588,196820571.32382444,196634442.0810239,196431561.20637137,196210421.05300009,195969378.28582537,195706641.66960496,195420258.75792468,195108101.38419324,194767849.84682593,194396975.67109552,193992722.81954941,193552087.21136415,193071794.39844224,192548275.23235732,191977639.34132475,191355646.22009933,190677673.71796352,0,3.218650817871094E-8,3.218650817871094E-8,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BT274:BT276)","v":0},0,0,0,0]
[]
["Summary of Debt Items in Alternative Currency"]
[null,"Local Currency Switch",null,null,{"$f":"NOT(Assumptions!G144)","v":false}]
[]
[null,"Draws",null,null,{"$f":"Assumptions!$H$146","v":"USD"},null,{"$f":"IF($E$280,G255*G30,G255/G30)","v":0},{"$f":"IF($E$280,H255*H30,H255/H30)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,6064577.230072503,6064577.230072502,6064577.230072502,6064577.230072502,6064577.230072503,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF($E$280,BT255*BT30,BT255/BT30)","v":0},0,0,0,0]
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[null,"Interest During Construction",null,null,{"$f":"Assumptions!$H$146","v":"USD"},null,{"$f":"IF($E$280,G262*G30,G262/G30)","v":0},{"$f":"IF($E$280,H262*H30,H262/H30)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,22742.164612771889,67894.810402680145,112718.19147793543,157214.70892158436,201386.746307358,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF($E$280,BT262*BT30,BT262/BT30)","v":0},0,0,0,0]
[null,"Interest Expense",null,null,{"$f":"Assumptions!$H$146","v":"USD"},null,{"$f":"IF($E$280,G261*G30,G261/G30)","v":0},{"$f":"IF($E$280,H261*H30,H261/H30)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,2443816.0089323679,2222844.0682567242,2018112.1286433425,1828400.8231053443,1652582.1203173553,1496986.80058356,1351812.0709466329,1216317.9322512259,1089816.345642657,976454.11609032936,869783.18024670065,769349.50831691234,674728.67256602272,603089.61278237833,531897.31025201164,461024.63068144867,390343.84836148529,319726.40513863263,249042.66561280168,178161.66807474065,106950.87068436884,35275.892377738688,1.330607941567809E-10,1.2803963211312879E-10,1.232079478824447E-10,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF($E$280,BT261*BT30,BT261/BT30)","v":0},0,0,0,0]
[null,"Development Fees",null,null,{"$f":"Assumptions!$H$146","v":"USD"},null,{"$f":"(G82+G83)*G30","v":0},{"$f":"(H82+H83)*H30","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,440733503.1113162,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BT82+BT83)*BT30","v":0},0,0,0,0]
[null,"Debt Fees",null,null,{"$f":"Assumptions!$H$146","v":"USD"},null,{"$f":"IF($E$280,G265*G30,G265/G30)","v":0},{"$f":"IF($E$280,H265*H30,H265/H30)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,615433.27870357072,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF($E$280,BT265*BT30,BT265/BT30)","v":0},0,0,0,0]
[null,"DSRA Deposits During Construction",null,null,{"$f":"Assumptions!$H$146","v":"USD"},null,{"$f":"IF($E$280,G275*G30,G275/G30)","v":0},{"$f":"IF($E$280,H275*H30,H275/H30)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1571730.4091561642,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF($E$280,BT275*BT30,BT275/BT30)","v":0},0,0,0,0]
[null,"DSRA Changes After Construction",null,null,{"$f":"Assumptions!$H$146","v":"USD"},null,{"$f":"IF($E$280,G276*G30,G276/G30)","v":0},{"$f":"IF($E$280,H276*H30,H276/H30)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-881.56032424784553,-888.9080060127967,-896.3169296751156,-903.78760567813265,-911.32054871850778,-923.46536826800991,-935.77203717079647,-948.24271233189677,-960.87957939964406,-978.48133025865388,-996.40551656135028,-1014.658044800012,-1033.2449296655259,-1083.7374649077733,-1136.6974655512806,-1192.2455115093605,-1250.5080751849457,-1311.6178094251952,-1375.7138495462075,-1442.942130118158,-1513.4557172317225,-409592.30594151985,6.6530397078390451E-11,0,-6.1603973941222348E-11,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF($E$280,BT276*BT30,BT276/BT30)","v":0},0,0,0,0]
[]
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[null,"Change in Exchage Rate This to Last Year",null,null,null,null,{"$f":"IF($E$280,G30-F30,G31-F31)","v":9.4841668349703485E-3},{"$f":"IF($E$280,H30-G30,H31-G31)","v":-6.9160985630117855E-5},-6.8656645921993248E-5,-6.8155983988833421E-5,-6.765897301134853E-5,-6.7165586365837068E-5,-6.6675797622735636E-5,-6.6189580545206878E-5,-6.5706909087758641E-5,-6.5227757394804159E-5,-6.4752099799324572E-5,-6.4279910821453401E-5,-6.3811165167144274E-5,-6.3345837726798762E-5,-6.2883903573908093E-5,-6.2425337963759042E-5,-6.1970116332066977E-5,-6.1518214293676543E-5,-6.106960764126583E-5,-6.0624272344026245E-5,-6.0182184546396164E-5,-5.9743320566775504E-5,-5.9307656896247229E-5,-5.8875170197338761E-5,-5.8445837302752157E-5,-6.6897917144623838E-4,-5.4598426759334181E-4,-5.0507795408433372E-4,-4.6723642940573341E-4,-4.3223007299852435E-4,-3.7540597481682328E-4,-3.489989599185523E-4,-3.2444948188068388E-4,-3.0162687681708523E-4,-2.6215383404744764E-4,-2.449138218798292E-4,-2.2880756394708362E-4,-2.1376050121453116E-4,-1.1459279510107846E-4,-1.1026853868216936E-4,-1.0610746175076721E-4,-1.0210340659036043E-4,-9.8250447851101937E-5,-9.4542883781249115E-5,-9.0975227789503923E-5,-8.754220032574896E-5,-8.4238721068173421E-5,-8.1059901405223546E-5,-7.8001037201252347E-5,-7.5057601835167758E-5,-7.2225239501765405E-5,-6.949975876584919E-5,-6.6877126359590885E-5,-6.4353461213946224E-5,-6.1925028715306609E-5,-5.9588235178880018E-5,-5.7339622530620154E-5,-5.5175863189842493E-5,-5.3093755144942387E-5,-5.1090217214944545E-5,-4.9162284489852629E-5,-4.7307103943065431E-5,-4.5521930209364804E-5,-4.3804121522219089E-5,-4.2151135804399447E-5,{"$f":"IF($E$280,BT30-BS30,BT31-BS31)","v":-4.0560526906120329E-5},-3.9029940985134534E-5,-3.7557113023431454E-5,-3.6139863475377274E-5,-3.4776095042344255E-5]
[]
[null,"Debt Balance"]
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[null,null,"Less: Repayments",null,null,null,{"$f":"G283","v":0},{"$f":"H283","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,435338.43172739341,438966.91654944816,442625.64428401506,446314.86700153147,450034.83887340722,456032.2806261165,462109.64798562363,468268.00608984672,474508.4342713884,483200.65691786923,492052.10694384226,501065.70113588916,510244.40971137717,535178.99501614063,561332.08175372181,588763.21556017722,617534.85194321244,647712.49848156935,679364.8639734044,712564.01487323665,747385.53937364579,783908.71950530121,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT283","v":0},0,0,0,0]
[null,null,"Exchange Rate Translation Adjustment - Gain on Reduction of Liabilitiy",null,null,null,{"$f":"G295*G291","v":0},{"$f":"H295*H291","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,44224.458084734732,88126.420038461554,131708.23758597873,174972.2453026828,2512674.363127307,2018091.1111465136,1834003.0486208412,1663433.1392238743,1505366.2891512965,1275803.3261812967,1153981.5872155428,1040301.6029112302,934184.96435903781,780725.78276456625,697606.23855390784,619370.78406889376,545687.56403069641,273277.85078784579,242770.04528580763,212426.5687937508,182192.99202567679,152014.58281930489,121836.20239285665,91602.199888469258,61256.304991800964,30741.518411972647,9.8843197777586028E-12,9.5113265785979146E-12,9.1524085944998772E-12,8.8070346852735022E-12,8.4746937537536804E-12,8.1548939894611262E-12,7.8471621408022305E-12,7.5510428147342162E-12,7.2660978028574387E-12,6.9919054329382977E-12,6.7280599449029069E-12,6.4741708903782426E-12,6.2298625548922746E-12,5.9947734018775096E-12,5.7685555376556805E-12,5.5508741966120582E-12,5.3414072457965145E-12,5.1398447082192926E-12,{"$f":"BT295*BT291","v":4.9458883041355673E-12},4.7592510096398495E-12,4.5796566319176129E-12,4.4068394005244877E-12,4.2405435740895949E-12]
[null,null,"Closing Balance",null,null,null,{"$f":"G295+G296-G297-G298","v":0},{"$f":"H295+H296-H297-H298","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AA295+AA296-AA297-AA298","v":6064577.230072503},12084930.00206027,18061380.812094308,23994249.80458083,29883854.789350647,26935841.994495947,24478783.966799986,22202155.27389513,20092407.267669726,18137006.139645021,16405170.532837607,14789079.29763644,13280509.688635362,11871816.290004937,10607889.8503225,9418231.5048247501,8297795.0196199678,7241863.0458778944,6433406.2000739081,5629304.0730343787,4828114.288680451,4028386.4447115618,3228659.3634106875,2427458.2970444267,1623292.0822827208,814650.23791727412,2.6193447411060333E-10,2.5205015433284471E-10,2.425388277542468E-10,2.3338641915974692E-10,2.2457938447447341E-10,2.1610469072071972E-10,2.0794979673125858E-10,2.0010263459045635E-10,1.9255159177572214E-10,1.8528549397286469E-10,1.7829358853992639E-10,1.7156552859502349E-10,1.6509135770464525E-10,1.5886149514975298E-10,1.5286672174787547E-10,1.4709816621021979E-10,1.4154729201360772E-10,1.3620588476781121E-10,1.3106604005959191E-10,{"$f":"BT295+BT296-BT297-BT298","v":1.2612015175545634E-10},1.213609007458165E-10,1.167812441138989E-10,1.1237440471337441E-10,1.0813386113928481E-10]
[]
[null,"DSRA Balance"]
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[]
[]
["Depreciation and Amortisation for Profit and Loss in Local Currency"]
[null,null,"IDC and Development Fee Balance"]
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[]
[null,null,"Depreciation on IDC and Development",null,{"$f":"Assumptions!$G$22","v":"PKR"},{"$f":"F199","v":0.05},{"$f":"MIN($F$316*G311*G22,F318)","v":0},{"$f":"MIN($F$316*H311*H22,G318)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,25537292.190111838,25537292.190111838,25537292.190111838,25537292.190111838,25537292.190111838,25537292.190111838,25537292.190111838,{"$f":"MIN($F$316*AM311*AM22,AL318)","v":25537292.190111838},25537292.190111838,25537292.190111838,25537292.190111838,25537292.190111838,25537292.190111838,25537292.190111838,25537292.190111838,25537292.190111838,25537292.190111838,25537292.190111838,25537292.190111838,25537292.190111838,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN($F$316*BS311*BS22,BR318)","v":0},0,0,0,0,0]
[null,null,"Accumulated Depreciation",null,{"$f":"Assumptions!$G$22","v":"PKR"},null,{"$f":"F317+G316","v":0},{"$f":"G317+H316","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,25537292.190111838,51074584.380223677,76611876.570335507,102149168.76044735,127686460.9505592,153223753.14067104,178761045.33078289,204298337.52089474,229835629.71100658,255372921.90111843,280910214.09123027,306447506.28134209,331984798.47145391,357522090.66156572,383059382.85167754,408596675.04178935,434133967.23190117,459671259.42201298,485208551.6121248,510745843.80223662,510745843.80223662,510745843.80223662,510745843.80223662,510745843.80223662,510745843.80223662,510745843.80223662,510745843.80223662,510745843.80223662,510745843.80223662,510745843.80223662,510745843.80223662,510745843.80223662,510745843.80223662,510745843.80223662,510745843.80223662,510745843.80223662,510745843.80223662,510745843.80223662,510745843.80223662,510745843.80223662,{"$f":"BS317+BT316","v":510745843.80223662},510745843.80223662,510745843.80223662,510745843.80223662,510745843.80223662]
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[]
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[null,null,"Amortization of Fees",null,{"$f":"Assumptions!$G$22","v":"PKR"},{"$f":"Assumptions!G140","v":5},{"$f":"MIN(G320/$F$321*G22,F323)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,15023931.807594314,15023931.807594314,15023931.807594314,15023931.807594314,15023931.807594314,0,0,{"$f":"MIN(AM320/$F$321*AM22,AL323)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN(BS320/$F$321*BS22,BR323)","v":0},0,0,0,0,0]
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[null,null,"Net Fee Balance",null,{"$f":"Assumptions!$G$22","v":"PKR"},null,{"$f":"G320-G322","v":0},{"$f":"H320-H322","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,75119659.037971571,75119659.037971571,75119659.037971571,75119659.037971571,75119659.037971571,60095727.230377257,45071795.422782943,30047863.615188628,15023931.807594314,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT320-BT322","v":0},0,0,0,0]
[]
[null,null,"Depreciation on IDC and Fees in Foreign Currency"]
[null,null,null,"Depreciation on IDC and Development",{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G316/G30","v":0},{"$f":"H316/H30","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,186099.30904489633,172156.34927216097,159258.02597992544,147326.07276032667,136288.08709280996,126701.23502399899,117788.7466105138,{"$f":"AM316/AM30","v":109503.18539079638},101800.45170512761,95105.752646299836,88851.316815557628,83008.191199733265,77549.326821513023,74622.937130135164,71806.977238431951,69097.279984151493,66489.835456447676,63980.785061864728,61566.415814247186,59243.15484012464,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS316/BS30","v":0},0,0,0,0,0]
[null,null,null,"Amortisation on Debt Fees",{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G321/G30","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,109484.7217048934,101281.89130055171,93693.634560869425,86673.906307453843,80180.111165532493,0,0,{"$f":"AM321/AM30","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS321/BS30","v":0},0,0,0,0,0]
[]
[null,null,"IDC and Development Fees"]
[null,null,null,"Opening Balance",{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"F335","v":0},{"$f":"G335","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AA335","v":3633542.1646127719},{"$f":"AB335","v":3674940.2503367374},3760859.8316396684,3890649.3826850913,4063664.5123043568,3535886.8718530303,3098814.2868988975,2707386.4416587329,2357217.1641652272,2044321.30639215,1773817.2903359865,1531253.7059366798,1314038.224689557,1119804.9687564038,951057.52646299859,799661.85134001891,664065.52959786623,542845.28775059129,447737.62278081116,359034.88619215996,276389.11993660615,199469.50636934317,127961.5701237296,61566.415814247317,1.2823875294998288E-10,1.233995547254552E-10,1.1874296775468331E-10,1.1426210104695941E-10,1.0995032364896095E-10,1.0580125483201902E-10,1.0180875464967866E-10,9.7966914851577595E-11,9.4270050140197308E-11,9.0712689757548339E-11,8.7289569389338967E-11,8.3995623374646935E-11,8.0825977209565915E-11,7.7775940333733228E-11,7.4840999189064057E-11,7.2016810540420133E-11,6.9299195048328793E-11,6.668413108424091E-11,6.4167748779175214E-11,6.1746324296942192E-11,{"$f":"BS335","v":5.941627432347267E-11},5.7174150764096329E-11,5.5016635640922891E-11,5.2940536182774855E-11,5.094278010040599E-11]
[null,null,null,"Add: Develoment Fee",{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G82+G83","v":0},{"$f":"H82+H83","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,3610800,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT82+BT83","v":0},0,0,0,0]
[null,null,null,"Add: IDC",{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G88","v":0},{"$f":"H88","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,22742.164612771889,67894.810402680145,112718.19147793543,157214.70892158436,201386.746307358,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT88","v":0},0,0,0,0]
[null,null,null,"Less: Depreciation",{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G326","v":0},{"$f":"H326","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,186099.30904489633,172156.34927216097,159258.02597992544,147326.07276032667,136288.08709280996,126701.23502399899,117788.7466105138,109503.18539079638,101800.45170512761,95105.752646299836,88851.316815557628,83008.191199733265,77549.326821513023,74622.937130135164,71806.977238431951,69097.279984151493,66489.835456447676,63980.785061864728,61566.415814247186,59243.15484012464,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT326","v":0},0,0,0,0]
[null,null,null,"Less: Exchange Rate Loss",{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G330*G291","v":0},{"$f":"H330*H291","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,26496.724678714785,26798.610175004076,27425.157876161553,28371.616688092563,341678.33140643028,264916.23568197218,232169.81926023928,202843.20473317907,176607.77068026728,143802.78103216467,124774.83778879275,107712.2958563265,92432.804228025401,73641.689647105421,62544.358307422059,52588.130542419356,43670.915025761904,20484.727839645006,16895.759350219272,13548.486271402304,10429.778110815292,7527.1511837488315,4828.7384952350994,2323.2609741225488,4.8391982245276698E-12,4.6565869707719001E-12,4.4808667077238925E-12,4.3117773979984686E-12,4.1490688169419219E-12,3.9925001823403558E-12,3.8418397981010668E-12,3.6968647113802882E-12,3.5573603826489641E-12,3.4231203682093774E-12,3.2939460146920365E-12,3.1696461650810197E-12,3.0500368758326874E-12,2.9349411446691771E-12,2.824188648643927E-12,2.7176154920913432E-12,2.6150639640878796E-12,2.5163823050656904E-12,2.4214244822330254E-12,2.3300499734695173E-12,{"$f":"BT330*BT291","v":2.242123559376338E-12},2.1575151231734409E-12,2.0760994581480377E-12,1.9977560823688633E-12,1.9223690603926765E-12]
[null,null,null,"Closing Balance",{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G330+G331+G332-G333-G334","v":0},{"$f":"H330+H331+H332-H333-H334","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,3633542.1646127719,3674940.2503367374,3760859.8316396684,3890649.3826850913,4063664.5123043568,3535886.8718530303,3098814.2868988975,2707386.4416587329,2357217.1641652272,2044321.30639215,1773817.2903359865,1531253.7059366798,1314038.224689557,1119804.9687564038,951057.52646299859,799661.85134001891,664065.52959786623,542845.28775059129,447737.62278081116,359034.88619215996,276389.11993660615,199469.50636934317,127961.5701237296,61566.415814247317,1.2823875294998288E-10,1.233995547254552E-10,1.1874296775468331E-10,1.1426210104695941E-10,1.0995032364896095E-10,1.0580125483201902E-10,1.0180875464967866E-10,9.7966914851577595E-11,9.4270050140197308E-11,9.0712689757548339E-11,8.7289569389338967E-11,8.3995623374646935E-11,8.0825977209565915E-11,7.7775940333733228E-11,7.4840999189064057E-11,7.2016810540420133E-11,6.9299195048328793E-11,6.668413108424091E-11,6.4167748779175214E-11,6.1746324296942192E-11,5.941627432347267E-11,{"$f":"BT330+BT331+BT332-BT333-BT334","v":5.7174150764096329E-11},5.5016635640922891E-11,5.2940536182774855E-11,5.094278010040599E-11,4.9020411040013312E-11]
[]
[null,null,"Fee Balance"]
[null,null,null,"Opening Balance",null,null,{"$f":"F342","v":0},{"$f":"G342","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,615433.27870357072,610945.38083279831,606490.2098684113,602067.52715738455,597677.09578701307,437938.88681957353,303845.67390165507,187387.26912173882,86673.906307453813,-3.0013325158506632E-11,-2.7902111225393139E-11,-2.5939405471491145E-11,-2.4114761452247212E-11,-2.241846755269364E-11,-2.0944162762179441E-11,-1.9566812618998925E-11,-1.8280041098533523E-11,-1.70778914824182E-11,-1.6433442747232606E-11,-1.5813312832242697E-11,-1.521658404612033E-11,-1.4642373327398811E-11,-1.4089830937685645E-11,-1.3558139204188072E-11,-1.3046511309690407E-11,-1.2554190128192655E-11,-1.208044710448727E-11,-1.1624581176016054E-11,-1.1185917735411674E-11,-1.0763807632188592E-11,-1.0357626212106003E-11,-9.9667723927812498E-12,-9.5906677741857307E-12,-9.2287557827070226E-12,-8.8805008475105313E-12,-8.5453876079818313E-12,-8.2229201510768558E-12,-7.9126212774513128E-12,-7.6140317952833397E-12,-7.326709840744346E-12,-7.0502302241124825E-12,-6.784183800561068E-12,-6.5281768646908391E-12,-6.2818305679100532E-12,{"$f":"BS342","v":-6.0447803578002399E-12},-5.8166754386379659E-12,-5.5971782522742693E-12,-5.3859639786035413E-12,-5.1827200548826533E-12]
[null,null,null,"Add: Fees",null,null,{"$f":"G89","v":0},{"$f":"H89","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,615433.27870357072,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT89","v":0},0,0,0,0]
[null,null,null,"Less: Amortisation of Fees",null,null,{"$f":"G321/G30","v":0},{"$f":"H321/H30","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,109484.7217048934,101281.89130055171,93693.634560869425,86673.906307453843,80180.111165532493,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT321/BT30","v":0},0,0,0,0]
[null,null,null,"Less: Translation Adjustment - Loss from Asset Reduction",null,null,{"$f":"G338*G291","v":0},{"$f":"H338*H291","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,4487.8978707723618,4455.1709643870663,4422.6827110266968,4390.4313703714843,50253.487262546158,32811.321617366768,22764.77021904683,14039.456506831171,6493.7951419213505,-2.1112139331134944E-12,-1.9627057539019929E-12,-1.8246440192439313E-12,-1.6962938995535711E-12,-1.4743047905141979E-12,-1.3773501431805149E-12,-1.2867715204654014E-12,-1.2021496161153218E-12,-6.4444873518559411E-13,-6.2012991498990912E-13,-5.9672878612236778E-13,-5.7421071872151997E-13,-5.525423897131651E-13,-5.3169173349757374E-13,-5.1162789449766496E-13,-4.9232118149775265E-13,-4.7374302370538377E-13,-4.5586592847121712E-13,-4.3866344060437944E-13,-4.2211010322308196E-13,-4.0618142008258994E-13,-3.9085381932475333E-13,-3.7610461859551905E-13,-3.6191199147870775E-13,-3.4825493519649206E-13,-3.351132395286993E-13,-3.2246745690497511E-13,-3.1029887362554284E-13,-2.9858948216797393E-13,-2.8732195453899397E-13,-2.7647961663186387E-13,-2.6604642355141451E-13,-2.5600693587022855E-13,-2.4634629678078622E-13,-2.3705021010981341E-13,{"$f":"BT338*BT291","v":-2.2810491916227428E-13},-2.1949718636369624E-13,-2.1121427367072756E-13,-2.0324392372088842E-13,-1.9557434169368476E-13]
[null,null,null,"Closing Balance",null,null,{"$f":"G338+G339-G340-G341","v":0},{"$f":"H338+H339-H340-H341","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,615433.27870357072,610945.38083279831,606490.2098684113,602067.52715738455,597677.09578701307,437938.88681957353,303845.67390165507,187387.26912173882,86673.906307453813,-3.0013325158506632E-11,-2.7902111225393139E-11,-2.5939405471491145E-11,-2.4114761452247212E-11,-2.241846755269364E-11,-2.0944162762179441E-11,-1.9566812618998925E-11,-1.8280041098533523E-11,-1.70778914824182E-11,-1.6433442747232606E-11,-1.5813312832242697E-11,-1.521658404612033E-11,-1.4642373327398811E-11,-1.4089830937685645E-11,-1.3558139204188072E-11,-1.3046511309690407E-11,-1.2554190128192655E-11,-1.208044710448727E-11,-1.1624581176016054E-11,-1.1185917735411674E-11,-1.0763807632188592E-11,-1.0357626212106003E-11,-9.9667723927812498E-12,-9.5906677741857307E-12,-9.2287557827070226E-12,-8.8805008475105313E-12,-8.5453876079818313E-12,-8.2229201510768558E-12,-7.9126212774513128E-12,-7.6140317952833397E-12,-7.326709840744346E-12,-7.0502302241124825E-12,-6.784183800561068E-12,-6.5281768646908391E-12,-6.2818305679100532E-12,-6.0447803578002399E-12,{"$f":"BT338+BT339-BT340-BT341","v":-5.8166754386379659E-12},-5.5971782522742693E-12,-5.3859639786035413E-12,-5.1827200548826533E-12,-4.9871457131889689E-12]
[]
["Financials in Foreign Currency"]
["Profit and Loss"]
[null,"Revenues",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G61","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,5412345.3964078929,5307251.3110407498,5204197.8875253974,5103145.5013598539,5004055.2974499539,4931180.7057395168,4859367.3944908828,{"$f":"AM61","v":4788599.9081633454},4718863.0162968887,4673048.8122551721,4627679.4063109467,4582750.4800360836,4538257.7569289356,4629022.9120675148,4721603.3703088658,4816035.4377150433,4912356.1464693453,5010603.2693987312,5110815.3347867047,5213031.6414824389,5317292.2743120864,5423638.1197983278,5532110.8821942946,5642753.0998381805,5755608.161834945,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS61","v":0},0,0,0,0,0]
[null,"Less: Operating Expenses",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G71","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1005639.8727235174,986112.88490364351,966965.06189580588,948189.04127646959,929777.6035817808,916237.15304418211,902893.89353382995,{"$f":"AM71","v":889744.95333673514},876787.50255998655,868275.00253513246,859845.14814158739,851497.13699458167,843230.17449948855,860094.7779894782,877296.67354926816,894842.60702025343,912739.45916065853,930994.24834387156,949614.13331074885,968606.41597696382,987978.54429650295,1007738.115182433,1027892.8774860817,1048450.7350358033,1069419.7497365193,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS71","v":0},0,0,0,0,0]
[null,null,"EBITDA",null,{"$f":"Assumptions!G23","v":"USD"},null,{"$f":"G346-G347","v":0},{"$f":"H346-H347","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,4406705.5236843759,4321138.4261371065,4237232.8256295919,4154956.4600833841,4074277.6938681733,4014943.5526953349,3956473.5009570527,3898854.9548266102,3842075.5137369023,3804773.8097200394,3767834.2581693595,3731253.3430415019,3695027.5824294472,3768928.1340780365,3844306.6967595974,3921192.83069479,3999616.6873086868,4079609.0210548597,4161201.201475956,4244425.225505475,4329313.7300155833,4415900.0046158945,4504218.0047082128,4594302.3648023773,4686188.4120984254,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT346-BT347","v":0},0,0,0,0]
[null,"Less: Base Depreciation",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G218","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,2381801.708423913,2203352.0109068989,2038272.1478438985,1885560.4225337398,1744290.1875426609,1621592.3615642064,1507525.4139839434,{"$f":"AM218","v":1401482.2267756935},1302898.3881455658,1217215.9332372937,1137168.210205202,1062384.6624009029,992519.102078147,955065.55105632998,919025.34158250631,884345.14001335495,850973.62529587001,818861.413020554,787960.98234053294,758226.60564843728,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS218","v":0},0,0,0,0,0]
[null,"Less: Depreciation on IDC",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G326","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,186099.30904489633,172156.34927216097,159258.02597992544,147326.07276032667,136288.08709280996,126701.23502399899,117788.7466105138,{"$f":"AM326","v":109503.18539079638},101800.45170512761,95105.752646299836,88851.316815557628,83008.191199733265,77549.326821513023,74622.937130135164,71806.977238431951,69097.279984151493,66489.835456447676,63980.785061864728,61566.415814247186,59243.15484012464,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS326","v":0},0,0,0,0,0]
[null,"Less: Amortisation of Fees",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G327","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,109484.7217048934,101281.89130055171,93693.634560869425,86673.906307453843,80180.111165532493,0,0,{"$f":"AM327","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS327","v":0},0,0,0,0,0]
[null,null,"EBIT ",null,{"$f":"Assumptions!G23","v":"USD"},null,{"$f":"G348-G349-G350-G351","v":0},{"$f":"H348-H349-H350-H351","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1729319.784510673,1844348.1746574948,1946009.0172448987,2035396.0584818637,2113519.30806717,2266649.9561071293,2331159.3403625954,2387869.5426601199,2437376.6738862093,2492452.1238364456,2541814.7311486001,2585860.4894408653,2624959.153529787,2739239.6458915714,2853474.3779386589,2967750.4106972837,3082153.2265563691,3196766.8229724411,3311673.8033211762,3426955.4650169127,4329313.7300155833,4415900.0046158945,4504218.0047082128,4594302.3648023773,4686188.4120984254,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT348-BT349-BT350-BT351","v":0},0,0,0,0]
[null,"Less: Interest Expense",null,null,{"$f":"Assumptions!G23","v":"USD"},null,{"$f":"IF(Local_Switch,G285,G261)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,2443816.0089323679,2222844.0682567242,2018112.1286433425,1828400.8231053443,1652582.1203173553,1496986.80058356,1351812.0709466329,{"$f":"IF(Local_Switch,AM285,AM261)","v":1216317.9322512259},1089816.345642657,976454.11609032936,869783.18024670065,769349.50831691234,674728.67256602272,603089.61278237833,531897.31025201164,461024.63068144867,390343.84836148529,319726.40513863263,249042.66561280168,178161.66807474065,106950.87068436884,35275.892377738688,1.330607941567809E-10,1.2803963211312879E-10,1.232079478824447E-10,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF(Local_Switch,BS285,BS261)","v":0},0,0,0,0,0]
[null,"Add: Interest Income",null,null,{"$f":"Assumptions!G23","v":"USD"}]
[null,null,"EBT",null,{"$f":"Assumptions!G23","v":"USD"},null,{"$f":"G352-G353+G354","v":0},{"$f":"H352-H353+H354","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-714496.22442169487,-378495.8935992294,-72103.111398443813,206995.23537651938,460937.18774981471,769663.15552356932,979347.26941596251,1171551.610408894,1347560.3282435522,1515998.0077461163,1672031.5509018996,1816510.9811239531,1950230.4809637642,2136150.0331091932,2321577.0676866472,2506725.7800158351,2691809.3781948839,2877040.4178338083,3062631.1377083743,3248793.7969421721,4222362.8593312148,4380624.1122381557,4504218.0047082128,4594302.3648023773,4686188.4120984254,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT352-BT353+BT354","v":0},0,0,0,0]
[null,"NOL (Net Operating Loss) Balance",null,null,{"$f":"Assumptions!$G$23","v":"USD"}]
[null,"Opening Balance",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"F360","v":0},{"$f":"G360","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,714496.22442169487,1092992.1180209243,1165095.2294193681,958099.9940428487,497162.80629303399,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS360","v":0},0,0,0,0]
[null,"Add: Losses Carried Forward",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"MAX(-G355,0)","v":0},{"$f":"MAX(-H355,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,714496.22442169487,378495.8935992294,72103.111398443813,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MAX(-BT355,0)","v":0},0,0,0,0]
[null,"Less: NOL Used",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"MIN(G357,MAX(G355,0))","v":0},{"$f":"MIN(H357,MAX(H355,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,206995.23537651938,460937.18774981471,497162.80629303399,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN(BT357,MAX(BT355,0))","v":0},0,0,0,0]
[null,"Closing Balance",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G357+G358-G359","v":0},{"$f":"H357+H358-H359","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,714496.22442169487,1092992.1180209243,1165095.2294193681,958099.9940428487,497162.80629303399,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT357+BT358-BT359","v":0},0,0,0,0]
[null,null,"Adjusted EBT",null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G355+G358-G359","v":0},{"$f":"H355+H358-H359","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,272500.34923053533,979347.26941596251,1171551.610408894,1347560.3282435522,1515998.0077461163,1672031.5509018996,1816510.9811239531,1950230.4809637642,2136150.0331091932,2321577.0676866472,2506725.7800158351,2691809.3781948839,2877040.4178338083,3062631.1377083743,3248793.7969421721,4222362.8593312148,4380624.1122381557,4504218.0047082128,4594302.3648023773,4686188.4120984254,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT355+BT358-BT359","v":0},0,0,0,0]
[null,null,"Taxes Paid",null,{"$f":"Assumptions!$G$23","v":"USD"},{"$f":"Assumptions!G141","v":0.2},{"$f":"G361*$F$362","v":0},{"$f":"H361*$F$362","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,54500.069846107071,195869.4538831925,234310.32208177881,269512.06564871047,303199.60154922324,334406.31018037995,363302.19622479065,390046.09619275288,427230.00662183866,464315.41353732947,501345.15600316704,538361.87563897681,575408.08356676169,612526.22754167486,649758.75938843447,844472.57186624303,876124.82244763116,900843.60094164265,918860.47296047548,937237.68241968518,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT361*$F$362","v":0},0,0,0,0]
[]
[null,null,"Losses on Currency Translation from Plant Reductions - Plant",null,null,null,{"$f":"G212","v":0},-1083.629447210963,-1258.0337769646844,-1434.0832084105782,-1603.7442619214701,-1768.521974670432,-1929.910408711854,-2085.0173765848376,-2238.9932645262452,-2391.8463206617562,-2543.5847329701442,-2694.2166297208905,-2858.3345946777381,-3012.5050603325121,-3167.0097267473525,-3319.6584796294292,-3464.6310468709166,-3608.5464368384869,-3757.9753903862861,-3730.5712665981273,-3703.3669807340125,-81441.723040546611,-156716.47485389799,-231442.30380254338,-305623.21277327236,-4372987.9366663126,-3390544.2528232625,-2971437.53513401,-2596099.3302726992,-2260323.7598572653,-1840467.3896768168,-1596937.266123683,{"$f":"AM212","v":-1378561.433707247},-1183006.0635615322,-942507.00399099325,-800477.23032091779,-673051.93023869093,-558924.48258204735,-262174.85715271876,-216241.25684294244,-173401.00784575645,-133486.05886993994,-96336.636825947979,-61800.861360042087,-29734.37669209571,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS212","v":0},0,0,0,0,0]
[null,null,"Loss on Currency Translation - IDC and Fees",null,null,null,{"$f":"-G341-G334","v":0},{"$f":"-H341-H334","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-30984.622549487147,-31253.781139391143,-31847.84058718825,-32762.048058464046,-391931.81866897643,-297727.55729933892,-254934.58947928611,-216882.66124001023,-183101.56582218863,-143802.78103216467,-124774.83778879275,-107712.2958563265,-92432.804228025401,-73641.689647105421,-62544.358307422059,-52588.130542419356,-43670.915025761904,-20484.727839645006,-16895.759350219272,-13548.486271402304,-10429.778110815292,-7527.1511837488306,-4828.7384952350985,-2323.2609741225483,-4.3468770430299169E-12,-4.1828439470665161E-12,-4.0250007792526752E-12,-3.8731139573940888E-12,-3.7269587137188399E-12,-3.5863187622577658E-12,-3.4509859787763135E-12,-3.320760092784769E-12,-3.1954483911702565E-12,-3.0748654330128853E-12,-2.9588327751633373E-12,-2.8471787081760447E-12,-2.7397380022071447E-12,-2.6363516625012031E-12,-2.536866694104933E-12,-2.4411358754594793E-12,-2.3490175405364651E-12,-2.2603753691954619E-12,-2.1750781854522391E-12,-2.0929997633597039E-12,{"$f":"-BT341-BT334","v":-2.0140186402140636E-12},-1.9380179368097447E-12,-1.8648851844773102E-12,-1.7945121586479748E-12,-1.7267947186989917E-12]
[null,null,"Gain on Currency Translation - Debt Balance",null,null,{"$f":"Local_Switch","v":true},{"$f":"IF(Local_Switch,G298,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,44224.458084734732,88126.420038461554,131708.23758597873,174972.2453026828,2512674.363127307,2018091.1111465136,1834003.0486208412,1663433.1392238743,1505366.2891512965,1275803.3261812967,1153981.5872155428,{"$f":"IF(Local_Switch,AM298,0)","v":1040301.6029112302},934184.96435903781,780725.78276456625,697606.23855390784,619370.78406889376,545687.56403069641,273277.85078784579,242770.04528580763,212426.5687937508,182192.99202567679,152014.58281930489,121836.20239285665,91602.199888469258,61256.304991800964,30741.518411972647,9.8843197777586028E-12,9.5113265785979146E-12,9.1524085944998772E-12,8.8070346852735022E-12,8.4746937537536804E-12,8.1548939894611262E-12,7.8471621408022305E-12,7.5510428147342162E-12,7.2660978028574387E-12,6.9919054329382977E-12,6.7280599449029069E-12,6.4741708903782426E-12,6.2298625548922746E-12,5.9947734018775096E-12,5.7685555376556805E-12,5.5508741966120582E-12,5.3414072457965145E-12,{"$f":"IF(Local_Switch,BS298,0)","v":5.1398447082192926E-12},4.9458883041355673E-12,4.7592510096398495E-12,4.5796566319176129E-12,4.4068394005244877E-12,4.2405435740895949E-12]
[null,null,"Loss on Currency Translation - DSRA",null,null,{"$f":"Local_Switch","v":true},{"$f":"-IF(Local_Switch,G305,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-132153.18882628329,-107790.16760254673,-99647.697933394724,-92114.724480565797,-85145.577852378483,-73887.618441824336,-68625.215770442082,{"$f":"-IF(Local_Switch,AM305,0)","v":-63732.118258421018},-59182.336501181708,-51374.123873523771,-47931.261578569174,-44713.633352309451,-41706.405542900677,-22318.992309774931,-21435.870431484938,-20584.075416502525,-19762.327456954776,-18969.390267062859,-18204.069207572738,-17465.209469568235,-16751.694314863078,-16062.443370255696,4.2557487932016207E-12,1.5845734772924921E-12,1.5247782517342842E-12,3.7919177117149803E-12,3.6488264773106122E-12,3.5111349121290957E-12,3.3786392550676273E-12,3.2511434341216762E-12,3.1284587762302864E-12,3.0104037280706563E-12,2.8968035873887523E-12,2.7874902444684102E-12,2.6823019333563961E-12,2.5810829924750393E-12,2.4836836342684181E-12,2.3899597235413032E-12,2.2997725641623885E-12,{"$f":"-IF(Local_Switch,BS305,0)","v":2.2129886938166402E-12},2.1294796865028141E-12,2.0491219624838247E-12,1.9717966054089726E-12,1.897389186336933E-12,1.825789594399687E-12]
[null,"Net Earnings",null,null,{"$f":"Assumptions!G23","v":"USD"},null,{"$f":"G355-G362+G364+G365+G366+G367","v":0},{"$f":"H355-H362+H364+H365+H366+H367","v":-1083.629447210963},-1258.0337769646844,-1434.0832084105782,-1603.7442619214701,-1768.521974670432,-1929.910408711854,-2085.0173765848376,-2238.9932645262452,-2391.8463206617562,-2543.5847329701442,-2694.2166297208905,-2858.3345946777381,-3012.5050603325121,-3167.0097267473525,-3319.6584796294292,-3464.6310468709166,-3608.5464368384869,-3757.9753903862861,-3730.5712665981273,-3703.3669807340125,-68201.887505299033,-99843.835954827591,-131581.90680375291,-163413.01552905358,-3098894.8054559603,-2156466.7601778638,-1564119.8853242933,-1034668.3413928811,-562267.42663072131,-67191.377292046789,147122.08306539495,427537.04341635091,677612.02266314044,926001.37144983676,1124278.6290685183,1302225.8748346367,1461570.1456509978,1677219.2999730615,1845458.8128104787,2010273.6232727577,2171962.330143874,2330813.7388095921,2487107.4434967064,2641114.3903064202,3422394.8981419094,3519178.3648322416,3603374.4037665701,3675441.8918419019,3748950.7296787403,9.0126336347307175E-12,8.67253425228798E-12,8.3452688088054521E-12,8.0303530046996013E-12,7.7273208158430063E-12,7.4357238039243879E-12,7.1551304528329089E-12,6.885125530084514E-12,6.6253094723454497E-12,6.375297794143737E-12,6.1347205188930696E-12,5.9032216313876338E-12,5.6804585509578992E-12,5.4661016245066635E-12,5.2598336386762293E-12,{"$f":"BT355-BT362+BT364+BT365+BT366+BT367","v":5.0613493504243179E-12},4.8703550353139299E-12,4.6865680528492753E-12,4.5097164282134459E-12,4.3395384497902901E-12]
[]
["Cash Flow Statement"]
[null,"EBITDA",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G348","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,4406705.5236843759,4321138.4261371065,4237232.8256295919,4154956.4600833841,4074277.6938681733,4014943.5526953349,3956473.5009570527,{"$f":"AM348","v":3898854.9548266102},3842075.5137369023,3804773.8097200394,3767834.2581693595,3731253.3430415019,3695027.5824294472,3768928.1340780365,3844306.6967595974,3921192.83069479,3999616.6873086868,4079609.0210548597,4161201.201475956,4244425.225505475,4329313.7300155833,4415900.0046158945,4504218.0047082128,4594302.3648023773,4686188.4120984254,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS348","v":0},0,0,0,0,0]
[null,"Add: Intererest Income",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G354","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM354","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS354","v":0},0,0,0,0,0]
[null,"Less: Working Capital Changes",null,null,{"$f":"Assumptions!$G$23","v":"USD"}]
[null,"Less: Taxes Paid",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G362","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,54500.069846107071,195869.4538831925,{"$f":"AM362","v":234310.32208177881},269512.06564871047,303199.60154922324,334406.31018037995,363302.19622479065,390046.09619275288,427230.00662183866,464315.41353732947,501345.15600316704,538361.87563897681,575408.08356676169,612526.22754167486,649758.75938843447,844472.57186624303,876124.82244763116,900843.60094164265,918860.47296047548,937237.68241968518,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS362","v":0},0,0,0,0,0]
[null,null,"CFADS",null,{"$f":"Assumptions!G23","v":"USD"},null,{"$f":"G371+G372-G373-G374","v":0},{"$f":"H371+H372-H373-H374","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,4406705.5236843759,4321138.4261371065,4237232.8256295919,4154956.4600833841,4074277.6938681733,3960443.4828492277,3760604.0470738602,3664544.6327448315,3572563.4480881919,3501574.2081708163,3433427.9479889795,3367951.1468167114,3304981.4862366943,3341698.127456198,3379991.2832222679,3419847.6746916231,3461254.8116697101,3504200.9374880982,3548674.9739342812,3594666.4661170403,3484841.1581493402,3539775.1821682635,3603374.4037665701,3675441.8918419019,3748950.7296787403,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT371+BT372-BT373-BT374","v":0},0,0,0,0]
[null,"Less: Interest Expense",null,null,{"$f":"Assumptions!G23","v":"USD"},null,{"$f":"G353","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,2443816.0089323679,2222844.0682567242,2018112.1286433425,1828400.8231053443,1652582.1203173553,1496986.80058356,1351812.0709466329,{"$f":"AM353","v":1216317.9322512259},1089816.345642657,976454.11609032936,869783.18024670065,769349.50831691234,674728.67256602272,603089.61278237833,531897.31025201164,461024.63068144867,390343.84836148529,319726.40513863263,249042.66561280168,178161.66807474065,106950.87068436884,35275.892377738688,1.330607941567809E-10,1.2803963211312879E-10,1.232079478824447E-10,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS353","v":0},0,0,0,0,0]
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[null,null,"Net Cash Flow",null,{"$f":"Assumptions!G23","v":"USD"},null,{"$f":"G375-G376-G377","v":0},{"$f":"H375-H376-H377","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1527551.0830246145,1659327.4413309342,1776495.0527022346,1880240.7699765081,1971660.7346774107,2007424.4016395512,1946682.3281416036,1979958.6944037592,2008238.6681741464,2041919.4351626178,2071592.6607984367,2097535.93736391,2120008.4039592943,2203429.5196576789,2286761.8912165342,2370059.8284499971,2453376.1113650124,2536762.0338678961,2620267.4443480754,2703940.7831690628,2630504.7480913252,2720590.5702852234,3603374.4037665701,3675441.8918419019,3748950.7296787403,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT375-BT376-BT377","v":0},0,0,0,0]
[null,"Less: DSRA (Debt Service Reserve Account)",null,null,{"$f":"Assumptions!G23","v":"USD"},null,{"$f":"IF(Local_Switch,G289,G276*G22)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-881.56032424784553,-888.9080060127967,-896.3169296751156,-903.78760567813265,-911.32054871850778,-923.46536826800991,-935.77203717079647,{"$f":"IF(Local_Switch,AM289,AM276*AM22)","v":-948.24271233189677},-960.87957939964406,-978.48133025865388,-996.40551656135028,-1014.658044800012,-1033.2449296655259,-1083.7374649077733,-1136.6974655512806,-1192.2455115093605,-1250.5080751849457,-1311.6178094251952,-1375.7138495462075,-1442.942130118158,-1513.4557172317225,-409592.30594151985,6.6530397078390451E-11,0,-6.1603973941222348E-11,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF(Local_Switch,BS289,BS276*BS22)","v":0},0,0,0,0,0]
[null,null,"Dividends",null,{"$f":"Assumptions!G23","v":"USD"},null,{"$f":"G378-G379","v":0},{"$f":"H378-H379","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1528432.6433488624,1660216.3493369471,1777391.3696319098,1881144.5575821863,1972572.0552261292,2008347.8670078192,1947618.1001787744,1980906.9371160911,2009199.5477535462,2042897.9164928764,2072589.0663149981,2098550.5954087102,2121041.64888896,2204513.2571225865,2287898.5886820853,2371252.0739615066,2454626.6194401975,2538073.6516773212,2621643.1581976218,2705383.725299181,2632018.2038085568,3130182.8762267432,3603374.4037665701,3675441.8918419019,3748950.7296787403,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT378-BT379","v":0},0,0,0,0]
[]
["Balance Sheet"]
[null,"Equity Balance"]
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[null,null,"Closing Balance",null,null,null,{"$f":"G384+G385-G386+G387","v":148600},172516.37055278904,196658.33677582437,219924.25356741381,242520.50930549233,264651.98733082192,285922.07692211005,307037.05954552523,327998.06628099899,348806.21996033721,369462.63522736705,391968.41859764617,413110.08400296845,434297.57894263591,455230.56921588856,475110.91073625913,494846.27968938823,515337.73325254972,511579.75786216342,507849.18659556529,9352644.0328586698,13691759.725683549,18044056.851134155,22409112.423179485,28358239.333041448,23730911.884236626,19914228.774721812,16572717.519765612,13656904.620790545,11122065.138933696,9046525.8946338296,7246029.8775204495,{"$f":"AM384+AM385-AM386+AM387","v":5692659.9838207094},4361072.4587303037,3244175.9136872636,2295865.4764407836,1499540.7558667101,840069.25262874784,312775.29547922313,-129664.48039238341,-490642.93108113226,-773307.2203774557,-980567.13324518478,-1115102.8479461002,-1179372.182938861,-388995.48860550812,-9.7788870334625244E-9,-9.7788870334625244E-9,-9.7788870334625244E-9,-9.7788870334625244E-9,-9.769874399827793E-9,-9.7612018655755044E-9,-9.7528565967666986E-9,-9.7448262437619983E-9,-9.7370989229461555E-9,-9.7296631991422305E-9,-9.7225080686893981E-9,-9.7156229431593128E-9,-9.7089976336869672E-9,-9.7026223358928239E-9,-9.6964876153739304E-9,-9.6905843937425429E-9,-9.6849039351915847E-9,-9.6794378335670777E-9,{"$f":"BS384+BS385-BS386+BS387","v":-9.6741779999284009E-9},-9.6691166505779763E-9,-9.6642462955426616E-9,-9.6595597274898128E-9,-9.655050011061599E-9,-9.6507104726118086E-9]
[]
[null,"Assets"]
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[null,null,"Net Plant",null,null,null,{"$f":"G213","v":148600},172516.37055278904,196658.33677582437,219924.25356741381,242520.50930549233,264651.98733082192,285922.07692211005,307037.05954552523,327998.06628099899,348806.21996033721,369462.63522736705,391968.41859764617,413110.08400296845,434297.57894263591,455230.56921588856,475110.91073625913,494846.27968938823,515337.73325254972,511579.75786216342,507849.18659556529,11168245.819614831,21490804.096574284,31738087.621720385,41910645.317917846,52009022.105144575,45254232.460054353,39660336.196324192,34650626.513346285,30168966.760539845,26164352.813139915,22702293.061898891,19597830.381791264,16817786.721308321,14331882.269601222,12172159.332372935,10234513.891846817,{"$f":"AQ213","v":8499077.2992072236},6947633.7145470288,5730393.3063379796,4595126.7079125317,3537380.5600534203,2552920.8758876105,1637722.8260411085,787960.9823405334,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"Total",null,null,{"$f":"SUM(G391:G394)","v":148600},172516.37055278904,196658.33677582437,219924.25356741381,242520.50930549233,264651.98733082192,285922.07692211005,307037.05954552523,327998.06628099899,348806.21996033721,369462.63522736705,391968.41859764617,413110.08400296845,434297.57894263591,455230.56921588856,475110.91073625913,494846.27968938823,515337.73325254972,511579.75786216342,507849.18659556529,15417221.262931174,25776689.727743819,36105437.66322846,46403362.227760315,58242094.122392111,50666753.878732592,44393012.741521813,38774872.79366076,33749311.888460286,29259071.278578728,25451696.427471448,22035109.175156903,18973169.672456082,16232888.748735249,13852065.764009774,11714096.981265545,{"$f":"SUM(AQ391:AQ394)","v":9797335.7754866891},8081932.2985066548,6746181.4955531424,5499639.5926420065,4337471.3575993292,3255079.224334117,2248092.2301655137,1312355.4490983372,443919.89934387035,425654.74931177555,-6.1148223696470652E-12,6.0646322722692322E-11,5.835778224259074E-11,-5.4483721606161605E-12,-5.2427732111589469E-12,-5.0449327126246473E-12,-4.8545578932803214E-12,-4.6713670293829506E-12,-4.4950890282741572E-12,-4.3254630272072008E-12,-4.1622380073125911E-12,-4.0051724221309824E-12,-3.8540338401637745E-12,-3.7085986009123121E-12,-3.5686514838967506E-12,-3.4339853901647989E-12,-3.3044010358189611E-12,-3.1797066571088105E-12,-3.059717726651881E-12,-2.9442566803631345E-12,-2.8331526546890524E-12,-2.72624123375739E-12,-2.6233642060684327E-12,-2.5243693303677423E-12]
[]
[null,"Liabilities and Capital"]
[null,null,"Debt Balance",null,null,null,{"$f":"IF(Local_Switch,G299,G257)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,6064577.230072503,12084930.00206027,18061380.812094308,23994249.80458083,29883854.789350647,26935841.994495947,24478783.966799986,22202155.27389513,20092407.267669726,18137006.139645021,16405170.532837607,14789079.29763644,{"$f":"IF(Local_Switch,AM299,AM257)","v":13280509.688635362},11871816.290004937,10607889.8503225,9418231.5048247501,8297795.0196199678,7241863.0458778944,6433406.2000739081,5629304.0730343787,4828114.288680451,4028386.4447115618,3228659.3634106875,2427458.2970444267,1623292.0822827208,814650.23791727412,2.6193447411060333E-10,2.5205015433284471E-10,2.425388277542468E-10,2.3338641915974692E-10,2.2457938447447341E-10,2.1610469072071972E-10,2.0794979673125858E-10,2.0010263459045635E-10,1.9255159177572214E-10,1.8528549397286469E-10,1.7829358853992639E-10,1.7156552859502349E-10,1.6509135770464525E-10,1.5886149514975298E-10,1.5286672174787547E-10,1.4709816621021979E-10,1.4154729201360772E-10,1.3620588476781121E-10,{"$f":"IF(Local_Switch,BS299,BS257)","v":1.3106604005959191E-10},1.2612015175545634E-10,1.213609007458165E-10,1.167812441138989E-10,1.1237440471337441E-10,1.0813386113928481E-10]
[null,null,"Equity Balance",null,null,null,{"$f":"G388","v":148600},172516.37055278904,196658.33677582437,219924.25356741381,242520.50930549233,264651.98733082192,285922.07692211005,307037.05954552523,327998.06628099899,348806.21996033721,369462.63522736705,391968.41859764617,413110.08400296845,434297.57894263591,455230.56921588856,475110.91073625913,494846.27968938823,515337.73325254972,511579.75786216342,507849.18659556529,9352644.0328586698,13691759.725683549,18044056.851134155,22409112.423179485,28358239.333041448,23730911.884236626,19914228.774721812,16572717.519765612,13656904.620790545,11122065.138933696,9046525.8946338296,7246029.8775204495,5692659.9838207094,4361072.4587303037,3244175.9136872636,2295865.4764407836,{"$f":"AQ388","v":1499540.7558667101},840069.25262874784,312775.29547922313,-129664.48039238341,-490642.93108113226,-773307.2203774557,-980567.13324518478,-1115102.8479461002,-1179372.182938861,-388995.48860550812,-9.7788870334625244E-9,-9.7788870334625244E-9,-9.7788870334625244E-9,-9.7788870334625244E-9,-9.769874399827793E-9,-9.7612018655755044E-9,-9.7528565967666986E-9,-9.7448262437619983E-9,-9.7370989229461555E-9,-9.7296631991422305E-9,-9.7225080686893981E-9,-9.7156229431593128E-9,-9.7089976336869672E-9,-9.7026223358928239E-9,-9.6964876153739304E-9,-9.6905843937425429E-9,-9.6849039351915847E-9,-9.6794378335670777E-9,-9.6741779999284009E-9,-9.6691166505779763E-9,-9.6642462955426616E-9,-9.6595597274898128E-9,-9.655050011061599E-9,-9.6507104726118086E-9]
[null,null,null,"Total",null,null,{"$f":"SUM(G398:G399)","v":148600},172516.37055278904,196658.33677582437,219924.25356741381,242520.50930549233,264651.98733082192,285922.07692211005,307037.05954552523,327998.06628099899,348806.21996033721,369462.63522736705,391968.41859764617,413110.08400296845,434297.57894263591,455230.56921588856,475110.91073625913,494846.27968938823,515337.73325254972,511579.75786216342,507849.18659556529,15417221.262931172,25776689.727743819,36105437.663228467,46403362.227760315,58242094.122392096,50666753.878732577,44393012.741521798,38774872.793660745,33749311.888460271,29259071.278578717,25451696.427471437,22035109.175156891,18973169.672456071,16232888.748735242,13852065.764009763,11714096.981265534,{"$f":"SUM(AQ398:AQ399)","v":9797335.7754866779},8081932.2985066418,6746181.4955531312,5499639.5926419953,4337471.357599319,3255079.2243341058,2248092.230165503,1312355.4490983265,443919.89934385987,425654.74931176601,-9.5169525593519211E-9,-9.5268368791296798E-9,-9.5363482057082778E-9,-9.5455006143027779E-9,-9.5452950153533194E-9,-9.5450971748547847E-9,-9.5449068000354402E-9,-9.5447236091715421E-9,-9.5445473311704337E-9,-9.5443777051693666E-9,-9.5442144801494717E-9,-9.5440574145642892E-9,-9.5439062759823221E-9,-9.5437608407430714E-9,-9.5436208936260548E-9,-9.5434862275323238E-9,-9.543356643177977E-9,-9.5432319487992664E-9,-9.5431119598688089E-9,-9.5429964988225203E-9,-9.542885394796845E-9,-9.5427784833759134E-9,-9.5426756063482247E-9,-9.5425766114725241E-9]
[]
[null,null,"Difference",null,null,null,{"$f":"G400-G395","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AQ400-AQ395","v":0},-1.3038516044616699E-8,-1.1175870895385742E-8,-1.1175870895385742E-8,-1.0244548320770264E-8,-1.1175870895385742E-8,-1.0710209608078003E-8,-1.0710209608078003E-8,-1.0477378964424133E-8,-9.5460563898086548E-9,-9.5108377369822736E-9,-9.587483201852372E-9,-9.5947059879508685E-9,-9.540052242142162E-9,-9.5400522421421604E-9,-9.5400522421421604E-9,-9.5400522421421604E-9,-9.5400522421421587E-9,-9.5400522421421587E-9,-9.5400522421421587E-9,-9.5400522421421587E-9,-9.5400522421421587E-9,-9.5400522421421587E-9,-9.5400522421421587E-9,-9.5400522421421587E-9,-9.5400522421421587E-9,-9.5400522421421587E-9,-9.5400522421421571E-9,-9.5400522421421571E-9,-9.5400522421421571E-9,-9.5400522421421554E-9,-9.5400522421421554E-9,-9.5400522421421571E-9,-9.5400522421421571E-9]
[null,null,"Test",null,null,null,{"$f":"ROUND(G402,3)=0","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"ROUND(AQ402,3)=0","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,null,null,null,null,null,null,null,{"$f":"I402-H402","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AQ402-AP402","v":0},-1.3038516044616699E-8,1.862645149230957E-9,0,9.3132257461547852E-10,-9.3132257461547852E-10,4.6566128730773926E-10,0,2.3283064365386963E-10,9.3132257461547852E-10,3.5218652826381226E-11,-7.664546487009842E-11,-7.2227860984964744E-12,5.4653745808706409E-11,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Equity and Debt Cash Flow"]
[null,null,"Dividends Received",null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G380","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1528432.6433488624,1660216.3493369471,1777391.3696319098,1881144.5575821863,1972572.0552261292,2008347.8670078192,1947618.1001787744,{"$f":"AM380","v":1980906.9371160911},2009199.5477535462,2042897.9164928764,2072589.0663149981,2098550.5954087102,2121041.64888896,2204513.2571225865,2287898.5886820853,2371252.0739615066,2454626.6194401975,2538073.6516773212,2621643.1581976218,2705383.725299181,2632018.2038085568,3130182.8762267432,3603374.4037665701,3675441.8918419019,3748950.7296787403,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS380","v":0},0,0,0,0,0]
[null,null,"Less: Equity Contributed",null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G127","v":148600},25000,25400,24700,24200,23900,23200,23200,23200,23200,23200,25200,24000,24200,24100,23200,23200,24100,0,0,5237698.2132438393,4407317.5803301781,4452140.9614054337,4496637.4788490832,6112539.9253910193,0,0,0,0,0,0,0,{"$f":"AM127","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS127","v":0},0,0,0,0,0]
[null,null,null,"Net Equity Cash Flow",{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G407-G408","v":-148600},{"$f":"H407-H408","v":-25000},-25400,-24700,-24200,-23900,-23200,-23200,-23200,-23200,-23200,-25200,-24000,-24200,-24100,-23200,-23200,-24100,0,0,-5237698.2132438393,-4407317.5803301781,-4452140.9614054337,-4496637.4788490832,-6112539.9253910193,1528432.6433488624,1660216.3493369471,1777391.3696319098,1881144.5575821863,1972572.0552261292,2008347.8670078192,1947618.1001787744,1980906.9371160911,2009199.5477535462,2042897.9164928764,2072589.0663149981,2098550.5954087102,2121041.64888896,2204513.2571225865,2287898.5886820853,2371252.0739615066,2454626.6194401975,2538073.6516773212,2621643.1581976218,2705383.725299181,2632018.2038085568,3130182.8762267432,3603374.4037665701,3675441.8918419019,3748950.7296787403,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT407-BT408","v":0},0,0,0,0]
[null,null,null,"Net Equity Cash Flow ",{"$f":"Assumptions!G22","v":"PKR"},null,{"$f":"G409*G30","v":-15668218.683382597},-2655335.5781241399,-2717638.6680170763,-2662156.2426912915,-2627426.3091102769,-2613916.2587220347,-2555997.0301551269,-2574772.9371170504,-2593686.7686063051,-2612739.5377923353,-2631932.2652871525,-2879823.3912000037,-2762836.2570956349,-2806324.3319016695,-2815257.5328960335,-2730031.5267154756,-2750085.8606383977,-2877755.5601536646,0,0,-639312363.39947903,-541908007.31672728,-551440576.5631839,-561043170.3954159,-768260852.37000787,209737646.02580252,246272822.29825029,285007694.04359287,326074925.63089234,369615202.72901851,404792946.88368213,422255044.98726338,{"$f":"AM409*AM30","v":461968289.5435195},504020513.26692158,548548111.51193798,595695308.44870472,645614594.85046113,698467189.27349651,754423523.77443421,813663755.35507464,876378304.37106884,942768421.18718338,1013046782.4087501,1087438118.0657804,1166179871.1729965,1179047359.619498,1457195314.6891787,1743263903.5828257,1847859737.7977955,1958731322.0656633,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS409*BS30","v":0},0,0,0,0,0]
[null,null,null,"Real Equity Cash Flow",{"$f":"Assumptions!G23","v":"USD"},null,{"$f":"G409/G34","v":-148600},-25000,-25400,-24700,-24200,-23900,-23200,-23200,-23200,-23200,-23200,-25200,-24000,-24200,-24100,-23200,-23200,-24100,0,0,-5237698.2132438393,-4407317.5803301781,-4452140.9614054337,-4496637.4788490832,-6112539.9253910193,1528432.6433488624,1643778.5636999477,1742369.7379001174,1825820.3744169776,1895602.9731483825,1901460.9114073927,1816712.5752440169,{"$f":"AM409/AM34","v":1820457.1083515261},1819170.5117421274,1813413.4377428845,1803695.3892664276,1790479.1372901867,1774184.7635070609,1807849.1605555525,1839441.9033991082,1869075.5539088615,1896856.1694658482,1922883.6673737483,1947252.1685379066,1970050.321581217,1879044.9244330928,2190876.0825237976,2472619.6737979674,2472619.6737979678,2472619.6737979678,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS409/BS34","v":0},0,0,0,0,0]
[]
[null,null,"Equity INR - Nominal",null,{"$f":"Assumptions!G22","v":"PKR"},{"$f":"XIRR(G410:BX410,G5:BX5)","v":0.14253204464912422},"Payback",{"$f":"payback(G409:AP409)","v":36}]
[null,null,"Equity IRR - Nominal",null,{"$f":"Assumptions!$G$23","v":"USD"},{"$f":"XIRR(G409:BX409,G5:BX5)","v":6.685123145580292E-2}]
[null,null,"Equity IRR - Real",null,{"$f":"Assumptions!$G$23","v":"USD"},{"$f":"XIRR(G411:BX411,G5:BX5)","v":5.2437832951545721E-2},"Payback",{"$f":"payback(G411:AP411)","v":36}]
[]
[null,null,"Interest Expense Received",null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G376","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,2443816.0089323679,2222844.0682567242,2018112.1286433425,1828400.8231053443,1652582.1203173553,1496986.80058356,1351812.0709466329,{"$f":"AM376","v":1216317.9322512259},1089816.345642657,976454.11609032936,869783.18024670065,769349.50831691234,674728.67256602272,603089.61278237833,531897.31025201164,461024.63068144867,390343.84836148529,319726.40513863263,249042.66561280168,178161.66807474065,106950.87068436884,35275.892377738688,1.330607941567809E-10,1.2803963211312879E-10,1.232079478824447E-10,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS376","v":0},0,0,0,0,0]
[null,null,"Debt Repayments Received",null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G377","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,435338.43172739341,438966.91654944816,442625.64428401506,446314.86700153147,450034.83887340722,456032.2806261165,462109.64798562363,{"$f":"AM377","v":468268.00608984672},474508.4342713884,483200.65691786923,492052.10694384226,501065.70113588916,510244.40971137717,535178.99501614063,561332.08175372181,588763.21556017722,617534.85194321244,647712.49848156935,679364.8639734044,712564.01487323665,747385.53937364579,783908.71950530121,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS377","v":0},0,0,0,0,0]
[null,null,"Fees Received",null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G89","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,615433.27870357072,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM89","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS89","v":0},0,0,0,0,0]
[null,null,"IDC Received",null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G88","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,22742.164612771889,67894.810402680145,112718.19147793543,157214.70892158436,201386.746307358,0,0,0,0,0,0,0,{"$f":"AM88","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS88","v":0},0,0,0,0,0]
[null,null,"Less: Cash Outlay",null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G123","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,6064577.230072503,6064577.230072502,6064577.230072502,6064577.230072502,6064577.230072503,0,0,0,0,0,0,0,{"$f":"AM123","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS123","v":0},0,0,0,0,0]
[null,null,null,"Net Debt Cash Flow",{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G417+G418+G419+G420-G421-1E-22","v":-1E-22},{"$f":"H417+H418+H419+H420-H421","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-5426401.7867561607,-5996682.4196698219,-5951859.0385945663,-5907362.5211509177,-5863190.4837651448,2879154.4406597614,2661810.9848061725,2460737.7729273578,2274715.6901068757,2102616.9591907626,1953019.0812096766,1813921.7189322566,1684585.9383410728,1564324.7799140455,1459654.7730081985,1361835.287190543,1270415.2094528014,1184973.0822774,1138268.6077985191,1093229.3920057334,1049787.846241626,1007878.7003046977,967438.90362020198,928407.52958620607,890725.68294797733,854336.41005801468,819184.61188303994,1.330607941567809E-10,1.2803963211312879E-10,1.232079478824447E-10,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT417+BT418+BT419+BT420-BT421","v":0},0,0,0,0]
[null,null,null,"Net Debt Cash Flow",{"$f":"Assumptions!$G$22","v":"PKR"},null,{"$f":"G422*G30","v":-1.0543888750593942E-20},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-662345482.65385735,-737330623.74667203,-737195117.65622663,-737058616.16175056,-736921111.95117939,395089098.33646023,394847155.86285228,394583438.56661958,394295986.71372586,393982664.19407183,393641142.64764887,393268884.16204786,{"$f":"AM422*AM30","v":392863122.41274273},392420842.10600019,391938756.57165068,391413283.33920991,390840517.51584935,390216202.76838648,389535699.69365185,388793951.34219098,387985445.63909882,387104174.42272836,386143588.79688448,385096550.46471465,383955278.68264955,382711292.44019866,381355347.43592709,6.4373016357421879E-8,6.4373016357421879E-8,6.4373016357421879E-8,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS422*BS30","v":0},0,0,0,0,0]
[null,null,null,"Real Debt Cash Flow",{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G422/G34","v":-1E-22},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-5426401.7867561607,-5996682.4196698219,-5951859.0385945663,-5907362.5211509177,-5863190.4837651448,2879154.4406597614,2635456.4206001707,2412251.5174270738,2207816.6381541668,2020573.5697585507,1849076.7974801857,1692002.3473749741,{"$f":"AM422/AM34","v":1548137.5670008603},1416371.765357472,1295687.6398321183,1185153.4239796007,1083915.6955271675,991192.78909200896,933456.82564922818,878942.78340424516,827466.98326460156,778856.1060998321,732946.60528226406,689584.15245061496,648623.11461500952,609926.06082851696,573363.29675074422,9.1305731954838948E-11,8.6137482976263161E-11,8.1261776392701104E-11,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS422/BS34","v":0},0,0,0,0,0]
[]
[null,null,null,"Pre-tax Debt IRR - Real",{"$f":"Assumptions!$G$23","v":"USD"},{"$f":"XIRR(G422:BX422,G5:BX5)","v":1.5446546673774722E-2},"Payback",{"$f":"payback(G422:AP422)","v":36}]
[null,null,null,"Pre-tax Debt IRR - Real",{"$f":"Assumptions!$G$22","v":"PKR"},{"$f":"XIRR(G423:BX423,G5:BX5)","v":9.1366222500801106E-2}]
[null,null,null,"Pre-tax IRR - Nominal",{"$f":"Assumptions!$G$23","v":"USD"},{"$f":"XIRR(G424:BX424,G5:BX5)","v":2.9590398073196409E-3},"Payback",{"$f":"payback(G424:AP424)","v":36}]
[]
["Distribution of Dividends"]
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[null,"Developer 2",null,null,{"$f":"F172","v":734400},{"$f":"E432/$E$435","v":2.5435586004185003E-2},{"$f":"$F431*G$380+G83","v":0},{"$f":"$F$431*H$380+H83","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,612000,0,0,0,0,181424.03977368446,197066.68678253185,210975.29154505354,223290.73284320248,234143.12208072885,238389.68952212814,231181.10255522156,235132.46757141413,{"$f":"$F$431*AN$380+AN83","v":238490.7835167897},242490.75971271624,246015.08142208026,249096.69938370882,251766.37396760972,261674.40389490192,271572.19283262442,281466.20163596648,291362.71027235413,301267.82304357382,311187.47343888774,321127.42862279207,312418.98514191434,371550.83353309834,427718.38457732275,436272.75226886926,444998.20731424668,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"EPC Funding",null,null,{"$f":"F173","v":3853333.3333333358},{"$f":"E433/$E$435","v":0.13345832162689669},{"$f":"$F433*G$380","v":0},{"$f":"$F433*H$380","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,203982.05530110036,221569.68752004256,237207.66906520585,251054.39539248971,263256.1557785974,268030.73557382147,259925.84282002438,264368.51512659009,268144.39945670817,272641.72719022341,276604.25821265654,280069.04031237122,283070.65856146609,294210.63929982373,305339.10569805675,316463.32194520056,327590.34885119204,338727.04971830407,349880.09579769144,361055.97133515001,351264.73197172931,417748.95304647327,480900.30012000602,490518.30612240621,500328.67224485433,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F433*BT$380","v":0},0,0,0,0]
[null,"Sponsor Funding",null,null,{"$f":"F174","v":20858000.82588622},{"$f":"E434/$E$435","v":0.72240669101605492},{"$f":"$F434*G$380","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1104149.9683225737,1199351.3992952586,1283999.4179762816,1358951.4151658078,1424999.2512066467,1450843.9370142706,1406972.3471131239,1431020.4256527838,1451459.1968835932,1475803.1239372117,1497252.2092326726,1516006.9915589781,1532254.6790811105,1592555.1273789532,1652793.2488301273,1713008.3643154895,1773238.6938297183,1833521.3882632488,1893892.5589384239,1954387.304922069,1901387.56130736,2261265.0538900788,2603101.7795169577,2655163.8151072972,2708267.0914094434,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Total Equity Funding",null,null,{"$f":"F175","v":28872934.159219556},{"$f":"E435/$E$435","v":1},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1528432.6433488624,1660216.3493369471,1777391.3696319098,1881144.5575821863,1972572.0552261292,2008347.8670078192,1947618.1001787744,1980906.9371160911,2009199.5477535462,2042897.9164928764,2072589.0663149981,2098550.5954087102,2121041.64888896,2204513.2571225865,2287898.5886820853,2371252.0739615066,2454626.6194401975,2538073.6516773212,2621643.1581976218,2705383.725299181,2632018.2038085568,3130182.8762267432,3603374.4037665701,3675441.8918419019,3748950.7296787403,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,0]
["Cash Contributions "]
[null,{"$f":"B431","v":"Developer 1"},null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G118+G120","v":25200},24000,24400,23700,23200,23900,23200,23200,23200,23200,23200,25200,24000,24200,24100,23200,23200,24100,0,0,2998800,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM118+AM120","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS118+BS120","v":0},0,0,0,0,0]
[null,{"$f":"B432","v":"Developer 2"},null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G119+G121","v":122400},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,612000,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM119+AM121","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS119+BS121","v":0},0,0,0,0,0]
[null,"EPC Funding",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G122+0.000000001","v":1.0000000000000001E-9},{"$f":"H122","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,770666.66666666721,770666.66666666721,770666.66666666721,770666.66666666721,770666.66666666721,0,0,0,0,0,0,0,0,{"$f":"AN122","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Sponsor Funding",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G124+0.000000001","v":1000.000000001},{"$f":"H124","v":1000},1000,1000,1000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,4467031.5465771724,3636650.9136635112,3681474.2947387667,3725970.8121824162,5341873.2587243523,0,0,0,0,0,0,0,0,{"$f":"AN124","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Total Equity Funding",null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"SUM(G438:G441)","v":148600.00000000198},{"$f":"SUM(H438:H441)","v":25000},25400,24700,24200,23900,23200,23200,23200,23200,23200,25200,24000,24200,24100,23200,23200,24100,0,0,8848498.2132438384,4407317.5803301781,4452140.9614054337,4496637.4788490832,6112539.9253910193,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BT438:BT441)","v":0},0,0,0,0]
[]
["Net Cash Flow"]
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[null,{"$f":"B439","v":"Developer 2"},null,null,{"$f":"Assumptions!$G$23","v":"USD"},null,{"$f":"G432-G439","v":-122400},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,181424.03977368446,197066.68678253185,210975.29154505354,223290.73284320248,234143.12208072885,238389.68952212814,231181.10255522156,235132.46757141413,238490.7835167897,242490.75971271624,246015.08142208026,249096.69938370882,251766.37396760972,261674.40389490192,271572.19283262442,281466.20163596648,291362.71027235413,301267.82304357382,311187.47343888774,321127.42862279207,312418.98514191434,371550.83353309834,427718.38457732275,436272.75226886926,444998.20731424668,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
["Unweighted IRR and NPV",null,null,null,"Simple IRR"]
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[null,"EPC Funding",null,null,5.4847374558448805E-2]
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[null,"EPC Funding",null,null,{"$f":"Assumptions!G168","v":0.12},-1457696.8518349167,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-770666.66666666721,-770666.66666666721,-770666.66666666721,-770666.66666666721,-770666.66666666721,203982.05530110036,221569.68752004256,237207.66906520585,251054.39539248971,263256.1557785974,268030.73557382147,259925.84282002438,264368.51512659009,268144.39945670817,272641.72719022341,276604.25821265654,280069.04031237122,283070.65856146609,294210.63929982373,305339.10569805675,316463.32194520056,327590.34885119204,338727.04971830407,349880.09579769144,361055.97133515001,351264.73197172931,417748.95304647327,480900.30012000602,490518.30612240621,500328.67224485433,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,"Total Equity Funding",null,null,{"$f":"E462","v":0.12},-10512200.604456499,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-8848498.2132438384,-4407317.5803301781,-4452140.9614054337,-4496637.4788490832,-6112539.9253910193,1528432.6433488624,1660216.3493369471,1777391.3696319098,1881144.5575821863,1972572.0552261292,2008347.8670078192,1947618.1001787744,1980906.9371160911,2009199.5477535462,2042897.9164928764,2072589.0663149981,2098550.5954087102,2121041.64888896,2204513.2571225865,2287898.5886820853,2371252.0739615066,2454626.6194401975,2538073.6516773212,2621643.1581976218,2705383.725299181,2632018.2038085568,3130182.8762267432,3603374.4037665701,3675441.8918419019,3748950.7296787403,0,0,0,0,0,0,0,0,0,0,{"$f":"BO449*BO$458","v":0},0,0,0,0,0,0,0,0,0]
[]
["NPV of Flows Prior to FC",null,null,null,null,null,{"$f":"NOT(G458)","v":true},{"$f":"NOT(H458)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"NOT(BT458)","v":false},false,false,false,false]
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[null,"EPC Funding",null,null,0.12,-1.0000000000000001E-9,-1.0000000000000001E-9,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
["Analysis of EPC Contractor - COD Onwards",null,null,null,{"$f":"F17","v":"2018-05-01"},null,{"$f":"G4>=$E$472","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,true,true,true,true,true,true,{"$f":"AM4>=$E$472","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"BS4>=$E$472","v":true},true,true,true,true,true]
[null,"EPC Cash Flows",null,null,{"$f":"E468","v":0.12},{"$f":"XNPV(E473,G473:BX473,$G$5:$BX$5)","v":1672189.757783592},{"$f":"G472*G447","v":0},{"$f":"H472*H447","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,203982.05530110036,221569.68752004256,237207.66906520585,251054.39539248971,263256.1557785974,268030.73557382147,259925.84282002438,264368.51512659009,268144.39945670817,272641.72719022341,276604.25821265654,280069.04031237122,283070.65856146609,294210.63929982373,305339.10569805675,316463.32194520056,327590.34885119204,338727.04971830407,349880.09579769144,361055.97133515001,351264.73197172931,417748.95304647327,480900.30012000602,490518.30612240621,500328.67224485433,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT472*BT447","v":0},0,0,0,0]
[]
["Net Cash Flow - Real"]
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[]
[null,null,"Tax Shield on Debt",null,"EUR",{"$f":"Assumptions!G141","v":0.2},null,{"$f":"$F$508*(H417+H350+H351)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,547880.00793643144,499256.46176588733,454212.75783682754,412480.16043462494,373810.06371513952,324737.60712151183,293920.16351142939,265164.22352840443,238323.35946955692,214311.97374732583,191726.89941245166]
[]
[null,null,"Net of Tax Debt Cash Flow",null,"EUR",null,{"$f":"G422-G508","v":-1E-22},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-5426401.7867561607,-5996682.4196698219,-5951859.0385945663,-5907362.5211509177,-5863190.4837651448,2331274.4327233299,2162554.5230402853,2006525.0150905303,1862235.5296722509,1728806.8954756232,1628281.4740881647,1520001.5554208271,1419421.7148126683,1326001.4204444885,1245342.7992608726,1170108.3877780912]
[null,null,"Net of Tax Debt Cash Flow Real",null,"EUR",null,{"$f":"G510/G34","v":-1E-22},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-5426401.7867561607,-5996682.4196698219,-5951859.0385945663,-5907362.5211509177,-5863190.4837651448,2331274.4327233299,2141143.0921190945,1966988.5453294092,1807467.4582207054,1661349.4459584325,1541622.1594918547,1417837.4804947691,1304451.1592458517,1200588.9038238414,1105449.9339119969,1018300.7998443978]
[]
[null,null,null,"Pre-tax IRR - Real","USD",null,"Payback",{"$f":"payback(G510:AP510)","v":36}]
[null,null,null,"Pre-tax IRR - Nominal","USD",null,"Payback",{"$f":"payback(G511:AP511)","v":36}]
[]
["DSCR and Other"]
[null,null,"CFADS",null,"EUR",null,{"$f":"G375","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,4406705.5236843759,4321138.4261371065,4237232.8256295919,4154956.4600833841,4074277.6938681733,3960443.4828492277,3760604.0470738602,{"$f":"AM375","v":3664544.6327448315},3572563.4480881919,3501574.2081708163,3433427.9479889795,3367951.1468167114,3304981.4862366943,3341698.127456198,3379991.2832222679,3419847.6746916231,3461254.8116697101,3504200.9374880982,3548674.9739342812,3594666.4661170403,3484841.1581493402,3539775.1821682635,3603374.4037665701,3675441.8918419019,3748950.7296787403,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS375","v":0},0,0,0,0,0]
[null,null,"Debt Service",null,"EUR",null,{"$f":"G376+G377","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,2879154.4406597614,2661810.9848061725,2460737.7729273578,2274715.6901068757,2102616.9591907626,1953019.0812096766,1813921.7189322566,{"$f":"AM376+AM377","v":1684585.9383410728},1564324.7799140455,1459654.7730081985,1361835.287190543,1270415.2094528014,1184973.0822774,1138268.6077985191,1093229.3920057334,1049787.846241626,1007878.7003046977,967438.90362020198,928407.52958620607,890725.68294797733,854336.41005801468,819184.61188303994,1.330607941567809E-10,1.2803963211312879E-10,1.232079478824447E-10,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS376+BS377","v":0},0,0,0,0,0]
[null,null,null,"DSCR",{"$f":"MIN(G519:AP519)","v":1.5305554510909023},null,{"$f":"IF(G518>0.1,G517/G518)","v":false},{"$f":"IF(H518>0.1,H517/H518)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,1.5305554510909023,1.62338289638239,1.7219359463031565,1.8265827585196666,1.9377175077272499,2.0278570347588087,2.0731898228152286,2.1753384908065656,2.2837734810315364,2.3989057364259025,2.521177105839369,2.6510633073004293,2.789077267379652,2.9357728962755512,3.0917493692893152,3.2576559987192772,3.4341977964444705,3.6221418472786375,3.8223246374530544,4.0356605124711402,4.0790034430496744,4.3210957955270519,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(BT518>0.1,BT517/BT518)","v":false},false,false,false,false]
[]
[null,null,"PLCR (Project Life Cover Ratio)",null,"EUR"]
[null,null,null,"PV CFADS (Present Value - Cash Flow Available after Debt Service)"]
[null,null,null,"Debt Less DSRA"]
[null,null,null,"PLCR"]
[]
[null,null,"LLCR (Loan Life Coverage Ratio)"]
[null,null,null,"PV Cash over Loan Life"]
[null,null,null,"Debt Less DSRA"]
[null,null,null,"LLCR"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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[]
[null,null,"Revenues in USD",null,null,null,{"$f":"G346","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,5412345.3964078929,5307251.3110407498,5204197.8875253974,5103145.5013598539,5004055.2974499539,4931180.7057395168,4859367.3944908828,{"$f":"AM346","v":4788599.9081633454},4718863.0162968887,4673048.8122551721,4627679.4063109467,4582750.4800360836,4538257.7569289356,4629022.9120675148,4721603.3703088658,4816035.4377150433,4912356.1464693453,5010603.2693987312,5110815.3347867047,5213031.6414824389,5317292.2743120864,5423638.1197983278,5532110.8821942946,5642753.0998381805,5755608.161834945,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS346","v":0},0,0,0,0,0]
[null,null,"Generation",null,null,null,{"$f":"G50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,116584150,116001229.25000001,115421223.10375002,114844116.9882313,114269896.40329015,113698546.92127372,113130054.18666735,{"$f":"AM50","v":112564403.91573404},112001581.89615537,111441573.98667461,110884366.11674124,110329944.28615755,109778294.56472677,109229403.09190315,108683256.07644364,108139839.79606143,107599140.59708114,107061144.89409575,106525839.16962528,105993209.97377716,105463243.92390829,104935927.70428877,104411248.06576733,103889191.82543851,103369745.86631133,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS50","v":0},0,0,0,0,0]
[null,null,"Discount Rate",null,null,1,{"$f":"F557*(1+$F$571*G22)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1.05,1.1025,1.1576250000000001,1.2155062500000002,1.2762815625000004,1.3400956406250004,1.4071004226562505,{"$f":"AL557*(1+$F$571*AM22)","v":1.477455443789063},1.5513282159785162,1.628894626777442,1.7103393581163142,1.7958563260221301,1.8856491423232367,1.9799315994393987,2.0789281794113688,2.1828745883819374,2.2920183178010345,2.4066192336910861,2.5269501953756404,2.6532977051444226,2.7859625904016441,2.9252607199217264,3.0715237559178128,3.2250999437137038,3.3863549408993889,3.3863549408993889,3.3863549408993889,3.3863549408993889,3.3863549408993889,3.3863549408993889,3.3863549408993889,3.3863549408993889,3.3863549408993889,3.3863549408993889,3.3863549408993889,3.3863549408993889,3.3863549408993889,3.3863549408993889,3.3863549408993889,{"$f":"BR557*(1+$F$571*BS22)","v":3.3863549408993889},3.3863549408993889,3.3863549408993889,3.3863549408993889,3.3863549408993889,3.3863549408993889]
[null,null,"Inflation Index",null,null,null,{"$f":"G34","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1.01,1.0201,1.0303009999999999,1.04060401,1.0562130701499999,1.0720562662022497,{"$f":"AM34","v":1.0881371101952833},1.1044591668482124,1.1265483501851767,1.1490793171888802,1.1720609035326579,1.195502121603311,1.2194121640353772,1.2438004073160849,1.2686764154624066,1.2940499437716548,1.319930942647088,1.3463295615000297,1.3732561527300302,1.4007212757846308,1.4287357013003235,1.4573104153263299,1.4864566236328565,1.5161857561055136,1.5465094712276239,1.5774396606521766,1.6089884538652202,1.6411682229425246,1.6739915874013751,1.7074714191494027,1.7416208475323909,1.7764532644830386,1.8119823297726994,1.8482219763681533,1.8851864158955165,1.922890144213427,1.9613479470976956,2.0005749060396494,{"$f":"BS34","v":2.0405864041604422},2.0813981322436512,2.1230260948885245,2.1654866167862949,2.2087963491220211,2.2529722761044617]
[null,null,"Real Revenues in USD",null,null,null,{"$f":"G555/G558","v":0},{"$f":"H555/H558","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,5412345.3964078929,5254704.2683571782,5101654.6294729905,4953062.7470611539,4808798.7835545186,4668736.6830626391,4532754.0612258632,4400732.0982775381,4272555.4352209102,4148112.0730300108,4027293.2747864178,3909993.4706664253,3796110.1656955574,3796110.1656955578,3796110.1656955583,3796110.1656955583,3796110.1656955588,3796110.1656955578,3796110.1656955574,3796110.1656955574,3796110.1656955569,3796110.1656955564,3796110.1656955564,3796110.1656955564,3796110.1656955569,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT555/BT558","v":0},0,0,0,0]
[null,null,"Real Discount Rate Index",null,null,null,{"$f":"G557/G558","v":1},{"$f":"H557/H558","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1.05,1.0915841584158417,1.134815214194687,1.1797583909944767,1.2264814955883174,1.2687739609534319,1.3125247871932058,1.3577842626136614,1.4046044096003394,1.4459163040003493,1.4884432541180068,1.5322209968861835,1.5772863203240126,1.6236770944511896,1.6714323031115186,1.7205920767324459,1.771197726048106,1.8232917768142267,1.8769180055440569,1.9321214762953529,1.9889485785393342,2.0474470661434321,2.1076660975005921,2.169656276838845,2.2334696967458698,2.1896761732802643,2.1467413463532004,2.1046483787776471,2.0633807635074972,2.022922317164213,1.9832571736904048,1.9443697781278477,1.9062448805174979,1.8688675299191155,1.8322230685481524,1.7962971260276004,1.7610756137525494,1.7265447193652443,1.692690901338475,1.6595008836651717,{"$f":"BT557/BT558","v":1.6269616506521289},1.5950604418158125,1.5637847468782475,1.5331223008610269,1.5030610792755164]
[]
[]
[null,null,"PV of Revenues",null,null,{"$f":"SUMPRODUCT(G555:BX555/G557:BX557)","v":70573454.088243172}]
[null,null,"PV of Generation",null,null,{"$f":"SUMPRODUCT(G556:BX556/G557:BX557)","v":1567480079.9691854}]
[null,null,"Nominal LCOE",null,null,{"$f":"F563/F564*1000","v":45.023509383054204}]
[]
[null,null,"PV of Real Revenues",null,null,{"$f":"SUMPRODUCT(G559:BX559/G560:BX560)","v":70573454.088243157}]
[null,null,"PV of Generation",null,null,{"$f":"SUMPRODUCT(G556:BX556/G560:BX560)","v":1815358376.3292539}]
[null,null,"Real LCOE",null,null,{"$f":"F567/F568*1000","v":38.875769659843272}]
[]
[null,"LCOE - Nominal",null,null,"Percent",{"$f":"Assumptions!G162","v":0.05},{"$f":"NPV(F571,H61:AP61)/NPV(F571,H50:AP50)","v":4.3907766290670371E-2}]
[null,"LCOE - Real",null,null,"Percent",{"$f":"Assumptions!G163","v":0.02},{"$f":"NPV(F571,H61:AP61)/NPV(F572,H50:AP50)","v":1.8612238806151885E-2}]

{"sheet":"Sensitivity Factors","index":7,"n_rows":73,"n_cols":18,"rows_kept":73,"cut":false,"hidden":false,"merged":[]}
[]
[null,"The idea of this is that you can replace all of the sensitivity variables and then adjust the spinner boxes. The sensivity variables are divided by 100"]
[]
[]
[null,null,"Fixed Number from Macro","Computed Number",null,null,null,"Base Case","Low Case","High Case","With Tracking","Low Price Case"]
[null,"Plant Life",103,{"$f":"C6/100","v":1.03},null,{"$f":"Assumptions!G10","v":25},null,100,100,100,100,100]
[null,"Irriadiation with Tilt",100,1,null,null,null,100,90,100,100,100,null,null,null,null,"base_case","='Sensitivity Factors'!$H$2:$H$19"]
[null,"Increased Irriadiation from Tracking",0,null,null,null,null,0,0,0,0,0,null,null,null,null,"sensitivity","='Sensitivity Factors'!$C$2:$C$19"]
[null,"Performance Ratio",100,1,null,null,null,100,100,100,100,100]
[null,"Degradation",100,1,null,null,null,100,110,100,100,100]
[null,"Price of Electricity",92,0.92,null,null,null,100,100,100,100,50]
[null,"Price Escalation",100,1,null,null,null,100,100,100,100,100]
[null,"O&M Sensitivity",100,1,null,null,null,100,120,100,100,100,null,null,null,null,3]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"TRANSPOSE(H5:L5)","v":"Base Case"},null,1]
[null,"Cost of Tracking System per kW",0,null,null,null,null,0,0,0,0,0,null,null,"Low Case"]
[null,"O&M Cost of Tracking System per kW",0,null,null,null,null,0,0,0,0,0,null,null,"High Case"]
[null,"Contingency Percent",50,{"$f":"(C17-50)/100","v":0},null,null,null,50,70,40,50,50,null,null,"With Tracking"]
[null,"EPC Cost Sensitivity",null,null,null,null,null,null,null,null,null,null,null,null,"Low Price Case"]
[]
[null,"Development Cost 1",7,null,null,null,null,7,3,10,10,10]
[null,"Development Cost 2",2,null,null,null,null,2,2,4,10,10]
[]
[null,"Development Multiplier 1",8,null,null,null,null,5,3,8,6,6]
[null,"Development Multiplier 2",6,null,null,null,null,5,3,8,6,6]
[]
[]
[]
[null,"Debt Percent",60,{"$f":"C28/100","v":0.6},null,null,null,70,70,70,70,70]
[null,"Debt Tenor",22,null,null,null,null,15,15,15,15,15]
[null,"LIBOR Rate",100,{"$f":"C30/100","v":1},null,null,null,100,100,100,100,100]
[null,"Credit Spread",100,{"$f":"C31/100","v":1},null,null,null,100,100,100,100,100]
[null,"Country Risk Premium",100,{"$f":"C32/100","v":1},null,null,null,100,120,0,100,100]
[null,null,null,null,null,null,null,"End of Range","End of Range","End of Range","End of Range","End of Range"]
[]
[null,"Revenue Inflation Switch",true]
[null,"Sculpt Switch",false]
[]
[]
[null,"Scenario",1]
[]
[null,"Year",null,null,null,null,{"$f":"Assumptions!H28","v":2016},{"$f":"G41+4","v":2020},{"$f":"H41+4","v":2024},2028,2032]
[null,"LOCAL Inflation Rate - 6%",null,null,null,"Annual %",0.06,0.06,0.06,0.06,0.06]
[null,"LOCAL Inflation Rate - 6% Declining",null,null,null,"Annual %",0.06,0.05,4.4999999999999998E-2,0.06,0.06]
[null,"LOCAL Inflation Rate - 4%",null,null,null,"Annual %",0.04,0.04,0.04,0.04,0.04]
[null,"LOCAL Inflation Rate - 6% Increasing",null,null,null,"Annual %",0.06,0.08,0.1,0.12,0.14000000000000001]
[null,"LOCAL Inflation Rate - 0% Increasing",null,null,null,"Annual %",0,0,0,0,0]
[null,"LOCAL Inflation Rate 1.5%",null,null,null,"Annual %",1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2]
[]
[null,{"$f":"INDEX(B42:B47,$C$39)","v":"LOCAL Inflation Rate - 6%"},null,null,null,{"$f":"INDEX(F42:F47,$C$39)","v":"Annual %"},0.06,0.06,0.06,0.06,0.06]
[]
[null,null,3]
[]
[null,"FOREIGN Inflation Rate - 1.5%",null,null,null,"Annual %",1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2]
[null,"FOREIGN Inflation Rate - .5% Increasing",null,null,null,"Annual %",0,0.01,1.4999999999999999E-2,0.02,0.02]
[null,"FOREIGN Inflation Rate - Changing",null,null,null,"Annual %",0,0.01,1.4999999999999999E-2,0.02,0.02]
[null,"FOREIGN Inflation Rate - Zero",null,null,null,"Annual %",0,0,0,0,0]
[null,"FOREIGN Inflation Rate 1.5%",null,null,null,"Annual %",1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2]
[]
[null,{"$f":"INDEX(B53:B57,$C$51)","v":"FOREIGN Inflation Rate - Changing"},null,null,null,{"$f":"INDEX(F53:F57,$C$51)","v":"Annual %"},0,0.01,1.4999999999999999E-2,0.02,0.02]
[]
[null,null,2]
[]
[null,"Simple PPP Exchange Rate",null,null,null,"Annual %",0,0,0,0,0]
[null,"3% Devaluation in LOCAL Relative to PPP",null,null,null,"Annual %",0.03,0.03,0.03,0.03,0]
[null,"1% Appreciation in LOCAL relative to PPP",null,null,null,"Annual %",-0.01,-0.01,-0.01,0,0]
[null,"Mixed Devaluation and Appreciation",null,null,null,"Annual %",0.02,0.03,0.01,-0.01,-0.02]
[null,"Devaluation of LOCAL above PPP Rate",null,null,null,"Annual %",0.02,0.03,0.01,0,0]
[]
[null,{"$f":"INDEX(B63:B67,$C$61)","v":"3% Devaluation in LOCAL Relative to PPP"},null,null,null,{"$f":"INDEX(F63:F67,$C$61)","v":"Annual %"},{"$f":"INDEX(G63:G67,$C$61)","v":0.03},0.03,0.03,0.03,0]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,false]

{"sheet":"Energy Yield Data \"PVSyst\"","index":8,"n_rows":42,"n_cols":36,"rows_kept":42,"cut":false,"hidden":false,"merged":[[3,3,4,3]]}
[]
[null,null,null,"Ahta","Maharashtra"]
[]
[null,null,null,null,"GlobHor","T Amb","GlobInc","GlobEff","EArray","E_Grid","EffArrR","EffSysR"]
[null,null,null,null,"kWh/m²","°C","kWh/m²","kWh/m²","MWh","MWh","%","%"]
[null,null,null,"January",141.19999999999999,21.3,180,171,95.5,91.8,13.19,12.68]
[null,null,null,"February",154,24.1,197.6,188.5,103.4,99.4,13,12.5]
[null,null,null,"March",194.7,28.3,247.1,236.3,125.9,120.9,12.66,12.16]
[null,null,null,"April",201.5,31.6,252.4,242,125.4,120.4,12.35,11.85]
[null,null,null,"May",208.2,32.4,258,246.4,128.9,123.8,12.41,11.93]
[null,null,null,"June",163.1,28,192.4,182.1,98.9,95.1,12.77,12.28]
[null,null,null,"July",133.30000000000001,26.1,155.4,146.69999999999999,80.599999999999994,77.400000000000006,12.88,12.37]
[null,null,null,"August",130.9,24.8,147,138.1,76.599999999999994,73.599999999999994,12.96,12.45]
[null,null,null,"September",150,25.2,181.6,172.2,94.9,91.1,12.98,12.47,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Module area"]
[null,null,null,"October",162,25.2,202.9,192.9,105.8,101.7,12.96,12.46]
[null,null,null,"November",139.6,22.8,175.6,166.6,92.9,89.3,13.14,12.64]
[null,null,null,"December",134,21.09,170.1,161.19999999999999,90.7,87.2,13.25,12.74]
[null,null,null,"Year",1912.5,25.91,2360.1,2244.1,1219.3,1171.7,12.84,12.34]
[null,null,null,"Average per Day",{"$f":"E18/365.4","v":5.2339901477832518},null,{"$f":"G18/365.4","v":6.4589490968801311},6.1414887794198139,3.3368910782703889,3.2066228790366726]
[null,null,null,"Average per Hour (Watts)",{"$f":"E18/8760*1000","v":218.32191780821918},null,{"$f":"G18/8760*1000","v":269.41780821917803},256.17579908675799,139.18949771689498,133.75570776255708]
[null,null,null,"STC Energy",1000,null,1000,1000,1000,1000]
[null,null,null,"Percent",{"$f":"E20/E21","v":0.21832191780821919},null,{"$f":"G20/G21","v":0.26941780821917805},{"$f":"H20/H21","v":0.25617579908675797},{"$f":"I20/I21","v":0.13918949771689498},{"$f":"J20/J21","v":0.13375570776255707}]
[]
[null,null,null,"Nominal Power (= Plant Capacity at STC = Pnom (STC))","kWp",612,null,{"$f":"F24*100","v":61200}]
[null,null,null,"# of Modules (plant)","pcs.",2400,null,{"$f":"F25*100","v":240000}]
[null,null,null,"Total Module Area (= Generator area of the plant)","m2",4024,null,{"$f":"F26*100","v":402400}]
[]
[null,null,null,"Module Efficiency (STC = 25°C, 1000 W/m2, AM=1.5)","-",0.15210000000000001,null,{"$f":"F28","v":0.15210000000000001}]
[]
[null,null,null,"Maximum Energy Output (theoretical) / year","kWh/Year",{"$f":"G18*F26*F28","v":1444500.1490400003},null,{"$f":"F30*100","v":144450014.90400001}]
[null,null,null,null,"MWh/Year",{"$f":"F30/1000","v":1444.5001490400002},null,{"$f":"F31*100","v":144450.01490400001}]
[]
[null,null,null,"Real Energy Produced (= E_GRID) = Plant Output / year","MWh/Year",{"$f":"$J$18","v":1171.7},{"$f":"F33/F31","v":0.81114564147238033},{"$f":"F33*100","v":117170}]
[null,null,null,null,"kWh/Year",{"$f":"F33*1000","v":1171700},null,{"$f":"F34*100","v":117170000}]
[null,null,null,null,"kWh/day",{"$f":"F34/365.25","v":3207.9397672826831}]
[]
[null,null,null,"Real Energy Produced / kWp installed","kWh/kWp/Year",{"$f":"F34/$F$24","v":1914.5424836601308},{"$f":"F37/8760","v":0.21855507804339391},{"$f":"F37","v":1914.5424836601308}]
[null,null,null,null,"kWh/kWp/Day",{"$f":"F37/365.25","v":5.2417316458867376},null,{"$f":"F38","v":5.2417316458867376}]
[]
[null,null,null,"Perfromance Ratio (PR)","%",{"$f":"F34/F30","v":0.81114564147238033},null,{"$f":"F40","v":0.81114564147238033}]
[]
[null,null,null,"Capacity (utilization) Factor","%",{"$f":"F34/(F24*'Financial Model'!E35)","v":0.21840548524528072},null,{"$f":"F42","v":0.21840548524528072}]

{"sheet":"Debt Translation","index":9,"n_rows":41,"n_cols":16,"rows_kept":41,"cut":false,"hidden":false,"merged":[]}
[]
[]
["Period",null,0,{"$f":"C3+1","v":1},{"$f":"D3+1","v":2},3,4,5,6,7,8,9,10]
["Foreign",null,null,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
["Local",null,null,0.1,0.08,0.09,0.11,0.1,0.1,0.1,0.1,0.1,0.1]
[]
["PPP",null,100,{"$f":"C7*(1+D5)/(1+D4)","v":108.91089108910893},{"$f":"D7*(1+E5)/(1+E4)","v":116.45917066954223},125.68365943544657,138.12758611222347,150.43598487469885,163.84117164571163,178.44088001018099,194.34155248633576,211.65911656927659,230.5198299269349]
[]
["Debt Local"]
[null,"Opening Balance",null,{"$f":"C13","v":5000},{"$f":"D13","v":10000},8888.8888888888887,7777.7777777777774,6666.6666666666661,5555.5555555555547,4444.4444444444434,3333.3333333333321,2222.2222222222208,1111.1111111111097]
[null,"Add: Draws",5000,5000]
[null,"Less: Repayments",null,null,{"$f":"$C$30/9","v":1111.1111111111111},{"$f":"$C$30/9","v":1111.1111111111111},1111.1111111111111,1111.1111111111111,1111.1111111111111,1111.1111111111111,1111.1111111111111,1111.1111111111111,1111.1111111111111]
[null,"Closing Balance",{"$f":"C10+C11-C12","v":5000},{"$f":"D10+D11-D12","v":10000},{"$f":"E10+E11-E12","v":8888.8888888888887},{"$f":"F10+F11-F12","v":7777.7777777777774},{"$f":"G10+G11-G12","v":6666.6666666666661},{"$f":"H10+H11-H12","v":5555.5555555555547},{"$f":"I10+I11-I12","v":4444.4444444444434},{"$f":"J10+J11-J12","v":3333.3333333333321},{"$f":"K10+K11-K12","v":2222.2222222222208},{"$f":"L10+L11-L12","v":1111.1111111111097},{"$f":"M10+M11-M12","v":0}]
[null,"Interest",0.15,{"$f":"$C$31*D10","v":750},1500,1333.3333333333333,1166.6666666666665,999.99999999999989,833.33333333333314,666.66666666666652,499.99999999999977,333.33333333333309,166.66666666666646]
[]
[null,"Adjustment Factor",null,{"$f":"(D7-C7)/D7","v":8.181818181818197E-2},{"$f":"(E7-D7)/E7","v":6.4814814814814894E-2},7.3394495412844069E-2,9.0090090090090141E-2,8.1818181818181929E-2,8.1818181818181873E-2,8.1818181818181873E-2,8.1818181818181943E-2,8.1818181818181915E-2,8.1818181818181832E-2]
[]
["Debt Foreign"]
[null,"Opening Balance",null,{"$f":"C23","v":50},{"$f":"D23","v":91.818181818181813},76.326225215114093,61.883762875098235,48.264556373628743,36.929698437397747,27.126542124924889,18.680323326936914,11.434622157700778,5.2495310814899057]
[null,"Add: Draws",{"$f":"C11/C7","v":50},{"$f":"D11/D7","v":45.909090909090899},0,0,0,0,0,0,0,0,0]
[null,"Less: Repayments",{"$f":"C12/C7","v":0},{"$f":"D12/D7","v":0},9.5407781518892598,8.8405375535854613,8.0440927289381214,7.3859396874795475,6.7816355312312204,6.2267744423123021,5.7173110788503854,5.2495310814898986,4.8200239930043614,null,{"$f":"SUM(C21:M21)","v":62.606624248780562}]
[null,"Gain on Translation as Liability Goes Down",null,{"$f":"D19*D16","v":4.0909090909090988},5.9511784511784578,5.6019247864303949,5.5751137725313757,3.9489182487514478,3.021520781241636,2.219444355675674,1.5283900903857499,0.93555999472097384,0.42950708848553781]
[null,"Closing Balance",{"$f":"C19+C20-C21","v":50},{"$f":"D19+D20-D21-D22","v":91.818181818181813},{"$f":"E19+E20-E21-E22","v":76.326225215114093},{"$f":"F19+F20-F21-F22","v":61.883762875098235},48.264556373628743,36.929698437397747,27.126542124924889,18.680323326936914,11.434622157700778,5.2495310814899057,6.4948046940571658E-15]
[null,"Interest"]
[]
["Debt Local"]
[null,"Opening Balance",null,{"$f":"C30","v":10000},{"$f":"D30","v":9000},8000,7000,6000,5000,4000,3000,2000,1000]
[null,"Add: Draws",10000]
[null,"Less: Repayments",null,{"$f":"$C$30/10","v":1000},{"$f":"$C$30/10","v":1000},1000,1000,1000,1000,1000,1000,1000,1000]
[null,"Closing Balance",{"$f":"C27+C28-C29","v":10000},{"$f":"D27+D28-D29","v":9000},8000,7000,6000,5000,4000,3000,2000,1000,0]
[null,"Interest",0.15,{"$f":"$C$31*D27","v":1500},{"$f":"$C$31*E27","v":1350},1200,1050,900,750,600,450,300,150]
[]
[null,null,null,{"$f":"D16","v":8.181818181818197E-2},6.4814814814814894E-2,7.3394495412844069E-2,9.0090090090090141E-2,8.1818181818181929E-2,8.1818181818181873E-2,8.1818181818181873E-2,8.1818181818181943E-2,8.1818181818181915E-2,8.1818181818181832E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Liability goes down so gain"]
["Debt Foreign"]
[null,"Opening Balance",null,{"$f":"C40","v":100},{"$f":"D40","v":82.636363636363612},68.693602693602671,55.695386587588402,43.438100736265852,33.236728593657958,24.41388791243239,16.812290994243213,10.291159941930692,4.7245779733409066]
[null,"Add: Draws",{"$f":"C28/C7","v":100},0,0,0,0,0,0,0,0,0,0]
[null,"Less: Repayments",{"$f":"C29/C7","v":0},9.1818181818181799,8.5867003367003338,7.9564837982269152,7.2396834560443093,6.647345718731593,6.1034719781080984,5.6040969980810713,5.1455799709653469,4.7245779733409092,4.3380215937039255,null,{"$f":"SUM(D38:M38)","v":65.527780005720672},{"$f":"O38-C40","v":-34.472219994279328}]
[null,"Gain on Translation",null,{"$f":"D36*D33","v":8.1818181818181976},{"$f":"E36*E33","v":5.3560606060606109},5.0417323077873544,5.0176023952782369,3.554026423876302,2.7193687031174711,1.9974999201081061,1.3755510813471741,0.84200399524887581,0.3865563796369833,null,{"$f":"SUM(D39:M39)","v":34.472219994279307}]
[null,"Closing Balance",{"$f":"C36+C37-C38+C39","v":100},{"$f":"D36+D37-D38-D39","v":82.636363636363612},{"$f":"E36+E37-E38-E39","v":68.693602693602671},55.695386587588402,43.438100736265852,33.236728593657958,24.41388791243239,16.812290994243213,10.291159941930692,4.7245779733409066,-2.2204460492503131E-15]
[null,"Interest",null,{"$f":"D31/D7","v":13.77272727272727},11.592045454545451,9.547780557872299,7.601667628846525,5.9826111468584333,4.5776039835810733,3.3624581988486431,2.3155109869344059,1.4173733920022726,0.6507032390555888]

{"sheet":"DSRA Translation","index":10,"n_rows":41,"n_cols":16,"rows_kept":41,"cut":false,"hidden":false,"merged":[]}
[]
[]
["Period",null,0,{"$f":"C3+1","v":1},{"$f":"D3+1","v":2},3,4,5,6,7,8,9,10]
["Foreign",null,null,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
["Local",null,null,0.1,0.08,0.09,0.11,0.1,0.1,0.1,0.1,0.1,0.1]
[]
["PPP",null,100,{"$f":"C7*(1+D5)/(1+D4)","v":108.91089108910893},{"$f":"D7*(1+E5)/(1+E4)","v":116.45917066954223},125.68365943544657,138.12758611222347,150.43598487469885,163.84117164571163,178.44088001018099,194.34155248633576,211.65911656927659,230.5198299269349]
[]
["DSRA Local"]
[null,"Opening Balance",null,{"$f":"C13","v":1000},{"$f":"D13","v":1000},888.88888888888891,777.77777777777783,666.66666666666674,555.55555555555566,444.44444444444457,333.33333333333348,222.22222222222237,111.11111111111126]
[null,"Add: Deposits",1000,0]
[null,"Less: Repayments",null,null,{"$f":"$C$11/9","v":111.11111111111111},{"$f":"$C$11/9","v":111.11111111111111},111.11111111111111,111.11111111111111,111.11111111111111,111.11111111111111,111.11111111111111,111.11111111111111,111.11111111111111]
[null,"Closing Balance",{"$f":"C10+C11-C12","v":1000},{"$f":"D10+D11-D12","v":1000},888.88888888888891,777.77777777777783,666.66666666666674,555.55555555555566,444.44444444444457,333.33333333333348,222.22222222222237,111.11111111111126,1.4210854715202004E-13]
[null,"Interest Income",0,{"$f":"$C$31*D10","v":150},150,133.33333333333334,116.66666666666667,100.00000000000001,83.333333333333343,66.666666666666686,50.000000000000021,33.333333333333357,16.666666666666689]
[]
[null,"Adjustment Factor",null,{"$f":"(D7-C7)/D7","v":8.181818181818197E-2},{"$f":"(E7-D7)/E7","v":6.4814814814814894E-2},7.3394495412844069E-2,9.0090090090090141E-2,8.1818181818181929E-2,8.1818181818181873E-2,8.1818181818181873E-2,8.1818181818181943E-2,8.1818181818181915E-2,8.1818181818181832E-2]
[]
["Debt Foreign"]
[null,"Opening Balance",null,{"$f":"C23","v":10},{"$f":"D23","v":9.1818181818181799},7.6326225215114079,6.188376287509822,4.8264556373628729,3.6929698437397738,2.7126542124924882,1.868032332693691,1.1434622157700773,0.5249531081489901]
[null,"Add: Draws",{"$f":"C11/C7","v":10},{"$f":"D11/D7","v":0},0,0,0,0,0,0,0,0,0]
[null,"Less: Repayments",{"$f":"C12/C7","v":0},{"$f":"D12/D7","v":0},0.95407781518892609,0.88405375535854613,0.80440927289381225,0.7385939687479548,0.67816355312312204,0.62267744423123017,0.57173110788503856,0.52495310814898988,0.4820023993004362,null,{"$f":"SUM(C21:M21)","v":6.2606624248780554}]
[null,"Loss on Translation as Value Declines",null,{"$f":"D19*D16","v":0.81818181818181968},{"$f":"E19*E16","v":0.59511784511784571},0.56019247864303934,0.55751137725313749,0.39489182487514468,0.3021520781241635,0.22194443556756735,0.15283900903857495,9.3555999472097348E-2,4.2950708848553745E-2]
[null,"Closing Balance",{"$f":"C19+C20-C21","v":10},{"$f":"D19+D20-D21-D22","v":9.1818181818181799},{"$f":"E19+E20-E21-E22","v":7.6326225215114079},{"$f":"F19+F20-F21-F22","v":6.188376287509822},4.8264556373628729,3.6929698437397738,2.7126542124924882,1.868032332693691,1.1434622157700773,0.5249531081489901,1.5265566588595902E-16]
[null,"Interest"]
[]
["Debt Local"]
[null,"Opening Balance",null,{"$f":"C30","v":10000},{"$f":"D30","v":9000},8000,7000,6000,5000,4000,3000,2000,1000]
[null,"Add: Draws",10000]
[null,"Less: Repayments",null,{"$f":"$C$30/10","v":1000},{"$f":"$C$30/10","v":1000},1000,1000,1000,1000,1000,1000,1000,1000]
[null,"Closing Balance",{"$f":"C27+C28-C29","v":10000},{"$f":"D27+D28-D29","v":9000},8000,7000,6000,5000,4000,3000,2000,1000,0]
[null,"Interest",0.15,{"$f":"$C$31*D27","v":1500},{"$f":"$C$31*E27","v":1350},1200,1050,900,750,600,450,300,150]
[]
[null,null,null,{"$f":"D16","v":8.181818181818197E-2},6.4814814814814894E-2,7.3394495412844069E-2,9.0090090090090141E-2,8.1818181818181929E-2,8.1818181818181873E-2,8.1818181818181873E-2,8.1818181818181943E-2,8.1818181818181915E-2,8.1818181818181832E-2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Liability goes down so gain"]
["Debt Foreign"]
[null,"Opening Balance",null,{"$f":"C40","v":100},{"$f":"D40","v":82.636363636363612},68.693602693602671,55.695386587588402,43.438100736265852,33.236728593657958,24.41388791243239,16.812290994243213,10.291159941930692,4.7245779733409066]
[null,"Add: Draws",{"$f":"C28/C7","v":100},0,0,0,0,0,0,0,0,0,0]
[null,"Less: Repayments",{"$f":"C29/C7","v":0},9.1818181818181799,8.5867003367003338,7.9564837982269152,7.2396834560443093,6.647345718731593,6.1034719781080984,5.6040969980810713,5.1455799709653469,4.7245779733409092,4.3380215937039255,null,{"$f":"SUM(D38:M38)","v":65.527780005720672},{"$f":"O38-C40","v":-34.472219994279328}]
[null,"Gain on Translation",null,{"$f":"D36*D33","v":8.1818181818181976},{"$f":"E36*E33","v":5.3560606060606109},5.0417323077873544,5.0176023952782369,3.554026423876302,2.7193687031174711,1.9974999201081061,1.3755510813471741,0.84200399524887581,0.3865563796369833,null,{"$f":"SUM(D39:M39)","v":34.472219994279307}]
[null,"Closing Balance",{"$f":"C36+C37-C38+C39","v":100},{"$f":"D36+D37-D38-D39","v":82.636363636363612},{"$f":"E36+E37-E38-E39","v":68.693602693602671},55.695386587588402,43.438100736265852,33.236728593657958,24.41388791243239,16.812290994243213,10.291159941930692,4.7245779733409066,-2.2204460492503131E-15]
[null,"Interest",null,{"$f":"D31/D7","v":13.77272727272727},11.592045454545451,9.547780557872299,7.601667628846525,5.9826111468584333,4.5776039835810733,3.3624581988486431,2.3155109869344059,1.4173733920022726,0.6507032390555888]