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{"sheet":"Table of Contents","index":0,"n_rows":18,"n_cols":5,"rows_kept":18,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,"Sheet Tab","Description","Author"]
[null,1,"Table of Contents","This Page","Winston Churchill"]
[null,2,"Basic Exercise","Exercise with Titles and Instructions","Charles DeGaul"]
[null,3,"Instructions","Summary of Key Points in Exercise","Pabblo Picasso"]
[null,4,"Exercise with Minimum","Include Minimum Cash Balance","Michael Jackson"]
[null,5,"Exercise without Titles","Exercise with Only Inputs","Nelson Mandella"]
[]
[null," File Name: ",null,"C:\\A Files\\Courses\\Course Materials\\1 Templates and Exercises Corporate Model\\Exercises\\Exercise 2 - Simple Corporate Model.xls"]
[]
[null," Colour Codes "]
[]
[null," Date ",null,"2009-03-11"]
[]
[]
[]
[null,"Note: Table of Contents Created with fm.xls File"]

{"sheet":"Basic Exercise","index":1,"n_rows":115,"n_cols":13,"rows_kept":115,"cut":false,"hidden":false,"merged":[]}
["Table of Contents"]
[null,null,null,null,null,"Verification"]
[]
[null,null,null,null,true]
["Year",null,null,null,null,0,1,2,3,4,5,6,6]
[]
[]
["Assumptions"]
[null,"Operating"]
[null,null,"EBITDA",null,null,1,{"$f":"INDEX(G11:G13,$F$10)","v":200},300,400,450,450,450,{"$f":"INDEX(M11:M13,$F$10)","v":450}]
[null,null,null,"Base Case",null,null,200,300,400,450,450,450,450]
[null,null,null,"Low Case",null,null,150,200,300,300,300,300,300]
[null,null,null,"High Case",null,null,200,350,500,650,650,650,650]
[null,null,"Depreciation Rate",null,null,null,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,"Capital Expenditures",null,null,null,400,400,200,50,50,50,50]
[]
[null,"Financing"]
[null,null,"Interest Income Rate",null,null,null,0.03,3.5000000000000003E-2,0.04,0.04,0.04,0.04,0.04]
[null,null,"Interest Expense Rate",null,null,null,0.05,5.5E-2,0.06,0.06,0.06,0.06,0.06]
[null,null,"Dividend Payout Ratio",null,null,null,0.5,0.5,0.5,0.5,0.5,0.5,0.5]
[]
[null,"Long-Term Debt"]
[null,null,"Scheduled Repayment",null,null,null,60,60,60,60,60]
[null,null,"Interest Rate on Long-term Debt",null,null,null,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2]
[]
["Initial Balance Sheet"]
[null,"Cash",null,null,null,0]
[null,"Plant Property and Equipment",null,null,null,1300]
[null,"Accumulated Depreciation",null,null,null,300]
[null,null,"Total Assets",null,null,{"$f":"F27+F28-F29","v":1000}]
[]
[null,"Long-Term Debt",null,null,null,300]
[null,"Short-Term Debt",null,null,null,100]
[null,"Equity",null,null,null,600]
[null,null,"Total Liabilities and Capital",null,null,{"$f":"SUM(F32:F34)","v":1000}]
[]
["Fixed Assets"]
[null,"Plant Balance"]
[null,null,"Opening Balance",null,"Opening = Prior Closing",null,{"$f":"F41","v":1300},{"$f":"G41","v":1700},2100,2300,2350,2400,2450]
[null,null,"Add: Capital Expenditure",null,"From Input",null,{"$f":"G15","v":400},{"$f":"H15","v":400},200,50,50,50,50]
[null,null,"Closing Balance",null,"Initial from B/S; Later Sum",{"$f":"F28","v":1300},{"$f":"SUM(G39:G40)","v":1700},{"$f":"SUM(H39:H40)","v":2100},2300,2350,2400,2450,2500]
[]
[null,"Depreciation Rate",null,null,"From Input",null,{"$f":"G14","v":0.1},{"$f":"H14","v":0.1},0.1,0.1,0.1,0.1,0.1]
[null,"Depreciation Expense (Ending Balance)",null,null,"Closing x Depreciation Rate",null,{"$f":"G43*G39","v":130},{"$f":"H43*H39","v":170},210,230,235,240,245]
[]
[null,"Accumulated Depreciation"]
[null,null,"Opening Balance",null,null,null,{"$f":"F49","v":300},{"$f":"G49","v":430},600,810,1040,1275,1515]
[null,null,"Add: Depreciation Expense",null,null,null,{"$f":"G44","v":130},{"$f":"H44","v":170},210,230,235,240,245]
[null,null,"Closing Balance",null,null,{"$f":"F29","v":300},{"$f":"SUM(G47:G48)","v":430},{"$f":"SUM(H47:H48)","v":600},810,1040,1275,1515,1760]
[]
["Debt Analysis"]
[null,"Debt Balance"]
[null,null,"Opening Balance",null,"Opening = Prior Closing",null,{"$f":"F55","v":300},{"$f":"G55","v":240},180,120,60,0,0]
[null,null,"Less: Repayments",null,"From Input ",null,{"$f":"G23","v":60},{"$f":"H23","v":60},60,60,60,0,0]
[null,null,"Closing Balance",null,"Initial from B/S; Later Sum",{"$f":"F32","v":300},{"$f":"G53-G54","v":240},{"$f":"H53-H54","v":180},120,60,0,0,0]
[]
[null,"Interest Rate on Long-term Debt",null,null,"From Input",null,{"$f":"G24","v":6.5000000000000002E-2},{"$f":"H24","v":6.5000000000000002E-2},6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,0,0]
[null,"Long-term Interest Expense",null,null,"Opening x Rate",null,{"$f":"G57*G53","v":19.5},{"$f":"H57*H53","v":15.600000000000001},11.700000000000001,7.8000000000000007,3.9000000000000004,0,0]
[]
["Cash LESS Short-term Debt Balance"]
[null,"Opening Balance",null,null,"Prior Balance",null,{"$f":"F63","v":-100},{"$f":"G63","v":-407.25},-651.24937499999999,-631.63685625000005,-424.48596193750006,-206.67054079562507,82.129342980506181]
[null,"Add: Net Cash Flow",null,null,"From Cash Flow Statement",null,{"$f":"G91","v":-307.25},{"$f":"H91","v":-243.99937499999999},19.612518749999978,207.15089431249999,217.81542114187499,288.79988377613125,299.14258685961011]
[null,"Closing Balance",null,null,"Opeining + Cash Flow",{"$f":"F27-F33","v":-100},{"$f":"SUM(G61:G62)","v":-407.25},{"$f":"SUM(H61:H62)","v":-651.24937499999999},-631.63685625000005,-424.48596193750006,-206.67054079562507,82.129342980506181,381.27192984011629]
[]
[null,"Cash Balance",null,null,"Max of Closing Balance or Zero",{"$f":"F27","v":0},{"$f":"MAX(G63,0)","v":0},{"$f":"MAX(H63,0)","v":0},0,0,0,82.129342980506181,381.27192984011629]
[null,"Interest Income Rate",null,null,null,null,{"$f":"G18","v":0.03},{"$f":"H18","v":3.5000000000000003E-2},0.04,0.04,0.04,0.04,0.04]
[null,"Interest Income",null,null,"Average of Cash x Rate",null,{"$f":"F65*G66","v":0},{"$f":"G65*H66","v":0},0,0,0,0,3.2851737192202473]
[]
[null,"Short-term Debt Balance",null,null,"Max of Neg Closing Balance or Zero",{"$f":"F33","v":100},{"$f":"MAX(-G63,0)","v":407.25},{"$f":"MAX(-H63,0)","v":651.24937499999999},631.63685625000005,424.48596193750006,206.67054079562507,0,0]
[null,"Interest Expense Rate",null,null,null,null,{"$f":"G19","v":0.05},{"$f":"H19","v":5.5E-2},0.06,0.06,0.06,0.06,0.06]
[null,"Short-term Interest Expense",null,null,"Average of Debt x Rate",null,{"$f":"G70*F69","v":5},{"$f":"H70*G69","v":22.39875},39.074962499999998,37.898211375000002,25.469157716250002,12.400232447737505,0]
[]
[]
["Income Statement"]
[null,"EBITDA",null,null,"From Above, Sensitivity",null,{"$f":"G10","v":200},{"$f":"H10","v":300},400,450,450,450,450]
[null,"Less: Depreciation",null,null,"Depreciation Analysis ",null,{"$f":"G44","v":130},{"$f":"H44","v":170},210,230,235,240,245]
[null,"EBIT ",null,null,"EBITDA - Depreciation",null,{"$f":"G75-G76","v":70},{"$f":"H75-H76","v":130},190,220,215,210,205]
[null,"Less: Short-term Interest",null,null,"End of Model, Leave until Done",null,{"$f":"G71","v":5},{"$f":"H71","v":22.39875},39.074962499999998,37.898211375000002,25.469157716250002,12.400232447737505,0]
[null,"Less: Long-term Interest",null,null,"Debt Analysis Above",null,{"$f":"G58","v":19.5},{"$f":"H58","v":15.600000000000001},11.700000000000001,7.8000000000000007,3.9000000000000004,0,0]
[null,"Plus: Interest Income",null,null,"End of Model, Leave until Done",null,{"$f":"G67","v":0},{"$f":"H67","v":0},0,0,0,0,3.2851737192202473]
[null,null,"Net Income",null,"EBIT - Interest + Interest Income",null,{"$f":"G77-G78-G79+G80","v":45.5},{"$f":"H77-H78-H79+H80","v":92.001249999999999},139.22503750000001,174.30178862499997,185.63084228374998,197.59976755226251,208.28517371922024]
[]
["Cash Flow Statement"]
[null,"Net Income",null,null,"From Income Statement",null,{"$f":"G81","v":45.5},{"$f":"H81","v":92.001249999999999},139.22503750000001,174.30178862499997,185.63084228374998,197.59976755226251,208.28517371922024]
[null,"Add: Depreciation Expense",null,null,"From Income Statement",null,{"$f":"G76","v":130},{"$f":"H76","v":170},210,230,235,240,245]
[null,"Cash from Operations",null,null,"Net Income + Depreciation",null,{"$f":"G84+G85","v":175.5},{"$f":"H84+H85","v":262.00125000000003},349.22503749999998,404.30178862499997,420.63084228374998,437.59976755226251,453.28517371922021]
[null,"Less: Capital Expenditures",null,null,"From Above",null,{"$f":"G40","v":400},{"$f":"H40","v":400},200,50,50,50,50]
[null,"Cash Before Financing",null,null,"Operations - Capital Expenditures",null,{"$f":"G86-G87","v":-224.5},{"$f":"H86-H87","v":-137.99874999999997},149.22503749999998,354.30178862499997,370.63084228374998,387.59976755226251,403.28517371922021]
[null,"Less: Debt Repayment",null,null,"From Above",null,{"$f":"G54","v":60},{"$f":"H54","v":60},60,60,60,0,0]
[null,"Less: Dividends",null,null,"Dividend Payout x Net Income",null,{"$f":"MAX(G81*G20,0)","v":22.75},{"$f":"MAX(H81*H20,0)","v":46.000624999999999},69.612518750000007,87.150894312499986,92.815421141874992,98.799883776131253,104.14258685961012]
[null,null,"Net Cash Flow",null,"Cash Flow b/4 fin - Repayment - Div",null,{"$f":"G88-G89-G90","v":-307.25},{"$f":"H88-H89-H90","v":-243.99937499999999},19.612518749999978,207.15089431249999,217.81542114187499,288.79988377613125,299.14258685961011]
[]
[]
["Balance Sheet and Common Equity"]
[null,"Common Equity Balance"]
[null,null,"Openining Balance",null,null,null,{"$f":"F99","v":600},{"$f":"G99","v":622.75},668.75062500000001,738.36314374999995,825.51403806249994,918.32945920437487,1017.1293429805062]
[null,null,"Add: Net Income",null,null,null,{"$f":"G81","v":45.5},{"$f":"H81","v":92.001249999999999},139.22503750000001,174.30178862499997,185.63084228374998,197.59976755226251,208.28517371922024]
[null,null,"Less: Dividends",null,null,null,{"$f":"G90","v":22.75},{"$f":"H90","v":46.000624999999999},69.612518750000007,87.150894312499986,92.815421141874992,98.799883776131253,104.14258685961012]
[null,null,"Closing Balance",null,null,{"$f":"F34","v":600},{"$f":"G96+G97-G98","v":622.75},{"$f":"H96+H97-H98","v":668.75062500000001},738.36314374999995,825.51403806249994,918.32945920437487,1017.1293429805062,1121.2719298401162]
[]
[null,"Assets"]
[null,null,"Cash",null,"From End of Model, Leave until Done",{"$f":"F65","v":0},{"$f":"G65","v":0},0,0,0,0,82.129342980506181,381.27192984011629]
[null,null,"Plant Property and Equipment",null,"From Plant Balance",{"$f":"F41","v":1300},{"$f":"G41","v":1700},2100,2300,2350,2400,2450,2500]
[null,null,"Less: Accumulated Depreciation",null,"Prior Balance + Depreciation",{"$f":"-F49","v":-300},{"$f":"-G49","v":-430},-600,-810,-1040,-1275,-1515,-1760]
[null,null,null,"Total Assets","Cash + Plant - Acc Dep",{"$f":"SUM(F102:F104)","v":1000},{"$f":"SUM(G102:G104)","v":1270},1500,1490,1310,1125,1017.1293429805064,1121.2719298401162]
[]
[null,"Liabilites and Equity"]
[null,null,"Long-Term Debt",null,"From Debt Balance Above",{"$f":"F55","v":300},{"$f":"G55","v":240},180,120,60,0,0,0]
[null,null,"Short-Term Debt",null,"From End of Model, Leave until Done",{"$f":"F69","v":100},{"$f":"G69","v":407.25},651.24937499999999,631.63685625000005,424.48596193750006,206.67054079562507,0,0]
[null,null,"Equity",null,"From Above",{"$f":"F99","v":600},{"$f":"G99","v":622.75},668.75062500000001,738.36314374999995,825.51403806249994,918.32945920437487,1017.1293429805062,1121.2719298401162]
[null,null,null,"Total Liabilities and Capital","Sum of Above",{"$f":"SUM(F108:F110)","v":1000},{"$f":"SUM(G108:G110)","v":1270},1500,1490,1310,1125,1017.1293429805062,1121.2719298401162]
[]
[null,"Balance Sheet Difference",null,null,"Assets = Capital",{"$f":"F105-F111","v":0},{"$f":"G105-G111","v":0},0,0,0,0,0,0]
[null,"Balance Sheet Test",null,null,null,{"$f":"F113=0","v":true},{"$f":"G113=0","v":true},true,true,true,true,true,true]
[null,"Aggregate Test",null,null,null,{"$f":"AND(F114:M114)","v":true}]

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["Table of Contents"]
[]
[null,null,"Instructions"]
[]
[]
[null,null,"This model contains fundamental calculations for creating a financial model.  Some of the key concepts include:"]
[]
[]
[null,null,"-  Understand that the starting point for the model is the initial balance sheet"]
[null,null,"-  Separate the model into modules with Separate parts for fixed assets and for debt"]
[null,null,"-  The initial closing balance (in boxes) comes from the intial balance sheet"]
[null,null,"-  Use accounts with opening and closing balance"]
[null,null,"-  For the exercise, apply the positive number convention, meaning all of the numbers are positive"]
[null,null,"-  Make the depreciation expense and the interest on the opening balance, meaning all flows occur at the end of the year"]
[null,null,"-  Accounts in financial statements come from earlier modules or are sub-totals"]
[null,null,"-  The only exception is to use the MAX(net income x payout ratio,0) for dividends"]
[null,null,"-  Put the cash and short-term debt into a bucket and then split between debt and cash"]
[null,null,"-  Split the bucket into cash or investments using the MAX function -- MAX(bucket,0) for cash"]
[null,null,"-  Split the bucket into cash or investments using the MAX function -- MAX(-bucket,0) for debt"]
[null,null,"-  Create a common equtiy balance account "]
[null,null,"- Link all of the balance sheet accouts "]
[null,null,"- Test the balance sheet "]
[]
[null,null,"Other Notes:"]
[]
[null,null,"- Set up the sheet with SHIFT, CNTL ---> and SHIFT,ALT,----->"]
[null,null,"- Use the combo box and the index command for scenarios"]

{"sheet":"Exercise without Titles","index":3,"n_rows":32,"n_cols":12,"rows_kept":32,"cut":false,"hidden":false,"merged":[]}
["Table of Contents"]
["Year",null,null,null,null,0,1,2,3,4,5,6]
[]
["Assumptions"]
[null,"Operating"]
[null,null,"EBITDA",null,null,1,{"$f":"INDEX(G7:G9,$F$6)","v":200},300,400,450,450,450]
[null,null,null,"Base Case",null,null,200,300,400,450,450,450]
[null,null,null,"Low Case",null,null,150,200,300,300,300,300]
[null,null,null,"High Case",null,null,200,350,500,650,650,650]
[null,null,"Depreciation Rate",null,null,null,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,"Capital Expenditures",null,null,null,400,400,200,50,50,50]
[]
[null,"Financing"]
[null,null,"Interest Income Rate",null,null,null,0.03,3.5000000000000003E-2,0.04,0.04,0.04,0.04]
[null,null,"Interest Expense Rate",null,null,null,0.05,5.5E-2,0.06,0.06,0.06,0.06]
[null,null,"Minimum Cash Balance",null,null,null,100,100,100,100,100,100]
[null,null,"Dividend Payout Ratio",null,null,null,0.5,0.5,0.5,0.5,0.5,0.5]
[]
[null,"Long-Term Debt"]
[null,null,"Repayment",null,null,null,60,60,60,60,60]
[null,null,"Interest Rate on Long-term Debt",null,null,null,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2]
[]
["Initial Balance Sheet"]
[null,"Cash",null,null,null,100]
[null,"Plant Property and Equipment",null,null,null,1300]
[null,"Accumulated Depreciation",null,null,null,300]
[null,null,"Total Assets",null,null,{"$f":"F24+F25-F26","v":1100}]
[]
[null,"Long-Term Debt",null,null,null,300]
[null,"Short-Term Debt",null,null,null,200]
[null,"Equity",null,null,null,600]
[null,null,"Total Liabilities and Capital",null,null,{"$f":"SUM(F29:F31)","v":1100}]

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["Table of Contents"]
[null,null,null,null,null,"Verification"]
[]
[null,null,null,null,true]
["Year",null,null,null,null,0,1,2,3,4,5,6,6]
[]
[]
["Assumptions"]
[null,"Operating"]
[null,null,"EBITDA",null,null,1,{"$f":"INDEX(G11:G13,$F$10)","v":200},300,400,450,450,450,{"$f":"INDEX(M11:M13,$F$10)","v":450}]
[null,null,null,"Base Case",null,null,200,300,400,450,450,450,450]
[null,null,null,"Low Case",null,null,150,200,300,300,300,300,300]
[null,null,null,"High Case",null,null,200,350,500,650,650,650,650]
[null,null,"Depreciation Rate",null,null,null,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,"Capital Expenditures",null,null,null,400,400,200,50,50,50,50]
[null,null,"Minimum Cash as Percent of EBITDA",null,null,null,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[]
[null,"Financing"]
[null,null,"Interest Income Rate",null,null,null,0.03,3.5000000000000003E-2,0.04,0.04,0.04,0.04,0.04]
[null,null,"Interest Expense Rate",null,null,null,0.05,5.5E-2,0.06,0.06,0.06,0.06,0.06]
[null,null,"Dividend Payout Ratio",null,null,null,0.5,0.5,0.5,0.5,0.5,0.5,0.5]
[]
[null,"Long-Term Debt"]
[null,null,"Scheduled Repayment",null,null,null,60,60,60,60,60]
[null,null,"Interest Rate on Long-term Debt",null,null,null,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2]
[]
["Initial Balance Sheet"]
[null,"Cash",null,null,null,0]
[null,"Plant Property and Equipment",null,null,null,1300]
[null,"Accumulated Depreciation",null,null,null,300]
[null,null,"Total Assets",null,null,{"$f":"F28+F29-F30","v":1000}]
[]
[null,"Long-Term Debt",null,null,null,300]
[null,"Short-Term Debt",null,null,null,100]
[null,"Equity",null,null,null,600]
[null,null,"Total Liabilities and Capital",null,null,{"$f":"SUM(F33:F35)","v":1000}]
[]
["Fixed Assets"]
[null,"Plant Balance"]
[null,null,"Opening Balance",null,"Opening = Prior Closing",null,{"$f":"F42","v":1300},{"$f":"G42","v":1700},2100,2300,2350,2400,2450]
[null,null,"Add: Capital Expenditure",null,"From Input",null,{"$f":"G15","v":400},{"$f":"H15","v":400},200,50,50,50,50]
[null,null,"Closing Balance",null,"Initial from B/S; Later Sum",{"$f":"F29","v":1300},{"$f":"SUM(G40:G41)","v":1700},{"$f":"SUM(H40:H41)","v":2100},2300,2350,2400,2450,2500]
[]
[null,"Depreciation Rate",null,null,"From Input",null,{"$f":"G14","v":0.1},{"$f":"H14","v":0.1},0.1,0.1,0.1,0.1,0.1]
[null,"Depreciation Expense (Ending Balance)",null,null,"Closing x Depreciation Rate",null,{"$f":"G44*G40","v":130},{"$f":"H44*H40","v":170},210,230,235,240,245]
[]
[null,"Accumulated Depreciation"]
[null,null,"Opening Balance",null,null,null,{"$f":"F50","v":300},{"$f":"G50","v":430},600,810,1040,1275,1515]
[null,null,"Add: Depreciation Expense",null,null,null,{"$f":"G45","v":130},{"$f":"H45","v":170},210,230,235,240,245]
[null,null,"Closing Balance",null,null,{"$f":"F30","v":300},{"$f":"SUM(G48:G49)","v":430},{"$f":"SUM(H48:H49)","v":600},810,1040,1275,1515,1760]
[]
["Debt Analysis"]
[null,"Debt Balance"]
[null,null,"Opening Balance",null,"Opening = Prior Closing",null,{"$f":"F56","v":300},{"$f":"G56","v":240},180,120,60,0,0]
[null,null,"Less: Repayments",null,"From Input ",null,{"$f":"-G24","v":-60},{"$f":"-H24","v":-60},-60,-60,-60,0,0]
[null,null,"Closing Balance",null,"Initial from B/S; Later Sum",{"$f":"F33","v":300},{"$f":"SUM(G54:G55)","v":240},{"$f":"SUM(H54:H55)","v":180},120,60,0,0,0]
[]
[null,"Interest Rate on Long-term Debt",null,null,"From Input",null,{"$f":"G25","v":6.5000000000000002E-2},{"$f":"H25","v":6.5000000000000002E-2},6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,0,0]
[null,"Long-term Interest Expense",null,null,"Opening x Rate",null,{"$f":"G58*G54","v":19.5},{"$f":"H58*H54","v":15.600000000000001},11.700000000000001,7.8000000000000007,3.9000000000000004,0,0]
[]
["Cash LESS Short-term Debt Balance"]
[null,"Opening Balance",null,null,"Prior Balance",null,{"$f":"F64","v":-100},{"$f":"G64","v":-407.25},-651.28937500000006,-631.73805625,-424.67019793750001,-206.950303875625,81.751187008106257]
[null,"Add: Net Cash Flow",null,null,"From Cash Flow Statement",null,{"$f":"G97","v":-307.25},{"$f":"H97","v":-244.03937500000001},19.551318750000007,207.06785831249999,217.71989406187501,288.70149088373125,299.13502374016213]
[null,"Closing Balance",null,null,"Opeining + Cash Flow",{"$f":"F28-F34","v":-100},{"$f":"SUM(G62:G63)","v":-407.25},{"$f":"SUM(H62:H63)","v":-651.28937500000006},-631.73805625,-424.67019793750001,-206.950303875625,81.751187008106257,380.88621074826835]
[]
[null,"Minimum Cash Balance"]
[null,null,"EBITDA",null,null,null,{"$f":"G10","v":200},{"$f":"H10","v":300},400,450,450,450,450]
[null,null,"Cash Balance Percent",null,null,null,{"$f":"G16","v":0.02},{"$f":"H16","v":0.02},0.02,0.02,0.02,0.02,0.02]
[null,null,"Cash Balance Amount",null,null,null,{"$f":"G67*G68","v":4},{"$f":"H67*H68","v":6},8,9,9,9,9]
[]
[null,"Cash Balance",null,null,"Max of Closing Balance or Zero",{"$f":"F28","v":0},{"$f":"MAX(G64,G69)","v":4},{"$f":"MAX(H64,H69)","v":6},8,9,9,81.751187008106257,380.88621074826835]
[null,"Interest Income Rate",null,null,null,null,{"$f":"G19","v":0.03},{"$f":"H19","v":3.5000000000000003E-2},0.04,0.04,0.04,0.04,0.04]
[null,"Interest Income",null,null,"Average of Cash x Rate",null,{"$f":"G72*F71","v":0},{"$f":"H72*G71","v":0.14000000000000001},0.24,0.32,0.36,0.36,3.2700474803242505]
[]
[null,"Short-term Debt Balance",null,null,"Max of Neg Closing Balance or Zero",{"$f":"F34","v":100},{"$f":"MAX(-(G64-G69),0)","v":411.25},{"$f":"MAX(-(H64-H69),0)","v":657.28937500000006},639.73805625,433.67019793750001,215.950303875625,0,0]
[null,"Interest Expense Rate",null,null,null,null,{"$f":"G20","v":0.05},{"$f":"H20","v":5.5E-2},0.06,0.06,0.06,0.06,0.06]
[null,"Short-term Interest Expense",null,null,"Average of Debt x Rate",null,{"$f":"G76*F75","v":5},{"$f":"H76*G75","v":22.618749999999999},39.437362499999999,38.384283374999995,26.020211876249999,12.9570182325375,0]
[]
[]
["Income Statement"]
[null,"EBITDA",null,null,"From Above, Sensitivity",null,{"$f":"G67","v":200},{"$f":"H67","v":300},400,450,450,450,450]
[null,"Less: Depreciation",null,null,"Depreciation Analysis ",null,{"$f":"G45","v":130},{"$f":"H45","v":170},210,230,235,240,245]
[null,"EBIT ",null,null,"EBITDA - Depreciation",null,{"$f":"G81-G82","v":70},{"$f":"H81-H82","v":130},190,220,215,210,205]
[null,"Less: Short-term Interest",null,null,"End of Model, Leave until Done",null,{"$f":"G77","v":5},{"$f":"H77","v":22.618749999999999},39.437362499999999,38.384283374999995,26.020211876249999,12.9570182325375,0]
[null,"Less: Long-term Interest",null,null,"Debt Analysis Above",null,{"$f":"G59","v":19.5},{"$f":"H59","v":15.600000000000001},11.700000000000001,7.8000000000000007,3.9000000000000004,0,0]
[null,"Plus: Interest Income",null,null,"End of Model, Leave until Done",null,{"$f":"G73","v":0},{"$f":"H73","v":0.14000000000000001},0.24,0.32,0.36,0.36,3.2700474803242505]
[null,null,"Net Income",null,"EBIT - Interest + Interest Income",null,{"$f":"G83-G84-G85+G86","v":45.5},{"$f":"H83-H84-H85+H86","v":91.921250000000001},139.10263750000001,174.13571662499999,185.43978812375002,197.40298176746251,208.27004748032425]
[]
["Cash Flow Statement"]
[null,"Net Income",null,null,"From Income Statement",null,{"$f":"G87","v":45.5},{"$f":"H87","v":91.921250000000001},139.10263750000001,174.13571662499999,185.43978812375002,197.40298176746251,208.27004748032425]
[null,"Add: Depreciation Expense",null,null,"From Income Statement",null,{"$f":"G82","v":130},{"$f":"H82","v":170},210,230,235,240,245]
[null,"Cash from Operations",null,null,"Net Income + Depreciation",null,{"$f":"G90+G91","v":175.5},{"$f":"H90+H91","v":261.92124999999999},349.10263750000001,404.13571662499999,420.43978812375002,437.40298176746251,453.27004748032425]
[null,"Less: Capital Expenditures",null,null,"From Above",null,{"$f":"G41","v":400},{"$f":"H41","v":400},200,50,50,50,50]
[null,"Cash Before Financing",null,null,"Operations - Capital Expenditures",null,{"$f":"G92-G93","v":-224.5},{"$f":"H92-H93","v":-138.07875000000001},149.10263750000001,354.13571662499999,370.43978812375002,387.40298176746251,403.27004748032425]
[null,"Less: Debt Repayment",null,null,"From Above",null,{"$f":"G55","v":-60},{"$f":"H55","v":-60},-60,-60,-60,0,0]
[null,"Less: Dividends",null,null,"Dividend Payout x Net Income",null,{"$f":"-MAX(G87*G21,0)","v":-22.75},{"$f":"-MAX(H87*H21,0)","v":-45.960625},-69.551318750000007,-87.067858312499993,-92.71989406187501,-98.701490883731253,-104.13502374016213]
[null,null,"Net Cash Flow",null,"Cash Flow b/4 fin - Repayment - Div",null,{"$f":"G94+G95+G96","v":-307.25},{"$f":"H94+H95+H96","v":-244.03937500000001},19.551318750000007,207.06785831249999,217.71989406187501,288.70149088373125,299.13502374016213]
[]
[]
["Balance Sheet and Common Equity"]
[null,"Common Equity Balance"]
[null,null,"Openining Balance",null,null,null,{"$f":"F105","v":600},{"$f":"G105","v":622.75},668.71062499999994,738.26194375,825.32980206249999,918.04969612437503,1016.7511870081063]
[null,null,"Add: Net Income",null,null,null,{"$f":"G87","v":45.5},{"$f":"H87","v":91.921250000000001},139.10263750000001,174.13571662499999,185.43978812375002,197.40298176746251,208.27004748032425]
[null,null,"Less: Dividends",null,null,null,{"$f":"G96","v":-22.75},{"$f":"H96","v":-45.960625},-69.551318750000007,-87.067858312499993,-92.71989406187501,-98.701490883731253,-104.13502374016213]
[null,null,"Closing Balance",null,null,{"$f":"F35","v":600},{"$f":"SUM(G102:G104)","v":622.75},{"$f":"SUM(H102:H104)","v":668.71062499999994},738.26194375,825.32980206249999,918.04969612437503,1016.7511870081063,1120.8862107482685]
[]
[null,"Assets"]
[null,null,"Cash",null,"From End of Model, Leave until Done",{"$f":"F71","v":0},{"$f":"G71","v":4},6,8,9,9,81.751187008106257,380.88621074826835]
[null,null,"Plant Property and Equipment",null,"From Plant Balance",{"$f":"F42","v":1300},{"$f":"G42","v":1700},2100,2300,2350,2400,2450,2500]
[null,null,"Less: Accumulated Depreciation",null,"Prior Balance + Depreciation",{"$f":"-F50","v":-300},{"$f":"-G50","v":-430},-600,-810,-1040,-1275,-1515,-1760]
[null,null,null,"Total Assets","Cash + Plant - Acc Dep",{"$f":"SUM(F108:F110)","v":1000},{"$f":"SUM(G108:G110)","v":1274},1506,1498,1319,1134,1016.7511870081062,1120.8862107482682]
[]
[null,"Liabilites and Equity"]
[null,null,"Long-Term Debt",null,"From Debt Balance Above",{"$f":"F56","v":300},{"$f":"G56","v":240},180,120,60,0,0,0]
[null,null,"Short-Term Debt",null,"From End of Model, Leave until Done",{"$f":"F75","v":100},{"$f":"G75","v":411.25},657.28937500000006,639.73805625,433.67019793750001,215.950303875625,0,0]
[null,null,"Equity",null,"From Above",{"$f":"F105","v":600},{"$f":"G105","v":622.75},668.71062499999994,738.26194375,825.32980206249999,918.04969612437503,1016.7511870081063,1120.8862107482685]
[null,null,null,"Total Liabilities and Capital","Sum of Above",{"$f":"SUM(F114:F116)","v":1000},{"$f":"SUM(G114:G116)","v":1274},1506,1498,1319,1134,1016.7511870081063,1120.8862107482685]
[]
[null,"Balance Sheet Difference",null,null,"Assets = Capital",{"$f":"F117-F111","v":0},{"$f":"G117-G111","v":0},0,0,0,0,0,0]
[null,"Balance Sheet Test",null,null,null,{"$f":"F119=0","v":true},{"$f":"G119=0","v":true},true,true,true,true,true,true]
[null,"Aggregate Test",null,null,null,{"$f":"AND(F120:M120)","v":true}]