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{"sheet":"Contents","index":0,"n_rows":25,"n_cols":5,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,"Sheet Tab","Description","Author"]
[null,1,"Contents"]
[null,2,"Step by Step Instructions"]
[null,3,"Summary"]
[null,4,"Financial Model"]
[null,5,"Scenario"]
[null,6,"Valuation"]
[null,7,"Tornado Graph"]
[null,8,"Data from PDF File"]
[null,9,"Audit Page"]
[null,10,"Production History"]
[null,11,"Cap Exp Backup"]
[null,12,"Debt Maturities"]
[null,13,"Stock Prices Competitors"]
[null,14,"Segments"]
[null,15,"Website Data"]
[]
[null," File Name: ",null,"C:\\Users\\Monika\\Documents\\Courses\\Chapter 1. Models and Analysis\\1. Corporate Model Templates and Exercises\\Featured Corporate Finance Models\\Evraz Finished.xlsm"]
[]
[null," Colour Codes "]
[]
[null," Last Save Date ",null,"26/02/2014 03:02:23"]
[null," Last Save By",null,"Winston Churchill"]

{"sheet":"Step by Step Instructions","index":1,"n_rows":58,"n_cols":5,"rows_kept":58,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,"Graphing Historic Data   -- Use Index Function with Drop Down Box"]
[]
[null,null,"Set-up History with Production Data and reconcile revenues and EBITDA"]
[]
[null,null,"Methods to get data from pdf files"]
[]
[null,null,"Work through capital expenditures and try to find capital expenditure per unit of production"]
[]
[null,null,"Step by Step"]
[]
[]
[null,"Step 1","Acquire historic data and set up the structure of the sheet"]
[null,null,"Use macros and functions to make the process bearable"]
[null,null,"Reconcile revenues and EBITDA"]
[null,null,"Graph capacity and production data"]
[null,null,"Sheet Structure"]
[null,null,null,"Set-up timing variable for the historic time period with a switch"]
[null,null,null,"Set-up the sheet with a couple of extra columns"]
[null,null,null,"Set-up sections for Assumptions, for Revenue Expense and Cap Exp, for Working Capital, for Depreciation and Free Cash Flow, and for Financing"]
[]
[null,"Step 2:","Create Assumptions"]
[null,null,null,"Importance of structuring assumptions in the same way that the sheet will be structured beginning with revenues and operating data"]
[null,null,null,"Use Historic Switch; Why this is so important"]
[null,null,null,"Come up with fixed and variable costs"]
[null,null,null,"Notion of time series variables compared to simple variables"]
[]
[null,null,null,"1. Create Revenue and Production Section"]
[null,null,null,null,"Find physical production"]
[null,null,null,"2. Create Operating Expenses"]
[null,null,null,null,"Analyse fixed and variable cost"]
[null,null,null,"3. Capital Expenditures"]
[null,null,null,null,"Maintenance Capital Expenditures"]
[null,null,null,null,"Discretionary Capital Expenditures and Increase in Capacity"]
[null,null,null,"4. Working Capital"]
[null,null,null,"5. Depreciation and Taxes"]
[null,null,null,"6. Financing"]
[]
[null,null,"Relate Income Statement to Balance Sheet Accounts"]
[]
[null,"Step 3:","Working Analysis of Revenues, Operating Expenses and Capital Expendtiures"]
[]
[null,"Step 4: ","Working Capital Analysis"]
[]
[null,"Step 5:","Depreciation and Taxes"]
[null,null,null,"1. Enough Information to Compute Free Cash Flow"]
[null,null,null,"2. Compute ROIC using Direct Method"]
[]
[null,"Step 5: ","Financing and Other Income"]
[]
[null,null,"Computation of ROIC from net asset and funding perspective"]
[]
[]
[]
[null,null,"Reconcile EBITDA"]
[]
[null,null,"Compute Ratios that do not depend on finanacing (ROIC, sales growth, margins, cap exp to depreciation)"]

{"sheet":"Summary","index":2,"n_rows":29,"n_cols":22,"rows_kept":29,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"Overall Scenario",null,null,null,null,null,null,null,null,null,{"$f":"'Financial Model'!F942","v":2007}]
[null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Financial Model'!F943","v":2019}]
[null,null,"Discretionary Capital Expenditures",{"$f":"Scenario!H9","v":300}]
[null,null,"Dividend Payout",{"$f":"Scenario!H8","v":0.5}]
[]
[null,null,"Custom Scenario: Production",null,{"$f":"'Financial Model'!P195","v":0.02}]
[null,null,"Custom Scenario: Price",null,{"$f":"'Financial Model'!P185","v":1060}]
[null,null,"Maintenance Cap Exp"]
[null,null,"Variable Cost of Revenue",{"$f":"'Financial Model'!$F$223","v":0.62}]
[null,null,"Fixed Cost of Revenue",{"$f":"'Financial Model'!$F$217","v":0.04}]
[null,null,"Selling Costs",{"$f":"'Financial Model'!$F$238","v":5.8500000000000003E-2}]
[null,null,"Interest Rate",{"$f":"'Financial Model'!$F$406","v":8.5000000000000006E-2}]
[]
[null,null,"Valuation Year",{"$f":"Valuation!I5","v":2014}]
[null,null,"Terminal Year",{"$f":"Valuation!I6","v":2020}]
[null,null,"WACC",{"$f":"Valuation!I8","v":9.0999999999999998E-2}]
[null,null,"Terminal Growth",{"$f":"Valuation!I10","v":3.3000000000000002E-2}]
[null,null,"Terminal EV/EBITDA",{"$f":"Valuation!I9","v":9}]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Financial Model'!I1","v":2006},{"$f":"'Financial Model'!J1","v":2007},{"$f":"'Financial Model'!K1","v":2008},{"$f":"'Financial Model'!L1","v":2009},{"$f":"'Financial Model'!M1","v":2010},{"$f":"'Financial Model'!N1","v":2011},{"$f":"'Financial Model'!O1","v":2012},{"$f":"'Financial Model'!P1","v":2013},{"$f":"'Financial Model'!Q1","v":2014},{"$f":"'Financial Model'!R1","v":2015},{"$f":"'Financial Model'!S1","v":2016}]
[null,null,null,"Stable","EV/EBITDA","Value"]
[null,null,null,"Growth","Ratio","Driver",null,null,null,"EBITDA",null,{"$f":"'Financial Model'!I783","v":2594},{"$f":"'Financial Model'!J783","v":4305},{"$f":"'Financial Model'!K783","v":6323},{"$f":"'Financial Model'!L783","v":1237},{"$f":"'Financial Model'!M783","v":2350},{"$f":"'Financial Model'!N783","v":2898},{"$f":"'Financial Model'!O783","v":2012},{"$f":"'Financial Model'!P783","v":1807.4934231441348},{"$f":"'Financial Model'!Q783","v":1910.5089193884578},{"$f":"'Financial Model'!R783","v":1917.7794834179585},{"$f":"'Financial Model'!S783","v":2081.9843541147966}]
[null,null,"PV of Explicit Cash Flow",{"$f":"Valuation!J50","v":4222.2974742416},{"$f":"D23","v":4222.2974742416},{"$f":"E23","v":4222.2974742416},null,null,null,"Funds from Operations",null,{"$f":"'Financial Model'!I788","v":1997},{"$f":"'Financial Model'!J788","v":4380},{"$f":"'Financial Model'!K788","v":4378.3294340455213},{"$f":"'Financial Model'!L788","v":1584},{"$f":"'Financial Model'!M788","v":1742},{"$f":"'Financial Model'!N788","v":2769},{"$f":"'Financial Model'!O788","v":2453},{"$f":"'Financial Model'!P788","v":2048.482823492729},{"$f":"'Financial Model'!Q788","v":1921.3282984239156},{"$f":"'Financial Model'!R788","v":1928.1960616429583},{"$f":"'Financial Model'!S788","v":2082.0968219951187}]
[null,null,"Add: Terminal Value",{"$f":"Valuation!J69","v":14272.124698853318},{"$f":"Valuation!J94","v":15906.762454275069},{"$f":"Valuation!J99","v":15777.078885292138},null,null,null,"Less: Capital Expenditures",null,{"$f":"'Financial Model'!I789","v":651},{"$f":"'Financial Model'!J789","v":744},{"$f":"'Financial Model'!K789","v":1103},{"$f":"'Financial Model'!L789","v":441},{"$f":"'Financial Model'!M789","v":832},{"$f":"'Financial Model'!N789","v":1281},{"$f":"'Financial Model'!O789","v":1261},{"$f":"'Financial Model'!P789","v":1050},{"$f":"'Financial Model'!Q789","v":1065},{"$f":"'Financial Model'!R789","v":1080.3000000000002},{"$f":"'Financial Model'!S789","v":1095.9059999999999}]
[null,null,"Total Enterprise Value",{"$f":"SUM(D23:D24)","v":18494.422173094918},{"$f":"E23+E24","v":20129.059928516668},{"$f":"F23+F24","v":19999.376359533737},null,null,null,null,"Cash Flow Before Financing",{"$f":"'Financial Model'!I790","v":1346},{"$f":"'Financial Model'!J790","v":3636},{"$f":"'Financial Model'!K790","v":3275.3294340455213},{"$f":"'Financial Model'!L790","v":1143},{"$f":"'Financial Model'!M790","v":910},{"$f":"'Financial Model'!N790","v":1488},{"$f":"'Financial Model'!O790","v":1192},{"$f":"'Financial Model'!P790","v":998.48282349272904},{"$f":"'Financial Model'!Q790","v":856.32829842391561},{"$f":"'Financial Model'!R790","v":847.8960616429581},{"$f":"'Financial Model'!S790","v":986.19082199511877}]
[null,null,"Less: Bridge",{"$f":"Valuation!J84","v":5095.2537213736096},{"$f":"D26","v":5095.2537213736096},{"$f":"E26","v":5095.2537213736096},null,null,null,"Less: Debt Service",null,{"$f":"'Financial Model'!I791+'Financial Model'!I792+'Financial Model'!I793+'Financial Model'!I794","v":256},{"$f":"'Financial Model'!J791+'Financial Model'!J792+'Financial Model'!J793+'Financial Model'!J794","v":450},{"$f":"'Financial Model'!K791+'Financial Model'!K792+'Financial Model'!K793+'Financial Model'!K794","v":712},{"$f":"'Financial Model'!L791+'Financial Model'!L792+'Financial Model'!L793+'Financial Model'!L794","v":717},{"$f":"'Financial Model'!M791+'Financial Model'!M792+'Financial Model'!M793+'Financial Model'!M794","v":741},{"$f":"'Financial Model'!N791+'Financial Model'!N792+'Financial Model'!N793+'Financial Model'!N794","v":725},{"$f":"'Financial Model'!O791+'Financial Model'!O792+'Financial Model'!O793+'Financial Model'!O794","v":668},{"$f":"'Financial Model'!P791+'Financial Model'!P792+'Financial Model'!P793+'Financial Model'!P794","v":2402.0725039355775},{"$f":"'Financial Model'!Q791+'Financial Model'!Q792+'Financial Model'!Q793+'Financial Model'!Q794","v":1541.7967093828461},{"$f":"'Financial Model'!R791+'Financial Model'!R792+'Financial Model'!R793+'Financial Model'!R794","v":1895.4326561585819},{"$f":"'Financial Model'!S791+'Financial Model'!S792+'Financial Model'!S793+'Financial Model'!S794","v":2302.71057873173}]
[null,null,"Total Equity Value",{"$f":"D25-D26","v":13399.168451721307},{"$f":"E25-E26","v":15033.806207143058},14904.122638160126,null,null,null,null,"Cash Flow Before Dividends",{"$f":"'Financial Model'!I795","v":1144},{"$f":"'Financial Model'!J795","v":3268},{"$f":"'Financial Model'!K795","v":2677.3294340455213},{"$f":"'Financial Model'!L795","v":506},{"$f":"'Financial Model'!M795","v":195},{"$f":"'Financial Model'!N795","v":797},{"$f":"'Financial Model'!O795","v":570},{"$f":"'Financial Model'!P795","v":-1339.2996804428485},{"$f":"'Financial Model'!Q795","v":-661.35740137221603},{"$f":"'Financial Model'!R795","v":-1025.9826010156239},{"$f":"'Financial Model'!S795","v":-1294.5357280116114}]
[null,null,"Shares",{"$f":"Valuation!J87","v":1339.1304347826087},{"$f":"D28","v":1339.1304347826087},{"$f":"E28","v":1339.1304347826087},null,null,null,"Less: Dividends  ",null,{"$f":"'Financial Model'!I796+'Financial Model'!I797","v":0},{"$f":"'Financial Model'!J796+'Financial Model'!J797","v":1449.5018155410314},{"$f":"'Financial Model'!K796+'Financial Model'!K797","v":1171.0318592486924},{"$f":"'Financial Model'!L796+'Financial Model'!L797","v":0.14453961456102785},{"$f":"'Financial Model'!M796+'Financial Model'!M797","v":0},{"$f":"'Financial Model'!N796+'Financial Model'!N797","v":465.74279835390939},{"$f":"'Financial Model'!O796+'Financial Model'!O797","v":0},{"$f":"'Financial Model'!P796+'Financial Model'!P797","v":0},{"$f":"'Financial Model'!Q796+'Financial Model'!Q797","v":69.532652414230398},{"$f":"'Financial Model'!R796+'Financial Model'!R797","v":99.707123480490836},{"$f":"'Financial Model'!S796+'Financial Model'!S797","v":185.69912450101103}]
[null,null,"Value per Share",{"$f":"D27/D28","v":10.00587254511656},{"$f":"E27/E28","v":11.226543596243191},11.12970197005464,null,null,null,null,"Net Cash Flow",{"$f":"L27-L28","v":1144},{"$f":"M27-M28","v":1818.4981844589686},1506.2975747968289,505.85546038543896,195,331.25720164609061,570,-1339.2996804428485,-730.8900537864464,-1125.6897244961146,-1480.2348525126224]

{"sheet":"Financial Model","index":3,"n_rows":994,"n_cols":24,"rows_kept":994,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,null,null,null,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021]
[null,"Last Historic Period",null,null,null,2012,null,null,{"$f":"I1=$F$2","v":false},{"$f":"J1=$F$2","v":false},false,false,false,false,true,false,false,false,false,false,false,false,false,false]
[null,"Historic Switch",null,null,null,null,null,null,{"$f":"I1<=$F$2","v":true},true,true,true,true,true,true,false,false,false,false,false,false,false,false,false]
[null,null,null,null,null,null,null,null,{"$f":"I5*2","v":0},0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,{"$f":"I745/2","v":0},{"$f":"J745/2","v":0},0,0,0,0,0]
[null,"Revenues and Production"]
[null,null,null,"Steel Revenue",null,"US Millions",null,null,8014,11908,17925,9421,12951,16044,14208]
[null,null,null,"Other Revenue",null,"US Millions",null,null,{"$f":"I15-I7","v":278},951,2455,351,443,356,518]
[null,null,null,"Steel Production",null,"Tons 000",null,null,{"$f":"Segments!D10*100","v":14457},{"$f":"Segments!E10*100","v":15262},{"$f":"Segments!F10*100","v":16132},{"$f":"Segments!G10*100","v":14275},{"$f":"Segments!H10*100","v":14697.999999999998},{"$f":"Segments!I10*100","v":15232},{"$f":"Segments!J10*100","v":14250}]
[null,null,null,"Steel Capacity",null,"Tons 000",null,null,{"$f":"I9*1.02","v":14746.14},{"$f":"J9*1.02","v":15567.24},{"$f":"K9*1.01","v":16293.32},{"$f":"K10*1.01","v":16456.253199999999},{"$f":"L10*1.01","v":16620.815731999999},{"$f":"M10*1.01","v":16787.02388932},{"$f":"N10*1.01","v":16954.8941282132}]
[]
[null,"Profit and Loss"]
[null,null,null," Sale of goods  ",null,null,null,null,8166,12627,19990,9505,13144,16077,14367]
[null,null,null," Rendering of services ",null,null,null,null,126,232,390,267,250,323,359]
[null,null,null,null," Total Revenues",null,null,null,{"$f":"SUM(I13:I14)","v":8292},{"$f":"SUM(J13:J14)","v":12859},20380,9772,13394,16400,14726]
[null,null,null," Cost of revenue ",null,null,null,null,5163,7976,13308,8124,10319,12473,11797]
[null,null,null,null," Gross profit             ",null,null,null,{"$f":"I15-I16","v":3129},{"$f":"J15-J16","v":4883},{"$f":"K15-K16","v":7072},1648,3075,3927,2929]
[null,null,null," Selling and distribution costs",null,null,null,null,243,538,876,626,807,1154,1211]
[null,null,null," General and administrative expenses",null,null,null,null,494,682,938,628,732,921,860]
[null,null,null," Social and social infrastructure maintenance expenses         ",null,null,null,null,86,82,114,53,64,61,51]
[null,null,null," Loss on disposal of property, plant and equipment       ",null,null,null,null,21,26,37,39,52,50,56]
[null,null,null," Impairment of assets ",null,null,null,null,20,7,880,180,147,104,413]
[null,null,null," Foreign exchange gains/(losses), net           ",null,null,null,null,48,-55,-471,156,104,269,-41]
[null,null,null," Other operating income            ",null,null,null,null,18,14,28,38,63,50,75]
[null,null,null," Other operating expenses ",null,null,null,null,33,39,64,121,110,96,129]
[null,null,null,null," Profit from operations            ",null,null,null,{"$f":"I17-I18-I19-I20-I21-I22+I23+I24-I25","v":2298},{"$f":"J17-J18-J19-J20-J21-J22+J23+J24-J25","v":3468},3720,195,1330,1860,243]
[null,null,null," Interest income ",null,null,null,null,27,41,57,40,13,17,23]
[null,null,null," Interest expense",null,null,null,null,229,409,655,677,728,708,645]
[null,null,null," Share of profits/(losses) of joint ventures and associates ",null,null,null,null,40,88,198,2,21,55,1]
[null,null,null," Gain/(loss) on financial assets and liabilities, net ",null,null,null,null,26,-71,-129,97,8,-355,164]
[null,null,null," Gain/(loss) on disposal groups classified as held for sale, net",null,null,null,null,-77,-6,-43,-5,-14,8,114]
[null,null,null," Gain on bargain purchases ",null,null,null,null,1,10,0,6,4,-4,0]
[null,null,null," Other non-operating gains/(losses), net           ",null,null,null,null,1,4,-5,4,-1,0,-6]
[null,null,null,null," Profit/(loss) before tax            ",null,null,null,{"$f":"I26+I27-I28+I29+I30+I31+I32+I33","v":2087},3125,3143,-338,633,873,-106]
[null,null,null," Income tax benefit/(expense) ",null,null,null,null,637,946,1213,-46,163,420,229]
[null,null,null,null," Net profit/(loss)             ",null,null,null,{"$f":"I34-I35","v":1450},{"$f":"J34-J35","v":2179},{"$f":"K34-K35","v":1930},-292,470,453,-335]
[null,null,null," Attributable to:             "]
[null,null,null," Equity holders of the parent entity         ",null,null,null,null,1377,2103,1868,-295,486,461,-308]
[null,null,null," Non-controlling interests             ",null,null,null,null,73,76,62,3,-16,-8,-27]
[null,null,null,null,"               ",null,null,null,{"$f":"I38+I39","v":1450},{"$f":"J38+J39","v":2179},1930,-292,470,453,-335]
[]
[null,null,null," Earnings/(losses) per share: basic",null,null,null,null,11.66,17.62,15.13,-0.24,0.39,0.36,-0.23]
[null,null,null," Earnings/(losses) per share: diluted",null,null,null,null,11.58,17.489999999999998,15.07,-0.24,0.39,0.36,-0.23]
[]
[null,null,"EBITDA Reconcilation"]
[null,null,null,null,"Steel EBITDA",null,null,null,1964,3036,2746,950,1445,1120,1096]
[null,null,null,null,"Mining EBITDA",null,null,null,351,444,971,179,898,1529,569]
[null,null,null,null,"Vanadium EBITDA",null,null,null,-2,45,170,12,90,111,54]
[null,null,null,null,"Other EBITDA",null,null,null,76,87,83,110,122,176,87]
[null,null,null,null,"Elimination EBITDA",null,null,null,-42,2,20,0,-155,17,87]
[null,null,null,null,"Total",null,null,null,{"$f":"SUM(I46:I50)","v":2347},{"$f":"SUM(J46:J50)","v":3614},3990,1251,2400,2953,1893]
[null,null,null,null,"Reported EBITDA",null,null,null,{"$f":"Segments!L138","v":2642},{"$f":"Segments!M138","v":4305},{"$f":"Segments!N138","v":6215},{"$f":"Segments!O138","v":1237},{"$f":"Segments!L141","v":2350},{"$f":"Segments!M141","v":2898},{"$f":"Segments!N141","v":2012}]
[]
[null,null,null,null,"Depreciation",null,null,null,{"$f":"I130","v":303},749,1215,979,925,1153,1259]
[]
[null,null,null,null,"Operating Income",null,null,null,{"$f":"I17-I18-I19-I20+I24-I25","v":2291},3556,5108,258,1425,1745,753]
[null,null,null,null,"Computed EBITDA",null,null,null,{"$f":"I56+I54","v":2594},4305,6323,1237,2350,2898,2012]
[]
[null,null,null,null,"Difference from Reported EBITDA",null,null,null,{"$f":"I57-I52","v":-48},{"$f":"J57-J52","v":0},108,0,0,0,0]
[]
[null,"Balance Sheet",null,null,null,null,"EBITDA ","Financing"]
[null,null,"Assets"]
[null,null,null,"Long-term Assets"]
[null,null,null,"  Property, plant and equipment  Gross",null,null,null,null,{"$f":"'Cap Exp Backup'!Y88","v":4694},{"$f":"'Cap Exp Backup'!Z88","v":11974},{"$f":"'Cap Exp Backup'!AA88","v":11333},{"$f":"'Cap Exp Backup'!AB88","v":11635},{"$f":"'Cap Exp Backup'!AC88","v":12372},{"$f":"'Cap Exp Backup'!AD88","v":12820},{"$f":"'Cap Exp Backup'!AE88","v":13604}]
[null,null,null,"  Accumulated Depreciation",null,null,null,null,{"$f":"'Cap Exp Backup'!Y89","v":-1039},{"$f":"'Cap Exp Backup'!Z89","v":-1867},{"$f":"'Cap Exp Backup'!AA89","v":-2321},{"$f":"'Cap Exp Backup'!AB89","v":-3050},{"$f":"'Cap Exp Backup'!AC89","v":-3765},{"$f":"'Cap Exp Backup'!AD89","v":-4514},{"$f":"'Cap Exp Backup'!AE89","v":-5812}]
[null,null,null,"  Property, plant and equipment 9         ",null,null,true,{"$f":"NOT(G66)","v":false},3655,10107,9012,8585,8607,8306,7792]
[null,null,null,"  Intangible assets other than goodwill 10        ",null,null,true,false,37,806,885,1098,1004,838,586]
[null,null,null,"  Goodwill             ",null,null,true,false,5,2145,2387,2186,2219,2180,2180]
[null,null,null,"  Investments in joint ventures and associates 11       ",null,null,false,true,1494,592,551,634,688,663,561]
[null,null,null,"  Deferred income tax assets 8         ",null,null,true,false,0,22,44,69,100,79,66]
[null,null,null,"  Other non-current financial assets 13         ",null,null,false,true,107,null,null,66,118,53,92]
[null,null,null,"  Other non-current assets 13          ",null,null,true,false,272,240,278,128,103,107,103]
[null,null,null,"               ","Total Long-term Assets",null,null,null,{"$f":"SUM(I66:I72)","v":5570},{"$f":"SUM(J66:J72)","v":13912},13157,12766,12839,12226,11380]
[null,null,"  Current assets            "]
[null,null,null,"  Inventories 14            ",null,null,true,{"$f":"NOT(G75)","v":false},864,1619,2416,1828,2070,2188,1978]
[null,null,null,"  Trade and other receivables 15         ",null,null,true,false,556,1802,1369,1001,1213,971,895]
[null,null,null,"  Prepayments             ",null,null,true,false,82,196,76,134,192,176,143]
[null,null,null,"  Loans receivable 44 1 1         ",null,null,false,true,19,48,108,1,1,44,19]
[null,null,null,"  Receivables from related parties 16         ",null,null,true,false,54,60,137,107,80,8,12]
[null,null,null,"  Income tax receivable           ",null,null,true,false,51,86,262,58,54,83,59]
[null,null,null,"  Other taxes recoverable 17          ",null,null,true,false,331,351,397,258,353,412,329]
[null,null,null,"  Other current financial assets 18         ",null,null,false,true,25,25,589,120,52,57,712]
[null,null,null,"  Cash and cash equivalents 19         ",null,null,false,true,842,327,930,671,683,801,1320]
[null,null,null,"               ","Total Current Assets  ",null,null,null,{"$f":"SUM(I75:I83)","v":2824},{"$f":"SUM(J75:J83)","v":4514},6284,4178,4698,4740,5467]
[null,null,null,"  Assets of disposal groups classified as held for sale 12    ",null,null,false,{"$f":"NOT(G85)","v":true},105,211,7,7,2,9,930]
[null,null,null,"               ","Total Current Assets including Assets Disposed",null,null,null,{"$f":"I84+I85","v":2929},{"$f":"J84+J85","v":4725},6291,4185,4700,4749,6397]
[null,null,null,"  Total assets            ",null,null,null,null,{"$f":"I86+I73","v":8499},{"$f":"J86+J73","v":18637},19448,16951,17539,16975,17777]
[]
[null,null,"  EQUITY AND LIABILITIES           "]
[null,null,null,"  Equity attributable to equity holders of the parent entity     "]
[null,null,null,"  Issued capital 20           ",null,null,null,null,318,320,332,375,375,1338,1340]
[null,null,null,"  Treasury shares 20           ",null,null,null,null,0,0,-9,0,0,-8,-1]
[null,null,null,"  Additional paid-in capital 20          ",null,null,null,null,531,286,1054,1739,1742,2289,1820]
[null,null,null,"  Revaluation surplus            ",null,null,null,null,0,211,218,208,180,171,173]
[null,null,null,"  Legal reserve 20           ",null,null,null,null,28,29,30,36,36,0,0]
[null,null,null,"  Unrealised gains and losses 11,13         ",null,null,null,null,null,null,null,4,0,0,5]
[null,null,null,"  Accumulated profits            ",null,null,null,null,2750,4108,4448,4065,4570,3606,3356]
[null,null,null,"  Translation difference            ",null,null,null,null,439,996,-1344,-1260,-1214,-1851,-1520]
[null,null,null,"               ","Total",null,false,true,{"$f":"SUM(I91:I98)","v":4066},{"$f":"SUM(J91:J98)","v":5950},4729,5167,5689,5545,5173]
[null,null,null,"  Non-controlling interests            ",null,null,false,true,169,406,245,275,247,236,200]
[null,null,null,"               ",null,null,null,null,{"$f":"I99+I100","v":4235},{"$f":"J99+J100","v":6356},4974,5442,5936,5781,5373]
[null,null,"  Non-current liabilities            "]
[null,null,null,"  Long-term loans 21           ",null,null,false,{"$f":"NOT(G103)","v":true},1855,4653,6064,5931,7097,6593,6373]
[null,null,null,"  Deferred income tax liabilities 8         ",null,null,true,false,277,1690,1329,1231,1072,1020,927]
[null,null,null,"  Finance lease liabilities 22          ",null,null,false,true,42,54,40,58,38,26,11]
[null,null,null,"  Employee benefits 23           ",null,null,false,true,117,347,292,307,315,296,294]
[null,null,null,"  Provisions 25            ",null,null,true,false,39,132,153,176,279,285,257]
[null,null,null,"  Other long-term liabilities 26          ",null,null,true,false,47,55,58,68,143,285,170]
[null,null,null,"               ","Total Non-Current",null,null,null,{"$f":"SUM(I103:I108)","v":2377},{"$f":"SUM(J103:J108)","v":6931},7936,7771,8944,8505,8032]
[null,null,"  Current liabilities            "]
[null,null,null,"  Trade and other payables 27         ",null,null,true,{"$f":"NOT(G111)","v":false},462,1242,1479,1069,1173,1460,1412]
[null,null,null,"  Advances from customers           ",null,null,true,{"$f":"NOT(G112)","v":false},67,305,107,112,205,154,157]
[null,null,null,"  Short-term loans and current portion of long-term loans 21     ",null,null,false,true,741,2103,3922,1992,714,613,1783]
[null,null,null,"  Payables to related parties 16         ",null,null,true,false,176,1204,322,235,217,98,257]
[null,null,null,"  Income tax payable           ",null,null,true,false,77,76,156,108,78,92,48]
[null,null,null,"  Other taxes payable 28          ",null,null,true,false,96,209,154,140,180,188,195]
[null,null,null,"  Current portion of finance lease liabilities 22       ",null,null,false,true,11,15,15,17,19,13,2]
[null,null,null,"  Provisions 25            ",null,null,true,false,8,55,63,35,54,53,32]
[null,null,null,"  Amounts payable under put options for shares of subsidiaries 4    ",null,null,true,false,175,6,0,null,null,null,0]
[null,null,null,"  Amounts payable under put options for shares of subsidiaries     ",null,null,true,false,38,80,309,17,6,9]
[null,null,null,"  Dividends payable by the Group’s subsidiaries to non-controlling shareholders     ",null,null,true,false,24,16,11,13,13,9,8]
[null,null,null,"               ",null,null,null,null,{"$f":"SUM(I111:I121)","v":1875},{"$f":"SUM(J111:J121)","v":5311},6538,3738,2659,2689,3894]
[null,null,null,"  Liabilities directly associated with disposal groups classified as held for sale   ",null,null,false,true,12,39,0,0,0,0,478]
[null,null,null,"               ","Total Current Liabilities",null,null,null,{"$f":"I122+I123","v":1887},{"$f":"J122+J123","v":5350},6538,3738,2659,2689,4372]
[null,null,null,"  Total equity and liabilities          ",null,null,null,null,{"$f":"I124+I109+I101","v":8499},{"$f":"J124+J109+J101","v":18637},19448,16951,17539,16975,17777]
[]
[null,null,"Cash Flow Satatement"]
[null,null,null,null,"Cash From Operating Activities"]
[null,null,null,null,"  Net Income",null,null,null,null,null,1797,-295,486,461,-308]
[null,null,null,null,"  Depreciation & Amortization",null,null,null,303,749,1215,979,925,1153,1259]
[null,null,null,null,"  Other Non-Cash Adjustments",null,null,null,null,null,1595,411,529,862,1001]
[null,null,null,null,"  Changes in Non-Cash Capital",null,null,null,null,null,46,604,-277,225,279]
[null,null,null,null,"Cash From Operations",null,null,null,null,null,4633,1699,1663,2701,2231]
[]
[null,null,null,null,"Cash From Investing Activities"]
[null,null,null,null,"  Disposal of Fixed Assets",null,null,null,null,null,27,6,21,23,9]
[null,null,null,null,"  Capital Expenditures",null,null,null,null,null,-1103,-441,-832,-1281,-1261]
[null,null,null,null,"  Increase in Investments",null,null,null,null,null,-896,-25,0,0,0]
[null,null,null,null,"  Decrease in Investments",null,null,null,null,null,99,48,0,0,0]
[null,null,null,null,"  Other Investing Activities",null,null,null,null,null,-1813,598,66,16,-380]
[null,null,null,null,"Cash From Investing Activities",null,null,null,null,null,-3686,186,-745,-1242,-1632]
[]
[null,null,null,null,"Cash from Financing Activities"]
[null,null,null,null,"  Dividends Paid",null,null,null,-352,-916,-1276,-90,0,-491,-375]
[null,null,null,null,"  Change in Short-Term Borrowings",null,null,null,null,null,0,0,0,0,0]
[null,null,null,null,"  Increase in Long-Term Borrowings",null,null,null,null,null,5657,3427,3278,3507,2998]
[null,null,null,null,"  Decrease in Long-term Borrowings",null,null,null,null,null,-4044,-5781,-4165,-4122,-2745]
[null,null,null,null,"  Increase in Capital Stocks",null,null,null,null,null,0,310,0,0,0]
[null,null,null,null,"  Decrease in Capital Stocks",null,null,null,null,null,-1,0,0,-22,-4]
[null,null,null,null,"  Other Financing Activities",null,null,null,null,null,-680,-10,-19,-213,116]
[null,null,null,null,"Cash from Financing Activities",null,null,null,null,null,-344,-2144,-906,-1341,-10]
[]
[null,null,null,null,"Net Changes in Cash",null,null,null,null,null,603,-259,12,118,589]
[]
["Assumptions"]
[null,"Operating Assumptions"]
[null,null,"Capital Expenditure Assumptions"]
[null,null,null,"Historic Levels"]
[null,null,null,null,"Historic Expenditure",null,null,null,{"$f":"'Cap Exp Backup'!Y26","v":651},{"$f":"'Cap Exp Backup'!Z26","v":744},{"$f":"'Cap Exp Backup'!AA26","v":1103},{"$f":"'Cap Exp Backup'!AB26","v":441},{"$f":"'Cap Exp Backup'!AC26","v":832},{"$f":"'Cap Exp Backup'!AD26","v":1281},{"$f":"'Cap Exp Backup'!AE26","v":1261}]
[null,null,null,null,"Maintenance Capital Expenditure",null,null,null,300,350,{"$f":"'Cap Exp Backup'!AA25","v":400},{"$f":"'Cap Exp Backup'!AB25","v":150},{"$f":"'Cap Exp Backup'!AC25","v":400},{"$f":"'Cap Exp Backup'!AD25","v":500},{"$f":"'Cap Exp Backup'!AE25","v":657}]
[]
[null,null,null,"Maintenance Capital Expenditure"]
[null,null,null,null,"Base Case Maintenance",0.02,null,null,null,null,null,null,null,null,null,750,{"$f":"P163*(1+$F$163)","v":765},780.30000000000007,795.90600000000006,811.82412000000011,828.06060240000011,844.62181444800012,861.51425073696009,878.74453575169935]
[null,null,null,null,"Low Case Maintenance",3.5000000000000003E-2,null,null,null,null,null,null,null,null,null,900,{"$f":"P164*(1+$F$164)","v":931.49999999999989},964.10249999999985,997.84608749999973,1032.7707005624995,1068.9176750821869,1106.3297937100633,1145.0513364899155,1185.1281332670624]
[null,null,null,null,"High Case Maintenance",0.01,null,null,null,null,null,null,null,null,null,550,{"$f":"P165*(1+$F$165)","v":555.5},561.05499999999995,566.66554999999994,572.33220549999999,578.05552755500003,583.83608283055003,589.67444365885558,595.57118809544409]
[]
[null,null,null,null,{"$f":"INDEX(E163:E165,F167)","v":"Base Case Maintenance"},{"$f":"Scenario!G54","v":1},null,null,{"$f":"IF(I3,I160,INDEX(I163:I165,$F$167))","v":300},350,400,150,400,500,657,750,765,780.30000000000007,795.90600000000006,811.82412000000011,828.06060240000011,844.62181444800012,861.51425073696009,878.74453575169935]
[]
[null,null,null,"Investment/Discretionary Expenditure"]
[null,null,null,null,"Hiistoric",null,null,null,{"$f":"I159-I160","v":351},394,703,291,432,781,604]
[null,null,null,null,"Projected",{"$f":"Scenario!H9","v":300},null,null,null,null,null,null,null,null,null,{"$f":"$F$171","v":300},300,300,300,300,300,300,300,300]
[]
[null,null,null,null,"Investment Capital Expenditure Historic/Projected","USD Mil",null,null,{"$f":"IF(I3,I170,I171)","v":351},394,703,291,432,781,604,300,300,300,300,300,300,300,300,300]
[]
[null,null,null,null,"Annual Production Capacity/Capital Expenditure",1.8,null,null,null,null,null,null,null,null,null,{"$f":"$F$175","v":1.8},1.8,1.8,1.8,1.8,1.8,1.8,1.8,1.8]
[]
[null,null,"Revenue Assumptions"]
[null,null,null,"Steel Price"]
[null,null,null,null,"Steel Revenues","USD Mil",null,null,{"$f":"I7","v":8014},11908,17925,9421,12951,16044,14208,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Historic Price","USD/Ton",null,null,{"$f":"IF(I3,I7/I9*1000)","v":554.33354084526536},780.23850085178879,1111.1455492189436,659.96497373029774,881.14029119608119,1053.3088235294117,997.0526315789474,false,false,false,false,false,false,false,false,false]
[]
[null,null,null,null,"Base Price Case",null,null,null,null,null,null,null,null,null,null,950,940,950,960,{"$f":"S182*1.03","v":988.80000000000007},{"$f":"T182*1.03","v":1018.4640000000001},{"$f":"U182*1.03","v":1049.01792},{"$f":"V182*1.03","v":1080.4884575999999},{"$f":"W182*1.03","v":1112.903111328}]
[null,null,null,null,"Low Price Case",null,null,null,null,null,null,null,null,null,null,900,800,750,750,800,820,820,820,820]
[null,null,null,null,"High Price Case",null,null,null,null,null,null,null,null,null,null,1050,1100,1150,{"$f":"R184*1.04","v":1196},1243.8400000000001,1293.5936000000002,1345.3373440000003,1399.1508377600003,1455.1168712704005]
[null,null,null,null,"Price Sensitivity Case",null,null,null,null,null,null,null,null,null,null,1060,{"$f":"P185","v":1060},{"$f":"Q185","v":1060},1060,1060,1060,1060,1060,1060]
[null,null,null,null,{"$f":"INDEX(E182:E185,F186)","v":"Base Price Case"},{"$f":"Scenario!E54","v":1},null,null,{"$f":"IF(I3,I180,INDEX(I182:I185,$F$186))","v":554.33354084526536},780.23850085178879,1111.1455492189436,659.96497373029774,881.14029119608119,1053.3088235294117,997.0526315789474,950,940,950,960,988.80000000000007,1018.4640000000001,1049.01792,1080.4884575999999,1112.903111328]
[]
[null,null,null,"Steel Production"]
[null,null,null,null,"Steel Production","000 Tons",null,null,{"$f":"I9","v":14457},15262,16132,14275,14697.999999999998,15232,14250]
[null,null,null,null,"Historic Growth",null,null,{"$f":"show_formula(I190)","v":{"$error":"#NAME?"}},null,{"$f":"J189/I189-1","v":5.5682368402849791E-2},5.7004324465993905E-2,-0.1151128192412596,2.9632224168125942E-2,3.6331473669887204E-2,-6.4469537815126099E-2]
[]
[null,null,null,null,"Base Production",null,null,null,null,null,null,null,null,null,null,0.01,0.02,0.02,0.01,0.01,0.02,0.03,0.03,0.03]
[null,null,null,null,"Low Production",null,null,null,null,null,null,null,null,null,null,0,-0.03,-0.03,0,0,0,0,0,0]
[null,null,null,null,"High Production",null,null,null,null,null,null,null,null,null,null,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,0.05,0.04,0.04,0.04,0.04,0.04]
[null,null,null,null,"Growth Sensitivity Case",{"$f":"(G195-100)/1000","v":0.02},120,null,null,null,null,null,null,null,null,{"$f":"F195","v":0.02},{"$f":"P195","v":0.02},{"$f":"Q195","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02]
[null,null,null,null,{"$f":"INDEX(E192:E195,F196)","v":"Base Production"},{"$f":"Scenario!F54","v":1},null,null,null,{"$f":"IF(J3,J190,INDEX(J192:J195,$F$196))","v":5.5682368402849791E-2},5.7004324465993905E-2,-0.1151128192412596,2.9632224168125942E-2,3.6331473669887204E-2,-6.4469537815126099E-2,0.01,0.02,0.02,0.01,0.01,0.02,0.03,0.03,0.03]
[]
[null,null,null,"Other Revenues"]
[null,null,null,null,"Total Revenues",null,null,null,{"$f":"I13","v":8166},12627,19990,9505,13144,16077,14367]
[null,null,null,null,"Other Revenue",null,null,null,{"$f":"I8","v":278},951,2455,351,443,356,518]
[null,null,null,null,"Historic Growth",null,null,null,null,{"$f":"IF(J3,J200/I200-1)","v":2.420863309352518},1.5814931650893795,-0.85702647657841147,0.26210826210826221,-0.19638826185101577,0.45505617977528079,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Forecasted Growth",0.1,null,null,null,null,null,null,null,null,null,{"$f":"$F$202","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,null,null,"Historic/Forecasst Other Revenue Growth",null,null,null,null,{"$f":"IF(J3,J201,J202)","v":2.420863309352518},1.5814931650893795,-0.85702647657841147,0.26210826210826221,-0.19638826185101577,0.45505617977528079,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[]
[null,null,"Operating Expense Assumptions"]
[null,null,null,"Cost of Revenue"]
[null,null,null,null,"Cost of Revenue",null,null,null,{"$f":"I16","v":5163},7976,13308,8124,10319,12473,11797,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Less: Depreciation and Amortisation",null,null,null,{"$f":"I54","v":303},749,1215,979,925,1153,1259,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Cash Cost of Revenue",null,null,null,{"$f":"I207-I208","v":4860},{"$f":"J207-J208","v":7227},12093,7145,9394,11320,10538,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Steel Reveneues",null,null,null,{"$f":"I179","v":8014},11908,17925,9421,12951,16044,14208,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Cost as Percent of Revenue",null,null,null,{"$f":"IF(I3,I209/I211)","v":0.60643873221861744},0.60690292240510579,0.67464435146443513,0.75841205816792268,0.72534939386919928,0.70555971079531288,0.74169481981981977,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Cost per Ton of Production",null,null,null,{"$f":"IF(I3,I209/I189*1000)","v":336.16932973645987},473.5290263399292,749.62806843540784,500.5253940455342,639.13457613280718,743.17226890756308,739.50877192982455,false,false,false,false,false,false,false,false,false]
[]
[null,null,null,null,"Fixed Cost",null,null,null,1400,{"$f":"I215*(1+$F$216)","v":1442},1485.26,1529.8178,1575.7123340000001,1622.98370402,1671.6732151406,1721.823411594818,1773.4781139426625,1826.6824573609424,1881.4829310817706,1937.9274190142237,1996.0652415846505,2055.9471988321902,2117.6256147971558,2181.1543832410707]
[null,null,null,null,"Historc Fixed Cost Growth",0.03,null,null,null,{"$f":"J215/I215-1","v":3.0000000000000027E-2},3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2]
[null,null,null,null,"Forecast Growth",{"$f":"Scenario!H54","v":0.04},null,null,null,null,null,null,null,null,null,{"$f":"$F$217","v":0.04},{"$f":"$F$217","v":0.04},0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[null,null,null,null,"Historic/Forecast Fixed Cost Growth",null,null,null,null,{"$f":"IF(J3,J216,J217)","v":3.0000000000000027E-2},3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[]
[null,null,null,null,"Variable Cost",null,null,null,{"$f":"I209-I215","v":3460},5785,10607.74,5615.1822000000002,7818.2876660000002,9697.01629598,8866.3267848594005,-1721.823411594818,-1773.4781139426625,-1826.6824573609424,-1881.4829310817706,-1937.9274190142237,-1996.0652415846505,-2055.9471988321902,-2117.6256147971558,-2181.1543832410707]
[null,null,null,null,"Remaining Cost/Ton",null,null,null,{"$f":"IF(I3,I220/I189*1000)","v":239.33042816628623},379.04599659284497,657.5588891643938,393.35777232924698,531.92867505783101,636.62134296087186,622.19837086732628,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Cost as Percent of Price - Historic",null,null,null,{"$f":"IF(I3,I221/I180)","v":0.43174444721736954},0.48580786026200873,0.59178465829846594,0.59602825602377674,0.60368216091421512,0.60440141460857644,0.6240376397001266,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Cost as Percent of Price - Forecast",{"$f":"Scenario!I54","v":0.62},null,null,null,null,null,null,null,null,null,{"$f":"$F$223","v":0.62},{"$f":"$F$223","v":0.62},0.62,0.62,0.62,0.62,0.62,0.62,0.62]
[null,null,null,null,"Historic/Forecast Variable Cost",null,null,null,{"$f":"IF(I3,I222,I223)","v":0.43174444721736954},0.48580786026200873,0.59178465829846594,0.59602825602377674,0.60368216091421512,0.60440141460857644,0.6240376397001266,0.62,0.62,0.62,0.62,0.62,0.62,0.62,0.62,0.62]
[]
[null,null,null,"Selling and Distribution Costs"]
[null,null,null,null,"Total Expense",null,null,null,{"$f":"I18","v":243},538,876,626,807,1154,1211]
[null,null,null,null,"Percent of Revenue",null,null,null,{"$f":"I227/I199","v":2.9757531227038943E-2},4.260711174467411E-2,4.3821910955477737E-2,6.5860073645449768E-2,6.1396835057821057E-2,7.1779560863345152E-2,8.4290387694021016E-2]
[]
[null,null,null,null,"Historic Fixed Expense/Growth",null,null,null,200,{"$f":"I230*(1+$F$231)","v":220.00000000000003},242.00000000000006,266.2000000000001,292.82000000000016,322.1020000000002,354.31220000000025]
[null,null,null,null,"Historic Growth",0.1,null,null,{"$f":"$F$231","v":0.1},{"$f":"$F$231","v":0.1},0.1,0.1,0.1,0.1,0.1]
[null,null,null,null,"Projected Growth",{"$f":"Scenario!J54","v":0.03},null,null,null,null,null,null,null,null,null,{"$f":"$F$232","v":0.03},{"$f":"$F$232","v":0.03},0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,null,null,"Historic/Projected Growth in Fixed Selling and Distribution Expense",null,null,null,{"$f":"IF(I3,I231,I232)","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[]
[null,null,null,null,"Remaining Variable Cost",null,null,null,{"$f":"I227-I230","v":43},318,634,359.7999999999999,514.17999999999984,831.8979999999998,856.6877999999997]
[null,null,null,null,"Total Revenues",null,null,null,{"$f":"I15","v":8292},12859,20380,9772,13394,16400,14726,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Historic Percent of Revenues",null,null,null,{"$f":"IF(I3,I235/I236)","v":5.1857211770381089E-3},2.4729761256707363E-2,3.1108930323846908E-2,3.6819484240687671E-2,3.8388830819770035E-2,5.0725487804878039E-2,5.8175186744533459E-2,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Projected Percent of Revenues",{"$f":"Scenario!K54","v":5.8500000000000003E-2},null,null,null,null,null,null,null,null,null,{"$f":"$F$238","v":5.8500000000000003E-2},{"$f":"$F$238","v":5.8500000000000003E-2},5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2]
[null,null,null,null,"Historic/Projected Variable Selling and Distribution Cost ",null,null,null,{"$f":"IF(I3,I237,I238)","v":5.1857211770381089E-3},2.4729761256707363E-2,3.1108930323846908E-2,3.6819484240687671E-2,3.8388830819770035E-2,5.0725487804878039E-2,5.8175186744533459E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2]
[]
[null,null,null,"General and Administrative Expenses"]
[null,null,null,null,"Total Expense",null,null,null,{"$f":"I19","v":494},682,938,628,732,921,860]
[null,null,null,null,"Total Revenues",null,null,null,{"$f":"I15","v":8292},12859,20380,9772,13394,16400,14726]
[null,null,null,null,"Percent of Revenues",null,null,null,{"$f":"I242/I199","v":6.0494734264021556E-2},5.4011245743248594E-2,4.692346173086543E-2,6.6070489216201997E-2,5.5690809494826535E-2,5.7286807240156744E-2,5.9859400013920788E-2]
[]
[null,null,null,null,"Fixed G&A Expenses",null,null,null,300,{"$f":"I246*(1+J247)","v":312},324.48,337.45920000000001,350.95756800000004,364.99587072000003,379.59570554880003]
[null,null,null,null,"Historic Growth in Fixed Component",0.04,null,null,{"$f":"$F$247","v":0.04},{"$f":"$F$247","v":0.04},0.04,0.04,0.04,0.04,0.04]
[null,null,null,null,"Projected Growth in Fixed Component",{"$f":"Scenario!L54","v":0.03},null,null,null,null,null,null,null,null,null,{"$f":"$F$248","v":0.03},{"$f":"$F$248","v":0.03},0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,null,null,"Historic/Projected Fixed G&A Expense Growth",null,null,null,{"$f":"IF(I3,I247,I248)","v":0.04},0.04,0.04,0.04,0.04,0.04,0.04,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[]
[null,null,null,null,"Variable G&A Expenses",null,null,null,{"$f":"I242-I246","v":194},370,613.52,290.54079999999999,381.04243199999996,556.00412927999992,480.40429445119997]
[null,null,null,null,"Historic Variable Cost as Pct of Revenues",null,null,null,{"$f":"I251/I243","v":2.3396044380125422E-2},2.8773621587992845E-2,3.0104023552502454E-2,2.9731968890708144E-2,2.8448740630132894E-2,3.3902690809756095E-2,3.2622863944805104E-2]
[null,null,null,null,"Projected Variable SG&A Expense Percent",{"$f":"Scenario!M54","v":3.2500000000000001E-2},null,null,null,null,null,null,null,null,null,{"$f":"$F$253","v":3.2500000000000001E-2},{"$f":"$F$253","v":3.2500000000000001E-2},3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2]
[null,null,null,null,"SG&A Variable Cost - Historic and Projected",null,null,null,{"$f":"IF(I3,I252,I253)","v":2.3396044380125422E-2},2.8773621587992845E-2,3.0104023552502454E-2,2.9731968890708144E-2,2.8448740630132894E-2,3.3902690809756095E-2,3.2622863944805104E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2]
[]
[null,null,null,"Social Infrastructure Expenses"]
[null,null,null,null,"Historic Expenses",null,null,null,{"$f":"IF(I3,I20)","v":86},82,114,53,64,61,51,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Historic Growth",null,null,null,null,{"$f":"IF(J3,J257/I257-1)","v":-4.6511627906976716E-2},0.39024390243902429,-0.53508771929824561,0.20754716981132071,-4.6875E-2,-0.16393442622950816,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Projected Growth",0.01,null,null,null,null,null,null,null,null,null,{"$f":"$F$259","v":0.01},{"$f":"$F$259","v":0.01},0.01,0.01,0.01,0.01,0.01,0.01,0.01]
[null,null,null,null,"Social and Infrastructure Growth",null,null,null,{"$f":"IF(I3,I258,I259)","v":0},-4.6511627906976716E-2,0.39024390243902429,-0.53508771929824561,0.20754716981132071,-4.6875E-2,-0.16393442622950816,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
[]
[null,null,null,"Other Operating Income and Expense"]
[null,null,null,null,"Historic Level",null,null,null,{"$f":"I24-I25","v":-15},-25,-36,-83,-47,-46,-54]
[null,null,null,null,"Projected",-54,null,null,null,null,null,null,null,null,null,{"$f":"$F$264","v":-54},{"$f":"$F$264","v":-54},-54,-54,-54,-54,-54,-54,-54]
[null,null,null,null,"Historic/Projeced Other Income/Expense",null,null,null,{"$f":"IF(I3,I263,I264)","v":-15},-25,-36,-83,-47,-46,-54,-54,-54,-54,-54,-54,-54,-54,-54,-54]
[]
[null,"Working Capital Assumptions"]
[null,null,"Working Capital"]
[null,null,null,"Accounts Receivable"]
[null,null,null,null,"Historic Amount",null,null,null,{"$f":"I76+I79","v":610},1862,1506,1108,1293,979,907]
[null,null,null,null,"Revenues",null,null,null,{"$f":"I15","v":8292},12859,20380,9772,13394,16400,14726]
[]
[null,null,null,null,"Historic A/R Percent",null,null,null,{"$f":"I270/I271","v":7.3564881813796432E-2},{"$f":"J270/J271","v":0.1448013064779532},7.3895976447497541E-2,0.11338518215309046,9.6535762281618628E-2,5.969512195121951E-2,6.159174249626511E-2]
[null,null,null,null,"Projected A/R Percent",{"$f":"Scenario!N54","v":6.25E-2},null,null,null,null,null,null,null,null,null,{"$f":"$F$274","v":6.25E-2},{"$f":"$F$274","v":6.25E-2},6.25E-2,6.25E-2,6.25E-2,6.25E-2,6.25E-2,6.25E-2,6.25E-2]
[]
[null,null,null,null,"Historic/Projected A/R Percent",null,null,null,{"$f":"IF(I3,I273,I274)","v":7.3564881813796432E-2},0.1448013064779532,7.3895976447497541E-2,0.11338518215309046,9.6535762281618628E-2,5.969512195121951E-2,6.159174249626511E-2,6.25E-2,6.25E-2,6.25E-2,6.25E-2,6.25E-2,6.25E-2,6.25E-2,6.25E-2,6.25E-2]
[]
[null,null,null,"Inventories"]
[null,null,null,null,"Historic Amount",null,null,null,{"$f":"I75","v":864},1619,2416,1828,2070,2188,1978,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Cost of Goods Sold",null,null,null,{"$f":"I209","v":4860},7227,12093,7145,9394,11320,10538,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Historic Inventory Percent",null,null,null,{"$f":"IF(I3,I279/I280)","v":0.17777777777777778},0.22402103224021033,0.19978499958653767,0.25584324702589223,0.22035341707472855,0.19328621908127208,0.18770165116720441,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Projected Inventory Percent",{"$f":"Scenario!O54","v":0.17},null,null,null,null,null,null,null,null,null,{"$f":"$F$283","v":0.17},{"$f":"$F$283","v":0.17},0.17,0.17,0.17,0.17,0.17,0.17,0.17]
[]
[null,null,null,null,"History/Projected Inventories",null,null,null,{"$f":"IF(I3,I282,I283)","v":0.17777777777777778},0.22402103224021033,0.19978499958653767,0.25584324702589223,0.22035341707472855,0.19328621908127208,0.18770165116720441,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17]
[]
[null,null,null,"Prepayments and Other"]
[null,null,null,null,"Historic Amount",null,null,null,{"$f":"I77+I80+I81","v":464},633,735,450,599,671,531,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Revenues",null,null,null,{"$f":"I271","v":8292},{"$f":"J271","v":12859},20380,9772,13394,16400,14726,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Historic Percent",null,null,null,{"$f":"IF(I3,I288/I289)","v":5.5957549445248431E-2},4.9226222878917487E-2,3.6064769381746811E-2,4.6049938600081865E-2,4.4721517097207703E-2,4.0914634146341465E-2,3.6058671737063695E-2,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Projected Percent",3.6999999999999998E-2,null,null,null,null,null,null,null,null,null,{"$f":"$F$292","v":3.6999999999999998E-2},{"$f":"$F$292","v":3.6999999999999998E-2},3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2]
[]
[null,null,null,null,"Historic/Projected Prepayments",null,null,null,{"$f":"IF(I3,I291,I292)","v":5.5957549445248431E-2},4.9226222878917487E-2,3.6064769381746811E-2,4.6049938600081865E-2,4.4721517097207703E-2,4.0914634146341465E-2,3.6058671737063695E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2]
[]
[null,null,null,"Accounts Payable"]
[null,null,null,null,"Historic Amount",null,null,null,{"$f":"I111+I114+I119+I120","v":851},2532,2110,1321,1396,1567,1669,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Cost of Sales",null,null,null,{"$f":"I209","v":4860},7227,12093,7145,9394,11320,10538,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Historic Percent",null,null,null,{"$f":"IF(I3,I297/I298)","v":0.17510288065843621},0.35035284350352841,0.17448110477135534,0.18488453463960811,0.14860549286778796,0.13842756183745583,0.15837919908901119,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Projected Percent",{"$f":"Scenario!P54","v":0.16},null,null,null,null,null,null,null,null,null,{"$f":"$F$301","v":0.16},0.16,0.16,0.16,0.16,0.16,0.16,0.16,0.16]
[]
[null,null,null,null,"Historic/Projected A/P",null,null,null,{"$f":"IF(I3,I300,I301)","v":0.17510288065843621},0.35035284350352841,0.17448110477135534,0.18488453463960811,0.14860549286778796,0.13842756183745583,0.15837919908901119,0.16,0.16,0.16,0.16,0.16,0.16,0.16,0.16,0.16]
[]
[null,null,null,"Provisions"]
[null,null,null,null,"Historic Amount",null,null,null,{"$f":"I118","v":8},55,63,35,54,53,32,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Revenues",null,null,null,{"$f":"I271","v":8292},12859,20380,9772,13394,16400,14726,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Historic Percent",null,null,null,{"$f":"IF(I3,I306/I307)","v":9.6478533526290404E-4},4.2771599657827203E-3,3.0912659470068693E-3,3.5816618911174787E-3,4.0316559653576231E-3,3.2317073170731706E-3,2.1730272986554395E-3,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Projected Percent",2.2000000000000001E-3,null,null,null,null,null,null,null,null,null,{"$f":"$F$310","v":2.2000000000000001E-3},2.2000000000000001E-3,2.2000000000000001E-3,2.2000000000000001E-3,2.2000000000000001E-3,2.2000000000000001E-3,2.2000000000000001E-3,2.2000000000000001E-3,2.2000000000000001E-3]
[]
[null,null,null,null,"Historic/Projected Provisions",null,null,null,{"$f":"IF(I3,I309,I310)","v":9.6478533526290404E-4},4.2771599657827203E-3,3.0912659470068693E-3,3.5816618911174787E-3,4.0316559653576231E-3,3.2317073170731706E-3,2.1730272986554395E-3,2.2000000000000001E-3,2.2000000000000001E-3,2.2000000000000001E-3,2.2000000000000001E-3,2.2000000000000001E-3,2.2000000000000001E-3,2.2000000000000001E-3,2.2000000000000001E-3,2.2000000000000001E-3]
[]
[null,null,null,"Other Current Liabilities"]
[null,null,null,null,"Historic Amount",null,null,null,{"$f":"I112+I115+I116+I121","v":264},606,428,373,476,443,408,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Revenues",null,null,null,{"$f":"I307","v":8292},{"$f":"J307","v":12859},20380,9772,13394,16400,14726,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Historic Percent",null,null,null,{"$f":"IF(I3,I315/I316)","v":3.1837916063675829E-2},4.7126526168442338E-2,2.100098135426889E-2,3.8170282439623414E-2,3.5538300731670899E-2,2.7012195121951219E-2,2.7706098057856853E-2,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Projected Percent",2.75E-2,null,null,null,null,null,null,null,null,null,{"$f":"$F$319","v":2.75E-2},{"$f":"$F$319","v":2.75E-2},2.75E-2,2.75E-2,2.75E-2,2.75E-2,2.75E-2,2.75E-2,2.75E-2]
[]
[null,null,null,null,"Historic/Projected Other Current Liabilities",null,null,null,{"$f":"IF(I3,I318,I319)","v":3.1837916063675829E-2},4.7126526168442338E-2,2.100098135426889E-2,3.8170282439623414E-2,3.5538300731670899E-2,2.7012195121951219E-2,2.7706098057856853E-2,2.75E-2,2.75E-2,2.75E-2,2.75E-2,2.75E-2,2.75E-2,2.75E-2,2.75E-2,2.75E-2]
[]
[null,"Depreciation and Tax Assumptions"]
[null,null,null,"Depreciation Rate"]
[null,null,null,null,"Depreciation Expense",null,null,null,{"$f":"I208","v":303},749,1215,979,925,1153,1259,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Plant Balance",null,null,null,{"$f":"I64","v":4694},11974,11333,11635,12372,12820,13604,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Average Plant Balance",null,null,null,{"$f":"AVERAGE(I326,H326)","v":4694},{"$f":"AVERAGE(J326,I326)","v":8334},11653.5,11484,12003.5,12596,13212,6802,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Historic Depreciation Rate",null,null,null,{"$f":"IF(I3,I325/I327)","v":6.4550489987217727E-2},8.9872810175185988E-2,0.1042605225897799,8.5249042145593867E-2,7.7060857249968764E-2,9.1536995871705301E-2,9.5292158643657282E-2,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Projected Depreciation Rate",9.5000000000000001E-2,null,null,null,null,null,null,null,null,null,{"$f":"$F$330","v":9.5000000000000001E-2},{"$f":"$F$330","v":9.5000000000000001E-2},9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2]
[]
[null,null,null,null,"Historic/Projected Depreciation Rate",null,null,null,{"$f":"IF(I3,I329,I330)","v":6.4550489987217727E-2},8.9872810175185988E-2,0.1042605225897799,8.5249042145593867E-2,7.7060857249968764E-2,9.1536995871705301E-2,9.5292158643657282E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2]
[]
[null,null,null,"Income Tax Rate"]
[null,null,null,null,"Income Taxes",null,null,null,{"$f":"I35","v":637},946,1213,-46,163,420,229,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Earnings Before Tax",null,null,null,{"$f":"I34","v":2087},3125,3143,-338,633,873,-106,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Historic Income Tax Rate",null,null,null,{"$f":"IF(I3,I335/I336)","v":0.30522280785816963},0.30271999999999999,0.38593700286350618,0.13609467455621302,0.25750394944707738,0.48109965635738833,-2.1603773584905661,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Projected Income Tax Rate",0.25,null,null,null,null,null,null,null,null,null,{"$f":"$F$339","v":0.25},{"$f":"$F$339","v":0.25},0.25,0.25,0.25,0.25,0.25,0.25,0.25]
[]
[null,null,null,null,"Historic/Projected Income Tax Rate",null,null,null,{"$f":"IF(I3,I338,I339)","v":0.30522280785816963},0.30271999999999999,0.38593700286350618,0.13609467455621302,0.25750394944707738,0.48109965635738833,-2.1603773584905661,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25]
[]
[null,null,null,null,"Statutory Rate for ROIC Calculation",0.25,null,null,{"$f":"$F$343","v":0.25},{"$f":"$F$343","v":0.25},0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25]
[]
[null,null,null,null,"Accumulated Depreciation Ratio",null,null,null,{"$f":"IF(I3,-I65/I64,H345)","v":0.22134639965913933},{"$f":"IF(J3,-J65/J64,I345)","v":0.15592116251879071},0.20480014118062295,0.26214009454232917,0.30431619786614938,0.35210608424336975,0.4272272860923258,0.4272272860923258,0.4272272860923258,0.4272272860923258,0.4272272860923258,0.4272272860923258,0.4272272860923258,0.4272272860923258,0.4272272860923258,0.4272272860923258]
[null,null,null,null,"Life",null,null,null,{"$f":"1/I332","v":15.491749174917491},{"$f":"1/J332","v":11.126835781041388},9.5913580246913579,11.730337078651687,12.976756756756755,10.924544666088465,10.494042891183479,10.526315789473685,10.526315789473685,10.526315789473685,10.526315789473685,10.526315789473685,10.526315789473685,10.526315789473685,10.526315789473685,10.526315789473685]
[null,null,null,null,"Implied Historic Growth",null,null,null,{"$f":"find_growth(I345,I346,0.001)","v":0.23500000000000174},{"$f":"find_growth(J345,J346,0.001)","v":0.52500000000000191},0.40500000000000186,0.21500000000000172,0.12500000000000164,6.5000000000001626E-2,1.2500000000016411E-3,6.2500000000164106E-4,6.2500000000164106E-4,6.2500000000164106E-4,6.2500000000164106E-4,6.2500000000164106E-4,6.2500000000164106E-4,6.2500000000164106E-4,6.2500000000164106E-4,6.2500000000164106E-4]
[]
[null,null,null,null,"Retirement Rate",null,null,null,{"$f":"retirement_rate(I346,I347)","v":0.16027846299023982},{"$f":"retirement_rate(J346,J347)","v":5.6855066141672371E-2},0.19102796965632141,0.33546330390469514,0.52159216037766087,0.80955999647977772,1.0435149089860658,1.0496744438394368,1.0496744438394368,1.0496744438394368,1.0496744438394368,1.0496744438394368,1.0496744438394368,1.0496744438394368,1.0496744438394368,1.0496744438394368]
[]
[null,null,null,"Deferred Taxes"]
[null,null,null,null,"Deferred Tax Liabilities",null,null,null,{"$f":"I104","v":277},1690,1329,1231,1072,1020,927,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Deferred Tax Assets",null,null,null,{"$f":"I70","v":0},22,44,69,100,79,66,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Net Deferred Taxes",null,null,null,{"$f":"I352-I353","v":277},{"$f":"J352-J353","v":1668},1285,1162,972,941,861,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Increase in Deferred Taxes",null,null,null,null,{"$f":"J354-I354","v":1391},{"$f":"K354-J354","v":-383},-123,-190,-31,-80,-861,0,0,0,0,0,0,0,0]
[null,null,null,null,"Base Balance of Deferred Tax for Projection",null,null,null,null,{"$f":"SUMIF(2:2,TRUE,354:354)","v":861},861,861,861,861,861,861,861,861,861,861,861,861,861,861]
[null,null,null,null,"Projected increase in Deferred Tax",15,null,null,null,{"$f":"-IF(J3,,J357/$F$358)","v":0},0,0,0,0,0,-57.4,-57.4,-57.4,-57.4,-57.4,-57.4,-57.4,-57.4,-57.4]
[]
[null,null,null,null,"Deferred Tax Increase as Percent of Capital Expenditures",0.1,null,null,{"$f":"IF(I3,,$F$360)","v":0},0,0,0,0,0,0,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,null,null,"Deferred Tax on Cap Exp",null,null,null,{"$f":"(I173+I167)*I360","v":0},0,0,0,0,0,0,105,106.5,108.03000000000003,109.59059999999999,111.18241200000003,112.80606024000002,114.46218144480002,116.15142507369602,117.87445357516995]
[]
[null,null,null,null,"Historic/Projected Increase in Deferred Tax",null,null,null,{"$f":"IF(I3,I356,I358)+I361","v":0},1391,-383,-123,-190,-31,-80,47.6,49.1,50.630000000000031,52.190599999999996,53.782412000000029,55.406060240000023,57.062181444800025,58.751425073696019,60.474453575169953]
[]
[null,null,"Assumptions for Income Items Not in EBITDA"]
[null,null,null,"Other Income Statement Items"]
[null,null,null,null,"Loss on Disposal/Impariment of Assets",null,null,null,{"$f":"IF(I3,I21+I22,AVERAGEIF(3:3,TRUE,367:367))","v":41},33,917,219,199,154,469,290.28571428571428,290.28571428571428,290.28571428571428,290.28571428571428,290.28571428571428,290.28571428571428,290.28571428571428,290.28571428571428,290.28571428571428]
[null,null,null,null,"Foreign Exchange Gains and Losses",null,null,null,{"$f":"IF(I3,I23,AVERAGEIF(3:3,TRUE,368:368))","v":48},-55,-471,156,104,269,-41,1.4285714285714286,1.4285714285714286,1.4285714285714286,1.4285714285714286,1.4285714285714286,1.4285714285714286,1.4285714285714286,1.4285714285714286,1.4285714285714286]
[null,null,null,null,"Other Gains/Losses",0,null,null,{"$f":"IF(I3,I30+I31+I32+I33,$F$369)","v":-49},-63,-177,102,-3,-351,272,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Income from Associated Investments"]
[null,null,null,null,"Historic Income",null,null,null,{"$f":"I29","v":40},88,198,2,21,55,1,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Historic Balance Sheet Associated Investments",null,null,null,{"$f":"I69","v":1494},592,551,634,688,663,561,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Average Balance of Associated Investments",null,null,null,{"$f":"AVERAGE(H373:I373)","v":1494},{"$f":"AVERAGE(I373:J373)","v":1043},571.5,592.5,661,675.5,612,280.5,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Historic Return on Associated Investments",null,null,null,{"$f":"IF(I3,I372/I374)","v":2.677376171352075E-2},8.4372003835091081E-2,0.34645669291338582,3.3755274261603376E-3,3.1770045385779121E-2,8.1421169504071064E-2,1.6339869281045752E-3,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Projected Return on Associated Investments",{"$f":"Scenario!Q54","v":0.05},null,null,null,null,null,null,null,null,null,{"$f":"$F$377","v":0.05},{"$f":"$F$377","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,null,null,"Historic/Projected Return on Associated Investments",null,null,null,{"$f":"IF(I3,I376,I377)","v":2.677376171352075E-2},8.4372003835091081E-2,0.34645669291338582,3.3755274261603376E-3,3.1770045385779121E-2,8.1421169504071064E-2,1.6339869281045752E-3,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[]
[null,"Financing Assumptions"]
[null,null,null,"Interest Income"]
[null,null,null,null,"Financial Assets and Cash - Current",null,null,null,{"$f":"I71","v":107},0,0,66,118,53,92,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Financial Assets - Non-current",null,null,null,{"$f":"I78+I82+I83","v":886},400,1627,792,736,902,2051,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Total Financial Assets",null,null,null,{"$f":"SUM(I382:I383)","v":993},{"$f":"SUM(J382:J383)","v":400},1627,858,854,955,2143,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Average Financial Assets",null,null,null,{"$f":"AVERAGE(I384,H384)","v":993},{"$f":"AVERAGE(J384,I384)","v":696.5},1013.5,1242.5,856,904.5,1549,1071.5,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Interest Income",null,null,null,{"$f":"I27","v":27},41,57,40,13,17,23,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Interest Income Percent - Historic",null,null,null,{"$f":"IF(I3,I387/I385)","v":2.7190332326283987E-2},5.8865757358219667E-2,5.6240749876665025E-2,3.2193158953722337E-2,1.5186915887850467E-2,1.8794914317302378E-2,1.4848289218850872E-2,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Interest Income Percent - Projected",{"$f":"Scenario!R54","v":1.4999999999999999E-2},null,null,null,null,null,null,null,null,null,{"$f":"$F$389","v":1.4999999999999999E-2},{"$f":"$F$389","v":1.4999999999999999E-2},1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2]
[null,null,null,null,"Interest Income Rate - Historic/Projected",null,null,null,{"$f":"IF(I3,I388,I389)","v":2.7190332326283987E-2},5.8865757358219667E-2,5.6240749876665025E-2,3.2193158953722337E-2,1.5186915887850467E-2,1.8794914317302378E-2,1.4848289218850872E-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,null,"Minimum Cash Balance"]
[null,null,null,null,"Cash and Equivalents",null,null,null,{"$f":"I83","v":842},327,930,671,683,801,1320,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Revenues",null,null,null,{"$f":"I307","v":8292},12859,20380,9772,13394,16400,14726,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Cash as Percent of Revenues",null,null,null,{"$f":"IF(I3,I393/I394)","v":0.10154365653642064},2.5429660160199083E-2,4.5632973503434739E-2,6.8665575112566518E-2,5.0992981932208449E-2,4.8841463414634148E-2,8.9637376069536867E-2,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Minimum Cash Belance",0.05,null,null,{"$f":"$F$396","v":0.05},{"$f":"$F$396","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[]
[null,null,null,"Interest Expense and Long-term Debt Repayment"]
[null,null,null,null,"Short-term Debt and Leases",null,null,null,{"$f":"I113+I117","v":752},2118,3937,2009,733,626,1785,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Long-term Debt",null,null,null,{"$f":"I103+I105","v":1897},4707,6104,5989,7135,6619,6384,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Total Debt",null,null,null,{"$f":"SUM(I399:I400)","v":2649},{"$f":"SUM(J399:J400)","v":6825},10041,7998,7868,7245,8169,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Average Debt",null,null,null,{"$f":"AVERAGE(H401:I401)","v":2649},{"$f":"AVERAGE(I401:J401)","v":4737},8433,9019.5,7933,7556.5,7707,4084.5,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Interest Expense",null,null,null,{"$f":"I28","v":229},409,655,677,728,708,645,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Historic Average Interest Rate",null,null,null,{"$f":"IF(I3,I404/I402)","v":8.6447716119290294E-2},8.6341566392231367E-2,7.7671054191865291E-2,7.5059593103830591E-2,9.1768561704273291E-2,9.3694170581618469E-2,8.3690151810042815E-2,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Projected Average Interest Rate",{"$f":"Scenario!S54","v":8.5000000000000006E-2},null,null,null,null,null,null,null,null,null,{"$f":"$F$406","v":8.5000000000000006E-2},{"$f":"$F$406","v":8.5000000000000006E-2},8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2]
[null,null,null,null,"Interest Expense Rate - Historic/Projected",null,null,null,{"$f":"IF(I3,I405,I406)","v":8.6447716119290294E-2},8.6341566392231367E-2,7.7671054191865291E-2,7.5059593103830591E-2,9.1768561704273291E-2,9.3694170581618469E-2,8.3690151810042815E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2]
[]
[null,null,null,null,"Long-term Debt Repayment Percent",null,null,null,null,null,null,null,null,null,null,0.21421651731654154,0.12581738919835311,0.1753451198837491,0.23056430128360378,7.7742794865584885E-2,0.16759505933640106,8.7188181157665297E-3,0,0]
[]
[null,null,null,"Minority Interest"]
[null,null,null,null,"Total Income",null,null,null,{"$f":"I36","v":1450},2179,1930,-292,470,453,-335,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Minority Income",null,null,null,{"$f":"I39","v":73},76,62,3,-16,-8,-27,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Minority Percent - Historic",null,null,null,{"$f":"IF(I3,I413/I412)","v":5.0344827586206897E-2},3.4878384580082605E-2,3.2124352331606217E-2,-1.0273972602739725E-2,-3.4042553191489362E-2,-1.7660044150110375E-2,8.0597014925373134E-2,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Minority Percent - Projected",0.05,null,null,null,null,null,null,null,null,null,{"$f":"$F$415","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[]
[null,null,null,null,"Minority Interest Percent - Historic/Projected",null,null,null,{"$f":"IF(I3,I414,I415)","v":5.0344827586206897E-2},3.4878384580082605E-2,3.2124352331606217E-2,-1.0273972602739725E-2,-3.4042553191489362E-2,-1.7660044150110375E-2,8.0597014925373134E-2,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[]
[null,null,null,"Shares Outstanding"]
[null,null,null,null,"EPS - Basic","EPS = NI/shares",null,null,{"$f":"I42","v":11.66},17.62,15.13,-0.24,0.39,0.36,-0.23,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Net Income to Common",null,null,null,{"$f":"I38","v":1377},2103,1868,-295,486,461,-308,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Implied Shares",null,null,null,{"$f":"IF(I3,I421/I420)","v":118.09605488850772},119.35300794551645,123.46331791143423,1229.1666666666667,1246.1538461538462,1280.5555555555557,1339.1304347826087,false,false,false,false,false,false,false,false,false]
[]
[null,null,null,"Dividends"]
[null,null,null,null,"Level of Dividends",null,null,null,{"$f":"-I144","v":352},916,1276,90,0,491,375,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Income",null,null,null,{"$f":"I421","v":1377},{"$f":"J421","v":2103},1868,-295,486,461,-308,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Dividend Payout Ratio Historic",null,null,null,{"$f":"IF(AND(I1,I426),I425/I426)","v":0.25562817719680464},0.43556823585354254,0.68308351177730198,-0.30508474576271188,0,1.0650759219088937,-1.2175324675324675,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Dividend Payout Ratio Historic - Last Year",null,null,null,null,{"$f":"IF(AND(J3,I426),J425/I426)","v":0.66521423384168488},0.60675225867807892,4.8179871520342615E-2,0,1.0102880658436213,0.81344902386117135,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Projected Dividend Payout Ratio",{"$f":"Scenario!H8","v":0.5},null,null,null,null,null,null,null,null,null,{"$f":"$F$429","v":0.5},{"$f":"$F$429","v":0.5},0.5,0.5,0.5,0.5,0.5,0.5,0.5]
[null,null,null,null,"Dividend Payout Ratio - Historic/Projected",null,null,null,{"$f":"IF(I3,I428,I429)","v":0},0.66521423384168488,0.60675225867807892,4.8179871520342615E-2,0,1.0102880658436213,0.81344902386117135,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5]
[]
[null,null,"Other Assets and Liabilities"]
[null,null,null,null,"Provisions",null,null,null,{"$f":"I107","v":39},132,153,176,279,285,257,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Revenues",null,null,null,{"$f":"I316","v":8292},12859,20380,9772,13394,16400,14726,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Historic Percent of Revenues",null,null,null,{"$f":"IF(I3,I433/I434)","v":4.7033285094066572E-3},1.0265183917878529E-2,7.5073601570166829E-3,1.8010642652476462E-2,2.0830222487681051E-2,1.7378048780487806E-2,1.7452125492326498E-2,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Forecasted Percent",1.7500000000000002E-2,null,null,null,null,null,null,null,null,null,{"$f":"$F$436","v":1.7500000000000002E-2},{"$f":"$F$436","v":1.7500000000000002E-2},1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2]
[null,null,null,null,"Provisions as Pct of Revenue - Historic/Forecast",null,null,null,{"$f":"IF(I3,I435,I436)","v":4.7033285094066572E-3},1.0265183917878529E-2,7.5073601570166829E-3,1.8010642652476462E-2,2.0830222487681051E-2,1.7378048780487806E-2,1.7452125492326498E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2]
[]
[null,null,null,"Other Assets"]
[null,null,null,null,"Intangible Assets",null,null,null,{"$f":"IF(I3,I67,H440)","v":37},806,885,1098,1004,838,586,586,586,586,586,586,586,586,586,586]
[null,null,null,null,"Goodwill",null,null,null,{"$f":"IF(I3,I68,H441)","v":5},2145,2387,2186,2219,2180,2180,2180,2180,2180,2180,2180,2180,2180,2180,2180]
[null,null,null,null,"Other Non-Current Assets",null,null,null,{"$f":"IF(I3,I72,H442)","v":272},240,278,128,103,107,103,103,103,103,103,103,103,103,103,103]
[null,null,null,null,"Current Assets Held for Disposal",null,null,null,{"$f":"IF(I3,I85,H443)","v":105},211,7,7,2,9,930,930,930,930,930,930,930,930,930,930]
[]
[null,null,null,"Other Liabilities"]
[null,null,null,null,"Other Long-term Liabilities",null,null,null,{"$f":"IF(I3,I108,H446)","v":47},55,58,68,143,285,170,170,170,170,170,170,170,170,170,170]
[null,null,null,null,"Employee Benefits",null,null,null,{"$f":"IF(I3,I106,H447)","v":117},347,292,307,315,296,294,294,294,294,294,294,294,294,294,294]
[null,null,null,null,"Equity Capital",null,null,null,{"$f":"I99","v":4066},5950,4729,5167,5689,5545,5173,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Minority Interest",null,null,null,{"$f":"I100","v":169},406,245,275,247,236,200,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Liabilities Held for Disposal",null,null,null,{"$f":"IF(I3,I123,H450)","v":12},39,0,0,0,0,478,478,478,478,478,478,478,478,478,478]
[]
["Analysis of EBITDA and Capital Expenditures"]
[]
[null,"Capital Expenditure Analysis"]
[null,null,"Maintenance Capital Expenditures",null,null,null,null,null,{"$f":"I167","v":300},350,400,150,400,500,657,750,765,780.30000000000007,795.90600000000006,811.82412000000011,828.06060240000011,844.62181444800012,861.51425073696009,878.74453575169935]
[null,null,"Investment Expenditure",null,null,null,null,null,{"$f":"I173","v":351},394,703,291,432,781,604,300,300,300,300,300,300,300,300,300]
[null,null,null,"Total Expenditure",null,null,null,null,{"$f":"SUM(I455:I456)","v":651},{"$f":"SUM(J455:J456)","v":744},1103,441,832,1281,1261,1050,1065,1080.3000000000002,1095.9059999999999,1111.8241200000002,1128.0606024000001,1144.6218144480001,1161.5142507369601,1178.7445357516995]
[]
[null,null,"Capacity per USD Spent",null,null,null,null,null,{"$f":"I175","v":0},0,0,0,0,0,0,1.8,1.8,1.8,1.8,1.8,1.8,1.8,1.8,1.8]
[null,null,"Increase in Capacity",null,null,null,null,null,{"$f":"I456*I459","v":0},{"$f":"J456*J459","v":0},0,0,0,0,0,540,540,540,540,540,540,540,540,540]
[]
[null,null,"Capacity Balance"]
[null,null,null,"Opening Capacity",null,null,null,null,{"$f":"H465","v":0},{"$f":"I465","v":14746.14},15567.24,16293.32,16456.253199999999,16620.815731999999,16787.02388932,16954.8941282132,17494.8941282132,18034.8941282132,18574.8941282132,19114.8941282132,19654.8941282132,20194.8941282132,20734.8941282132,21274.8941282132]
[null,null,null,"Add: New Capacity from Investment Cap Exp",null,null,null,null,{"$f":"I460","v":0},{"$f":"J460","v":0},0,0,0,0,0,540,540,540,540,540,540,540,540,540]
[null,null,null,"Closing Balance",null,null,null,null,{"$f":"IF(I3,I10,I463+I464)","v":14746.14},15567.24,16293.32,16456.253199999999,16620.815731999999,16787.02388932,16954.8941282132,17494.8941282132,18034.8941282132,18574.8941282132,19114.8941282132,19654.8941282132,20194.8941282132,20734.8941282132,21274.8941282132,21814.8941282132]
[]
[null,"Revenue Analysis"]
[null,null,"Steel Price",null,null,null,null,null,{"$f":"I186","v":554.33354084526536},780.23850085178879,1111.1455492189436,659.96497373029774,881.14029119608119,1053.3088235294117,997.0526315789474,950,940,950,960,988.80000000000007,1018.4640000000001,1049.01792,1080.4884575999999,1112.903111328]
[null,null,"Steel Production Growth Rate",null,null,null,null,null,{"$f":"I196","v":0},5.5682368402849791E-2,5.7004324465993905E-2,-0.1151128192412596,2.9632224168125942E-2,3.6331473669887204E-2,-6.4469537815126099E-2,0.01,0.02,0.02,0.01,0.01,0.02,0.03,0.03,0.03]
[null,null,"Steel Production before Capacity Constraint",null,null,null,null,null,{"$f":"IF(I3,I9,H470*(1+I469))","v":14457},15262,16132,14275,14697.999999999998,15232,14250,14392.5,14680.35,14973.957,15123.69657,15274.9335357,15580.432206414,16047.84517260642,16529.280527784613,17025.158943618153]
[]
[null,null,"Steel Production after Capacity Constraint",null,null,null,null,null,{"$f":"MIN(I470,I465)","v":14457},{"$f":"MIN(J470,J465)","v":15262},16132,14275,14697.999999999998,15232,14250,14392.5,14680.35,14973.957,15123.69657,15274.9335357,15580.432206414,16047.84517260642,16529.280527784613,17025.158943618153]
[null,null,"Utilisation Percent",null,null,null,null,null,{"$f":"I472/I465","v":0.98039215686274517},{"$f":"J472/J465","v":0.98039215686274506},0.99009900990099009,0.86745140746862115,0.8843127940887997,0.90736750602295169,0.84046528938731524,0.82266859659298464,0.81399701576481887,0.80613956110017471,0.79119959904343529,0.77715674457762263,0.77150353487852241,0.77395356221137934,0.77693832120483719,0.78043738574002597]
[null,null,null,"Steel Revenues",null,null,null,null,{"$f":"I472*I468/1000","v":8014.0000000000009},{"$f":"J472*J468/1000","v":11908},17925,9421,12951,16044,14208,13672.875,13799.529,14225.25915,14518.7487072,15103.85428010016,15868.109306673228,16834.477163449625,17859.696822703707,18947.352359206368]
[]
[null,null,"Other Revenues Growth",null,null,null,null,null,{"$f":"I203","v":0},2.420863309352518,1.5814931650893795,-0.85702647657841147,0.26210826210826221,-0.19638826185101577,0.45505617977528079,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,null,"Other Revenues",null,null,null,null,{"$f":"IF(I3,I200,H477*(1+I476))","v":278},{"$f":"IF(J3,J200,H477*(1+J476))","v":951},2455,351,443,356,518,391.6,569.80000000000007,430.76000000000005,626.78000000000009,473.83600000000007,689.4580000000002,521.21960000000013,758.40380000000027,573.34156000000019]
[]
[null,null,null,"Total Revenues",null,null,null,null,{"$f":"I477+I474","v":8292},{"$f":"J477+J474","v":12859},20380,9772,13394,16400,14726,14064.475,14369.329,14656.01915,15145.528707200001,15577.69028010016,16557.567306673227,17355.696763449625,18618.100622703707,19520.693919206369]
[null,null,null,"Growth Rate in Revenues",null,null,null,null,null,{"$f":"J479/I479-1","v":0.55077182826821036},{"$f":"K479/J479-1","v":0.584882183684579},-0.52051030421982336,0.37065083913221453,0.22442884873824109,-0.1020731707317073,-4.4922246366969953E-2,2.1675462468382145E-2,1.9951533575436997E-2,3.3399898853161636E-2,2.8533937722142078E-2,6.2902587543727018E-2,4.8203304386069235E-2,7.273714656692154E-2,4.8479343558923693E-2]
[]
[null,"Operating Expense Analysis"]
[null,null,"Cost of Revenue"]
[null,null,null,"Growth in Fixed Cost",null,null,null,null,{"$f":"I216","v":0},3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000027E-2]
[null,null,null,"Fixed Cost",null,null,null,null,{"$f":"IF(I3,I215,H485*(1+I484))","v":1400},{"$f":"IF(J3,J215,H485*(1+J484))","v":1442},1485.26,1529.8178,1575.7123340000001,1622.98370402,1671.6732151406,1671.6732151406,1721.823411594818,1721.823411594818,1773.4781139426625,1773.4781139426625,1826.6824573609424,1826.6824573609424,1881.4829310817706,1881.4829310817706]
[null,null,null,"Variable Cost/Price",null,null,null,null,{"$f":"I224","v":0.43174444721736954},0.48580786026200873,0.59178465829846594,0.59602825602377674,0.60368216091421512,0.60440141460857644,0.6240376397001266,0.62,0.62,0.62,0.62,0.62,0.62,0.62,0.62,0.62]
[null,null,null,"Variable Cost per Unit",null,null,null,null,{"$f":"I486*I468","v":239.33042816628623},{"$f":"J486*J468","v":379.04599659284497},657.5588891643938,393.35777232924698,531.92867505783101,636.62134296087186,622.19837086732628,589,582.79999999999995,589,595.20000000000005,613.05600000000004,631.44767999999999,650.3911104,669.90284371199994,689.99992902335998]
[null,null,null,"Total Cost",null,null,null,null,{"$f":"I487*I472/1000+I485","v":4860},{"$f":"J487*J472/1000+J485","v":7227},12093,7145.0000000000009,9394,11320,10538,10148.8557151406,10277.531391594819,10541.484084594818,10775.102312406663,11137.867767604763,11664.910227498343,12264.058298699711,12954.494961158071,13628.841393789718]
[null,null,null,"Total Cost/Unit",null,null,null,null,{"$f":"I488/I472*1000","v":336.16932973645987},{"$f":"J488/J472*1000","v":473.5290263399292},749.62806843540784,500.5253940455342,639.13457613280718,743.17226890756308,739.50877192982455,705.14891194306756,700.08762676603885,703.98786937846944,712.46485689091446,729.15981870387566,748.6897714362666,764.21838363909364,783.73011695109369,800.51184478947039]
[]
[null,null,"Selling and Distribution Costs"]
[null,null,null,"Growth in Fixed Cost",null,null,null,null,{"$f":"I233","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,null,"Fixed Cost",null,null,null,null,{"$f":"IF(I3,I230,H493*(1+I492))","v":200},{"$f":"IF(J3,J230,H493*(1+J492))","v":220.00000000000003},242.00000000000006,266.2000000000001,292.82000000000016,322.1020000000002,354.31220000000025,331.76506000000023,364.94156600000025,341.71801180000023,375.88981298000027,351.96955215400027,387.16650736940028,362.5286387186203,398.78150259048232,373.40449788017889]
[null,null,null,"Variable Cost/Revenue",null,null,null,null,{"$f":"I239","v":5.1857211770381089E-3},2.4729761256707363E-2,3.1108930323846908E-2,3.6819484240687671E-2,3.8388830819770035E-2,5.0725487804878039E-2,5.8175186744533459E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2]
[null,null,null,"Variable Costs ",null,null,null,null,{"$f":"I494*I479","v":43},{"$f":"J494*J479","v":318},634,359.7999999999999,514.17999999999984,831.8979999999998,856.6877999999997,822.77178750000007,840.60574650000001,857.37712027500004,886.01342937120012,911.29488138585941,968.61768744038386,1015.3082606618032,1089.1588864281669,1141.9605942735727]
[null,null,null,"Total Cost",null,null,null,null,{"$f":"I495+I493","v":243},{"$f":"J495+J493","v":538},876,626,807,1154,1211,1154.5368475000002,1205.5473125000003,1199.0951320750003,1261.9032423512003,1263.2644335398597,1355.7841948097841,1377.8368993804233,1487.9403890186491,1515.3650921537517]
[null,null,null,"Growth Rate in Cost",null,null,null,null,null,{"$f":"J496/I496-1","v":1.213991769547325},{"$f":"K496/J496-1","v":0.62825278810408913},-0.28538812785388123,0.28913738019169322,0.42998760842627015,4.9393414211438502E-2,-4.6625229149463099E-2,4.418262189765243E-2,-5.3520756573376405E-3,5.2379589071896548E-2,1.0786811088012715E-3,7.3238633823220933E-2,1.6265645118936689E-2,7.9910394102332694E-2,1.8431318443604017E-2]
[]
[null,null,"General and Administration Expense"]
[null,null,null,"Growth in Fixed Cost",null,null,null,null,{"$f":"I249","v":0.04},0.04,0.04,0.04,0.04,0.04,0.04,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,null,"Fixed Cost",null,null,null,null,{"$f":"IF(I3,I246,H501*(1+I500))","v":300},312,324.48,337.45920000000001,350.95756800000004,364.99587072000003,379.59570554880003,390.98357671526406,402.71308401672201,414.79447653722366,427.23831083334039,440.05546015834062,453.25712396309086,466.85483768198361,480.86048281244314,495.28629729681643]
[null,null,null,"Variable Cost/Revenue",null,null,null,null,{"$f":"I254","v":2.3396044380125422E-2},2.8773621587992845E-2,3.0104023552502454E-2,2.9731968890708144E-2,2.8448740630132894E-2,3.3902690809756095E-2,3.2622863944805104E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2]
[null,null,null,"Variable Costs ",null,null,null,null,{"$f":"I502*I479","v":194},{"$f":"J502*J479","v":370},613.52,290.54079999999999,381.04243199999996,556.00412927999992,480.40429445119997,457.0954375,467.00319250000001,476.32062237500003,492.22968298400002,506.27493410325519,538.12093746687992,564.06014481211287,605.08827023787046,634.42255237420704]
[null,null,null,"Total Cost",null,null,null,null,{"$f":"I501+I503","v":494},{"$f":"J501+J503","v":682},938,628,732,921,860,848.07901421526412,869.71627651672202,891.11509891222363,919.46799381734036,946.33039426159576,991.37806142997078,1030.9149824940964,1085.9487530503136,1129.7088496710235]
[null,null,null,"Growth Rate in Cost",null,null,null,null,null,{"$f":"J504/I504-1","v":0.38056680161943324},{"$f":"K504/J504-1","v":0.37536656891495612},-0.33049040511727079,0.16560509554140124,0.25819672131147531,-6.6232356134636294E-2,-1.3861611377599892E-2,2.5513262253610947E-2,2.4604371532754854E-2,3.1817320725153087E-2,2.9215155530026848E-2,4.7602473133629974E-2,3.988077061852402E-2,5.3383422969635941E-2,4.0296649816846664E-2]
[]
[null,null,"Social Infrastructure Expenses"]
[null,null,null,"Growth Rate",null,null,null,null,{"$f":"I260","v":0},-4.6511627906976716E-2,0.39024390243902429,-0.53508771929824561,0.20754716981132071,-4.6875E-2,-0.16393442622950816,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
[null,null,null,"Total Cost",null,null,null,null,{"$f":"IF(I3,I257,H509*(1+I508))","v":86},82,114,53,64,61,51,51.51,52.025100000000002,52.545351000000004,53.070804510000002,53.601512555100001,54.137527680651004,54.678902957457517,55.225691987032093,55.777948906902417]
[]
[null,null,"Other Income (Expenses)",null,null,null,null,null,{"$f":"I265","v":-15},-25,-36,-83,-47,-46,-54,-54,-54,-54,-54,-54,-54,-54,-54,-54]
[]
[null,null,null,"Total Operating Expenses",null,null,null,null,{"$f":"I509+I504+I496+I488-I511","v":5698},{"$f":"J509+J504+J496+J488-J511","v":8554},14057,8535,11044,13502,12714,12256.981576855866,12458.820080611542,12738.239666582042,13063.544353085204,13455.064107961318,14120.210011418749,14781.489083531687,15637.609795214066,16383.693284521396]
[null,null,null,"Growth Rate",null,null,null,null,null,{"$f":"J513/I513-1","v":0.50122850122850116},{"$f":"K513/J513-1","v":0.64332476034603703},-0.39282919541865258,0.29396602226127699,0.22256428830134012,-5.836172418900909E-2,-3.5946077013067068E-2,1.6467227472773294E-2,2.2427451729986281E-2,2.5537648452052419E-2,2.9970408052669706E-2,4.9434614218141659E-2,4.683209892616147E-2,5.7918434796680796E-2,4.7710839385164183E-2]
[]
[null,null,null,"EBITDA",null,null,null,null,{"$f":"I479-I513","v":2594},4305,6323,1237,2350,2898,2012,1807.4934231441348,1910.5089193884578,1917.7794834179585,2081.9843541147966,2122.6261721388419,2437.3572952544782,2574.2076799179376,2980.4908274896407,3137.0006346849732]
[null,null,null,"Historic",null,null,null,null,{"$f":"I57","v":2594},4305,6323,1237,2350,2898,2012,0,0,0,0,0,0,0,0,0]
[null,null,null,"Difference",null,null,null,null,{"$f":"I517-I516","v":0},{"$f":"J517-J516","v":0},0,0,0,0,0,-1807.4934231441348,-1910.5089193884578,-1917.7794834179585,-2081.9843541147966,-2122.6261721388419,-2437.3572952544782,-2574.2076799179376,-2980.4908274896407,-3137.0006346849732]
[]
[null,null,null,"EBITDA Historic Test",null,{"$f":"SUMIF(3:3,TRUE,518:518)","v":0},{"$f":"F520=0","v":true}]
[]
["Analysis of Working Capital"]
[null,null,"Currnet Assets"]
[null,null,null,"A/R to Revenues",null,null,null,null,{"$f":"I276","v":7.3564881813796432E-2},0.1448013064779532,7.3895976447497541E-2,0.11338518215309046,9.6535762281618628E-2,5.969512195121951E-2,6.159174249626511E-2,6.25E-2,6.25E-2,6.25E-2,6.25E-2,6.25E-2,6.25E-2,6.25E-2,6.25E-2,6.25E-2]
[null,null,null,"Revenues",null,null,null,null,{"$f":"I479","v":8292},12859,20380,9772,13394,16400,14726,14064.475,14369.329,14656.01915,15145.528707200001,15577.69028010016,16557.567306673227,17355.696763449625,18618.100622703707,19520.693919206369]
[null,null,null,"A/R Level",null,null,null,null,{"$f":"I524*I525","v":610},{"$f":"J524*J525","v":1862.0000000000002},1506,1108,1293,979,907,879.02968750000002,898.08306249999998,916.00119687500001,946.59554420000006,973.60564250625998,1034.8479566670767,1084.7310477156016,1163.6312889189817,1220.0433699503981]
[]
[null,null,null,"Inventories to COGS",null,null,null,null,{"$f":"I285","v":0.17777777777777778},0.22402103224021033,0.19978499958653767,0.25584324702589223,0.22035341707472855,0.19328621908127208,0.18770165116720441,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17]
[null,null,null,"COGS",null,null,null,null,{"$f":"I488","v":4860},7227,12093,7145.0000000000009,9394,11320,10538,10148.8557151406,10277.531391594819,10541.484084594818,10775.102312406663,11137.867767604763,11664.910227498343,12264.058298699711,12954.494961158071,13628.841393789718]
[null,null,null,"Inverntory Level",null,null,null,null,{"$f":"I528*I529","v":864},{"$f":"J528*J529","v":1619},2416,1828.0000000000002,2070,2188,1978.0000000000002,1725.3054715739022,1747.1803365711194,1792.0522943811193,1831.7673931091329,1893.4375204928099,1983.0347386747185,2084.8899107789512,2202.264143396872,2316.9030369442521]
[]
[null,null,null,"Prepayments as Pct of Revenue",null,null,null,null,{"$f":"I294","v":5.5957549445248431E-2},4.9226222878917487E-2,3.6064769381746811E-2,4.6049938600081865E-2,4.4721517097207703E-2,4.0914634146341465E-2,3.6058671737063695E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2]
[null,null,null,"Revenues",null,null,null,null,{"$f":"I525","v":8292},{"$f":"J525","v":12859},20380,9772,13394,16400,14726,14064.475,14369.329,14656.01915,15145.528707200001,15577.69028010016,16557.567306673227,17355.696763449625,18618.100622703707,19520.693919206369]
[null,null,null,"Level of Other Current Assets",null,null,null,null,{"$f":"I532*I533","v":464},{"$f":"J532*J533","v":633},735,450,599,671,531,520.38557500000002,531.66517299999998,542.27270854999995,560.38456216639997,576.37454036370593,612.62999034690938,642.16078024763613,688.86972304003712,722.26567501063562]
[]
[null,null,null,"Total Current Assets",null,null,null,null,{"$f":"I534+I530+I526","v":1938},{"$f":"J534+J530+J526","v":4114},4657,3386,3962,3838,3416,3124.7207340739019,3176.9285720711191,3250.3261998061193,3338.7474994755325,3443.4177033627757,3630.5126856887046,3811.7817387421887,4054.7651553558908,4259.2120819052861]
[null,null,null,"Current Assets Check",null,null,null,null,{"$f":"SUMPRODUCT($G$75:$G$86*I75:I86)","v":1938},4114,4657,3386,3962,3838,3416,0,0,0,0,0,0,0,0,0]
[null,null,null,"Difference",null,null,{"$f":"SUMIF(I3:X3,TRUE,I538:X538)=0","v":true},null,{"$f":"I536-I537","v":0},{"$f":"J536-J537","v":0},0,0,0,0,0,3124.7207340739019,3176.9285720711191,3250.3261998061193,3338.7474994755325,3443.4177033627757,3630.5126856887046,3811.7817387421887,4054.7651553558908,4259.2120819052861]
[]
[null,null,"Current Liabilities"]
[null,null,null,"A/P to COGS",null,null,null,null,{"$f":"I303","v":0.17510288065843621},0.35035284350352841,0.17448110477135534,0.18488453463960811,0.14860549286778796,0.13842756183745583,0.15837919908901119,0.16,0.16,0.16,0.16,0.16,0.16,0.16,0.16,0.16]
[null,null,null,"COGS",null,null,null,null,{"$f":"I529","v":4860},{"$f":"J529","v":7227},12093,7145.0000000000009,9394,11320,10538,10148.8557151406,10277.531391594819,10541.484084594818,10775.102312406663,11137.867767604763,11664.910227498343,12264.058298699711,12954.494961158071,13628.841393789718]
[null,null,null,"Level of A/P",null,null,null,null,{"$f":"I541*I542","v":851},{"$f":"J541*J542","v":2532},2110,1321,1396,1567,1668.9999999999998,1623.816914422496,1644.405022655171,1686.6374535351711,1724.0163699850661,1782.0588428167621,1866.3856363997349,1962.2493277919536,2072.7191937852913,2180.614623006355]
[]
[null,null,null,"Provisions as Percent of Revenues",null,null,null,null,{"$f":"I312","v":9.6478533526290404E-4},4.2771599657827203E-3,3.0912659470068693E-3,3.5816618911174787E-3,4.0316559653576231E-3,3.2317073170731706E-3,2.1730272986554395E-3,2.2000000000000001E-3,2.2000000000000001E-3,2.2000000000000001E-3,2.2000000000000001E-3,2.2000000000000001E-3,2.2000000000000001E-3,2.2000000000000001E-3,2.2000000000000001E-3,2.2000000000000001E-3]
[null,null,null,"Revenues",null,null,null,null,{"$f":"I533","v":8292},{"$f":"J533","v":12859},20380,9772,13394,16400,14726,14064.475,14369.329,14656.01915,15145.528707200001,15577.69028010016,16557.567306673227,17355.696763449625,18618.100622703707,19520.693919206369]
[null,null,null,"Total Provisions",null,null,null,null,{"$f":"I545*I546","v":8},{"$f":"J545*J546","v":55},63,35,54.000000000000007,53,32,30.941845000000004,31.612523800000002,32.243242129999999,33.320163155840007,34.270918616220357,36.426648074681104,38.182532879589175,40.959821369948159,42.945526622254015]
[]
[null,null,null,"Other Current Liabilities",null,null,null,null,{"$f":"I321","v":3.1837916063675829E-2},4.7126526168442338E-2,2.100098135426889E-2,3.8170282439623414E-2,3.5538300731670899E-2,2.7012195121951219E-2,2.7706098057856853E-2,2.75E-2,2.75E-2,2.75E-2,2.75E-2,2.75E-2,2.75E-2,2.75E-2,2.75E-2,2.75E-2]
[null,null,null,"Revenues",null,null,null,null,{"$f":"I533","v":8292},{"$f":"J533","v":12859},20380,9772,13394,16400,14726,14064.475,14369.329,14656.01915,15145.528707200001,15577.69028010016,16557.567306673227,17355.696763449625,18618.100622703707,19520.693919206369]
[null,null,null,"Level of Other Current Liabilities",null,null,null,null,{"$f":"I549*I550","v":264},{"$f":"J549*J550","v":606},428,373,476,443,408,386.77306250000004,395.15654749999999,403.04052662499998,416.502039448,428.38648270275439,455.33310093351372,477.28166099486469,511.99776712435192,536.81908277817513]
[]
[null,null,null,"Total Current Liabilities",null,null,null,null,{"$f":"I543+I547+I551","v":1123},{"$f":"J543+J547+J551","v":3193},2601,1729,1926,2063,2109,2041.531821922496,2071.174093955171,2121.921222290171,2173.8385725889061,2244.7162441357368,2358.1453854079296,2477.7135216664074,2625.6767822795914,2760.379232406784]
[null,null,null,"Current Liabilities Check",null,null,null,null,{"$f":"SUMPRODUCT($G$111:$G$123*I111:I123)","v":1123},3193,2601,1729,1926,2063,2109,0,0,0,0,0,0,0,0,0]
[null,null,null,"Difference",null,null,{"$f":"SUMIF(3:3,TRUE,555:555)=0","v":true},null,{"$f":"I553-I554","v":0},{"$f":"J553-J554","v":0},0,0,0,0,0,2041.531821922496,2071.174093955171,2121.921222290171,2173.8385725889061,2244.7162441357368,2358.1453854079296,2477.7135216664074,2625.6767822795914,2760.379232406784]
[]
[null,null,null,"Net Working Capital",null,null,null,null,{"$f":"I536-I553","v":815},{"$f":"J536-J553","v":921},2056,1657,2036,1775,1307,1083.1889121514059,1105.7544781159481,1128.4049775159483,1164.9089268866264,1198.7014592270389,1272.367300280775,1334.0682170757814,1429.0883730762994,1498.8328494985021]
[null,null,null,"Change in Working Capital",null,null,null,null,null,{"$f":"J557-I557","v":106},{"$f":"K557-J557","v":1135},-399,379,-261,-468,-223.81108784859407,22.565565964542202,22.650499400000172,36.503949370678129,33.792532340412436,73.665841053736131,61.700916795006378,95.020156000518,69.744476422202752]
[]
[null,null,null,"Working Capital to EBITDA",null,null,null,null,{"$f":"I557/I516","v":0.31418658442559755},{"$f":"J557/J516","v":0.21393728222996516},0.32516210659497075,1.3395311236863379,0.86638297872340431,0.61249137336093862,0.64960238568588469,0.59927682075168986,0.57877483161392063,0.58839141166785813,0.55951857879446654,0.56472565681180686,0.52202740351530219,0.51824420674493121,0.47948088277794454,0.47779169469279348]
[]
["Analysis of Depreciation and Deferred Tax"]
[]
[null,null,"Plant Assets"]
[null,null,null,"Gross Plant"]
[null,null,null,null,"Opening Balance",null,null,null,null,{"$f":"I569","v":4694},{"$f":"J569","v":11974},11333,11635,12372,12820,13604,13297.421742270788,13036.415183948218,12816.735957450488,12634.56893959298,12486.485567735244,12369.405414722189,12280.561597984501,12217.469640508431]
[null,null,null,null,"Add: New Capital Expenditures",null,null,null,null,{"$f":"J457","v":744},{"$f":"K457","v":1103},441,832,1281,1261,1050,1065,1080.3000000000002,1095.9059999999999,1111.8241200000002,1128.0606024000001,1144.6218144480001,1161.5142507369601,1178.7445357516995]
[null,null,null,null,"Less: Retirements/Writeoffs",null,null,null,null,{"$f":"IF(J3,J566+J567-J569,J572*J574)","v":-6536},1744,139,95,833,477,1356.5782577292114,1326.0065583225698,1299.9792264977293,1278.0730178575066,1259.9074918577371,1245.1407554130565,1233.4656311856882,1224.6062082130309,1218.3147367524596]
[null,null,null,null,"Closing Balance",null,null,null,{"$f":"IF(I3,I64,I566+I567-I568)","v":4694},11974,11333,11635,12372,12820,13604,13297.421742270788,13036.415183948218,12816.735957450488,12634.56893959298,12486.485567735244,12369.405414722189,12280.561597984501,12217.469640508431,12177.89943950767]
[null,null,null,null,"Average Balance",null,null,null,{"$f":"AVERAGE(I566,I569)","v":4694},{"$f":"AVERAGE(J566,J569)","v":8334},{"$f":"AVERAGE(K566,K569)","v":11653.5},11484,12003.5,12596,13212,13450.710871135394,{"$f":"AVERAGE(Q566,Q569)","v":13166.918463109503},12926.575570699353,12725.652448521734,12560.527253664113,12427.945491228716,12324.983506353345,12249.015619246466,12197.684540008049]
[]
[null,null,null,null,"Retirement Rate",null,null,null,{"$f":"I349","v":0.16027846299023982},5.6855066141672371E-2,0.19102796965632141,0.33546330390469514,0.52159216037766087,0.80955999647977772,1.0435149089860658,1.0496744438394368,1.0496744438394368,1.0496744438394368,1.0496744438394368,1.0496744438394368,1.0496744438394368,1.0496744438394368,1.0496744438394368,1.0496744438394368]
[null,null,null,null,"Depreciation Rate",null,null,null,{"$f":"I332","v":6.4550489987217727E-2},8.9872810175185988E-2,0.1042605225897799,8.5249042145593867E-2,7.7060857249968764E-2,9.1536995871705301E-2,9.5292158643657282E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2]
[null,null,null,null,"Depreciation Expense",null,null,null,{"$f":"IF(I3,I54,I573*I566)","v":303},749,1215,979,925,1153,1259,1292.3800000000001,1263.2550655157249,1238.4594424750808,1217.5899159577964,1200.2840492613332,1186.2161289348483,1175.093514398608,1166.6533518085275,1160.659615848301]
[]
[null,null,null,"Accumulated Depreciation"]
[null,null,null,null,"Opening Balance",null,null,null,null,{"$f":"I580","v":1039},{"$f":"J580","v":1867},2321,3050,3765,4514,5812,5747.801742270789,5685.0502494639441,5623.5304654412957,5563.0473635415856,5503.4239209451816,5444.4992944669739,5386.127177679894,5328.1743212753909]
[null,null,null,null,"Add: Depreciation Expense",null,null,null,null,{"$f":"J574","v":749},{"$f":"K574","v":1215},979,925,1153,1259,1292.3800000000001,1263.2550655157249,1238.4594424750808,1217.5899159577964,1200.2840492613332,1186.2161289348483,1175.093514398608,1166.6533518085275,1160.659615848301]
[null,null,null,null,"Less: Retirements",null,null,null,null,{"$f":"J568","v":-6536},{"$f":"K568","v":1744},139,95,833,477,1356.5782577292114,1326.0065583225698,1299.9792264977293,1278.0730178575066,1259.9074918577371,1245.1407554130565,1233.4656311856882,1224.6062082130309,1218.3147367524596]
[null,null,null,null,"Closing Balance",null,null,null,{"$f":"IF(I3,-I65,I577+I578-I579)","v":1039},1867,2321,3050,3765,4514,5812,5747.801742270789,5685.0502494639441,5623.5304654412957,5563.0473635415856,5503.4239209451816,5444.4992944669739,5386.127177679894,5328.1743212753909,5270.5192003712318]
[]
[null,null,null,"Net Plant",null,null,null,null,{"$f":"I569-I580","v":3655},{"$f":"J569-J580","v":10107},9012,8585,8607,8306,7792,7549.619999999999,7351.3649344842743,7193.2054920091923,7071.5215760513947,6983.0616467900627,6924.9061202552148,6894.4344203046066,6889.2953192330397,6907.3802391364379]
[null,null,null,"Retirements as Percent of Depreciation",null,null,null,null,null,{"$f":"J579/J578","v":-8.7263017356475299},{"$f":"K579/K578","v":1.4353909465020576},0.14198161389172625,0.10270270270270271,0.72246313963573283,0.37887212073073867,1.0496744438394368,1.0496744438394368,1.0496744438394368,1.0496744438394368,1.0496744438394368,1.0496744438394368,1.0496744438394368,1.0496744438394368,1.0496744438394368]
[]
[null,null,null,"Deferred Tax Assets",null,null,null,null,{"$f":"IF(I3,I353,H585)","v":0},22,44,69,100,79,66,66,66,66,66,66,66,66,66,66]
[null,null,null,"Deferred Tax Liabilities",null,null,null,null,{"$f":"IF(I3,I352,H586+I363)","v":277},1690,1329,1231,1072,1020,927,974.6,1023.7,1074.3300000000002,1126.5206000000001,1180.3030120000001,1235.7090722400001,1292.7712536848001,1351.5226787584961,1411.9971323336661]
[null,null,null,"Change in Deferred Taxes",null,null,null,null,null,{"$f":"(J586-J585)-(I586-I585)","v":1391},{"$f":"(K586-K585)-(J586-J585)","v":-383},-123,-190,-31,-80,47.600000000000023,49.100000000000023,50.630000000000109,52.190599999999904,53.782412000000022,55.406060239999988,57.06218144479999,58.751425073696055,60.474453575169946]
[]
[null,null,null,"Long-term Provisions as Percent of Revenues",null,null,null,null,{"$f":"I437","v":4.7033285094066572E-3},1.0265183917878529E-2,7.5073601570166829E-3,1.8010642652476462E-2,2.0830222487681051E-2,1.7378048780487806E-2,1.7452125492326498E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2]
[null,null,null,"Revenues",null,null,null,null,{"$f":"I479","v":8292},12859,20380,9772,13394,16400,14726,14064.475,14369.329,14656.01915,15145.528707200001,15577.69028010016,16557.567306673227,17355.696763449625,18618.100622703707,19520.693919206369]
[null,null,null,"Provision Level",null,null,null,null,{"$f":"I589*I590","v":39},{"$f":"J589*J590","v":132},153,176,279,285,257,246.12831250000002,251.46325750000003,256.48033512500001,265.04675237600003,272.6095799017528,289.75742786678148,303.72469336036846,325.81676089731491,341.61214358611147]
[null,null,null,"Change in Provisions",null,null,null,null,null,{"$f":"J591-I591","v":93},{"$f":"K591-J591","v":21},23,103,6,-28,-10.871687499999979,5.3349450000000047,5.0170776249999847,8.5664172510000185,7.5628275257527662,17.147847965028689,13.967265493586979,22.092067536946445,15.795382688796565]
[]
["Return on Invested Capital and Ratios that do not Depend on Financing"]
[]
[null,null,null,"EBITDA",null,null,null,null,{"$f":"I516","v":2594},4305,6323,1237,2350,2898,2012,1807.4934231441348,1910.5089193884578,1917.7794834179585,2081.9843541147966,2122.6261721388419,2437.3572952544782,2574.2076799179376,2980.4908274896407,3137.0006346849732]
[null,null,null,"Less: Depreciation",null,null,null,null,{"$f":"I574","v":303},749,1215,979,925,1153,1259,1292.3800000000001,1263.2550655157249,1238.4594424750808,1217.5899159577964,1200.2840492613332,1186.2161289348483,1175.093514398608,1166.6533518085275,1160.659615848301]
[null,null,null,"EBIT",null,null,null,null,{"$f":"I596-I597","v":2291},{"$f":"J596-J597","v":3556},5108,258,1425,1745,753,515.11342314413469,647.25385387273286,679.32004094287777,864.3944381570002,922.3421228775087,1251.14116631963,1399.1141655193296,1813.8374756811131,1976.3410188366722]
[]
[null,null,null,"Tax Rate",null,null,null,null,{"$f":"I343","v":0.25},0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25]
[null,null,null,"Taxes on Operations",null,null,null,null,{"$f":"I598*I600","v":572.75},{"$f":"J598*J600","v":889},1277,64.5,356.25,436.25,188.25,128.77835578603367,161.81346346818322,169.83001023571944,216.09860953925005,230.58553071937718,312.78529157990749,349.7785413798324,453.45936892027828,494.08525470916805]
[]
[null,null,null,"NOPLAT",null,null,null,null,{"$f":"I598-I601","v":1718.25},{"$f":"J598-J601","v":2667},3831,193.5,1068.75,1308.75,564.75,386.33506735810101,485.44039040454965,509.49003070715833,648.2958286177502,691.75659215813153,938.35587473972248,1049.3356241394972,1360.3781067608347,1482.2557641275041]
[]
[null,null,null,"Historic Assets",null,null,null,null,{"$f":"I87","v":8499},18637,19448,16951,17539,16975,17777,0,0,0,0,0,0,0,0,0]
[null,null,null,"Historic Liabilities and Capital",null,null,null,null,{"$f":"I125","v":8499},18637,19448,16951,17539,16975,17777,0,0,0,0,0,0,0,0,0]
[null,null,null,"Difference",null,null,null,null,{"$f":"I605-I606","v":0},{"$f":"J605-J606","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Test",null,null,{"$f":"AND(I608:X608)","v":true},null,{"$f":"I607=0","v":true},{"$f":"J607=0","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
[null,null,null,"Historic Invested Capital - EBITDA Perspective; Assets",null,null,null,null,{"$f":"SUMPRODUCT($G$66:$G$85*I66:I85)","v":5907},17434,17263,15452,15995,15348,14143,0,0,0,0,0,0,0,0,0]
[null,null,null,"Historic Invested Capital - EBITDA Perspective; Liabilities",null,null,null,null,{"$f":"SUMPRODUCT($G$99:$G$123*I99:I123)","v":1486},5070,4141,3204,3420,3653,3463,0,0,0,0,0,0,0,0,0]
[null,null,null,"Net Invested Capital - EBITDA Perspective",null,null,null,null,{"$f":"I610-I611","v":4421},{"$f":"J610-J611","v":12364},13122,12248,12575,11695,10680,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Historic Invested Capital - Financing Perspecitve, Liabilities",null,null,null,null,{"$f":"SUMPRODUCT($H$99:$H$123*I99:I123)","v":7013},13567,15307,13747,14119,13322,14314,0,0,0,0,0,0,0,0,0]
[null,null,null,"Historic Invested Capital - Financing Perspecitve, Assets",null,null,null,null,{"$f":"SUMPRODUCT($H$66:$H$85*I66:I85)","v":2592},1203,2185,1499,1544,1627,3634,0,0,0,0,0,0,0,0,0]
[null,null,null,"Net Invested Capital - Financing Persepective",null,null,null,null,{"$f":"I614-I615","v":4421},{"$f":"J614-J615","v":12364},13122,12248,12575,11695,10680,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Difference",null,null,null,null,{"$f":"I612-I616","v":0},{"$f":"J612-J616","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Check",null,null,{"$f":"AND(I619:X619)","v":true},null,{"$f":"I618=0","v":true},{"$f":"J618=0","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
[null,null,null,"Intangible, Goodwill and Other",null,null,null,null,{"$f":"SUM(I440:I442)","v":314},3191,3550,3412,3326,3125,2869,2869,2869,2869,2869,2869,2869,2869,2869,2869]
[null,null,null,"Other Liabilities",null,null,null,null,{"$f":"I446","v":47},55,58,68,143,285,170,170,170,170,170,170,170,170,170,170]
[]
[null,null,"Prospective Invested Capital"]
[null,null,null,"Plant Assets",null,null,null,null,{"$f":"I569","v":4694},11974,11333,11635,12372,12820,13604,13297.421742270788,13036.415183948218,12816.735957450488,12634.56893959298,12486.485567735244,12369.405414722189,12280.561597984501,12217.469640508431,12177.89943950767]
[null,null,null,"Less: Accumulated Depreciation",null,null,null,null,{"$f":"-I580","v":-1039},-1867,-2321,-3050,-3765,-4514,-5812,-5747.801742270789,-5685.0502494639441,-5623.5304654412957,-5563.0473635415856,-5503.4239209451816,-5444.4992944669739,-5386.127177679894,-5328.1743212753909,-5270.5192003712318]
[null,null,null,"Intangible, Goodwill and Other",null,null,null,null,{"$f":"I621","v":314},{"$f":"J621","v":3191},3550,3412,3326,3125,2869,2869,2869,2869,2869,2869,2869,2869,2869,2869]
[null,null,null,"Net Working Capital",null,null,null,null,{"$f":"I557","v":815},921,2056,1657,2036,1775,1307,1083.1889121514059,1105.7544781159481,1128.4049775159483,1164.9089268866264,1198.7014592270389,1272.367300280775,1334.0682170757814,1429.0883730762994,1498.8328494985021]
[null,null,null,"Other Liabilities",null,null,null,null,{"$f":"-I622","v":-47},{"$f":"-J622","v":-55},-58,-68,-143,-285,-170,-170,-170,-170,-170,-170,-170,-170,-170,-170]
[null,null,null,"Deferred Taxes and Provisisons",null,null,null,null,{"$f":"-I586+I585-I591","v":-316},-1800,-1438,-1338,-1251,-1226,-1118,-1154.7283125000001,-1209.1632575000001,-1264.8103351250002,-1325.5673523760001,-1386.9125919017529,-1459.4665001067815,-1530.4959470451686,-1611.339439655811,-1687.6092759197775]
[null,null,null,null,"Total Invested Captial",null,null,null,{"$f":"SUM(I625:I630)","v":4421},{"$f":"SUM(J625:J630)","v":12364},13122,12248,12575,11695,10680,10177.080599651406,9946.9561551002225,9755.8001344001423,9609.8631505620215,9493.8505141153473,9436.8069204292078,9397.0066903352181,9406.044252653528,9417.6038127151605]
[]
[null,null,null,null,"Historic Check",null,{"$f":"SUMIF(3:3,TRUE,633:633)=0","v":true},null,{"$f":"I631-I616","v":0},{"$f":"J631-J616","v":0},0,0,0,0,0,10177.080599651406,9946.9561551002225,9755.8001344001423,9609.8631505620215,9493.8505141153473,9436.8069204292078,9397.0066903352181,9406.044252653528,9417.6038127151605]
[]
[null,null,null,"Average Invested Capital",null,null,null,null,{"$f":"AVERAGE(H631:I631)","v":4421},{"$f":"AVERAGE(I631:J631)","v":8392.5},12743,12685,12411.5,12135,11187.5,10428.540299825703,10062.018377375814,9851.3781447501824,9682.8316424810819,9551.8568323386844,9465.3287172722776,9416.906805382212,9401.5254714943731,9411.8240326843443]
[null,null,null,"ROIC",null,null,null,null,{"$f":"I603/I635","v":0.3886564125763402},0.31778373547810546,0.30063564309817153,1.5254237288135594E-2,8.6109656367078916E-2,0.10784919653893696,5.0480446927374301E-2,3.704593895701376E-2,4.824483241812097E-2,5.1717640234799689E-2,6.6953124101993999E-2,7.2421164209258912E-2,9.9136110616783554E-2,0.11143102993647042,0.1446975930539709,0.1574886822129366]
[]
[null,null,null,"Sales Growth",null,null,null,null,null,{"$f":"J479/I479-1","v":0.55077182826821036},0.584882183684579,-0.52051030421982336,0.37065083913221453,0.22442884873824109,-0.1020731707317073,-4.4922246366969953E-2,2.1675462468382145E-2,1.9951533575436997E-2,3.3399898853161636E-2,2.8533937722142078E-2,6.2902587543727018E-2,4.8203304386069235E-2,7.273714656692154E-2,4.8479343558923693E-2]
[null,null,null,"EBITDA Margin",null,null,null,null,{"$f":"I596/I479","v":0.31283164495899662},0.33478497550353836,0.31025515210991167,0.12658616455178059,0.17545169478871137,0.17670731707317072,0.13662909140296076,0.12851481645380541,0.13295742058578086,0.1308526867896429,0.13746528063593094,0.13626064801470644,0.14720503622969697,0.14832061858438964,0.16008565470180686,0.16070128693521929]
[]
[null,null,null,"Captial Expenditures",null,null,null,null,{"$f":"I457","v":651},744,1103,441,832,1281,1261,1050,1065,1080.3000000000002,1095.9059999999999,1111.8241200000002,1128.0606024000001,1144.6218144480001,1161.5142507369601,1178.7445357516995]
[null,null,null,"Depreciation",null,null,null,null,{"$f":"I574","v":303},{"$f":"J574","v":749},1215,979,925,1153,1259,1292.3800000000001,1263.2550655157249,1238.4594424750808,1217.5899159577964,1200.2840492613332,1186.2161289348483,1175.093514398608,1166.6533518085275,1160.659615848301]
[null,null,null,"Cap Exp to Depreciation",null,null,null,null,{"$f":"I641/I642","v":2.1485148514851486},{"$f":"J641/J642","v":0.99332443257676906},0.90781893004115222,0.45045965270684374,0.89945945945945949,1.1110147441457068,1.0015885623510723,0.81245454123400229,0.84306014602459789,0.87229340174515813,0.90006165921464953,0.92630083744279357,0.95097392025256955,0.97406870212690877,0.99559500595133865,1.0155815879664087]
[]
[null,null,null,"Depreciation Expense",null,null,null,null,{"$f":"I642","v":303},{"$f":"J642","v":749},1215,979,925,1153,1259,1292.3800000000001,1263.2550655157249,1238.4594424750808,1217.5899159577964,1200.2840492613332,1186.2161289348483,1175.093514398608,1166.6533518085275,1160.659615848301]
[null,null,null,"Net Plant",null,null,null,null,{"$f":"I582","v":3655},{"$f":"J582","v":10107},9012,8585,8607,8306,7792,7549.619999999999,7351.3649344842743,7193.2054920091923,7071.5215760513947,6983.0616467900627,6924.9061202552148,6894.4344203046066,6889.2953192330397,6907.3802391364379]
[null,null,null,"Depreciation to Net Plant",null,null,null,null,{"$f":"I645/I646","v":8.2900136798905608E-2},{"$f":"J645/J646","v":7.4107054516671614E-2},0.13482023968042608,0.11403610949330227,0.10747066341350064,0.13881531423067661,0.16157597535934293,0.17118477486284081,0.17183952596203783,0.17217073026078067,0.17218216799073613,0.17188507133014835,0.17129707007365622,0.17044088648343261,0.1693429150223171,0.16803181172394918]
[]
[null,null,null,"Capital Expenditures to EBITDA",null,null,null,null,{"$f":"I641/I596","v":0.25096376252891289},{"$f":"J641/J596","v":0.17282229965156795},0.17444251146607623,0.35650767987065479,0.35404255319148936,0.4420289855072464,0.62673956262425445,0.58091497681553106,0.55744309235724476,0.56330772611804025,0.52637571355138713,0.52379648126155076,0.46282118940720268,0.44465014356747207,0.38970569545931516,0.37575527486945265]
[null,null,null,"Working Captial to EBITDA",null,null,null,null,{"$f":"I557/I596","v":0.31418658442559755},{"$f":"J557/J596","v":0.21393728222996516},0.32516210659497075,1.3395311236863379,0.86638297872340431,0.61249137336093862,0.64960238568588469,0.59927682075168986,0.57877483161392063,0.58839141166785813,0.55951857879446654,0.56472565681180686,0.52202740351530219,0.51824420674493121,0.47948088277794454,0.47779169469279348]
[]
["Other Income and Assets"]
[null,null,"Associated Investments"]
[null,null,null,"Balance of Associated Investments",null,null,null,null,{"$f":"IF(I3,I373,H654)","v":1494},592,551,634,688,663,561,561,561,561,561,561,561,561,561,561]
[null,null,null,"Average Balance",null,null,null,null,{"$f":"AVERAGE(I654,H654)","v":1494},{"$f":"AVERAGE(J654,I654)","v":1043},571.5,592.5,661,675.5,612,561,561,561,561,561,561,561,561,561]
[null,null,null,"Income Rate on Associated Investments",null,null,null,null,{"$f":"I378","v":2.677376171352075E-2},8.4372003835091081E-2,0.34645669291338582,3.3755274261603376E-3,3.1770045385779121E-2,8.1421169504071064E-2,1.6339869281045752E-3,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,null,"Income on Associated Investments",null,null,null,null,{"$f":"I655*I656","v":40},{"$f":"J655*J656","v":88},198,2,21,55.000000000000007,1,28.05,28.05,28.05,28.05,28.05,28.05,28.05,28.05,28.05]
[]
[null,null,null,"Assets Held for Disposal",null,null,null,null,{"$f":"IF(I3,I443,H659)","v":105},211,7,7,2,9,930,930,930,930,930,930,930,930,930,930]
[null,null,null,"Liabilities Held for Disposal",null,null,null,null,{"$f":"IF(I3,I450,H660)","v":12},39,0,0,0,0,478,478,478,478,478,478,478,478,478,478]
[]
[null,null,null,"Pension Liabilities",null,null,null,null,{"$f":"IF(I3,I447,H662)","v":117},347,292,307,315,296,294,294,294,294,294,294,294,294,294,294]
[]
[null,null,null,"Loss on Disposal",null,null,null,null,{"$f":"I21","v":21},26,37,39,52,50,56,0,0,0,0,0,0,0,0,0]
[null,null,null,"Asset Impairment",null,null,null,null,{"$f":"I22","v":20},7,880,180,147,104,413,0,0,0,0,0,0,0,0,0]
[null,null,null,"Foreign Exchange",null,null,null,null,{"$f":"I23","v":48},-55,-471,156,104,269,-41,0,0,0,0,0,0,0,0,0]
[null,null,null,"Gain/(loss) on financial assets and liabilities, net",null,null,null,null,{"$f":"I30","v":26},-71,-129,97,8,-355,164,0,0,0,0,0,0,0,0,0]
[null,null,null,"Gain/(loss) on disposal groups classified as held for sale, net",null,null,null,null,{"$f":"I31","v":-77},-6,-43,-5,-14,8,114,0,0,0,0,0,0,0,0,0]
[null,null,null,"Gain on bargain purchases",null,null,null,null,{"$f":"I32","v":1},10,0,6,4,-4,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Other non-operating gains/(losses), net",null,null,null,null,{"$f":"I33","v":1},4,-5,4,-1,0,-6,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Total Other Income",null,null,null,{"$f":"-I664-I665+I666+I667+I668+I669+I670","v":-42},{"$f":"-J664-J665+J666+J667+J668+J669+J670","v":-151},{"$f":"-K664-K665+K666+K667+K668+K669+K670","v":-1565},{"$f":"-L664-L665+L666+L667+L668+L669+L670","v":39},-98,-236,-238,0,0,0,0,0,0,0,0,0]
[]
["Debt and Surplus Cash"]
[null,null,"Cash and Financial Assets"]
[null,null,null,"Cash and Equivalents",null,null,null,null,{"$f":"I83","v":842},327,930,671,683,801,1320,0,0,0,0,0,0,0,0,0]
[null,null,null,"Other Current Financial Assets",null,null,null,null,{"$f":"I82","v":25},25,589,120,52,57,712,0,0,0,0,0,0,0,0,0]
[null,null,null,"Loans Receivable",null,null,null,null,{"$f":"I78","v":19},48,108,1,1,44,19,0,0,0,0,0,0,0,0,0]
[null,null,null,"Long-term Financial Investments",null,null,null,null,{"$f":"I71","v":107},0,0,66,118,53,92,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Total",null,null,null,{"$f":"SUM(I675:I678)","v":993},{"$f":"SUM(J675:J678)","v":400},1627,858,854,955,2143,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Total Revenues",null,null,null,null,{"$f":"I479","v":8292},12859,20380,9772,13394,16400,14726,14064.475,14369.329,14656.01915,15145.528707200001,15577.69028010016,16557.567306673227,17355.696763449625,18618.100622703707,19520.693919206369]
[null,null,null,"Minimum Cash Balance Percent",null,null,null,null,{"$f":"I396","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,null,"Minimum Cash Balance ",null,null,null,null,{"$f":"I681*I682","v":414.6},{"$f":"J681*J682","v":642.95000000000005},1019,488.6,669.7,820,736.30000000000007,703.22375000000011,718.46645000000001,732.8009575000001,757.27643536000005,778.88451400500799,827.87836533366135,867.78483817248127,930.90503113518537,976.03469596031846]
[]
[null,null,null,"Available Cash for Funding Negative Cash Flow",null,null,null,null,{"$f":"I687-I683","v":-414.6},{"$f":"J687-J683","v":350.04999999999995},-619,1138.4000000000001,188.29999999999995,34,218.69999999999993,1439.7762499999999,85.233869557151479,{"$f":"R687-R683","v":-14.334507500000086},-24.475477859999955,-21.608078645007936,-48.993851328653363,-39.906472838819923,-63.120192962704095,-45.129664825133091]
[]
[null,null,null,"Opening Balance",null,null,null,null,{"$f":"H690","v":0},{"$f":"I690","v":993},400,1627,858,854,955,2143,803.70031955715149,718.46645000000001,732.8009575000001,757.27643536000005,778.88451400500799,827.87836533366135,867.78483817248127,930.90503113518537]
[null,null,null,"Less: Cash Used to Finance Negative Cash Flow",null,null,null,null,{"$f":"I799","v":-414.6},{"$f":"J799","v":0},-619,0,0,0,0,1339.2996804428485,85.233869557151479,-14.334507500000086,-24.475477859999955,-21.608078645007936,-48.993851328653363,-39.906472838819923,-63.120192962704095,-45.129664825133091]
[null,null,null,"Add: Surplus Cash",null,null,null,null,{"$f":"I803","v":729.4},{"$f":"J803","v":1818.4981844589688},887.29757479682871,505.85546038543896,195,331.25720164609061,570,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance",null,null,null,null,{"$f":"IF(I3,I679,I687-I688+I689)","v":993},400,1627,858,854,955,2143,803.70031955715149,718.46645000000001,732.8009575000001,757.27643536000005,778.88451400500799,827.87836533366135,867.78483817248127,930.90503113518537,976.03469596031846]
[]
[null,null,null,"Interest Income Rate",null,null,null,null,{"$f":"I390","v":2.7190332326283987E-2},5.8865757358219667E-2,5.6240749876665025E-2,3.2193158953722337E-2,1.5186915887850467E-2,1.8794914317302378E-2,1.4848289218850872E-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,null,"Interest Income Amount",null,null,null,null,{"$f":"IF(I3,I387,I692*I687)","v":27},41,57,40,13,17,23,32.144999999999996,12.055504793357272,10.77699675,10.992014362500001,11.3591465304,11.683267710075119,12.418175480004919,13.016772572587218,13.963575467027781]
[]
[null,null,"New Debt"]
[null,null,null,"Opening Balance",null,null,null,null,{"$f":"H699","v":0},{"$f":"I699","v":0},0,0,0,0,0,0,0,645.65618422929492,1785.6804162254098,3290.3907465980319,3621.49958431409,4637.981310850415,4318.4389880929784,3832.6578930243168]
[null,null,null,"Add: New Debt from Negative Cash Flow",null,null,null,null,{"$f":"I802","v":0},{"$f":"J802","v":0},0,0,0,0,0,0,645.65618422929492,1140.0242319961148,1504.7103303726224,331.10883771605802,1016.481726536325,39.906472838819923,63.120192962704095,45.129664825133091]
[null,null,null,"Less: Debt Repaid from Positive Cash Flow",null,null,null,null,{"$f":"I800","v":0},{"$f":"J800","v":0},0,0,0,0,0,0,0,0,0,0,0,359.4487955962569,548.90128803136599,623.15744246210272]
[null,null,null,"Closing Balance",null,null,null,null,{"$f":"I696+I697-I698","v":0},{"$f":"J696+J697-J698","v":0},0,0,0,0,0,0,645.65618422929492,1785.6804162254098,3290.3907465980319,3621.49958431409,4637.981310850415,4318.4389880929784,3832.6578930243168,3254.6301153873474]
[]
[null,null,null,"Interest Rate",null,null,null,null,{"$f":"I718","v":8.6447716119290294E-2},8.6341566392231367E-2,7.7671054191865291E-2,7.5059593103830591E-2,9.1768561704273291E-2,9.3694170581618469E-2,8.3690151810042815E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2]
[null,null,null,"Interest Expense",null,null,null,null,{"$f":"I701*I696","v":0},{"$f":"J701*J696","v":0},0,0,0,0,0,0,0,54.88077565949007,151.78283537915985,279.68321346083275,307.82746466669767,394.22841142228532,367.06731398790322,325.77592090706696]
[]
[null,null,"Long-term Debt"]
[null,null,null,"Total Long-term Debt and Finance Leases",null,null,null,null,{"$f":"IF(I3,I400,H705)","v":1897},4707,6104,5989,7135,6619,6384,6384,6384,6384,6384,6384,6384,6384,6384,6384]
[null,null,null,"Repayment Percent",null,null,null,null,{"$f":"I409","v":0},0,0,0,0,0,0,0.21421651731654154,0.12581738919835311,0.1753451198837491,0.23056430128360378,7.7742794865584885E-2,0.16759505933640106,8.7188181157665297E-3,0,0]
[null,null,null,"Debt Repayment",null,null,null,null,{"$f":"I705*I706","v":0},{"$f":"J705*J706","v":0},0,0,0,0,0,1367.5582465488012,803.21821264228629,1119.4032453378543,1471.9224993945265,496.3100024218939,1069.9268588035843,55.660934851053526,0,0]
[]
[null,null,null,"Long-term Debt Balance"]
[null,null,null,"Opening Balance",null,null,null,null,{"$f":"H712","v":0},{"$f":"I712","v":2649},6825,10041,7998,7868,7245,8169,6419.065270041172,5391.2630176798257,3958.868733349479,2075.3889561637197,1440.308064906757,71.224025187696725,-5.6843418860808015E-14,-5.6843418860808015E-14]
[null,null,null,"Less: Debt Repaid",null,null,null,null,{"$f":"I716*I714","v":0},{"$f":"J716*J714","v":0},0,0,0,0,0,{"$f":"P716*P714","v":1749.9347299588278},1027.8022523613465,1432.3942843303464,1883.4797771857593,635.0808912569629,1369.0840397190602,71.224025187696782,0,0]
[null,null,null,"Closing Balance",null,null,null,null,{"$f":"IF(I3,I401,I710-I711)","v":2649},6825,10041,7998,7868,7245,8169,6419.065270041172,5391.2630176798257,3958.868733349479,2075.3889561637197,1440.308064906757,71.224025187696725,-5.6843418860808015E-14,-5.6843418860808015E-14,-5.6843418860808015E-14]
[]
[null,null,null,"Repayment Percent",null,null,null,null,{"$f":"I409","v":0},0,0,0,0,0,0,0.21421651731654154,0.12581738919835311,0.1753451198837491,0.23056430128360378,7.7742794865584885E-2,0.16759505933640106,8.7188181157665297E-3,0,0]
[null,null,null,"Last Historic Period",null,null,null,null,{"$f":"I1=$F$2","v":false},false,false,false,false,false,true,false,false,false,false,false,false,false,false,false]
[null,null,null,"Repayment Base",null,null,null,null,{"$f":"SUMIF(715:715,TRUE,712:712)","v":8169},8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169]
[]
[null,null,null,"Interest Rate",null,null,null,null,{"$f":"I407","v":8.6447716119290294E-2},8.6341566392231367E-2,7.7671054191865291E-2,7.5059593103830591E-2,9.1768561704273291E-2,9.3694170581618469E-2,8.3690151810042815E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2]
[null,null,null,"Interest Expense",null,null,null,null,{"$f":"IF(I3,I404,AVERAGE(I712,I710)*I718)","v":229},409,655,677,728,708,645,619.99277397674985,501.9389522281424,397.38059941874548,256.45595180431098,149.41712339549528,64.240113829014291,3.0270210704771086,-4.8316906031686816E-15,-4.8316906031686816E-15]
[]
["Profit and Loss"]
[null,null,"Effective Tax Rate",null,null,null,null,null,{"$f":"I341","v":0.30522280785816963},0.30271999999999999,0.38593700286350618,0.13609467455621302,0.25750394944707738,0.48109965635738833,-2.1603773584905661,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25]
[null,null,"Minority Interest Percent",null,null,null,null,null,{"$f":"I417","v":5.0344827586206897E-2},3.4878384580082605E-2,3.2124352331606217E-2,-1.0273972602739725E-2,-3.4042553191489362E-2,-1.7660044150110375E-2,8.0597014925373134E-2,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[]
[null,null,"Revenues",null,null,null,null,null,{"$f":"I479","v":8292},12859,20380,9772,13394,16400,14726,14064.475,14369.329,14656.01915,15145.528707200001,15577.69028010016,16557.567306673227,17355.696763449625,18618.100622703707,19520.693919206369]
[null,null,"Less: Cash Operating Costs",null,null,null,null,null,{"$f":"I513","v":5698},8554,14057,8535,11044,13502,12714,12256.981576855866,12458.820080611542,12738.239666582042,13063.544353085204,13455.064107961318,14120.210011418749,14781.489083531687,15637.609795214066,16383.693284521396]
[null,null,null,"EBITDA",null,null,null,null,{"$f":"I725-I726","v":2594},{"$f":"J725-J726","v":4305},6323,1237,2350,2898,2012,1807.4934231441348,1910.5089193884578,1917.7794834179585,2081.9843541147966,2122.6261721388419,2437.3572952544782,2574.2076799179376,2980.4908274896407,3137.0006346849732]
[null,null,"Less: Depreciation",null,null,null,null,null,{"$f":"I574","v":303},749,1215,979,925,1153,1259,1292.3800000000001,1263.2550655157249,1238.4594424750808,1217.5899159577964,1200.2840492613332,1186.2161289348483,1175.093514398608,1166.6533518085275,1160.659615848301]
[null,null,null,"EBIT  ",null,null,null,null,{"$f":"I727-I728","v":2291},{"$f":"J727-J728","v":3556},5108,258,1425,1745,753,515.11342314413469,647.25385387273286,679.32004094287777,864.3944381570002,922.3421228775087,1251.14116631963,1399.1141655193296,1813.8374756811131,1976.3410188366722]
[null,null,"Less: Interst Expense on Fixed Debt",null,null,null,null,null,{"$f":"I719","v":229},409,655,677,728,708,645,619.99277397674985,501.9389522281424,397.38059941874548,256.45595180431098,149.41712339549528,64.240113829014291,3.0270210704771086,-4.8316906031686816E-15,-4.8316906031686816E-15]
[null,null,"Less: Interest Expense on New Debt",null,null,null,null,null,{"$f":"I702","v":0},0,0,0,0,0,0,0,0,54.88077565949007,151.78283537915985,279.68321346083275,307.82746466669767,394.22841142228532,367.06731398790322,325.77592090706696]
[null,null,"Add: Interest Income on Cash Balance",null,null,null,null,null,{"$f":"I693","v":27},41,57,40,13,17,23,32.144999999999996,12.055504793357272,10.77699675,10.992014362500001,11.3591465304,11.683267710075119,12.418175480004919,13.016772572587218,13.963575467027781]
[null,null,"Add: Other Income",null,null,null,null,null,{"$f":"I671","v":-42},-151,-1565,39,-98,-236,-238,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Income from Associated Investments",null,null,null,null,null,{"$f":"I657","v":40},88,198,2,21,55.000000000000007,1,28.05,28.05,28.05,28.05,28.05,28.05,28.05,28.05,28.05]
[null,null,null,"EBT",null,null,null,null,{"$f":"I729-I730-I731+I732+I733+I734","v":2087},{"$f":"J729-J730-J731+J732+J733+J734","v":3125},3143,-338,633,873,-106,-44.684350832615166,185.42040643794775,265.88566261464223,495.19766533602939,532.65093255158058,918.80685553399314,1042.3269085065722,1487.836934265797,1692.5786733966329]
[null,null,"Less: Book Taxes",null,null,null,null,null,{"$f":"IF(I3,I35,I735*I722)","v":637},946,1213,-46,163,420,229,-11.171087708153792,46.355101609486937,66.471415653660557,123.79941633400735,133.16273313789515,229.70171388349829,260.58172712664305,371.95923356644926,423.14466834915822]
[null,null,null,"Earnings After Tax",null,null,null,null,{"$f":"I735-I736","v":1450},{"$f":"J735-J736","v":2179},1930,-292,470,453,-335,-33.513263124461375,139.0653048284608,199.41424696098167,371.39824900202206,399.48819941368544,689.10514165049483,781.74518137992914,1115.8777006993478,1269.4340050474748]
[null,null,"Less: Minority Interest",null,null,null,null,null,{"$f":"IF(I3,I39,I737*I723)","v":73},76,62,3,-16,-8,-27,-1.6756631562230688,6.9532652414230398,9.9707123480490836,18.569912450101103,19.974409970684274,34.455257082524746,39.08725906899646,55.793885034967388,63.471700252373743]
[null,null,null,"Income after Minority Interest",null,null,null,null,{"$f":"I737-I738","v":1377},{"$f":"J737-J738","v":2103},1868,-295,486,461,-308,-31.837599968238305,132.11203958703777,189.44353461293258,352.82833655192093,379.51378944300114,654.64988456797005,742.65792231093269,1060.0838156643804,1205.9623047951011]
[]
[null,null,"Shares",null,null,null,null,null,{"$f":"IF(I3,I422,H741)","v":118.09605488850772},119.35300794551645,123.46331791143423,1229.1666666666667,1246.1538461538462,1280.5555555555557,1339.1304347826087,1339.1304347826087,1339.1304347826087,1339.1304347826087,1339.1304347826087,1339.1304347826087,1339.1304347826087,1339.1304347826087,1339.1304347826087,1339.1304347826087]
[null,null,"Earnings Per Share",null,null,null,null,null,{"$f":"I739/I741","v":11.66},{"$f":"J739/J741","v":17.62},15.13,-0.24,0.39,0.36,-0.22999999999999998,-2.3774831145113019E-2,9.8655094496813922E-2,0.14146757454861847,0.26347570586669417,0.28340315445418918,0.4888619267877698,0.55458221471270941,0.79162103117794635,0.90055626656777021]
[]
[null,null,null,"Actual Income",null,null,null,null,{"$f":"I38","v":1377},2103,1868,-295,486,461,-308,0,0,0,0,0,0,0,0,0]
[null,null,null,"Historic Income Check",null,null,null,null,{"$f":"I739-I744","v":0},{"$f":"J739-J744","v":0},0,0,0,0,0,-31.837599968238305,132.11203958703777,189.44353461293258,352.82833655192093,379.51378944300114,654.64988456797005,742.65792231093269,1060.0838156643804,1205.9623047951011]
[null,null,null,"Check",null,{"$f":"SUMIF(3:3,TRUE,745:745)","v":0}]
[]
["Income Taxes Paid"]
[null,null,"Effective Tax Rate",null,null,null,null,null,{"$f":"I722","v":0.30522280785816963},{"$f":"J722","v":0.30271999999999999},0.38593700286350618,0.13609467455621302,0.25750394944707738,0.48109965635738833,-2.1603773584905661,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25]
[]
[null,null,"EBT",null,null,null,null,null,{"$f":"I735","v":2087},{"$f":"J735","v":3125},3143,-338,633,873,-106,-44.684350832615166,185.42040643794775,265.88566261464223,495.19766533602939,532.65093255158058,918.80685553399314,1042.3269085065722,1487.836934265797,1692.5786733966329]
[null,null,"Deferred Tax Change without NOL",null,null,null,null,null,{"$f":"I587","v":0},1391,-383,-123,-190,-31,-80,47.600000000000023,49.100000000000023,50.630000000000109,52.190599999999904,53.782412000000022,55.406060239999988,57.06218144479999,58.751425073696055,60.474453575169946]
[null,null,"Added Timing Differences",null,null,null,null,null,{"$f":"I752/I749","v":0},{"$f":"J752/J749","v":4595.0052854122623},-992.38994229183845,-903.78260869565213,-737.85276073619639,-64.435714285714283,37.030567685589517,190.40000000000009,196.40000000000009,202.52000000000044,208.76239999999962,215.12964800000009,221.62424095999995,228.24872577919996,235.00570029478422,241.89781430067978]
[null,null,"Adjusted EBT",null,null,null,null,null,{"$f":"I751-I753","v":2087},{"$f":"J751-J753","v":-1470.0052854122623},4135.3899422918385,565.78260869565213,1370.8527607361964,937.43571428571431,-143.03056768558952,-235.08435083261526,-10.979593562052344,63.365662614641792,286.43526533602977,317.52128455158049,697.18261457399319,814.07818272737222,1252.8312339710128,1450.6808590959531]
[]
[null,null,"NOL Balance"]
[null,null,null,"Opening Balance",null,null,null,null,{"$f":"H760","v":0},{"$f":"I760","v":0},1470.0052854122623,0,0,0,0,143.03056768558952,378.11491851820477,389.09451208025712,325.72884946561533,39.293584129585554,0,0,0,0]
[null,null,null,"Add: Tax Losses",null,null,null,null,{"$f":"MAX(-I754,0)","v":0},{"$f":"MAX(-J754,0)","v":1470.0052854122623},0,0,0,0,143.03056768558952,235.08435083261526,10.979593562052344,0,0,0,0,0,0,0]
[null,null,null,"Less: NOL Used",null,null,null,null,{"$f":"MAX(MIN(I754,I757),0)","v":0},{"$f":"MAX(MIN(J754,J757),0)","v":0},1470.0052854122623,0,0,0,0,0,0,63.365662614641792,286.43526533602977,39.293584129585554,0,0,0,0]
[null,null,null,"Closing Balance",null,null,null,null,{"$f":"I757+I758-I759","v":0},{"$f":"J757+J758-J759","v":1470.0052854122623},0,0,0,0,143.03056768558952,378.11491851820477,389.09451208025712,325.72884946561533,39.293584129585554,0,0,0,0,0]
[]
[null,null,"Adjusted EBT",null,null,null,null,null,{"$f":"I754+I758-I759","v":2087},{"$f":"J754+J758-J759","v":0},2665.3846568795761,565.78260869565213,1370.8527607361964,937.43571428571431,0,0,0,0,0,278.22770042199494,697.18261457399319,814.07818272737222,1252.8312339710128,1450.6808590959531]
[null,null,"Taxes Paid",null,null,null,null,null,{"$f":"I762*I749","v":637},{"$f":"J762*J749","v":0},1028.6705659544784,77,353,451,0,0,0,0,0,69.556925105498735,174.2956536434983,203.51954568184306,313.2078084927532,362.67021477398828]
[]
[null,null,"NOL Change",null,null,null,null,null,{"$f":"I760-H760","v":0},{"$f":"J760-I760","v":1470.0052854122623},-1470.0052854122623,0,0,0,143.03056768558952,235.08435083261526,10.979593562052344,-63.365662614641792,-286.43526533602977,-39.293584129585554,0,0,0,0]
[null,null,"Deferred Tax Change from NOL",null,null,null,null,null,{"$f":"I765*I749","v":0},{"$f":"J765*J749","v":445.00000000000006},-567.32943404552145,0,0,0,-309,58.771087708153814,2.7448983905130859,-15.841415653660448,-71.608816334007443,-9.8233960323963885,0,0,0,0]
[]
[null,null,"Total Deferred Tax Change",null,null,null,null,null,{"$f":"I752+I766","v":0},{"$f":"J752+J766","v":1836},-950.32943404552145,-123,-190,-31,-389,106.37108770815384,51.844898390513109,34.788584346339661,-19.418216334007539,43.959015967603634,55.406060239999988,57.06218144479999,58.751425073696055,60.474453575169946]
[]
[null,null,"Accumulated Deferred Tax Assets"]
[null,null,null,"Opening Balance",null,null,null,null,null,{"$f":"I773","v":0},{"$f":"J773","v":22},44,69,100,79,66,124.77108770815381,127.5159860986669,111.67457044500645,40.065754110999009,30.242358078602621,30.242358078602621,30.242358078602621,30.242358078602621]
[null,null,null,"Add: NOL Deferred Taxes",null,null,null,null,null,{"$f":"J766","v":445.00000000000006},{"$f":"K766","v":-567.32943404552145},0,0,0,-309,58.771087708153814,2.7448983905130859,-15.841415653660448,-71.608816334007443,-9.8233960323963885,0,0,0,0]
[null,null,null,"Closing Balance",null,null,null,null,{"$f":"IF(I3,I353,I771+I772)","v":0},22,44,69,100,79,66,124.77108770815381,127.5159860986669,111.67457044500645,40.065754110999009,30.242358078602621,30.242358078602621,30.242358078602621,30.242358078602621,30.242358078602621]
[]
[null,null,"Accumulated Deferred Tax Liabilities"]
[null,null,null,"Opening Balance",null,null,null,null,{"$f":"H778","v":0},{"$f":"I778","v":277},1690,1329,1231,1072,1020,927,974.6,1023.7,1074.3300000000002,1126.5206000000001,1180.3030120000001,1235.7090722400001,1292.7712536848001,1351.5226787584961]
[null,null,null,"Add: Change in Deferred Tax without NOL",null,null,null,null,{"$f":"I752","v":0},{"$f":"J752","v":1391},-383,-123,-190,-31,-80,47.600000000000023,49.100000000000023,50.630000000000109,52.190599999999904,53.782412000000022,55.406060239999988,57.06218144479999,58.751425073696055,60.474453575169946]
[null,null,null,"Closing Balance",null,null,null,null,{"$f":"IF(I3,I586,I776+I777)","v":277},1690,1329,1231,1072,1020,927,974.6,1023.7,1074.3300000000002,1126.5206000000001,1180.3030120000001,1235.7090722400001,1292.7712536848001,1351.5226787584961,1411.9971323336661]
[]
["Cash Flow"]
[null,null,"Dividend Payout Ratio",null,null,null,null,null,{"$f":"I430","v":0},0.66521423384168488,0.60675225867807892,4.8179871520342615E-2,0,1.0102880658436213,0.81344902386117135,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5]
[]
[null,null,"EBITDA",null,null,null,null,null,{"$f":"I727","v":2594},4305,6323,1237,2350,2898,2012,1807.4934231441348,1910.5089193884578,1917.7794834179585,2081.9843541147966,2122.6261721388419,2437.3572952544782,2574.2076799179376,2980.4908274896407,3137.0006346849732]
[null,null,"Less: Taxes Paid",null,null,null,null,null,{"$f":"I763","v":637},0,1028.6705659544784,77,353,451,0,0,0,0,0,69.556925105498735,174.2956536434983,203.51954568184306,313.2078084927532,362.67021477398828]
[null,null,"Less: Working Capital Changes",null,null,null,null,null,{"$f":"I558","v":0},106,1135,-399,379,-261,-468,-223.81108784859407,22.565565964542202,22.650499400000172,36.503949370678129,33.792532340412436,73.665841053736131,61.700916795006378,95.020156000518,69.744476422202752]
[null,null,"Add: Change in Provisions",null,null,null,null,null,{"$f":"I592","v":0},{"$f":"J592","v":93},21,23,103,6,-28,-10.871687499999979,5.3349450000000047,5.0170776249999847,8.5664172510000185,7.5628275257527662,17.147847965028689,13.967265493586979,22.092067536946445,15.795382688796565]
[null,null,"Add: Income from Associated Investments",null,null,null,null,null,{"$f":"I734","v":40},{"$f":"J734","v":88},198,2,21,55.000000000000007,1,28.05,28.05,28.05,28.05,28.05,28.05,28.05,28.05,28.05]
[null,null,null,"Funds from Operations",null,null,null,null,{"$f":"I783-I784-I785+I786+I787","v":1997},{"$f":"J783-J784-J785+J786+J787","v":4380},4378.3294340455213,1584,1742,2769,2453,2048.482823492729,1921.3282984239156,1928.1960616429583,2082.0968219951187,2054.8895422186838,2234.5936485222728,2351.0044829346757,2622.404930533316,2748.4313261775787]
[null,null,"Less: Capital Expenditures",null,null,null,null,null,{"$f":"I457","v":651},744,1103,441,832,1281,1261,1050,1065,1080.3000000000002,1095.9059999999999,1111.8241200000002,1128.0606024000001,1144.6218144480001,1161.5142507369601,1178.7445357516995]
[null,null,null,"Cash Flow Before Financing",null,null,null,null,{"$f":"I788-I789","v":1346},{"$f":"J788-J789","v":3636},3275.3294340455213,1143,910,1488,1192,998.48282349272904,856.32829842391561,847.8960616429581,986.19082199511877,943.06542221868358,1106.5330461222727,1206.3826684866756,1460.8906797963559,1569.6867904258793]
[null,null,"Less: Interest on Fixed Debt",null,null,null,null,null,{"$f":"I730","v":229},409,655,677,728,708,645,619.99277397674985,501.9389522281424,397.38059941874548,256.45595180431098,149.41712339549528,64.240113829014291,3.0270210704771086,-4.8316906031686816E-15,-4.8316906031686816E-15]
[null,null,"Less: Interest on New Debt",null,null,null,null,null,{"$f":"I731","v":0},0,0,0,0,0,0,0,0,54.88077565949007,151.78283537915985,279.68321346083275,307.82746466669767,394.22841142228532,367.06731398790322,325.77592090706696]
[null,null,"Add: Interest Income",null,null,null,null,null,{"$f":"I732","v":27},{"$f":"J732","v":41},57,40,13,17,23,32.144999999999996,12.055504793357272,10.77699675,10.992014362500001,11.3591465304,11.683267710075119,12.418175480004919,13.016772572587218,13.963575467027781]
[null,null,"Less: Repayments of Fixed Debt",null,null,null,null,null,{"$f":"I711","v":0},0,0,0,0,0,0,1749.9347299588278,1027.8022523613465,1432.3942843303464,1883.4797771857593,635.0808912569629,1369.0840397190602,71.224025187696782,0,0]
[null,null,null,"Cash Flow Before Dividends",null,null,null,null,{"$f":"I790-I791-I792+I793-I794","v":1144},{"$f":"J790-J791-J792+J793-J794","v":3268},2677.3294340455213,506,195,797,570,{"$f":"P790-P791-P792+P793-P794","v":-1339.2996804428485},-661.35740137221603,-1025.9826010156239,-1294.5357280116114,-109.75665936420739,-622.93530438242431,750.32138628622147,1106.8401383810399,1257.8744449858402]
[null,null,"Less: Dividends on Minority Shares",null,null,null,null,null,{"$f":"MAX(I781*I738,0)","v":0},50.556281771968052,37.618640038040894,0.14453961456102785,0,0,0,0,3.4766326207115199,4.9853561740245418,9.2849562250505517,9.987204985342137,17.227628541262373,19.54362953449823,27.896942517483694,31.735850126186872]
[null,null,"Less: Dividends on Common Shares",null,null,null,null,null,{"$f":"MAX(I781*I739,0)","v":0},1398.9455337690633,1133.4132192106515,0,0,465.74279835390939,0,0,66.056019793518885,94.72176730646629,176.41416827596046,189.75689472150057,327.32494228398502,371.32896115546635,530.04190783219019,602.98115239755055]
[null,null,null,"Net Cash Flow",null,null,null,null,{"$f":"I795-I796-I797","v":1144},{"$f":"J795-J796-J797","v":1818.4981844589688},1506.2975747968287,505.85546038543896,195,331.25720164609061,570,{"$f":"P795-P796-P797","v":-1339.2996804428485},-730.8900537864464,-1125.6897244961146,-1480.2348525126224,-309.50075907105008,-967.48787520767166,359.4487955962569,548.90128803136599,623.15744246210272]
[null,null,"Add: Use of Cash for Negative Cash Flow",null,null,null,null,null,{"$f":"MIN(MAX(-I798,0),I685)","v":-414.6},0,-619,0,0,0,0,1339.2996804428485,85.233869557151479,-14.334507500000086,-24.475477859999955,-21.608078645007936,-48.993851328653363,-39.906472838819923,-63.120192962704095,-45.129664825133091]
[null,null,"Less: Paydown of Short-term Debt for Positive Cash Flow",null,null,null,null,null,{"$f":"MIN(I696,MAX(I798,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,359.4487955962569,548.90128803136599,623.15744246210272]
[null,null,null,"Surplus or Deficit Cash Flow",null,null,null,null,{"$f":"I798+I799-I800","v":729.4},{"$f":"J798+J799-J800","v":1818.4981844589688},887.29757479682871,505.85546038543896,195,331.25720164609061,570,{"$f":"P798+P799-P800","v":0},-645.65618422929492,-1140.0242319961148,-1504.7103303726224,-331.10883771605802,-1016.481726536325,-39.906472838819923,-63.120192962704095,-45.129664825133091]
[null,null,"Add: Increase in New Debt for Negative Cash Flow",null,null,null,null,null,{"$f":"MAX(-I801,0)","v":0},{"$f":"MAX(-J801,0)","v":0},0,0,0,0,0,0,645.65618422929492,1140.0242319961148,1504.7103303726224,331.10883771605802,1016.481726536325,39.906472838819923,63.120192962704095,45.129664825133091]
[null,null,"Less: Increase in Surplus Cash for Positive Cash Flow",null,null,null,null,null,{"$f":"MAX(I801,0)","v":729.4},{"$f":"MAX(J801,0)","v":1818.4981844589688},887.29757479682871,505.85546038543896,195,331.25720164609061,570,0,0,0,0,0,0,0,0,0]
[null,null,null,"Net  ",null,null,null,null,{"$f":"I801+I802-I803","v":0},{"$f":"J801+J802-J803","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Balance Sheet"]
[null,"Common Equity Balance"]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H812","v":0},{"$f":"I812","v":4066},5950,4729,5167,5689,5545,5173,5141.1624000317615,5207.2184198252799,5301.9401871317459,5478.3543554077069,5668.1112501292073,5995.4361924131917,6366.7651535686582,6896.8070614008484]
[null,null,"Add: New Equity Issues"]
[null,null,"Add: Net Income to Common",null,null,null,null,null,{"$f":"I739","v":1377},{"$f":"J739","v":2103},1868,-295,486,461,-308,-31.837599968238305,132.11203958703777,189.44353461293258,352.82833655192093,379.51378944300114,654.64988456797005,742.65792231093269,1060.0838156643804,1205.9623047951011]
[null,null,"Less: Dividends",null,null,null,null,null,{"$f":"I797","v":0},{"$f":"J797","v":1398.9455337690633},1133.4132192106515,0,0,465.74279835390939,0,0,66.056019793518885,94.72176730646629,176.41416827596046,189.75689472150057,327.32494228398502,371.32896115546635,530.04190783219019,602.98115239755055]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"IF(I3,I99,I809+I808+I810-I811)","v":4066},5950,4729,5167,5689,5545,5173,5141.1624000317615,5207.2184198252799,5301.9401871317459,5478.3543554077069,5668.1112501292073,5995.4361924131917,6366.7651535686582,6896.8070614008484,7499.7882137983988]
[]
[null,"Minority Equity Balance"]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H819","v":0},{"$f":"I819","v":169},406,245,275,247,236,200,198.32433684377693,201.80096946448847,206.78632563851303,216.07128186356357,226.05848684890569,243.28611539016808,262.82974492466633,290.72668744215002]
[null,null,"Add: New Minority Interest"]
[null,null,"Add: Minority Income",null,null,null,null,null,{"$f":"I738","v":73},{"$f":"J738","v":76},62,3,-16,-8,-27,-1.6756631562230688,6.9532652414230398,9.9707123480490836,18.569912450101103,19.974409970684274,34.455257082524746,39.08725906899646,55.793885034967388,63.471700252373743]
[null,null,"Less: Minority Dividends",null,null,null,null,null,{"$f":"I796","v":0},{"$f":"J796","v":50.556281771968052},37.618640038040894,0.14453961456102785,0,0,0,0,3.4766326207115199,4.9853561740245418,9.2849562250505517,9.987204985342137,17.227628541262373,19.54362953449823,27.896942517483694,31.735850126186872]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"IF(I3,I100,I815+I816+I817-I818)","v":169},406,245,275,247,236,200,198.32433684377693,201.80096946448847,206.78632563851303,216.07128186356357,226.05848684890569,243.28611539016808,262.82974492466633,290.72668744215002,322.46253756833693]
[]
[null,null,"Assets"]
[null,null,null,"Long-term Assets"]
[null,null,null,"  Property, plant and equipment  Gross",null,null,null,null,{"$f":"I569","v":4694},11974,11333,11635,12372,12820,13604,13297.421742270788,13036.415183948218,12816.735957450488,12634.56893959298,12486.485567735244,12369.405414722189,12280.561597984501,12217.469640508431,12177.89943950767]
[null,null,null,"  Accumulated Depreciation",null,null,null,null,{"$f":"I580","v":1039},1867,2321,3050,3765,4514,5812,5747.801742270789,5685.0502494639441,5623.5304654412957,5563.0473635415856,5503.4239209451816,5444.4992944669739,5386.127177679894,5328.1743212753909,5270.5192003712318]
[null,null,null,"  Property, plant and equipment 9         ",null,null,null,null,{"$f":"I823-I824","v":3655},{"$f":"J823-J824","v":10107},9012,8585,8607,8306,7792,7549.619999999999,7351.3649344842743,7193.2054920091923,7071.5215760513947,6983.0616467900627,6924.9061202552148,6894.4344203046066,6889.2953192330397,6907.3802391364379]
[null,null,null,"  Intangible assets other than goodwill 10        ",null,null,null,null,{"$f":"I440","v":37},806,885,1098,1004,838,586,586,586,586,586,586,586,586,586,586]
[null,null,null,"  Goodwill             ",null,null,null,null,{"$f":"I441","v":5},2145,2387,2186,2219,2180,2180,2180,2180,2180,2180,2180,2180,2180,2180,2180]
[null,null,null,"  Investments in joint ventures and associates 11       ",null,null,null,null,{"$f":"I654","v":1494},592,551,634,688,663,561,561,561,561,561,561,561,561,561,561]
[null,null,null,"  Deferred income tax assets 8         ",null,null,null,null,{"$f":"I773","v":0},{"$f":"J773","v":22},44,69,100,79,66,124.77108770815381,127.5159860986669,111.67457044500645,40.065754110999009,30.242358078602621,30.242358078602621,30.242358078602621,30.242358078602621,30.242358078602621]
[null,null,null,"  Other non-current financial assets 13         "]
[null,null,null,"  Other non-current assets 13          ",null,null,null,null,{"$f":"I442","v":272},240,278,128,103,107,103,103,103,103,103,103,103,103,103,103]
[null,null,null,"               ","Total Long-term Assets",null,null,null,{"$f":"SUM(I825:I831)","v":5463},{"$f":"SUM(J825:J831)","v":13912},13157,12700,12721,12173,11288,11104.391087708153,10908.880920582942,10734.880062454198,10541.587330162394,10443.304004868665,10385.148478333818,10354.676778383209,10349.537677311642,10367.622597215041]
[null,null,"  Current assets            "]
[null,null,null,"  Inventories 14            ",null,null,null,null,{"$f":"I530","v":864},1619,2416,1828.0000000000002,2070,2188,1978.0000000000002,1725.3054715739022,1747.1803365711194,1792.0522943811193,1831.7673931091329,1893.4375204928099,1983.0347386747185,2084.8899107789512,2202.264143396872,2316.9030369442521]
[null,null,null,"  Trade and other receivables 15         ",null,null,null,null,{"$f":"I526","v":610},1862.0000000000002,1506,1108,1293,979,907,879.02968750000002,898.08306249999998,916.00119687500001,946.59554420000006,973.60564250625998,1034.8479566670767,1084.7310477156016,1163.6312889189817,1220.0433699503981]
[null,null,null,"  Prepayments             ",null,null,null,null,{"$f":"I534","v":464},633,735,450,599,671,531,520.38557500000002,531.66517299999998,542.27270854999995,560.38456216639997,576.37454036370593,612.62999034690938,642.16078024763613,688.86972304003712,722.26567501063562]
[null,null,null,"  Cash and cash equivalents 19         ",null,null,null,null,{"$f":"I690","v":993},400,1627,858,854,955,2143,803.70031955715149,718.46645000000001,732.8009575000001,757.27643536000005,778.88451400500799,827.87836533366135,867.78483817248127,930.90503113518537,976.03469596031846]
[null,null,null,"               ","Total Current Assets  ",null,null,null,{"$f":"SUM(I834:I837)","v":2931},{"$f":"SUM(J834:J837)","v":4514},6284,4244,4816,4793,5559,3928.4210536310538,3895.395022071119,3983.1271573061194,4096.0239348355335,4222.3022173677837,4458.3910510223659,4679.5665769146699,4985.6701864910765,5235.2467778656037]
[null,null,null,"  Assets of disposal groups classified as held for sale 12    ",null,null,null,null,{"$f":"I443","v":105},211,7,7,2,9,930,930,930,930,930,930,930,930,930,930]
[null,null,null,"               ","Total Current Assets including Assets Disposed",null,null,null,{"$f":"I838+I839","v":3036},{"$f":"J838+J839","v":4725},6291,4251,4818,4802,6489,4858.4210536310538,4825.3950220711195,4913.1271573061194,5026.0239348355335,5152.3022173677837,5388.3910510223659,5609.5665769146699,5915.6701864910765,6165.2467778656037]
[null,null,null,"  Total assets            ",null,null,null,null,{"$f":"I840+I832","v":8499},{"$f":"J840+J832","v":18637},19448,16951,17539,16975,17777,15962.812141339207,15734.275942654062,15648.007219760319,15567.611264997928,15595.606222236449,15773.539529356185,15964.24335529788,16265.20786380272,16532.869375080645]
[]
[null,null,null,"Historic Assets",null,{"$f":"show_formulaL(I843)","v":"=I87----> "},null,null,{"$f":"I87","v":8499},18637,19448,16951,17539,16975,17777,0,0,0,0,0,0,0,0,0]
[null,null,null,"Difference",null,{"$f":"show_formulaL(I844)","v":"=I841-I843----> "},null,null,{"$f":"I841-I843","v":0},{"$f":"J841-J843","v":0},0,0,0,0,0,15962.812141339207,15734.275942654062,15648.007219760319,15567.611264997928,15595.606222236449,15773.539529356185,15964.24335529788,16265.20786380272,16532.869375080645]
[null,null,null,"Test",null,{"$f":"show_formulaL(H845)","v":"=SUMIF(3:3,TRUE,844:844)=0----> "},null,{"$f":"SUMIF(3:3,TRUE,844:844)=0","v":true}]
[]
[null,null,"  EQUITY AND LIABILITIES           "]
[null,null,null,"  Equity attributable to equity holders of the parent entity     ",null,null,null,null,{"$f":"I812","v":4066},{"$f":"J812","v":5950},4729,5167,5689,5545,5173,5141.1624000317615,5207.2184198252799,5301.9401871317459,5478.3543554077069,5668.1112501292073,5995.4361924131917,6366.7651535686582,6896.8070614008484,7499.7882137983988]
[null,null,null,"  Non-controlling interests            ",null,null,null,null,{"$f":"I819","v":169},{"$f":"J819","v":406},245,275,247,236,200,198.32433684377693,201.80096946448847,206.78632563851303,216.07128186356357,226.05848684890569,243.28611539016808,262.82974492466633,290.72668744215002,322.46253756833693]
[null,null,null,"               ","Total",null,null,null,{"$f":"SUM(I848:I849)","v":4235},{"$f":"SUM(J848:J849)","v":6356},4974,5442,5936,5781,5373,5339.4867368755386,5409.0193892897687,5508.7265127702585,5694.4256372712707,5894.1697369781132,6238.7223078033594,6629.5948984933248,7187.5337488429986,7822.250751366736]
[null,null,"  Non-current liabilities            "]
[null,null,null,"  Long-term loans 21           ",null,null,null,null,{"$f":"I712","v":2649},6825,10041,7998,7868,7245,8169,6419.065270041172,5391.2630176798257,3958.868733349479,2075.3889561637197,1440.308064906757,71.224025187696725,-5.6843418860808015E-14,-5.6843418860808015E-14,-5.6843418860808015E-14]
[null,null,null,"  Deferred income tax liabilities 8         ",null,null,null,null,{"$f":"I778","v":277},{"$f":"J778","v":1690},1329,1231,1072,1020,927,974.6,1023.7,1074.3300000000002,1126.5206000000001,1180.3030120000001,1235.7090722400001,1292.7712536848001,1351.5226787584961,1411.9971323336661]
[null,null,null,"  Employee benefits 23           ",null,null,null,null,{"$f":"I447","v":117},347,292,307,315,296,294,294,294,294,294,294,294,294,294,294]
[null,null,null,"  Provisions 25            ",null,null,null,null,{"$f":"I591","v":39},132,153,176,279,285,257,246.12831250000002,251.46325750000003,256.48033512500001,265.04675237600003,272.6095799017528,289.75742786678148,303.72469336036846,325.81676089731491,341.61214358611147]
[null,null,null,"  Other long-term liabilities 26          ",null,null,null,null,{"$f":"I446","v":47},55,58,68,143,285,170,170,170,170,170,170,170,170,170,170]
[null,null,null,"               ","Total Non-Current",null,null,null,{"$f":"SUM(I852:I856)","v":3129},9049,11873,9780,9677,9131,9817,8103.7935825411723,7130.4262751798251,5753.6790684744792,3930.9563085397194,3357.2206568085103,2060.690525294478,2060.4959470451686,2141.339439655811,2217.6092759197772]
[null,null,"  Current liabilities            "]
[null,null,null,"  Trade and other payables 27         ",null,null,null,null,{"$f":"I543","v":851},2532,2110,1321,1396,1567,1668.9999999999998,1623.816914422496,1644.405022655171,1686.6374535351711,1724.0163699850661,1782.0588428167621,1866.3856363997349,1962.2493277919536,2072.7191937852913,2180.614623006355]
[null,null,null,"  Short-term loans and current portion of long-term loans 21     ",null,null,null,null,{"$f":"I699","v":0},0,0,0,0,0,0,0,645.65618422929492,1785.6804162254098,3290.3907465980319,3621.49958431409,4637.981310850415,4318.4389880929784,3832.6578930243168,3254.6301153873474]
[null,null,null,"  Provisions 25            ",null,null,null,null,{"$f":"I547","v":8},55,63,35,54.000000000000007,53,32,30.941845000000004,31.612523800000002,32.243242129999999,33.320163155840007,34.270918616220357,36.426648074681104,38.182532879589175,40.959821369948159,42.945526622254015]
[null,null,null,"  Amounts payable under put options for shares of subsidiaries 4    ",null,null,null,null,{"$f":"I551","v":264},606,428,373,476,443,408,386.77306250000004,395.15654749999999,403.04052662499998,416.502039448,428.38648270275439,455.33310093351372,477.28166099486469,511.99776712435192,536.81908277817513]
[null,null,null,"  Liabilities directly associated with disposal groups classified as held for sale   ",null,null,null,null,{"$f":"I660","v":12},39,0,0,0,0,478,478,478,478,478,478,478,478,478,478]
[null,null,null,"               ","Total Current Liabilities",null,null,null,{"$f":"SUM(I859:I863)","v":1135},3232,2601,1729,1926,2063,2587,2519.531821922496,3194.8302781844659,4385.6016385155808,5942.2293191869385,6344.2158284498273,7474.1266962583441,7274.1525097593867,6936.3346753039086,6493.0093477941318]
[null,null,null,"  Total equity and liabilities          ",null,null,null,null,{"$f":"I864+I857+I850","v":8499},18637,19448,16951,17539,16975,17777,15962.812141339207,15734.275942654062,15648.007219760319,15567.61126499793,15595.606222236453,15773.539529356181,15964.24335529788,16265.20786380272,16532.869375080645]
[]
[null,null,null,null,"Difference",{"$f":"show_formulaL(I867)","v":"=I865-I841----> "},null,null,{"$f":"I865-I841","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Test",{"$f":"show_formulaL(I868)","v":"=I867=0----> "},null,null,{"$f":"I867=0","v":true},{"$f":"J867=0","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,null,null,null,"Aggregate Test",{"$f":"show_formulaL(H869)","v":"=AND(868:868)----> "},null,{"$f":"AND(868:868)","v":true}]
[]
[null,null,null,null,"Total Debt",null,null,null,{"$f":"I860+I852+I854","v":2766},{"$f":"J860+J852+J854","v":7172},10333,8305,8183,7541,8463,6713.065270041172,6330.9192019091206,6038.5491495748884,5659.7797027617517,5355.8076492208475,5003.2053360381115,4612.4389880929784,4126.6578930243168,3548.6301153873474]
[null,null,null,null,"Cash",null,null,null,{"$f":"I837","v":993},{"$f":"J837","v":400},1627,858,854,955,2143,803.70031955715149,718.46645000000001,732.8009575000001,757.27643536000005,778.88451400500799,827.87836533366135,867.78483817248127,930.90503113518537,976.03469596031846]
[null,null,null,null,"Net Debt",null,null,null,{"$f":"I871-I837","v":1773},{"$f":"J871-J837","v":6772},8706,7447,7329,6586,6320,5909.3649504840205,5612.4527519091207,5305.7481920748887,4902.5032674017511,4576.9231352158395,4175.3269707044501,3744.6541499204973,3195.7528618891315,2572.5954194270289]
[null,null,null,null,"Total Equity",null,null,null,{"$f":"I850","v":4235},{"$f":"J850","v":6356},4974,5442,5936,5781,5373,5339.4867368755386,5409.0193892897687,5508.7265127702585,5694.4256372712707,5894.1697369781132,6238.7223078033594,6629.5948984933248,7187.5337488429986,7822.250751366736]
[null,null,null,null,"Net Assets for Disposal",null,null,null,{"$f":"I839-I863","v":93},{"$f":"J839-J863","v":172},7,7,2,9,452,452,452,452,452,452,452,452,452,452]
[null,null,null,null,"Minority Interest",null,null,null,{"$f":"I849","v":169},{"$f":"J849","v":406},245,275,247,236,200,198.32433684377693,201.80096946448847,206.78632563851303,216.07128186356357,226.05848684890569,243.28611539016808,262.82974492466633,290.72668744215002,322.46253756833693]
[]
["Financial Ratios"]
[null,null,"Ratios"]
[null,null,null,"Return on Equity",null,null,null,null,{"$f":"I737/AVERAGE(H850:I850)","v":0.34238488783943327},0.41148144651118873,0.34068843777581642,-5.606758832565284E-2,8.2615573914571985E-2,7.7323546983016134E-2,-6.0068136991213918E-2,-6.2568596718255605E-3,2.5876210739635957E-2,3.653029640914339E-2,6.6302455599631452E-2,6.8945059605994063E-2,0.11359289097884764,0.12149920908033073,0.16152092510399654,0.16914753240191246]
[null,null,null,"Return on Common Equity",null,null,null,null,{"$f":"I739/AVERAGE(H848:I848)","v":0.33866207575012297},0.41992811501597443,0.34984549115085684,-5.9620048504446244E-2,8.9535740604274133E-2,8.2072280576820367E-2,-5.7473409218137712E-2,-6.1735696479125182E-3,2.5532890968514407E-2,3.6053035585079406E-2,6.5458014186838193E-2,6.8095807742766606E-2,0.1122557074154226,0.12014978587164375,0.15984891528210637,0.16753437625250053]
[null,null,null,"Dividend Payout",null,null,null,null,{"$f":"I797/I739","v":0},0.66521423384168488,0.60675225867807892,0,0,1.0102880658436213,0,0,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5]
[null,null,null,"Equity to Capital",null,null,null,null,{"$f":"I850/(I850+I852+I860+I854)","v":0.6049135837737466},0.46984033116499113,0.32494936956947801,0.39586818942314689,0.42042637580565195,0.43394385227443327,0.38833477883781442,0.44301710822830864,0.46073659987836413,0.4770585438376454,0.50152568733222413,0.52392725199686663,0.55495129531642584,0.58971490082444789,0.63526710315265211,0.68791950623959575]
[null,null,null,"Debt to Capital",null,null,null,null,{"$f":"1-I883","v":0.3950864162262534},{"$f":"1-J883","v":0.53015966883500887},0.67505063043052194,0.60413181057685317,0.5795736241943481,0.56605614772556678,0.61166522116218558,0.55698289177169136,0.53926340012163587,0.52294145616235466,0.49847431266777587,0.47607274800313337,0.44504870468357416,0.41028509917555211,0.36473289684734789,0.31208049376040425]
[null,null,null,"Debt to Equity",null,null,null,null,{"$f":"I871/I874","v":0.65312868949232583},1.1283826305852738,2.0774024929634098,1.526093348033811,1.3785377358490567,1.3044455976474658,1.5750977107761028,1.2572491703517927,1.1704375130258873,1.0961787875249209,0.99391581579663557,0.90866193004593065,0.80195993493413387,0.69573466534753503,0.57414101098149262,0.45365844539914757]
[null,null,null,"Debt to EBITDA",null,null,null,null,{"$f":"I871/I783","v":1.0663068619892058},1.6659698025551684,1.634192630080658,6.713823767178658,3.4821276595744681,2.6021394064872325,4.2062624254473162,3.7140191959115376,3.3137344388507795,3.1487192358595353,2.7184544838561657,2.5231987240711935,2.0527172383709709,1.7917897705285446,1.3845564814235818,1.1312175318522724]
[null,null,null,"Debt to FFO",null,null,null,null,{"$f":"I871/I788","v":1.385077616424637},1.6374429223744291,2.3600325548030856,5.2430555555555554,4.6974741676234215,2.7233658360418924,3.4500611496127189,3.2770913151203191,3.2950741458929405,3.1317090983111027,2.7183076420713257,2.6063725271763909,2.2389776948246092,1.9619014006878601,1.5736158230091042,1.2911474562192016]
[]
[null,null,"Criteria"]
[null,null,null,"EBITDA Margin Criteria",null,null,null,null,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[null,null,null,"FFO to Debt Criteria",null,null,null,null,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2]
[]
[]
["Summary of Assumptions"]
[]
[null,null,null,null,"Steel Price",null,null,null,{"$f":"I186","v":554.33354084526536},780.23850085178879,1111.1455492189436,659.96497373029774,881.14029119608119,1053.3088235294117,997.0526315789474,950,940,950,960,988.80000000000007,1018.4640000000001,1049.01792,1080.4884575999999,1112.903111328]
[null,null,null,null,"Steel Production Growth",null,null,null,null,{"$f":"J469","v":5.5682368402849791E-2},5.7004324465993905E-2,-0.1151128192412596,2.9632224168125942E-2,3.6331473669887204E-2,-6.4469537815126099E-2,0.01,0.02,0.02,0.01,0.01,0.02,0.03,0.03,0.03]
[null,null,null,null,"Steel Production  ",null,null,null,{"$f":"I472","v":14457},15262,16132,14275,14697.999999999998,15232,14250,14392.5,14680.35,14973.957,15123.69657,15274.9335357,15580.432206414,16047.84517260642,16529.280527784613,17025.158943618153]
[null,null,null,null,"Capacity",null,null,null,{"$f":"I465","v":14746.14},15567.24,16293.32,16456.253199999999,16620.815731999999,16787.02388932,16954.8941282132,17494.8941282132,18034.8941282132,18574.8941282132,19114.8941282132,19654.8941282132,20194.8941282132,20734.8941282132,21274.8941282132,21814.8941282132]
[null,null,null,null,"Utilisation Rate",null,null,null,{"$f":"I473","v":0.98039215686274517},0.98039215686274506,0.99009900990099009,0.86745140746862115,0.8843127940887997,0.90736750602295169,0.84046528938731524,0.82266859659298464,0.81399701576481887,0.80613956110017471,0.79119959904343529,0.77715674457762263,0.77150353487852241,0.77395356221137934,0.77693832120483719,0.78043738574002597]
[null,null,null,null,"Other Revenues",null,null,null,{"$f":"I477","v":278},951,2455,351,443,356,518,391.6,569.80000000000007,430.76000000000005,626.78000000000009,473.83600000000007,689.4580000000002,521.21960000000013,758.40380000000027,573.34156000000019]
[null,null,null,null,"Total Revenues",null,null,null,{"$f":"I479","v":8292},12859,20380,9772,13394,16400,14726,14064.475,14369.329,14656.01915,15145.528707200001,15577.69028010016,16557.567306673227,17355.696763449625,18618.100622703707,19520.693919206369]
[null,null,null,null,"Growth Rate",null,null,null,{"$f":"I480","v":0},0.55077182826821036,0.584882183684579,-0.52051030421982336,0.37065083913221453,0.22442884873824109,-0.1020731707317073,-4.4922246366969953E-2,2.1675462468382145E-2,1.9951533575436997E-2,3.3399898853161636E-2,2.8533937722142078E-2,6.2902587543727018E-2,4.8203304386069235E-2,7.273714656692154E-2,4.8479343558923693E-2]
[null,null,null,null,"Fixed Cost of Production",null,null,null,{"$f":"I485","v":1400},1442,1485.26,1529.8178,1575.7123340000001,1622.98370402,1671.6732151406,1671.6732151406,1721.823411594818,1721.823411594818,1773.4781139426625,1773.4781139426625,1826.6824573609424,1826.6824573609424,1881.4829310817706,1881.4829310817706]
[null,null,null,null,"Variable Cost of Prodction per Unit",null,null,null,{"$f":"I487","v":239.33042816628623},379.04599659284497,657.5588891643938,393.35777232924698,531.92867505783101,636.62134296087186,622.19837086732628,589,582.79999999999995,589,595.20000000000005,613.05600000000004,631.44767999999999,650.3911104,669.90284371199994,689.99992902335998]
[null,null,null,null,"Total Cost of Production per Unit",null,null,null,{"$f":"I489","v":336.16932973645987},473.5290263399292,749.62806843540784,500.5253940455342,639.13457613280718,743.17226890756308,739.50877192982455,705.14891194306756,700.08762676603885,703.98786937846944,712.46485689091446,729.15981870387566,748.6897714362666,764.21838363909364,783.73011695109369,800.51184478947039]
[null,null,null,null,"Selling and Distribution Cost",null,null,null,{"$f":"I496","v":243},538,876,626,807,1154,1211,1154.5368475000002,1205.5473125000003,1199.0951320750003,1261.9032423512003,1263.2644335398597,1355.7841948097841,1377.8368993804233,1487.9403890186491,1515.3650921537517]
[null,null,null,null,"Growth in Selling and Distribution Cost",null,null,null,{"$f":"I497","v":0},1.213991769547325,0.62825278810408913,-0.28538812785388123,0.28913738019169322,0.42998760842627015,4.9393414211438502E-2,-4.6625229149463099E-2,4.418262189765243E-2,-5.3520756573376405E-3,5.2379589071896548E-2,1.0786811088012715E-3,7.3238633823220933E-2,1.6265645118936689E-2,7.9910394102332694E-2,1.8431318443604017E-2]
[null,null,null,null,"Variable Selling and Distribution Cost Percent",null,null,null,{"$f":"I494","v":5.1857211770381089E-3},2.4729761256707363E-2,3.1108930323846908E-2,3.6819484240687671E-2,3.8388830819770035E-2,5.0725487804878039E-2,5.8175186744533459E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2,5.8500000000000003E-2]
[null,null,null,null,"General and Administrative Cost",null,null,null,{"$f":"I504","v":494},682,938,628,732,921,860,848.07901421526412,869.71627651672202,891.11509891222363,919.46799381734036,946.33039426159576,991.37806142997078,1030.9149824940964,1085.9487530503136,1129.7088496710235]
[null,null,null,null,"Growth in General and Administrative Expenses",null,null,null,{"$f":"I505","v":0},0.38056680161943324,0.37536656891495612,-0.33049040511727079,0.16560509554140124,0.25819672131147531,-6.6232356134636294E-2,-1.3861611377599892E-2,2.5513262253610947E-2,2.4604371532754854E-2,3.1817320725153087E-2,2.9215155530026848E-2,4.7602473133629974E-2,3.988077061852402E-2,5.3383422969635941E-2,4.0296649816846664E-2]
[null,null,null,null,"Variable General and Administrative Expenses",null,null,null,{"$f":"I502","v":2.3396044380125422E-2},2.8773621587992845E-2,3.0104023552502454E-2,2.9731968890708144E-2,2.8448740630132894E-2,3.3902690809756095E-2,3.2622863944805104E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2,3.2500000000000001E-2]
[null,null,null,null,"Social Infrastructure Expenses",null,null,null,{"$f":"I509","v":86},82,114,53,64,61,51,51.51,52.025100000000002,52.545351000000004,53.070804510000002,53.601512555100001,54.137527680651004,54.678902957457517,55.225691987032093,55.777948906902417]
[null,null,null,null,"Total Expenses",null,null,null,{"$f":"I513","v":5698},8554,14057,8535,11044,13502,12714,12256.981576855866,12458.820080611542,12738.239666582042,13063.544353085204,13455.064107961318,14120.210011418749,14781.489083531687,15637.609795214066,16383.693284521396]
[null,null,null,null,"Growth Rate in Expenses",null,null,null,{"$f":"I514","v":0},0.50122850122850116,0.64332476034603703,-0.39282919541865258,0.29396602226127699,0.22256428830134012,-5.836172418900909E-2,-3.5946077013067068E-2,1.6467227472773294E-2,2.2427451729986281E-2,2.5537648452052419E-2,2.9970408052669706E-2,4.9434614218141659E-2,4.683209892616147E-2,5.7918434796680796E-2,4.7710839385164183E-2]
[null,null,null,null,"EBITDA",null,null,null,{"$f":"I513","v":5698},8554,14057,8535,11044,13502,12714,12256.981576855866,12458.820080611542,12738.239666582042,13063.544353085204,13455.064107961318,14120.210011418749,14781.489083531687,15637.609795214066,16383.693284521396]
[null,null,null,null,"NOPLAT",null,null,null,{"$f":"I603","v":1718.25},2667,3831,193.5,1068.75,1308.75,564.75,386.33506735810101,485.44039040454965,509.49003070715833,648.2958286177502,691.75659215813153,938.35587473972248,1049.3356241394972,1360.3781067608347,1482.2557641275041]
[null,null,null,null,"Growth Rate in EBITDA",null,null,null,{"$f":"I514","v":0},0.50122850122850116,0.64332476034603703,-0.39282919541865258,0.29396602226127699,0.22256428830134012,-5.836172418900909E-2,-3.5946077013067068E-2,1.6467227472773294E-2,2.2427451729986281E-2,2.5537648452052419E-2,2.9970408052669706E-2,4.9434614218141659E-2,4.683209892616147E-2,5.7918434796680796E-2,4.7710839385164183E-2]
[null,null,null,null,"Maintenance Capital Expenditures",null,null,null,{"$f":"I455","v":300},350,400,150,400,500,657,750,765,780.30000000000007,795.90600000000006,811.82412000000011,828.06060240000011,844.62181444800012,861.51425073696009,878.74453575169935]
[null,null,null,null,"Investment Capital Expenditure",null,null,null,{"$f":"I456","v":351},394,703,291,432,781,604,300,300,300,300,300,300,300,300,300]
[null,null,null,null,"A/R to Revenues",null,null,null,{"$f":"I524","v":7.3564881813796432E-2},0.1448013064779532,7.3895976447497541E-2,0.11338518215309046,9.6535762281618628E-2,5.969512195121951E-2,6.159174249626511E-2,6.25E-2,6.25E-2,6.25E-2,6.25E-2,6.25E-2,6.25E-2,6.25E-2,6.25E-2,6.25E-2]
[null,null,null,null,"Inventories to COGS",null,null,null,{"$f":"I528","v":0.17777777777777778},0.22402103224021033,0.19978499958653767,0.25584324702589223,0.22035341707472855,0.19328621908127208,0.18770165116720441,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17]
[null,null,null,null,"Other Current Assets",null,null,null,{"$f":"I532","v":5.5957549445248431E-2},4.9226222878917487E-2,3.6064769381746811E-2,4.6049938600081865E-2,4.4721517097207703E-2,4.0914634146341465E-2,3.6058671737063695E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2,3.6999999999999998E-2]
[null,null,null,null,"A/P to COGS",6,null,null,{"$f":"I541","v":0.17510288065843621},0.35035284350352841,0.17448110477135534,0.18488453463960811,0.14860549286778796,0.13842756183745583,0.15837919908901119,0.16,0.16,0.16,0.16,0.16,0.16,0.16,0.16,0.16]
[null,null,null,null,"Other Current Liabilites to Revenues",null,null,null,{"$f":"I549","v":3.1837916063675829E-2},4.7126526168442338E-2,2.100098135426889E-2,3.8170282439623414E-2,3.5538300731670899E-2,2.7012195121951219E-2,2.7706098057856853E-2,2.75E-2,2.75E-2,2.75E-2,2.75E-2,2.75E-2,2.75E-2,2.75E-2,2.75E-2,2.75E-2]
[null,null,null,null,"Depreciaiton Rate",null,null,null,{"$f":"I573","v":6.4550489987217727E-2},8.9872810175185988E-2,0.1042605225897799,8.5249042145593867E-2,7.7060857249968764E-2,9.1536995871705301E-2,9.5292158643657282E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2]
[null,null,null,null,"Change in Deferred Tax",null,null,null,{"$f":"I587","v":0},1391,-383,-123,-190,-31,-80,47.600000000000023,49.100000000000023,50.630000000000109,52.190599999999904,53.782412000000022,55.406060239999988,57.06218144479999,58.751425073696055,60.474453575169946]
[null,null,null,null,"EBIT ",null,null,null,{"$f":"I598","v":2291},3556,5108,258,1425,1745,753,515.11342314413469,647.25385387273286,679.32004094287777,864.3944381570002,922.3421228775087,1251.14116631963,1399.1141655193296,1813.8374756811131,1976.3410188366722]
[null,null,null,null,"Taxes on EBIT",null,null,null,{"$f":"I601","v":572.75},889,1277,64.5,356.25,436.25,188.25,128.77835578603367,161.81346346818322,169.83001023571944,216.09860953925005,230.58553071937718,312.78529157990749,349.7785413798324,453.45936892027828,494.08525470916805]
[null,null,null,null,"NOPLAT",null,null,null,{"$f":"I603","v":1718.25},2667,3831,193.5,1068.75,1308.75,564.75,386.33506735810101,485.44039040454965,509.49003070715833,648.2958286177502,691.75659215813153,938.35587473972248,1049.3356241394972,1360.3781067608347,1482.2557641275041]
[null,null,null,null,"Provisions Percent",null,null,null,{"$f":"I589","v":4.7033285094066572E-3},1.0265183917878529E-2,7.5073601570166829E-3,1.8010642652476462E-2,2.0830222487681051E-2,1.7378048780487806E-2,1.7452125492326498E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2]
[null,null,null,null,"Provisions Amount",null,null,null,{"$f":"I591","v":39},132,153,176,279,285,257,246.12831250000002,251.46325750000003,256.48033512500001,265.04675237600003,272.6095799017528,289.75742786678148,303.72469336036846,325.81676089731491,341.61214358611147]
[null,null,null,null,"Interest Income Rate",null,null,null,{"$f":"I390","v":2.7190332326283987E-2},{"$f":"J390","v":5.8865757358219667E-2},5.6240749876665025E-2,3.2193158953722337E-2,1.5186915887850467E-2,1.8794914317302378E-2,1.4848289218850872E-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,null,null,{"$f":"D718","v":"Interest Rate"},null,null,null,{"$f":"I407","v":8.6447716119290294E-2},{"$f":"J407","v":8.6341566392231367E-2},7.7671054191865291E-2,7.5059593103830591E-2,9.1768561704273291E-2,9.3694170581618469E-2,8.3690151810042815E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2,8.5000000000000006E-2]
[null,null,null,null,{"$f":"D334","v":"Income Tax Rate"},null,null,null,{"$f":"I341","v":0.30522280785816963},0.30271999999999999,0.38593700286350618,0.13609467455621302,0.25750394944707738,0.48109965635738833,-2.1603773584905661,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25]
[null,null,null,null,"Minority Percent",null,null,null,{"$f":"I417","v":5.0344827586206897E-2},{"$f":"J417","v":3.4878384580082605E-2},3.2124352331606217E-2,-1.0273972602739725E-2,-3.4042553191489362E-2,-1.7660044150110375E-2,8.0597014925373134E-2,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,null,null,"Payout Ratio",null,null,null,{"$f":"I430","v":0},{"$f":"J430","v":0.66521423384168488},0.60675225867807892,4.8179871520342615E-2,0,1.0102880658436213,0.81344902386117135,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5]
[null,null,null,null,"Return on Associated Investments",null,null,null,{"$f":"I656","v":2.677376171352075E-2},8.4372003835091081E-2,0.34645669291338582,3.3755274261603376E-3,3.1770045385779121E-2,8.1421169504071064E-2,1.6339869281045752E-3,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,null,null,null,1]
[null,null,null,null,null,3,null,{"$f":"INDEX(E896:E938,F940)","v":"Steel Production  "}]
[null,null,null,null,null,3]
[null,null,null,null,"Start of Graph",2007,null,null,{"$f":"I1","v":2006},2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021]
[null,null,null,null,"End of Graph",2019,null,null,{"$f":"AND(I942>=$F$942,I942<=$F$943)","v":false},{"$f":"AND(J942>=$F$942,J942<=$F$943)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,false,false]
[null,null,null,null,null,null,null,null,{"$f":"IF(I943,I942,#N/A)","v":{"$error":"#N/A"}},{"$f":"IF(J943,J942,#N/A)","v":2007},2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,null,null,"History",null,null,null,{"$f":"IF(I3,INDEX(I896:I938,$F$940))","v":14457},15262,16132,14275,14697.999999999998,15232,14250,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Projected",null,null,null,{"$f":"IF(NOT(I3),INDEX(I896:I938,$F$940))","v":false},false,false,false,false,false,false,14392.5,14680.35,14973.957,15123.69657,15274.9335357,15580.432206414,16047.84517260642,16529.280527784613,17025.158943618153]
[]
[null,null,null,null,"Minimum",{"$f":"IFERROR(MIN(945:946),0)","v":14250},null,null,-100000,-10000,-1000,-100,-10,-1,1,10,100,1000,10000]
[null,null,null,null,"Graph Floor",{"$f":"ROUNDDOWN(F948*0.9,F950)","v":12000},null,null,-4,-3,-2,-1,0,2,2,0,-1,-2,-3]
[null,null,null,null,"Round Down Factor",{"$f":"LOOKUP(F948,I948:T948,I949:T949)","v":-3}]
[]
[]
[]
["Summary of Financial Ratios"]
[]
[null,null,null,"Return on Invested Capital",null,null,null,null,{"$f":"I636","v":0.3886564125763402},0.31778373547810546,0.30063564309817153,1.5254237288135594E-2,8.6109656367078916E-2,0.10784919653893696,5.0480446927374301E-2,3.704593895701376E-2,4.824483241812097E-2,5.1717640234799689E-2,6.6953124101993999E-2,7.2421164209258912E-2,9.9136110616783554E-2,0.11143102993647042,0.1446975930539709,0.1574886822129366]
[null,null,null,"Sales Growth",null,null,null,null,{"$f":"I638","v":0},0.55077182826821036,0.584882183684579,-0.52051030421982336,0.37065083913221453,0.22442884873824109,-0.1020731707317073,-4.4922246366969953E-2,2.1675462468382145E-2,1.9951533575436997E-2,3.3399898853161636E-2,2.8533937722142078E-2,6.2902587543727018E-2,4.8203304386069235E-2,7.273714656692154E-2,4.8479343558923693E-2]
[null,null,null,"EBITDA Margin",null,null,null,null,{"$f":"I639","v":0.31283164495899662},0.33478497550353836,0.31025515210991167,0.12658616455178059,0.17545169478871137,0.17670731707317072,0.13662909140296076,0.12851481645380541,0.13295742058578086,0.1308526867896429,0.13746528063593094,0.13626064801470644,0.14720503622969697,0.14832061858438964,0.16008565470180686,0.16070128693521929]
[null,null,null,"Capital Expenditures to Depreciation",null,null,null,null,{"$f":"I643","v":2.1485148514851486},0.99332443257676906,0.90781893004115222,0.45045965270684374,0.89945945945945949,1.1110147441457068,1.0015885623510723,0.81245454123400229,0.84306014602459789,0.87229340174515813,0.90006165921464953,0.92630083744279357,0.95097392025256955,0.97406870212690877,0.99559500595133865,1.0155815879664087]
[null,null,null,"Net Plant Depreciation Rate",null,null,null,null,{"$f":"I647","v":8.2900136798905608E-2},7.4107054516671614E-2,0.13482023968042608,0.11403610949330227,0.10747066341350064,0.13881531423067661,0.16157597535934293,0.17118477486284081,0.17183952596203783,0.17217073026078067,0.17218216799073613,0.17188507133014835,0.17129707007365622,0.17044088648343261,0.1693429150223171,0.16803181172394918]
[null,null,null,"Capital Expenditues to EBITDA",null,null,null,null,{"$f":"I649","v":0.25096376252891289},0.17282229965156795,0.17444251146607623,0.35650767987065479,0.35404255319148936,0.4420289855072464,0.62673956262425445,0.58091497681553106,0.55744309235724476,0.56330772611804025,0.52637571355138713,0.52379648126155076,0.46282118940720268,0.44465014356747207,0.38970569545931516,0.37575527486945265]
[null,null,null,"Working Capital to EBITDA",null,null,null,null,{"$f":"I650","v":0.31418658442559755},0.21393728222996516,0.32516210659497075,1.3395311236863379,0.86638297872340431,0.61249137336093862,0.64960238568588469,0.59927682075168986,0.57877483161392063,0.58839141166785813,0.55951857879446654,0.56472565681180686,0.52202740351530219,0.51824420674493121,0.47948088277794454,0.47779169469279348]
[null,null,null,"Cash Balance",null,null,null,null,{"$f":"I837","v":993},{"$f":"J837","v":400},1627,858,854,955,2143,803.70031955715149,718.46645000000001,732.8009575000001,757.27643536000005,778.88451400500799,827.87836533366135,867.78483817248127,930.90503113518537,976.03469596031846]
[null,null,null,"New Debt",null,null,null,null,{"$f":"I699","v":0},{"$f":"J699","v":0},0,0,0,0,0,0,645.65618422929492,1785.6804162254098,3290.3907465980319,3621.49958431409,4637.981310850415,4318.4389880929784,3832.6578930243168,3254.6301153873474]
[null,null,null,"Return on Equity",null,null,null,null,{"$f":"I880","v":0.34238488783943327},{"$f":"J880","v":0.41148144651118873},0.34068843777581642,-5.606758832565284E-2,8.2615573914571985E-2,7.7323546983016134E-2,-6.0068136991213918E-2,-6.2568596718255605E-3,2.5876210739635957E-2,3.653029640914339E-2,6.6302455599631452E-2,6.8945059605994063E-2,0.11359289097884764,0.12149920908033073,0.16152092510399654,0.16914753240191246]
[null,null,null,"Return on Common Equity",null,null,null,null,{"$f":"I881","v":0.33866207575012297},{"$f":"J881","v":0.41992811501597443},0.34984549115085684,-5.9620048504446244E-2,8.9535740604274133E-2,8.2072280576820367E-2,-5.7473409218137712E-2,-6.1735696479125182E-3,2.5532890968514407E-2,3.6053035585079406E-2,6.5458014186838193E-2,6.8095807742766606E-2,0.1122557074154226,0.12014978587164375,0.15984891528210637,0.16753437625250053]
[null,null,null,"Debt to Capital",null,null,null,null,{"$f":"I884","v":0.3950864162262534},{"$f":"J884","v":0.53015966883500887},0.67505063043052194,0.60413181057685317,0.5795736241943481,0.56605614772556678,0.61166522116218558,0.55698289177169136,0.53926340012163587,0.52294145616235466,0.49847431266777587,0.47607274800313337,0.44504870468357416,0.41028509917555211,0.36473289684734789,0.31208049376040425]
[null,null,null,"Debt to Equity",null,null,null,null,{"$f":"I885","v":0.65312868949232583},{"$f":"J885","v":1.1283826305852738},2.0774024929634098,1.526093348033811,1.3785377358490567,1.3044455976474658,1.5750977107761028,1.2572491703517927,1.1704375130258873,1.0961787875249209,0.99391581579663557,0.90866193004593065,0.80195993493413387,0.69573466534753503,0.57414101098149262,0.45365844539914757]
[null,null,null,"Debt to EBITDA",null,null,null,null,{"$f":"I886","v":1.0663068619892058},{"$f":"J886","v":1.6659698025551684},1.634192630080658,6.713823767178658,3.4821276595744681,2.6021394064872325,4.2062624254473162,3.7140191959115376,3.3137344388507795,3.1487192358595353,2.7184544838561657,2.5231987240711935,2.0527172383709709,1.7917897705285446,1.3845564814235818,1.1312175318522724]
[null,null,null,"Debt to FFO",null,null,null,null,{"$f":"I887","v":1.385077616424637},{"$f":"J887","v":1.6374429223744291},2.3600325548030856,5.2430555555555554,4.6974741676234215,2.7233658360418924,3.4500611496127189,3.2770913151203191,3.2950741458929405,3.1317090983111027,2.7183076420713257,2.6063725271763909,2.2389776948246092,1.9619014006878601,1.5736158230091042,1.2911474562192016]
[null,null,null,"EBIT to Interest",null,null,null,null,{"$f":"I729/(I730+I731)","v":10.004366812227074},{"$f":"J729/(J730+J731)","v":8.6943765281173597},7.7984732824427478,0.38109305760709011,1.9574175824175823,2.4646892655367232,1.1674418604651162,0.83083778515691509,1.2895071223293737,1.5020518628754531,2.1173745986280421,2.1494789065764088,3.3626718333751549,3.5219509944519638,4.9414301044001112,6.0665656729137343]
[null,null,null,"Debt Service Coverage",null,null,null,null,{"$f":"I788/(I791+I792)","v":8.7205240174672483},{"$f":"J788/(J791+J792)","v":10.709046454767726},6.6844724183901087,2.3397341211225995,2.3928571428571428,3.9110169491525424,3.8031007751937986,3.3040430622334132,3.8278127049016697,4.2634550901221768,5.100193532221577,4.788832274691746,6.0058811293283014,5.9181178925161921,7.1442071538402843,8.4365698929652169]
[null,null,null,"Earnings per Share",null,null,null,null,{"$f":"I742","v":11.66},{"$f":"J742","v":17.62},15.13,-0.24,0.39,0.36,-0.22999999999999998,-2.3774831145113019E-2,9.8655094496813922E-2,0.14146757454861847,0.26347570586669417,0.28340315445418918,0.4888619267877698,0.55458221471270941,0.79162103117794635,0.90055626656777021]
[null,null,null,"FFO  ",null,null,null,null,{"$f":"I788","v":1997},4380,4378.3294340455213,1584,1742,2769,2453,2048.482823492729,1921.3282984239156,1928.1960616429583,2082.0968219951187,2054.8895422186838,2234.5936485222728,2351.0044829346757,2622.404930533316,2748.4313261775787]
[null,null,null,"Cash Flow after Capital Expenditures",null,null,null,null,{"$f":"I790","v":1346},{"$f":"J790","v":3636},3275.3294340455213,1143,910,1488,1192,998.48282349272904,856.32829842391561,847.8960616429581,986.19082199511877,943.06542221868358,1106.5330461222727,1206.3826684866756,1460.8906797963559,1569.6867904258793]
[null,null,null,"EBITDA Margin Criteria",null,null,null,null,{"$f":"I890","v":0.2},{"$f":"J890","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]
[null,null,null,"FFO Debt Criteria",null,null,null,null,{"$f":"I891","v":2},{"$f":"J891","v":2},2,2,2,2,2,2,2,2,2,2,2,2,2,2]
[null,null,null,"Cash Flow before Dividends",null,null,null,null,{"$f":"I795","v":1144},{"$f":"J795","v":3268},2677.3294340455213,506,195,797,570,-1339.2996804428485,-661.35740137221603,-1025.9826010156239,-1294.5357280116114,-109.75665936420739,-622.93530438242431,750.32138628622147,1106.8401383810399,1257.8744449858402]
[]
[null,null,null,null,null,1]
[]
[null,null,null,null,null,2]
[null,null,null,null,null,null,null,null,{"$f":"I944","v":{"$error":"#N/A"}},{"$f":"J944","v":2007},2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,null,{"$f":"INDEX(D956:D978,$F$980)","v":"Return on Invested Capital"},null,null,null,null,{"$f":"INDEX(I956:I978,$F$980)","v":0.3886564125763402},0.31778373547810546,0.30063564309817153,1.5254237288135594E-2,8.6109656367078916E-2,0.10784919653893696,5.0480446927374301E-2,3.704593895701376E-2,4.824483241812097E-2,5.1717640234799689E-2,6.6953124101993999E-2,7.2421164209258912E-2,9.9136110616783554E-2,0.11143102993647042,0.1446975930539709,0.1574886822129366]
[null,null,null,{"$f":"INDEX(D956:D978,$F$982)","v":"Sales Growth"},null,null,null,null,{"$f":"INDEX(I956:I978,$F$982)","v":0},0.55077182826821036,0.584882183684579,-0.52051030421982336,0.37065083913221453,0.22442884873824109,-0.1020731707317073,-4.4922246366969953E-2,2.1675462468382145E-2,1.9951533575436997E-2,3.3399898853161636E-2,2.8533937722142078E-2,6.2902587543727018E-2,4.8203304386069235E-2,7.273714656692154E-2,4.8479343558923693E-2]
[]
[]
[null,null,null,"Min 1",null,{"$f":"MIN(I984:X984)","v":1.5254237288135594E-2}]
[null,null,null,"Rounddown Factor",null,{"$f":"LOOKUP(F988,I948:S949)","v":2}]
[null,null,null,"Floor 1",null,{"$f":"ROUNDDOWN(F988*0.9,F989)","v":0.01}]
[]
[null,null,null,"Min 2",null,{"$f":"MIN(I985:X985)","v":-0.52051030421982336}]
[null,null,null,"Rounddown Factor",null,{"$f":"LOOKUP(F992,I948:S948,I949:S949)","v":2}]
[null,null,null,"Floor 2",null,{"$f":"ROUNDDOWN(F992*0.9,F993)","v":-0.46}]

{"sheet":"Custom Case Macro","index":4,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}

{"sheet":"Scenario","index":5,"n_rows":955,"n_cols":54,"rows_kept":955,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
[]
[null,null,null,null,"Scenario Number",null,null,1]
[]
[null,null,null,null,"Dividend Payout Ratio",null,null,{"$f":"I8/100","v":0.5},50]
[null,null,null,null,"Discretionary Capital Expenditures",null,null,300]
[]
[null,null,null,null,{"$f":"sheet_name(E16)","v":"Scenario"},"Scenario Sheet"]
[]
[]
[]
[]
[null,null,null,null,null,null,"Maintenance","Cost of Revenue",null,"Selling and Distribution",null,"G&A Expense",null,"AR to","Inventory","AP to","Return on","Interest ","Interest ",null,"Stable","EV/EBITDA","Value",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15]
[null,null,null,"Scenario","Production","Steel Price","Expenditures","Fixed Growth","Variable","Fixed Growth","Variable","Fixed Growth","Variable","Revenues","to COGS","Expense","Associates","Income Rate","Expense Rate",null,"Growth","Ratio","Driver",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"E16&\" \"&E17","v":" Production"}," Steel Price","Maintenance Expenditures","Cost of Revenue Fixed Growth"," Variable","Selling and Distribution Fixed Growth"," Variable","G&A Expense Fixed Growth"," Variable","AR to Revenues","Inventory to COGS","AP to Expense","Return on Associates","Interest  Income Rate","Interest  Expense Rate"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Summary!D29","v":10.00587254511656},{"$f":"Summary!E29","v":11.226543596243191},{"$f":"Summary!F29","v":11.12970197005464}]
[null,1,1,"Base Case",1,1,1,0.04,0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,1,10.00587254511656,11.226543596243191,11.12970197005464]
[null,{"$f":"B19+1","v":2},2,"Low Case",2,2,2,0.06,0.64,0.04,0.06,0.04,0.04,0.1,0.2,0.14000000000000001,0.02,0.01,0.1,2,-20.335565167262033,-7.4224112839731315,-14.134377653305512,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1,{"$f":"TRANSPOSE(AN17:BB17)","v":" Production"}]
[null,{"$f":"B20+1","v":3},3,"High Case",3,3,3,0.03,0.61,0.02,0.05,0.02,0.03,0.05,0.16,0.2,0.08,0.04,7.0000000000000007E-2,3,46.353440560487257,37.639802255102225,48.652954370212257,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,2," Steel Price"]
[null,4,1,{"$f":"TRANSPOSE(AN17:BB17)&\" Low Case\"","v":" Production Low Case"},{"$f":"E20","v":2},{"$f":"F$19","v":1},1,0.04,0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,4,-1.0764275403145873,2.9310001269176813,-0.28914234269933908,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,3,"Maintenance Expenditures"]
[null,5,2," Steel Price Low Case",{"$f":"E$19","v":1},{"$f":"F20","v":2},1,0.04,0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,5,3.0363936161133691,5.5723458360102232,3.0289847893691428,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,4,"Cost of Revenue Fixed Growth"]
[null,6,3,"Maintenance Expenditures Low Case",1,1,{"$f":"G20","v":2},0.04,0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,6,7.3456552683060528,10.372104516802899,9.5939911287854009,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,5," Variable"]
[null,7,4,"Cost of Revenue Fixed Growth Low Case",1,1,1,{"$f":"H20","v":0.06},0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,7,10.00587254511656,11.226543596243191,11.12970197005464,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,6,"Selling and Distribution Fixed Growth"]
[null,8,5," Variable Low Case",1,1,1,0.04,{"$f":"I20","v":0.64},0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,8,8.1437558159134174,8.6970325784220979,7.7036345440751255,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,7," Variable"]
[null,9,6,"Selling and Distribution Fixed Growth Low Case",1,1,1,0.04,0.62,{"$f":"J20","v":0.04},5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,9,9.8834267197418662,11.134420554662659,10.998137664549335,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,8,"G&A Expense Fixed Growth"]
[null,10,7," Variable Low Case",1,1,1,0.04,0.62,0.03,{"$f":"K20","v":0.06},0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,10,9.7601788757990562,11.034741197000402,10.867802451078818,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,9," Variable"]
[null,11,8,"G&A Expense Fixed Growth Low Case",1,1,1,0.04,0.62,0.03,5.8500000000000003E-2,{"$f":"L20","v":0.04},3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,11,9.713135588533385,11.00837531991494,10.814541180821857,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,10,"AR to Revenues"]
[null,12,9," Variable Low Case",1,1,1,0.04,0.62,0.03,5.8500000000000003E-2,0.03,{"$f":"M20","v":0.04},6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,12,8.7731928858370214,10.263320287337239,9.8159930624835212,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,11,"Inventory to COGS"]
[null,13,10,"AR to Revenues Low Case",1,1,1,0.04,0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,{"$f":"N20","v":0.1},0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,13,9.1334810456406164,10.727514450038065,10.630672823849512,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,12,"AP to Expense"]
[null,14,11,"Inventory to COGS Low Case",1,1,1,0.04,0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,{"$f":"O20","v":0.2},0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,14,9.5630533454954971,10.94708451640644,10.850242890217887,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,13,"Return on Associates"]
[null,15,12,"AP to Expense Low Case",1,1,1,0.04,0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,{"$f":"P20","v":0.14000000000000001},0.05,1.4999999999999999E-2,8.5000000000000006E-2,15,9.7113892049466806,11.040967002596188,10.944125376407635,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,14,"Interest  Income Rate"]
[null,16,13,"Return on Associates Low Case",1,1,1,0.04,0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,{"$f":"Q20","v":0.02},1.4999999999999999E-2,8.5000000000000006E-2,16,9.9901293099548365,11.210800361081469,11.113958734892917,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,15,"Interest  Expense Rate"]
[null,17,14,"Interest  Income Rate Low Case",1,1,1,0.04,0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,{"$f":"R20","v":0.01},8.5000000000000006E-2,17,9.9982417166083124,11.218912767734947,11.122071141546394]
[null,18,15,"Interest  Expense Rate Low Case",1,1,1,0.04,0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,{"$f":"S20","v":0.1},18,9.9083683454587845,11.129039396585416,11.032197770396865]
[null,19,1,{"$f":"TRANSPOSE(AN17:BB17)&\" High Case\"","v":" Production High Case"},{"$f":"E21","v":3},1,1,0.04,0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,19,21.798294240074057,20.317701374024622,24.041675802000661]
[null,20,2," Steel Price High Case",1,{"$f":"F21","v":3},1,0.04,0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,20,21.35661691823584,19.871328768625261,23.493981375837599]
[null,21,3,"Maintenance Expenditures High Case",1,1,{"$f":"G21","v":3},0.04,0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,21,12.648878343241133,12.168827872553745,12.825824943763976]
[null,22,4,"Cost of Revenue Fixed Growth High Case",1,1,1,{"$f":"H21","v":0.03},0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,22,10.00587254511656,11.226543596243191,11.12970197005464]
[null,23,5," Variable High Case",1,1,1,0.04,{"$f":"I21","v":0.61},0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,23,11.548717896635708,12.423940228656445,12.775376806547097]
[null,24,6,"Selling and Distribution Fixed Growth High Case",1,1,1,0.04,0.62,{"$f":"J21","v":0.02},5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,24,10.125110266399423,11.316328976880918,11.257796417184174]
[null,25,7," Variable High Case",1,1,1,0.04,0.62,0.03,{"$f":"K21","v":0.05},0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,25,11.370737380539641,12.286024567909543,12.586399953541516]
[null,26,8,"G&A Expense Fixed Growth High Case",1,1,1,0.04,0.62,0.03,5.8500000000000003E-2,{"$f":"L21","v":0.02},3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,26,10.280793399777021,11.431794988881627,11.425573394737652]
[null,27,9," Variable High Case",1,1,1,0.04,0.62,0.03,5.8500000000000003E-2,0.03,{"$f":"M21","v":0.03},6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,27,10.413806760966139,11.544659028634909,11.564645935334751]
[null,28,10,"AR to Revenues High Case",1,1,1,0.04,0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,{"$f":"N21","v":0.05},0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,28,10.293570119533831,11.389787052903523,11.29294542671497]
[null,29,11,"Inventory to COGS High Case",1,1,1,0.04,0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,{"$f":"O21","v":0.16},0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,29,10.151997984755043,11.31821566262024,11.221374036431687]
[null,30,12,"AP to Expense High Case",1,1,1,0.04,0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,{"$f":"P21","v":0.2},0.05,1.4999999999999999E-2,8.5000000000000006E-2,30,10.58984969099339,11.592707249074273,11.49586562288572]
[null,31,13,"Return on Associates High Case",1,1,1,0.04,0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,{"$f":"Q21","v":0.08},1.4999999999999999E-2,8.5000000000000006E-2,31,10.021171331480391,11.241842382607024,11.145000756418472]
[null,32,14,"Interest  Income Rate High Case",1,1,1,0.04,0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,{"$f":"Q22","v":0.05},{"$f":"R21","v":0.04},8.5000000000000006E-2,32,10.040999080745138,11.261670131871769,11.164828505683218]
[null,33,15,"Interest  Expense Rate High Case",1,1,1,0.04,0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,{"$f":"S21","v":7.0000000000000007E-2},33,10.0785118949451,11.299182946071731,11.20234131988318]
[null,34,null,"Custom Case",{"$f":"E60/E58","v":1},{"$f":"F60/F58","v":1},1,0.04,0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2,34,10.00587254511656,11.226543596243191,11.12970197005464]
[]
[null,null,null,{"$f":"INDEX(D19:D52,$H$6)","v":"Base Case"},{"$f":"INDEX(E19:E52,$H$6)","v":1},{"$f":"INDEX(F19:F52,$H$6)","v":1},{"$f":"INDEX(G19:G52,$H$6)","v":1},{"$f":"INDEX(H19:H52,$H$6)","v":0.04},{"$f":"INDEX(I19:I52,$H$6)","v":0.62},0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2]
[]
[]
[null,null,null,"Copied",1,1,1,0.04,0.62,0.03,5.8500000000000003E-2,0.03,3.2500000000000001E-2,6.25E-2,0.17,0.16,0.05,1.4999999999999999E-2,8.5000000000000006E-2]
[null,null,null,"Multiplier",1,1,1,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000]
[null,null,null,"Adjusted",{"$f":"E57*E58","v":1},{"$f":"F57*F58","v":1},1,40,620,30,58.5,30,32.5,62.5,170,160,50,15,85]
[null,null,null,"Spinner",1,1,1,40,620,30,58.5,30,32.5,62.5,170,160,50,15,85]
[]
[]
[]
[null,null,null,null,"Low vs Base","High vs Base"]
[null,null,1,{"$f":"TRANSPOSE(AN17:BB17)","v":" Production"},{"$f":"U22-$U$19","v":-11.082300085431147},{"$f":"U37-$U$19","v":11.792421694957497}]
[null,null,{"$f":"C65+1","v":2}," Steel Price",{"$f":"U23-$U$19","v":-6.9694789290031913},{"$f":"U38-$U$19","v":11.35074437311928}]
[null,null,{"$f":"C66+1","v":3},"Maintenance Expenditures",-2.6602172768105072,2.6430057981245731]
[null,null,4,"Cost of Revenue Fixed Growth",0,0]
[null,null,5," Variable",-1.8621167292031426,1.5428453515191478]
[null,null,6,"Selling and Distribution Fixed Growth",-0.12244582537469384,0.11923772128286281]
[null,null,7," Variable",-0.2456936693175038,1.3648648354230808]
[null,null,8,"G&A Expense Fixed Growth",-0.292736956583175,0.27492085466046134]
[null,null,9," Variable",-1.2326796592795386,0.40793421584957912]
[null,null,10,"AR to Revenues",-0.87239149947594363,0.28769757441727073]
[null,null,11,"Inventory to COGS",-0.44281919962106286,0.14612543963848346]
[null,null,12,"AP to Expense",-0.29448334016987943,0.5839771458768297]
[null,null,13,"Return on Associates",-1.574323516172349E-2,1.529878636383053E-2]
[null,null,14,"Interest  Income Rate",-7.6308285082475891E-3,3.5126535628577926E-2]
[null,null,15,"Interest  Expense Rate",-9.7504199657775459E-2,7.2639349828540034E-2]
[]
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[null,null,null,"Actual Income"]
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["Balance Sheet"]
[null,"Common Equity Balance"]
[null,null,"Opening Balance"]
[null,null,"Add: New Equity Issues"]
[null,null,"Add: Net Income to Common"]
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[null,null,null,"Return on Common Equity"]

{"sheet":"Valuation","index":6,"n_rows":99,"n_cols":27,"rows_kept":99,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,"Year",null,null,null,null,null,null,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021]
[null,null,null,null,"Holding Period Switch",null,null,null,{"$f":"I5","v":2014},{"$f":"I6","v":2020},null,{"$f":"AND(L1>$I$2,L1<=$J$2)","v":false},{"$f":"AND(M1>$I$2,M1<=$J$2)","v":false},false,false,false,false,false,false,false,true,true,true,true,true,true,false]
[null,null,null,null,"Terminal Period Switch",null,null,null,{"$f":"I6","v":2020},null,null,{"$f":"L1=$I$3","v":false},{"$f":"M1=$I$3","v":false},false,false,false,false,false,false,false,false,false,false,false,false,true,false]
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[null,null,null,null,"Valuation Year",null,null,null,2014]
[null,null,null,null,"Terminal Year",null,null,null,2020]
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[null,null,null,null,"WACC",null,null,null,{"$f":"J8/1000","v":9.0999999999999998E-2},91]
[null,null,null,null,"Terminal EV/EBITDA",null,null,null,9,null,null,{"$f":"J73","v":19804.449404928673}]
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[null,null,null,null,"Tax Rate",null,null,null,0.25]
[null,null,null,null,"Apply Stable Ratios",null,null,null,false]
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[null,null,null,null,"Stable Ratios"]
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[null,null,null,null,null,null,"Stable Ratio (WC/EBITDA x g/(1+g)",null,null,null,null,{"$f":"L17*($I$10/(1+$I$10))","v":1.003693832143729E-2},{"$f":"M17*($I$10/(1+$I$10))","v":6.8343952696891114E-3},1.0387560036431789E-2,4.2792378588237326E-2,2.7677287800457258E-2,1.956652015577055E-2,2.0752060723750434E-2,1.914437084685941E-2,1.8489418628518283E-2,1.8796627865478532E-2,1.7874262439707068E-2,1.8040606655169052E-2,1.6676577266219725E-2,1.6555720060583479E-2,1.5317395093583904E-2,1.5263432647494858E-2]
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[null,null,null,null,null,null,"Working Capital Applied in Terminal Year",null,null,null,null,{"$f":"IF($I$13,L20,L21)*L3","v":0},{"$f":"IF($I$13,M20,M21)*M3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,95.020156000518,0]
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[null,null,null,null,null,"Depreciation and Capital Expenditures"]
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[null,null,null,null,null,null,"Plant Life",null,null,null,null,{"$f":"1/L25","v":15.491749174917491},{"$f":"1/M25","v":11.126835781041388},9.5913580246913579,11.730337078651687,12.976756756756755,10.924544666088465,10.494042891183479,10.526315789473685,10.526315789473685,10.526315789473685,10.526315789473685,10.526315789473685,10.526315789473685,10.526315789473685,10.526315789473685,10.526315789473685]
[null,null,null,null,null,null,"Net Depreciation Rate",null,null,null,null,{"$f":"net_depreciation_rate(L26,$I$10)","v":0.10994555925629605},{"$f":"net_depreciation_rate(M26,$I$10)","v":0.15501919853071258},0.17219128720944848,0.14175720428994074,0.12718317265798396,0.14943383513201008,0.15970810187979723,0.15888914854599831,0.15888914854599831,0.15888914854599831,0.15888914854599831,0.15888914854599831,0.15888914854599831,0.15888914854599831,0.15888914854599831,0.15888914854599831]
[null,null,null,null,null,null,"Net Plant",null,null,null,null,{"$f":"'Financial Model'!I582","v":3655},{"$f":"'Financial Model'!J582","v":10107},{"$f":"'Financial Model'!K582","v":9012},{"$f":"'Financial Model'!L582","v":8585},{"$f":"'Financial Model'!M582","v":8607},{"$f":"'Financial Model'!N582","v":8306},{"$f":"'Financial Model'!O582","v":7792},{"$f":"'Financial Model'!P582","v":7549.619999999999},{"$f":"'Financial Model'!Q582","v":7351.3649344842743},{"$f":"'Financial Model'!R582","v":7193.2054920091923},{"$f":"'Financial Model'!S582","v":7071.5215760513947},{"$f":"'Financial Model'!T582","v":6983.0616467900627},{"$f":"'Financial Model'!U582","v":6924.9061202552148},{"$f":"'Financial Model'!V582","v":6894.4344203046066},{"$f":"'Financial Model'!W582","v":6889.2953192330397},{"$f":"'Financial Model'!X582","v":6907.3802391364379}]
[null,null,null,null,null,null,"Depreciation Expense in Model",null,null,null,null,{"$f":"'Financial Model'!I574","v":303},{"$f":"'Financial Model'!J574","v":749},{"$f":"'Financial Model'!K574","v":1215},{"$f":"'Financial Model'!L574","v":979},{"$f":"'Financial Model'!M574","v":925},{"$f":"'Financial Model'!N574","v":1153},{"$f":"'Financial Model'!O574","v":1259},{"$f":"'Financial Model'!P574","v":1292.3800000000001},{"$f":"'Financial Model'!Q574","v":1263.2550655157249},{"$f":"'Financial Model'!R574","v":1238.4594424750808},{"$f":"'Financial Model'!S574","v":1217.5899159577964},{"$f":"'Financial Model'!T574","v":1200.2840492613332},{"$f":"'Financial Model'!U574","v":1186.2161289348483},{"$f":"'Financial Model'!V574","v":1175.093514398608},{"$f":"'Financial Model'!W574","v":1166.6533518085275},{"$f":"'Financial Model'!X574","v":1160.659615848301}]
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[null,null,null,null,null,null,"Stable Cap Exp/Current Depreciation",null,null,null,null,{"$f":"L31*L29","v":393.94501012715898},{"$f":"M31*M29","v":908.44476706285536},1447.8515028244699,1206.903760953986,1165.0081658765239,1407.6210499542319,1519.1433459604318,1560.796945966913,1525.6229965135456,1495.6775217188379,1470.4735621620875,1449.5734059486283,1432.5836915599166,1419.1509993182144,1408.9578827471889,1401.7192959680267]
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[null,null,null,null,"Free Cash Flow"]
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[null,null,null,null,null,"Less: Taxes",null,null,null,null,null,{"$f":"L46","v":572.75},{"$f":"M46","v":889},1277,64.5,356.25,436.25,188.25,128.77835578603367,161.81346346818322,169.83001023571944,216.09860953925005,230.58553071937718,312.78529157990749,349.7785413798324,453.45936892027828,494.08525470916805]
[null,null,null,null,null,"Add: Deferred Tax Changes",null,null,null,null,null,{"$f":"'Financial Model'!I777-'Financial Model'!I772","v":0},{"$f":"'Financial Model'!J777-'Financial Model'!J772","v":946},{"$f":"'Financial Model'!K777-'Financial Model'!K772","v":184.32943404552145},{"$f":"'Financial Model'!L777-'Financial Model'!L772","v":-123},{"$f":"'Financial Model'!M777-'Financial Model'!M772","v":-190},{"$f":"'Financial Model'!N777-'Financial Model'!N772","v":-31},{"$f":"'Financial Model'!O777-'Financial Model'!O772","v":229},{"$f":"'Financial Model'!P777-'Financial Model'!P772","v":-11.171087708153792},{"$f":"'Financial Model'!Q777-'Financial Model'!Q772","v":46.355101609486937},{"$f":"'Financial Model'!R777-'Financial Model'!R772","v":66.471415653660557},{"$f":"'Financial Model'!S777-'Financial Model'!S772","v":123.79941633400735},{"$f":"'Financial Model'!T777-'Financial Model'!T772","v":63.605808032396411},{"$f":"'Financial Model'!U777-'Financial Model'!U772","v":55.406060239999988},{"$f":"'Financial Model'!V777-'Financial Model'!V772","v":57.06218144479999},{"$f":"'Financial Model'!W777-'Financial Model'!W772","v":58.751425073696055},{"$f":"'Financial Model'!X777-'Financial Model'!X772","v":60.474453575169946}]
[null,null,null,null,null,"Add: Changes in Provisions",null,null,null,null,null,{"$f":"'Financial Model'!I786","v":0},{"$f":"'Financial Model'!J786","v":93},{"$f":"'Financial Model'!K786","v":21},{"$f":"'Financial Model'!L786","v":23},{"$f":"'Financial Model'!M786","v":103},{"$f":"'Financial Model'!N786","v":6},{"$f":"'Financial Model'!O786","v":-28},{"$f":"'Financial Model'!P786","v":-10.871687499999979},{"$f":"'Financial Model'!Q786","v":5.3349450000000047},{"$f":"'Financial Model'!R786","v":5.0170776249999847},{"$f":"'Financial Model'!S786","v":8.5664172510000185},{"$f":"'Financial Model'!T786","v":7.5628275257527662},{"$f":"'Financial Model'!U786","v":17.147847965028689},{"$f":"'Financial Model'!V786","v":13.967265493586979},{"$f":"'Financial Model'!W786","v":22.092067536946445},{"$f":"'Financial Model'!X786","v":15.795382688796565}]
[null,null,null,null,null,null,"Free Cash Flow",null,null,null,null,{"$f":"L36-L37-L38-L39+L40+L41","v":1370.25},{"$f":"M36-M37-M38-M39+M40+M41","v":3605},3013.3294340455213,1030.5,695.75,1416.75,1231.75,830.48337999854141,712.81993656521922,716.48746706089923,865.84162878987581,817.5926246372012,995.39946842586323,1089.1358542334856,1351.3405444425266,1470.6962040658693]
[]
[null,null,null,null,null,"Depreciation",null,null,null,null,null,{"$f":"'Financial Model'!I597","v":303},{"$f":"'Financial Model'!J597","v":749},{"$f":"'Financial Model'!K597","v":1215},{"$f":"'Financial Model'!L597","v":979},{"$f":"'Financial Model'!M597","v":925},{"$f":"'Financial Model'!N597","v":1153},{"$f":"'Financial Model'!O597","v":1259},{"$f":"'Financial Model'!P597","v":1292.3800000000001},{"$f":"'Financial Model'!Q597","v":1263.2550655157249},{"$f":"'Financial Model'!R597","v":1238.4594424750808},{"$f":"'Financial Model'!S597","v":1217.5899159577964},{"$f":"'Financial Model'!T597","v":1200.2840492613332},{"$f":"'Financial Model'!U597","v":1186.2161289348483},{"$f":"'Financial Model'!V597","v":1175.093514398608},{"$f":"'Financial Model'!W597","v":1166.6533518085275},{"$f":"'Financial Model'!X597","v":1160.659615848301}]
[null,null,null,null,null,"EBIT",null,null,null,null,null,{"$f":"L36-L44","v":2291},{"$f":"M36-M44","v":3556},5108,258,1425,1745,753,515.11342314413469,647.25385387273286,679.32004094287777,864.3944381570002,922.3421228775087,1251.14116631963,1399.1141655193296,1813.8374756811131,1976.3410188366722]
[null,null,null,null,null,"Taxes on EBIT",null,null,{"$f":"I12","v":0.25},null,null,{"$f":"L45*$I$46","v":572.75},{"$f":"M45*$I$46","v":889},1277,64.5,356.25,436.25,188.25,128.77835578603367,161.81346346818322,169.83001023571944,216.09860953925005,230.58553071937718,312.78529157990749,349.7785413798324,453.45936892027828,494.08525470916805]
[null,null,null,null,null,null,"NOPAT",null,null,null,null,{"$f":"L45-L46","v":1718.25},{"$f":"M45-M46","v":2667},3831,193.5,1068.75,1308.75,564.75,386.33506735810101,485.44039040454965,509.49003070715833,648.2958286177502,691.75659215813153,938.35587473972248,1049.3356241394972,1360.3781067608347,1482.2557641275041]
[]
[null,null,null,null,null,"Free Cash Flow over Holding Period",null,null,null,null,null,{"$f":"IF(L2,L42)","v":false},{"$f":"IF(M2,M42)","v":false},false,false,false,false,false,false,false,716.48746706089923,865.84162878987581,817.5926246372012,995.39946842586323,1089.1358542334856,1351.3405444425266,false]
[null,null,null,null,null,"NPV of Explicit Cash Flow",null,null,{"$f":"I8","v":9.0999999999999998E-2},{"$f":"NPV(I50,L49:AA49)","v":4222.2974742416}]
[]
[null,null,null,null,null,"Full year period",null,null,null,null,null,{"$f":"K52+L2","v":0},{"$f":"L52+M2","v":0},0,0,0,0,0,0,0,1,2,3,4,5,6,6]
[null,null,null,null,null,"1/2 year period",null,null,null,null,null,{"$f":"MAX(L52-0.5,0)","v":0},{"$f":"MAX(M52-0.5,0)","v":0},0,0,0,0,0,0,0,0.5,1.5,2.5,3.5,4.5,5.5,5.5]
[]
[null,null,null,null,null,"Full year Discount Factor",null,null,{"$f":"I50","v":9.0999999999999998E-2},null,1,{"$f":"K55*(1+$I$55*L2)","v":1},{"$f":"L55*(1+$I$55*M2)","v":1},1,1,1,1,1,1,1,1.091,1.1902809999999999,1.2985965709999998,1.4167688589609997,1.5456948251264506,1.6863530542129577,1.6863530542129577]
[null,null,null,null,null,"Current Discount Rate",null,null,null,null,null,{"$f":"$I$55*L2","v":0},{"$f":"$I$55*M2","v":0},0,0,0,0,0,0,0,9.0999999999999998E-2,9.0999999999999998E-2,9.0999999999999998E-2,9.0999999999999998E-2,9.0999999999999998E-2,9.0999999999999998E-2,0]
[null,null,null,null,null,"Prior Period Discount Rate",null,null,null,null,null,{"$f":"K56","v":0},{"$f":"L56","v":0},0,0,0,0,0,0,0,0,9.0999999999999998E-2,9.0999999999999998E-2,9.0999999999999998E-2,9.0999999999999998E-2,9.0999999999999998E-2,9.0999999999999998E-2]
[null,null,null,null,null,"Weighted Discount Rate",null,null,null,null,null,{"$f":"L56*0.5+L57*0.5","v":0},{"$f":"M56*0.5+M57*0.5","v":0},0,0,0,0,0,0,0,4.5499999999999999E-2,9.0999999999999998E-2,9.0999999999999998E-2,9.0999999999999998E-2,9.0999999999999998E-2,9.0999999999999998E-2,4.5499999999999999E-2]
[null,null,null,null,null,"1/2 Year Discount Factor",null,null,null,null,1,{"$f":"K59*(1+L58)","v":1},{"$f":"L59*(1+M58)","v":1},1,1,1,1,1,1,1,1.0455000000000001,1.1406405000000002,1.2444387855000001,1.3576827149805,1.4812318420437254,1.6160239396697043,1.6895530289246758]
[]
[null,null,null,null,null,"Growth Rate in EBITDA",null,null,null,null,null,null,{"$f":"M36/L36-1","v":0.65959907478797231},{"$f":"N36/M36-1","v":0.4687572590011615},-0.80436501660604143,0.89975747776879555,0.2331914893617022,-0.305728088336784,-0.10164342786076797,5.6993566297534493E-2,3.8055640336021046E-3,8.5622394084738263E-2,1.9520712508584115E-2,0.14827440047933682,5.6147034712516808E-2,0.15782842648680728,5.2511420519000485E-2]
[null,null,null,null,null,"Movement of Terminal Cash Flow to End of Period",null,null,null,null,null,null,{"$f":"M42*(1+M61/2)*M3","v":0},{"$f":"N42*(1+N61/2)*N3","v":0},0,0,0,0,0,0,0,0,0,0,0,1457.9805203311212,0]
[]
[null,null,null,null,null,"Value of Explicit Cash Flows",null,null,null,{"$f":"SUMPRODUCT(L42:AA42/L59:AA59*L2:AA2)","v":4406.0512141535974}]
[]
[null,null,null,null,"Terminal Growth Rate Method"]
[null,null,null,null,null,null,"Terminal Cash Flow",null,null,null,null,{"$f":"IF(L3,L42)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,1351.3405444425266,false]
[null,null,null,null,null,null,"Multiplier",null,{"$f":"(1+I10)/(I8-I10)","v":17.810344827586206},null,null,{"$f":"$I$68*L67","v":0},{"$f":"$I$68*M67","v":0},0,0,0,0,0,0,0,0,0,0,0,0,24067.841076019482,0]
[null,null,null,null,null,null,"Terminal Proceeds - Full Year",null,{"$f":"I50","v":9.0999999999999998E-2},{"$f":"NPV(I69,L69:AA69)","v":14272.124698853318},null,{"$f":"IF(L2,L68)","v":false},false,false,false,false,false,false,false,false,0,0,0,0,0,24067.841076019482,false]
[null,null,null,null,null,null,"Enterprise Value - Full Year",null,null,{"$f":"J69+J50","v":18494.422173094918}]
[]
[null,null,null,null,null,null,"Terminal Value - 1/2 Year",null,null,{"$f":"SUMPRODUCT(L62:AA62*$I$68/L55:AA55)","v":15398.398190775075}]
[null,null,null,null,null,null,"Enterprise Value - 1/2 Year",null,null,{"$f":"J72+J64","v":19804.449404928673}]
[null,null,null,null,null,null,"Percent Difference",null,null,{"$f":"J73/J70-1","v":7.0833639438573126E-2}]
[]
[]
[]
[null,null,null,null,null,null,"Less: Debt",null,null,{"$f":"SUMIF('Financial Model'!$1:$1,Valuation!I$5,'Financial Model'!871:871)","v":6330.9192019091206}]
[null,null,null,null,null,null,"Less: Minority Interest",null,null,{"$f":"SUMIF('Financial Model'!$1:$1,Valuation!I$5,'Financial Model'!849:849)","v":201.80096946448847}]
[null,null,null,null,null,null,"Add: Cash",null,null,{"$f":"SUMIF('Financial Model'!$1:$1,Valuation!I$5,'Financial Model'!872:872)","v":718.46645000000001}]
[null,null,null,null,null,null,"Add: Associates",null,null,{"$f":"SUMIF('Financial Model'!$1:$1,Valuation!I$5,'Financial Model'!828:828)","v":561}]
[null,null,null,null,null,null,"Less: Pensions",null,null,{"$f":"SUMIF('Financial Model'!$1:$1,Valuation!I$5,'Financial Model'!854:854)","v":294}]
[null,null,null,null,null,null,"Add: Assets Held for Disposal",null,null,{"$f":"SUMIF('Financial Model'!$1:$1,Valuation!I$5,'Financial Model'!875:875)","v":452}]
[null,null,null,null,null,null,null,"Total Bridge",null,{"$f":"J78-J80-J81+J82-J83+J79","v":5095.2537213736096}]
[]
[null,null,null,null,null,null,"Equity Value",null,null,{"$f":"J70-J84","v":13399.168451721307}]
[null,null,null,null,null,null,"Shares",null,null,{"$f":"SUMIF('Financial Model'!$1:$1,Valuation!I$5,'Financial Model'!741:741)","v":1339.1304347826087}]
[]
[null,null,null,null,null,null,"Value per Share",null,null,{"$f":"J86/J87","v":10.00587254511656}]
[]
[null,null,null,null,"Terminal EV/EBITDA Method"]
[null,null,null,null,null,null,"Terminal EBITDA",null,null,null,null,{"$f":"IF(L3,L36)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,2980.4908274896407,false]
[null,null,null,null,null,null,"Multiplier",null,null,{"$f":"I9","v":9},null,{"$f":"$J$93*L92","v":0},{"$f":"$J$93*M92","v":0},0,0,0,0,0,0,0,0,0,0,0,0,26824.417447406766,0]
[null,null,null,null,null,null,"Terminal Proceeds",null,{"$f":"I50","v":9.0999999999999998E-2},{"$f":"NPV(I94,L94:AA94)","v":15906.762454275069},null,{"$f":"IF(L2,L93)","v":false},false,false,false,false,false,false,false,false,0,0,0,0,0,26824.417447406766,false]
[]
[null,null,null,null,"Terminal Value Driver"]
[null,null,null,null,null,null,"NOPLAT",null,{"$f":"I10","v":3.3000000000000002E-2},null,null,{"$f":"IF(L3,L47)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,1360.3781067608347,false]
[null,null,null,null,null,null,"Multiplier",null,{"$f":"I94+I10","v":0.124},{"$f":"(1-I97/I98)/(I94-I97)","v":12.652947719688544},null,{"$f":"L97*$J$98","v":0},{"$f":"M97*$J$98","v":0},0,0,0,0,0,0,0,0,0,0,0,0,17212.793063853722,0]
[null,null,null,null,null,null,"Terminal Proceeds",null,{"$f":"I94","v":9.0999999999999998E-2},{"$f":"NPV(I99,L99:AA99)","v":15777.078885292138},null,{"$f":"IF(L3,L98)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,17212.793063853722,false]

{"sheet":"Data from PDF File","index":8,"n_rows":305,"n_cols":22,"rows_kept":305,"cut":false,"hidden":false,"merged":[]}
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[null,"One of the painful aspects of corporate models is acquiring historic data"]
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["Notes",2008,"2007*",2006]
["ASSETS"]
["Non-current","assets"]
["Property,","plant","and","equipment",9,"$",9.0120000000000005,"$",10.106999999999999,"$",3.6549999999999998]
["Intangible","assets","other","than","goodwill",10,885,806,37]
["Goodwill",5,2.387,2.145,112]
["Investments","in","joint","ventures","and","associates",11,551,592,1.494]
["Deferred","income","tax","assets",8,44,22,11]
["Other","non-current","assets",13,278,240,272]
[13.157,13.912000000000001,5.5810000000000004]
["Current","assets"]
["Inventories",14,2.4159999999999999,1.619,864]
["Trade","and","other","receivables",15,1.369,1.802,556]
["Prepayments",76,196,82]
["Loans","receivable",108,48,19]
["Receivables","from","related","parties",16,137,60,54]
["Income","tax","receivable",262,86,51]
["Other","taxes","recoverable",17,397,351,331]
["Short-term","investments",18,589,25,25]
["Cash","and","cash","equivalents",19,930,327,842]
[6.2839999999999998,4.5140000000000002,2.8239999999999998]
["Assets","of","disposal","groups","classifi","ed","as","held","for","sale",12,7,211,105]
[6.2910000000000004,4.7249999999999996,2.9289999999999998]
["Total","assets","$",19.448,"$",18.637,"$",8.51]
["EQUITY","AND","LIABILITIES"]
["Equity"]
["Equity","attributable","to","equity","holders","of","the","parent","entity"]
["Issued","capital",20,"$",332,"$",320,"$",318]
["Treasury","shares",20,-9,"–","–"]
["Additional","paid-in","capital",20,1.054,286,531]
["Revaluation","surplus",4,218,211,"–"]
["Legal","reserve",20,30,29,28]
["Accumulated","profi","ts",4.4480000000000004,4.1079999999999997,2.75]
["Translation","difference",-1.3440000000000001,996,439]
[4.7290000000000001,5.95,4.0659999999999998]
["Minority","interests",245,406,169]
[4.9740000000000002,6.3559999999999999,4.2350000000000003]
["Non-current","liabilities"]
["Long-term","loans",21,6.0640000000000001,4.6529999999999996,1.855]
["Deferred","income","tax","liabilities",8,1.329,1.69,277]
["Finance","lease","liabilities",22,40,54,42]
["Employee","benefi","ts",23,292,347,117]
["Provisions",25,153,132,39]
["Other","long-term","liabilities",26,58,55,47]
[7.9359999999999999,6.931,2.3769999999999998]
["Current","liabilities"]
["Trade","and","other","payables",27,1.4790000000000001,1.242,462]
["Advances","from","customers",107,305,67]
["Short-term","loans","and","current","portion","of","long-term","loans",21,3.9220000000000002,2.1030000000000002,741]
["Payables","to","related","parties",16,322,1.204,176]
["Income","tax","payable",156,76,77]
["Other","taxes","payable",28,154,209,96]
["Current","portion","of","fi","nance","lease","liabilities",22,15,15,11]
["Provisions",25,63,55,8]
["Amounts","payable","under","put","options","for","shares","of","subsidiaries",4,"–",6,175]
["Dividends","payable","by","the","parent","entity","to","its","shareholders",309,80,38]
["Dividends","payable","by","the","Group’s","subsidiaries","to","minority","shareholders",11,16,24]
[6.5380000000000003,5.3109999999999999,1.875]
["Liabilities","directly","associated","with","disposal","groups","classifi","ed","as","held","for","sale",12,"–",39,23]
[6.5380000000000003,5.35,1.8979999999999999]
["Total","equity","and","liabilities","$",19.448,"$",18.637,"$",8.51]
["Consolidated","Balance","Sheet"]
["("]
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[1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22]
[]
[]
["Step 1: Replace dashes with zeros and $ with blanks using CNTL F function"]
["Step 2: Run SHIFT, CNTL, M"]
[]
[]
[]
[]
[]
["Notes",null,null,null,null,null,null,null,null,null,null,null,null,null,null,2008,2007,2006]
["ASSETS"]
["Non-current","assets"]
["Property,","plant","and","equipment",9,null,null,null,null,null,null,null,null,null,null,9.0120000000000005,10.106999999999999,3.6549999999999998]
["Intangible","assets","other","than","goodwill",10,null,null,null,null,null,null,null,null,null,885,806,37]
["Goodwill",5,null,null,null,null,null,null,null,null,null,null,null,null,null,2.387,2.145,112]
["Investments","in","joint","ventures","and","associates",11,null,null,null,null,null,null,null,null,551,592,1.494]
["Deferred","income","tax","assets",8,null,null,null,null,null,null,null,null,null,null,44,22,11]
["Other","non-current","assets",13,null,null,null,null,null,null,null,null,null,null,null,278,240,272]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,13.157,13.912000000000001,5.5810000000000004]
["Current","assets"]
["Inventories",14,null,null,null,null,null,null,null,null,null,null,null,null,null,2.4159999999999999,1.619,864]
["Trade","and","other","receivables",15,null,null,null,null,null,null,null,null,null,null,1.369,1.802,556]
["Prepayments",null,null,null,null,null,null,null,null,null,null,null,null,null,null,76,196,82]
["Loans","receivable",null,null,null,null,null,null,null,null,null,null,null,null,null,108,48,19]
["Receivables","from","related","parties",16,null,null,null,null,null,null,null,null,null,null,137,60,54]
["Income","tax","receivable",null,null,null,null,null,null,null,null,null,null,null,null,262,86,51]
["Other","taxes","recoverable",17,null,null,null,null,null,null,null,null,null,null,null,397,351,331]
["Short-term","investments",18,null,null,null,null,null,null,null,null,null,null,null,null,589,25,25]
["Cash","and","cash","equivalents",19,null,null,null,null,null,null,null,null,null,null,930,327,842]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,6.2839999999999998,4.5140000000000002,2.8239999999999998]
["Assets","of","disposal","groups","classifi","ed","as","held","for","sale",12,null,null,null,null,7,211,105]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,6.2910000000000004,4.7249999999999996,2.9289999999999998]
["Total","assets",null,null,null,null,null,null,null,null,null,null,null,null,null,19.448,18.637,8.51]
["EQUITY","AND","LIABILITIES"]
["Equity"]
["Equity","attributable","to","equity","holders","of","the","parent","entity"]
["Issued","capital",20,null,null,null,null,null,null,null,null,null,null,null,null,332,320,318]
["Treasury","shares",20,null,null,null,null,null,null,null,null,null,null,null,null,-9,0,0]
["Additional","paid-in","capital",20,null,null,null,null,null,null,null,null,null,null,null,1.054,286,531]
["Revaluation","surplus",4,null,null,null,null,null,null,null,null,null,null,null,null,218,211,0]
["Legal","reserve",20,null,null,null,null,null,null,null,null,null,null,null,null,30,29,28]
["Accumulated","profi","ts",null,null,null,null,null,null,null,null,null,null,null,null,4.4480000000000004,4.1079999999999997,2.75]
["Translation","difference",null,null,null,null,null,null,null,null,null,null,null,null,null,-1.3440000000000001,996,439]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,4.7290000000000001,5.95,4.0659999999999998]
["Minority","interests",null,null,null,null,null,null,null,null,null,null,null,null,null,245,406,169]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,4.9740000000000002,6.3559999999999999,4.2350000000000003]
["Non-current","liabilities"]
["Long-term","loans",21,null,null,null,null,null,null,null,null,null,null,null,null,6.0640000000000001,4.6529999999999996,1.855]
["Deferred","income","tax","liabilities",8,null,null,null,null,null,null,null,null,null,null,1.329,1.69,277]
["Finance","lease","liabilities",22,null,null,null,null,null,null,null,null,null,null,null,40,54,42]
["Employee","benefi","ts",23,null,null,null,null,null,null,null,null,null,null,null,292,347,117]
["Provisions",25,null,null,null,null,null,null,null,null,null,null,null,null,null,153,132,39]
["Other","long-term","liabilities",26,null,null,null,null,null,null,null,null,null,null,null,58,55,47]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,7.9359999999999999,6.931,2.3769999999999998]
["Current","liabilities"]
["Trade","and","other","payables",27,null,null,null,null,null,null,null,null,null,null,1.4790000000000001,1.242,462]
["Advances","from","customers",null,null,null,null,null,null,null,null,null,null,null,null,107,305,67]
["Short-term","loans","and","current","portion","of","long-term","loans",21,null,null,null,null,null,null,3.9220000000000002,2.1030000000000002,741]
["Payables","to","related","parties",16,null,null,null,null,null,null,null,null,null,null,322,1.204,176]
["Income","tax","payable",null,null,null,null,null,null,null,null,null,null,null,null,156,76,77]
["Other","taxes","payable",28,null,null,null,null,null,null,null,null,null,null,null,154,209,96]
["Current","portion","of","fi","nance","lease","liabilities",22,null,null,null,null,null,null,null,15,15,11]
["Provisions",25,null,null,null,null,null,null,null,null,null,null,null,null,null,63,55,8]
["Amounts","payable","under","put","options","for","shares","of","subsidiaries",4,null,null,null,null,null,0,6,175]
["Dividends","payable","by","the","parent","entity","to","its","shareholders",null,null,null,null,null,null,309,80,38]
["Dividends","payable","by","the","Group’s","subsidiaries","to","minority","shareholders",null,null,null,null,null,null,11,16,24]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,6.5380000000000003,5.3109999999999999,1.875]
["Liabilities","directly","associated","with","disposal","groups","classifi","ed","as","held","for","sale",null,null,null,12,0,39]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,6.5380000000000003,5.35,1.8979999999999999]
["Total","equity","and","liabilities",null,null,null,null,null,null,null,null,null,null,null,19.448,18.637,8.51]
["Consolidated","Balance","Sheet"]
[]
[]
[]
[]
[1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22]
[]
[]
["Use the add_text function"]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,2008,2007,2006]
["ASSETS",null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"add_text(A179:L179)","v":" ASSETS           "}]
["Non-current","assets",null,null,null,null,null,null,null,null,null,null,null,{"$f":"add_text(A180:L180)","v":" Non-current assets          "}]
["Property,","plant","and","equipment",9,null,null,null,null,null,null,null,null," Property, plant and equipment 9       ",null,9.0120000000000005,10.106999999999999,3.6549999999999998]
["Intangible","assets","other","than","goodwill",10,null,null,null,null,null,null,null," Intangible assets other than goodwill 10      ",null,885,806,37]
["Goodwill",5,null,null,null,null,null,null,null,null,null,null,null," Goodwill 5          ",null,2.387,2.145,112]
["Investments","in","joint","ventures","and","associates",11,null,null,null,null,null,null," Investments in joint ventures and associates 11     ",null,551,592,1.494]
["Deferred","income","tax","assets",8,null,null,null,null,null,null,null,null," Deferred income tax assets 8       ",null,44,22,11]
["Other","non-current","assets",13,null,null,null,null,null,null,null,null,null," Other non-current assets 13        ",null,278,240,272]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"            ",null,13.157,13.912000000000001,5.5810000000000004]
["Current","assets",null,null,null,null,null,null,null,null,null,null,null," Current assets          "]
["Inventories",14,null,null,null,null,null,null,null,null,null,null,null," Inventories 14          ",null,2.4159999999999999,1.619,864]
["Trade","and","other","receivables",15,null,null,null,null,null,null,null,null," Trade and other receivables 15       ",null,1.369,1.802,556]
["Prepayments",null,null,null,null,null,null,null,null,null,null,null,null," Prepayments           ",null,76,196,82]
["Loans","receivable",null,null,null,null,null,null,null,null,null,null,null," Loans receivable          ",null,108,48,19]
["Receivables","from","related","parties",16,null,null,null,null,null,null,null,null," Receivables from related parties 16       ",null,137,60,54]
["Income","tax","receivable",null,null,null,null,null,null,null,null,null,null," Income tax receivable         ",null,262,86,51]
["Other","taxes","recoverable",17,null,null,null,null,null,null,null,null,null," Other taxes recoverable 17        ",null,397,351,331]
["Short-term","investments",18,null,null,null,null,null,null,null,null,null,null," Short-term investments 18         ",null,589,25,25]
["Cash","and","cash","equivalents",19,null,null,null,null,null,null,null,null," Cash and cash equivalents 19       ",null,930,327,842]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"            ",null,6.2839999999999998,4.5140000000000002,2.8239999999999998]
["Assets","of","disposal","groups","classifi","ed","as","held","for","sale",12,null,null," Assets of disposal groups classifi ed as held for sale 12 ",null,7,211,105]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"            ",null,6.2910000000000004,4.7249999999999996,2.9289999999999998]
["Total","assets",null,null,null,null,null,null,null,null,null,null,null," Total assets          ",null,19.448,18.637,8.51]
["EQUITY","AND","LIABILITIES",null,null,null,null,null,null,null,null,null,null," EQUITY AND LIABILITIES         "]
["Equity",null,null,null,null,null,null,null,null,null,null,null,null," Equity           "]
["Equity","attributable","to","equity","holders","of","the","parent","entity",null,null,null,null," Equity attributable to equity holders of the parent entity   "]
["Issued","capital",20,null,null,null,null,null,null,null,null,null,null," Issued capital 20         ",null,332,320,318]
["Treasury","shares",20,null,null,null,null,null,null,null,null,null,null," Treasury shares 20         ",null,-9,0,0]
["Additional","paid-in","capital",20,null,null,null,null,null,null,null,null,null," Additional paid-in capital 20        ",null,1.054,286,531]
["Revaluation","surplus",4,null,null,null,null,null,null,null,null,null,null," Revaluation surplus 4         ",null,218,211,0]
["Legal","reserve",20,null,null,null,null,null,null,null,null,null,null," Legal reserve 20         ",null,30,29,28]
["Accumulated","profi","ts",null,null,null,null,null,null,null,null,null,null," Accumulated profi ts         ",null,4.4480000000000004,4.1079999999999997,2.75]
["Translation","difference",null,null,null,null,null,null,null,null,null,null,null," Translation difference          ",null,-1.3440000000000001,996,439]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"            ",null,4.7290000000000001,5.95,4.0659999999999998]
["Minority","interests",null,null,null,null,null,null,null,null,null,null,null," Minority interests          ",null,245,406,169]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"            ",null,4.9740000000000002,6.3559999999999999,4.2350000000000003]
["Non-current","liabilities",null,null,null,null,null,null,null,null,null,null,null," Non-current liabilities          "]
["Long-term","loans",21,null,null,null,null,null,null,null,null,null,null," Long-term loans 21         ",null,6.0640000000000001,4.6529999999999996,1.855]
["Deferred","income","tax","liabilities",8,null,null,null,null,null,null,null,null," Deferred income tax liabilities 8       ",null,1.329,1.69,277]
["Finance","lease","liabilities",22,null,null,null,null,null,null,null,null,null," Finance lease liabilities 22        ",null,40,54,42]
["Employee","benefi","ts",23,null,null,null,null,null,null,null,null,null," Employee benefi ts 23        ",null,292,347,117]
["Provisions",25,null,null,null,null,null,null,null,null,null,null,null," Provisions 25          ",null,153,132,39]
["Other","long-term","liabilities",26,null,null,null,null,null,null,null,null,null," Other long-term liabilities 26        ",null,58,55,47]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"            ",null,7.9359999999999999,6.931,2.3769999999999998]
["Current","liabilities",null,null,null,null,null,null,null,null,null,null,null," Current liabilities          "]
["Trade","and","other","payables",27,null,null,null,null,null,null,null,null," Trade and other payables 27       ",null,1.4790000000000001,1.242,462]
["Advances","from","customers",null,null,null,null,null,null,null,null,null,null," Advances from customers         ",null,107,305,67]
["Short-term","loans","and","current","portion","of","long-term","loans",21,null,null,null,null," Short-term loans and current portion of long-term loans 21   ",null,3.9220000000000002,2.1030000000000002,741]
["Payables","to","related","parties",16,null,null,null,null,null,null,null,null," Payables to related parties 16       ",null,322,1.204,176]
["Income","tax","payable",null,null,null,null,null,null,null,null,null,null," Income tax payable         ",null,156,76,77]
["Other","taxes","payable",28,null,null,null,null,null,null,null,null,null," Other taxes payable 28        ",null,154,209,96]
["Current","portion","of","fi","nance","lease","liabilities",22,null,null,null,null,null," Current portion of fi nance lease liabilities 22    ",null,15,15,11]
["Provisions",25,null,null,null,null,null,null,null,null,null,null,null," Provisions 25          ",null,63,55,8]
["Amounts","payable","under","put","options","for","shares","of","subsidiaries",4,null,null,null," Amounts payable under put options for shares of subsidiaries 4  ",null,0,6,175]
["Dividends","payable","by","the","parent","entity","to","its","shareholders",null,null,null,null," Dividends payable by the parent entity to its shareholders   ",null,309,80,38]
["Dividends","payable","by","the","Group’s","subsidiaries","to","minority","shareholders",null,null,null,null," Dividends payable by the Group’s subsidiaries to minority shareholders   ",null,11,16,24]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"            ",null,6.5380000000000003,5.3109999999999999,1.875]
["Liabilities","directly","associated","with","disposal","groups","classifi","ed","as","held","for","sale",null," Liabilities directly associated with disposal groups classifi ed as held for sale",null,12,0,39]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"            ",null,6.5380000000000003,5.35,1.8979999999999999]
["Total","equity","and","liabilities",null,null,null,null,null,null,null,null,null," Total equity and liabilities        ",null,19.448,18.637,8.51]
["Consolidated","Balance","Sheet"]
[]
[]
["Copy and paste special as values"]
[]
[]
[null,null,2008,2007,2006]
[" ASSETS           "]
[" Non-current assets          "]
[" Property, plant and equipment 9       ",null,9.0120000000000005,10.106999999999999,3.6549999999999998]
[" Intangible assets other than goodwill 10      ",null,885,806,37]
[" Goodwill 5          ",null,2.387,2.145,112]
[" Investments in joint ventures and associates 11     ",null,551,592,1.494]
[" Deferred income tax assets 8       ",null,44,22,11]
[" Other non-current assets 13        ",null,278,240,272]
["            ",null,13.157,13.912000000000001,5.5810000000000004]
[" Current assets          "]
[" Inventories 14          ",null,2.4159999999999999,1.619,864]
[" Trade and other receivables 15       ",null,1.369,1.802,556]
[" Prepayments           ",null,76,196,82]
[" Loans receivable          ",null,108,48,19]
[" Receivables from related parties 16       ",null,137,60,54]
[" Income tax receivable         ",null,262,86,51]
[" Other taxes recoverable 17        ",null,397,351,331]
[" Short-term investments 18         ",null,589,25,25]
[" Cash and cash equivalents 19       ",null,930,327,842]
["            ",null,6.2839999999999998,4.5140000000000002,2.8239999999999998]
[" Assets of disposal groups classifi ed as held for sale 12 ",null,7,211,105]
["            ",null,6.2910000000000004,4.7249999999999996,2.9289999999999998]
[" Total assets          ",null,19.448,18.637,8.51]
[" EQUITY AND LIABILITIES         "]
[" Equity           "]
[" Equity attributable to equity holders of the parent entity   "]
[" Issued capital 20         ",null,332,320,318]
[" Treasury shares 20         ",null,-9,0,0]
[" Additional paid-in capital 20        ",null,1.054,286,531]
[" Revaluation surplus 4         ",null,218,211,0]
[" Legal reserve 20         ",null,30,29,28]
[" Accumulated profi ts         ",null,4.4480000000000004,4.1079999999999997,2.75]
[" Translation difference          ",null,-1.3440000000000001,996,439]
["            ",null,4.7290000000000001,5.95,4.0659999999999998]
[" Minority interests          ",null,245,406,169]
["            ",null,4.9740000000000002,6.3559999999999999,4.2350000000000003]
[" Non-current liabilities          "]
[" Long-term loans 21         ",null,6.0640000000000001,4.6529999999999996,1.855]
[" Deferred income tax liabilities 8       ",null,1.329,1.69,277]
[" Finance lease liabilities 22        ",null,40,54,42]
[" Employee benefi ts 23        ",null,292,347,117]
[" Provisions 25          ",null,153,132,39]
[" Other long-term liabilities 26        ",null,58,55,47]
["            ",null,7.9359999999999999,6.931,2.3769999999999998]
[" Current liabilities          "]
[" Trade and other payables 27       ",null,1.4790000000000001,1.242,462]
[" Advances from customers         ",null,107,305,67]
[" Short-term loans and current portion of long-term loans 21   ",null,3.9220000000000002,2.1030000000000002,741]
[" Payables to related parties 16       ",null,322,1.204,176]
[" Income tax payable         ",null,156,76,77]
[" Other taxes payable 28        ",null,154,209,96]
[" Current portion of fi nance lease liabilities 22    ",null,15,15,11]
[" Provisions 25          ",null,63,55,8]
[" Amounts payable under put options for shares of subsidiaries 4  ",null,0,6,175]
[" Dividends payable by the parent entity to its shareholders   ",null,309,80,38]
[" Dividends payable by the Group’s subsidiaries to minority shareholders   ",null,11,16,24]
["            ",null,6.5380000000000003,5.3109999999999999,1.875]
[" Liabilities directly associated with disposal groups classifi ed as held for sale",null,12,0,39]
["            ",null,6.5380000000000003,5.35,1.8979999999999999]
[" Total equity and liabilities        ",null,19.448,18.637,8.51]

{"sheet":"Audit Page","index":9,"n_rows":4,"n_cols":4,"rows_kept":4,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,"EBITDA History",{"$f":"'Financial Model'!G520","v":true}]
[null,null,"Current Assets History",{"$f":"'Financial Model'!G538","v":true}]

{"sheet":"Production History","index":10,"n_rows":104,"n_cols":15,"rows_kept":104,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,"Report","Steel division"]
[null,null,null,null,"Period Type","Annual"]
[]
[null,null,null,null,null,null,22]
[]
[null,null,null,null,null,null,{"$f":"G11","v":"2006"},{"$f":"H11","v":"2007"},"2008","2009","2010","2011","2012"]
[null,null,null,{"$f":"INDEX(D13:D104,$G$4)","v":"Steel Prices"},{"$f":"INDEX(E13:E104,$G$4)","v":"USD/MT (ExW)"},"Railway products",579,711,895,611,709,882,891]
[]
[]
[null,null,"Steel Volumes"]
[null,null,null,null,"Unit","","2006","2007","2008","2009","2010","2011","2012"]
[null,null,null,null,"","Production volumes","","","","","","",""]
[null,null,null,{"$f":"C10","v":"Steel Volumes"},"000'MT","Coke (6% humidity)","",7559,9206,7506,7979,7556,7586,null,{"$f":"add_text(D13:F13)","v":" Steel Volumes 000'MT Coke (6% humidity)"}]
[null,null,null,{"$f":"D13","v":"Steel Volumes"},"000'MT","Coke saleable (dry weight)","",1405,1870,1744,1823,1468,1446,null,{"$f":"add_text(D14:F14)","v":" Steel Volumes 000'MT Coke saleable (dry weight)"}]
[null,null,null,{"$f":"D14","v":"Steel Volumes"},"000'MT","Pig iron",12754,12664,13260,11256,11918,11858,12031,null," Steel Volumes 000'MT Pig iron"]
[null,null,null,"Steel Volumes","000'MT","Pig iron (saleable)",959,1038,840,111,145,131,263,null," Steel Volumes 000'MT Pig iron (saleable)"]
[null,null,null,"Steel Volumes","000'MT","Crude steel",16115,16509,17674,15284,16291,16773,15945,null," Steel Volumes 000'MT Crude steel"]
[null,null,null,"Steel Volumes","000'MT","Steel products, gross *",15357,16539,17602,15237,16128,16349,15700,null," Steel Volumes 000'MT Steel products, gross *"]
[null,null,null,"Steel Volumes","000'MT","Steel products, net of re-rolled volumes",14457,15262,16132,14275,14698,15232,14250,null," Steel Volumes 000'MT Steel products, net of re-rolled volumes"]
[null,null,null,"Steel Volumes","000'MT","Semi-finished products **",6228,4159,4292,5216,3767,3542,3173,null," Steel Volumes 000'MT Semi-finished products **"]
[null,null,null,"Steel Volumes","000'MT","Construction products",4208,5274,5215,4284,4938,5257,5207,null," Steel Volumes 000'MT Construction products"]
[null,null,null,"Steel Volumes","000'MT","Railway products",1572,2267,2455,1558,1889,2055,1832,null," Steel Volumes 000'MT Railway products"]
[null,null,null,"Steel Volumes","000'MT","Flat-rolled products",1620,2215,2632,2050,2534,2707,2472,null," Steel Volumes 000'MT Flat-rolled products"]
[null,null,null,"Steel Volumes","000'MT","Tubular products",14,470,844,673,903,848,869,null," Steel Volumes 000'MT Tubular products"]
[null,null,null,"Steel Volumes","000'MT","Other steel products",815,877,693,495,667,823,697,null," Steel Volumes 000'MT Other steel products"]
[null,null,null,"Steel Volumes","000'MT","Total finished products","","","","","",11690,11077,null," Steel Volumes 000'MT Total finished products"]
[null,null,"Steel Prices",null,null,null,null,null,null,null,null,null,null,null,"   "]
[null,null,null,null,"Unit","","2006","2007","2008","2009","2010","2011","2012",null,"  Unit "]
[null,null,null,{"$f":"C27","v":"Steel Prices"},"USD/MT (ExW)","Coke","",152,244,113,196,231,191,null," Steel Prices USD/MT (ExW) Coke"]
[null,null,null,{"$f":"D29","v":"Steel Prices"},"USD/MT (ExW)","Pig iron",229,291,523,247,384,466,353,null," Steel Prices USD/MT (ExW) Pig iron"]
[null,null,null,{"$f":"D30","v":"Steel Prices"},"","Steel products","","","","","","","",null," Steel Prices  Steel products"]
[null,null,null,"Steel Prices","USD/MT (ExW)","Semi-finished products",362,450,649,293,420,529,457,null," Steel Prices USD/MT (ExW) Semi-finished products"]
[null,null,null,"Steel Prices","USD/MT (ExW)","Construction products",478,692,903,438,595,732,677,null," Steel Prices USD/MT (ExW) Construction products"]
[null,null,null,"Steel Prices","USD/MT (ExW)","Railway products",579,711,895,611,709,882,891,null," Steel Prices USD/MT (ExW) Railway products"]
[null,null,null,"Steel Prices","USD/MT (ExW)","Flat-rolled products",472,597,812,438,589,706,607,null," Steel Prices USD/MT (ExW) Flat-rolled products"]
[null,null,null,"Steel Prices","USD/MT (ExW)","Other steel products",446,610,937,499,655,790,729,null," Steel Prices USD/MT (ExW) Other steel products"]
[null,null,null,"Steel Prices","","<i>Ukraine</i>","","","","","","","",null," Steel Prices  <i>Ukraine</i>"]
[null,null,null,"Steel Prices","USD/MT (ExW)","Coke","",300,330,138,267,308,214,null," Steel Prices USD/MT (ExW) Coke"]
[null,null,null,"Steel Prices","USD/MT (ExW)","Pig iron","",230,506,232,374,491,339,null," Steel Prices USD/MT (ExW) Pig iron"]
[null,null,null,"Steel Prices","","Steel products","","","","","","","",null," Steel Prices  Steel products"]
[null,null,null,"Steel Prices","USD/MT (ExW)","Semi-finished products","",414,612,351,438,569,523,null," Steel Prices USD/MT (ExW) Semi-finished products"]
[null,null,null,"Steel Prices","USD/MT (ExW)","Construction products","",626,868,442,562,691,645,null," Steel Prices USD/MT (ExW) Construction products"]
[null,null,null,"Steel Prices","USD/MT (ExW)","Other steel products",714,851,1077,892,975,989,914,null," Steel Prices USD/MT (ExW) Other steel products"]
[null,null,null,"Steel Prices","","<i>Europe</i>","","","","","","","",null," Steel Prices  <i>Europe</i>"]
[null,null,null,"Steel Prices","","Steel products","","","","","","","",null," Steel Prices  Steel products"]
[null,null,null,"Steel Prices","USD/MT (ExW)","Construction products","",926,1194,721,759,896,877,null," Steel Prices USD/MT (ExW) Construction products"]
[null,null,null,"Steel Prices","USD/MT (ExW)","Flat-rolled products",712,902,1167,618,719,907,743,null," Steel Prices USD/MT (ExW) Flat-rolled products"]
[null,null,null,"Steel Prices","USD/MT (ExW)","Other steel products",711,895,1187,1037,955,975,813,null," Steel Prices USD/MT (ExW) Other steel products"]
[null,null,null,"Steel Prices","","<i>North America</i>","","","","","","","",null," Steel Prices  <i>North America</i>"]
[null,null,null,"Steel Prices","","Steel products","","","","","","","",null," Steel Prices  Steel products"]
[null,null,null,"Steel Prices","USD/MT (ExW)","Construction products","",672,1067,651,766,897,845,null," Steel Prices USD/MT (ExW) Construction products"]
[null,null,null,"Steel Prices","USD/MT (ExW)","Railway products","",829,1040,956,942,1023,989,null," Steel Prices USD/MT (ExW) Railway products"]
[null,null,null,"Steel Prices","USD/MT (ExW)","Flat-rolled products","",1356,1559,809,880,1134,1017,null," Steel Prices USD/MT (ExW) Flat-rolled products"]
[null,null,null,"Steel Prices","USD/MT (ExW)","Tubular products","",1361,1937,1527,1404,1486,1509,null," Steel Prices USD/MT (ExW) Tubular products"]
[null,null,null,"Steel Prices","","<i>South Africa</i>","","","","","","","",null," Steel Prices  <i>South Africa</i>"]
[null,null,null,"Steel Prices","","Steel products","","","","","","","",null," Steel Prices  Steel products"]
[null,null,null,"Steel Prices","USD/MT (ExW)","Semi-finished products","","",646,276,438,587,489,null," Steel Prices USD/MT (ExW) Semi-finished products"]
[null,null,null,"Steel Prices","USD/MT (ExW)","Construction products","",858,1022,700,663,797,737,null," Steel Prices USD/MT (ExW) Construction products"]
[null,null,null,"Steel Prices","USD/MT (ExW)","Flat-rolled products","",687,900,684,710,837,765,null," Steel Prices USD/MT (ExW) Flat-rolled products"]
[null,null,null,"Steel Prices","USD/MT (ExW)","Other steel products","",705,779,336,523,677,604,null," Steel Prices USD/MT (ExW) Other steel products"]
[null,null,"Mining",null,null,null,null,null,null,null,null,null,null,null,"   "]
[null,null,null,null,"Unit","","2006","2007","2008","2009","2010","2011","2012",null,"  Unit "]
[null,null,null,{"$f":"C61","v":"Mining"},"","Production volumes","","","","","","","",null," Mining  Production volumes"]
[null,null,null,{"$f":"D63","v":"Mining"},"000'MT","Iron ore products","","","","","","","",null," Mining 000'MT Iron ore products"]
[null,null,null,{"$f":"D64","v":"Mining"},"000'MT","Lumpy ore (Ukraine)","",169,2694,1678,2044,2446,2608,null," Mining 000'MT Lumpy ore (Ukraine)"]
[null,null,null,"Mining","000'MT","Concentrate, saleable (Russia)",2523,3504,3615,5648,5822,6447,5615,null," Mining 000'MT Concentrate, saleable (Russia)"]
[null,null,null,"Mining","000'MT","Sinter (Russia)",8544,7785,7119,4077,3999,4473,4698,null," Mining 000'MT Sinter (Russia)"]
[null,null,null,"Mining","000'MT","Pellets (Russia)",5922,6029,5304,5515,5616,5907,6051,null," Mining 000'MT Pellets (Russia)"]
[null,null,null,"Mining","000'MT","Fines ore (South Africa)","",0,177,490,601,640,607,null," Mining 000'MT Fines ore (South Africa)"]
[null,null,null,"Mining","000'MT","Lumpy ore (South Africa)","",0,1944,1357,1723,1257,1174,null," Mining 000'MT Lumpy ore (South Africa)"]
[null,null,null,"Mining","000'MT","Coal","","","","","","","",null," Mining 000'MT Coal"]
[null,null,null,"Mining","000'MT","Raw coking coal (mined)",743,3939,9065,10300,7509,6303,8506,null," Mining 000'MT Raw coking coal (mined)"]
[null,null,null,"Mining","000'MT","Raw steam coal (mined)",99,2980,4901,4146,3830,2965,2283,null," Mining 000'MT Raw steam coal (mined)"]
[null,null,null,"Mining","000'MT","Coking coal concentrate (production)","",1897,7350,6914,6768,6501,6477,null," Mining 000'MT Coking coal concentrate (production)"]
[null,null,null,"Mining","000'MT","Steam coal concentrate (production)","",0,801,1043,1503,859,421,null," Mining 000'MT Steam coal concentrate (production)"]
[null,null,null,"Mining","","Realized prices","","","","","","","",null," Mining  Realized prices"]
[null,null,null,"Mining","","Iron ore products","","","","","","","",null," Mining  Iron ore products"]
[null,null,null,"Mining","USD/MT (ExW)","Lumpy ore (Ukraine)","",31,56,28,58,78,61,null,{"$f":"add_text(D78:F78)","v":" Mining USD/MT (ExW) Lumpy ore (Ukraine)"}]
[null,null,null,"Mining","USD/MT (ExW)","Concentrate, saleable (Russia)",53,69,82,54,86,111,84,null," Mining USD/MT (ExW) Concentrate, saleable (Russia)"]
[null,null,null,"Mining","USD/MT (ExW)","Sinter (Russia)",64,84,111,49,92,128,91,null," Mining USD/MT (ExW) Sinter (Russia)"]
[null,null,null,"Mining","USD/MT (ExW)","Pellets (Russia)",65,84,108,41,89,132,91,null," Mining USD/MT (ExW) Pellets (Russia)"]
[null,null,null,"Mining","USD/MT (ExW)","Iron ore fines (South Africa)","","",64,19,31,24,12,null," Mining USD/MT (ExW) Iron ore fines (South Africa)"]
[null,null,null,"Mining","","Coal","","","","","","","",null," Mining  Coal"]
[null,null,null,"Mining","USD/MT (ExW)","Raw coking coal",30,44,83,35,66,97,69,null," Mining USD/MT (ExW) Raw coking coal"]
[null,null,null,"Mining","USD/MT (ExW)","Raw steam coal",48,27,35,19,26,36,27,null," Mining USD/MT (ExW) Raw steam coal"]
[null,null,null,"Mining","USD/MT (ExW)","Coking coal concentrate","",92,164,71,140,203,136,null," Mining USD/MT (ExW) Coking coal concentrate"]
[null,null,null,"Mining","USD/MT (ExW)","Steam coal concentrate","","",84,31,58,80,56,null," Mining USD/MT (ExW) Steam coal concentrate"]
[null,null,"Vanadium Products",null,null,null,null,null,null,null,null,null,null,null,"   "]
[null,null,null,null,"Unit","",null,null,"2008","2009","2010","2011","2012",null,"  Unit "]
[null,null,null,{"$f":"C88","v":"Vanadium Products"},"","Production volumes",null,null,"","","","","",null," Vanadium Products  Production volumes"]
[null,null,null,{"$f":"D90","v":"Vanadium Products"},"T V","Vanadium in slag (gross production)",null,null,18421,19403,20664,20741,21060,null," Vanadium Products T V Vanadium in slag (gross production)"]
[null,null,null,{"$f":"D91","v":"Vanadium Products"},"T V","<i>Russia</i>",null,null,10591,13106,12293,12860,14856,null," Vanadium Products T V <i>Russia</i>"]
[null,null,null,"Vanadium Products","T V","<i>South Africa</i>",null,null,7829,6297,8371,7881,6205,null," Vanadium Products T V <i>South Africa</i>"]
[null,null,null,"Vanadium Products","","Vanadium in final products (saleable)",null,null,"","","","","",null," Vanadium Products  Vanadium in final products (saleable)"]
[null,null,null,"Vanadium Products","T V","Ferrovanadium",null,null,10673,8029,13507,16683,14381,null," Vanadium Products T V Ferrovanadium"]
[null,null,null,"Vanadium Products","T V","<i>Produced at own facilities</i>",null,null,3777,2107,5252,6321,7259,null," Vanadium Products T V <i>Produced at own facilities</i>"]
[null,null,null,"Vanadium Products","T V","<i>Processed at 3rd parties' facilities</i>",null,null,6896,5922,8255,10362,7122,null," Vanadium Products T V <i>Processed at 3rd parties' facilities</i>"]
[null,null,null,"Vanadium Products","T V","Nitrovan ®",null,null,2373,1724,2454,2874,2723,null," Vanadium Products T V Nitrovan ®"]
[null,null,null,"Vanadium Products","T V","Oxides, vanadium aluminium and chemicals",null,null,3382,976,1317,1277,1330,null," Vanadium Products T V Oxides, vanadium aluminium and chemicals"]
[null,null,null,"Vanadium Products","","Realized prices",null,null,"","","","","",null," Vanadium Products  Realized prices"]
[null,null,null,"Vanadium Products","","Vanadium in final products",null,null,"","","","","",null," Vanadium Products  Vanadium in final products"]
[null,null,null,"Vanadium Products","USD/t of V(ExW)","Ferrovanadium",null,null,59540,23649,27338,27653,24062,null," Vanadium Products USD/t of V(ExW) Ferrovanadium"]
[null,null,null,"Vanadium Products","USD/t of V(ExW)","Nitrovan®",null,null,55055,24894,28860,29506,27900,null," Vanadium Products USD/t of V(ExW) Nitrovan®"]
[null,null,null,"Vanadium Products","USD/t of V(ExW)","Oxides, vanadium aluminium and chemicals",null,null,48950,41191,38527,36194,32579,null," Vanadium Products USD/t of V(ExW) Oxides, vanadium aluminium and chemicals"]

{"sheet":"Cap Exp Backup","index":11,"n_rows":196,"n_cols":32,"rows_kept":196,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"ktpa"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"per M USD"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Cost","Quantity","Dollar ","Capacity"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"$ Mil","Annual","per Ton","per Dollar"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,490,950,{"$f":"(O7*1000000)/(P7*1000)","v":515.78947368421052},{"$f":"P7/O7","v":1.9387755102040816}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,124,450,{"$f":"(O9*1000000)/(P9*1000)","v":275.55555555555554},{"$f":"P9/O9","v":3.629032258064516}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,142,450,{"$f":"(O11*1000000)/(P11*1000)","v":315.55555555555554},{"$f":"P11/O11","v":3.1690140845070425}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,32,{"$f":"580-525","v":55},{"$f":"(O13*1000000)/(P13*1000)","v":581.81818181818187},{"$f":"P13/O13","v":1.71875}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Y24-1","v":2005},{"$f":"Z24-1","v":2006},{"$f":"AA24-1","v":2007},2008,{"$f":"AA24+1","v":2009},{"$f":"AB24+1","v":2010},{"$f":"AC24+1","v":2011},{"$f":"AD24+1","v":2012},{"$f":"AE24+1","v":2013}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Maintenance",null,null,null,400,150,400,500,657]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Total",null,651,744,1103,441,832,1281,1261]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Z86-1","v":2006},{"$f":"AA86-1","v":2007},2008,2009,2010,2011,2012]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,4694,11974,11333,11635,12372,12820,13604]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"-1031-8","v":-1039},{"$f":"-1859-8","v":-1867},{"$f":"-2315-6","v":-2321},-3050,-3765,-4514,-5812]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(AA88:AA89)","v":9012},{"$f":"SUM(Z88:Z89)","v":10107},{"$f":"SUM(Y88:Y89)","v":3655}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1276]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,303,749,1215]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,925,1153,1259]

{"sheet":"Debt Maturities","index":12,"n_rows":25,"n_cols":10,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,2013,{"$f":"D22+1","v":2014},2015,2016,2017,2018,2019]
[null,null,"Maturities",1769,1039,1448,1904,642,1384,72]
[null,null,"total",{"$f":"SUM(23:23)","v":8258},{"$f":"SUM(23:23)","v":8258},8258,8258,8258,8258,8258]
[null,null,"Percent",{"$f":"D23/D24","v":0.21421651731654154},{"$f":"E23/E24","v":0.12581738919835311},0.1753451198837491,0.23056430128360378,7.7742794865584885E-2,0.16759505933640106,8.7188181157665297E-3]

{"sheet":"Stock Prices Competitors","index":13,"n_rows":11,"n_cols":14,"rows_kept":11,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"EVRAZ"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"BE500 Steel"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"MICEX"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"RTS"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Mchel"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Severstal"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"NLMK"]

{"sheet":"Segments","index":14,"n_rows":141,"n_cols":15,"rows_kept":141,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,null,2006,{"$f":"F3-1","v":2007},{"$f":"G3-1","v":2008},{"$f":"H3-1","v":2009},2010,2011,2012]
[]
[null,null,"Steel Revenue",8014,11908,17925,9421,12951,16044,14208]
[null,null,"Intersegment",76,165,302,129,359,422,324]
[]
[null,null,"Steel EBITDA",1964,3036,2746,950,1445,1120,1096]
[null,null,"Production Cost",{"$f":"D5-D8","v":6050},8872,15179,8471,11506,14924,13112]
[null,null,"Steel Production",{"$f":"'Production History'!G19/100","v":144.57},{"$f":"'Production History'!H19/100","v":152.62},{"$f":"'Production History'!I19/100","v":161.32},{"$f":"'Production History'!J19/100","v":142.75},{"$f":"'Production History'!K19/100","v":146.97999999999999},{"$f":"'Production History'!L19/100","v":152.32},{"$f":"'Production History'!M19/100","v":142.5}]
[null,null,"Steel Price",{"$f":"D5/D10","v":55.433354084526528},78.023850085178879,111.11455492189438,65.996497373029769,88.114029119608119,105.33088235294119,99.705263157894734]
[null,null,"Production Cost/Ton",{"$f":"D9/D10","v":41.848239607110742},58.131306512907877,94.092486982395243,59.3415061295972,78.28275955912369,97.977941176470594,92.014035087719293]
[null,null,"Margin per Ton",{"$f":"D11-D12","v":13.585114477415786},19.892543572271002,17.022067939499138,6.6549912434325691,9.8312695604844293,7.3529411764705941,7.6912280701754412]
[]
[null,null,"Mining Revenue",1147,1903,3634,1348,2378,3512,2519]
[null,null,"Intersegment",1026,1532,2344,1160,2056,3092,2261]
[]
[null,null,"Mining EBITDA",351,444,971,179,898,1529,569]
[null,null,"Production Costs",{"$f":"D15-D18","v":796},1459,2663,1169,1480,1983,1950]
[null,null,"Mining Production",{"$f":"D15/D21","v":23.895833333333332},70.481481481481481,103.82857142857142,70.94736842105263,91.461538461538467,97.555555555555557,93.296296296296291]
[null,null,"Mining Price",{"$f":"'Production History'!G85","v":48},{"$f":"'Production History'!H85","v":27},{"$f":"'Production History'!I85","v":35},{"$f":"'Production History'!J85","v":19},{"$f":"'Production History'!K85","v":26},{"$f":"'Production History'!L85","v":36},{"$f":"'Production History'!M85","v":27}]
[null,null,"Cost per Ton",{"$f":"D19/D20","v":33.311246730601574},20.700472937467158,25.648046230049534,16.477002967359052,16.181665264928512,20.326879271070613,20.90115125049623]
[null,null,"Margin per Ton",{"$f":"D21-D22","v":14.688753269398426},6.2995270625328423,9.351953769950466,2.5229970326409479,9.8183347350714882,15.673120728929387,6.0988487495037695]
[]
[null,null,"Vanadium Revenue",147,583,1206,262,537,633,509]
[null,null,"Intersegment",0,0,5,36,257,364,317]
[]
[null,null,"Vanadium EBITDA",-2,45,170,12,90,111,54]
[null,null,"Vanadium Production Cost",null,null,{"$f":"F25-F28","v":1036},{"$f":"G25-G28","v":250},{"$f":"H25-H28","v":447},{"$f":"I25-I28","v":522},{"$f":"J25-J28","v":455}]
[null,null,"Vanadium Production",{"$f":"'Production History'!G91/1000","v":0},{"$f":"'Production History'!H91/1000","v":0},{"$f":"'Production History'!I91/1000","v":18.420999999999999},{"$f":"'Production History'!J91/1000","v":19.402999999999999},{"$f":"'Production History'!K91/1000","v":20.664000000000001},{"$f":"'Production History'!L91/1000","v":20.741},{"$f":"'Production History'!M91/1000","v":21.06}]
[null,null,"Vanadium Price",null,null,{"$f":"F25/F30","v":65.46875848216709},{"$f":"G25/G30","v":13.503066536102665},{"$f":"H25/H30","v":25.987224157955865},{"$f":"I25/I30","v":30.51926136637578},{"$f":"J25/J30","v":24.169040835707502}]
[]
[]
[null,null,"Other Operations",604,783,1022,556,676,822,806]
[null,null,"Intersegment",518,621,756,439,536,656,606]
[null,null,"Other EBITDA",76,87,83,110,122,176,87]
[]
[]
[null,null,"Elimination Revenue",-1620,-2318,-3407,-1764,-3208,-4534,-3508]
[null,null,"Elimination EBITDA",-42,2,20,0,-155,17,87]
[]
[]
[null,null,"Steel EBITDA",1964,3036,2746,950,1445,1120,1096]
[null,null,"Mining EBITDA",351,444,971,179,898,1529,569]
[null,null,"Vanadium EBITDA",-2,45,170,12,90,111,54]
[null,null,"Other EBITDA",76,87,83,110,122,176,87]
[null,null,"Elimination EBITDA",-42,2,20,0,-155,17,87]
[null,null,"Total",{"$f":"SUM(D43:D47)","v":2347},{"$f":"SUM(E43:E47)","v":3614},3990,1251,2400,2953,1893]
[]
[]
[]
[]
[]
[]
[null,null,"Steel Revenue",8014,11908,17925,9421,12951,16044,14208]
[null,null,"Intersegment",76,165,302,129,359,422,324]
[null,null,"Mining Revenue",1147,1903,3634,1348,2378,3512,2519]
[null,null,"Intersegment",1026,1532,2344,1160,2056,3092,2261]
[null,null,"Vanadium Revenue",147,583,1206,262,537,633,509]
[null,null,"Intersegment",0,0,5,36,257,364,317]
[null,null,"Other Operations",604,783,1022,556,676,822,806]
[null,null,"Intersegment",518,621,756,439,536,656,606]
[null,null,"Elimination Revenue",{"$f":"(D56+D58+D60+D62)*-1","v":-1620},-2318,-3407,-1764,-3208,-4534,-3508]
[null,null,"Total Revenues",{"$f":"SUM(D55:D63)","v":9912},15177,23787,11587,16542,21011,18042]
[]
[]
[null,null,"Steel Revenue",8014,11908,17925,9421,12951,16044,14208]
[null,null,"Steel Production Cost",{"$f":"D9","v":6050},{"$f":"E9","v":8872},15179,8471,11506,14924,13112]
[null,null,"  Mining Intersegment",{"$f":"D16","v":1026},{"$f":"E16","v":1532},2344,1160,2056,3092,2261]
[null,null,"  Vanadium Intersegment",{"$f":"D26","v":0},{"$f":"E26","v":0},5,36,257,364,317]
[null,null,"  Other Intersegment",{"$f":"D35","v":518},{"$f":"E35","v":621},756,439,536,656,606]
[null,null,"  Outside Production Cost",{"$f":"D68-D69-D70-D71","v":4506},{"$f":"E68-E69-E70-E71","v":6719},12074,6836,8657,10812,9928]
[]
[null,null,"Volumes",{"$f":"D10","v":144.57},{"$f":"E10","v":152.62},161.32,142.75,146.97999999999999,152.32,142.5]
[null,null,"Cost per Unit",{"$f":"D72/D74","v":31.168292176800168},{"$f":"E72/E74","v":44.024374262875114},74.845028514753295,47.887915936952716,58.899169955095935,70.982142857142861,69.670175438596488]
[]
[null,null,"Price per Unit",{"$f":"D11","v":55.433354084526528},{"$f":"E11","v":78.023850085178879},111.11455492189438,65.996497373029769,88.114029119608119,105.33088235294119,99.705263157894734]
[]
[]
[null,null,"Steel Revenue",null,8014,11908,17925,9421,12951,16044,14208]
[null,null,"Intersegment",null,76,165,302,129,359,422,324]
[null,null,"Mining Revenue",null,1147,1903,3634,1348,2378,3512,2519]
[null,null,"Intersegment",null,1026,1532,2344,1160,2056,3092,2261]
[null,null,"Vanadium Revenue",null,147,583,1206,262,537,633,509]
[null,null,"Intersegment",null,0,0,5,36,257,364,317]
[null,null,"Other Operations",null,604,783,1022,556,676,822,806]
[null,null,"Intersegment",null,518,621,756,439,536,656,606]
[null,null,"Elimination Revenue",null,{"$f":"(E81+E83+E85+E87)*-1","v":-1620},-2318,-3407,-1764,-3208,-4534,-3508]
[null,null,"Total Revenues",null,{"$f":"E80+E82+E84+E86+E88","v":8292},{"$f":"F80+F82+F84+F86+F88","v":12859},20380,9823,13334,16477,14534]
[null,null,"Other Revenue",null,{"$f":"E89-E94","v":8292},12859,20380,9823,13334,16477,14534]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,2642,4305,6215,1237]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,2350,2898,2012]

{"sheet":"Website Data","index":15,"n_rows":38,"n_cols":22,"rows_kept":38,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,2012,2011,2010]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Steel Revenue",null,14208,16044,12592]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Steel Price"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Steel Production"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Intersegment",null,324,422]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Steel EBITDA",null,1096,1120]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Mining Revenue",null,2519,3512]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Mining Price"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Mining Production"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Inersegment",null,2261,3092]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Mining EBITDA",null,569,1529]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Vanadium Revenue",null,509,633]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Vanadium Price"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Vanadium Production"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Intersegment",null,317,364]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Vanadium EBITDA",null,54,111]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Other Operations",null,806,822]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Intersegment",null,606,656]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"EBITDA",null,87,176]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Elimination Revenue",null,-3508,-4534]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Elimination Price"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Elimination Production"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Elimination EBITDA",null,{"$f":"180+87","v":267},{"$f":"17+176","v":193}]