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{"sheet":"Contents","index":0,"n_rows":24,"n_cols":10,"rows_kept":24,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,"Sheet Tab","Description","Author",null,null,null,null,"Depreciation"]
[null,1,"Contents",null,null,null,null,null,null,"Goal Seek for Entry Multiple"]
[null,2,"Summary",null,null,null,null,null,null,"Finish Balance Sheet"]
[null,3,"Assumptions",null,null,null,null,null,null,"Data Tables in Different Sheets"]
[null,4,"S&U and Pro-Forma",null,null,null,null,null,null,"Audit Sheet"]
[null,5,"LBO",null,null,null,null,null,null,"Taxes with NOL"]
[null,6,"Annual Model",null,null,null,null,null,null,"Break Even Graphs"]
[null,7,"Audit sheet",null,null,null,null,null,null,"Circularity"]
[null,8,"DCF"]
[null,9,"Circular"]
[null,10,"Chart1"]
[null,11,"PE Scenario"]
[null,12,"PE Ratio"]
[null,13,"IRR"]
[null,14,"Sheet1"]
[]
[null," File Name: ",null,"E:\\2013.05.21 EM course Day3.xlsm"]
[]
[null," Colour Codes "]
[]
[null," Last Save Date ",null,"2013-05-04T16:34:16"]
[null," Last Save By",null,"Usain Bolt"]

{"sheet":"Summary","index":1,"n_rows":24,"n_cols":10,"rows_kept":24,"cut":false,"hidden":false,"merged":[]}
[]
["Sources and uses of funds",null,null,null,null,null,"Transaction Assumptions"]
[null,"Uses of funds",null,null,null,null,null,"Entry EV/EBITDA",null,{"$f":"Assumptions!E61","v":8.0229612262464762}]
[null,null,"Consideration",null,{"$f":"Assumptions!E13","v":473},null,null,"Entry P/E Ratio",null,{"$f":"Assumptions!E48","v":13.514285714285714}]
[null,null,"Debt fees",null,{"$f":"SUM(Assumptions!E101:E103)*Assumptions!E123","v":4.6499999999999995},null,null,"Entry M/B Ratio",null,{"$f":"Assumptions!E43","v":3.0516129032258066}]
[null,null,"Advisory fees",null,{"$f":"E4*Assumptions!E124","v":4.7300000000000004}]
[null,null,"Existing debt paydown",null,{"$f":"Assumptions!E95","v":100},null,"Assumptions"]
[null,null,"Dividend payment",null,{"$f":"Assumptions!E97","v":40},null,null,"Revnue Growth"]
[null,null,"Interest rate swaps",null,{"$f":"Assumptions!F31","v":30},null,null,"Margin"]
[null,null,null,"Total uses of funds",{"$f":"SUM(E4:E9)","v":652.38}]
[null,null,null,null,null,null,null,"EBITDA Senstivity",null,{"$f":"Assumptions!E65","v":1}]
[null,"Sources of funds",null,null,null,null,null,"Holding Period",null,{"$f":"Assumptions!$E$4","v":8}]
[null,null,"Senior amortising debt",null,{"$f":"Assumptions!E101","v":140},null,null,"Exit EV/EBITDA",null,{"$f":"Assumptions!$E$5","v":5}]
[null,null,"Senior bullet debt",null,{"$f":"Assumptions!E102","v":130}]
[null,null,"Capitalising debt",null,{"$f":"Assumptions!E103","v":40},null,"IRR's"]
[null,null,"Cash",null,{"$f":"Assumptions!E97","v":40},null,null,"Ungeared IRR",null,{"$f":"Assumptions!$I$4","v":0.14480487704277037}]
[null,null,"Sale of assets",null,{"$f":"Assumptions!E98","v":75},null,null,"Ungeared MIRR",null,{"$f":"'LBO Model'!G47","v":0.11884756088734272}]
[null,null,"Equity",null,{"$f":"E10-SUM(E13:E17)","v":227.38},null,null,"Equity IRR",null,{"$f":"Assumptions!$I$5","v":0.19484276479041451}]
[null,null,null,"Total uses of funds",{"$f":"SUM(E13:E18)","v":652.38},null,null,"Senior Debt IRR",null,{"$f":"'LBO Model'!G237","v":4.1924676299095159E-2}]
[null,null,null,null,null,null,null,"Sub Debt IRR",null,{"$f":"'LBO Model'!G244","v":8.3414241671562209E-2}]
[]
[null,null,"Enterprise Value",null,{"$f":"Assumptions!$E$58","v":487.38},null,"Defaults"]
[null,null,"Senior Debt/EBITDA",null,{"$f":"Assumptions!F105-Assumptions!F103","v":4.7738084361514188},null,null,"Senior Default"]
[null,null,"Revolving Debt",null,{"$f":"Assumptions!E128","v":44},null,null,"Mezz Default"]

{"sheet":"Assumptions","index":2,"n_rows":135,"n_cols":13,"rows_kept":135,"cut":false,"hidden":false,"merged":[]}
[]
["Transaction assumptions"]
[null,"Entry EV to EBITDA",null,null,7]
[null,"Holding period",null,null,8,null,null,"Ungeared IRR",{"$f":"'LBO Model'!G45","v":0.14480487704277037}]
[null,"Exit EV to EBITDA",null,null,5,null,null,"Equity IRR",{"$f":"'LBO Model'!G227","v":0.19484276479041451}]
[null,"Target Equity IRR",null,null,0.2]
[]
[null,"Transaction date",null,null,"2015-10-01"]
[null,"Exit date",null,null,{"$f":"EDATE(E8,E4*12)","v":"2023-10-01"}]
[]
[null,"Periods per year",null,null,4]
[null,"Months per period",null,null,{"$f":"12/E11","v":3}]
[null,"Consideration",null,null,473]
[]
["Existing balance sheet"]
[null,"Assets",null,null,"Book","Market Value"]
[null,null,"Cash",null,50,50]
[null,null,"Accounts receivable",null,20,18]
[null,null,"Net fixed assets",null,430,500]
[null,null,"Intangible assets",null,0,50]
[null,null,"Long term notes receivable",null,90,130]
[null,null,"Investments in associates",null,60,75]
[null,null,"Derivative assets",null,30,30]
[null,null,null,"Total assets",{"$f":"SUM(E17:E23)","v":680},{"$f":"SUM(F17:F23)","v":853}]
[]
[]
[null,"Liabilities & capital",null,null,"Book","Market Value"]
[null,null,"Accounts payable",null,5,6]
[null,null,"Debt",null,350,350]
[null,null,"Deferred taxes",null,80,80]
[null,null,"Derivative liabilities",null,30,30]
[null,null,"Unfunded pension liabilities",null,60,60]
[null,null,"Minority interest",null,40]
[null,null,"Equity capital",null,{"$f":"E24-SUM(E28:E33)","v":115}]
[null,null,null,"Total",{"$f":"SUM(E28:E34)","v":680}]
[]
[null,null,"Balance sheet check",null,{"$f":"E35=E24","v":true}]
[]
["Implied valuation multiples"]
[null,"Market to book"]
[null,null,"Consideration",null,{"$f":"E13","v":473}]
[null,null,"Book Value of Target Equity",null,{"$f":"SUM(E33:E34)","v":155}]
[null,null,"Market to book",null,{"$f":"E41/E42","v":3.0516129032258066}]
[]
[null,"Implied PE ratio"]
[null,null,"Earnings",null,35]
[null,null,"Consideration",null,{"$f":"E41","v":473}]
[null,null,"Implied PE",null,{"$f":"E47/E46","v":13.514285714285714}]
[]
[null,"Implied EV to EBITDA"]
[null,null,"Consideration",null,{"$f":"E13+'S&U and Pro-Forma'!E40","v":482.38}]
[null,null,"Add: Debt",null,120]
[null,null,"Add: derivative liabilities",null,{"$f":"F31","v":30}]
[null,null,"Add: Pensions",null,{"$f":"F32","v":60}]
[null,null,"Less: cash",null,0]
[null,null,"Less: associated investments",null,{"$f":"F22*-1","v":-75}]
[null,null,"Less: notes receivable",null,{"$f":"-F21","v":-130}]
[null,null,"EV",null,{"$f":"SUM(E51:E57)","v":487.38}]
[]
[null,null,"EBITDA",null,{"$f":"SUM(OFFSET('LBO Model'!H23,0,0,1,'LBO Model'!H10))","v":60.748143516582786}]
[null,null,"EV to EBITDA",null,{"$f":"E58/E60","v":8.0229612262464762}]
[]
["Operating assumptions"]
[null,"Revenues",null,null,150]
[null,"EBITDA Sensitivity",null,null,{"$f":"F65/100","v":1},100]
[null,"EBITDA Sensitivity Start Year",null,null,2]
[]
[]
[null,"Revenue Growth",null,null,1,null,1,2,3,4,5,6,7]
[null,null,"Base case",null,null,null,0.02,0.15,0.15,0.12,0.1,7.0000000000000007E-2,0.05]
[null,null,"Low case",null,null,null,0,0.05,0.05,0.03,0.02,0.02,0.02]
[null,null,"High case",null,null,null,0.04,0.2,0.15,0.12,0.1,7.0000000000000007E-2,0.05]
[]
[null,null,{"$f":"INDEX(C70:C72,$E$69)","v":"Base case"},null,null,null,{"$f":"INDEX(G70:G72,$E$69)","v":0.02},0.15,0.15,0.12,0.1,7.0000000000000007E-2,0.05]
[]
[]
[null,"Operating margin",null,null,1]
[null,null,"Base Margin",null,null,null,0.4,0.38,0.4,0.41,0.42,0.42,0.42]
[null,null,"Low Margin",null,null,null,0.39,0.38,0.38,0.38,0.38,0.38,0.38]
[null,null,"High Margin",null,null,null,0.4,0.41,0.41,0.42,0.42,0.42,0.42]
[]
[null,null,{"$f":"INDEX(C78:C80,$E$77)","v":"Base Margin"},null,null,null,{"$f":"INDEX(G78:G80,$E$77)","v":0.4},{"$f":"INDEX(H78:H80,$E$77)","v":0.38},0.4,0.41,0.42,0.42,0.42]
[]
[null,"Maintenance CAPEX",null,null,null,null,20]
[null,"CAPEX Growth",null,null,null,null,0.05]
[]
[null,null,null,null,null,null,1,3,4]
[null,"Growth capex",null,null,null,null,10,0,0]
[]
[null,"Working capital"]
[null,null,"Days receivables outstanding",null,null,null,30,30,30,30,30,30,30]
[null,null,"Days payables outstanding",null,null,null,15,15,15,15,15,15,15]
[]
["Financing"]
[null,"Debt retired",null,null,100]
[null,"Extinguished interest rate swaps",null,null,{"$f":"F31","v":30}]
[null,"Cash dividend",null,null,40]
[null,"Sale of associiated assets",null,null,{"$f":"F22","v":75}]
[]
[null,null,null,null,"Amount","Debt to EBITDA","Tenor in Years"]
[null,"Amortising debt issued",null,null,140,{"$f":"E101/E60","v":2.3045971760730986},5]
[null,"Bullet debt",null,null,130,{"$f":"E102/$E$60","v":2.1399830920678773},{"$f":"E4","v":8}]
[null,"Capitalizing debt",null,null,40,{"$f":"E103/$E$60","v":0.65845633602088527},{"$f":"G102","v":8}]
[null,"Existing debt",null,null,{"$f":"E52-E95","v":20},{"$f":"E104/$E$60","v":0.32922816801044263},7]
[null,null,"Total debt",null,{"$f":"SUM(E101:E104)","v":330},{"$f":"SUM(F101:F104)","v":5.4322647721723039}]
[]
[null,"Interest rates"]
[null,"EIBOR",null,null,1.0999999999999999E-2]
[null,"Credit spread"]
[null,null,null,null,"Debt to EBITDA","Amortising debt","Bullet Debt","Capitalising"]
[null,null,null,null,0,0.01,1.4999999999999999E-2,7.0000000000000007E-2]
[null,null,null,null,2,1.4999999999999999E-2,0.02,7.0000000000000007E-2]
[null,null,null,null,4,2.5000000000000001E-2,0.03,7.0000000000000007E-2]
[null,null,null,null,6,3.5000000000000003E-2,0.04,7.0000000000000007E-2]
[]
[null,"Cash sweep"]
[null,null,null,null,"Debt to EBITDA","Amortising debt","Bullet Debt","Capitalising"]
[null,null,null,null,0,0,0,0.5]
[null,null,null,null,2,0,0.5,0.5]
[null,null,null,null,4,0,0.7,0.5]
[null,null,null,null,6,0,1,0.5]
[]
[null,"Debt fees",null,null,1.4999999999999999E-2]
[null,"Advisory fees",null,null,0.01]
[null,"Restricted cash",null,null,40]
[null,"Interest income on restricted cash",null,null,0.01]
[]
[null,"Revolving debt",null,null,44]
[null,"Commitment fee",null,null,0.02]
[]
["Other Assumptions"]
[null,"Notes Receivable Interest Rate",null,null,0.09]
[null,"Depreciation Rate on Net Assets",null,null,0.06]
[null,"Amortisation Rate",null,null,0.05]
[null,"Fee Amortisation Rate",null,null,{"$f":"1/5","v":0.2}]

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["Sources and uses of funds",null,null,null,{"$f":"Assumptions!E8","v":"2015-10-01"}]
[null,"Uses of funds"]
[null,null,"Consideration",null,{"$f":"Assumptions!E13","v":473}]
[null,null,"Debt fees",null,{"$f":"SUM(Assumptions!E101:E103)*Assumptions!E123","v":4.6499999999999995}]
[null,null,"Advisory fees",null,{"$f":"E4*Assumptions!E124","v":4.7300000000000004}]
[null,null,"existing debt paydown",null,{"$f":"Assumptions!E95","v":100}]
[null,null,"dividend payment",null,{"$f":"Assumptions!E97","v":40}]
[null,null,"interest rate swaps",null,{"$f":"Assumptions!F31","v":30}]
[null,null,null,"Total uses of funds",{"$f":"SUM(E4:E9)","v":652.38}]
[]
[null,"Sources of funds"]
[null,null,"Senior amortising debt",null,{"$f":"Assumptions!E101","v":140}]
[null,null,"Senior bullet debt",null,{"$f":"Assumptions!E102","v":130}]
[null,null,"Capitalising dent",null,{"$f":"Assumptions!E103","v":40}]
[null,null,"Cash",null,{"$f":"Assumptions!E97","v":40}]
[null,null,"Sale of assets",null,{"$f":"Assumptions!E98","v":75}]
[null,null,"Equity",null,{"$f":"E10-SUM(E13:E17)","v":227.38}]
[null,null,null,"Total uses of funds",{"$f":"SUM(E13:E18)","v":652.38}]
[]
["Goodwill analysis"]
[null,null,"Consideration",null,{"$f":"E4","v":473}]
[null,null,"Less: existing equity",null,{"$f":"Assumptions!E34+Assumptions!E33","v":155}]
[null,null,"Less: asset write-ups"]
[null,null,"accounts receivable",null,{"$f":"Assumptions!F18-Assumptions!E18","v":-2}]
[null,null,"notes receivable",null,{"$f":"Assumptions!F21-Assumptions!E21","v":40}]
[null,null,"Net fixed assets",null,{"$f":"Assumptions!F19-Assumptions!E19","v":70}]
[null,null,"Less: intangible assets",null,{"$f":"Assumptions!F20","v":50}]
[null,null,"Add: liability write-ups",null,{"$f":"Assumptions!F28-Assumptions!E28","v":1}]
[null,null,null,"Goodwill",{"$f":"E22-E23-E25-E26-E27-E28+E29","v":161}]
[]
["Entreprise Value Reconciliation"]
[null,null,"Total Equity Paid",null,{"$f":"E18","v":227.38}]
[null,null,"Total Debt Retained",null,{"$f":"Assumptions!E105","v":330},null," "]
[null,null,"Add: Pensions",null,{"$f":"Assumptions!E32","v":60}]
[null,null,"Less: Notes Receivable",null,{"$f":"Assumptions!E57","v":-130}]
[null,null,null,"Total",{"$f":"SUM(E33:E36)","v":487.38}]
[]
[null,null,"Consideration",null,{"$f":"Assumptions!E13","v":473}]
[null,null,"Fees",null,{"$f":"'S&U and Pro-Forma'!E5+'S&U and Pro-Forma'!E6","v":9.379999999999999}]
[null,null,"Dividends Paid",null,{"$f":"'S&U and Pro-Forma'!E8","v":40}]
[null,null,"Debt",null,{"$f":"Assumptions!E52","v":120}]
[null,null,"Add: derivative liabilities",null,{"$f":"Assumptions!E53","v":30}]
[null,null,"Add: Pensions",null,{"$f":"Assumptions!E54","v":60}]
[null,null,"Less: Surplus Cash",null,{"$f":"-E41","v":-40}]
[null,null,"Less: associated investments",null,{"$f":"Assumptions!E56","v":-75}]
[null,null,"Less: notes receivable",null,{"$f":"Assumptions!E57","v":-130}]
[null,null,null,"Total",{"$f":"SUM(E39:E47)","v":487.38}]
[]
[null,null,"Difference",null,{"$f":"E37-E48","v":0}]
[]
[]
["Proforma Balance Sheet",null,null,null,{"$f":"E2","v":"2015-10-01"}]
[null,"Assets",null,null,"Initial balance","Asset write ups","Goodwill","Debt Retirement","Net debt issued","Asset sales","Cash","Equity adjustments","Total adjustments","Adjusted balance sheet"]
[null,null,"Cash",null,50,null,null,null,null,null,{"$f":"-E16","v":-40},null,{"$f":"SUM(F55:L55)","v":-40},{"$f":"E55+M55","v":10}]
[null,null,"Accounts receivable",null,20,{"$f":"E25","v":-2},null,null,null,null,null,null,-2,18]
[null,null,"Net fixed assets",null,430,{"$f":"E27","v":70},null,null,null,null,null,null,70,500]
[null,null,"Intangible assets",null,null,{"$f":"E28","v":50},null,null,null,null,null,null,50,50]
[null,null,"Goodwill",null,null,null,{"$f":"E30","v":161},null,null,null,null,null,161,161]
[null,null,"Debt issuance costs",null,null,null,null,null,{"$f":"E5","v":4.6499999999999995},null,null,null,4.6499999999999995,4.6499999999999995]
[null,null,"Long term notes receivable",null,90,{"$f":"E26","v":40},null,null,null,null,null,null,40,130]
[null,null,"Investments in associates",null,60,null,null,null,null,{"$f":"-E62","v":-60},null,null,-60,0]
[null,null,"Derivative assets",null,30,null,null,null,null,null,null,null,0,30]
[null,null,null,"Total assets",{"$f":"SUM(E55:E63)","v":680},null,null,null,null,null,null,null,{"$f":"SUM(M55:M63)","v":223.64999999999998},903.65]
[]
[null,"Liabilities & capital"]
[null,null,"Accounts payable",null,5,{"$f":"E29","v":1},null,null,null,null,null,null,{"$f":"SUM(F67:L67)","v":1},{"$f":"E67+M67","v":6}]
[null,null,"Debt",null,350,null,null,{"$f":"-E7","v":-100},{"$f":"SUM(E13:E15)","v":310},null,null,null,210,560]
[null,null,"Deferred taxes",null,80,null,null,null,null,null,null,null,0,80]
[null,null,"Derivative liabilities",null,30,null,null,{"$f":"-E70","v":-30},null,null,null,null,-30,0]
[null,null,"Unfunded pension liabilities",null,60,null,null,null,null,null,null,null,0,60]
[null,null,"Minority interest",null,40,null,null,null,null,null,null,{"$f":"-E72","v":-40},-40,0]
[null,null,"Equity capital",null,{"$f":"E64-SUM(E67:E72)","v":115},null,null,null,null,{"$f":"E17-E62","v":15},{"$f":"-E16","v":-40},{"$f":"-E73+E18-E6","v":107.64999999999999},82.649999999999991,197.64999999999998]
[null,null,null,"Total",{"$f":"SUM(E67:E73)","v":680},null,null,null,null,null,null,null,{"$f":"SUM(M67:M73)","v":223.64999999999998},903.65]
[]
[null,null,"Balance sheet check",null,{"$f":"E74=E64","v":true},null,null,null,null,null,null,null,null,{"$f":"N74=N64","v":true}]

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["Timings"]
[]
[null,"Date",null,null,null,null,{"$f":"Assumptions!E8","v":"2015-10-01"},{"$f":"EDATE(G3,Assumptions!$E$12)","v":"2016-01-01"},{"$f":"EDATE(H3,Assumptions!$E$12)","v":"2016-04-01"},{"$f":"EDATE(I3,Assumptions!$E$12)","v":"2016-07-01"},{"$f":"EDATE(J3,Assumptions!$E$12)","v":"2016-10-01"},{"$f":"EDATE(K3,Assumptions!$E$12)","v":"2017-01-01"},{"$f":"EDATE(L3,Assumptions!$E$12)","v":"2017-04-01"},{"$f":"EDATE(M3,Assumptions!$E$12)","v":"2017-07-01"},{"$f":"EDATE(N3,Assumptions!$E$12)","v":"2017-10-01"},{"$f":"EDATE(O3,Assumptions!$E$12)","v":"2018-01-01"},{"$f":"EDATE(P3,Assumptions!$E$12)","v":"2018-04-01"},{"$f":"EDATE(Q3,Assumptions!$E$12)","v":"2018-07-01"},{"$f":"EDATE(R3,Assumptions!$E$12)","v":"2018-10-01"},{"$f":"EDATE(S3,Assumptions!$E$12)","v":"2019-01-01"},{"$f":"EDATE(T3,Assumptions!$E$12)","v":"2019-04-01"},{"$f":"EDATE(U3,Assumptions!$E$12)","v":"2019-07-01"},{"$f":"EDATE(V3,Assumptions!$E$12)","v":"2019-10-01"},{"$f":"EDATE(W3,Assumptions!$E$12)","v":"2020-01-01"},{"$f":"EDATE(X3,Assumptions!$E$12)","v":"2020-04-01"},{"$f":"EDATE(Y3,Assumptions!$E$12)","v":"2020-07-01"},{"$f":"EDATE(Z3,Assumptions!$E$12)","v":"2020-10-01"},{"$f":"EDATE(AA3,Assumptions!$E$12)","v":"2021-01-01"},{"$f":"EDATE(AB3,Assumptions!$E$12)","v":"2021-04-01"},{"$f":"EDATE(AC3,Assumptions!$E$12)","v":"2021-07-01"},{"$f":"EDATE(AD3,Assumptions!$E$12)","v":"2021-10-01"},{"$f":"EDATE(AE3,Assumptions!$E$12)","v":"2022-01-01"},{"$f":"EDATE(AF3,Assumptions!$E$12)","v":"2022-04-01"},{"$f":"EDATE(AG3,Assumptions!$E$12)","v":"2022-07-01"},{"$f":"EDATE(AH3,Assumptions!$E$12)","v":"2022-10-01"},{"$f":"EDATE(AI3,Assumptions!$E$12)","v":"2023-01-01"},{"$f":"EDATE(AJ3,Assumptions!$E$12)","v":"2023-04-01"},{"$f":"EDATE(AK3,Assumptions!$E$12)","v":"2023-07-01"},{"$f":"EDATE(AL3,Assumptions!$E$12)","v":"2023-10-01"},{"$f":"EDATE(AM3,Assumptions!$E$12)","v":"2024-01-01"},{"$f":"EDATE(AN3,Assumptions!$E$12)","v":"2024-04-01"},{"$f":"EDATE(AO3,Assumptions!$E$12)","v":"2024-07-01"},{"$f":"EDATE(AP3,Assumptions!$E$12)","v":"2024-10-01"},{"$f":"EDATE(AQ3,Assumptions!$E$12)","v":"2025-01-01"},{"$f":"EDATE(AR3,Assumptions!$E$12)","v":"2025-04-01"},{"$f":"EDATE(AS3,Assumptions!$E$12)","v":"2025-07-01"},{"$f":"EDATE(AT3,Assumptions!$E$12)","v":"2025-10-01"},{"$f":"EDATE(AU3,Assumptions!$E$12)","v":"2026-01-01"},{"$f":"EDATE(AV3,Assumptions!$E$12)","v":"2026-04-01"},{"$f":"EDATE(AW3,Assumptions!$E$12)","v":"2026-07-01"},{"$f":"EDATE(AX3,Assumptions!$E$12)","v":"2026-10-01"},{"$f":"EDATE(AY3,Assumptions!$E$12)","v":"2027-01-01"},{"$f":"EDATE(AZ3,Assumptions!$E$12)","v":"2027-04-01"},{"$f":"EDATE(BA3,Assumptions!$E$12)","v":"2027-07-01"},{"$f":"EDATE(BB3,Assumptions!$E$12)","v":"2027-10-01"},{"$f":"EDATE(BC3,Assumptions!$E$12)","v":"2028-01-01"},{"$f":"EDATE(BD3,Assumptions!$E$12)","v":"2028-04-01"},{"$f":"EDATE(BE3,Assumptions!$E$12)","v":"2028-07-01"},{"$f":"EDATE(BF3,Assumptions!$E$12)","v":"2028-10-01"},{"$f":"EDATE(BG3,Assumptions!$E$12)","v":"2029-01-01"},{"$f":"EDATE(BH3,Assumptions!$E$12)","v":"2029-04-01"}]
[null,"Cash flow date",null,null,null,null,{"$f":"G3","v":"2015-10-01"},{"$f":"IF(H6,H3,AVERAGE(G3:H3))","v":"2015-11-16"},"2016-02-15T12:00:00","2016-05-16T12:00:00","2016-08-16","2016-11-16","2017-02-15","2017-05-16T12:00:00","2017-08-16","2017-11-16","2018-02-15","2018-05-16T12:00:00","2018-08-16","2018-11-16","2019-02-15","2019-05-16T12:00:00","2019-08-16","2019-11-16","2020-02-15T12:00:00","2020-05-16T12:00:00","2020-08-16","2020-11-16","2021-02-15","2021-05-16T12:00:00","2021-08-16","2021-11-16","2022-02-15","2022-05-16T12:00:00","2022-08-16","2022-11-16","2023-02-15","2023-05-16T12:00:00","2023-10-01",{"$f":"IF(AN6,AN3,AVERAGE(AM3:AN3))","v":"2023-11-16"},"2024-02-15T12:00:00","2024-05-16T12:00:00","2024-08-16","2024-11-16","2025-02-15","2025-05-16T12:00:00","2025-08-16","2025-11-16","2026-02-15","2026-05-16T12:00:00","2026-08-16","2026-11-16","2027-02-15","2027-05-16T12:00:00","2027-08-16","2027-11-16","2028-02-15T12:00:00","2028-05-16T12:00:00","2028-08-16","2028-11-16","2029-02-15"]
[null,"Holding period",null,null,null,null,null,{"$f":"AND(H3<=Assumptions!$E$9)","v":true},{"$f":"AND(I3<=Assumptions!$E$9)","v":true},{"$f":"AND(J3<=Assumptions!$E$9)","v":true},{"$f":"AND(K3<=Assumptions!$E$9)","v":true},{"$f":"AND(L3<=Assumptions!$E$9)","v":true},{"$f":"AND(M3<=Assumptions!$E$9)","v":true},{"$f":"AND(N3<=Assumptions!$E$9)","v":true},{"$f":"AND(O3<=Assumptions!$E$9)","v":true},{"$f":"AND(P3<=Assumptions!$E$9)","v":true},{"$f":"AND(Q3<=Assumptions!$E$9)","v":true},{"$f":"AND(R3<=Assumptions!$E$9)","v":true},{"$f":"AND(S3<=Assumptions!$E$9)","v":true},{"$f":"AND(T3<=Assumptions!$E$9)","v":true},{"$f":"AND(U3<=Assumptions!$E$9)","v":true},{"$f":"AND(V3<=Assumptions!$E$9)","v":true},{"$f":"AND(W3<=Assumptions!$E$9)","v":true},{"$f":"AND(X3<=Assumptions!$E$9)","v":true},{"$f":"AND(Y3<=Assumptions!$E$9)","v":true},{"$f":"AND(Z3<=Assumptions!$E$9)","v":true},{"$f":"AND(AA3<=Assumptions!$E$9)","v":true},{"$f":"AND(AB3<=Assumptions!$E$9)","v":true},{"$f":"AND(AC3<=Assumptions!$E$9)","v":true},{"$f":"AND(AD3<=Assumptions!$E$9)","v":true},{"$f":"AND(AE3<=Assumptions!$E$9)","v":true},{"$f":"AND(AF3<=Assumptions!$E$9)","v":true},{"$f":"AND(AG3<=Assumptions!$E$9)","v":true},{"$f":"AND(AH3<=Assumptions!$E$9)","v":true},{"$f":"AND(AI3<=Assumptions!$E$9)","v":true},{"$f":"AND(AJ3<=Assumptions!$E$9)","v":true},{"$f":"AND(AK3<=Assumptions!$E$9)","v":true},{"$f":"AND(AL3<=Assumptions!$E$9)","v":true},{"$f":"AND(AM3<=Assumptions!$E$9)","v":true},{"$f":"AND(AN3<=Assumptions!$E$9)","v":false},{"$f":"AND(AO3<=Assumptions!$E$9)","v":false},{"$f":"AND(AP3<=Assumptions!$E$9)","v":false},{"$f":"AND(AQ3<=Assumptions!$E$9)","v":false},{"$f":"AND(AR3<=Assumptions!$E$9)","v":false},{"$f":"AND(AS3<=Assumptions!$E$9)","v":false},{"$f":"AND(AT3<=Assumptions!$E$9)","v":false},{"$f":"AND(AU3<=Assumptions!$E$9)","v":false},{"$f":"AND(AV3<=Assumptions!$E$9)","v":false},{"$f":"AND(AW3<=Assumptions!$E$9)","v":false},{"$f":"AND(AX3<=Assumptions!$E$9)","v":false},{"$f":"AND(AY3<=Assumptions!$E$9)","v":false},{"$f":"AND(AZ3<=Assumptions!$E$9)","v":false},{"$f":"AND(BA3<=Assumptions!$E$9)","v":false},{"$f":"AND(BB3<=Assumptions!$E$9)","v":false},{"$f":"AND(BC3<=Assumptions!$E$9)","v":false},{"$f":"AND(BD3<=Assumptions!$E$9)","v":false},{"$f":"AND(BE3<=Assumptions!$E$9)","v":false},{"$f":"AND(BF3<=Assumptions!$E$9)","v":false},{"$f":"AND(BG3<=Assumptions!$E$9)","v":false},{"$f":"AND(BH3<=Assumptions!$E$9)","v":false},{"$f":"AND(BI3<=Assumptions!$E$9)","v":false}]
[null,"Exit period",null,null,null,null,null,{"$f":"H3=Assumptions!$E$9","v":false},{"$f":"I3=Assumptions!$E$9","v":false},{"$f":"J3=Assumptions!$E$9","v":false},{"$f":"K3=Assumptions!$E$9","v":false},{"$f":"L3=Assumptions!$E$9","v":false},{"$f":"M3=Assumptions!$E$9","v":false},{"$f":"N3=Assumptions!$E$9","v":false},{"$f":"O3=Assumptions!$E$9","v":false},{"$f":"P3=Assumptions!$E$9","v":false},{"$f":"Q3=Assumptions!$E$9","v":false},{"$f":"R3=Assumptions!$E$9","v":false},{"$f":"S3=Assumptions!$E$9","v":false},{"$f":"T3=Assumptions!$E$9","v":false},{"$f":"U3=Assumptions!$E$9","v":false},{"$f":"V3=Assumptions!$E$9","v":false},{"$f":"W3=Assumptions!$E$9","v":false},{"$f":"X3=Assumptions!$E$9","v":false},{"$f":"Y3=Assumptions!$E$9","v":false},{"$f":"Z3=Assumptions!$E$9","v":false},{"$f":"AA3=Assumptions!$E$9","v":false},{"$f":"AB3=Assumptions!$E$9","v":false},{"$f":"AC3=Assumptions!$E$9","v":false},{"$f":"AD3=Assumptions!$E$9","v":false},{"$f":"AE3=Assumptions!$E$9","v":false},{"$f":"AF3=Assumptions!$E$9","v":false},{"$f":"AG3=Assumptions!$E$9","v":false},{"$f":"AH3=Assumptions!$E$9","v":false},{"$f":"AI3=Assumptions!$E$9","v":false},{"$f":"AJ3=Assumptions!$E$9","v":false},{"$f":"AK3=Assumptions!$E$9","v":false},{"$f":"AL3=Assumptions!$E$9","v":false},{"$f":"AM3=Assumptions!$E$9","v":true},{"$f":"AN3=Assumptions!$E$9","v":false},{"$f":"AO3=Assumptions!$E$9","v":false},{"$f":"AP3=Assumptions!$E$9","v":false},{"$f":"AQ3=Assumptions!$E$9","v":false},{"$f":"AR3=Assumptions!$E$9","v":false},{"$f":"AS3=Assumptions!$E$9","v":false},{"$f":"AT3=Assumptions!$E$9","v":false},{"$f":"AU3=Assumptions!$E$9","v":false},{"$f":"AV3=Assumptions!$E$9","v":false},{"$f":"AW3=Assumptions!$E$9","v":false},{"$f":"AX3=Assumptions!$E$9","v":false},{"$f":"AY3=Assumptions!$E$9","v":false},{"$f":"AZ3=Assumptions!$E$9","v":false},{"$f":"BA3=Assumptions!$E$9","v":false},{"$f":"BB3=Assumptions!$E$9","v":false},{"$f":"BC3=Assumptions!$E$9","v":false},{"$f":"BD3=Assumptions!$E$9","v":false},{"$f":"BE3=Assumptions!$E$9","v":false},{"$f":"BF3=Assumptions!$E$9","v":false},{"$f":"BG3=Assumptions!$E$9","v":false},{"$f":"BH3=Assumptions!$E$9","v":false},{"$f":"BI3=Assumptions!$E$9","v":false}]
[null,"Year",null,null,null,null,{"$f":"YEAR(G3)","v":2015},{"$f":"YEAR(H3)","v":2016},2016,2016,2016,2017,2017,2017,2017,2018,2018,2018,2018,2019,2019,2019,2019,2020,2020,2020,2020,2021,2021,2021,2021,2022,2022,2022,2022,2023,2023,2023,2023,2024,2024,2024,2024,{"$f":"YEAR(AR3)","v":2025},2025,2025,2025,2026,2026,2026,2026,2027,2027,2027,2027,2028,2028,2028,2028,2029,2029]
[null,"Period",null,null,null,null,0,{"$f":"G8+1","v":1},{"$f":"H8+1","v":2},{"$f":"I8+1","v":3},{"$f":"J8+1","v":4},5,6,7,8,9,10,11,12,13,14,15,16,17,{"$f":"X8+1","v":18},{"$f":"Y8+1","v":19},{"$f":"Z8+1","v":20},{"$f":"AA8+1","v":21},{"$f":"AB8+1","v":22},{"$f":"AC8+1","v":23},{"$f":"AD8+1","v":24},{"$f":"AE8+1","v":25},{"$f":"AF8+1","v":26},{"$f":"AG8+1","v":27},{"$f":"AH8+1","v":28},{"$f":"AI8+1","v":29},{"$f":"AJ8+1","v":30},{"$f":"AK8+1","v":31},{"$f":"AL8+1","v":32},{"$f":"AM8+1","v":33},{"$f":"AN8+1","v":34},{"$f":"AO8+1","v":35},{"$f":"AP8+1","v":36},37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54]
[null,"Fraction of year",null,null,null,null,null,{"$f":"DAYS360(G3,H3)/360","v":0.25},{"$f":"DAYS360(H3,I3)/360","v":0.25},0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25]
[null,"Periods per year",null,null,null,null,{"$f":"Assumptions!E11","v":4},{"$f":"G10","v":4},{"$f":"H10","v":4},4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4,4]
[null,"New year",null,null,null,null,null,{"$f":"MOD(H8,H10)=1","v":true},{"$f":"MOD(I8,I10)=1","v":false},false,false,true,false,false,false,true,false,false,false,true,false,false,false,true,false,false,false,true,false,false,false,true,false,false,false,true,false,false,false,true,false,false,false,{"$f":"MOD(AR8,AR10)=1","v":true},false,false,false,true,false,false,false,true,false,false,false,true,false,false,false,true,false]
[null,"Days in period",null,null,null,null,null,{"$f":"H3-G3","v":92},{"$f":"I3-H3","v":91},91,92,92,90,91,92,92,90,91,92,92,90,91,92,92,91,91,92,92,90,91,92,92,90,91,92,92,90,91,92,92,91,91,92,92,90,91,92,92,90,91,92,92,90,91,92,92,91,91,92,92,90]
[null,"Operating year number",null,null,null,null,{"$f":"F13+G11","v":0},{"$f":"G13+H11","v":1},1,1,1,2,2,2,2,3,3,3,3,4,4,4,4,5,5,5,5,6,6,6,6,7,7,7,7,8,8,8,8,9,9,9,9,10,10,10,10,11,11,11,11,12,12,12,12,13,13,13,13,14,14]
[null,"Senstivity Applied",null,null,{"$f":"Assumptions!E65","v":1},{"$f":"Assumptions!E66","v":2},{"$f":"G13>=$F$14","v":false},{"$f":"H13>=$F$14","v":false},false,false,false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
["Operating Analysis"]
[null,"Annual Growth Rate in Revenues",null,null,null,null,null,{"$f":"LOOKUP(H13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.02},{"$f":"LOOKUP(I13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.02},{"$f":"LOOKUP(J13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.02},{"$f":"LOOKUP(K13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.02},{"$f":"LOOKUP(L13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.15},{"$f":"LOOKUP(M13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.15},{"$f":"LOOKUP(N13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.15},{"$f":"LOOKUP(O13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.15},{"$f":"LOOKUP(P13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.15},{"$f":"LOOKUP(Q13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.15},{"$f":"LOOKUP(R13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.15},{"$f":"LOOKUP(S13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.15},{"$f":"LOOKUP(T13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.12},{"$f":"LOOKUP(U13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.12},{"$f":"LOOKUP(V13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.12},{"$f":"LOOKUP(W13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.12},{"$f":"LOOKUP(X13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.1},{"$f":"LOOKUP(Y13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.1},{"$f":"LOOKUP(Z13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.1},{"$f":"LOOKUP(AA13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.1},{"$f":"LOOKUP(AB13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":7.0000000000000007E-2},{"$f":"LOOKUP(AC13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":7.0000000000000007E-2},{"$f":"LOOKUP(AD13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":7.0000000000000007E-2},{"$f":"LOOKUP(AE13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":7.0000000000000007E-2},{"$f":"LOOKUP(AF13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(AG13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(AH13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(AI13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(AJ13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(AK13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(AL13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(AM13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(AN13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(AO13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(AP13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(AQ13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(AR13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(AS13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(AT13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(AU13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(AV13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(AW13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(AX13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(AY13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(AZ13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(BA13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(BB13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(BC13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(BD13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(BE13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(BF13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(BG13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(BH13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05},{"$f":"LOOKUP(BI13,Assumptions!$G$69:$M$69,Assumptions!$G$74:$M$74)","v":0.05}]
[null,"Periodic Growth Rate in Revenues",null,null,null,null,null,{"$f":"(1+H17)^(1/H10)-1","v":4.9629315732038215E-3},{"$f":"(1+I17)^(1/I10)-1","v":4.9629315732038215E-3},4.9629315732038215E-3,4.9629315732038215E-3,3.5558076341622114E-2,3.5558076341622114E-2,3.5558076341622114E-2,3.5558076341622114E-2,3.5558076341622114E-2,3.5558076341622114E-2,3.5558076341622114E-2,3.5558076341622114E-2,2.8737344722080227E-2,2.8737344722080227E-2,2.8737344722080227E-2,2.8737344722080227E-2,2.4113689084445111E-2,2.4113689084445111E-2,2.4113689084445111E-2,2.4113689084445111E-2,1.7058525001811375E-2,1.7058525001811375E-2,1.7058525001811375E-2,1.7058525001811375E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,{"$f":"(1+AN17)^(1/AN10)-1","v":1.2272234429039353E-2},1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2]
[null,"Revenues",null,null,null,null,{"$f":"Assumptions!E64/G10","v":37.5},{"$f":"G19*(1+H18)","v":37.686109933995141},{"$f":"H19*(1+I18)","v":37.873143518857795},38.061105338604015,38.250000000000007,39.610096420067052,41.018555252470811,42.477096171561215,43.987500000000011,45.551610883077117,47.171338540341438,48.8486605972954,50.585625000000014,52.039321543606896,53.534793465908706,55.073241280363895,56.65590000000001,58.022082757399424,59.421209221043298,60.854073785221303,62.321490000000011,63.384602695315152,64.465850525123059,65.565542848068901,66.683994300000023,67.502355910714343,68.330760646963085,69.169331760337187,70.018194015000049,70.877473706250086,71.747298679311257,72.627798348354077,73.519103715750077,74.42134739156262,75.334663613276859,76.259188265771812,77.195058901537607,78.14241476114077,79.101396793940708,80.072147679060407,81.054811846614498,82.04953549919783,83.056466633637768,84.07575506301346,85.107552438945248,86.152012274157741,87.209289965319684,88.279542816164152,89.362930060892538,90.45961288786566,91.569754463585696,92.693519956972395,93.831076563937202,94.982593532258974,96.148242186765017]
[null,"Operating margin",null,null,null,null,null,{"$f":"LOOKUP(H13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.4},{"$f":"LOOKUP(I13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.4},{"$f":"LOOKUP(J13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.4},{"$f":"LOOKUP(K13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.4},{"$f":"LOOKUP(L13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.38},{"$f":"LOOKUP(M13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.38},{"$f":"LOOKUP(N13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.38},{"$f":"LOOKUP(O13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.38},{"$f":"LOOKUP(P13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.4},{"$f":"LOOKUP(Q13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.4},{"$f":"LOOKUP(R13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.4},{"$f":"LOOKUP(S13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.4},{"$f":"LOOKUP(T13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.41},{"$f":"LOOKUP(U13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.41},{"$f":"LOOKUP(V13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.41},{"$f":"LOOKUP(W13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.41},{"$f":"LOOKUP(X13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(Y13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(Z13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AA13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AB13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AC13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AD13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AE13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AF13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AG13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AH13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AI13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AJ13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AK13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AL13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AM13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AN13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AO13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AP13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AQ13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AR13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AS13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AT13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AU13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AV13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AW13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AX13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AY13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(AZ13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(BA13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(BB13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(BC13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(BD13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(BE13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(BF13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(BG13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(BH13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42},{"$f":"LOOKUP(BI13,Assumptions!$G$69:$M$69,Assumptions!$G$82:$M$82)","v":0.42}]
[null,"Operating cost",null,null,null,null,null,{"$f":"H19*(1-H20)","v":22.611665960397083},22.723886111314677,22.836663203162409,22.950000000000003,24.558259780441571,25.431504256531902,26.335799626367955,27.272250000000007,27.330966529846268,28.302803124204861,29.309196358377239,30.351375000000008,30.703199710728072,31.58552814488614,32.493212355414705,33.426981000000012,33.652807999291667,34.464301348205119,35.29536279542836,36.146464200000011,36.763069563282791,37.390193304571376,38.028014851879966,38.676716694000021,39.151366428214324,39.631841175238591,40.118212420995576,40.610552528700033,41.108934749625057,41.613433234000532,42.124123042045369,42.64108015513505,43.164381487106326,43.694104895700583,44.230329194147657,44.773134162891814,{"$f":"AR19*(1-AR20)","v":45.322600561461655},45.878810140485619,46.44184565385504,47.011790871036418,47.588730589534748,48.172750647509915,48.763937936547812,49.362380414588252,49.968167119011497,50.581388179885423,51.202134833375212,51.830499435317677,52.466575474962092,53.110457588879711,53.762241575043994,54.422024407083583,55.089904248710212,55.765980468323718]
[null,"Senstivity Factor",null,null,{"$f":"E14","v":1},null,null,{"$f":"IF(H14,$E$22,1)","v":1},{"$f":"IF(I14,$E$22,1)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,"EBITDA",null,null,null,null,{"$f":"(H19-H21)*H5*H22","v":15.074443973598058},{"$f":"(I19-I21)*I5*I22","v":15.149257407543118},15.224442135441606,15.300000000000004,15.051836639625481,15.58705099593891,16.14129654519326,16.715250000000005,18.220644353230849,18.868535416136577,19.539464238918161,20.234250000000007,21.336121832878824,21.949265321022565,22.58002892494919,23.228918999999998,24.369274758107757,24.95690787283818,25.558710989792942,26.1750258,26.621533132032361,27.075657220551683,27.537527996188935,28.007277606000002,28.350989482500019,28.698919471724494,29.051119339341611,29.407641486300015,29.768538956625029,30.133865445310725,30.503675306308708,30.878023560615027,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Capital expenditure growth rate",null,null,null,null,null,{"$f":"(1+Assumptions!$G$85)^(1/H10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/I10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/J10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/K10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/L10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/M10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/N10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/O10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/P10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/Q10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/R10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/S10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/T10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/U10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/V10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/W10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/X10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/Y10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/Z10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AA10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AB10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AC10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AD10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AE10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AF10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AG10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AH10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AI10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AJ10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AK10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AL10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AM10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AN10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AO10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AP10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AQ10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AR10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AS10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AT10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AU10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AV10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AW10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AX10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AY10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/AZ10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/BA10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/BB10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/BC10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/BD10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/BE10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/BF10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/BG10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/BH10)-1","v":1.2272234429039353E-2},{"$f":"(1+Assumptions!$G$85)^(1/BI10)-1","v":1.2272234429039353E-2}]
[null,"Maintenance Capital expenditure",null,null,null,null,{"$f":"Assumptions!G84/G10","v":5},{"$f":"G26*(1+H25)","v":5.0613611721451965},{"$f":"H26*(1+I25)","v":5.1234753829797999},5.1863518739711401,5.2500000000000018,5.3144292307524585,5.3796491521287919,5.4456694676696991,5.5125000000000037,5.5801506922900836,5.6486316097352338,5.7179529410531869,5.7881250000000062,5.8591582269045901,5.9310631902219981,6.0038505881058484,6.0775312500000087,6.1521161382498217,6.2276163497330996,6.3040431175111422,6.3814078125000107,6.4597219451623138,6.5389971672197555,6.6192452733867002,6.7004782031250123,6.7827080424204311,6.8659470255807449,6.9502075370560377,7.0355021132812654,7.1218434445414545,7.2092443768597843,7.2977179139088415,7.3872772189453304,7.4779356167685291,7.5697065957027752,7.6626038096042848,7.7566410798925984,7.8518323976069571,7.9481919254879161,8.0457340000845008,8.1444731338872298,8.2444240174873062,8.3456015217623136,8.448020700088728,8.5516967905815946,8.6566452183616747,8.7628815978504324,8.8704217350931671,8.9792816301106768,9.0894774792797612,9.2010256777429564,9.313942821847828,9.4282457116162135,9.5439513532437523,9.6610769616301067]
[null,"Growth CAPEX",null,null,null,null,null,{"$f":"LOOKUP(H13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/H10","v":2.5},{"$f":"LOOKUP(I13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/I10","v":2.5},{"$f":"LOOKUP(J13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/J10","v":2.5},{"$f":"LOOKUP(K13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/K10","v":2.5},{"$f":"LOOKUP(L13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/L10","v":2.5},{"$f":"LOOKUP(M13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/M10","v":2.5},{"$f":"LOOKUP(N13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/N10","v":2.5},{"$f":"LOOKUP(O13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/O10","v":2.5},{"$f":"LOOKUP(P13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/P10","v":0},{"$f":"LOOKUP(Q13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/Q10","v":0},{"$f":"LOOKUP(R13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/R10","v":0},{"$f":"LOOKUP(S13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/S10","v":0},{"$f":"LOOKUP(T13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/T10","v":0},{"$f":"LOOKUP(U13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/U10","v":0},{"$f":"LOOKUP(V13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/V10","v":0},{"$f":"LOOKUP(W13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/W10","v":0},{"$f":"LOOKUP(X13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/X10","v":0},{"$f":"LOOKUP(Y13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/Y10","v":0},{"$f":"LOOKUP(Z13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/Z10","v":0},{"$f":"LOOKUP(AA13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AA10","v":0},{"$f":"LOOKUP(AB13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AB10","v":0},{"$f":"LOOKUP(AC13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AC10","v":0},{"$f":"LOOKUP(AD13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AD10","v":0},{"$f":"LOOKUP(AE13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AE10","v":0},{"$f":"LOOKUP(AF13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AF10","v":0},{"$f":"LOOKUP(AG13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AG10","v":0},{"$f":"LOOKUP(AH13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AH10","v":0},{"$f":"LOOKUP(AI13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AI10","v":0},{"$f":"LOOKUP(AJ13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AJ10","v":0},{"$f":"LOOKUP(AK13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AK10","v":0},{"$f":"LOOKUP(AL13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AL10","v":0},{"$f":"LOOKUP(AM13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AM10","v":0},{"$f":"LOOKUP(AN13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AN10","v":0},{"$f":"LOOKUP(AO13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AO10","v":0},{"$f":"LOOKUP(AP13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AP10","v":0},{"$f":"LOOKUP(AQ13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AQ10","v":0},{"$f":"LOOKUP(AR13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AR10","v":0},{"$f":"LOOKUP(AS13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AS10","v":0},{"$f":"LOOKUP(AT13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AT10","v":0},{"$f":"LOOKUP(AU13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AU10","v":0},{"$f":"LOOKUP(AV13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AV10","v":0},{"$f":"LOOKUP(AW13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AW10","v":0},{"$f":"LOOKUP(AX13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AX10","v":0},{"$f":"LOOKUP(AY13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AY10","v":0},{"$f":"LOOKUP(AZ13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/AZ10","v":0},{"$f":"LOOKUP(BA13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/BA10","v":0},{"$f":"LOOKUP(BB13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/BB10","v":0},{"$f":"LOOKUP(BC13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/BC10","v":0},{"$f":"LOOKUP(BD13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/BD10","v":0},{"$f":"LOOKUP(BE13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/BE10","v":0},{"$f":"LOOKUP(BF13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/BF10","v":0},{"$f":"LOOKUP(BG13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/BG10","v":0},{"$f":"LOOKUP(BH13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/BH10","v":0},{"$f":"LOOKUP(BI13,Assumptions!$G$87:$I$87,Assumptions!$G$88:$I$88)/BI10","v":0}]
[null,null,"Total CAPEX",null,null,null,null,{"$f":"SUM(H26:H27)*H5","v":7.5613611721451965},7.6234753829797999,7.6863518739711401,7.7500000000000018,7.8144292307524585,7.8796491521287919,7.9456694676696991,8.0125000000000028,5.5801506922900836,5.6486316097352338,5.7179529410531869,5.7881250000000062,5.8591582269045901,5.9310631902219981,6.0038505881058484,6.0775312500000087,6.1521161382498217,6.2276163497330996,6.3040431175111422,6.3814078125000107,6.4597219451623138,6.5389971672197555,6.6192452733867002,6.7004782031250123,6.7827080424204311,6.8659470255807449,6.9502075370560377,7.0355021132812654,7.1218434445414545,7.2092443768597843,7.2977179139088415,7.3872772189453304,{"$f":"SUM(AN26:AN27)*AN5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
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[null,"Receivables percentage of sales",null,null,null,null,null,{"$f":"H30/H12","v":0.32608695652173914},0.32967032967032966,0.32967032967032966,0.32608695652173914,0.32608695652173914,0.33333333333333331,0.32967032967032966,0.32608695652173914,0.32608695652173914,0.33333333333333331,0.32967032967032966,0.32608695652173914,0.32608695652173914,0.33333333333333331,0.32967032967032966,0.32608695652173914,0.32608695652173914,0.32967032967032966,0.32967032967032966,0.32608695652173914,0.32608695652173914,0.33333333333333331,0.32967032967032966,0.32608695652173914,0.32608695652173914,0.33333333333333331,0.32967032967032966,0.32608695652173914,0.32608695652173914,0.33333333333333331,0.32967032967032966,0.32608695652173914,{"$f":"AN30/AN12","v":0.32608695652173914},0.32967032967032966,0.32967032967032966,0.32608695652173914,0.32608695652173914,0.33333333333333331,0.32967032967032966,0.32608695652173914,0.32608695652173914,0.33333333333333331,0.32967032967032966,0.32608695652173914,0.32608695652173914,0.33333333333333331,0.32967032967032966,0.32608695652173914,0.32608695652173914,0.32967032967032966,0.32967032967032966,0.32608695652173914,0.32608695652173914,0.33333333333333331]
[null,"Level of accounts receivable",null,null,null,null,{"$f":"'S&U and Pro-Forma'!N56","v":18},{"$f":"H31*H19","v":12.288948891520155},{"$f":"I31*I19","v":12.485651709513558},12.54761714459473,12.472826086956525,12.916335789152299,13.672851750823604,14.003438298316883,14.343750000000004,14.853786157525148,15.723779513447145,16.103954043064416,16.495312500000004,16.969343981610944,17.844931155302902,18.156013608911174,18.474750000000004,18.920244377412857,19.589409633310979,20.061782566556474,20.322225000000003,20.66889218325494,21.488616841707685,21.615014125737002,21.744780750000007,22.011637796972067,22.776920215654361,22.803076404506765,22.832019787500016,23.11221968682068,23.915766226437086,23.943230224732112,23.973620776875027,24.267830671161725,24.835603388992372,25.140391735968727,25.172301815718786,{"$f":"AR31*AR19","v":25.481222204719817},26.367132264646902,26.397411322767166,26.430916906504727,26.755283314955815,27.685488877879255,27.717281888905536,27.752462751829974,28.093047480703611,29.069763321773227,29.103145983350817,29.140085889421481,29.497699854738801,30.187831141841439,30.55830328251837,30.597090183892565,30.972584847475751,32.049414062255003]
[null,"Accounts payable days",null,null,null,null,{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15},{"$f":"Assumptions!$G$92","v":15}]
[null,"Payables as a percentage of expenses",null,null,null,null,null,{"$f":"H33/H12","v":0.16304347826086957},0.16483516483516483,0.16483516483516483,0.16304347826086957,0.16304347826086957,0.16666666666666666,0.16483516483516483,0.16304347826086957,0.16304347826086957,0.16666666666666666,0.16483516483516483,0.16304347826086957,0.16304347826086957,0.16666666666666666,0.16483516483516483,0.16304347826086957,0.16304347826086957,0.16483516483516483,0.16483516483516483,0.16304347826086957,0.16304347826086957,0.16666666666666666,0.16483516483516483,0.16304347826086957,0.16304347826086957,0.16666666666666666,0.16483516483516483,0.16304347826086957,0.16304347826086957,0.16666666666666666,0.16483516483516483,0.16304347826086957,{"$f":"AN33/AN12","v":0.16304347826086957},0.16483516483516483,0.16483516483516483,0.16304347826086957,0.16304347826086957,0.16666666666666666,0.16483516483516483,0.16304347826086957,0.16304347826086957,0.16666666666666666,0.16483516483516483,0.16304347826086957,0.16304347826086957,0.16666666666666666,0.16483516483516483,0.16304347826086957,0.16304347826086957,0.16483516483516483,0.16483516483516483,0.16304347826086957,0.16304347826086957,0.16666666666666666]
[null,"Accounts payables outstanding",null,null,null,null,{"$f":"'S&U and Pro-Forma'!N67","v":6},{"$f":"H34*H21","v":3.6866846674560461},{"$f":"I34*I21","v":3.7456955128540677},3.764285143378419,3.741847826086957,4.0040640946372124,4.238584042755317,4.3410658724782341,4.4465625000000015,4.4561358472575439,4.7171338540341434,4.8311862129193246,4.9485937500000015,5.0059564745752292,5.2642546908143562,5.3560240146287974,5.4500512500000022,5.4868708694497288,5.6809287936601844,5.8179169443013778,5.8934452500000019,5.9939787331439334,6.2316988840952288,6.2683540964637308,6.3059864175000033,6.3833749611219011,6.6053068625397646,6.6128921573069626,6.6212857383750059,6.7025437091779985,6.9355722056667553,6.9435367651723139,6.9523500252937582,7.0376708946369009,7.202324982807788,7.2907136034309321,7.299967526558448,{"$f":"AR34*AR21","v":7.389554439368748},7.6464683567476026,7.6552492836024788,7.6649659028863724,7.7590321613371875,8.0287917745849846,8.0380117477826065,8.0482141980306938,8.1469837694040486,8.4302313633142365,8.4399123351717389,8.4506249079322302,8.5543329578742551,8.7544710311340186,8.8619079519303288,8.8731561533288446,8.9820496057679691,9.2943300780539531]
[null,"Total Working Capital",null,null,null,null,{"$f":"G32-G35","v":12},{"$f":"H32-H35","v":8.6022642240641094},8.7399561966594899,8.7833320012163103,8.7309782608695681,8.9122716945150877,9.4342677080682869,9.6623724258386492,9.8971875000000011,10.397650310267604,11.006645659413001,11.272767830145092,11.546718750000004,11.963387507035716,12.580676464488546,12.799989594282376,13.024698750000002,13.433373507963129,13.908480839650794,14.243865622255097,14.42877975,14.674913450111006,15.256917957612457,15.34666002927327,15.438794332500004,15.628262835850165,16.171613353114594,16.190184247199802,16.210734049125008,16.409675977642681,16.98019402077033,16.999693459559797,17.02127075158127,17.230159776524825,17.633278406184584,17.849678132537797,17.872334289160339,{"$f":"AR32-AR35","v":18.091667765351069},18.720663907899301,18.742162039164686,18.765951003618355,18.996251153618626,19.65669710329427,19.679270141122927,19.704248553799282,19.946063711299562,20.639531958458988,20.66323364817908,20.689460981489251,20.943366896864546,21.433360110707419,21.696395330588039,21.723934030563719,21.990535241707782,22.75508398420105]
[null,null,null,"Change in Working Capital",null,null,null,{"$f":"(H36-G36)*H5","v":-3.3977357759358906},0.13769197259538046,4.3375804556820441E-2,-5.2353740346742228E-2,0.18129343364551964,0.52199601355319913,0.22810471777036234,0.23481507416135194,0.50046281026760298,0.60899534914539721,0.26612217073209088,0.27395091985491149,0.41666875703571193,0.61728895745283019,0.21931312979383044,0.22470915571762617,0.40867475796312647,0.47510733168766528,0.3353847826043026,0.18491412774490357,0.24613370011100599,0.58200450750145016,8.9742071660813494E-2,9.2134303226734104E-2,0.1894685033501613,0.54335051726442885,1.8570894085208067E-2,2.0549801925206168E-2,0.19894192851767301,0.57051804312764887,1.9499438789466694E-2,2.1577292021472516E-2,{"$f":"(AN36-AM36)*AN5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"TTM EBITDA",null,null,null,null,null,{"$f":"IF(H8>H10,SUM(OFFSET(H23,0,0,1,-H10)),H23*H10)","v":60.297775894392231},{"$f":"IF(I8>I10,SUM(OFFSET(I23,0,0,1,-I10)),I23*I10)","v":60.597029630172472},60.897768541766425,61.200000000000017,60.725536182610213,61.163329771006005,62.080184180757655,63.495434180757655,66.66424189436303,69.945726314560702,73.343894008285588,76.862894008285593,79.978371487933572,83.059101392819557,86.099666078850589,89.094335078850577,92.12748800407951,95.135130555895131,98.113812620738869,101.05991942073888,103.31217779466348,105.43092714237699,107.40974414877297,109.24199595477299,110.97145230524063,112.59471455641345,114.10830589956613,115.50866977986612,116.92621925399115,118.36116522757737,119.81372119454448,121.2841032688595,91.51556431223446,61.381698866923735,30.878023560615027,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Terminal Proceeds",null,null,null,{"$f":"Assumptions!E5","v":5},null,{"$f":"H39*$F$40*H6","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,606.42051634429754,{"$f":"AN39*$F$40*AN6","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Pre-tax cashflow",null,null,null,null,{"$f":"-'S&U and Pro-Forma'!E37","v":-487.38},{"$f":"H23-H28-H37+H40","v":10.910818577388753},7.3880900519679376,7.4947144569136457,7.6023537403467447,7.0561139752275031,7.1854058302569186,7.9675223597531986,8.4679349258386498,12.140030850673163,12.610908457255947,13.555389127132882,14.172174080145089,15.060294848938522,15.400913173347737,16.356865207049509,16.926678594282365,17.808483861894807,18.254184191417416,18.919283089677499,19.608703859755085,19.915677486759041,19.954655545830477,20.828540651141424,21.214665099648258,21.378812936729425,21.28962192887932,22.082340908200365,22.351589571093545,22.447753583565902,22.35410302532329,23.1864579536104,629.8896853939458,{"$f":"AN23-AN28-AN37+AN40","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"XIRR",null,null,null,null,{"$f":"XIRR(G42:BI42,G3:BI3)","v":0.14294742941856384}]
[null,"XIRR (CF Date)",null,null,null,null,{"$f":"XIRR(G42:BI42,G4:BI4)","v":0.14480487704277037}]
[null,"IRR",null,null,null,null,{"$f":"(1+IRR(G42:BI42))^G10-1","v":0.14306342561455354}]
[null,"MIRR",null,null,0.1,{"$f":"(1+E47)^(1/G10)-1","v":2.4113689084445111E-2},{"$f":"(1+MIRR(G42:BI42,,F47))^G10-1","v":0.11884756088734272}]
[]
["Other Assets and Liabilities"]
[null,{"$f":"'S&U and Pro-Forma'!C57","v":"Net fixed assets"}]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G54","v":500},{"$f":"H54","v":500.06136117214521},500.18391613754284,500.36750926945086,500.61199663040912,500.91724591170544,501.28313637515862,501.70955879720094,502.19641541524294,500.24361987630436,498.38859718789502,496.63072117112978,494.96938535356281,493.40400280016394,491.93400594838346,490.55884644726359,489.27799500055465,488.09094121379616,486.99719344532235,485.99627866115367,485.08774229373637,484.27114810449262,483.54607805014496,482.91213215277946,482.36892837361273,481.91610249042895,481.55330797865327,481.28021589602952,481.09651477087033,481.00191049384875,480.99612621330078,481.07890223401012,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527]
[null,null,"Add: Capital Expenditures",null,null,null,null,{"$f":"H28","v":7.5613611721451965},{"$f":"I28","v":7.6234753829797999},7.6863518739711401,7.7500000000000018,7.8144292307524585,7.8796491521287919,7.9456694676696991,8.0125000000000028,5.5801506922900836,5.6486316097352338,5.7179529410531869,5.7881250000000062,5.8591582269045901,5.9310631902219981,6.0038505881058484,6.0775312500000087,6.1521161382498217,6.2276163497330996,6.3040431175111422,6.3814078125000107,6.4597219451623138,6.5389971672197555,6.6192452733867002,6.7004782031250123,6.7827080424204311,6.8659470255807449,6.9502075370560377,7.0355021132812654,7.1218434445414545,7.2092443768597843,7.2977179139088415,7.3872772189453304,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Depreciation Expense",null,null,null,null,{"$f":"H57","v":7.5},{"$f":"I57","v":7.5009204175821775},7.5027587420631425,7.505512639041763,7.5091799494561364,7.5137586886755816,7.5192470456273792,7.5256433819580142,7.5329462312286442,7.5036542981445651,7.4758289578184254,7.4494608175669468,7.4245407803034418,7.4010600420024586,7.3790100892257513,7.3583826967089534,7.3391699250083198,7.321364118206942,7.3049579016798347,7.2899441799173044,7.276316134406045,7.2640672215673892,7.2531911707521743,7.243681982291692,7.2355339256041908,7.2287415373564343,7.2232996196797989,7.2192032384404428,7.2164477215630543,7.2150286574077311,7.2149418931995113,7.2161835335101516,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,{"$f":"'S&U and Pro-Forma'!N57","v":500},{"$f":"H51+H52-H53","v":500.06136117214521},{"$f":"I51+I52-I53","v":500.18391613754284},500.36750926945086,500.61199663040912,500.91724591170544,501.28313637515862,501.70955879720094,502.19641541524294,500.24361987630436,498.38859718789502,496.63072117112978,494.96938535356281,493.40400280016394,491.93400594838346,490.55884644726359,489.27799500055465,488.09094121379616,486.99719344532235,485.99627866115367,485.08774229373637,484.27114810449262,483.54607805014496,482.91213215277946,482.36892837361273,481.91610249042895,481.55330797865327,481.28021589602952,481.09651477087033,481.00191049384875,480.99612621330078,481.07890223401012,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527,481.24999591944527]
[]
[null,null,"Depreciation Rate on Net Assets",null,null,{"$f":"Assumptions!E133","v":0.06},{"$f":"F56/G10","v":1.4999999999999999E-2},{"$f":"G56","v":1.4999999999999999E-2},{"$f":"H56","v":1.4999999999999999E-2},1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2]
[null,null,"Depreciation Expense",null,null,null,null,{"$f":"H56*H51*H5","v":7.5},{"$f":"I56*I51*I5","v":7.5009204175821775},7.5027587420631425,7.505512639041763,7.5091799494561364,7.5137586886755816,7.5192470456273792,7.5256433819580142,7.5329462312286442,7.5036542981445651,7.4758289578184254,7.4494608175669468,7.4245407803034418,7.4010600420024586,7.3790100892257513,7.3583826967089534,7.3391699250083198,7.321364118206942,7.3049579016798347,7.2899441799173044,7.276316134406045,7.2640672215673892,7.2531911707521743,7.243681982291692,7.2355339256041908,7.2287415373564343,7.2232996196797989,7.2192032384404428,7.2164477215630543,7.2150286574077311,7.2149418931995113,7.2161835335101516,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Intangible Assets"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G62","v":50},{"$f":"H62","v":49.375},48.75,48.125,47.5,46.875,46.25,45.625,45,44.375,43.75,43.125,42.5,41.875,41.25,40.625,40,39.375,38.75,38.125,37.5,36.875,36.25,35.625,35,34.375,33.75,33.125,32.5,31.875,31.25,30.625,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30]
[null,null,"Less: Amortisation Expense",null,null,null,null,{"$f":"H65","v":0.625},{"$f":"I65","v":0.625},0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,{"$f":"'S&U and Pro-Forma'!N58","v":50},{"$f":"H60-H61","v":49.375},{"$f":"I60-I61","v":48.75},48.125,47.5,46.875,46.25,45.625,45,44.375,43.75,43.125,42.5,41.875,41.25,40.625,40,39.375,38.75,38.125,37.5,36.875,36.25,35.625,35,34.375,33.75,33.125,32.5,31.875,31.25,30.625,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30]
[]
[null,null,"Amortisation Rate",null,null,{"$f":"Assumptions!E134","v":0.05},{"$f":"F64/G10","v":1.2500000000000001E-2},{"$f":"G64","v":1.2500000000000001E-2},{"$f":"H64","v":1.2500000000000001E-2},1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2,1.2500000000000001E-2]
[null,null,"Amortisation Expense",null,null,null,null,{"$f":"H64*$G$62*H5","v":0.625},{"$f":"I64*$G$62*I5","v":0.625},0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Goodwill",null,null,null,null,{"$f":"'S&U and Pro-Forma'!N59","v":161},{"$f":"G67","v":161},{"$f":"H67","v":161},161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161,161]
[null,"Cash",null,null,null,null,{"$f":"'S&U and Pro-Forma'!N55","v":10},{"$f":"G68","v":10},{"$f":"H68","v":10},10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10,10]
[null,"Derivative Assets",null,null,null,null,{"$f":"'S&U and Pro-Forma'!N63","v":30},{"$f":"G69","v":30},{"$f":"H69","v":30},30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30,30]
[null,"Investments in Associates",null,null,null,null,{"$f":"'S&U and Pro-Forma'!N62","v":0},{"$f":"G70","v":0},{"$f":"H70","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Derivative Liabilities",null,null,null,null,{"$f":"'S&U and Pro-Forma'!N70","v":0},{"$f":"G71","v":0},{"$f":"H71","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Debt Issuance Costs"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G76","v":4.6499999999999995},{"$f":"H76","v":4.4174999999999995},4.1849999999999996,3.9524999999999997,3.7199999999999998,3.4874999999999998,3.2549999999999999,3.0225,2.79,2.5575000000000001,2.3250000000000002,2.0925000000000002,1.8600000000000003,1.6275000000000004,1.3950000000000005,1.1625000000000005,0.9300000000000006,0.69750000000000068,0.46500000000000069,0.23250000000000071,7.2164496600635175E-16,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Amortisation",null,null,null,null,{"$f":"H79","v":0.23249999999999998},{"$f":"I79","v":0.23249999999999998},0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,7.2164496600635175E-16,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,{"$f":"'S&U and Pro-Forma'!N60","v":4.6499999999999995},{"$f":"H74-H75","v":4.4174999999999995},{"$f":"I74-I75","v":4.1849999999999996},3.9524999999999997,3.7199999999999998,3.4874999999999998,3.2549999999999999,3.0225,2.79,2.5575000000000001,2.3250000000000002,2.0925000000000002,1.8600000000000003,1.6275000000000004,1.3950000000000005,1.1625000000000005,0.9300000000000006,0.69750000000000068,0.46500000000000069,0.23250000000000071,7.2164496600635175E-16,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Amortisation Rate",null,null,{"$f":"Assumptions!E135","v":0.2},{"$f":"F78/G10","v":0.05},{"$f":"G78","v":0.05},{"$f":"H78","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,"Amortisation Expense",null,null,null,null,{"$f":"MIN(H78*$G$76,H74)","v":0.23249999999999998},{"$f":"MIN(I78*$G$76,I74)","v":0.23249999999999998},0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,7.2164496600635175E-16,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Notes Receivable"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G84","v":130},{"$f":"H84","v":130},130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Redemption",null,null,null,null,{"$f":"H82*H6","v":0},{"$f":"I82*I6","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,130,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,{"$f":"'S&U and Pro-Forma'!N61","v":130},{"$f":"H82-H83","v":130},{"$f":"I82-I83","v":130},130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,130,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Interest Rate",null,null,{"$f":"Assumptions!E132","v":0.09},{"$f":"F86/G10","v":2.2499999999999999E-2},{"$f":"G86","v":2.2499999999999999E-2},{"$f":"H86","v":2.2499999999999999E-2},2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2,2.2499999999999999E-2]
[null,null,"Interest Income",null,null,null,null,{"$f":"H86*H82","v":2.9249999999999998},{"$f":"I86*I82","v":2.9249999999999998},2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Deferred Taxes",null,null,null,{"$f":"'S&U and Pro-Forma'!N69","v":80},{"$f":"G89","v":80},{"$f":"H89","v":80},80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80,80]
[null,null,"Unfunded Pensions",null,null,null,{"$f":"'S&U and Pro-Forma'!N71","v":60},{"$f":"G90","v":60},{"$f":"H90","v":60},60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60,60]
[]
["Financing- Debt schedule"]
[]
[null,"Existing Debt"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G97","v":20},{"$f":"H97","v":19.285714285714285},18.571428571428569,17.857142857142854,17.142857142857139,16.428571428571423,15.71428571428571,14.999999999999996,14.285714285714283,13.571428571428569,12.857142857142856,12.142857142857142,11.428571428571429,10.714285714285715,10.000000000000002,9.2857142857142883,8.5714285714285747,7.8571428571428603,7.1428571428571459,6.4285714285714315,5.7142857142857171,5.0000000000000027,4.2857142857142883,3.5714285714285738,2.8571428571428594,2.142857142857145,1.4285714285714306,0.7142857142857163,1.9984014443252818E-15,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: repayment",null,{"$f":"Assumptions!G104","v":7},{"$f":"E96*G10","v":28},null,{"$f":"MIN(H95,$G$97/$F$96+H95*H6)","v":0.7142857142857143},0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,1.9984014443252818E-15,0,0,0,{"$f":"MIN(AN95,$G$97/$F$96+AN95*AN6)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,{"$f":"Assumptions!E104","v":20},{"$f":"H95-H96","v":19.285714285714285},{"$f":"I95-I96","v":18.571428571428569},17.857142857142854,17.142857142857139,16.428571428571423,15.71428571428571,14.999999999999996,14.285714285714283,13.571428571428569,12.857142857142856,12.142857142857142,11.428571428571429,10.714285714285715,10.000000000000002,9.2857142857142883,8.5714285714285747,7.8571428571428603,7.1428571428571459,6.4285714285714315,5.7142857142857171,5.0000000000000027,4.2857142857142883,3.5714285714285738,2.8571428571428594,2.142857142857145,1.4285714285714306,0.7142857142857163,1.9984014443252818E-15,0,0,0,0,0,0,0,0,{"$f":"AR95-AR96","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Existing Debt Test"]
[]
[null,null,"Eibor",null,null,null,{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2},{"$f":"Assumptions!$E$108","v":1.0999999999999999E-2}]
[null,null,"Credit spread",null,null,null,{"$f":"LOOKUP(G284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":2.5000000000000001E-2},{"$f":"LOOKUP(H284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":2.5000000000000001E-2},{"$f":"LOOKUP(I284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":2.5000000000000001E-2},{"$f":"LOOKUP(J284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":2.5000000000000001E-2},{"$f":"LOOKUP(K284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":2.5000000000000001E-2},{"$f":"LOOKUP(L284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":2.5000000000000001E-2},{"$f":"LOOKUP(M284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":1.4999999999999999E-2},{"$f":"LOOKUP(N284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":1.4999999999999999E-2},{"$f":"LOOKUP(O284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":1.4999999999999999E-2},{"$f":"LOOKUP(P284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":1.4999999999999999E-2},{"$f":"LOOKUP(Q284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":1.4999999999999999E-2},{"$f":"LOOKUP(R284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":1.4999999999999999E-2},{"$f":"LOOKUP(S284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":1.4999999999999999E-2},{"$f":"LOOKUP(T284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(U284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(V284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(W284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(X284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(Y284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(Z284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AA284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AB284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AC284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AD284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AE284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AF284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AG284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AH284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AI284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AJ284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AK284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AL284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AM284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AN284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AO284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AP284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AQ284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AR284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AS284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AT284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AU284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AV284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AW284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AX284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AY284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(AZ284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(BA284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(BB284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(BC284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(BD284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(BE284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(BF284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(BG284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(BH284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01},{"$f":"LOOKUP(BI284,Assumptions!$E$111:$E$114,Assumptions!$F$111:$F$114)","v":0.01}]
[null,null,"Total annual rate",null,null,null,{"$f":"G100+G101","v":3.6000000000000004E-2},{"$f":"H100+H101","v":3.6000000000000004E-2},3.6000000000000004E-2,3.6000000000000004E-2,3.6000000000000004E-2,3.6000000000000004E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,{"$f":"AR100+AR101","v":2.0999999999999998E-2},2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2]
[null,null,"Periodic rate",null,null,null,null,{"$f":"H102*H9","v":9.0000000000000011E-3},9.0000000000000011E-3,9.0000000000000011E-3,9.0000000000000011E-3,9.0000000000000011E-3,6.4999999999999997E-3,6.4999999999999997E-3,6.4999999999999997E-3,6.4999999999999997E-3,6.4999999999999997E-3,6.4999999999999997E-3,6.4999999999999997E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,{"$f":"AN102*AN9","v":5.2499999999999995E-3},5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3]
[null,null,"Interest expense",null,null,null,null,{"$f":"H103*H95","v":0.18000000000000002},0.17357142857142857,0.16714285714285715,0.1607142857142857,0.15428571428571428,0.10678571428571425,0.1021428571428571,9.7499999999999976E-2,9.2857142857142833E-2,8.8214285714285703E-2,8.357142857142856E-2,7.8928571428571417E-2,0.06,5.6250000000000001E-2,5.2500000000000005E-2,4.8750000000000009E-2,4.5000000000000012E-2,4.1250000000000016E-2,3.7500000000000012E-2,3.3750000000000009E-2,3.0000000000000013E-2,2.6250000000000013E-2,2.250000000000001E-2,1.875000000000001E-2,1.500000000000001E-2,1.125000000000001E-2,7.5000000000000101E-3,3.7500000000000103E-3,1.0491607582707728E-17,0,0,0,{"$f":"AN103*AN95","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Amortising debt"]
[null,null,"opening balance",null,null,null,null,{"$f":"G109","v":140},{"$f":"H109","v":133},126,119,112,105,98,91,84,77,70,63,56,49,42,35,28,21,14,7,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: repayment",null,{"$f":"Assumptions!G101","v":5},{"$f":"E108*G10","v":20},null,{"$f":"MIN($G$109/$F$108+H107*H6,H107)","v":7},7,7,7,7,7,7,7,7,7,7,7,7,7,7,7,7,7,7,7,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN($G$109/$F$108+AN107*AN6,AN107)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"closing balance",null,null,null,{"$f":"Assumptions!E101","v":140},{"$f":"H107-H108","v":133},{"$f":"I107-I108","v":126},119,112,105,98,91,84,77,70,63,56,49,42,35,28,21,14,7,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AR107-AR108","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Amortising Debt Test"]
[]
[null,null,"Eibor",null,null,null,null,{"$f":"H100","v":1.0999999999999999E-2},{"$f":"I100","v":1.0999999999999999E-2},1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,{"$f":"AR100","v":1.0999999999999999E-2},1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2]
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[null,null,"Periodic rate",null,null,null,null,{"$f":"H114*H9","v":9.0000000000000011E-3},9.0000000000000011E-3,9.0000000000000011E-3,9.0000000000000011E-3,9.0000000000000011E-3,6.4999999999999997E-3,6.4999999999999997E-3,6.4999999999999997E-3,6.4999999999999997E-3,6.4999999999999997E-3,6.4999999999999997E-3,6.4999999999999997E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,{"$f":"AN114*AN9","v":5.2499999999999995E-3},5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3]
[null,null,"Interest Expense",null,null,null,null,{"$f":"H115*H107","v":1.2600000000000002},1.1970000000000001,1.1340000000000001,1.0710000000000002,1.008,0.6825,0.63700000000000001,0.59150000000000003,0.54599999999999993,0.50049999999999994,0.45499999999999996,0.40949999999999998,0.29399999999999998,0.25724999999999998,0.22049999999999997,0.18374999999999997,0.14699999999999999,0.11024999999999999,7.3499999999999996E-2,3.6749999999999998E-2,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AN115*AN107","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"bullet debt"]
[null,null,"opening balance",null,null,null,null,{"$f":"G122","v":130},126.70846713689696,126.70846713689696,126.70846713689696,126.57771731043837,126.57771731043837,126.269950250318,124.87161113862045,122.91362739946855,117.22067798403479,110.96970393367508,103.68347502496823,95.682957818199725,86.488284212092466,76.864220245143926,66.193177908667138,54.855799212690989,42.536594010948519,29.666512652374301,16.023264468407483,1.5784684613972502,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM122","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: scheduled repayment",null,null,null,null,{"$f":"H119*H6","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AN119*AN6","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: cashflow sweep",null,null,null,null,{"$f":"H217","v":3.2915328631030376},0,0,0.13074982645858002,0,0.30776706012037258,1.3983391116975583,1.9579837391519008,5.6929494154337608,6.2509740503597193,7.2862289087068497,8.0005172067685084,9.1946736061072603,9.6240639669485404,10.671042336476789,11.337378695976149,12.319205201742466,12.870081358574218,13.64324818396682,14.444796007010233,1.5784684613972502,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AN217","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"closing balance",null,null,null,{"$f":"Assumptions!E102","v":130},{"$f":"H119-H120-H121","v":126.70846713689696},126.70846713689696,126.70846713689696,126.57771731043837,126.57771731043837,126.269950250318,124.87161113862045,122.91362739946855,117.22067798403479,110.96970393367508,103.68347502496823,95.682957818199725,86.488284212092466,76.864220245143926,66.193177908667138,54.855799212690989,42.536594010948519,29.666512652374301,16.023264468407483,1.5784684613972502,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AN119-AN120-AN121","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Bullet Debt Test",null,null,null,{"$f":"SUMIF($6:$6,TRUE,122:122)=0","v":true}]
[]
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[null,null,"Interest Expense",null,null,null,null,{"$f":"H128*H119","v":1.1700000000000002},1.1403762042320726,1.1403762042320726,1.1403762042320726,1.1391994557939455,0.82275516251784941,0.82075467662706703,0.81166547240103293,0.79893857809654556,0.76193440689622616,0.72130307556888795,0.67394258766229342,0.50233552854554853,0.4540634921134854,0.40353715628700559,0.34751418402050244,0.28799294586662766,0.22331711855747971,0.15574919142496507,8.4122138459139281E-2,8.2869594223355623E-3,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AN128*AN119","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Capitalizing Debt"]
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[null,null,"add: capitalizing interest",null,null,null,null,{"$f":"H143","v":0.81},0.82640250000000004,0.84313715062500005,0.86021067792515626,0.87762994415314066,0.8954019505222417,0.91353384002031712,0.93203290028072849,0.95090656651141336,0.97016242448326939,0.98980821357905568,1.0098518299040316,1.0303013294595882,1.0511649313811449,1.072451021241613,1.0941681544217556,1.1163250595487961,1.1389306420046594,1.1619939875052538,1.1855243657522352,1.2095312341587179,0.82315910552944371,0.3959659008276335,0,0,0,0,0,0,0,0,0,{"$f":"AN143","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,"less: cashflow sweep"]
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[null,null,"Capitalising Debt Test",null,null,null,{"$f":"SUMIF($6:$6,TRUE,136:136)=0","v":true}]
[]
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[null,null,"Credit spread",null,null,null,null,{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2},{"$f":"Assumptions!$H$111","v":7.0000000000000007E-2}]
[null,null,"Total annual rate",null,null,null,null,{"$f":"SUM(H139:H140)","v":8.1000000000000003E-2},{"$f":"SUM(I139:I140)","v":8.1000000000000003E-2},8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,{"$f":"SUM(AR139:AR140)","v":8.1000000000000003E-2},8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2,8.1000000000000003E-2]
[null,null,"Periodic rate",null,null,null,null,{"$f":"H141*H9","v":2.0250000000000001E-2},2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,{"$f":"AN141*AN9","v":2.0250000000000001E-2},2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2,2.0250000000000001E-2]
[null,null,"Intererest Expense",null,null,null,null,{"$f":"H142*H132","v":0.81},0.82640250000000004,0.84313715062500005,0.86021067792515626,0.87762994415314066,0.8954019505222417,0.91353384002031712,0.93203290028072849,0.95090656651141336,0.97016242448326939,0.98980821357905568,1.0098518299040316,1.0303013294595882,1.0511649313811449,1.072451021241613,1.0941681544217556,1.1163250595487961,1.1389306420046594,1.1619939875052538,1.1855243657522352,1.2095312341587179,0.82315910552944371,0.3959659008276335,0,0,0,0,0,0,0,0,0,{"$f":"AN142*AN132","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Revolving debt"]
[null,null,"Total debt commitment",null,null,null,null,{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44},{"$f":"Assumptions!$E$128","v":44}]
[null,null,"less: amount borrowed",null,null,null,null,{"$f":"H152","v":0},0,0.13214329512127998,8.9422903524371211E-2,0,0.25465690913787187,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AN152","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"remaining amount to borrow",null,null,null,null,{"$f":"H146-H147","v":44},44,43.867856704878719,43.910577096475627,44,43.745343090862129,44,44,44,44,44,44,44,44,44,44,44,44,44,44,44,44,44,44,44,44,44,44,44,44,44,44,{"$f":"AN146-AN147","v":44},44,44,44,44,44,44,44,44,44,44,44,44,44,44,44,44,44,44,44,44,44]
[]
[null,null,"Periodic Commitment Fee",null,null,{"$f":"Assumptions!E129","v":0.02},{"$f":"F150/G10","v":5.0000000000000001E-3},{"$f":"$G$150*H146*H5","v":0.22},0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,{"$f":"$G$150*AN146*AN5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"opening balance",null,null,null,null,{"$f":"G155","v":0},0,0.13214329512127998,8.9422903524371211E-2,0,0.25465690913787187,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM155","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"add: drawings ",null,null,null,null,{"$f":"H212","v":0},0.13214329512127998,0,0,0.25465690913787187,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AN212","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: repayments",null,null,null,null,{"$f":"H213","v":0},0,4.2720391596908769E-2,8.9422903524371211E-2,0,0.25465690913787187,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AN213","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"closing balance",null,null,null,null,{"$f":"H152+H153-H154","v":0},0.13214329512127998,8.9422903524371211E-2,0,0.25465690913787187,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AN152+AN153-AN154","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Revolver Test",null,null,null,{"$f":"SUMIF($6:$6,TRUE,155:155)=0","v":true}]
[]
[null,null,"Eibor",null,null,null,null,{"$f":"H125","v":1.0999999999999999E-2},{"$f":"I125","v":1.0999999999999999E-2},1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,{"$f":"AR125","v":1.0999999999999999E-2},1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2]
[null,null,"Credit spread",null,null,null,null,{"$f":"H126","v":2.5000000000000001E-2},{"$f":"I126","v":2.5000000000000001E-2},2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,{"$f":"AR126","v":0.01},0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
[null,null,"Total annual rate",null,null,null,null,{"$f":"H127","v":3.6000000000000004E-2},{"$f":"I127","v":3.6000000000000004E-2},3.6000000000000004E-2,3.6000000000000004E-2,3.6000000000000004E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,{"$f":"AR127","v":2.0999999999999998E-2},2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2]
[null,null,"Periodic rate",null,null,null,null,{"$f":"H128","v":9.0000000000000011E-3},{"$f":"I128","v":9.0000000000000011E-3},9.0000000000000011E-3,9.0000000000000011E-3,9.0000000000000011E-3,6.4999999999999997E-3,6.4999999999999997E-3,6.4999999999999997E-3,6.4999999999999997E-3,6.4999999999999997E-3,6.4999999999999997E-3,6.4999999999999997E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,{"$f":"AR128","v":5.2499999999999995E-3},5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3]
[null,null,"Interest Expense",null,null,null,null,{"$f":"H161*H152","v":0},0,1.1892896560915199E-3,8.0480613171934098E-4,0,1.6552699093961671E-3,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AN161*AN152","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Defaulted debt"]
[null,null,"opening balance",null,null,null,null,{"$f":"G168","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,{"$f":"AM168","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"add: defaults",null,null,null,null,{"$f":"H219","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,{"$f":"AN219","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: repayments of default",null,null,null,null,{"$f":"H215","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,{"$f":"AN215","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"closing balance",null,null,null,null,{"$f":"H165+H166-H167","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,{"$f":"AN165+AN166-AN167","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Eibor",null,null,null,null,{"$f":"H158","v":1.0999999999999999E-2},{"$f":"I158","v":1.0999999999999999E-2},1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,{"$f":"AR158","v":1.0999999999999999E-2},1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2,1.0999999999999999E-2]
[null,null,"Credit spread",null,null,null,null,{"$f":"H159","v":2.5000000000000001E-2},{"$f":"I159","v":2.5000000000000001E-2},2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,{"$f":"AR159","v":0.01},0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
[null,null,"Total annual rate",null,null,null,null,{"$f":"H160","v":3.6000000000000004E-2},{"$f":"I160","v":3.6000000000000004E-2},3.6000000000000004E-2,3.6000000000000004E-2,3.6000000000000004E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,{"$f":"AR160","v":2.0999999999999998E-2},2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2]
[null,null,"Periodic rate",null,null,null,null,{"$f":"H161","v":9.0000000000000011E-3},{"$f":"I161","v":9.0000000000000011E-3},9.0000000000000011E-3,9.0000000000000011E-3,9.0000000000000011E-3,6.4999999999999997E-3,6.4999999999999997E-3,6.4999999999999997E-3,6.4999999999999997E-3,6.4999999999999997E-3,6.4999999999999997E-3,6.4999999999999997E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,{"$f":"AR161","v":5.2499999999999995E-3},5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3,5.2499999999999995E-3]
[]
[null,null,"Interest Expense",null,null,null,null,{"$f":"H173*H165","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,{"$f":"AN173*AN165","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Total Interest Expense",null,null,null,null,{"$f":"H129+H116+H104+H175+H162","v":2.6100000000000008},2.5109476328035014,2.4427083510310217,2.3728952960780774,2.3014851700796597,1.6136961467129598,1.5598975337699241,1.5006654724010329,1.4377957209536882,1.3506486926105119,1.2598745041403165,1.1623711590908647,0.85633552854554851,0.7675634921134854,0.6765371562870055,0.58001418402050231,0.47999294586662766,0.37481711855747968,0.26674919142496512,0.15462213845913927,3.8286959422335579E-2,2.6250000000000013E-2,2.250000000000001E-2,1.875000000000001E-2,1.500000000000001E-2,1.125000000000001E-2,7.5000000000000101E-3,3.7500000000000103E-3,1.0491607582707728E-17,0,0,0,{"$f":"AN129+AN116+AN104+AN175+AN162","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayment",null,null,null,null,{"$f":"H120+H108+H96","v":7.7142857142857144},7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,1.9984014443252818E-15,0,0,0,{"$f":"AN120+AN108+AN96","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Senior Debt Opening Balance",null,null,null,{"$f":"G95+G107+G119+G152+G165","v":0},290,278.99418142261123,271.41203900344681,263.65503289756424,255.72057445329551,248.26094564814767,239.98423596460373,230.87161113862044,221.19934168518284,207.79210655546336,193.82684679081794,178.82633216782537,163.11152924677117,146.20256992637817,128.86422024514394,110.47889219438143,91.427227784119566,71.393736868091381,50.809369795231447,29.451835896978913,7.2927541756829672,5.0000000000000027,4.2857142857142883,3.5714285714285738,2.8571428571428594,2.142857142857145,1.4285714285714306,0.7142857142857163,1.9984014443252818E-15,0,0,{"$f":"AM95+AM107+AM119+AM152+AM165","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Senior Debt Closing Balance",null,null,null,{"$f":"G97+G109+G122+G155+G168","v":290},278.99418142261123,271.41203900344681,263.65503289756424,255.72057445329551,248.26094564814767,239.98423596460373,230.87161113862044,221.19934168518284,207.79210655546336,193.82684679081794,178.82633216782537,163.11152924677117,146.20256992637817,128.86422024514394,110.47889219438143,91.427227784119566,71.393736868091381,50.809369795231447,29.451835896978913,7.2927541756829672,5.0000000000000027,4.2857142857142883,3.5714285714285738,2.8571428571428594,2.142857142857145,1.4285714285714306,0.7142857142857163,1.9984014443252818E-15,0,0,0,{"$f":"AM97+AM109+AM122+AM155+AM168","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Average Interest Rate",null,null,null,null,{"$f":"IFERROR(H177/H179*H10,0)","v":3.6000000000000011E-2},3.6000000000000004E-2,3.6000000000000004E-2,3.599999999999999E-2,3.6000000000000004E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999999E-2,2.5999999999999995E-2,2.6000000000000002E-2,2.5999999999999999E-2,2.5999999999999995E-2,2.0999999999999998E-2,2.1000000000000001E-2,2.0999999999999994E-2,2.0999999999999994E-2,2.0999999999999998E-2,2.0999999999999994E-2,2.1000000000000001E-2,2.0999999999999998E-2,2.1000000000000001E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,2.0999999999999998E-2,0,0,0,{"$f":"IFERROR(AN177/AN179*AN10,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Profit and Loss"]
[null,"Revenues"]
[null,"Less: Operating Expenses"]
[null,null,"EBITDA",null,null,null,null,{"$f":"H23","v":15.074443973598058},{"$f":"I23","v":15.149257407543118},15.224442135441606,15.300000000000004,15.051836639625481,15.58705099593891,16.14129654519326,16.715250000000005,18.220644353230849,18.868535416136577,19.539464238918161,20.234250000000007,21.336121832878824,21.949265321022565,22.58002892494919,23.228918999999998,24.369274758107757,24.95690787283818,25.558710989792942,26.1750258,26.621533132032361,27.075657220551683,27.537527996188935,28.007277606000002,28.350989482500019,28.698919471724494,29.051119339341611,29.407641486300015,29.768538956625029,30.133865445310725,30.503675306308708,30.878023560615027,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Depreciation",null,null,null,null,null,{"$f":"H57","v":7.5},{"$f":"I57","v":7.5009204175821775},7.5027587420631425,7.505512639041763,7.5091799494561364,7.5137586886755816,7.5192470456273792,7.5256433819580142,7.5329462312286442,7.5036542981445651,7.4758289578184254,7.4494608175669468,7.4245407803034418,7.4010600420024586,7.3790100892257513,7.3583826967089534,7.3391699250083198,7.321364118206942,7.3049579016798347,7.2899441799173044,7.276316134406045,7.2640672215673892,7.2531911707521743,7.243681982291692,7.2355339256041908,7.2287415373564343,7.2232996196797989,7.2192032384404428,7.2164477215630543,7.2150286574077311,7.2149418931995113,7.2161835335101516,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Amortisation of Intangibles",null,null,null,null,null,{"$f":"H65","v":0.625},{"$f":"I65","v":0.625},0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0.625,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Amortisation of Debt Fees",null,null,null,null,null,{"$f":"H79","v":0.23249999999999998},{"$f":"I79","v":0.23249999999999998},0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,0.23249999999999998,7.2164496600635175E-16,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"EBIT",null,null,null,null,{"$f":"H186-H187-H188-H189","v":6.7169439735980578},{"$f":"I186-I187-I188-I189","v":6.7908369899609404},6.8641833933784637,6.9369873609582413,6.6851566901693449,7.2157923072633281,7.7645494995658808,8.3321066180419905,9.830198122002205,10.507381117992013,11.206135281099735,11.927289182433059,13.054081052575382,13.690705279020106,14.343518835723438,15.013036303291043,16.172604833099435,16.778043754631234,17.396253088113106,18.027581620082692,18.720216997626316,19.186589998984296,19.65933682543676,20.138595623708312,20.490455556895828,20.84517793436806,21.202819719661811,21.563438247859573,21.927091235061976,22.293836787902993,22.663733413109195,23.036840027104876,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Add: Interest Income",null,null,null,null,null,{"$f":"H87","v":2.9249999999999998},{"$f":"I87","v":2.9249999999999998},2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Interest Expense on Senior Debt",null,null,null,null,null,{"$f":"H177","v":2.6100000000000008},{"$f":"I177","v":2.5109476328035014},2.4427083510310217,2.3728952960780774,2.3014851700796597,1.6136961467129598,1.5598975337699241,1.5006654724010329,1.4377957209536882,1.3506486926105119,1.2598745041403165,1.1623711590908647,0.85633552854554851,0.7675634921134854,0.6765371562870055,0.58001418402050231,0.47999294586662766,0.37481711855747968,0.26674919142496512,0.15462213845913927,3.8286959422335579E-2,2.6250000000000013E-2,2.250000000000001E-2,1.875000000000001E-2,1.500000000000001E-2,1.125000000000001E-2,7.5000000000000101E-3,3.7500000000000103E-3,1.0491607582707728E-17,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Interest Expense on Capitalising Debt",null,null,null,null,null,{"$f":"H143","v":0.81},{"$f":"I143","v":0.82640250000000004},0.84313715062500005,0.86021067792515626,0.87762994415314066,0.8954019505222417,0.91353384002031712,0.93203290028072849,0.95090656651141336,0.97016242448326939,0.98980821357905568,1.0098518299040316,1.0303013294595882,1.0511649313811449,1.072451021241613,1.0941681544217556,1.1163250595487961,1.1389306420046594,1.1619939875052538,1.1855243657522352,1.2095312341587179,0.82315910552944371,0.3959659008276335,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"EBT",null,null,null,null,{"$f":"H190+H191-H192-H193","v":6.2219439735980551},{"$f":"I190+I191-I192-I193","v":6.3784868571574389},6.5033378917224418,6.6288813869550083,6.4310415759365434,7.6316942100281278,8.2161181257756404,8.8244082453602299,10.366495834537105,11.111570000898229,11.881452563380362,12.680066193438162,14.092444194570245,14.796976855525475,15.519530658194821,16.263853964848785,17.501286827684012,18.189295994069095,18.892509909182888,19.612435115871317,20.397398804045263,21.26218089345485,22.165870924609127,23.044845623708312,23.400455556895828,23.75892793436806,24.120319719661811,24.484688247859573,24.852091235061977,25.218836787902994,25.588733413109196,25.961840027104877,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Taxes"]
[null,null,"Earnings",null,null,null,null,{"$f":"H194-H195","v":6.2219439735980551},{"$f":"I194-I195","v":6.3784868571574389},6.5033378917224418,6.6288813869550083,6.4310415759365434,7.6316942100281278,8.2161181257756404,8.8244082453602299,10.366495834537105,11.111570000898229,11.881452563380362,12.680066193438162,14.092444194570245,14.796976855525475,15.519530658194821,16.263853964848785,17.501286827684012,18.189295994069095,18.892509909182888,19.612435115871317,20.397398804045263,21.26218089345485,22.165870924609127,23.044845623708312,23.400455556895828,23.75892793436806,24.120319719661811,24.484688247859573,24.852091235061977,25.218836787902994,25.588733413109196,25.961840027104877,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Cashflow waterfall"]
[null,"EBITDA",null,null,null,null,null,{"$f":"H23","v":15.074443973598058},{"$f":"I23","v":15.149257407543118},15.224442135441606,15.300000000000004,15.051836639625481,15.58705099593891,16.14129654519326,16.715250000000005,18.220644353230849,18.868535416136577,19.539464238918161,20.234250000000007,21.336121832878824,21.949265321022565,22.58002892494919,23.228918999999998,24.369274758107757,24.95690787283818,25.558710989792942,26.1750258,26.621533132032361,27.075657220551683,27.537527996188935,28.007277606000002,28.350989482500019,28.698919471724494,29.051119339341611,29.407641486300015,29.768538956625029,30.133865445310725,30.503675306308708,30.878023560615027,0,0,0,0,{"$f":"AR23","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"less: Changes in WC",null,null,null,null,null,{"$f":"H37","v":-3.3977357759358906},{"$f":"I37","v":0.13769197259538046},4.3375804556820441E-2,-5.2353740346742228E-2,0.18129343364551964,0.52199601355319913,0.22810471777036234,0.23481507416135194,0.50046281026760298,0.60899534914539721,0.26612217073209088,0.27395091985491149,0.41666875703571193,0.61728895745283019,0.21931312979383044,0.22470915571762617,0.40867475796312647,0.47510733168766528,0.3353847826043026,0.18491412774490357,0.24613370011100599,0.58200450750145016,8.9742071660813494E-2,9.2134303226734104E-2,0.1894685033501613,0.54335051726442885,1.8570894085208067E-2,2.0549801925206168E-2,0.19894192851767301,0.57051804312764887,1.9499438789466694E-2,2.1577292021472516E-2,0,0,0,0,{"$f":"AR37","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"less: Taxes"]
[null,null,"Operating cash flow",null,null,null,null,{"$f":"H199-H200-H201","v":18.47217974953395},{"$f":"I199-I200-I201","v":15.011565434947737},15.181066330884786,15.352353740346746,14.870543205979962,15.065054982385711,15.913191827422898,16.480434925838651,17.720181542963246,18.259540066991178,19.273342068186068,19.960299080145095,20.919453075843112,21.331976363569737,22.360715795155357,23.004209844282371,23.96060000014463,24.481800541150513,25.223326207188641,25.990111672255097,26.375399431921355,26.493652713050231,27.447785924528119,27.915143302773266,28.161520979149856,28.155568954460065,29.032548445256403,29.387091684374809,29.569597028107356,29.563347402183076,30.484175867519241,30.856446268593555,0,0,0,0,{"$f":"AR199-AR200-AR201","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: CAPEX",null,null,null,null,null,{"$f":"H28","v":7.5613611721451965},{"$f":"I28","v":7.6234753829797999},7.6863518739711401,7.7500000000000018,7.8144292307524585,7.8796491521287919,7.9456694676696991,8.0125000000000028,5.5801506922900836,5.6486316097352338,5.7179529410531869,5.7881250000000062,5.8591582269045901,5.9310631902219981,6.0038505881058484,6.0775312500000087,6.1521161382498217,6.2276163497330996,6.3040431175111422,6.3814078125000107,6.4597219451623138,6.5389971672197555,6.6192452733867002,6.7004782031250123,6.7827080424204311,6.8659470255807449,6.9502075370560377,7.0355021132812654,7.1218434445414545,7.2092443768597843,7.2977179139088415,7.3872772189453304,0,0,0,0,{"$f":"AR28","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Add: exit proceeds",null,null,null,null,null,{"$f":"H40","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,606.42051634429754,{"$f":"AN40","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Add: Notes Receivable",null,null,null,null,null,{"$f":"H83+H87","v":2.9249999999999998},{"$f":"I83+I87","v":2.9249999999999998},2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,2.9249999999999998,132.92500000000001,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Pensions",null,null,null,null,null,{"$f":"H90*H6","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,60,{"$f":"AN90*AN6","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Commitment Fee",null,null,null,null,null,{"$f":"H150","v":0.22},{"$f":"I150","v":0.22},0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow before financing",null,null,{"$f":"show_formulaL(H208)","v":"=H202-H203+H204+H205-H206-H207----> "},null,{"$f":"H202-H203+H204+H205-H206-H207","v":13.615818577388753},{"$f":"I202-I203+I204+I205-I206-I207","v":10.093090051967936},10.199714456913645,10.307353740346743,9.7611139752275022,9.8904058302569187,10.672522359753197,11.172934925838648,14.845030850673163,15.315908457255945,16.260389127132882,16.877174080145089,17.765294848938524,18.105913173347741,19.061865207049511,19.631678594282366,20.513483861894809,20.959184191417414,21.624283089677501,22.313703859755087,22.620677486759043,22.659655545830478,23.533540651141422,23.919665099648256,24.083812936729426,23.994621928879322,24.787340908200367,25.056589571093546,25.152753583565904,25.059103025323292,25.891457953610402,702.59468539394584,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"less: senior repayments",null,null,null,null,null,{"$f":"H178","v":7.7142857142857144},7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,7.7142857142857144,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,1.9984014443252818E-15,0,0,0,{"$f":"AN178","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"less: senior interest",null,null,null,null,null,{"$f":"H177","v":2.6100000000000008},2.5109476328035014,2.4427083510310217,2.3728952960780774,2.3014851700796597,1.6136961467129598,1.5598975337699241,1.5006654724010329,1.4377957209536882,1.3506486926105119,1.2598745041403165,1.1623711590908647,0.85633552854554851,0.7675634921134854,0.6765371562870055,0.58001418402050231,0.47999294586662766,0.37481711855747968,0.26674919142496512,0.15462213845913927,3.8286959422335579E-2,2.6250000000000013E-2,2.250000000000001E-2,1.875000000000001E-2,1.500000000000001E-2,1.125000000000001E-2,7.5000000000000101E-3,3.7500000000000103E-3,1.0491607582707728E-17,0,0,0,{"$f":"AN177","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow after senior debt service",null,null,{"$f":"show_formulaL(H211)","v":"=H208-H209-H210----> "},null,{"$f":"H208-H209-H210","v":3.2915328631030376},-0.13214329512127998,4.2720391596908769E-2,0.22017272998295123,-0.25465690913787187,0.56242396925824445,1.3983391116975583,1.9579837391519008,5.6929494154337608,6.2509740503597193,7.2862289087068497,8.0005172067685084,9.1946736061072603,9.6240639669485404,10.671042336476789,11.337378695976149,12.319205201742466,12.870081358574218,13.64324818396682,14.444796007010233,21.868104813050991,21.919119831544762,22.796754936855706,23.18662938536254,23.354527222443711,23.269086214593607,24.065555193914651,24.338553856807831,25.1527535835659,25.059103025323292,25.891457953610402,702.59468539394584,{"$f":"AN208-AN209-AN210","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"add: draws on revolver",null,null,null,"=MIN(MAX(-H211,0),H148)----> ",null,{"$f":"MIN(MAX(-H211,0),H148)","v":0},0.13214329512127998,0,0,0.25465690913787187,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN(MAX(-AN211,0),AN148)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"less: repayments of revolver",null,null,null,"=MIN(MAX(H211,0),H152)----> ",null,{"$f":"MIN(MAX(H211,0),H152)","v":0},0,4.2720391596908769E-2,8.9422903524371211E-2,0,0.25465690913787187,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN(MAX(AN211,0),AN152)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow after revolver",null,null,"=H211+H212-H213----> ",null,{"$f":"H211+H212-H213","v":3.2915328631030376},0,0,0.13074982645858002,0,0.30776706012037258,1.3983391116975583,1.9579837391519008,5.6929494154337608,6.2509740503597193,7.2862289087068497,8.0005172067685084,9.1946736061072603,9.6240639669485404,10.671042336476789,11.337378695976149,12.319205201742466,12.870081358574218,13.64324818396682,14.444796007010233,21.868104813050991,21.919119831544762,22.796754936855706,23.18662938536254,23.354527222443711,23.269086214593607,24.065555193914651,24.338553856807831,25.1527535835659,25.059103025323292,25.891457953610402,702.59468539394584,{"$f":"AN211+AN212-AN213","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"less: repayment of default",null,null,null,"=MIN(MAX(H214,0),H165)----> ",null,{"$f":"MIN(MAX(H214,0),H165)","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,{"$f":"MIN(MAX(AN214,0),AN165)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow after repayment of default",null,null,"=H214-H215----> ",null,{"$f":"H214-H215","v":3.2915328631030376},0,0,0.13074982645858002,0,0.30776706012037258,1.3983391116975583,1.9579837391519008,5.6929494154337608,6.2509740503597193,7.2862289087068497,8.0005172067685084,9.1946736061072603,9.6240639669485404,10.671042336476789,11.337378695976149,12.319205201742466,12.870081358574218,13.64324818396682,14.444796007010233,21.868104813050991,21.919119831544762,22.796754936855706,23.18662938536254,23.354527222443711,23.269086214593607,24.065555193914651,24.338553856807831,25.1527535835659,25.059103025323292,25.891457953610402,702.59468539394584,{"$f":"AN214-AN215","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"less: cashflow sweeps",null,null,null,"=MIN(MAX(H216,0),H119-H120)----> ",null,{"$f":"MIN(MAX(H216,0),H119-H120)","v":3.2915328631030376},0,0,0.13074982645858002,0,0.30776706012037258,1.3983391116975583,1.9579837391519008,5.6929494154337608,6.2509740503597193,7.2862289087068497,8.0005172067685084,9.1946736061072603,9.6240639669485404,10.671042336476789,11.337378695976149,12.319205201742466,12.870081358574218,13.64324818396682,14.444796007010233,1.5784684613972502,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN(MAX(AN216,0),AN119-AN120)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow after sweep",null,null,"=H216-H217----> ",null,{"$f":"H216-H217","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,20.289636351653741,21.919119831544762,22.796754936855706,23.18662938536254,23.354527222443711,23.269086214593607,24.065555193914651,24.338553856807831,25.1527535835659,25.059103025323292,25.891457953610402,702.59468539394584,{"$f":"AN216-AN217","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"add: default on senior debt",null,null,null,"=MAX(-H218,0)----> ",null,{"$f":"MAX(-H218,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MAX(-AN218,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"cashflow after senior debt",null,null,"=H218+H219----> ",null,{"$f":"H218+H219","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,20.289636351653741,21.919119831544762,22.796754936855706,23.18662938536254,23.354527222443711,23.269086214593607,24.065555193914651,24.338553856807831,25.1527535835659,25.059103025323292,25.891457953610402,702.59468539394584,{"$f":"AN218+AN219","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"less: repayments of the sub-debt",null,null,null,"=MIN(MAX(H220,0),H132+H133)----> ",null,{"$f":"MIN(MAX(H220,0),H132+H133)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,20.289636351653741,21.919119831544762,19.949837546636694,0,0,0,0,0,0,0,0,0,{"$f":"MIN(MAX(AN220,0),AN132+AN133)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow to equity",null,null,"=H220-H221----> ",null,{"$f":"H220-H221","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,2.8469173902190121,23.18662938536254,23.354527222443711,23.269086214593607,24.065555193914651,24.338553856807831,25.1527535835659,25.059103025323292,25.891457953610402,702.59468539394584,{"$f":"AN220-AN221","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"less: incentives paid to management"]
[null,null,"Dividends to equity"]
[]
[null,"Equity cashflow",null,null,null,null,{"$f":"-'S&U and Pro-Forma'!E18","v":-227.38},{"$f":"H222","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,2.8469173902190121,23.18662938536254,23.354527222443711,23.269086214593607,24.065555193914651,24.338553856807831,25.1527535835659,25.059103025323292,25.891457953610402,702.59468539394584,{"$f":"AN222","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Equity IRR",null,null,null,null,{"$f":"(1+IRR(G226:BI226,0.01))^4-1","v":0.19484276479041451}]
[]
[null,"Senior Debt Cash Flow"]
[null,null,"Total Repayments",null,null,null,null,{"$f":"H209+H213+H215+H217","v":11.005818577388752},{"$f":"I209+I213+I215+I217","v":7.7142857142857144},7.7570061058826232,7.9344584442686656,7.7142857142857144,8.2767096835439595,9.1126248259832732,9.6722694534376146,13.407235129719474,13.965259764645435,15.000514622992565,15.714802921054222,16.908959320392974,17.338349681234256,18.385328050762503,19.051664410261864,20.033490916028182,20.584367072859934,21.357533898252534,22.159081721295948,2.2927541756829646,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,1.9984014443252818E-15,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"New Debt",null,null,null,null,{"$f":"H212+H219","v":0},{"$f":"I212+I219","v":0.13214329512127998},0,0,0.25465690913787187,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest Expense",null,null,null,null,{"$f":"H210","v":2.6100000000000008},{"$f":"I210","v":2.5109476328035014},2.4427083510310217,2.3728952960780774,2.3014851700796597,1.6136961467129598,1.5598975337699241,1.5006654724010329,1.4377957209536882,1.3506486926105119,1.2598745041403165,1.1623711590908647,0.85633552854554851,0.7675634921134854,0.6765371562870055,0.58001418402050231,0.47999294586662766,0.37481711855747968,0.26674919142496512,0.15462213845913927,3.8286959422335579E-2,2.6250000000000013E-2,2.250000000000001E-2,1.875000000000001E-2,1.500000000000001E-2,1.125000000000001E-2,7.5000000000000101E-3,3.7500000000000103E-3,1.0491607582707728E-17,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Fees",null,null,null,{"$f":"'S&U and Pro-Forma'!E5","v":4.6499999999999995},{"$f":"H207","v":0.22},{"$f":"I207","v":0.22},0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Debt Issued",null,null,null,{"$f":"G180","v":290}]
[null,null,null,"Total Debt Cash Flow",null,null,{"$f":"G230-G231+G232-G234+G233","v":-285.35000000000002},{"$f":"H230-H231+H232-H234+H233","v":13.835818577388753},10.313090051967936,10.419714456913646,10.527353740346744,9.9811139752275029,10.110405830256919,10.892522359753197,11.392934925838649,15.065030850673162,15.535908457255948,16.480389127132881,17.097174080145084,17.985294848938523,18.32591317334774,19.281865207049506,19.851678594282365,20.733483861894808,21.179184191417413,21.844283089677496,22.533703859755086,2.5510411351053004,0.96053571428571427,0.95678571428571424,0.95303571428571432,0.94928571428571429,0.94553571428571426,0.94178571428571434,0.93803571428571431,0.220000000000002,0.22,0.22,0.22,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Senior IRR",null,null,null,null,{"$f":"XIRR(G235:BI235,G3:BI3)","v":4.1924676299095159E-2}]
[]
[null,"Sub Debt Cash Flow"]
[null,null,"Total Repayments",null,null,null,null,{"$f":"H221","v":0},{"$f":"I221","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,20.289636351653741,21.919119831544762,19.949837546636694,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Debt Issued",null,null,null,{"$f":"G136","v":40}]
[null,null,null,"Total Debt Cash Flow",null,null,{"$f":"G240-G241","v":-40},{"$f":"H240-H241","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,20.289636351653741,21.919119831544762,19.949837546636694,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Sub IRR",null,null,null,null,{"$f":"XIRR(G242:BI242,G3:BI3)","v":8.3414241671562209E-2}]
[]
[]
[]
["Balance Sheet"]
[]
[]
[]
[]
[]
[]
[]
[null,"Assets"]
[null,null,"Cash",null,null,null,{"$f":"G68","v":10}]
[null,null,"Accounts receivable",null,null,null,{"$f":"G32","v":18}]
[null,null,"Net fixed assets",null,null,null,{"$f":"G54","v":500}]
[null,null,"Intangible assets",null,null,null,{"$f":"G62","v":50}]
[null,null,"Goodwill",null,null,null,{"$f":"G67","v":161}]
[null,null,"Debt issuance costs",null,null,null,{"$f":"G76","v":4.6499999999999995}]
[null,null,"Long term notes receivable",null,null,null,{"$f":"G84","v":130}]
[null,null,"Investments in associates",null,null,null,{"$f":"G70","v":0}]
[null,null,"Derivative assets",null,null,null,{"$f":"G69","v":30}]
[null,null,null,"Total assets"]
[]
[null,"Liabilities & capital"]
[null,null,"Accounts payable"]
[null,null,"Debt"]
[null,null,"Deferred taxes"]
[null,null,"Derivative liabilities"]
[null,null,"Unfunded pension liabilities"]
[null,null,"Equity capital"]
[null,null,null,"Total"]
[]
[null,null,"Balance sheet check"]
[]
[]
[]
[]
["Financial Ratios"]
[null,"Senior Debt"]
[null,"Senior Debt/EBITDA",null,null,null,null,{"$f":"Assumptions!F105","v":5.4322647721723039},{"$f":"IFERROR(H179/(H199*H10),0)","v":4.809464291152576},4.6040900540064502,4.4568470323719698,4.3080887728360162,4.2473317472115868,3.9818459840933063,3.716929357141217,3.4530086468736689,3.0350098684347602,2.7531562727671659,2.4799406526812415,2.2094509577551098,1.9112134169038322,1.6652330703108806,1.4267499465286215,1.1890231761794581,0.93793546065318745,0.7151700967109057,0.49698681807077966,0.28129710474802011,6.8485482593299257E-2,4.6166931048720494E-2,3.8907943065072968E-2,3.187946916575235E-2,2.5194383946515027E-2,1.8666705770650941E-2,1.2293600565648691E-2,6.0722798410956964E-3,1.6782831089200424E-17,0,0,0,{"$f":"IFERROR(AN179/(AN199*AN10),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Return on Equity"]
[]
[null,"Return on Invested Capital"]
[null,null,"Invested Capital - Capital Perspective"]
[]
[null,null,"Invested Capital - Asset Persepective"]

{"sheet":"1.05 - Implied COC in LBO","index":6,"n_rows":108,"n_cols":25,"rows_kept":108,"cut":false,"hidden":false,"merged":[[31,2,37,2],[15,0,15,12],[17,4,17,11],[19,2,25,2],[27,0,27,12],[29,4,29,11],[63,4,63,9],[65,2,74,2],[42,2,42,9],[44,4,44,8],[46,2,55,2]]}
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Table Number",null,3]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"show_formulaL(Row_Start)","v":"=INDEX(U4:X4,$R$2)----> "},null,null,{"$f":"INDEX(U4:X4,$R$2)","v":47},"Row Start",null,{"$f":"ROW(E20)","v":20},{"$f":"ROW(D32)","v":32},{"$f":"ROW(E47)","v":47},{"$f":"ROW(D66)","v":66},{"$f":"show_formulaR(X4)","v":"< ---- =ROW(D66)"}]
["Equity IRR",null,{"$f":"Assumptions!I5","v":0.19484276479041451},null,null,null,null,null,null,null,null,null,null,null,{"$f":"show_formulaL(Row_Start)","v":"=INDEX(U4:X4,$R$2)----> "},null,null,{"$f":"INDEX(U5:X5,$R$2)","v":56},"Row End",null,{"$f":"ROW(C26)","v":26},{"$f":"ROW(D38)","v":38},{"$f":"ROW(E56)","v":56},{"$f":"ROW(D75)","v":75},{"$f":"show_formulaR(X5)","v":"< ---- =ROW(D75)"}]
["Target IRR",null,{"$f":"Assumptions!E6","v":0.2},null,null,null,null,null,null,null,null,null,null,null,{"$f":"show_formulaL(Row_Start)","v":"=INDEX(U4:X4,$R$2)----> "},null,null,5,"Column Start",null,{"$f":"COLUMN(D22)","v":4},{"$f":"COLUMN(E19)","v":5},{"$f":"COLUMN(E47)","v":5},{"$f":"COLUMN(E66)","v":5},"< ---- =COLUMN(E66)"]
["Difference",null,{"$f":"C5-C6","v":-5.1572352095854979E-3},null,null,null,null,null,null,null,null,null,null,null,{"$f":"show_formulaL(Row_Start)","v":"=INDEX(U4:X4,$R$2)----> "},null,null,9,"Column End",null,{"$f":"COLUMN(Y2)","v":25},{"$f":"COLUMN(L22)","v":12},{"$f":"COLUMN(I47)","v":9},{"$f":"COLUMN(J70)","v":10},"< ---- =COLUMN(J70)"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Eq_IRR","Output Variable",null,"EV_EBITDA","EV_EBITDA","Eq_IRR","Ung_IRR"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Exit_Mult","Row Input",null,"Targ_IRR","Ung_IRR","Exit_Mult","Exit_Mult"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Holding_Per","Col Input",null,"Debt_EBITDA","Debt_EBITDA","Holding_Per","Holding_Per"]
[]
[]
[]
[]
[]
["Required Entry Multiple"]
[]
[null,null,null,null,"Required Equity IRR"]
[null,null,null,null,0.23,{"$f":"E19+0.01","v":0.24000000000000002},{"$f":"F19+0.01","v":0.25},0.26,0.27,0.28000000000000003,0.29000000000000004,0.30000000000000004]
[null,null,"Senior Debt Capacity",1,6.7569864964374231,6.5491893891081858,6.3508219949975455,6.1613120283202063,5.9801924968491003,5.807024671405153,5.6413961015952445,5.4829188484153377]
[null,null,null,{"$f":"D20+0.5","v":1.5},6.8885920373044804,6.6871822646455792,6.4947403630876126,6.3110113927586102,6.1355333052574599,5.9678718247047078,5.8076187776111263,5.6543903340583617]
[null,null,null,2,7.0687596694147281,6.8748420874340095,6.6898363697622782,6.5133095649138459,6.3448085881872194,6.1839078860863443,6.0302076051284512,5.8833318543567961]
[null,null,null,2.5,7.2653731257777565,7.0795480893951064,6.9023568946130816,6.7333740089513965,6.5721578613569855,6.4182938382399284,6.271392480009319,6.131087774934219]
[null,null,null,3.5,7.7331774573394592,7.5652494602095031,7.4052185886073927,7.252688169753057,7.1072512906422753,6.968526046388039,6.8361538508634974,6.709797847072668]
[null,null,null,4.5,8.2578378858297334,8.108758695164763,7.9666978828342749,7.8312953138171659,7.7021897564178277,7.5790421896700364,7.4615342929340667,7.3493670347541977]
[null,null,null,5.5,8.7825005234678439,8.6522699542804311,8.5281792717168781,8.4099046211951443,8.2971304558812147,8.1895606387683078,8.0869171147367656,7.9889386779047307]
[]
["Required Overall IRR (Implied WACC)"]
[]
[null,null,null,null,"Required Equity IRR"]
[null,null,null,null,0.23,{"$f":"E31+0.01","v":0.24000000000000002},{"$f":"F31+0.01","v":0.25},0.26,0.27,0.28000000000000003,0.29000000000000004,0.30000000000000004]
[null,null,"Senior Debt Capacity",1,0.22230834928199106,0.23157172799305115,0.24079960541363943,0.24998840965304736,0.25913705886159755,0.2682444751067643,0.27730958307947051,0.2863313113562127]
[null,null,null,{"$f":"D32+0.5","v":1.5},0.21662899274317793,0.22537280020962602,0.23406654474477806,0.2426987465597239,0.25126803906227169,0.25977309077383248,0.26821259721130408,0.27658528297044405]
[null,null,null,2,0.20909475103597885,0.2172148879254141,0.22525527191767103,0.23321254086661369,0.24108543366675295,0.24887275039087875,0.25657335229297318,0.26418616366887937]
[null,null,null,2.5,0.20116242137525608,0.20865182649370562,0.2160440407548132,0.22333630435028429,0.23052772918328568,0.23761751812413201,0.24460496405767085,0.25148945035691983]
[null,null,null,3.5,0.18339602681465195,0.1896037749590731,0.1956939493921015,0.20166544133689657,0.20751860791089993,0.21325391696700868,0.21887194221280803,0.22437335921949897]
[null,null,null,4.5,0.16510702315951931,0.17014251068626596,0.17505724068582773,0.17985184697935441,0.18452788060659842,0.18908697028799359,0.19353081521750748,0.19786117849878893]
[null,null,null,5.5,0.14830473787826737,0.15234849166715403,0.15627757542927156,0.16009394557955003,0.16379997618408315,0.16739806620471009,0.17089063261307014,0.17428010404485428]
[]
[]
[]
[]
[null,null,"Optimal Holding Period Table (sensitivity calculation) Equity IRR"]
[null,0.29999982706257322]
[null,7,null,null,"Exit Multiple"]
[null,5,null,null,6,{"$f":"E46+1","v":7},{"$f":"F46+1","v":8},{"$f":"G46+1","v":9},{"$f":"H46+1","v":10}]
[null,null,"Holding Period",3,0.10759228997557702,0.19067131457720499,0.26353806084817943,0.32884938667933694,0.38830360904527339]
[null,null,null,{"$f":"D47+1","v":4},0.18351919317676724,0.23729723300319572,0.28485656219024214,0.327653656929211,0.36667154029079607]
[null,null,null,{"$f":"D48+1","v":5},0.21153629760598225,0.24929539051021821,0.28297446082449307,0.31344864921644433,0.34133189571598344]
[null,null,null,6,0.21440122873564982,0.24228465183669257,0.26735012399281488,0.29015707885574948,0.31110993222819472]
[null,null,null,7,0.21203168492897029,0.23340891651919882,0.25275046259955691,0.27043596447151153,0.28674582605886934]
[null,null,null,8,0.20953954244262563,0.22641543881343362,0.24176668661930845,0.25586334774456909,0.26890812655759833]
[null,null,null,9,0.20776173723472025,0.22138159648232114,0.23383104580210978,0.24530787595776693,0.25596259742939154]
[null,null,null,10,0.20644113309135004,0.21761370570488281,0.22787291645248953,0.23736618965434686,0.24620713972549768]
[null,null,null,11,0.20543176151957998,0.21471081111175128,0.22326897515498123,0.23121733550707568,0.23864254597282231]
[null,null,null,12,0.20464275678017985,0.21242351286527095,0.21963075340622495,0.22634873630612007,0.23264397539867288]
[]
[null,null,null,"Maximum",{"$f":"MAX(E47:E56)","v":0.21440122873564982},{"$f":"MAX(F47:F56)","v":0.24929539051021821},{"$f":"MAX(G47:G56)","v":0.28485656219024214},{"$f":"MAX(H47:H56)","v":0.32884938667933694},{"$f":"MAX(I47:I56)","v":0.38830360904527339}]
[null,null,null,"Holding Period",{"$f":"MATCH(E58,E47:E56,0)","v":4},{"$f":"MATCH(F58,F47:F56,0)","v":3},{"$f":"MATCH(G58,G47:G56,0)","v":2},{"$f":"MATCH(H58,H47:H56,0)","v":1},{"$f":"MATCH(I58,I47:I56,0)","v":1}]
[]
[]
[]
[]
[null,null,null,null,"Exit Multiple"]
[null,null,null,null,5,6,7,8,9,10]
[null,null,"Holding Period",2,-0.13003483675420283,-5.3942027688026431E-2,1.6220179200172422E-2,8.1652674078941376E-2,0.14319863915443423,0.20147702097892761]
[null,null,null,{"$f":"D66+1","v":3},5.5595368146896373E-3,5.9628137946128854E-2,0.10842698216438293,0.15308321118354801,0.1943809449672699,0.23289037346839905]
[null,null,null,4,7.0508703589439392E-2,0.11065627932548519,0.14661729931831363,0.1792949974536896,0.20931859612464906,0.2371457755565643]
[null,null,null,5,0.10741657614707947,0.13833763003349306,0.16598133444786076,0.19104703068733217,0.21402519345283513,0.23527424931526186]
[null,null,null,6,0.12539027333259584,0.14967190623283386,0.17140617966651919,0.1911241233348846,0.20920190215110784,0.22591654658317564]
[null,null,null,7,0.13555485606193543,0.15498964190483094,0.17243489623069763,0.18829291462898257,0.20285205245018004,0.21632658839225774]
[null,null,null,8,0.14235591292381286,0.15818594098091129,0.17244760394096376,0.18544718623161316,0.1974070250988007,0.20849395394325262]
[null,null,null,9,0.14750025868415842,0.16058509945869454,0.17242158055305479,0.1832445323467255,0.19322658181190491,0.20249862074851985]
[null,null,null,10,0.15153887867927551,0.16248586773872381,0.1724312722682953,0.18155609965324404,0.1899951517581939,0.19785168766975406]
[null,null,null,11,0.15475868582725524,0.16400310397148138,0.17243900895118716,0.18020647168159487,0.18741115927696231,0.19413486123085025]
[]
[null,null,null,"Max",{"$f":"MAX(E66:E75)","v":0.15475868582725524},0.16400310397148138,0.17244760394096376,0.1911241233348846,0.21402519345283513,0.2371457755565643]
[]
[null,null,null,null,{"$f":"MATCH(E77,E66:E75,0)","v":10},10,7,5,4,3]
[]
[]
[]
[null,null,null,null,"Equity","Senior","sub"]
[null,null,null,null,{"$f":"Summary!J18","v":0.19484276479041451},{"$f":"Summary!J19","v":4.1924676299095159E-2},{"$f":"Summary!J20","v":8.3414241671562209E-2}]
[null,null,null,1]
[null,null,null,{"$f":"D85-5%","v":0.95}]
[null,null,null,0.89999999999999991]
[null,null,null,0.84999999999999987]
[null,null,null,0.79999999999999982]
[null,null,null,0.74999999999999978]
[null,null,null,0.69999999999999973]
[null,null,null,0.64999999999999969]
[null,null,null,0.59999999999999964]
[null,null,null,0.5499999999999996]
[null,null,null,0.49999999999999961]
[null,null,null,0.44999999999999962]
[null,null,null,0.39999999999999963]
[null,null,null,0.34999999999999964]
[null,null,null,0.29999999999999966]
[null,null,null,0.24999999999999967]
[null,null,null,0.19999999999999968]
[null,null,null,0.14999999999999969]
[null,null,null,9.9999999999999686E-2]
[null,null,null,4.9999999999999684E-2]
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[]
[null,null,null,"Code number",9]
[null,null,null,null,{"$f":"E2","v":2015},{"$f":"F2","v":2016},2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028]
[null,null,null,{"$f":"INDEX(D4:D31,$E$33)","v":"Less: CAPEX"},{"$f":"INDEX(E4:E31,$E$33)","v":0},{"$f":"INDEX(F4:F31,$E$33)","v":30.621188429096136},31.652247850550953,22.734860243078508,23.871603255232444,25.065183417994074,26.318442588893781,27.634364718338478,29.01608295425541,0,0,0,0,0]
[]
[null,null,null,"Equity IRR",{"$f":"IRR(E25:R25)","v":0.19236441974144336}]
[null,null,null,"Ungeared IRR",{"$f":"IRR(E8:R8)","v":0.13777729918981807}]
[]
[]
[null,null,null,"Row start",0]
[null,null,null,"Column start",1]
[null,null,null,"Height",1]
[null,null,null,"Width",{"$f":"COUNTIF(E35:R35,\">0\")","v":8}]

{"sheet":"Audit sheet","index":8,"n_rows":13,"n_cols":6,"rows_kept":13,"cut":false,"hidden":false,"merged":[]}
[]
[null," Existing balance sheet",null,null,{"$f":"Assumptions!E37","v":true},{"$f":"IF(E2,\"\",B2)","v":""}]
[null," Proforma adjustments",null,null,{"$f":"'S&U and Pro-Forma'!E76","v":true},{"$f":"IF(E3,\"\",B3)","v":""}]
[null," Proforma balance sheet",null,null,{"$f":"'S&U and Pro-Forma'!N76","v":true},""]
[null," Existing Debt Test",null,null,null," Existing Debt Test"]
[null," Amortising debt",null,null,null," Amortising debt"]
[null," Bullet Debt ",null,null,{"$f":"'LBO Model'!G123","v":true},""]
[null," Capitalising ",null,null,{"$f":"'LBO Model'!G137","v":true},""]
[null," Revolver",null,null,{"$f":"'LBO Model'!G156","v":true},""]
[null," Positive dividends",null,null,false," Positive dividends"]
[null," New balance sheet",null,null,false," New balance sheet"]
[]
[null,null,null,null,{"$f":"AND(E2:E11)","v":false},{"$f":"addtext(F2:F11)","v":" Existing Debt Test Amortising debt Positive dividends New balance sheet"}]

{"sheet":"PE Scenario","index":10,"n_rows":29,"n_cols":12,"rows_kept":29,"cut":false,"hidden":false,"merged":[]}
[null,null,"Scenario number",null,3]
[null,null,null,null,null,null,null,null,null,null,"PE Ratio","M/B ratio"]
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[null,null,"Base case",0.3,0.15,0.2,0.12,0.05,7,1,9.3404084832468079,2.8021225449740421]
[null,null,"Low case",0.35,0.1,0.15,0.14000000000000001,0.03,4,2,3.3834384851295178,1.1842034697953312]
[null,null,"High case",0.25,0.2,0.25,0.1,7.0000000000000007E-2,10,3,54.751378797905033,13.687844699476258]
[null,null,{"$f":"TRANSPOSE(D3:I3)&\"lowcase\"","v":"ST ROElowcase"},{"$f":"D5","v":0.35},{"$f":"E$4","v":0.15},0.2,0.12,0.05,7,4,8.9217651673143141,3.1226178085600096]
[null,null,"LT ROElowcase",{"$f":"D$4","v":0.3},{"$f":"E5","v":0.1},0.2,0.12,0.05,7,5,5.7385217869099518,1.7215565360729854]
[null,null,"STGRlowcase",0.3,0.15,{"$f":"F5","v":0.15},0.12,0.05,7,6,8.4448026356847539,2.5334407907054262]
[null,null,"COElowcase",0.3,0.15,0.2,{"$f":"G5","v":0.14000000000000001},0.05,7,7,7.0405013146401672,2.1121503943920499]
[null,null,"LTGR lowcase",0.3,0.15,0.2,0.12,{"$f":"H5","v":0.03},7,8,8.8601569648149034,2.6580470894444708]
[null,null,"Lengthlowcase",0.3,0.15,0.2,0.12,0.05,{"$f":"I5","v":4},9,6.8150856985772217,2.0445257095731666]
[null,null,{"$f":"TRANSPOSE(D3:I3)&\" highcase\"","v":"ST ROE highcase"},{"$f":"D6","v":0.25},0.15,0.2,0.12,0.05,7,10,9.9265091255523252,2.4816272813880813]
[null,null,"LT ROE highcase",0.3,{"$f":"E6","v":0.2},0.2,0.12,0.05,7,11,12.942295179583668,3.8826885538750999]
[null,null,"STGR highcase",0.3,0.15,{"$f":"F6","v":0.25},0.12,0.05,7,12,10.398766177447625,3.119629853234287]
[null,null,"COE highcase",0.3,0.15,0.2,{"$f":"G6","v":0.1},0.05,7,13,13.521754380024081,4.0565263140072245]
[null,null,"LTGR  highcase",0.3,0.15,0.2,0.12,{"$f":"H6","v":7.0000000000000007E-2},7,14,10.204848884824003,3.0614546654472004]
[null,null,"Length highcase",0.3,0.15,0.2,0.12,0.05,{"$f":"I6","v":10},15,12.446445067702934,3.7339335203108801]
[null,null,"Base case",0.3,0.15,0.2,0.12,0.05,7,16,9.3404084832468079,2.8021225449740421]
[]
[null,null,{"$f":"INDEX(C4:C19,$E$1)","v":"High case"},{"$f":"INDEX(D4:D19,$E$1)","v":0.25},{"$f":"INDEX(E4:E19,$E$1)","v":0.2},{"$f":"INDEX(F4:F19,$E$1)","v":0.25},0.1,7.0000000000000007E-2,10]
[]
[null,null,null,"Base Vs Low","Base Vs High"]
[null,null,{"$f":"TRANSPOSE(D3:I3)","v":"ST ROE"},{"$f":"K7-$K$4","v":-0.41864331593249382},{"$f":"K13-$K$4","v":0.58610064230551728}]
[null,null,"LT ROE",{"$f":"K8-$K$4","v":-3.6018866963368561},{"$f":"K14-$K$4","v":3.6018866963368605}]
[null,null,"STGR",-0.89560584756205408,1.0583576942008168]
[null,null,"COE",-2.2999071686066408,4.1813458967772732]
[null,null,"LTGR ",-0.4802515184319045,0.86444040157719471]
[null,null,"Length",-2.5253227846695863,3.1060365844561257]

{"sheet":"PE Ratio","index":11,"n_rows":62,"n_cols":301,"rows_kept":62,"cut":false,"hidden":false,"merged":[]}
[null,"short run","long run"]
["ROE",{"$f":"'PE Scenario'!D21","v":0.25},{"$f":"'PE Scenario'!E21","v":0.2},"PE Ratio",{"$f":"E6/C17","v":54.751378797905033}]
["COE",{"$f":"'PE Scenario'!G21","v":0.1},{"$f":"'PE Scenario'!G21","v":0.1},"PB Ratio",{"$f":"E6/B6","v":13.687844699476258}]
["Growth rate",{"$f":"'PE Scenario'!F21","v":0.25},{"$f":"'PE Scenario'!H21","v":7.0000000000000007E-2}]
["Dividend Payout",{"$f":"1-B4/B2","v":0},null,"Value per share"]
["BV/share",11.95,null,"NPV of dividends",{"$f":"NPV(B3,C18:KO18)","v":163.56974415874129}]
["Short run",{"$f":"'PE Scenario'!I21","v":10}]
[]
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["ROE",{"$f":"B10*$B$2+B11*$C$2","v":0.25},{"$f":"C10*$B$2+C11*$C$2","v":0.25},0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,{"$f":"BO10*$B$2+BO11*$C$2","v":0.2},0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,{"$f":"EA10*$B$2+EA11*$C$2","v":0.2},0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,{"$f":"GM10*$B$2+GM11*$C$2","v":0.2},0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,{"$f":"IY10*$B$2+IY11*$C$2","v":0.2},0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
["Growth 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["Dividend payout 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[]
["Opening 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[]
["Value of Gordon method",{"$f":"C18/(B3-B4)","v":0}]
["Value from driver method",{"$f":"(1-B4/B2)*C17/(B3-B4)","v":0}]
["PE Ratio from formula",{"$f":"(1-B4/B2)/(B3-B4)","v":0}]
[]
[]
["Overall economic growth",0.02]
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["Growth rate",0.25]
[]
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[null,0.5,{"$f":"MATCH(B33,$C$28:$KO$28)","v":15}]
[null,1,19]
[]
["Revenue growth",0.05]
["Revenue  ",100]
["Employee expenses % of Revenue",0.5]
["Accrued EOSB",0.15]
["WACC",0.1,null,null,null,null,null,null,null,true]
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["EOSB Liability"]
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[null,null,null,null,null,"True Value",{"$f":"NPV($B$40,G53:KO53)","v":1102.6366034786072}]
[]
[null,null,null,null,null,"Explicit CF",{"$f":"G44*G41-G45+G52","v":55.131890625000011},{"$f":"H44*H41-H45+H52","v":57.888485156250013},60.782909414062516,63.822054884765656]
[null,null,null,null,null,"NPV",{"$f":"NPV(B40,G56:J56)","v":187.22004555779787}]
[null,null,null,null,null,"Terminal CF",0,0,0,{"$f":"J56*(1+B36)/(B40-B36)","v":1340.2631525800787}]
[null,null,null,null,null,null,{"$f":"NPV(B40,G58:J58)","v":915.41776694220209}]
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[]
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