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[null,null,"Sheet Tab","Description","Author"]
[null,1,"Table of content"]
[null,2,"Master Scenario"]
[null,3,"Summary"]
[null,4,"LBO Summary"]
[null,5,"Corporate Model"]
[null,6,"Valuation"]
[null,7,"SG&A Analysis"]
[null,8,"Tornado Graph"]
[null,9,"Audit"]
[null,10,"Acquisition"]
[null,11,"PE ratio"]
[null,12,"Stock price download"]
[null,13,"Stock prices"]
[null,14,"Offset Function"]
[null,15,"Codes"]
[null,16,"2012 Update"]
[null,17,"Circular Sweep"]
[null,18,"Circular Corporate"]
[]
[null," File Name: ",null,"C:\\Users\\Elvis Presley\\Documents\\AIF Thursday v4.xlsm"]
[]
[null," Colour Codes "]
[]
[null," Last Save Date ",null,"2013-04-29T10:37:17"]
[null," Last Save By",null,"Usain Bolt"]

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[null,null,null,null,null,null,null,null,"Scenario"]
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[null,null,null,null,null,null,null,null,null,"Valuation Year",{"$f":"Valuation!$H$18","v":2012},null,null,null,"Custom Case Senstivity"]
[null,null,null,null,null,null,null,null,null,"Terminal Year",{"$f":"Valuation!$H$19","v":2019}]
[null,null,null,null,null,null,null,null,null,"WACC",{"$f":"Valuation!H11","v":0.06},null,null,null,"Sales Sensitivity"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Margin Sensitvity"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Cap Exp Sensitivity"]
[null,null,null,null,null,null,null,null,"DCF Analysis","Growth rate method","Value driver method","Input EV/EBITDA ","Computed EV/ EBITDA"]
[null,null,null,null,null,null,null,null,null,"Growth  Rate","ROIC/WACC","EV/EBITA","EV/EBITA",null,"A/R to Sales",null,{"$f":"'Master Scenario'!$F$25","v":8.4000000000000005E-2}]
[null,null,null,null,null,null,null,null,null,{"$f":"Valuation!H12","v":0.03},{"$f":"Valuation!H13","v":0.05},{"$f":"Valuation!H14","v":9},{"$f":"Valuation!H15","v":10},null,"Inventories to COGS",null,{"$f":"'Master Scenario'!$G$25","v":5.6000000000000001E-2}]
[null,null,null,null,null,null,null,null,"Enterprise Value",{"$f":"Valuation!H123","v":5276578.7209741231},{"$f":"Valuation!$H$152","v":6551194.0408443613},{"$f":"Valuation!$H$139","v":2992252.5662118164},{"$f":"Valuation!H166","v":4064310.530498506},null,"A/P to Expenses",null,{"$f":"'Master Scenario'!I25","v":5.6000000000000001E-2}]
[null,null,null,null,null,null,null,null,"Equity Value",{"$f":"Valuation!H133","v":4905246.7209741231},{"$f":"Valuation!$H$154","v":6179862.0408443613},{"$f":"Valuation!$H$142","v":3339574.3592662653},{"$f":"Valuation!H142","v":3339574.3592662653}]
[null,null,null,null,null,null,null,null,"Terminal EV/EBITDA",{"$f":"Valuation!H121","v":9.1173866397796477},{"$f":"Valuation!$H$160","v":11.667047038321465},{"$f":"L10","v":9},{"$f":"Valuation!H165","v":10}]
[null,null,null,null,null,null,null,null,"Value/Share",{"$f":"Valuation!H136","v":36.231297842290054},{"$f":"Valuation!$H$156","v":45.645904265877533},{"$f":"Valuation!H144","v":24.666876134830268},{"$f":"Valuation!H170","v":27.277201876830908}]
[]
[null,null,null,null,null,null,null,null,null,"Cost of Equity",{"$f":"Valuation!H37","v":0.08}]
[]
[null,null,null,null,null,null,null,null,"Equity Cash Flow","Growth rate method","Value driver method","Input PE","Computed P/E"]
[null,null,null,null,null,null,null,null,null,"Growth  Rate","ROE/ROE","P/E","P/E"]
[null,null,null,null,null,null,null,null,null,{"$f":"Valuation!H38","v":0.03},{"$f":"Valuation!H39","v":0.04},{"$f":"Valuation!H40","v":13},{"$f":"Valuation!H42","v":12}]
[null,null,null,null,null,null,null,null,"PV of Dividends",{"$f":"Valuation!H181","v":5.3118800485835935},{"$f":"J21","v":5.3118800485835935},{"$f":"K21","v":5.3118800485835935},{"$f":"L21","v":5.3118800485835935}]
[null,null,null,null,null,null,null,null,"Terminal Value",{"$f":"Valuation!H187","v":16.716252482911976},{"$f":"Valuation!H196","v":14.366502540370233},{"$f":"Valuation!H199","v":12.450968868320867},{"$f":"Valuation!H202","v":11.493202032296185}]
[null,null,null,null,null,null,null,null,"Total Value",{"$f":"SUM(J20:J22)","v":22.05813253149557},{"$f":"K21+K22","v":19.678382588953827},{"$f":"L21+L22","v":17.76284891690446},{"$f":"SUM(M21:M22)","v":16.805082080879778}]

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[null,"Transaction Assumptions",null,null,null,null,null,"Scenario"]
[null,null,"Premium",null,{"$f":"Acquisition!F14","v":0.2}]
[null,null,"Stock Price",null,{"$f":"Acquisition!$F$10*(1+Acquisition!$F$14)","v":24.485860465116271},null,null,"Synergy Sensitivity",null,null,{"$f":"'Master Scenario'!E4","v":1}]
[null,null,"Implied P/E Ratio",null,{"$f":"Acquisition!F21","v":24.584616258824433},null,null,"Capital Expenditures",null,null,{"$f":"Acquisition!F85","v":1}]
[null,null,"Implied EV/EBITDA Ratio"]
[null,null,null,null,null,null,null,"Equity IRR",null,null,{"$f":"Acquisition!F173","v":0.17450772012678528}]
[null,null,"Holding Period",null,{"$f":"Acquisition!$F$17","v":10},null,null,"Ungeared IRR",null,null,{"$f":"Acquisition!F177","v":8.6202445626258853E-2}]
[null,null,"Exit EV/EBITDA",null,{"$f":"Acquisition!F23","v":9},null,null,"Defaulted senior debt at exit",null,null,{"$f":"SUMIF(Acquisition!3:3,TRUE,Acquisition!138:138)","v":0}]
[null,null,null,null,null,null,null,"Defaulted sub debt at exit",null,null,{"$f":"SUMIF(Acquisition!3:3,TRUE,Acquisition!118:118)","v":0}]
[null,"Sources and Uses"]
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[null,null,null,{"$f":"Acquisition!C54","v":"Repay existing debt"},{"$f":"Acquisition!F54","v":200000}]
[null,null,null,{"$f":"Acquisition!C55","v":"Consideration"},{"$f":"Acquisition!F55","v":3346482.5497674407},null,null,"Sales Sensitivity"]
[null,null,null,{"$f":"Acquisition!C56","v":"Banking fees"},{"$f":"Acquisition!F56","v":30000},null,null,"Margin Sensitvity"]
[null,null,null,{"$f":"Acquisition!C57","v":"Advisory fees"},{"$f":"Acquisition!F57","v":33464.825497674407},null,null,"Cap Exp Sensitivity"]
[null,null,null,"Total",{"$f":"Acquisition!F58","v":3609947.3752651149}]
[null,null,"Uses",null,null,null,null,"A/R to Sales",null,{"$f":"'Master Scenario'!$F$25","v":8.4000000000000005E-2}]
[null,null,null,{"$f":"Acquisition!C61","v":"New amortizing debt"},{"$f":"Acquisition!F31","v":500000},null,null,"Inventories to COGS",null,{"$f":"'Master Scenario'!$G$25","v":5.6000000000000001E-2}]
[null,null,null,{"$f":"Acquisition!C62","v":"Bullet debt"},{"$f":"Acquisition!F37","v":800000},null,null,"A/P to Expenses",null,{"$f":"'Master Scenario'!I25","v":5.6000000000000001E-2}]
[null,null,null,{"$f":"Acquisition!C63","v":"Subordinated debt"},{"$f":"Acquisition!F40","v":700000}]
[null,null,null,{"$f":"Acquisition!C64","v":"Equity"},{"$f":"Acquisition!F64","v":1609947.3752651149}]
[null,null,null,"Total",{"$f":"SUM(E19:E22)","v":3609947.3752651149}]

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[null,null,"Scenario number",null,1]
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[null,null,"Synergy Sensitivity",null,{"$f":"Acquisition!F83","v":1}]
[null,null,"Premium",null,{"$f":"Acquisition!F14","v":0.2},null,null,null,null,"DCF Analysis"]
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[null,null,"Base case",1,1,8.4000000000000005E-2,5.6000000000000001E-2,1,5.6000000000000001E-2,1,0.18440628647804261,36.231297842290054,45.645904265877533,24.666876134830268,27.277201876830908,22.05813253149557,19.678382588953827,17.76284891690446]
[null,null,"Low case",2,2,0.1,0.1,2,0.03,2,6.1536338925361644E-2,6.5636772756382289,17.62788455055178,11.218463948975497,12.677504697638906,8.1391044313388949,8.6038578494969471,7.8625133009801056]
[null,null,"High case",3,3,7.0000000000000007E-2,0.05,3,7.0000000000000007E-2,3,0.25827456116676328,83.611236081130585,77.197266191264376,39.057244304392164,42.836904489961135,37.584830890092107,31.926122980820658,28.679810469709178]
[null,null,{"$f":"TRANSPOSE(D6:I6)&\" Low Case\"","v":"Sales Growth Low Case"},{"$f":"D9","v":2},{"$f":"E$8","v":1},8.4000000000000005E-2,5.6000000000000001E-2,1,5.6000000000000001E-2,4,0.12279672026634217,21.720814505554401,29.040735588483546,17.425992370801008,19.309873045578723,13.757813723314417,13.187378225311109,11.993758085908294]
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[null,null,"Sales/AR Low Case",{"$f":"D$8","v":1},1,{"$f":"F9","v":0.1},5.6000000000000001E-2,1,5.6000000000000001E-2,6,0.18233887553215034,35.115137778616315,45.222982112133749,24.243953981086484,26.841961602104295,21.885076823076638,19.538051611194224,17.636621651503091]
[null,null,"Inventory/ COGS Low Case",{"$f":"D$8","v":1},1,{"$f":"F$8","v":8.4000000000000005E-2},{"$f":"G9","v":0.1},1,5.6000000000000001E-2,7,0.18137728571891784,34.60321466337119,45.028215340681541,24.049187209634276,26.641522012066105,21.805541519403068,19.473429409398037,17.578458333429936]
[null,null,"Capex/sales Low Case",1,1,8.4000000000000005E-2,5.6000000000000001E-2,{"$f":"H9","v":2},5.6000000000000001E-2,8,0.18297927975654607,36.231650152519755,45.062680695076601,24.414741384209272,27.017723395609305,21.776690024447859,19.435292817889071,17.539836092375015]
[null,null,"AP/Expenses Low Case",1,1,8.4000000000000005E-2,5.6000000000000001E-2,1,{"$f":"I9","v":0.03},9,0.18146590590476994,34.690972495203248,45.043314465669681,24.064286334622413,26.657060917393697,21.811590007950237,19.478287479383841,17.582814224370832]
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[null,null,"COGS margin High Case",1,{"$f":"E10","v":3},8.4000000000000005E-2,5.6000000000000001E-2,1,5.6000000000000001E-2,11,0.209016627073288,50.486964698601746,56.057213562207529,29.350669235983005,32.385033720777599,27.236638641050487,23.758926516606337,21.398766620989672]
[null,null,"Sales/AR High Case",1,1,{"$f":"F10","v":7.0000000000000007E-2},5.6000000000000001E-2,1,5.6000000000000001E-2,12,0.18619043231010438,37.207937898004573,46.015961150403342,25.036933019356077,27.65803711721669,22.209556276362136,19.801172194493482,17.873297774130663]
[null,null,"Inventory/ COGS High Case",1,1,8.4000000000000005E-2,{"$f":"G10","v":0.05},1,5.6000000000000001E-2,13,0.18481428027153013,36.453309184869894,45.730134573858805,24.751106442811537,27.363885494753383,22.092576760417273,19.706330749802341,17.787993087378261]
[null,null,"Capex/sales High Case",1,1,8.4000000000000005E-2,5.6000000000000001E-2,{"$f":"H10","v":3},5.6000000000000001E-2,14,0.19807974696159367,50.328297941154631,50.469969848622164,26.617445074347923,29.284583503907331,24.307502616596789,21.438831000149797,19.327869095881653]
[null,null,"AP/Expenses High Case",1,1,8.4000000000000005E-2,5.6000000000000001E-2,1,{"$f":"I10","v":7.0000000000000007E-2},15,0.18596422076225283,37.060703798413712,45.97037569675868,24.991347565711418,27.611123931912484,22.190886198019978,19.786126109491509,17.85979067442257]
[null,null,"Custom Case",{"$f":"D27/D29","v":1},{"$f":"E27/E29","v":1},{"$f":"F27/100","v":8.4000000000000005E-2},{"$f":"G27/100","v":5.6000000000000008E-2},1,{"$f":"I27/I29","v":5.6000000000000008E-2},16,0.18440628647804261,36.23129784229004,45.645904265877533,24.666876134830268,27.277201876830908,22.05813253149557,19.678382588953827,17.76284891690446]
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[null,null,"Fixed",1,1,8.4,5.6000000000000005,1,5.6000000000000005]
[null,null,"Adjusted",{"$f":"D30*D29","v":1},1,8.4,5.6000000000000005,1,5.6000000000000005]
[null,null,"Multiplier",1,1,100,100,1,100]
[null,null,"Copied Data",1,1,8.4000000000000005E-2,5.6000000000000001E-2,1,5.6000000000000001E-2]
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[]
[]
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[null,null,null,"Low v Base","High v Base","Total",null,"Small","Match",null,{"$f":"D35","v":"Low v Base"},{"$f":"E35","v":"High v Base"}]
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[null,null,null,null,null,null,null,null,2000,2001,2002,2003,2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2021]
[null,"Historic timeline switch",null,null,null,null,{"$f":"COUNTIF(I3:AE3,TRUE)","v":13},null,{"$f":"I2<=Valuation!$H$17","v":true},{"$f":"J2<=Valuation!$H$17","v":true},{"$f":"K2<=Valuation!$H$17","v":true},{"$f":"L2<=Valuation!$H$17","v":true},{"$f":"M2<=Valuation!$H$17","v":true},{"$f":"N2<=Valuation!$H$17","v":true},{"$f":"O2<=Valuation!$H$17","v":true},{"$f":"P2<=Valuation!$H$17","v":true},{"$f":"Q2<=Valuation!$H$17","v":true},{"$f":"R2<=Valuation!$H$17","v":true},{"$f":"S2<=Valuation!$H$17","v":true},{"$f":"T2<=Valuation!$H$17","v":true},{"$f":"U2<=Valuation!$H$17","v":true},{"$f":"V2<=Valuation!$H$17","v":false},{"$f":"W2<=Valuation!$H$17","v":false},{"$f":"X2<=Valuation!$H$17","v":false},{"$f":"Y2<=Valuation!$H$17","v":false},{"$f":"Z2<=Valuation!$H$17","v":false},{"$f":"AA2<=Valuation!$H$17","v":false},{"$f":"AB2<=Valuation!$H$17","v":false},{"$f":"AC2<=Valuation!$H$17","v":false},{"$f":"AD2<=Valuation!$H$17","v":false},{"$f":"AE2<=Valuation!$H$17","v":false}]
[null,"Explicit period switch",null,null,null,null,{"$f":"COUNTIF(I4:AE4,TRUE)","v":8},{"$f":"Valuation!H19-Valuation!H18+1=G4","v":true},{"$f":"AND(I2>=Valuation!$H$18,I2<=Valuation!$H$19)","v":false},{"$f":"AND(J2>=Valuation!$H$18,J2<=Valuation!$H$19)","v":false},{"$f":"AND(K2>=Valuation!$H$18,K2<=Valuation!$H$19)","v":false},{"$f":"AND(L2>=Valuation!$H$18,L2<=Valuation!$H$19)","v":false},{"$f":"AND(M2>=Valuation!$H$18,M2<=Valuation!$H$19)","v":false},{"$f":"AND(N2>=Valuation!$H$18,N2<=Valuation!$H$19)","v":false},{"$f":"AND(O2>=Valuation!$H$18,O2<=Valuation!$H$19)","v":false},{"$f":"AND(P2>=Valuation!$H$18,P2<=Valuation!$H$19)","v":false},{"$f":"AND(Q2>=Valuation!$H$18,Q2<=Valuation!$H$19)","v":false},{"$f":"AND(R2>=Valuation!$H$18,R2<=Valuation!$H$19)","v":false},{"$f":"AND(S2>=Valuation!$H$18,S2<=Valuation!$H$19)","v":false},{"$f":"AND(T2>=Valuation!$H$18,T2<=Valuation!$H$19)","v":false},{"$f":"AND(U2>=Valuation!$H$18,U2<=Valuation!$H$19)","v":true},{"$f":"AND(V2>=Valuation!$H$18,V2<=Valuation!$H$19)","v":true},{"$f":"AND(W2>=Valuation!$H$18,W2<=Valuation!$H$19)","v":true},{"$f":"AND(X2>=Valuation!$H$18,X2<=Valuation!$H$19)","v":true},{"$f":"AND(Y2>=Valuation!$H$18,Y2<=Valuation!$H$19)","v":true},{"$f":"AND(Z2>=Valuation!$H$18,Z2<=Valuation!$H$19)","v":true},{"$f":"AND(AA2>=Valuation!$H$18,AA2<=Valuation!$H$19)","v":true},{"$f":"AND(AB2>=Valuation!$H$18,AB2<=Valuation!$H$19)","v":true},{"$f":"AND(AC2>=Valuation!$H$18,AC2<=Valuation!$H$19)","v":false},{"$f":"AND(AD2>=Valuation!$H$18,AD2<=Valuation!$H$19)","v":false},{"$f":"AND(AE2>=Valuation!$H$18,AE2<=Valuation!$H$19)","v":false}]
[null,"Valuation year",null,null,null,null,{"$f":"COUNTIF(I5:AE5,TRUE)","v":1},null,{"$f":"I2=Valuation!$H$18","v":false},{"$f":"J2=Valuation!$H$18","v":false},{"$f":"K2=Valuation!$H$18","v":false},{"$f":"L2=Valuation!$H$18","v":false},{"$f":"M2=Valuation!$H$18","v":false},{"$f":"N2=Valuation!$H$18","v":false},{"$f":"O2=Valuation!$H$18","v":false},{"$f":"P2=Valuation!$H$18","v":false},{"$f":"Q2=Valuation!$H$18","v":false},{"$f":"R2=Valuation!$H$18","v":false},{"$f":"S2=Valuation!$H$18","v":false},{"$f":"T2=Valuation!$H$18","v":false},{"$f":"U2=Valuation!$H$18","v":true},{"$f":"V2=Valuation!$H$18","v":false},{"$f":"W2=Valuation!$H$18","v":false},{"$f":"X2=Valuation!$H$18","v":false},{"$f":"Y2=Valuation!$H$18","v":false},{"$f":"Z2=Valuation!$H$18","v":false},{"$f":"AA2=Valuation!$H$18","v":false},{"$f":"AB2=Valuation!$H$18","v":false},{"$f":"AC2=Valuation!$H$18","v":false},{"$f":"AD2=Valuation!$H$18","v":false},{"$f":"AE2=Valuation!$H$18","v":false}]
[null,"Closing Balance Sheet for valuation",null,null,null,null,{"$f":"COUNTIF(I6:AE6,TRUE)","v":1},null,{"$f":"I2=Valuation!$H$18-1","v":false},{"$f":"J2=Valuation!$H$18-1","v":false},{"$f":"K2=Valuation!$H$18-1","v":false},{"$f":"L2=Valuation!$H$18-1","v":false},{"$f":"M2=Valuation!$H$18-1","v":false},{"$f":"N2=Valuation!$H$18-1","v":false},{"$f":"O2=Valuation!$H$18-1","v":false},{"$f":"P2=Valuation!$H$18-1","v":false},{"$f":"Q2=Valuation!$H$18-1","v":false},{"$f":"R2=Valuation!$H$18-1","v":false},{"$f":"S2=Valuation!$H$18-1","v":false},{"$f":"T2=Valuation!$H$18-1","v":true},{"$f":"U2=Valuation!$H$18-1","v":false},{"$f":"V2=Valuation!$H$18-1","v":false},{"$f":"W2=Valuation!$H$18-1","v":false},{"$f":"X2=Valuation!$H$18-1","v":false},{"$f":"Y2=Valuation!$H$18-1","v":false},{"$f":"Z2=Valuation!$H$18-1","v":false},{"$f":"AA2=Valuation!$H$18-1","v":false},{"$f":"AB2=Valuation!$H$18-1","v":false},{"$f":"AC2=Valuation!$H$18-1","v":false},{"$f":"AD2=Valuation!$H$18-1","v":false},{"$f":"AE2=Valuation!$H$18-1","v":false}]
[null,"Terminal value switch",null,null,null,null,{"$f":"COUNTIF(I7:AE7,TRUE)","v":1},null,{"$f":"I2=Valuation!$H$19","v":false},{"$f":"J2=Valuation!$H$19","v":false},{"$f":"K2=Valuation!$H$19","v":false},{"$f":"L2=Valuation!$H$19","v":false},{"$f":"M2=Valuation!$H$19","v":false},{"$f":"N2=Valuation!$H$19","v":false},{"$f":"O2=Valuation!$H$19","v":false},{"$f":"P2=Valuation!$H$19","v":false},{"$f":"Q2=Valuation!$H$19","v":false},{"$f":"R2=Valuation!$H$19","v":false},{"$f":"S2=Valuation!$H$19","v":false},{"$f":"T2=Valuation!$H$19","v":false},{"$f":"U2=Valuation!$H$19","v":false},{"$f":"V2=Valuation!$H$19","v":false},{"$f":"W2=Valuation!$H$19","v":false},{"$f":"X2=Valuation!$H$19","v":false},{"$f":"Y2=Valuation!$H$19","v":false},{"$f":"Z2=Valuation!$H$19","v":false},{"$f":"AA2=Valuation!$H$19","v":false},{"$f":"AB2=Valuation!$H$19","v":true},{"$f":"AC2=Valuation!$H$19","v":false},{"$f":"AD2=Valuation!$H$19","v":false},{"$f":"AE2=Valuation!$H$19","v":false}]
["Historic Financial Statements"]
[null,"CONSOLIDATED BALANCE SHEETS "]
[null,null,null,null,null,"ASSETS"]
[null,null,null,null,null,"Current Assets:"]
[null,null,null,null,null,"Cash and cash equivalents",null,null,11845,12280,69826,42416,47458,11001,13914,19978,19964,18948,6755,7783,{"$f":"'2012 Update'!C6","v":13275}]
[null,null,null,null,null,"Accounts and notes receivable, net (Note 2)",null,null,113099,104104,104121,99373,117736,120751,131879,137682,178077,178708,166281,185603,{"$f":"'2012 Update'!C8","v":256235}]
[]
[null,null,null,null,null,"Inventories, net:"]
[null,null,null,null,null,"Raw materials",null,null,26643,18593,7872,9100,9661,11042,12573,14257,18032,20952,20879,26626,{"$f":"'2012 Update'!C11","v":32731}]
[null,null,null,null,null,"Packaging materials",null,null,12048,13942,7806,7127,8321,10055,10539,10809,12162,12065,12125,15820,{"$f":"'2012 Update'!C12","v":18885}]
[null,null,null,null,null,"Finished goods",null,null,50254,56466,14311,14487,18484,21704,20613,22271,23984,27979,27570,31650,{"$f":"'2012 Update'!C13","v":39394}]
[null,null,null,null,null,"           Total Inventories",null,null,88945,89001,29989,30714,36466,42801,43725,47337,54178,60996,60574,74096,{"$f":"SUM(U16:U18)","v":91010}]
[]
[null,null,null,null,null,"Spare parts and supplies",null,null,20255,20981,19840,20149,21384,23241,25724,28574,32541,35437,37085,39624,{"$f":"'2012 Update'!C17","v":45239}]
[null,null,null,null,null,"  Assets held for sale ",null,null,19077,18025,18563,14080]
[null,null,null,null,null,"Deferred income taxes",null,null,14079,8149,243061,0,34316,7561,11679,1863,38745,20714,1095,36264,{"$f":"'2012 Update'!C19","v":29198}]
[null,null,null,null,null,null,null,null,null,null,0,39627]
[null,null,null,null,null,"Other",null,null,null,null,10009,20349,12532,32215,15195,33800,28738,24152,41924,35200,{"$f":"'2012 Update'!C21","v":29494}]
[null,null,null,null,null,"Total current assets",null,null,{"$f":"I12+I13+I19+I21+I22+I23+I24+I25","v":267300},252540,495409,266708,269892,237570,242116,269234,352243,338955,313714,378570,464451]
[]
[null,null,null,null,null,"Property, Plant and Equipment:"]
[null,null,null,null,null,"Land",null,null,33386,33324,33073,34074,35063,36615,38849,44826,61355,64816,67036,69958,{"$f":"'2012 Update'!C26","v":75610}]
[null,null,null,null,null,"Buildings",null,null,264889,267184,200713,206397,211629,222131,252729,280806,305472,323860,329646,360956,{"$f":"'2012 Update'!C27","v":378255}]
[null,null,null,null,null,"Machinery and equipment",null,null,567682,656727,509879,533967,561510,550303,583685,612983,694875,737150,795869,895026,{"$f":"'2012 Update'!C28","v":964377}]
[null,null,null,null,null,"Furniture, fixtures and transportation equipment",null,null,64596,67797,43689,54246,75781,82777,85689,87870,94762,102331,69223,81288,{"$f":"'2012 Update'!C29","v":97110}]
[null,null,null,null,null,"Construction in progress",null,null,1081,8570,12174,16600,8858,29480,16160,16997,32663,27006,22480,13888,{"$f":"'2012 Update'!C30","v":21645}]
[null,null,null,null,null,"Total",null,null,931634,1033602,799528,845284,892841,921306,977112,1043482,1189127,1255163,1284254,1421116,{"$f":"'2012 Update'!C32","v":1536997}]
[null,null,null,null,null,"Less: accumulated depreciation",null,null,-362160,-423170,-363403,-413296,-453993,-469385,-512670,-556960,-601931,-652587,-679561,-735629,{"$f":"'2012 Update'!C33","v":-811161}]
[null,null,null,null,null,"   Net Plant Assets",null,null,569474,610432,436125,431988,438848,451921,464442,486522,587196,602576,604693,685487,{"$f":"U34+U35","v":725836}]
[]
[null,null,null,null,null,"Notes Receivable",null,null,0,72940,71599,73345,74065,70357,74428,88469,94652,94457,92860,102322,{"$f":"'2012 Update'!C37","v":102723}]
[null,null,null,null,null,"Deferred Taxes ",null,null,15207,16084,28389,0]
[null,null,null,null,null,"Assets Held for Sale - Distributor Routes",null,null,null,null,null,null,12969,16382,22908,12396,7995,6535,11924,12726,{"$f":"'2012 Update'!C39","v":30116}]
[null,null,null,null,null,"Other Assets",null,null,13754,22015,10225,4039,2322,2667,3038,32525,4830,4157,5113,13932,{"$f":"'2012 Update'!C41","v":14442}]
[null,null,null,null,null,"Goodwill",null,null,567449,0,54249,57038,58567,58567,75537,76338,200035,201682,200153,219730,{"$f":"'2012 Update'!C43","v":269897}]
[null,null,null,null,null,"  Misc Assets",null,null,170344,174913]
[null,null,null,null,null,"Other Intangible Assets, net",null,null,-40882,-49233,6506,14121,18985,13605,24121,22051,106293,103080,97032,141231,{"$f":"'2012 Update'!C45","v":388384}]
[null,null,null,null,null,"Total Non-Current Assets",null,null,{"$f":"SUM(I38:I44)","v":725872},236719,170968,148543,166908,161578,200032,231779,413805,409911,407082,489941,805562]
[null,null,null,null,null,"        Total Assets",null,null,{"$f":"I26+I36+I45","v":1562646},1099691,1102502,847239,875648,851069,906590,987535,1353244,1351442,1325489,1553998,1995849]
[null,null,null,null,null,null,null,null,{"$f":"I38+I40+I41+I43+I44","v":143216},{"$f":"J38+J40+J41+J43+J44","v":220635},{"$f":"K38+K40+K41+K43+K44","v":88330}]
[null,null,null,null,null,"LIABILITIES AND STOCKHOLDERS’ EQUITY"]
[null,null,null,null,null,"Current Liabilities:"]
[null,null,null,null,null,"Current maturities of long-term debt and capital leases",null,null,7515,15648,27231,5286,5087,4652,7406,6920,22538,25763,28432,42768,{"$f":"'2012 Update'!C51","v":71996}]
[null,null,null,null,null,"Accounts payable",null,null,100775,83980,82827,81293,73902,83801,90945,98302,116818,92692,102068,115138,{"$f":"'2012 Update'!C52","v":153956}]
[null,null,null,null,null,"Other accrued liabilities",null,null,5465,4830,4516,4683,112033,85822,86891,108423,125713,103317,112272,110513,{"$f":"'2012 Update'!C53","v":129006}]
[null,null,null,null,null,"    Misc Liabilities",null,null,68612,81756,2553,0]
[null,null,null,null,null,null,null,null,null,null,100151,71870]
[null,null,null,null,null,"Total current liabilities",null,null,{"$f":"SUM(I50:I54)","v":182367},186214,217278,163132,191022,174275,185242,213645,265069,221772,242772,268419,354958]
[null,null,null,null,null,"Long-Term Debt and Capital Leases",null,null,247847,242057,223133,9866,22578,74403,79126,22508,263879,225905,98870,283406,{"$f":"'2012 Update'!C58+'2012 Update'!C59","v":535016}]
[null,null,null,null,null,"Other Liabilities:"]
[null,null,null,null,null,"Post-retirement/post-employment obligations",null,null,22331,25466,43486,46302,22590,9728,146,0,78897,68140,76086,155263,{"$f":"'2012 Update'!C64","v":159158}]
[null,null,null,null,null,"Deferred income taxes",null,null,13891,11571,7337,20473,42171,42569,47394,50974,55510,63748,66680,35375,{"$f":"'2012 Update'!C65","v":39206}]
[null,null,null,null,null,"Other",null,null,584198,0,18272,29815,24714,33160,25949,36391,45835,43851,45291,52567,{"$f":"'2012 Update'!C66","v":48891}]
[null,null,null,null,null,null,null,null,9552,12746]
[null,null,null,null,null,"Total other liabilities",null,null,{"$f":"SUM(I58:I61)","v":629972},49783,69095,96590,89475,85457,73489,87365,180242,175739,188057,243205,247255]
[]
[null,null,null,null,null,"Minority Interest in Variable Interest Entity",null,null,null,null,null,null,2836,4563,5870,7802,9335,12081]
[]
[null,null,null,null,null,"Stockholders’ Equity:"]
[null,null,null,null,null,"    Common Stock",null,null,199,298,300,452,452,678,678,1017,1017,1017,199,199,{"$f":"'2012 Update'!C73","v":199}]
[null,null,null,null,null,"Treasury stock 16,506,822 shares and 11,011,494 shares, respectively",null,null,null,null,0,-22143,-52366,-148747,-162368,-154801,-157799,-189250,-214683,-221246,{"$f":"'2012 Update'!C74","v":-196465}]
[null,null,null,null,null,"Capital in excess of par value",null,null,351506,476401,483142,486739,484476,474708,482157,484472,524383,531326,540294,544065,{"$f":"'2012 Update'!C75","v":571924}]
[null,null,null,null,null,"Retained earnings",null,null,164135,149842,131388,130981,160988,198567,250616,303386,369397,437524,503689,547997,{"$f":"'2012 Update'!C76","v":597629}]
[null,null,null,null,null,null,null,null,0,4904,-21834,-18378,-1103,-898]
[null,null,null,null,null,"Accumulated other comprehensive loss",null,null,-13380,-9808,null,null,-22710,-11937,-8220,22141,-102279,-64672,-33709,-112047,{"$f":"'2012 Update'!C77","v":-114667}]
[null,null,null,null,null,"Total Flowers Foods, Inc. stockholders’ equity",null,null,{"$f":"SUM(I67:I72)","v":502460},621637,592996,577651,569737,512371,562863,656215,634719,715945,795790,758968,{"$f":"'2012 Update'!C79","v":858620}]
[null,null,null,null,null,"Total Minoity and Common Equity",null,null,{"$f":"I73+I64","v":502460},621637,592996,577651,572573,516934,568733,664017,644054,728026,795790,758968,858620]
[]
[null,null,null,null,null,"Total liabilities and stockholders’ equity",null,null,{"$f":"I74+I62+I56+I55","v":1562646},1099691,1102502,847239,875648,851069,906590,987535,1353244,1351442,1325489,1553998,1995849]
[]
[null,null,null,null,null,null,null,null,{"$f":"I76=I46","v":true},true,true,true,true,true,true,true,true,true,true,true,true]
[null,null,null,null,null,"Balance sheet test",null,null,{"$f":"AND(I78:T78)","v":true}]
[]
[null,"CONSOLIDATED STATEMENTS OF INCOME "]
[null,null,null,null,null,"Sales",null,null,1568934,1299490,1328607,1452995,1551308,1715869,1888654,2036674,2414892,2600849,2573769,2773356,{"$f":"'2012 Update'!C88","v":3046491}]
[null,null,null,null,null,"Materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately below)",null,null,900198,640869,651886,720162,779437,861583,949612,1039011,1263962,1390183,1346790,1473201,{"$f":"'2012 Update'!C89","v":1617810}]
[null,null,null,null,null,"Selling, distribution and administrative expenses",null,null,591489,557957,554078,601013,632895,695656,759387,787821,894800,926418,935999,1016491,{"$f":"'2012 Update'!C90","v":1107480}]
[null,null,null,null,null,"Depreciation and amortization",null,null,67102,57124,56774,53935,56702,59344,64250,66094,73312,80928,85118,94638,{"$f":"'2012 Update'!C91","v":102690}]
[null,null,null,null,null,"Gain on acquisition",null,null,-17193,0,2132,null,null,0,-3088,0,0,-3013,0,0]
[null,null,null,null,null," Gain on sale of assets",null,null,17704,23038,0,null,null,null,null,0,-2306]
[null,null,null,null,null," Asset impairment",null,null,null,3467,0,null,null,null,null,0,3108]
[null,null,null,null,null," Gain on insurance recovery",null,null,null,null,null,null,null,null,null,-933,-686]
[null,null,null,null,null,"Income from operations",null,null,{"$f":"I82-I83-I84-I85-I86-I87-I88-I89","v":9634},17035,63737,77885,82274,99286,118493,144681,182702,206333,205862,189026,218511]
[null,null,null,null,null,"Interest expense",null,null,68373,15319,2740,1922,660,3576,4923,3450,6137,11587,8164,10172,{"$f":"'2012 Update'!C94","v":23411}]
[null,null,null,null,null,"Interest income",null,null,0,-8120,-9709,-9904,-9486,-9913,-9869,-11854,-13486,-13013,-12682,-13112,{"$f":"'2012 Update'!C95","v":-13672}]
[null,null,null,null,null,"Gain on early extinguishment of debt ",null,null,null,-6422,0]
[null,null,null,null,null,"Income before income taxes",null,null,{"$f":"I90-I91-I92-I93","v":-58739},16258,70706,85867,91100,105623,123439,153085,190051,207759,210380,191966,208772]
[null,null,null,null,null,"Income tax expense",null,null,-16457,7240,27221,33063,35071,39861,45304,54970,67744,74047,73333,68538,{"$f":"'2012 Update'!C98","v":72651}]
[null,null,null,null,null,"Net income",null,null,{"$f":"I94-I95","v":-42282},9018,43485,52804,56029,65762,78135,98115,122307,133712,137047,123428,136121]
[null,null,null,null,null,"Less: net income attributable to noncontrolling interest",null,null,-40482,-23311,-37362,0,-1769,-2904,-3255,-3500,-3074,-3415,0,0,0]
[null,null,null,null,null,"Net income attributable to Flowers Foods, Inc.",null,null,{"$f":"I96+I97","v":-82764},-14293,6123,52804,54260,62858,74880,94615,119233,130297,137047,123428,136121]
[null,null,null,null,null,"Income (loss) from discontinued operations",null,null,null,null,null,-38146,-3486,-1627,6731]
[null,null,null,null,null,"Cumulative effect of a change in accounting principle, net of income tax benefit of $362",null,null,0,0,-23078,null,null,0,-568]
[null,null,null,null,null,"Net income",null,null,{"$f":"I98+I99+I100","v":-82764},-14293,-16955,14658,50774,61231,81043,94615,119233,130297,137047,123428,136121]
[null,null,null,null,null,"Weighted average shares outstanding",null,null,30036,44697,44754,67440,65750,92687,91233,91505,92432,138300,137129,135387,{"$f":"'2012 Update'!C106","v":136670}]
[null,null,null,null,null,"Income from continuing operations",null,null,-1.4099999666213989,0.20000000298023224,0.97000002861022949,0.77999997138977051,0.81999999284744263,0.68000000715255737,0.81999999284744263,1.0299999713897705,1.2899999618530273,0.93999999761581421,1,0.9100000262260437,{"$f":"U101/U102","v":0.99598302480427303}]
[]
[null,"CONSOLIDATED STATEMENTS OF CASH FLOWS "]
[null,null,null,null,null,"Cash flows provided by (disbursed for) operating activities:"]
[null,null,null,null,null,"Net income",null,null,null,-14293,-16955,14658,50774,61231,81043,94615,122307,133712,137047,123428,{"$f":"'2012 Update'!D118","v":136121}]
[null,null,null,null,null,"Adjustments to reconcile net income to net cash provided by operating activities:"]
[null,null,null,null,null,"Non-cash expenses related to discontinued operations",null,null,null,-6422,0,18145,5099,625,-5509,0]
[null,null,null,null,null,"Cumulative effect of a change in accounting principle",null,null,null,16691,41559,null,null,0,930,0]
[null,null,null,null,null,"Depreciation and amortization",null,null,null,57124,56774,53935,56702,59344,64250,66094,73312,80928,85118,94638,{"$f":"'2012 Update'!D120","v":102690}]
[null,null,null,null,null,"Stock-based compensation",null,null,null,1377,-154,7548,8746,4232,8595,15151,10594,11855,13678,13638]
[null,null,null,null,null,"Income tax benefit related to stock awards",null,null,null,null,null,200,2000,11210,0,0]
[null,null,null,null,null,"Deferred income taxes",null,null,null,-7496,2890,32134,34232,12408,-11644,-6075]
[null,null,null,null,null,"Loss (gain) reclassified from accumulated other comprehensive income to net income",null,null,null,null,null,0,0,816,0,0,49,63026,8475,-38038]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-2306]
[null,null,null,null,null,"Provision for inventory obsolescence",null,null,null,3709,3077,1067,498,696,910,553,1121,498,1047,765]
[null,null,null,null,null,"Allowances for accounts receivable",null,null,null,3910,4152,3368,854,1211,717,812,640,2077,547,414]
[null,null,null,null,null,"Pension and postretirement plans expense",null,null,null,6677,0,0,0,917,229,0,-5772,5112,1842,222]
[null,null,null,null,null,"Other",null,null,null,-229,145,0,1769,2904,3255,3500,-2472,39,-285,-162]
[null,null,null,null,null,"Pension contributions",null,null,null,0,0,449,-1278,3714,-731,-1327,null,-450,-909,-12230]
[null,null,null,null,null,"Changes in operating assets and liabilities, net of acquisitions and disposals:"]
[null,null,null,null,null,"Accounts receivable, net",null,null,null,13037,-3099,1571,-18328,-1708,-7314,-5036,-22340,-476,11482,-283]
[null,null,null,null,null,"Inventories, net",null,null,null,-3764,4379,-1734,-6130,-5371,-844,-3612,-4242,-3525,-936,-6457]
[null,null,null,null,null,"Hedging activities, net",null,null,null,13875,9280,-22312,-23034,-17658,20580,28381,-52058,-20033,39134,-25874]
[null,null,null,null,null,"Other assets",null,null,null,-2496,-6200,-11000,-17000,-25000,-14000,-1000,0,26875,-8838,-749]
[null,null,null,null,null,"Accounts payable",null,null,null,-6599,8827,6130,32847,4408,10809,22542,-29883,-26111,7879,-5187]
[null,null,null,null,null,"Other accrued liabilities",null,null,null,-4353,-3359,-7170,-4683,null,null,null,null,-37812,6881,-8135]
[]
[null,null,null,null,null,"Net cash provided by operating activities",null,null,null,70748,126526,87989,123068,113979,151276,214598,94872,236009,306050,134290]
[]
[null,null,null,null,null,"Cash flows provided by (disbursed for) investing activities:"]
[null,null,null,null,null,"Purchase of property, plant and equipment",null,null,null,-49514,-48811,-43618,-46029,-58846,-61792,-88125,-86861,-72093,-98404,-79162,{"$f":"'2012 Update'!D140","v":-67259}]
[null,null,null,null,null,"Acquisition of businesses, net of cash acquired",null,null,null,-6506,-1023,-14534,-8599,-9867,-887,-1515,-170077,-24565,0,-164485,{"$f":"'2012 Update'!D141","v":-17849}]
[null,null,null,null,null,"Repurchase of distributor territories",null,null,null,null,null,null,null,null,null,null,null,-12436,-10843,-14581]
[null,null,null,null,null,"Issuance of notes receivable",null,null,null,-80892,1231,-1937,-798,2011,-4955,-15211,-18633]
[null,null,null,null,null,"Proceeds from notes receivable",null,null,null,null,null,null,null,null,null,null,11354,12126,12514,12629]
[null,null,null,null,null,"Contingent acquisition consideration payments",null,null,null,5197,0,0,1527,null,null,null,null,0,0,-5000]
[null,null,null,null,null,"Deconsolidation of variable interest entity (Note 12)",null,null,null,null,null,null,null,null,null,null,null,0,-8804,0]
[null,null,null,null,null,"Proceeds from sale of property, plant and equipment",null,null,null,0,0,231551,0,null,null,null,4899,6919,1075,12104]
[null,null,null,null,null,"Other",null,null,null,-893,1742,1657,93,-3751,-4082,1983,62,440,165,556]
[]
[null,null,null,null,null,"Net cash disbursed for investing activities",null,null,null,-132608,-46861,173119,-53806,-70453,-71716,-102868,-259256,-89609,-104297,-237939]
[]
[null,null,null,null,null,"Cash flows provided by (disbursed for) financing activities:"]
[null,null,null,null,null,"Dividends paid",null,null,null,0,-1499,-15068,-20767,-23652,-28994,-42120,-53222,-62170,-70882,-79081,{"$f":"'2012 Update'!D152","v":-86489}]
[null,null,null,null,null,"Exercise of stock options",null,null,null,337,213,1677,1182,6443,6363,22087,2679,2614,7884,12933]
[null,null,null,null,null,"Excess windfall tax benefit related to stock awards",null,null,null,251000,0,null,null,0,8615,9288,1976,1386,977,3073]
[null,null,null,null,null,"Payment of financing fees",null,null,null,-9978,0,-620,-378,0,-391,-320,-788,0,0,-2108]
[null,null,null,null,null,"Stock repurchases",null,null,null,0,0,-22173,-35296,-124388,-63617,-33296,-44072,-40531,-39184,-26598]
[null,null,null,null,null,"Change in book overdraft",null,null,null,0,0,-5330,0,10224,-3212,-4201,6702,-7735,-1432,521]
[null,null,null,null,null,"Proceeds from debt borrowings",null,null,null,9175,-3774,-2865,-5457,170000,347400,146500,645250,848326,418500,1071100]
[null,null,null,null,null,"Debt and capital lease obligation payments",null,null,null,-67562,-17059,0,0,-118610,-342811,-203604,-392614,-888637,-529809,-875083]
[null,null,null,null,null,"Other",null,null,null,73099,0,-244139,-3504,null,null,null,-1541,-669,0,-80]
[]
[null,null,null,null,null,"Net cash provided by (disbursed for) financing activities",null,null,null,62295,-22119,-288518,-64220,-79983,-76647,-105666,164370,-147416,-213946,104677]
[]
[null,null,null,null,null,"Net increase (decrease) in cash and cash equivalents",null,null,null,435,57546,-27410,5042,-36457,2913,6064,-14,-1016,-12193,1028]
[null,null,null,null,null,"Cash and cash equivalents at beginning of period",null,null,null,null,null,null,null,47458,11001,13914,19978,19964,18948,6755]
[null,null,null,null,null,null,null,null,null,11845,12280,69826,42416]
[null,null,null,null,null,"Cash and cash equivalents at end of period",null,null,null,null,null,null,null,11001,13914,19978,19964,18948,6755,7783]
[null,null,null,null,null,null,null,null,null,12280,69826,42416,47458]
[null,null,null,null,null,"Schedule of non cash investing and financing activities:"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,0,36400,0,64377]
[null,null,null,null,null,"(Issuance) conversion of deferred compensation to common stock equivalent units",null,null,null,null,null,283,3367,4971,0,0,1134,95,-15,-219]
[null,null,null,null,null,"Capital and right-to-use lease obligations",null,null,null,0,0,54815,12993,4446,6349,2378,1804,4362,13332,1404]
[null,null,null,null,null,"Deconsolidation of VIE capital leases",null,null,null,59665,0,null,null,null,null,null,null,0,-26389,0]
[null,null,null,null,null,"Issuance of notes receivable",null,null,null,null,null,null,null,null,null,null,null,107,171,833]
[null,null,null,null,null,"Supplemental disclosures of cash flow information:",null,null,null,null,null,11427,1258,3241,4559,2792]
[null,null,null,null,null,"Cash paid during the period for:",null,null,null,43233,20255,1265,2805,24955,31385,46972,6029]
[null,null,null,null,null,"Interest, net of capitalized interest",null,null,null,870,-3475,null,null,null,null,null,65255,11275,7470,9588]
[null,null,null,null,null,"Income taxes paid, net of refunds of $430, $623 and $1,167, respectively",null,null,null,null,null,null,null,null,null,null,null,75310,72554,70122]
[]
[]
[]
[null,"P&L analysis"]
[null,null,"Sales"]
[null,null,"Growth rate of sales",null,null,null,null,null,null,{"$f":"J82/I82-1","v":-0.1717369882990617},2.2406482543151585E-2,9.3622869667252973E-2,6.7662311294945932E-2,0.10607887021790652,0.10069824677758032,7.8373275359065131E-2,0.18570375033019526,7.700427182664904E-2,-1.0411984701918509E-2,7.7546586348658408E-2,9.8485372956086392E-2]
[null,null,"COGS margin",null,null,null,null,null,{"$f":"I83/I82","v":0.57376409715131416},0.49316962808486409,0.49065374486209995,0.4956396959383893,0.50243858730825863,0.50212632782572564,0.5027982891519569,0.51015086361391171,0.5234031169923955,0.5345112307558032,0.5232753988411547,0.53119794213220373,0.53104046589994847]
[null,null,"SGA / Sales %",null,null,null,null,null,{"$f":"I84/I82","v":0.37700056216513889},0.42936613594564021,0.41703679116548387,0.41363734906176552,0.40797507651607545,0.40542488966232271,0.40207841139774675,0.38681742880794867,0.37053416881583112,0.35619830293877114,0.36366861206269874,0.36652020151758374,0.36352643090033748]
[null,null,"Growth rate of SGA",null,null,null,null,null,null,{"$f":"J84/I84-1","v":-5.6690826033958364E-2},-6.9521486422788881E-3,8.4708290168532319E-2,5.3047105470264366E-2,9.9164948372162831E-2,9.1612808629552456E-2,3.744335891976025E-2,0.13579099820898399,3.5335270451497536E-2,1.0341983856099413E-2,8.5995818371600752E-2,8.951284369463175E-2]
[null,null,"Depreciation / Gross PPE %",null,null,null,null,null,{"$f":"I85/AVERAGE(H34:I34)","v":7.2026139020259033E-2},5.8134493770722703E-2,6.1942142674005662E-2,6.5581963166611135E-2,6.5245019777058613E-2,6.5423584748093733E-2,6.7687938062112776E-2,6.5420366486290668E-2,6.5673837201229587E-2,6.6218001955578101E-2,6.703743418272777E-2,6.9963073442819282E-2,6.9429396375324401E-2]
[null,null,"Depreciation / Net PPE",null,null,null,null,null,{"$f":"I85/AVERAGE(H36:I36)","v":0.11783154279212045},9.6828052404174567E-2,0.10849671828672494,0.1242580171014603,0.13022429022226917,0.13324217614218725,0.14022827198391905,0.13900421046432881,0.13655727108980198,0.13603951009100904,0.14100917028433596,0.14670511091475608,0.14552303051817336]
[null,null,"Other Expense (Income)",null,null,null,null,null,{"$f":"I86+I87+I88+I89+I93","v":511},20083,2132,0,0,0,-3088,-933,116,-3013,0,0,0]
[]
[null,null,"Effective tax rate %",null,null,null,null,null,{"$f":"I95/I94","v":0.28017160659868229},0.44531922745725183,0.38498854411223943,0.38504897108318681,0.38497255762897914,0.37738939435539609,0.36701528690284269,0.3590815559983016,0.35645168928340287,0.35640814597682891,0.34857400893621066,0.35703197441213547,0.34799206790182591]
[null,null," "]
[null,"Balance Sheet Analysis"]
[null,null,"Cash to Sales",null,null,null,null,null,{"$f":"I12/I82","v":7.5497120975133438E-3},9.4498610993543619E-3,5.2555797161989964E-2,2.9192116972185038E-2,3.0592248605692745E-2,6.411328603757047E-3,7.3671514210649491E-3,9.809129983492695E-3,8.2670363726410952E-3,7.28531337267177E-3,2.6245556613666574E-3,2.8063472558156975E-3,4.3574722525029615E-3]
[null,null,"AR / Sales %",null,null,null,null,null,{"$f":"I13/I82","v":7.2086524990853662E-2},8.0111428329575449E-2,7.8368546906647338E-2,6.8391838925804971E-2,7.5894664373547999E-2,7.0373087922213182E-2,6.9826977307648724E-2,6.7601393251939187E-2,7.3741185941234633E-2,6.8711409235984094E-2,6.4606031077381068E-2,6.6923611682019907E-2,8.4108241251984656E-2]
[null,null,"AR days #",null,null,null,null,null,{"$f":"I190*365","v":26.311581621661588},29.240671340295037,28.604519620926279,24.963021207918814,27.70155249634502,25.68617709160781,25.486846717291783,24.674508536957802,26.915532868550642,25.079664371134193,23.581201343244089,24.427118263937267,30.699508056974398]
[null,null,"Inventory / GOGS %",null,null,null,null,null,{"$f":"I19/I83","v":9.8806040448879029E-2},0.13887549561610876,4.6003442319669387E-2,4.2648737367425665E-2,4.6785051261359158E-2,4.9677164010896224E-2,4.6045121586500593E-2,4.5559671649289563E-2,4.2863630393951718E-2,4.38762378765961E-2,4.4976573927635342E-2,5.0295920244420145E-2,5.6255060853870359E-2]
[null,null,"Other Current Assets",null,null,null,null,null,{"$f":"I21+I22+I24+I25","v":39332},39006,48412,94205,33916,55456,40919,62374,61279,59589,79009,74824,74733]
[null,null,"Total Expenses",null,null,null,null,null,{"$f":"I83+I84","v":1491687},1198826,1205964,1321175,1412332,1557239,1708999,1826832,2158762,2316601,2282789,2489692,2725290]
[null,null,"A/P to Expenses",null,null,null,null,null,{"$f":"I51/I194","v":6.7557738319097768E-2},7.0051867410283061E-2,6.8681154661333177E-2,6.1530834295229625E-2,5.2326223579158442E-2,5.3813833329373333E-2,5.3215361740995754E-2,5.3810093101062384E-2,5.4113422415254672E-2,4.0012069406859446E-2,4.4711972941870667E-2,4.6245881016607676E-2,5.6491602728516964E-2]
[null,null,"AP Days #",null,null,null,null,null,{"$f":"I195*365","v":24.658574486470684},25.568931604753317,25.068621451386608,22.458754517758813,19.09907160639283,19.642049165221266,19.423607035463451,19.640683981887769,19.751399181567955,14.604405333503697,16.319870123782792,16.879746571061801,20.619434995908691]
[null,null,"Other Current Liabilities",null,null,null,null,null,{"$f":"I52+I53+I54","v":74077},86586,107220,76553,112033,85822,86891,108423,125713,103317,112272,110513,129006]
[]
[null,null,"Capital Expenditures"]
[null,null,null,"Capital Expenditures",null,null,null,null,{"$f":"-I133","v":0},49514,48811,43618,46029,58846,61792,88125,86861,72093,98404,79162,67259]
[null,null,null,"Acquisitions of Properities",null,null,null,null,{"$f":"-I134","v":0},6506,1023,14534,8599,9867,887,1515,170077,24565,0,164485,17849]
[null,null,null,null,"Total",null,null,null,{"$f":"I200+I201","v":0},56020,49834,58152,54628,68713,62679,89640,256938,96658,98404,243647,85108]
[null,null,null,"Percent of Sales",null,null,null,null,{"$f":"I202/I82","v":0},4.3109219770833172E-2,3.7508458106874344E-2,4.0022161122371377E-2,3.521415476488228E-2,4.0045597886551945E-2,3.3187126916841309E-2,4.4012934814309998E-2,0.10639730472418642,3.7164018364772428E-2,3.8233423434659443E-2,8.7852767549495989E-2,2.7936402897628779E-2]
[null,null,null,"Percent of Change in Sales",null,null,null,null,{"$f":"I202/(I82-H82)","v":0},-0.20790962129422069,1.7115087405982758,0.46750490401003314,0.55565388097199764,0.41755336926732334,0.36275718378331451,0.60559383867044991,0.67933837099239058,0.51978683243975754,-3.6338257016248154,1.2207558608526607,0.31159682940670363]
[null,null,null,"Percent on Next Year Change in Sales",null,null,null,null,null,{"$f":"J202/(K82-J82)","v":1.9239619466291169},0.40063350162395084,0.59149858106252484,0.33196200800918807,0.39767919668952745,0.42344953384677747,0.23700617104421259,1.3817065235511437,-3.5693500738552437,0.49303812372549316,0.89203873542387468,-2.7936402897628779E-2]
[]
[null,null,null,"Deferred Tax Liabilities",null,null,null,null,{"$f":"I59-I39-I23","v":-15395},-12662,-264113,20473,7855,35008,35715,49111,16765,43034,65585,-889,10008]
[null,null,null,"Increase in Deferred Tax",null,null,null,null,null,{"$f":"J207-I207","v":2733},-251451,284586,-12618,27153,707,13396,-32346,26269,22551,-66474,10897]
[null,null,null,"Percent of Capital Expenditures",null,null,null,null,null,{"$f":"J208/J202","v":4.8786147804355584E-2},-5.0457719629168842,4.8938299628559641,-0.23098044958629274,0.39516539810516205,1.1279694953652738E-2,0.14944221329763499,-0.12589029259977116,0.27177264168511661,0.22916751351571074,-0.27282913395198793,0.12803731729097148]
[]
[null,"Financing"]
[null,null,"Total Debt",null,null,null,null,null,{"$f":"I50+I56","v":255362},257705,250364,15152,27665,79055,86532,29428,286417,251668,127302,326174,607012]
[null,null,"Average Interest Rate",null,null,null,null,null,{"$f":"I91/AVERAGE(H212:I212)","v":0.26774931274034508},5.9715397794050287E-2,1.0785936555861507E-2,1.4477470284276654E-2,3.0828876380876755E-2,6.7016491754122942E-2,5.946118958613901E-2,5.9503276992066229E-2,3.8860833636752204E-2,4.3067545090459687E-2,4.3085204633612158E-2,4.4862352142119977E-2,5.0174348950798663E-2]
[]
[null,null,"Notes Receivable",null,null,null,null,null,{"$f":"I38","v":0},72940,71599,73345,74065,70357,74428,88469,94652,94457,92860,102322,102723]
[null,null,"Notes Receivable as Percent of Sales",null,null,null,null,null,{"$f":"I215/I82","v":0},5.6129712425643907E-2,5.3890277561385723E-2,5.0478494420145972E-2,4.7743581545379769E-2,4.1003712987413378E-2,3.9407959319176511E-2,4.3437977801061928E-2,3.9195127566781451E-2,3.6317756240366129E-2,3.6079383969579243E-2,3.6894650380261317E-2,3.3718464948690151E-2]
[null,null,"Average Interest Earnings Rate",null,null,null,null,null,{"$f":"IFERROR(-I92/AVERAGE(H215:I215),0)","v":0},0.22264875239923224,0.13434436380492462,0.13665967546086766,0.12870225900549487,0.13727825400562241,0.13632627689332458,0.14553981964063181,0.14729058928249628,0.13762433305659699,0.13540682372662385,0.13435665174042688,0.13335609256504669]
[]
[null,null,"Minority Interest  ",null,null,null,null,null,{"$f":"I64","v":0},0,0,0,2836,4563,5870,7802,9335,12081,0,0,0]
[null,null,"Dividends",null,null,null,null,null,{"$f":"-I146","v":0},0,1499,15068,20767,23652,28994,42120,53222,62170,70882,79081,86489]
[null,null,"Dividend payout ratio",null,null,null,null,null,{"$f":"I220/I98","v":0},0,0.24481463334966519,0.28535716991137033,0.3827312937707335,0.37627668713608453,0.38720619658119659,0.44517254135179413,0.4463697130827875,0.47714068627827194,0.51720942450400231,0.64070551252552099,0.63538322521873924]
[]
[null,null,"Other Assets",null,null,null,null,null,{"$f":"I40+I41+I43+I44","v":143216},147695,16731,18160,34276,32654,50067,66972,119118,113772,114069,167889,432942]
[null,null,"Goodwill",null,null,null,null,null,{"$f":"I42","v":567449},0,54249,57038,58567,58567,75537,76338,200035,201682,200153,219730,269897]
[]
[null,null,"Other Liabilities",null,null,null,null,null,{"$f":"I60+I61","v":593750},12746,18272,29815,24714,33160,25949,36391,45835,43851,45291,52567,48891]
[null,null,"Pension Obligations",null,null,null,null,null,{"$f":"I58","v":22331},25466,43486,46302,22590,9728,146,0,78897,68140,76086,155263,159158]
[]
[]
["Assumptions"]
[null,"Operating assumtions"]
[null,null,"Sales growth"]
[null,null,null,"Historic sales",null,null,null,null,{"$f":"IF(I3,I178)","v":0},-0.1717369882990617,2.2406482543151585E-2,9.3622869667252973E-2,6.7662311294945932E-2,0.10607887021790652,0.10069824677758032,7.8373275359065131E-2,0.18570375033019526,7.700427182664904E-2,-1.0411984701918509E-2,7.7546586348658408E-2,9.8485372956086392E-2,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Base sales",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.05,0.05,0.05,0.05,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[null,null,null,"Low sales",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.03,0.03,0.03,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[null,null,null,"High sales",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.08,0.08,7.4999999999999997E-2,7.0000000000000007E-2,0.06,0.06,0.06,0.05,0.05,0.05,0.05]
[null,null,null,"Sensitivty case",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,200,{"$f":"T237/10000","v":0.02},{"$f":"U237","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[]
[null,null,null,"Sales growth code number",null,null,{"$f":"'Master Scenario'!D25","v":1}]
[]
[null,null,null,"Actual/forecast sales growth",null,null,null,null,{"$f":"IF(I3,I233,INDEX(I234:I237,$G$239))","v":0},-0.1717369882990617,2.2406482543151585E-2,9.3622869667252973E-2,6.7662311294945932E-2,0.10607887021790652,0.10069824677758032,7.8373275359065131E-2,0.18570375033019526,7.700427182664904E-2,-1.0411984701918509E-2,7.7546586348658408E-2,9.8485372956086392E-2,0.05,0.05,0.05,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[]
[null,null,"COGS margin"]
[null,null,null,"Historic margin",null,null,null,null,{"$f":"IF(I3,I179)","v":0.57376409715131416},0.49316962808486409,0.49065374486209995,0.4956396959383893,0.50243858730825863,0.50212632782572564,0.5027982891519569,0.51015086361391171,0.5234031169923955,0.5345112307558032,0.5232753988411547,0.53119794213220373,0.53104046589994847,false,false,false,false,false,false,false,false,false,false]
[]
[null,null,null,"Base margin",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.53,{"$f":"V246+0.005","v":0.53500000000000003},{"$f":"W246+0.005","v":0.54},{"$f":"X246","v":0.54},0.53,0.53,0.53,0.53,0.53,0.53]
[null,null,null,"Low margin",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.54,0.56000000000000005,0.56000000000000005,0.55000000000000004,0.55000000000000004,0.55000000000000004,0.55000000000000004,0.55000000000000004,0.55000000000000004,0.55000000000000004]
[null,null,null,"High margin",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.53,0.52500000000000002,0.52500000000000002,0.52500000000000002,0.52,0.51,0.51,0.51,0.51,0.51]
[null,null,null,"Sensitivty case",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,530,null,{"$f":"T249/1000","v":0.53},{"$f":"V249","v":0.53},0.53,0.53,0.53,0.53,0.53,0.53,0.53,0.53]
[]
[null,null,null,"COGS margin code",null,null,{"$f":"'Master Scenario'!E25","v":1}]
[null,null,null,"Actual/forecasted COGS margin",null,null,null,null,{"$f":"IF(I3,I244,INDEX(I246:I249,$G$251))","v":0.57376409715131416},0.49316962808486409,0.49065374486209995,0.4956396959383893,0.50243858730825863,0.50212632782572564,0.5027982891519569,0.51015086361391171,0.5234031169923955,0.5345112307558032,0.5232753988411547,0.53119794213220373,0.53104046589994847,0.53,0.53500000000000003,0.54,0.54,0.53,0.53,0.53,0.53,0.53,0.53]
[]
[null,null,"SGA expenses"]
[null,null,null,"Historic SGA %",null,null,null,null,{"$f":"IF(I3,I181)","v":0},-5.6690826033958364E-2,-6.9521486422788881E-3,8.4708290168532319E-2,5.3047105470264366E-2,9.9164948372162831E-2,9.1612808629552456E-2,3.744335891976025E-2,0.13579099820898399,3.5335270451497536E-2,1.0341983856099413E-2,8.5995818371600752E-2,8.951284369463175E-2,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Projected SGA %",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AVERAGE(Q255:$T$255)","v":6.6866017722045423E-2},{"$f":"V241","v":0.05},0.05,0.05,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[null,null,null,"Trend",null,null,{"$f":"'SG&A Analysis'!F9","v":12500.642531049987},null,1,{"$f":"I257+1","v":2},3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23]
[null,null,null,"Sales",null,null,{"$f":"'SG&A Analysis'!$E$9","v":0.23339974172731698},null,{"$f":"I82","v":1568934},{"$f":"I258*(1+J241)","v":1299490},1328607,1452995,1551308,1715869.0000000002,1888654.0000000002,2036674,2414892,2600849,2573769,2773356,3046491,3198815.5500000003,3358756.3275000006,3526694.143875001,3685395.3803493758,3851238.1724650976,4024543.8902260265,4205648.3652861975,4394902.5417240765,4592673.1561016599,4799343.4481262341]
[null,null,null,"Historic Projected",null,null,{"$f":"'SG&A Analysis'!G9","v":215133.97312461538},null,{"$f":"I257*$G$257+$G$258*I258+$G$259","v":593823.40604287176},{"$f":"J257*$G$257+$G$258*J258+$G$259","v":543435.88856394659},562732.43137487071,604265.20097989822,639712.07231938594,690621.20974882506,743449.82665422955,790498.29895575682,891274.92500342918,947177.88330686581,953358.06083194015,1012442.2576151202,1088692.5386028606,1136745.6917626406,1186576.470453857,1238273.7559530817,1287815.2260890566,1339023.5334672532,1391973.6857635712,1446744.0659993265,1503416.5844317935,1562076.8372798243,1622814.2725921189]
[]
[null,null,null,"Actual/forecasted SGA",null,null,null,null,{"$f":"IF(I3,I84,I259)","v":591489},557957,554078,601013,632895,695656,759387,787821,894800,926418,935999,1016491,1107480,1136745.6917626406,1186576.470453857,1238273.7559530817,1287815.2260890566,1339023.5334672532,1391973.6857635712,1446744.0659993265,1503416.5844317935,1562076.8372798243,1622814.2725921189]
[]
[null,"Capital Expenditures/Sales"]
[null,null,null,"Historic Cap Expenditures/Sales",null,null,null,null,{"$f":"IF(I3,I203)","v":0},4.3109219770833172E-2,3.7508458106874344E-2,4.0022161122371377E-2,3.521415476488228E-2,4.0045597886551945E-2,3.3187126916841309E-2,4.4012934814309998E-2,0.10639730472418642,3.7164018364772428E-2,3.8233423434659443E-2,8.7852767549495989E-2,2.7936402897628779E-2,false,false,false,false,false,false,false,false,false,false]
[]
[null,null,null,"Base Capital Expenditures",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.05,0.05,5.5E-2,0.06,{"$f":"Y266","v":0.06},0.06,0.06,0.06,0.06,0.06]
[null,null,null,"High Capital Expenditures",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,7.0000000000000007E-2,0.06,0.05,0.05,0.06,0.06,0.06,0.06,0.06,0.06]
[null,null,null,"Low Capital Expenditures",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[]
[null,null,null,"Cap Exp Code",null,null,{"$f":"'Master Scenario'!H25","v":1}]
[null,null,null,"Projected Cap Expenditures/Sales",null,null,null,null,{"$f":"IF(I3,I264,INDEX(I266:I268,$G$270))","v":0},4.3109219770833172E-2,3.7508458106874344E-2,4.0022161122371377E-2,3.521415476488228E-2,4.0045597886551945E-2,3.3187126916841309E-2,4.4012934814309998E-2,0.10639730472418642,3.7164018364772428E-2,3.8233423434659443E-2,8.7852767549495989E-2,2.7936402897628779E-2,0.05,0.05,5.5E-2,0.06,0.06,0.06,0.06,0.06,0.06,0.06]
[]
[null,"Working Capital Assumptions"]
[null,null,null,"A/R to Sales Historic",null,null,null,null,{"$f":"IF(I3,I190)","v":7.2086524990853662E-2},8.0111428329575449E-2,7.8368546906647338E-2,6.8391838925804971E-2,7.5894664373547999E-2,7.0373087922213182E-2,6.9826977307648724E-2,6.7601393251939187E-2,7.3741185941234633E-2,6.8711409235984094E-2,6.4606031077381068E-2,6.6923611682019907E-2,8.4108241251984656E-2,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"A/R to Sales Projected",null,null,{"$f":"'Master Scenario'!F25","v":8.4000000000000005E-2},null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"G275","v":8.4000000000000005E-2},{"$f":"V275","v":8.4000000000000005E-2},{"$f":"W275","v":8.4000000000000005E-2},8.4000000000000005E-2,8.4000000000000005E-2,8.4000000000000005E-2,8.4000000000000005E-2,8.4000000000000005E-2,8.4000000000000005E-2,8.4000000000000005E-2]
[null,null,null,"A/R to Sales Actual and Projected",null,null,null,null,{"$f":"IF(I3,I274,I275)","v":7.2086524990853662E-2},8.0111428329575449E-2,7.8368546906647338E-2,6.8391838925804971E-2,7.5894664373547999E-2,7.0373087922213182E-2,6.9826977307648724E-2,6.7601393251939187E-2,7.3741185941234633E-2,6.8711409235984094E-2,6.4606031077381068E-2,6.6923611682019907E-2,8.4108241251984656E-2,{"$f":"IF(V3,V274,G275)","v":8.4000000000000005E-2},8.4000000000000005E-2,8.4000000000000005E-2,8.4000000000000005E-2,8.4000000000000005E-2,8.4000000000000005E-2,8.4000000000000005E-2,8.4000000000000005E-2,8.4000000000000005E-2,8.4000000000000005E-2]
[]
[null,null,null,"Inventories to CGS Historic",null,null,null,null,{"$f":"IF(I3,I192)","v":9.8806040448879029E-2},0.13887549561610876,4.6003442319669387E-2,4.2648737367425665E-2,4.6785051261359158E-2,4.9677164010896224E-2,4.6045121586500593E-2,4.5559671649289563E-2,4.2863630393951718E-2,4.38762378765961E-2,4.4976573927635342E-2,5.0295920244420145E-2,5.6255060853870359E-2,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Inventories to CGS Projected",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Master Scenario'!G25","v":5.6000000000000001E-2},{"$f":"V279","v":5.6000000000000001E-2},5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2]
[null,null,null,"Inventories to Sales Historic and Projected",null,null,null,null,{"$f":"IF(I3,I278,I279)","v":9.8806040448879029E-2},0.13887549561610876,4.6003442319669387E-2,4.2648737367425665E-2,4.6785051261359158E-2,4.9677164010896224E-2,4.6045121586500593E-2,4.5559671649289563E-2,4.2863630393951718E-2,4.38762378765961E-2,4.4976573927635342E-2,5.0295920244420145E-2,5.6255060853870359E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2]
[]
[null,null,null,"A/P to Expenses Historic",null,null,null,null,{"$f":"IF(I3,I195)","v":6.7557738319097768E-2},7.0051867410283061E-2,6.8681154661333177E-2,6.1530834295229625E-2,5.2326223579158442E-2,5.3813833329373333E-2,5.3215361740995754E-2,5.3810093101062384E-2,5.4113422415254672E-2,4.0012069406859446E-2,4.4711972941870667E-2,4.6245881016607676E-2,5.6491602728516964E-2,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"A/P to Expenses Projected",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Master Scenario'!I25","v":5.6000000000000001E-2},{"$f":"V283","v":5.6000000000000001E-2},5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2]
[null,null,null,"A/P to Expenses Actual and Projected",null,null,null,null,{"$f":"IF(I3,I282,I283)","v":6.7557738319097768E-2},7.0051867410283061E-2,6.8681154661333177E-2,6.1530834295229625E-2,5.2326223579158442E-2,5.3813833329373333E-2,5.3215361740995754E-2,5.3810093101062384E-2,5.4113422415254672E-2,4.0012069406859446E-2,4.4711972941870667E-2,4.6245881016607676E-2,5.6491602728516964E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2]
[]
[null,null,null,"Other Current Assets ",null,null,null,null,{"$f":"IF(I3,I193,H286)","v":39332},39006,48412,94205,33916,55456,40919,62374,61279,59589,79009,74824,74733,74733,74733,74733,74733,74733,74733,74733,74733,74733,74733]
[null,null,null,"Other Current Liabilities",null,null,null,null,{"$f":"IF(I3,I197,H287)","v":74077},86586,107220,76553,112033,85822,86891,108423,125713,103317,112272,110513,129006,129006,129006,129006,129006,129006,129006,129006,129006,129006,129006]
[]
[null,null,"Depreciation Rate"]
[null,null,null,"Hisoric Gross Rate",null,null,null,null,{"$f":"IF(I3,I182)","v":7.2026139020259033E-2},5.8134493770722703E-2,6.1942142674005662E-2,6.5581963166611135E-2,6.5245019777058613E-2,6.5423584748093733E-2,6.7687938062112776E-2,6.5420366486290668E-2,6.5673837201229587E-2,6.6218001955578101E-2,6.703743418272777E-2,6.9963073442819282E-2,6.9429396375324401E-2,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Projected Gross Rate",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,7.0000000000000007E-2,{"$f":"V291","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,null,"Actual/Forecasted Deprecation Rate",null,null,null,null,{"$f":"IF(I3,I290,I291)","v":7.2026139020259033E-2},5.8134493770722703E-2,6.1942142674005662E-2,6.5581963166611135E-2,6.5245019777058613E-2,6.5423584748093733E-2,6.7687938062112776E-2,6.5420366486290668E-2,6.5673837201229587E-2,6.6218001955578101E-2,6.703743418272777E-2,6.9963073442819282E-2,6.9429396375324401E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[]
[null,null,"Capital Expenditures to Depreciation",null,null,null,null,null,null,{"$f":"IF(J3,-J133/J111)","v":0.86678103774245496},{"$f":"IF(K3,-K133/K111)","v":0.85974213548455281},0.80871419301010472,0.81177030792564642,0.99160825020221088,0.96174319066147862,1.3333282900111962,1.184812854648625,0.89082888493475687,1.1560891938250428,0.83647160759948436,0.65497127276268385,false,false,false,false,false,false,false,false,false,false]
[]
[null,null,"Retirement Rate"]
[null,null,null,"Average Asset Life",null,null,null,null,{"$f":"1/I292","v":13.883848469494202},{"$f":"1/J292","v":17.201491492192424},16.144097650332899,15.248094929081303,15.326840323092659,15.285007751415476,14.773680933852139,15.285759675613519,15.22676369489306,15.101633550810597,14.917038699217557,14.293254295314778,14.40312104391859,14.285714285714285,14.285714285714285,14.285714285714285,14.285714285714285,14.285714285714285,14.285714285714285,14.285714285714285,14.285714285714285,14.285714285714285,14.285714285714285]
[null,null,null,"Accumulated Depreciation Ratio",null,null,null,null,{"$f":"IF(I3,-I35/(I34-I33))","v":0.38918793448626782},0.41283589195264148,0.46154969683268265,0.49873775769774725,0.51357661855488168,0.526319035327519,0.53350219365795581,0.54258951665148536,0.520492639632535,0.53135470465095258,0.53857584638770495,0.5227504000773151,0.53529542970874089,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Historic Growth Rate from Accumulated Depreication and Life",null,null,null,null,{"$f":"IF(I3,find_growth(I298,I297,0.0001),H299)","v":4.3840000000000011E-2},{"$f":"IF(J3,find_growth(J298,J297,0.0001),I299)","v":3.8400000000000004E-2},2.2400000000000141E-3,-3.1999999999999987E-2,-4.6015999999999974E-2,-5.5039999999999971E-2,-8.3519999999999955E-2,-6.8159999999999971E-2,-4.883199999999998E-2,-5.4015999999999974E-2,-9.2799999999999966E-2,-5.8751999999999978E-2,-7.3087999999999986E-2,-7.3087999999999986E-2,-7.3087999999999986E-2,-7.3087999999999986E-2,-7.3087999999999986E-2,-7.3087999999999986E-2,-7.3087999999999986E-2,-7.3087999999999986E-2,-7.3087999999999986E-2,-7.3087999999999986E-2,-7.3087999999999986E-2]
[null,null,null,"Base Retirements",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"find_base_retirement(V299,V297)","v":0.11168232448},{"$f":"V300*(1+W299)","v":0.10351968674840575},{"$f":"W300*(1+X299)","v":9.5953639883338271E-2},8.8940580251544846E-2,8.2440091122119932E-2,7.6414709742186421E-2,7.0829711436549495E-2,6.5652909487074959E-2,6.0854469638483621E-2,5.6406738161546129E-2]
[null,null,null,"Base Plant for Retirements",null,null,null,null,{"$f":"IF(I3,I34,H301)","v":931634},{"$f":"IF(J3,J34,I301)","v":1033602},799528,845284,892841,921306,977112,1043482,1189127,1255163,1284254,1421116,1536997,1536997,1536997,1536997,1536997,1536997,1536997,1536997,1536997,1536997,1536997]
[null,null,null,"Retirements ",null,null,null,null,{"$f":"I301*I300","v":0},{"$f":"J301*J300","v":0},0,0,0,0,0,0,0,0,0,0,0,171655.39767878657,159109.44797323941,147480.45663977126,136701.40502488369,126710.17273442497,117449.1796296113,108865.05398884226,100908.32492290575,93533.13727094041,86696.987334081918]
[null,null,null,"Projected Period",null,null,null,null,{"$f":"H303+NOT(I3)","v":0},{"$f":"I303+NOT(J3)","v":0},0,0,0,0,0,0,0,0,0,0,0,1,2,3,4,5,6,7,8,9,10]
[null,null,null,"Retirement Rate Applied to Existing Gross Plant"]
[]
[]
[null,null,"Income Tax Rate"]
[null,null,null,"Historic Rate",null,null,null,null,{"$f":"IF(I3,I186)","v":0.28017160659868229},0.44531922745725183,0.38498854411223943,0.38504897108318681,0.38497255762897914,0.37738939435539609,0.36701528690284269,0.3590815559983016,0.35645168928340287,0.35640814597682891,0.34857400893621066,0.35703197441213547,0.34799206790182591,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Projected Rate",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.35,{"$f":"V309","v":0.35},0.35,0.35,0.35,0.35,0.35,0.35,0.35,0.35]
[null,null,null,"Actual/Forecast Income Tax Rate",null,null,null,null,{"$f":"IF(I3,I308,I309)","v":0.28017160659868229},0.44531922745725183,0.38498854411223943,0.38504897108318681,0.38497255762897914,0.37738939435539609,0.36701528690284269,0.3590815559983016,0.35645168928340287,0.35640814597682891,0.34857400893621066,0.35703197441213547,0.34799206790182591,0.35,0.35,0.35,0.35,0.35,0.35,0.35,0.35,0.35,0.35]
[]
[null,null,null,"Deferred Tax Changes as Pct of Capital Expenditures"]
[null,null,null,null,"Historic Percent of Deferred Tax Changes",null,null,null,{"$f":"IF(I3,I209)","v":0},4.8786147804355584E-2,-5.0457719629168842,4.8938299628559641,-0.23098044958629274,0.39516539810516205,1.1279694953652738E-2,0.14944221329763499,-0.12589029259977116,0.27177264168511661,0.22916751351571074,-0.27282913395198793,0.12803731729097148,false,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Projected Percent of Deferrd Tax Change",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.05,{"$f":"V314","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,null,"Actual/Projected Deferred Tax Change",null,null,null,null,{"$f":"IF(I3,I313,I314)","v":0},4.8786147804355584E-2,-5.0457719629168842,4.8938299628559641,-0.23098044958629274,0.39516539810516205,1.1279694953652738E-2,0.14944221329763499,-0.12589029259977116,0.27177264168511661,0.22916751351571074,-0.27282913395198793,0.12803731729097148,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[]
[null,"Financing Assumptions"]
[null,null,null,"Notes Income Rate Historic",null,null,null,null,{"$f":"IF(I3,I217)","v":0},0.22264875239923224,0.13434436380492462,0.13665967546086766,0.12870225900549487,0.13727825400562241,0.13632627689332458,0.14553981964063181,0.14729058928249628,0.13762433305659699,0.13540682372662385,0.13435665174042688,0.13335609256504669,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Notes Income Rate Projected",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.13500000000000001,{"$f":"V319","v":0.13500000000000001},0.13500000000000001,0.13500000000000001,0.13500000000000001,0.13500000000000001,0.13500000000000001,0.13500000000000001,0.13500000000000001,0.13500000000000001]
[null,null,null,"Actual/Projected Interest Income Rate",null,null,null,null,{"$f":"IF(I3,I318,I319)","v":0},0.22264875239923224,0.13434436380492462,0.13665967546086766,0.12870225900549487,0.13727825400562241,0.13632627689332458,0.14553981964063181,0.14729058928249628,0.13762433305659699,0.13540682372662385,0.13435665174042688,0.13335609256504669,0.13500000000000001,0.13500000000000001,0.13500000000000001,0.13500000000000001,0.13500000000000001,0.13500000000000001,0.13500000000000001,0.13500000000000001,0.13500000000000001,0.13500000000000001]
[]
[null,null,null,"Interest Expense Rate Historic",null,null,null,null,{"$f":"IF(I3,I213)","v":0.26774931274034508},5.9715397794050287E-2,1.0785936555861507E-2,1.4477470284276654E-2,3.0828876380876755E-2,6.7016491754122942E-2,5.946118958613901E-2,5.9503276992066229E-2,3.8860833636752204E-2,4.3067545090459687E-2,4.3085204633612158E-2,4.4862352142119977E-2,5.0174348950798663E-2,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Interest Expense Rate Projected",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.04,{"$f":"V323","v":0.04},0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[null,null,null,"Actual/Projected Interest Expense Rate",null,null,null,null,{"$f":"IF(I3,I322,I323)","v":0.26774931274034508},5.9715397794050287E-2,1.0785936555861507E-2,1.4477470284276654E-2,3.0828876380876755E-2,6.7016491754122942E-2,5.946118958613901E-2,5.9503276992066229E-2,3.8860833636752204E-2,4.3067545090459687E-2,4.3085204633612158E-2,4.4862352142119977E-2,5.0174348950798663E-2,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[]
[null,null,null,"Cash as Percent of Sales Historic",null,null,null,null,{"$f":"IF(I3,I189)","v":7.5497120975133438E-3},9.4498610993543619E-3,5.2555797161989964E-2,2.9192116972185038E-2,3.0592248605692745E-2,6.411328603757047E-3,7.3671514210649491E-3,9.809129983492695E-3,8.2670363726410952E-3,7.28531337267177E-3,2.6245556613666574E-3,2.8063472558156975E-3,4.3574722525029615E-3,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Cash as Percent of Sales Projected",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,8.0000000000000002E-3,{"$f":"V327","v":8.0000000000000002E-3},8.0000000000000002E-3,8.0000000000000002E-3,8.0000000000000002E-3,8.0000000000000002E-3,8.0000000000000002E-3,8.0000000000000002E-3,8.0000000000000002E-3,8.0000000000000002E-3]
[null,null,null,"Actual/Projected Cash as Percent of Sales",null,null,null,null,{"$f":"IF(I3,I326,I327)","v":7.5497120975133438E-3},9.4498610993543619E-3,5.2555797161989964E-2,2.9192116972185038E-2,3.0592248605692745E-2,6.411328603757047E-3,7.3671514210649491E-3,9.809129983492695E-3,8.2670363726410952E-3,7.28531337267177E-3,2.6245556613666574E-3,2.8063472558156975E-3,4.3574722525029615E-3,8.0000000000000002E-3,8.0000000000000002E-3,8.0000000000000002E-3,8.0000000000000002E-3,8.0000000000000002E-3,8.0000000000000002E-3,8.0000000000000002E-3,8.0000000000000002E-3,8.0000000000000002E-3,8.0000000000000002E-3]
[]
[null,null,null,"Dividend Payout Ratio Historic",null,null,null,null,{"$f":"IF(I3,I221)","v":0},0,0.24481463334966519,0.28535716991137033,0.3827312937707335,0.37627668713608453,0.38720619658119659,0.44517254135179413,0.4463697130827875,0.47714068627827194,0.51720942450400231,0.64070551252552099,0.63538322521873924,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Dividend Payout Ratio Projected",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.7,{"$f":"V331","v":0.7},0.7,0.7,0.7,0.7,0.7,0.7,0.7,0.7]
[null,null,null,"Actual/Projected Dividend Payout Ratio",null,null,null,null,{"$f":"IF(I3,I330,I331)","v":0},0,0.24481463334966519,0.28535716991137033,0.3827312937707335,0.37627668713608453,0.38720619658119659,0.44517254135179413,0.4463697130827875,0.47714068627827194,0.51720942450400231,0.64070551252552099,0.63538322521873924,0.7,0.7,0.7,0.7,0.7,0.7,0.7,0.7,0.7,0.7]
[]
[null,null,null,"Historic Interest Income Rate",null,null,null,null,0,{"$f":"I334","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Projected Interest Income Rate",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.01,{"$f":"V335","v":0.01},0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
[null,null,null,"Actual/Projected Interest Income Rate",null,null,null,null,{"$f":"IF(I3,I334,I335)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
[]
[null,null,"Other Assets/Liabilities/Income"]
[null,null,null,"Notes Receivable",null,null,null,null,{"$f":"IF(I3,I215,H339)","v":0},72940,71599,73345,74065,70357,74428,88469,94652,94457,92860,102322,102723,102723,102723,102723,102723,102723,102723,102723,102723,102723,102723]
[null,null,null,"Goodwill and Intangibles",null,null,null,null,{"$f":"IF(I3,I224,H340)","v":567449},0,54249,57038,58567,58567,75537,76338,200035,201682,200153,219730,269897,269897,269897,269897,269897,269897,269897,269897,269897,269897,269897]
[null,null,null,"Other Assets",null,null,null,null,{"$f":"IF(I3,I223,H341)","v":143216},147695,16731,18160,34276,32654,50067,66972,119118,113772,114069,167889,432942,432942,432942,432942,432942,432942,432942,432942,432942,432942,432942]
[null,null,null,"Pension Liabilities",null,null,null,null,{"$f":"IF(I3,I227,H342)","v":22331},25466,43486,46302,22590,9728,146,0,78897,68140,76086,155263,159158,159158,159158,159158,159158,159158,159158,159158,159158,159158,159158]
[null,null,null,"Other Liabilities",null,null,null,null,{"$f":"IF(I3,I226,H343)","v":593750},12746,18272,29815,24714,33160,25949,36391,45835,43851,45291,52567,48891,48891,48891,48891,48891,48891,48891,48891,48891,48891,48891]
[]
[null,null,null,"Other Income",null,null,null,null,{"$f":"IF(I3,I184,H345)","v":511},20083,2132,0,0,0,-3088,-933,116,-3013,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Operating Analysis"]
[null,"Revenues Expenses and Capital Expenditures"]
[null,null,null,"Revenue Growth",null,null,null,null,{"$f":"I241","v":0},-0.1717369882990617,2.2406482543151585E-2,9.3622869667252973E-2,6.7662311294945932E-2,0.10607887021790652,0.10069824677758032,7.8373275359065131E-2,0.18570375033019526,7.700427182664904E-2,-1.0411984701918509E-2,7.7546586348658408E-2,9.8485372956086392E-2,0.05,0.05,0.05,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[null,null,null,"Revenues",null,null,null,null,{"$f":"IF(I3,I82,H350*(1+I349))","v":1568934},1299490,1328607,1452995,1551308,1715869,1888654,2036674,2414892,2600849,2573769,2773356,3046491,3198815.5500000003,3358756.3275000006,3526694.143875001,3685395.3803493758,3851238.1724650976,4024543.8902260265,4205648.3652861975,4394902.5417240765,4592673.1561016599,4799343.4481262341]
[]
[null,null,null,"CGS Percent",null,null,null,null,{"$f":"I252","v":0.57376409715131416},0.49316962808486409,0.49065374486209995,0.4956396959383893,0.50243858730825863,0.50212632782572564,0.5027982891519569,0.51015086361391171,0.5234031169923955,0.5345112307558032,0.5232753988411547,0.53119794213220373,0.53104046589994847,0.53,0.53500000000000003,0.54,0.54,0.53,0.53,0.53,0.53,0.53,0.53]
[null,null,null,"CGS Amount",null,null,null,null,{"$f":"IF(I3,I83,I350*I352)","v":900198},640869,651886,720162,779437,861583,949612,1039011,1263962,1390183,1346790,1473201,1617810,1695372.2415000002,1796934.6352125003,1904414.8376925006,1990113.5053886632,2041156.231406502,2133008.2618197943,2228993.6336016846,2329298.3471137607,2434116.7727338797,2543652.0275069042]
[]
[null,null,null,"SG&A Growth",null,null,null,null,null,{"$f":"J356/I356-1","v":-5.6690826033958364E-2},-6.9521486422788881E-3,8.4708290168532319E-2,5.3047105470264366E-2,9.9164948372162831E-2,9.1612808629552456E-2,3.744335891976025E-2,0.13579099820898399,3.5335270451497536E-2,1.0341983856099413E-2,8.5995818371600752E-2,8.951284369463175E-2,2.6425481058475642E-2,4.3836347084763139E-2,4.3568439781593638E-2,4.0008495615610817E-2,3.9763707044923047E-2,3.954385488596257E-2,3.9347281342973828E-2,3.9172456113252485E-2,3.9017963121779076E-2,3.8882488916526015E-2]
[null,null,null,"SG&A Amount",null,null,null,null,{"$f":"I261","v":591489},557957,554078,601013,632895,695656,759387,787821,894800,926418,935999,1016491,1107480,1136745.6917626406,1186576.470453857,1238273.7559530817,1287815.2260890566,1339023.5334672532,1391973.6857635712,1446744.0659993265,1503416.5844317935,1562076.8372798243,1622814.2725921189]
[]
[null,null,null,"Operating Expenses",null,null,null,null,{"$f":"I353+I356","v":1491687},1198826,1205964,1321175,1412332,1557239,1708999,1826832,2158762,2316601,2282789,2489692,2725290,2832117.9332626406,2983511.1056663571,3142688.593645582,3277928.7314777197,3380179.7648737552,3524981.9475833653,3675737.6996010114,3832714.9315455542,3996193.6100137038,4166466.3000990232]
[]
[null,null,null,"EBITDA",null,null,null,null,{"$f":"I350-I358","v":77247},100664,122643,131820,138976,158630,179655,209842,256130,284248,290980,283664,321201,366697.61673735967,375245.2218336435,384005.55022941902,407466.64887165604,471058.40759134246,499561.94264266128,529910.66568518616,562187.6101785223,596479.54608795606,632877.14802721096]
[]
[null,"Capital Expenditures"]
[null,null,"Cap Exp to Sales",null,null,null,null,null,{"$f":"I271","v":0},4.3109219770833172E-2,3.7508458106874344E-2,4.0022161122371377E-2,3.521415476488228E-2,4.0045597886551945E-2,3.3187126916841309E-2,4.4012934814309998E-2,0.10639730472418642,3.7164018364772428E-2,3.8233423434659443E-2,8.7852767549495989E-2,2.7936402897628779E-2,0.05,0.05,5.5E-2,0.06,0.06,0.06,0.06,0.06,0.06,0.06]
[null,null,"Capital Expenditures",null,null,null,null,null,{"$f":"I363*I350","v":0},56020,49834,58152,54628,68713,62679.000000000007,89640,256938,96658,98404,243647,85108,159940.77750000003,167937.81637500005,193968.17791312505,221123.72282096255,231074.29034790586,241472.63341356159,252338.90191717184,263694.15250344458,275560.38936609961,287960.60688757402]
[]
["Working Capital Analysis"]
[null,null,"Accounts Receivable"]
[null,null,null,"Revenues",null,null,null,null,{"$f":"I350","v":1568934},1299490,1328607,1452995,1551308,1715869,1888654,2036674,2414892,2600849,2573769,2773356,3046491,3198815.5500000003,3358756.3275000006,3526694.143875001,3685395.3803493758,3851238.1724650976,4024543.8902260265,4205648.3652861975,4394902.5417240765,4592673.1561016599,4799343.4481262341]
[null,null,null,"A/R Percent",null,null,null,null,{"$f":"I276","v":7.2086524990853662E-2},8.0111428329575449E-2,7.8368546906647338E-2,6.8391838925804971E-2,7.5894664373547999E-2,7.0373087922213182E-2,6.9826977307648724E-2,6.7601393251939187E-2,7.3741185941234633E-2,6.8711409235984094E-2,6.4606031077381068E-2,6.6923611682019907E-2,8.4108241251984656E-2,8.4000000000000005E-2,8.4000000000000005E-2,8.4000000000000005E-2,8.4000000000000005E-2,8.4000000000000005E-2,8.4000000000000005E-2,8.4000000000000005E-2,8.4000000000000005E-2,8.4000000000000005E-2,8.4000000000000005E-2]
[null,null,null,"A/R Level",null,null,null,null,{"$f":"I369*I368","v":113099},104104,104121,99373,117736,120751.00000000001,131879,137682,178076.99999999997,178708,166281,185603,256235,268700.50620000006,282135.53151000006,296242.30808550009,309573.21194934758,323504.0064870682,338061.68677898624,353274.4626840406,369171.81350482244,385784.54511253943,403144.84964260372]
[]
[null,null,"Inventories"]
[null,null,null,"CGS",null,null,null,null,{"$f":"I353","v":900198},640869,651886,720162,779437,861583,949612,1039011,1263962,1390183,1346790,1473201,1617810,1695372.2415000002,1796934.6352125003,1904414.8376925006,1990113.5053886632,2041156.231406502,2133008.2618197943,2228993.6336016846,2329298.3471137607,2434116.7727338797,2543652.0275069042]
[null,null,null,"Inventory as Percent of GGS",null,null,null,null,{"$f":"I280","v":9.8806040448879029E-2},0.13887549561610876,4.6003442319669387E-2,4.2648737367425665E-2,4.6785051261359158E-2,4.9677164010896224E-2,4.6045121586500593E-2,4.5559671649289563E-2,4.2863630393951718E-2,4.38762378765961E-2,4.4976573927635342E-2,5.0295920244420145E-2,5.6255060853870359E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2]
[null,null,null,"Inventory Level",null,null,null,null,{"$f":"I373*I374","v":88945},89001,29988.999999999996,30714.000000000004,36466,42801,43725,47337,54178,60995.999999999993,60574,74096,91010,94940.845524000018,100628.33957190003,106647.23091078004,111446.35630176513,114304.74895876412,119448.46266190849,124823.64348169434,130440.70743837061,136310.53927309727,142444.51354038663]
[]
[null,null,"Accounts Payable"]
[null,null,null,"Total Expenses",null,null,null,null,{"$f":"I358","v":1491687},1198826,1205964,1321175,1412332,1557239,1708999,1826832,2158762,2316601,2282789,2489692,2725290,2832117.9332626406,2983511.1056663571,3142688.593645582,3277928.7314777197,3380179.7648737552,3524981.9475833653,3675737.6996010114,3832714.9315455542,3996193.6100137038,4166466.3000990232]
[null,null,null,"A/P to Expenses",null,null,null,null,{"$f":"I284","v":6.7557738319097768E-2},7.0051867410283061E-2,6.8681154661333177E-2,6.1530834295229625E-2,5.2326223579158442E-2,5.3813833329373333E-2,5.3215361740995754E-2,5.3810093101062384E-2,5.4113422415254672E-2,4.0012069406859446E-2,4.4711972941870667E-2,4.6245881016607676E-2,5.6491602728516964E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2,5.6000000000000001E-2]
[null,null,null,"A/P Level",null,null,null,null,{"$f":"I378*I379","v":100774.99999999999},83980,82827,81293,73902,83801,90945,98302,116818,92692,102068,115138,153956,158598.60426270787,167076.62191731599,175990.5612441526,183564.0089627523,189290.06683293029,197398.98906466845,205841.31117765664,214632.03616655103,223786.84216076741,233322.1128055453]
[]
[null,null,"Other Current Assets",null,null,null,null,null,{"$f":"I286","v":39332},39006,48412,94205,33916,55456,40919,62374,61279,59589,79009,74824,74733,74733,74733,74733,74733,74733,74733,74733,74733,74733,74733]
[null,null,"Other Current Liabilities",null,null,null,null,null,{"$f":"I287","v":74077},86586,107220,76553,112033,85822,86891,108423,125713,103317,112272,110513,129006,129006,129006,129006,129006,129006,129006,129006,129006,129006,129006]
[]
[null,null,"Historic Current Assets",null,null,null,null,null,{"$f":"I26-I12-I23","v":241376},232111,182522,224292,188118,219008,216523,247393,293534,299293,305864,334523,421978,0,0,0,0,0,0,0,0,0,0]
[null,null,"Historic Current Liabilities",null,null,null,null,null,{"$f":"I55-I50","v":174852},170566,190047,157846,185935,169623,177836,206725,242531,196009,214340,225651,282962,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Total Current Assets",null,null,null,null,null,{"$f":"IF(I3,I370+I375+I382)","v":241376},{"$f":"J370+J375+J382","v":232111},182522,224292,188118,219008,216523,247393,293534,299293,305864,334523,421978,438374.35172400007,457496.87108190008,477622.53899628011,495752.56825111271,512541.75544583233,532243.14944089472,552831.10616573493,574345.520943193,596828.08438563673,620322.36318299035]
[null,null,"Total Current Liabilities",null,null,null,null,null,{"$f":"I380+I383","v":174852},170566,190047,157846,185935,169623,177836,206725,242531,196009,214340,225651,282962,287604.60426270787,296082.62191731599,304996.5612441526,312570.0089627523,318296.06683293032,326404.98906466842,334847.31117765664,343638.03616655106,352792.84216076741,362328.11280554533]
[]
[null,null,"Current asset test",null,null,null,null,{"$f":"AND(I391:AD391)","v":true},{"$f":"IF(I3,I388=I385,TRUE)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,null,"Current liabilities test",null,null,null,null,{"$f":"AND(I392:AD392)","v":true},{"$f":"IF(I3,I389=I386,TRUE)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
[null,null,"Level of working capital",null,null,null,null,null,{"$f":"I388-I389","v":66524},61545,-7525,66446,2183,49385,38687,40668,51003,103284,91524,108872,139016,150769.74746129219,161414.24916458409,172625.97775212751,183182.55928836041,194245.68861290201,205838.1603762263,217983.7949880783,230707.48477664194,244035.24222486932,257994.25037744502]
[null,null,"Changes in working capital",null,null,null,null,null,null,{"$f":"J394-I394","v":-4979},-69070,73971,-64263,47202,-10698,1981,10335,52281,-11760,17348,30144,11753.747461292194,10644.501703291899,11211.728587543417,10556.581536232901,11063.129324541602,11592.471763324284,12145.634611852001,12723.689788563643,13327.757448227378,13959.008152575698]
[]
[null,null,"Working Capital to EBITDA",null,null,null,null,null,{"$f":"I394/I360","v":0.86118554765880873},{"$f":"J394/J360","v":0.61139036795676704},-6.1356946584803049E-2,0.50406615081171291,1.5707748100391435E-2,0.31132194414675662,0.21534051376248922,0.19380295651013621,0.1991293483777769,0.36335875714165095,0.31453708158636334,0.3838061932427097,0.43280064507893812,0.41115551500646436,0.4301567075946498,0.44954031953182555,0.44956454668283613,0.41236009268178919,0.41203731270510968,0.411359516053938,0.41037454508003285,0.40912591860925979,0.40765297211577056]
[]
[]
["Pre-Tax Cash Flow"]
[null,null,"EBITDA",null,null,null,null,null,{"$f":"I360","v":77247},100664,122643,131820,138976,158630,179655,209842,256130,284248,290980,283664,321201,366697.61673735967,375245.2218336435,384005.55022941902,407466.64887165604,471058.40759134246,499561.94264266128,529910.66568518616,562187.6101785223,596479.54608795606,632877.14802721096]
[null,null,"Less: working capital changes",null,null,null,null,null,{"$f":"-I395","v":0},4979,69070,-73971,64263,-47202,10698,-1981,-10335,-52281,11760,-17348,-30144,-11753.747461292194,-10644.501703291899,-11211.728587543417,-10556.581536232901,-11063.129324541602,-11592.471763324284,-12145.634611852001,-12723.689788563643,-13327.757448227378,-13959.008152575698]
[null,null,"Less: capex",null,null,null,null,null,{"$f":"-I364","v":0},-56020,-49834,-58152,-54628,-68713,-62679.000000000007,-89640,-256938,-96658,-98404,-243647,-85108,-159940.77750000003,-167937.81637500005,-193968.17791312505,-221123.72282096255,-231074.29034790586,-241472.63341356159,-252338.90191717184,-263694.15250344458,-275560.38936609961,-287960.60688757402]
[null,null,null,"Cash flow from operations",null,null,null,null,{"$f":"SUM(I401:I403)","v":77247},49623,141879,-303,148611,42715,127674,118221,-11143,135309,204336,22669,205949,195003.09177606745,196662.90375535155,178825.64372875055,175786.34451446059,228920.987918895,246496.8374657754,265426.12915616232,285769.76788651408,307591.39927362907,330957.53298706125]
[]
["Depreciation and Taxes"]
[]
[null,"Plant Balance"]
[null,null,"Opening Balance",null,null,null,null,null,null,{"$f":"I412","v":931634},1033602,799528,845284,892841,921306,977112,1043482,1189127,1255163,1284254,1421116,1536997,1525282.3798212134,1534110.7482229739,1580598.4694963277,1665020.7872924064,1769384.9049058873,1893408.3586898376,2036882.206618167,2199668.0341987056,2381695.2862938647]
[null,null,"Add: Capital Expenditures",null,null,null,null,null,{"$f":"I364","v":0},56020,49834,58152,54628,68713,62679.000000000007,89640,256938,96658,98404,243647,85108,159940.77750000003,167937.81637500005,193968.17791312505,221123.72282096255,231074.29034790586,241472.63341356159,252338.90191717184,263694.15250344458,275560.38936609961,287960.60688757402]
[null,null,"Less: Retirements",null,null,null,null,null,{"$f":"I302","v":0},{"$f":"J302","v":0},0,0,0,0,0,0,0,0,0,0,0,171655.39767878657,159109.44797323941,147480.45663977126,136701.40502488369,126710.17273442497,117449.1796296113,108865.05398884226,100908.32492290575,93533.13727094041,86696.987334081918]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"IF(I3,I34,I409+I410-I411)","v":931634},1033602,799528,845284,892841,921306,977112,1043482,1189127,1255163,1284254,1421116,1536997,1525282.3798212134,1534110.7482229739,1580598.4694963277,1665020.7872924064,1769384.9049058873,1893408.3586898376,2036882.206618167,2199668.0341987056,2381695.2862938647,2582958.9058473567]
[]
[null,null,"Depreciation Rate",null,null,null,null,null,{"$f":"I292","v":7.2026139020259033E-2},5.8134493770722703E-2,6.1942142674005662E-2,6.5581963166611135E-2,6.5245019777058613E-2,6.5423584748093733E-2,6.7687938062112776E-2,6.5420366486290668E-2,6.5673837201229587E-2,6.6218001955578101E-2,6.703743418272777E-2,6.9963073442819282E-2,6.9429396375324401E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,"Depreciation Expense",null,null,null,null,null,{"$f":"IF(I3,I85,I414*AVERAGE(I409,I412))","v":67102},57124,56774,53935,56702,59344,64250,66094,73312,80928,85118,94638,102690,107179.77829374248,107078.75948154656,109014.82262017556,113596.67398760571,120204.1992269403,128197.76422585039,137560.16978578016,148279.25842859055,160347.71621723997,173762.89672494278]
[]
[null,"Accumulated Depreciation"]
[null,null,"Opening Balance",null,null,null,null,null,null,{"$f":"I421","v":362160},423170,363403,413296,453993,469385,512670,556960,601931,652587,679561,735629,811161,746685.38061495591,694654.69212326314,656189.05810366746,633084.32706638949,626578.35355890484,637326.93815514387,666022.05395208171,713392.98745776643,780207.56640406605]
[null,null,"Add: Depreciation Expense",null,null,null,null,null,null,{"$f":"J415","v":57124},56774,53935,56702,59344,64250,66094,73312,80928,85118,94638,102690,107179.77829374248,107078.75948154656,109014.82262017556,113596.67398760571,120204.1992269403,128197.76422585039,137560.16978578016,148279.25842859055,160347.71621723997,173762.89672494278]
[null,null,"Less: Retirements",null,null,null,null,null,{"$f":"I411","v":0},{"$f":"J411","v":0},0,0,0,0,0,0,0,0,0,0,0,171655.39767878657,159109.44797323941,147480.45663977126,136701.40502488369,126710.17273442497,117449.1796296113,108865.05398884226,100908.32492290575,93533.13727094041,86696.987334081918]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"IF(I3,-I35,I418+I419-I420)","v":362160},{"$f":"IF(J3,-J35,J418+J419-J420)","v":423170},363403,413296,453993,469385,512670,556960,601931,652587,679561,735629,811161,746685.38061495591,694654.69212326314,656189.05810366746,633084.32706638949,626578.35355890484,637326.93815514387,666022.05395208171,713392.98745776643,780207.56640406605,867273.47579492698]
[]
[null,"Net Plant",null,null,null,null,null,null,{"$f":"I412-I421","v":569474},{"$f":"J412-J421","v":610432},436125,431988,438848,451921,464442,486522,587196,602576,604693,685487,725836,778596.99920625752,839456.05609971075,924409.41139266023,1031936.4602260169,1142806.5513469824,1256081.4205346936,1370860.1526660854,1486275.0467409391,1601487.7198897987,1715685.4300524297]
[]
[null,null,"Deferred Tax Percent",null,null,null,null,null,{"$f":"I315","v":0},4.8786147804355584E-2,-5.0457719629168842,4.8938299628559641,-0.23098044958629274,0.39516539810516205,1.1279694953652738E-2,0.14944221329763499,-0.12589029259977116,0.27177264168511661,0.22916751351571074,-0.27282913395198793,0.12803731729097148,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,"Deferred Tax Change",null,null,null,null,null,{"$f":"IF(I3,I208,I425*I410)","v":0},2733,-251451,284586,-12618,27153,707,13396,-32346,26269,22551,-66474,10897,7997.038875000002,8396.8908187500037,9698.4088956562537,11056.186141048129,11553.714517395294,12073.63167067808,12616.945095858593,13184.70762517223,13778.019468304981,14398.030344378702]
[null,null,"Accumulated Deferred Taxes",null,null,null,null,null,{"$f":"IF(I3,I207,H427+I426)","v":-15395},-12662,-264113,20473,7855,35008,35715,49111,16765,43034,65585,-889,10008,18005.038875000002,26401.929693750004,36100.338589406259,47156.524730454388,58710.239247849684,70783.870918527769,83400.816014386364,96585.523639558596,110363.54310786357,124761.57345224227]
[]
["Financing"]
[]
[null,null,"Debt Outstanding",null,null,null,null,null,{"$f":"IF(I3,I212)","v":255362},257705,250364,15152,27665,79055,86532,29428,286417,251668,127302,326174,607012,false,false,false,false,false,false,false,false,false,false]
[null,null,"Interest Rate",null,null,null,null,null,{"$f":"I324","v":0.26774931274034508},5.9715397794050287E-2,1.0785936555861507E-2,1.4477470284276654E-2,3.0828876380876755E-2,6.7016491754122942E-2,5.946118958613901E-2,5.9503276992066229E-2,3.8860833636752204E-2,4.3067545090459687E-2,4.3085204633612158E-2,4.4862352142119977E-2,5.0174348950798663E-2,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[null,null,"Interest Expense",null,null,null,null,null,{"$f":"IF(I3,I91,I432*H484)","v":68373},15319,2740,1922,660,3576,4923,3450,6137,11587,8164,10172,23411,24280.48,24068.820491111914,24589.125352954572,25998.433619630232,28096.900584868519,29900.494808791365,31654.872935568215,33319.773194305919,34855.208324759587,36221.320009275179]
[]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H438","v":0},{"$f":"I438","v":255362},257705,250364,15152,27665,79055,86532,29428,286417,251668,127302,326174,607012,627311.03667779779,641598.18444386427,678174.39364175568,731905.67766450788,778322.27559950482,823568.17451101367,866639.51677993766,906539.42845278233,942274.38548069296]
[null,null,"Add: New Debt from Negative Cash Flow",null,null,null,null,null,{"$f":"I542","v":0},{"$f":"J542","v":0},141985.58792562681,0,0,0,0,0,157866.60449209911,0,0,188429.88966127491,0,20299.036677797823,14287.14776606652,36576.209197891389,53731.284022752254,46416.597934996906,45245.898911508797,43071.342268923945,39899.911672844653,35734.957027910619,30576.318447263271]
[null,null,"Less: Debt Reduced from Positive Cash Flow",null,null,null,null,null,{"$f":"I539","v":0},{"$f":"J539","v":29501.038731451714},0,244162.47333007699,15152,12429.745877223499,60442.097101187297,41812.34158980535,0,27101.248165246852,86936.407074264484,0,49939.775185281993,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"IF(I3,I431,I435+I436-I437)","v":255362},257705,250364,15152,27665,79055,86532,29428,286417,251668,127302,326174,607012,627311.03667779779,641598.18444386427,678174.39364175568,731905.67766450788,778322.27559950482,823568.17451101367,866639.51677993766,906539.42845278233,942274.38548069296,972850.70392795629]
[]
[null,null,"Interest Rate",null,null,null,null,null,{"$f":"I432","v":0.26774931274034508},{"$f":"J432","v":5.9715397794050287E-2},1.0785936555861507E-2,1.4477470284276654E-2,3.0828876380876755E-2,6.7016491754122942E-2,5.946118958613901E-2,5.9503276992066229E-2,3.8860833636752204E-2,4.3067545090459687E-2,4.3085204633612158E-2,4.4862352142119977E-2,5.0174348950798663E-2,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[null,null,"Interest Expense on Opening Balance",null,null,null,null,null,{"$f":"I440*I435","v":0},{"$f":"J440*J435","v":15249.04341148427},2779.5897801282899,3624.6373702526403,467.11913492304461,1854.0112443778112,4700.7043427322196,5148.9375646774752,1143.5966122623438,12335.277062174193,10843.167279731904,5711.0671523961573,16365.568094677803,24280.48,25092.441467111912,25663.927377754571,27126.975745670228,29276.227106580314,31132.891023980192,32942.726980440544,34665.580671197509,36261.577138111294,37690.975419227718]
[null,null,"Interest Expense on Average Balance",null,null,null,null,null,{"$f":"IF(I3,I433,AVERAGE(I438,I435)*I440)","v":68373},15319,2740,1922,660,3576,4923,3450,6137,11587,8164,10172,23411,24686.460733555956,25378.184422433242,26395.451561712398,28201.601426125271,30204.559065280253,32037.809002210368,33804.153825819027,35463.578904654401,36976.276278669509,38302.50178817298]
[]
[null,"Operating  Cash Balance"]
[null,null,"Cash ",null,null,null,null,null,{"$f":"IF(I3,I12)","v":11845},12280,69826,42416,47458,11001,13914,19978,19964,18948,6755,7783,13275,false,false,false,false,false,false,false,false,false,false]
[null,null,"Interest Income Rate",null,null,null,null,null,{"$f":"I336","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
[null,null,"Interest Income  ",null,null,null,null,null,{"$f":"H445*I446","v":0},{"$f":"I445*J446","v":0},0,0,0,0,0,0,0,0,0,0,0,132.75,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Cash to Revenue Percent",null,null,null,null,null,{"$f":"I328","v":7.5497120975133438E-3},{"$f":"J328","v":9.4498610993543619E-3},5.2555797161989964E-2,2.9192116972185038E-2,3.0592248605692745E-2,6.411328603757047E-3,7.3671514210649491E-3,9.809129983492695E-3,8.2670363726410952E-3,7.28531337267177E-3,2.6245556613666574E-3,2.8063472558156975E-3,4.3574722525029615E-3,8.0000000000000002E-3,8.0000000000000002E-3,8.0000000000000002E-3,8.0000000000000002E-3,8.0000000000000002E-3,8.0000000000000002E-3,8.0000000000000002E-3,8.0000000000000002E-3,8.0000000000000002E-3,8.0000000000000002E-3]
[null,null,"Required Balance",null,null,null,null,null,{"$f":"IF(I3,I445,I449*I368)","v":11845},12280,69826,42416,47458,11001,13914,19978,19964,18948,6755,7783,13275,25590.524400000002,26870.050620000005,28213.553151000007,29483.163042795008,30809.905379720782,32196.351121808213,33645.186922289584,35159.220333792611,36741.385248813276,38394.747585009871]
[null,null,"Less: Opening Balance",null,null,null,null,null,{"$f":"I454","v":0},{"$f":"J454","v":11845},12280,69826,42416,47458,11001,13914,19978,19964,18948,6755,7783,13275,25590.524400000002,26870.050620000005,28213.553151000007,29483.163042795008,30809.905379720782,32196.351121808213,33645.186922289584,35159.220333792611,36741.385248813276]
[null,null,"Added Requirement",null,null,null,null,null,{"$f":"I450-I451","v":11845},{"$f":"J450-J451","v":435},57546,-27410,5042,-36457,2913,6064,-14,-1016,-12193,1028,5492,12315.524400000002,1279.5262200000034,1343.5025310000019,1269.6098917950003,1326.742336925774,1386.4457420874314,1448.8358004813708,1514.0334115030273,1582.1649150206649,1653.3623361965947]
[]
[null,null,"Opening Balance",null,null,null,null,null,null,{"$f":"I456","v":11845},{"$f":"J456","v":12280},69826,42416,47458,11001,13914,19978,19964,18948,6755,7783,13275,25590.524400000002,26870.050620000005,28213.553151000007,29483.163042795008,30809.905379720782,32196.351121808213,33645.186922289584,35159.220333792611,36741.385248813276]
[null,null,"Add: New Cash",null,null,null,null,null,{"$f":"I452","v":11845},{"$f":"J452","v":435},57546,-27410,5042,-36457,2913,6064,-14,-1016,-12193,1028,5492,12315.524400000002,1279.5262200000034,1343.5025310000019,1269.6098917950003,1326.742336925774,1386.4457420874314,1448.8358004813708,1514.0334115030273,1582.1649150206649,1653.3623361965947]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"IF(I3,I445,I454+I455)","v":11845},12280,69826,42416,47458,11001,13914,19978,19964,18948,6755,7783,13275,25590.524400000002,26870.050620000005,28213.553151000007,29483.163042795008,30809.905379720782,32196.351121808213,33645.186922289584,35159.220333792611,36741.385248813276,38394.747585009871]
[]
[null,null,"Interest Rate",null,null,null,null,null,{"$f":"I446","v":0},{"$f":"J446","v":0},0,0,0,0,0,0,0,0,0,0,0,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
[null,null,"Interest Income on Average Balance",null,null,null,null,null,{"$f":"AVERAGE(I456,I454)*I458","v":0},{"$f":"AVERAGE(J456,J454)*J458","v":0},0,0,0,0,0,0,0,0,0,0,0,194.32762200000002,262.30287510000005,275.41801885500007,288.4835809689751,301.46534211257898,315.03128250764496,329.20769022048904,344.02203628041099,359.50302791302943,375.6806641691158]
[]
[null,"Surplus  Cash"]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H465","v":0},{"$f":"I465","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: New Cash From Posiive Cash Flow",null,null,null,null,null,{"$f":"I541","v":74404.659051056369},{"$f":"J541","v":0},0,0,73313.840990386641,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Cash Used From Negative Cash Flow",null,null,null,null,null,{"$f":"I538","v":0},{"$f":"J538","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closng Balance",null,null,null,null,null,{"$f":"IF(I3,0,I462+I463-I464)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Interest Income Rate",null,null,null,null,null,{"$f":"I458","v":0},{"$f":"J458","v":0},0,0,0,0,0,0,0,0,0,0,0,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
[null,null,"Interest Income on Opening Balance",null,null,null,null,null,{"$f":"I467*I462","v":0},{"$f":"J467*J462","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Intrest Income on Average Balance",null,null,null,null,null,{"$f":"AVERAGE(I465,I462)*I467","v":0},{"$f":"AVERAGE(J465,J462)*J467","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Notes Receivable",null,null,null,null,{"$f":"I339","v":0},72940,71599,73345,74065,70357,74428,88469,94652,94457,92860,102322,102723,102723,102723,102723,102723,102723,102723,102723,102723,102723,102723]
[null,null,null,"Interest Income Rate",null,null,null,null,{"$f":"I320","v":0},0.22264875239923224,0.13434436380492462,0.13665967546086766,0.12870225900549487,0.13727825400562241,0.13632627689332458,0.14553981964063181,0.14729058928249628,0.13762433305659699,0.13540682372662385,0.13435665174042688,0.13335609256504669,0.13500000000000001,0.13500000000000001,0.13500000000000001,0.13500000000000001,0.13500000000000001,0.13500000000000001,0.13500000000000001,0.13500000000000001,0.13500000000000001,0.13500000000000001]
[null,null,null,"Interest Income on Notes",null,null,null,null,{"$f":"IF(I3,-I92)","v":0},{"$f":"IF(J3,-J92,J472*J471)","v":8120},9709,9904,9486,9913,9869,11854,13486,13013,12682,13112,13672,13867.605000000001,13867.605000000001,13867.605000000001,13867.605000000001,13867.605000000001,13867.605000000001,13867.605000000001,13867.605000000001,13867.605000000001,13867.605000000001]
[]
[null,null,null,"Fixed Interest Income",null,null,null,null,{"$f":"I473+I468+I459","v":0},{"$f":"J473+J468+J459","v":8120},9709,9904,9486,9913,9869,11854,13486,13013,12682,13112,13672,14061.932622000002,14129.907875100002,14143.023018855001,14156.088580968977,14169.07034211258,14182.636282507647,14196.812690220491,14211.627036280412,14227.108027913031,14243.285664169118]
[null,null,null,"Average Interest Income",null,null,null,null,{"$f":"IF(I3,I473,I473+I469+I459)","v":0},8120,9709,9904,9486,9913,9869,11854,13486,13013,12682,13112,13672,14061.932622000002,14129.907875100002,14143.023018855001,14156.088580968977,14169.07034211258,14182.636282507647,14196.812690220491,14211.627036280412,14227.108027913031,14243.285664169118]
[]
[null,null,"Cash Net of Short-term Debt"]
[null,null,null,"Opening Balance",null,null,null,null,null,{"$f":"I481","v":-243517},{"$f":"J481","v":-245425},-180538,27264,19793,-68054,-72618,-9450,-266453,-232720,-120547,-318391,-593737,-601720.5122777978,-614728.13382386428,-649960.84049075574,-702422.51462171297,-747512.37021978409,-791371.82338920538,-832994.329857648,-871380.2081189896,-905533.00023187953]
[null,null,null,"Add: Cash Flow",null,null,null,null,null,{"$f":"J535","v":17834},{"$f":"K535","v":-131956},255019.23460343914,90315.201290084777,13304.202169970409,59730.648210470084,43864,-157222,29800,87190,-188484,47967,-7983.5122777977813,-13007.621546066439,-35232.706666891419,-52461.674130957239,-45089.85559807111,-43859.453169421278,-41622.506468442574,-38385.878261341655,-34152.792112889962,{"$f":"AE535","v":-28922.956111066596}]
[null,null,null,"Closing Balance",null,null,null,null,{"$f":"IF(I3,I445-I431, I479+I480)","v":-243517},-245425,-180538,27264,19793,-68054,-72618,-9450,-266453,-232720,-120547,-318391,-593737,-601720.5122777978,-614728.13382386428,-649960.84049075574,-702422.51462171297,-747512.37021978409,-791371.82338920538,-832994.329857648,-871380.2081189896,-905533.00023187953,-934455.95634294616]
[]
[null,null,null,"Cash Balance",null,null,null,null,{"$f":"IF(I3,I445,MAX(I481,0))","v":11845},12280,69826,42416,47458,11001,13914,19978,19964,18948,6755,7783,13275,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Debt Balance",null,null,null,null,{"$f":"IF(I3,I431,MAX(-I481,0))","v":255362},257705,250364,15152,27665,79055,86532,29428,286417,251668,127302,326174,607012,601720.5122777978,614728.13382386428,649960.84049075574,702422.51462171297,747512.37021978409,791371.82338920538,832994.329857648,871380.2081189896,905533.00023187953,934455.95634294616]
[]
["Other Income and Assets"]
[null,null,null,"Other Income",null,null,null,null,{"$f":"I345","v":511},20083,2132,0,0,0,-3088,-933,116,-3013,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Goodwill and Intangibles",null,null,null,null,{"$f":"I340","v":567449},0,54249,57038,58567,58567,75537,76338,200035,201682,200153,219730,269897,269897,269897,269897,269897,269897,269897,269897,269897,269897,269897]
[null,null,null,"Other Assets",null,null,null,null,{"$f":"I341","v":143216},147695,16731,18160,34276,32654,50067,66972,119118,113772,114069,167889,432942,432942,432942,432942,432942,432942,432942,432942,432942,432942,432942]
[null,null,null,"Pension Liabilities",null,null,null,null,{"$f":"I342","v":22331},25466,43486,46302,22590,9728,146,0,78897,68140,76086,155263,159158,159158,159158,159158,159158,159158,159158,159158,159158,159158,159158]
[null,null,null,"Other Liabilities",null,null,null,null,{"$f":"I343","v":593750},12746,18272,29815,24714,33160,25949,36391,45835,43851,45291,52567,48891,48891,48891,48891,48891,48891,48891,48891,48891,48891,48891]
[null,null,null,"Deferred taxes",null,null,null,null,{"$f":"IF(I3,I207,H493)","v":-15395},-12662,-264113,20473,7855,35008,35715,49111,16765,43034,65585,-889,10008,10008,10008,10008,10008,10008,10008,10008,10008,10008,10008]
[]
["Profit and Loss"]
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[]
[null,"Revenues",null,null,null,null,null,null,{"$f":"I350","v":1568934},1299490,1328607,1452995,1551308,1715869,1888654,2036674,2414892,2600849,2573769,2773356,3046491,3198815.5500000003,3358756.3275000006,3526694.143875001,3685395.3803493758,3851238.1724650976,4024543.8902260265,4205648.3652861975,4394902.5417240765,4592673.1561016599,4799343.4481262341]
[null,"Less: Cost of Goods Sold",null,null,null,null,null,null,{"$f":"I353","v":900198},640869,651886,720162,779437,861583,949612,1039011,1263962,1390183,1346790,1473201,1617810,1695372.2415000002,1796934.6352125003,1904414.8376925006,1990113.5053886632,2041156.231406502,2133008.2618197943,2228993.6336016846,2329298.3471137607,2434116.7727338797,2543652.0275069042]
[null,"Less: SG&A Expense",null,null,null,null,null,null,{"$f":"I356","v":591489},557957,554078,601013,632895,695656,759387,787821,894800,926418,935999,1016491,1107480,1136745.6917626406,1186576.470453857,1238273.7559530817,1287815.2260890566,1339023.5334672532,1391973.6857635712,1446744.0659993265,1503416.5844317935,1562076.8372798243,1622814.2725921189]
[null,null,"EBITDA",null,null,null,null,null,{"$f":"I498-I499-I500","v":77247},{"$f":"J498-J499-J500","v":100664},122643,131820,138976,158630,179655,209842,256130,284248,290980,283664,321201,366697.61673735944,375245.22183364327,384005.55022941879,407466.64887165604,471058.40759134246,499561.94264266104,529910.6656851864,562187.6101785223,596479.54608795582,{"$f":"AE498-AE499-AE500","v":632877.14802721096}]
[null,"Less: Depreciation",null,null,null,null,null,null,{"$f":"I415","v":67102},57124,56774,53935,56702,59344,64250,66094,73312,80928,85118,94638,102690,107179.77829374248,107078.75948154656,109014.82262017556,113596.67398760571,120204.1992269403,128197.76422585039,137560.16978578016,148279.25842859055,160347.71621723997,173762.89672494278]
[null,null,"EBIT  ",null,null,null,null,null,{"$f":"I501-I502","v":10145},{"$f":"J501-J502","v":43540},65869,77885,82274,99286,115405,143748,182818,203320,205862,189026,218511,259517.83844361696,268166.46235209669,274990.72760924324,293869.97488405032,350854.20836440218,371364.17841681064,392350.49589940626,413908.35174993175,436131.82987071585,{"$f":"AE501-AE502","v":459114.25130226818}]
[null,"Less: Interest Expense",null,null,null,null,null,null,{"$f":"I442","v":68373},15319,2740,1922,660,3576,4923,3450,6137,11587,8164,10172,23411,24686.460733555956,25378.184422433242,26395.451561712398,28201.601426125271,30204.559065280253,32037.809002210368,33804.153825819027,35463.578904654401,36976.276278669509,38302.50178817298]
[null,"Add: Interest Income",null,null,null,null,null,null,{"$f":"I476","v":0},8120,9709,9904,9486,9913,9869,11854,13486,13013,12682,13112,13672,14061.932622000002,14129.907875100002,14143.023018855001,14156.088580968977,14169.07034211258,14182.636282507647,14196.812690220491,14211.627036280412,14227.108027913031,14243.285664169118]
[null,"Add: Other Income",null,null,null,null,null,null,{"$f":"-I487","v":-511},-20083,-2132,0,0,0,3088,933,-116,3013,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"EBT Before NOL",null,null,null,null,null,{"$f":"I503-I504+I505+I506","v":-58739},{"$f":"J503-J504+J505+J506","v":16258},70706,85867,91100,105623,123439,153085,190051,207759,210380,191966,208772,248893.310332061,256918.18580476346,262738.29906638584,279824.46203889401,334818.71964123449,353509.00569710787,372743.15476380772,392656.39988155774,413382.6616199594,{"$f":"AE503-AE504+AE505+AE506","v":435055.03517826431}]
[null,"Opening NOL Balance",null,null,null,null,null,null,{"$f":"H511","v":0},{"$f":"I511","v":58739},42481,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Add: NOL Created from Tax Loss",null,null,null,null,null,null,{"$f":"MAX(-I507,0)","v":58739},{"$f":"MAX(-J507,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: NOL Used ",null,null,null,null,null,null,{"$f":"MAX(MIN(I508,I507),0)","v":0},{"$f":"MAX(MIN(J508,J507),0)","v":16258},42481,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Closing Balance",null,null,null,null,null,null,{"$f":"I508+I509-I510","v":58739},{"$f":"J508+J509-J510","v":42481},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Adjusted EBT for NOL",null,null,null,null,null,{"$f":"I507+I509-I510","v":0},{"$f":"J507+J509-J510","v":0},28225,85867,91100,105623,123439,153085,190051,207759,210380,191966,208772,248893.310332061,256918.18580476346,262738.29906638584,279824.46203889401,334818.71964123449,353509.00569710787,372743.15476380772,392656.39988155774,413382.6616199594,435055.03517826431]
[null,"Less: Taxes",null,null,null,null,null,null,{"$f":"IF(I3,I507*I496,I512*I496)","v":-16457},7240,27221,33063,35071,39861,45304,54970,67744,74047,73333,68538,72651,87112.65861622135,89921.365031667199,91958.40467323504,97938.5617136129,117186.55187443206,123728.15199398775,130460.1041673327,137429.73995854519,144683.93156698579,152269.2623123925]
[null,null,"Income Before Minority",null,null,null,null,null,{"$f":"I507-I513","v":-42282},9018,43485,52804,56029,65762,78135,98115,122307,133712,137047,123428,136121,161780.65171583963,166996.82077309626,170779.89439315081,181885.90032528111,217632.16776680242,229780.85370312014,242283.05059647502,255226.65992301254,268698.73005297361,282785.77286587178]
[null,"Less: Minority Interest",null,null,null,null,null,null,{"$f":"I97+I99+I100","v":-40482},-23311,-60440,-38146,-5255,-4531,2908,-3500,-3074,-3415,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Earnings",null,null,null,null,null,{"$f":"I514+I515","v":-82764},{"$f":"J514+J515","v":-14293},-16955,14658,50774,61231,81043,94615,119233,130297,137047,123428,136121,161780.65171583963,166996.82077309626,170779.89439315081,181885.90032528111,217632.16776680242,229780.85370312014,242283.05059647502,255226.65992301254,268698.73005297361,{"$f":"AE514+AE515","v":282785.77286587178}]
[]
[null,null,"Shares",null,null,null,null,null,{"$f":"IF(I3,I102,H518)","v":30036},44697,44754,67440,65750,92687,91233,91505,92432,138300,137129,135387,136670,136670,136670,136670,136670,136670,136670,136670,136670,136670,136670]
[null,null,"Earnings per Share",null,null,null,null,null,{"$f":"I516/I518","v":-2.7554934079105076},{"$f":"J516/J518","v":-0.31977537642347359},-0.37884881798275016,0.21734875444839857,0.77222813688212932,0.66062123059328703,0.88830795874299873,1.0339872138134527,1.2899536956898043,0.94213304410701371,0.99940202291273184,0.91166803311987121,0.99598302480427303,1.1837319947013949,1.2218981544823024,1.2495785058399855,1.3308399818927423,1.5923916570337486,1.6812823128932475,1.7727595712041782,1.8674665978123404,1.9660403164774538,{"$f":"AE516/AE518","v":2.0691137255130738}]
[]
["Cash Flow"]
[null,"EBITDA",null,null,null,null,null,null,{"$f":"I501","v":77247},100664,122643,131820,138976,158630,179655,209842,256130,284248,290980,283664,321201,366697.61673735944,375245.22183364327,384005.55022941879,407466.64887165604,471058.40759134246,499561.94264266104,529910.6656851864,562187.6101785223,596479.54608795582,632877.14802721096]
[null,"Less working capital changes",null,null,null,null,null,null,{"$f":"I395","v":0},-4979,-69070,73971,-64263,47202,-10698,1981,10335,52281,-11760,17348,30144,11753.747461292194,10644.501703291899,11211.728587543417,10556.581536232901,11063.129324541602,11592.471763324284,12145.634611852001,12723.689788563643,13327.757448227378,13959.008152575698]
[null,"Less income taxed paid",null,null,null,null,null,null,{"$f":"I513","v":-16457},7240,27221,33063,35071,39861,45304,54970,67744,74047,73333,68538,72651,87112.65861622135,89921.365031667199,91958.40467323504,97938.5617136129,117186.55187443206,123728.15199398775,130460.1041673327,137429.73995854519,144683.93156698579,152269.2623123925]
[null,"Add Deferred Taxes",null,null,null,null,null,null,{"$f":"I426","v":0},2733,-251451,284586,-12618,27153,707,13396,-32346,26269,22551,-66474,10897,7997.038875000002,8396.8908187500037,9698.4088956562537,11056.186141048129,11553.714517395294,12073.63167067808,12616.945095858593,13184.70762517223,13778.019468304981,14398.030344378702]
[null,"Add: Other Income",null,null,null,null,null,null,{"$f":"I506","v":-511},-20083,-2132,0,0,0,3088,933,-116,3013,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Operating cashflow",null,null,null,null,null,{"$f":"I522-I523-I524+I525+I526","v":93193},{"$f":"J522-J523-J524+J525+J526","v":81053},-89091,309372,155550,98720,148844,167220,145589,187202,251958,131304,229303,275828.24953484593,283076.24591743422,290533.82586429658,310027.69176285836,354362.44090976409,376314.95055602712,399921.87200186029,425218.88805658568,452245.87654104765,481046.90790662152]
[null,"Less: Capital expenditures",null,null,null,null,null,null,{"$f":"I364","v":0},56020,49834,58152,54628,68713,62679.000000000007,89640,256938,96658,98404,243647,85108,159940.77750000003,167937.81637500005,193968.17791312505,221123.72282096255,231074.29034790586,241472.63341356159,252338.90191717184,263694.15250344458,275560.38936609961,287960.60688757402]
[null,null,"Cashflow before financing",null,null,null,null,null,{"$f":"I527-I528","v":93193},{"$f":"J527-J528","v":25033},-138925,251220,100922,30007,86165,77580,-111349,90544,153554,-112343,144195,115887.47203484591,115138.42954243417,96565.64795117153,88903.968941895815,123288.15056185823,134842.31714246553,147582.97008468845,161524.7355531411,176685.48717494804,{"$f":"AE527-AE528","v":193086.3010190475}]
[null,"Less interest expense",null,null,null,null,null,null,{"$f":"I504","v":68373},15319,2740,1922,660,3576,4923,3450,6137,11587,8164,10172,23411,24686.460733555956,25378.184422433242,26395.451561712398,28201.601426125271,30204.559065280253,32037.809002210368,33804.153825819027,35463.578904654401,36976.276278669509,38302.50178817298]
[null,"Add interest income",null,null,null,null,null,null,{"$f":"I505","v":0},8120,9709,9904,9486,9913,9869,11854,13486,13013,12682,13112,13672,14061.932622000002,14129.907875100002,14143.023018855001,14156.088580968977,14169.07034211258,14182.636282507647,14196.812690220491,14211.627036280412,14227.108027913031,14243.285664169118]
[null,"Less scheduled debt repayments"]
[null,"Less dividend paid",null,null,null,null,null,null,{"$f":"MAX(I332*I516,0)","v":0},0,0,4182.7653965608661,19432.798709915223,23039.797830029591,31380.351789529916,42120,53222,62170,70882,79081,86489,113246.45620108774,116897.77454116737,119545.92607520556,127320.13022769676,152342.51743676167,160846.59759218409,169598.1354175325,178658.66194610877,188089.11103708151,197950.04100611023]
[null,"Add new equity issuances"]
[null,null,"Net cash flow",null,null,null,null,null,{"$f":"I529-I530+I531-I532-I533+I534","v":24820},{"$f":"J529-J530+J531-J532-J533+J534","v":17834},-131956,255019.23460343914,90315.201290084777,13304.202169970409,59730.648210470084,43864,-157222,29800,87190,-188484,47967,-7983.5122777977813,-13007.621546066439,-35232.706666891419,-52461.674130957239,-45089.85559807111,-43859.453169421278,-41622.506468442574,-38385.878261341655,-34152.792112889962,{"$f":"AE529-AE530+AE531-AE532-AE533+AE534","v":-28922.956111066596}]
[null,"Less: Increased Cash for Operations",null,null,null,null,null,null,{"$f":"IF(I3,0,I455)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,12315.524400000002,1279.5262200000034,1343.5025310000019,1269.6098917950003,1326.742336925774,1386.4457420874314,1448.8358004813708,1514.0334115030273,1582.1649150206649,1653.3623361965947]
[null,null,"Net Cash Flow to Surplus Cash and Debt",null,null,null,null,null,{"$f":"I556","v":74404.659051056369},29501.038731451714,-141985.58792562681,244162.47333007699,88465.840990386641,12429.745877223499,60442.097101187297,41812.34158980535,-157866.60449209911,27101.248165246852,86936.407074264484,-188429.88966127491,49939.775185281993,{"$f":"V556","v":-20299.036677797823},{"$f":"W556","v":-14287.14776606652},-36576.209197891389,-53731.284022752254,-46416.597934996906,-45245.898911508797,-43071.342268923945,-39899.911672844653,-35734.957027910619,-30576.318447263271]
[null,"Add: withdrawl of surplus cash when negative",null,null,null,null,null,null,{"$f":"MIN(MAX(-I537,0),I462)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: withdrawl of debt when positive",null,null,null,null,null,null,{"$f":"MIN(MAX(I537,0),I435)","v":0},29501.038731451714,0,244162.47333007699,15152,12429.745877223499,60442.097101187297,41812.34158980535,0,27101.248165246852,86936.407074264484,0,49939.775185281993,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash flow after withdrawl",null,null,null,null,null,{"$f":"I537+I538-I539","v":74404.659051056369},{"$f":"J537+J538-J539","v":0},-141985.58792562681,0,73313.840990386641,0,0,0,-157866.60449209911,0,0,-188429.88966127491,0,-20299.036677797823,-14287.14776606652,-36576.209197891389,{"$f":"Y537+Y538-Y539","v":-53731.284022752254},-46416.597934996906,-45245.898911508797,-43071.342268923945,-39899.911672844653,-35734.957027910619,-30576.318447263271]
[null,"Add: New surplus cash when positive",null,null,null,null,null,null,{"$f":"MAX(I540,0)","v":74404.659051056369},{"$f":"MAX(J540,0)","v":0},0,0,73313.840990386641,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: New Debt when negative",null,null,null,null,null,null,{"$f":"MAX(-I540,0)","v":0},{"$f":"MAX(-J540,0)","v":0},141985.58792562681,0,0,0,0,0,157866.60449209911,0,0,188429.88966127491,0,20299.036677797823,14287.14776606652,36576.209197891389,53731.284022752254,46416.597934996906,45245.898911508797,43071.342268923945,39899.911672844653,35734.957027910619,30576.318447263271]
[null,null,"Remaining Cash Flow",null,null,null,null,null,{"$f":"I540-I541+I542","v":0},{"$f":"J540-J541+J542","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Test of Cash Flow"]
[]
[null,null,"Adjusted Working Capital",null,null,null,null,null,{"$f":"I523+I536-I525","v":0},{"$f":"J523+J536-J525","v":-7712},182381,-210615,-51645,20049,-11405,-11415,42681,26012,-34311,83822,19247,16072.232986292194,3527.1371045418982,2856.8222228871655,770.00528697977279,836.15714407208179,905.28583473363506,977.52531647477917,1053.0155748944399,1131.9028949430613,1214.3401443935909]
[null,null,"Fixed Interest Income",null,null,null,null,null,{"$f":"I475","v":0},8120,9709,9904,9486,9913,9869,11854,13486,13013,12682,13112,13672,14061.932622000002,14129.907875100002,14143.023018855001,14156.088580968977,14169.07034211258,14182.636282507647,14196.812690220491,14211.627036280412,14227.108027913031,14243.285664169118]
[null,null,"Fixed Interest Expense",null,null,null,null,null,{"$f":"I441","v":0},15249.04341148427,2779.5897801282899,3624.6373702526403,467.11913492304461,1854.0112443778112,4700.7043427322196,5148.9375646774752,1143.5966122623438,12335.277062174193,10843.167279731904,5711.0671523961573,16365.568094677803,24280.48,25092.441467111912,25663.927377754571,27126.975745670228,29276.227106580314,31132.891023980192,32942.726980440544,34665.580671197509,36261.577138111294,37690.975419227718]
[null,null,"Interest Income Rate",null,null,null,null,null,{"$f":"I467","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
[null,null,"Interest Expense Rate",null,null,null,null,null,{"$f":"I432","v":0.26774931274034508},5.9715397794050287E-2,1.0785936555861507E-2,1.4477470284276654E-2,3.0828876380876755E-2,6.7016491754122942E-2,5.946118958613901E-2,5.9503276992066229E-2,3.8860833636752204E-2,4.3067545090459687E-2,4.3085204633612158E-2,4.4862352142119977E-2,5.0174348950798663E-2,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[null,null,"Opening Surplus Cash",null,null,null,null,null,{"$f":"I462","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Opening Debt Balance",null,null,null,null,null,{"$f":"I435","v":0},255362,257705,250364,15152,27665,79055,86532,29428,286417,251668,127302,326174,607012,627311.03667779779,641598.18444386427,678174.39364175568,731905.67766450788,778322.27559950482,823568.17451101367,866639.51677993766,906539.42845278233,942274.38548069296]
[null,null,"Dividend Payout Ratio",null,null,null,null,null,{"$f":"I332","v":0},0,0.24481463334966519,0.28535716991137033,0.3827312937707335,0.37627668713608453,0.38720619658119659,0.44517254135179413,0.4463697130827875,0.47714068627827194,0.51720942450400231,0.64070551252552099,0.63538322521873924,0.7,0.7,0.7,0.7,0.7,0.7,0.7,0.7,0.7,0.7]
[]
[null,null,"Net Cash Flow Function",null,null,null,null,null,{"$f":"cf(I522,I528,I547,I502,I549,I548,I550,I551,I496,I554,I553,I552,I508)","v":74404.659051056369},{"$f":"cf(J522,J528,J547,J502,J549,J548,J550,J551,J496,J554,J553,J552,J508)","v":29501.038731451714},-141985.58792562681,244162.47333007699,88465.840990386641,12429.745877223499,60442.097101187297,41812.34158980535,-157866.60449209911,27101.248165246852,86936.407074264484,-188429.88966127491,49939.775185281993,{"$f":"cf(V522,V528,V547,V502,V549,V548,V550,V551,V496,V554,V553,V552,V508)","v":-20299.036677797823},-14287.14776606652,-36576.209197891389,-53731.284022752254,-46416.597934996906,-45245.898911508797,-43071.342268923945,-39899.911672844653,{"$f":"cf(AD522,AD528,AD547,AD502,AD549,AD548,AD550,AD551,AD496,AD554,AD553,AD552,AD508)","v":-35734.957027910619},{"$f":"cf(AE522,AE528,AE547,AE502,AE549,AE548,AE550,AE551,AE496,AE554,AE553,AE552,AE508)","v":-30576.318447263271}]
[null,null,"Computed Cash Flow",null,null,null,null,null,{"$f":"I535-I536","v":24820},{"$f":"J535-J536","v":17834},-131956,255019.23460343914,90315.201290084777,13304.202169970409,59730.648210470084,43864,-157222,29800,87190,-188484,47967,-20299.036677797783,-14287.147766066442,-36576.209197891425,-53731.284022752239,-46416.597934996884,-45245.89891150871,-43071.342268923945,-39899.911672844682,-35734.957027910626,-30576.318447263191]
[null,null,"Test",null,null,null,null,null,{"$f":"I556-I557","v":49584.659051056369},{"$f":"J556-J557","v":11667.038731451714},-10029.587925626809,-10856.76127336215,-1849.3602996981353,-874.45629274691055,711.44889071721263,-2051.6584101946501,-644.60449209911167,-2698.7518347531477,-253.59292573551647,54.110338725091424,1972.7751852819929,-4.0017766878008842E-11,-7.8216544352471828E-11,0,0,0,-8.7311491370201111E-11,0,0,0,-8.0035533756017685E-11]
[]
["Balance Sheet"]
[]
[null,"Equity Balance"]
[null,null,"Opening Balance",null,null,null,null,null,null,{"$f":"I567","v":502460},{"$f":"J567","v":621637},592996,577651,569737,512371,562863,656215,634719,715945,795790,758968,858620,907154.19551475183,957253.24174668081,1008487.2100646259,1063052.9801622103,1128342.6304922511,1197276.8866031871,1269961.8017821296,1346529.7997590334,1427139.4187749254]
[null,null,"Add: Net Income",null,null,null,null,null,null,{"$f":"J516","v":-14293},-16955,14658,50774,61231,81043,94615,119233,130297,137047,123428,136121,161780.65171583963,166996.82077309626,170779.89439315081,181885.90032528111,217632.16776680242,229780.85370312014,242283.05059647502,255226.65992301254,268698.73005297361,282785.77286587178]
[null,null,"Less: Dividends",null,null,null,null,null,null,{"$f":"J533","v":0},{"$f":"K533","v":0},4182.7653965608661,19432.798709915223,23039.797830029591,31380.351789529916,42120,53222,62170,70882,79081,86489,113246.45620108774,116897.77454116737,119545.92607520556,127320.13022769676,152342.51743676167,160846.59759218409,169598.1354175325,178658.66194610877,188089.11103708151,197950.04100611023]
[null,null,"Add: New Equity Issues"]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"IF(I3,I73,I563+I564-I565+I566)","v":502460},621637,592996,577651,569737,512371,562863,656215,634719,715945,795790,758968,858620,907154.19551475183,957253.24174668081,1008487.2100646259,1063052.9801622103,1128342.6304922511,1197276.8866031871,1269961.8017821296,1346529.7997590334,1427139.4187749254,1511975.1506346869]
[]
[null,null,null,null,null,null,"EBITDA","Financing"]
[]
[null,"Assets"]
[null,null,"Cash ",null,null,null,null,-1,{"$f":"I456","v":11845},{"$f":"J456","v":12280},69826,42416,47458,11001,13914,19978,19964,18948,6755,7783,13275,25590.524400000002,26870.050620000005,28213.553151000007,29483.163042795008,30809.905379720782,32196.351121808213,33645.186922289584,35159.220333792611,36741.385248813276,38394.747585009871]
[null,null,"Surplus Cash",null,null,null,null,-1,{"$f":"I465","v":0},{"$f":"J465","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Accounts Receivable",null,null,null,1,null,{"$f":"I370","v":113099},104104,104121,99373,117736,120751.00000000001,131879,137682,178076.99999999997,178708,166281,185603,256235,268700.50620000006,282135.53151000006,296242.30808550009,309573.21194934758,323504.0064870682,338061.68677898624,353274.4626840406,369171.81350482244,385784.54511253943,403144.84964260372]
[null,null,"Inventories",null,null,null,1,null,{"$f":"I375","v":88945},89001,29988.999999999996,30714.000000000004,36466,42801,43725,47337,54178,60995.999999999993,60574,74096,91010,94940.845524000018,100628.33957190003,106647.23091078004,111446.35630176513,114304.74895876412,119448.46266190849,124823.64348169434,130440.70743837061,136310.53927309727,142444.51354038663]
[null,null,"Other Current Assets",null,null,null,1,null,{"$f":"I382","v":39332},39006,48412,94205,33916,55456,40919,62374,61279,59589,79009,74824,74733,74733,74733,74733,74733,74733,74733,74733,74733,74733,74733]
[null,null,null,"Total Current Assets",null,null,null,null,{"$f":"SUM(I572:I576)","v":253221},{"$f":"SUM(J572:J576)","v":244391},252348,266708,235576,230009,230437,267371,313498,318241,312619,342306,435253,463964.87612400006,484366.92170190008,505836.09214728011,525235.73129390774,543351.66082555312,564439.500562703,586476.29308802448,609504.74127698562,633569.46963444992,{"$f":"SUM(AE572:AE576)","v":658717.11076800013}]
[]
[null,null,"Net Plant"]
[null,null,null,"Gross Plant",null,null,1,null,{"$f":"I412","v":931634},1033602,799528,845284,892841,921306,977112,1043482,1189127,1255163,1284254,1421116,1536997,1525282.3798212134,1534110.7482229739,1580598.4694963277,1665020.7872924064,1769384.9049058873,1893408.3586898376,2036882.206618167,2199668.0341987056,2381695.2862938647,2582958.9058473567]
[null,null,null,"Less: Accumulated Depreciation",null,null,1,null,{"$f":"I421","v":362160},423170,363403,413296,453993,469385,512670,556960,601931,652587,679561,735629,811161,746685.38061495591,694654.69212326314,656189.05810366746,633084.32706638949,626578.35355890484,637326.93815514387,666022.05395208171,713392.98745776643,780207.56640406605,867273.47579492698]
[null,null,null,null,"Net Plant",null,null,null,{"$f":"I580-I581","v":569474},{"$f":"J580-J581","v":610432},436125,431988,438848,451921,464442,486522,587196,602576,604693,685487,725836,778596.99920625752,839456.05609971075,924409.41139266023,1031936.4602260169,1142806.5513469824,1256081.4205346936,1370860.1526660854,1486275.0467409391,1601487.7198897987,{"$f":"AE580-AE581","v":1715685.4300524297}]
[]
[null,null,"Goodwill",null,null,null,1,null,{"$f":"I489","v":567449},0,54249,57038,58567,58567,75537,76338,200035,201682,200153,219730,269897,269897,269897,269897,269897,269897,269897,269897,269897,269897,269897]
[null,null,"Other Assets",null,null,null,null,-1,{"$f":"I490","v":143216},147695,16731,18160,34276,32654,50067,66972,119118,113772,114069,167889,432942,432942,432942,432942,432942,432942,432942,432942,432942,432942,432942]
[null,null,"Notes Receivabe",null,null,null,null,-1,{"$f":"I471","v":0},72940,71599,73345,74065,70357,74428,88469,94652,94457,92860,102322,102723,102723,102723,102723,102723,102723,102723,102723,102723,102723,102723]
[null,null,null,"Total Assets",null,null,null,null,{"$f":"SUM(I582:I586)+I577","v":1533360},{"$f":"SUM(J582:J586)+J577","v":1075458},831052,847239,841332,843508,894911,985672,1314499,1330728,1324394,1517734,{"$f":"SUM(U582:U586)+U577","v":1966651},{"$f":"SUM(V582:V586)+V577","v":2048123.8753302577},2129384.9778016107,2235807.5035399403,2362734.1915199249,2491720.2121725352,2626082.9210973969,2762898.4457541099,2901341.7880179244,3040619.1895242487,3179964.5408204296]
[]
[null,null,"Liabilities and Equiy"]
[null,null,null,"Current Liabilities"]
[null,null,null,null,"Accounts Payable",null,-1,null,{"$f":"I380","v":100774.99999999999},83980,82827,81293,73902,83801,90945,98302,116818,92692,102068,115138,153956,158598.60426270787,167076.62191731599,175990.5612441526,183564.0089627523,189290.06683293029,197398.98906466845,205841.31117765664,214632.03616655103,223786.84216076741,233322.1128055453]
[null,null,null,null,"Other Current Liabilities",null,-1,null,{"$f":"I383","v":74077},86586,107220,76553,112033,85822,86891,108423,125713,103317,112272,110513,129006,129006,129006,129006,129006,129006,129006,129006,129006,129006,129006]
[null,null,null,null,null,"Total Current Liabilities",null,null,{"$f":"SUM(I591:I592)","v":174852},{"$f":"SUM(J591:J592)","v":170566},190047,157846,185935,169623,177836,206725,242531,196009,214340,225651,282962,287604.60426270787,296082.62191731599,304996.5612441526,312570.0089627523,318296.06683293032,326404.98906466842,334847.31117765664,343638.03616655106,352792.84216076741,{"$f":"SUM(AE591:AE592)","v":362328.11280554533}]
[]
[null,null,null,null,"Deferred Taxes",null,-1,null,{"$f":"I427","v":-15395},-12662,-264113,20473,7855,35008,35715,49111,16765,43034,65585,-889,10008,18005.038875000002,26401.929693750004,36100.338589406259,47156.524730454388,58710.239247849684,70783.870918527769,83400.816014386364,96585.523639558596,110363.54310786357,124761.57345224227]
[]
[null,null,null,"Debt",null,null,null,1,{"$f":"I438","v":255362},{"$f":"J438","v":257705},250364,15152,27665,79055,86532,29428,286417,251668,127302,326174,607012,627311.03667779779,641598.18444386427,678174.39364175568,731905.67766450788,778322.27559950482,823568.17451101367,866639.51677993766,906539.42845278233,942274.38548069296,972850.70392795629]
[null,null,null,"Pension Obligations",null,null,null,1,{"$f":"I491","v":22331},25466,43486,46302,22590,9728,146,0,78897,68140,76086,155263,159158,159158,159158,159158,159158,159158,159158,159158,159158,159158,159158]
[null,null,null,"Other Liabilities",null,null,-1,null,{"$f":"I492","v":593750},12746,18272,29815,24714,33160,25949,36391,45835,43851,45291,52567,48891,48891,48891,48891,48891,48891,48891,48891,48891,48891,48891]
[]
[null,null,null,"Miniority Interest",null,null,null,1,{"$f":"I64","v":0},0,0,0,2836,4563,5870,7802,9335,12081,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Equity Balance",null,null,null,1,{"$f":"I567","v":502460},{"$f":"J567","v":621637},592996,577651,569737,512371,562863,656215,634719,715945,795790,758968,858620,907154.19551475183,957253.24174668081,1008487.2100646259,1063052.9801622103,1128342.6304922511,1197276.8866031871,1269961.8017821296,1346529.7997590334,1427139.4187749254,{"$f":"AE567","v":1511975.1506346869}]
[null,null,null,null,"Total Liabilities and Equity",null,null,null,{"$f":"SUM(I593:I602)","v":1533360},{"$f":"SUM(J593:J602)","v":1075458},831052,847239,841332,843508,894911,985672,1314499,1330728,1324394,1517734,1966651,2048123.8753302575,2129384.9778016112,2235807.5035399403,2362734.1915199249,2491720.2121725362,2626082.9210973969,2762898.4457541099,2901341.7880179253,3040619.1895242492,{"$f":"SUM(AE593:AE602)","v":3179964.540820431}]
[]
[null,null,null,"Difference",null,null,null,null,{"$f":"I603-I587","v":0},{"$f":"J603-J587","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AE603-AE587","v":0}]
[null,null,null,"Test",null,null,null,{"$f":"AND(I606:AE606)","v":true},{"$f":"I605=0","v":true},{"$f":"J605=0","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
[null,"EBT Actual",null,null,null,null,null,null,{"$f":"I94","v":-58739},16258,70706,85867,91100,105623,123439,153085,190051,207759,210380,191966,208772,0,0,0,0,0,0,0,0,0,0]
[null,"EBT Difference",null,null,null,null,null,null,{"$f":"I608-I507","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-248893.310332061,-256918.18580476346,-262738.29906638584,-279824.46203889401,-334818.71964123449,-353509.00569710787,-372743.15476380772,-392656.39988155774,-413382.6616199594,-435055.03517826431]
[]
[null,"Actual Income",null,null,null,null,null,null,{"$f":"I101","v":-82764},-14293,-16955,14658,50774,61231,81043,94615,119233,130297,137047,123428,136121,0,0,0,0,0,0,0,0,0,0]
[null,"Modelled Income",null,null,null,null,null,null,{"$f":"I516","v":-82764},-14293,-16955,14658,50774,61231,81043,94615,119233,130297,137047,123428,136121,161780.65171583963,166996.82077309626,170779.89439315081,181885.90032528111,217632.16776680242,229780.85370312014,242283.05059647502,255226.65992301254,268698.73005297361,282785.77286587178]
[null,"Test",null,null,null,null,null,{"$f":"AND(I613:AD613)","v":true},{"$f":"IF(I3,I611=I612,TRUE)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"V605/2","v":0}]
["Financial Ratios"]
[null,null,"P-E ratio"]
[null,null,null,"Price per share",null,null,null,null,{"$f":"'Stock prices'!N19","v":16.163230769230772},{"$f":"'Stock prices'!O19","v":22.933716475095789},{"$f":"'Stock prices'!P19","v":29.192413793103448},{"$f":"'Stock prices'!Q19","v":23.635287356321847},{"$f":"'Stock prices'!R19","v":25.286793893129765},{"$f":"'Stock prices'!S19","v":28.689576923076896},{"$f":"'Stock prices'!T19","v":27.841367187500001},{"$f":"'Stock prices'!U19","v":26.881568627450967},{"$f":"'Stock prices'!V19","v":25.73460629921259},{"$f":"'Stock prices'!W19","v":23.636293436293442},{"$f":"'Stock prices'!X19","v":24.847015503875973},{"$f":"'Stock prices'!Y19","v":24.876070038910512},{"$f":"'Stock prices'!Z19","v":20.404883720930226}]
[null,null,null,"Earnings per share",null,null,null,null,{"$f":"I103","v":-1.4099999666213989},0.20000000298023224,0.97000002861022949,0.77999997138977051,0.81999999284744263,0.68000000715255737,0.81999999284744263,1.0299999713897705,1.2899999618530273,0.93999999761581421,1,0.9100000262260437,0.99598302480427303]
[null,null,null,null,"P/E Ratio",null,null,null,{"$f":"I617/I618","v":-11.463284504864662},114.66858066678394,30.095271063990552,30.301651568280835,30.837553797191632,42.190553854862557,33.952887110182893,26.098611042852639,19.949307798618829,25.144993081110403,24.847015503875973,27.336339914270845,20.48718021568703]
[]
[null,null,"Market to book ratio"]
[null,null,null,"B/S Shareholder value",null,null,null,null,{"$f":"I74","v":502460},621637,592996,577651,572573,516934,568733,664017,644054,728026,795790,758968,858620]
[null,null,null,"Book value per share",null,null,null,null,{"$f":"I622/I102","v":16.728592355839659},13.907801418439716,13.25012289404299,8.5654062870699885,8.7083346007604554,5.5772006861803707,6.2338517860861753,7.2566198568384239,6.9678682707287516,5.2641070137382497,5.8032217838677447,5.6059148958171763,6.2824321358015656]
[null,null,null,null,"M/B ratio",null,null,null,{"$f":"I617/I623","v":0.96620387570078303},1.6489821636861328,2.2031806064400969,2.7593889378021421,2.9037462445369973,5.1440818678385023,4.46615802602836,3.7044201236638532,3.6933256053821859,4.4900860439591215,4.2815898528895922,4.4374683706796301,3.247927439541979]
[]
[null,null,"EV/EBTIDA ratio"]
[null,null,null,"Market capitalisation",null,null,null,null,{"$f":"I102*I617","v":485478.79938461544},1025068.3252873565,1306477.2868965517,1593963.7793103454,1662606.6984732822,2659150.8162692282,2540051.4526171875,2459797.9372549006,2378701.129448818,3268899.3822393832,3407246.3890310084,3367896.4943579775,2788735.4581395341]
[null,null,null,null,"Long term debt",null,null,null,{"$f":"I56","v":247847},242057,223133,9866,22578,74403,79126,22508,263879,225905,98870,283406,535016]
[null,null,null,null,"Short term debt",null,null,null,{"$f":"I50","v":7515},15648,27231,5286,5087,4652,7406,6920,22538,25763,28432,42768,71996]
[null,null,null,null,"Pension obligations",null,null,null,{"$f":"I58","v":22331},25466,43486,46302,22590,9728,146,0,78897,68140,76086,155263,159158]
[null,null,null,null,"(-/-) Cash",null,null,null,{"$f":"-I12","v":-11845},-12280,-69826,-42416,-47458,-11001,-13914,-19978,-19964,-18948,-6755,-7783,-13275]
[null,null,null,null,"(-/-) Long term investments",null,null,null,{"$f":"-I43","v":-170344},-174913,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"(-/-) Notes Receivable",null,null,null,{"$f":"-I39","v":-15207},-16084,-28389,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"(-/-) Non-associated investments",null,null,null,{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0},{"$f":"0","v":0}]
[null,null,null,null,null,"Net debt",null,null,{"$f":"SUM(I628:I634)","v":80297},79894,195635,19038,2797,77782,72764,9450,345350,300860,196633,473654,752895]
[null,null,null,null,"Enterprise value",null,null,null,{"$f":"I627+I635","v":565775.79938461538},1104962.3252873565,1502112.2868965517,1613001.7793103454,1665403.6984732822,2736932.8162692282,2612815.4526171875,2469247.9372549006,2724051.129448818,3569759.3822393832,3603879.3890310084,3841550.4943579775,3541630.4581395341]
[null,null,null,null,"EBITDA",null,null,null,{"$f":"I82-I83-I84","v":77247},100664,122643,131820,138976,158630,179655,209842,256130,284248,290980,283664,321201]
[null,null,null,null,null,"EV/EBITDA",null,null,{"$f":"I636/I637","v":7.3242430047071778},10.976737714449619,12.247843634749245,12.236396444472351,11.983390646394213,17.253563741216844,14.543516476675782,11.767176910508386,10.635423923198447,12.558608617261628,12.385316478902359,13.542608488768323,11.026212428166581]
[]
[null,"Historic profitability ratios"]
[null,null,null,"EBITDA Margin",null,null,null,null,{"$f":"I501/I498","v":4.9235340683546916E-2},7.7464235969495726E-2,9.2309463972416225E-2,9.0722954999845146E-2,8.9586336175665957E-2,9.2448782511951669E-2,9.512329945029635E-2,0.10303170757813965,0.10606271419177338,0.10929046630542565,0.11305598909614654,0.10228185635021252,0.10543310319971404,0.11463543646252421,0.1117214782034953,0.10888541352426091,0.11056253313939635,0.12231349672404908,0.12412883453846608,0.12599975548576933,0.12791810622448563,0.12987633254404238,0.13186744288415109]
[null,null,null,"Capital Expenditures to Depreciation",null,null,null,null,null,{"$f":"J528/J502","v":0.98067362229535748},0.87776094691231898,1.0781867062204507,0.96342280695566296,1.1578761121596117,0.97554863813229586,1.3562501891245802,3.5047195547795722,1.1943703044681693,1.1560891938250428,2.5745155223060503,0.8287856655954815,1.4922663588802918,1.5683578815081589,1.7792826080994515,1.9465686367286501,1.9223479032679021,1.8835947324958879,1.8343892880485275,1.7783616892745415,1.718517705564131,1.6572042266502958]
[]
[null,null,"ROE"]
[null,null,null,"Equity capital",null,null,null,null,{"$f":"I602","v":502460},621637,592996,577651,569737,512371,562863,656215,634719,715945,795790,758968,858620,907154.19551475183,957253.24174668081,1008487.2100646259,1063052.9801622103,1128342.6304922511,1197276.8866031871,1269961.8017821296,1346529.7997590334,1427139.4187749254,1511975.1506346869]
[null,null,null,"Net income / common equity",null,null,null,null,{"$f":"I516","v":-82764},-14293,-16955,14658,50774,61231,81043,94615,119233,130297,137047,123428,136121,161780.65171583963,166996.82077309626,170779.89439315081,181885.90032528111,217632.16776680242,229780.85370312014,242283.05059647502,255226.65992301254,268698.73005297361,282785.77286587178]
[null,null,null,"ROE",null,null,null,null,{"$f":"I646/(AVERAGE(H645:I645))","v":-0.16471758945985751},-2.5430189743411824E-2,-2.7917897834160606E-2,2.504256193369991E-2,8.850362736929443E-2,0.11316984995952345,0.15074486111860302,0.15522386590521689,0.18472361871327272,0.19293769582960676,0.1813108778985735,0.15877454883653919,0.16830119906923147,{"$f":"V646/(AVERAGE(U645:V645))","v":0.18324047562454943},0.17914198091635211,0.17375630056937358,0.17560451028986734,0.19862426182537299,0.19760829492014489,0.19640017136326365,0.19509075417836558,0.19374965713827699,0.19242922736603335]
[]
[null,"ROIC"]
[null,null,null,"Invested Captial - Perspective of Capital Funding EBITDA "]
[null,null,null,null,"Equity Capital",null,null,null,{"$f":"I602","v":502460},621637,592996,577651,569737,512371,562863,656215,634719,715945,795790,758968,858620,907154.19551475183,957253.24174668081,1008487.2100646259,1063052.9801622103,1128342.6304922511,1197276.8866031871,1269961.8017821296,1346529.7997590334,1427139.4187749254,1511975.1506346869]
[null,null,null,null,"Minority Interest",null,null,null,{"$f":"I601","v":0},0,0,0,2836,4563,5870,7802,9335,12081,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Gross Debt",null,null,null,{"$f":"I597","v":255362},257705,250364,15152,27665,79055,86532,29428,286417,251668,127302,326174,607012,627311.03667779779,641598.18444386427,678174.39364175568,731905.67766450788,778322.27559950482,823568.17451101367,866639.51677993766,906539.42845278233,942274.38548069296,972850.70392795629]
[null,null,null,null,"Pension Obligations",null,null,null,{"$f":"I598","v":22331},25466,43486,46302,22590,9728,146,0,78897,68140,76086,155263,159158,159158,159158,159158,159158,159158,159158,159158,159158,159158,159158]
[null,null,null,null,null,"Total Capital",null,null,{"$f":"SUM(I651:I654)","v":780153},{"$f":"SUM(J651:J654)","v":904808},886846,639105,622828,605717,655411,693445,1009368,1047834,999178,1240405,1624790,1693623.2321925496,1758009.4261905451,1845819.6037063817,1954116.6578267182,2065822.906091756,2180003.0611142009,2295759.3185620671,2412227.2282118155,2528571.8042556182,2643983.854562643]
[null,null,null,null,"Less: Cash ",null,null,null,{"$f":"I572","v":11845},12280,69826,42416,47458,11001,13914,19978,19964,18948,6755,7783,13275,25590.524400000002,26870.050620000005,28213.553151000007,29483.163042795008,30809.905379720782,32196.351121808213,33645.186922289584,35159.220333792611,36741.385248813276,38394.747585009871]
[null,null,null,null,"Less: Non-Associated Investments"]
[null,null,null,null,"Less: Net Derivative Assets"]
[null,null,null,null,"Less: Notes Receivable",null,null,null,{"$f":"I586","v":0},72940,71599,73345,74065,70357,74428,88469,94652,94457,92860,102322,102723,102723,102723,102723,102723,102723,102723,102723,102723,102723,102723]
[null,null,null,null,null,"Total Invested Capital",null,null,{"$f":"I655-I656-I657-I658-I659","v":768308},{"$f":"J655-J656-J657-J658-J659","v":819588},745421,523344,501305,524359,567069,584998,894752,934429,899563,1130300,1508792,1565309.7077925496,1628416.375570545,1714883.0505553817,1821910.4947839233,1932290.0007120352,2045083.7099923925,2159391.1316397777,2274345.0078780227,2389107.4190068049,2502866.1069776332]
[]
[null,null,null,"Invested Capital - Perspective of Net Assets Generating EBITDA"]
[null,null,null,null,"Current Assets",null,null,null,{"$f":"I574+I575+I576","v":241376},232111,182522,224292,188118,219008,216523,247393,293534,299293,305864,334523,421978,438374.35172400007,457496.87108190008,477622.53899628011,495752.56825111271,512541.75544583233,532243.14944089472,552831.10616573493,574345.520943193,596828.08438563673,620322.36318299035]
[null,null,null,null,"Net Plant",null,null,null,{"$f":"I582","v":569474},610432,436125,431988,438848,451921,464442,486522,587196,602576,604693,685487,725836,778596.99920625752,839456.05609971075,924409.41139266023,1031936.4602260169,1142806.5513469824,1256081.4205346936,1370860.1526660854,1486275.0467409391,1601487.7198897987,1715685.4300524297]
[null,null,null,null,"Goodwill",null,null,null,{"$f":"I584","v":567449},0,54249,57038,58567,58567,75537,76338,200035,201682,200153,219730,269897,269897,269897,269897,269897,269897,269897,269897,269897,269897,269897]
[null,null,null,null,"Other Assets Used in Business",null,null,null,{"$f":"I585","v":143216},147695,16731,18160,34276,32654,50067,66972,119118,113772,114069,167889,432942,432942,432942,432942,432942,432942,432942,432942,432942,432942,432942]
[null,null,null,null,"Less: Current Liabilities",null,null,null,{"$f":"I593","v":174852},170566,190047,157846,185935,169623,177836,206725,242531,196009,214340,225651,282962,287604.60426270787,296082.62191731599,304996.5612441526,312570.0089627523,318296.06683293032,326404.98906466842,334847.31117765664,343638.03616655106,352792.84216076741,362328.11280554533]
[null,null,null,null,"Less: Deferred Taxes",null,null,null,{"$f":"I595","v":-15395},-12662,-264113,20473,7855,35008,35715,49111,16765,43034,65585,-889,10008,18005.038875000002,26401.929693750004,36100.338589406259,47156.524730454388,58710.239247849684,70783.870918527769,83400.816014386364,96585.523639558596,110363.54310786357,124761.57345224227]
[null,null,null,null,"Less: Other Current Liabilities",null,null,null,{"$f":"I599","v":593750},12746,18272,29815,24714,33160,25949,36391,45835,43851,45291,52567,48891,48891,48891,48891,48891,48891,48891,48891,48891,48891,48891]
[null,null,null,null,null,"Total Invested Capital",null,null,{"$f":"I663+I664+I665+I666-I667-I668-I669","v":768308},{"$f":"J663+J664+J665+J666-J667-J668-J669","v":819588},745421,523344,501305,524359,567069,584998,894752,934429,899563,1130300,1508792,1565309.7077925499,1628416.3755705447,1714883.0505553812,1821910.4947839228,1932290.0007120348,2045083.7099923925,2159391.1316397777,2274345.0078780223,2389107.4190068045,2502866.1069776327]
[]
[null,null,null,null,null,"Test",null,null,{"$f":"I670=I660","v":true},{"$f":"J670=J660","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,true,true,true,true,true]
[]
[null,null,null,"EBIT",null,null,null,null,{"$f":"I503","v":10145},43540,65869,77885,82274,99286,115405,143748,182818,203320,205862,189026,218511,259517.83844361696,268166.46235209669,274990.72760924324,293869.97488405032,350854.20836440218,371364.17841681064,392350.49589940626,413908.35174993175,436131.82987071585,459114.25130226818]
[null,null,null,"Tax Rate",null,null,null,null,{"$f":"I310","v":0.28017160659868229},0.44531922745725183,0.38498854411223943,0.38504897108318681,0.38497255762897914,0.37738939435539609,0.36701528690284269,0.3590815559983016,0.35645168928340287,0.35640814597682891,0.34857400893621066,0.35703197441213547,0.34799206790182591,0.35,0.35,0.35,0.35,0.35,0.35,0.35,0.35,0.35,0.35]
[null,null,null,"NOPLAT",null,null,null,null,{"$f":"I674*(1-I675)","v":7302.6590510563674},{"$f":"J674*(1-J675)","v":24150.800836511255},40510.189587870904,47895.460887185996,50600.767793633378,61816.516592030144,73049.600814977442,92130.74448835614,117652.21506858685,130855.09575999115,134103.85737237381,121537.67400477167,142470.90525070412,168686.59498835102,174308.20052886286,178743.97294600811,191015.48367463271,228055.23543686143,241386.71597092692,255027.82233461409,269040.42863745562,283485.68941596529,298424.26334647433]
[]
[null,null,null,"Average Invested Capital",null,null,null,null,{"$f":"AVERAGE(H670:I670)","v":768308},{"$f":"AVERAGE(I670:J670)","v":793948},782504.5,634382.5,512324.5,512832,545714,576033.5,739875,914590.5,916996,1014931.5,1319546,1537050.8538962749,1596863.0416815472,1671649.713062963,1768396.772669652,1877100.2477479787,1988686.8553522136,2102237.4208160853,2216868.0697589,2331726.2134424131,2445986.7629922186]
[null,null,null,"ROIC",null,null,null,null,{"$f":"I676/I678","v":9.50485879498374E-3},{"$f":"J676/J678","v":3.0418617889976744E-2},5.1769912617589939E-2,7.5499341307785128E-2,9.8767027135406138E-2,0.12053950726949594,0.13386059513770482,0.15993990712060346,0.15901634069077461,0.1430750655730528,0.14624257616431677,0.11974963236905316,0.10796963899000422,0.10974691862715333,0.10915663771973257,0.10692669136914791,0.10801619106455791,0.12149337027176205,0.12137995246525389,0.12131256907966784,0.12136059529546819,0.12157760537307892,0.12200567389064963]
[]
[null,null,"Historic credit ratios"]
[null,null,null,"Gross Debt",null,null,null,null,{"$f":"I212+I227","v":277693},283171,293850,61454,50255,88783,86678,29428,365314,319808,203388,481437,{"$f":"U653","v":607012},{"$f":"V653","v":627311.03667779779},641598.18444386427,678174.39364175568,731905.67766450788,778322.27559950482,823568.17451101367,866639.51677993766,906539.42845278233,942274.38548069296,972850.70392795629]
[null,null,null,"Debt and Equity",null,null,null,null,{"$f":"I651+I652+I653","v":757822},{"$f":"J651+J652+J653","v":879342},843360,592803,600238,595989,655265,693445,930471,979694,923092,1085142,1465632,1534465.2321925496,1598851.4261905451,1686661.6037063817,1794958.6578267182,1906664.906091756,2020845.0611142009,2136601.3185620671,2253069.2282118155,2369413.8042556182,2484825.854562643]
[null,null,null,"Debt to Capital",null,null,null,null,{"$f":"I682/I683","v":0.36643565375510345},{"$f":"J682/J683","v":0.3220260149066006},0.34842771770062608,0.10366681680085965,8.3725122368127305E-2,0.14896751450110657,0.13227930684532213,4.2437395900179538E-2,0.39261191375120774,0.32643662204729229,0.22033340122111339,0.44366267271933074,0.41416399205257526,{"$f":"V682/V683","v":0.40881410899186849},0.40128693256542841,0.40208088697311328,0.40775628701703759,0.40821136063960733,0.40753652536673746,0.40561592340642483,0.4023575561290107,0.39768249167296488,0.39151665382972639]
[null,null,null,"Debt to Equity",null,null,null,null,{"$f":"I682/I651","v":0.55266687895553879},{"$f":"J682/J651","v":0.45552468723708534},0.49553453986198898,0.10638603585902215,8.8207365854771583E-2,0.17327873747733577,0.15399484421608811,4.4845058403114833E-2,0.57555233103152736,0.44669353092765507,0.255579989695774,0.63433109169293045,0.706962334909506,0.69151533419501965,0.67024916340126772,0.67246702474124276,0.68849407444662547,0.68979249260479836,0.68786776369463853,0.68241384549030359,0.67324126700724407,0.66025391288648816,0.64343035235703405]
[]
[null,null,null,"EBITDA",null,null,null,null,{"$f":"I522","v":77247},100664,122643,131820,138976,158630,179655,209842,256130,284248,290980,283664,321201,366697.61673735944,375245.22183364327,384005.55022941879,407466.64887165604,471058.40759134246,499561.94264266104,529910.6656851864,562187.6101785223,596479.54608795582,632877.14802721096]
[null,null,null,"Debt to EBITDA",null,null,null,null,{"$f":"I682/I687","v":3.5948709982264684},{"$f":"J682/J687","v":2.8130314710323452},2.3959785719527407,0.46619632832650582,0.36160919871056874,0.55968606190506209,0.48246917703375913,0.1402388463701261,1.4262835278959902,1.1251020235850384,0.69897587463055877,1.6972086694116983,1.8898197701750616,{"$f":"V682/V687","v":1.7107038825591769},1.709810404270258,1.7660536240598341,1.7962345622427707,1.6522840120385307,1.6485806948270993,1.6354445624515848,1.6125211798333858,1.5797262314536211,1.5371872834411899]
[]
[null,null,null,"EBIT to Interest",null,null,null,null,{"$f":"IF(I504,I503/I504)","v":0.14837728343059395},2.8422220771590836,24.039781021897809,40.522892819979191,124.65757575757576,27.764541387024607,23.442006906357911,41.666086956521738,29.789473684210527,17.547251229826529,25.215825575698187,18.582972866692881,9.3336892913587626,10.512557520684123,10.566810370999152,10.418110368989774,10.420329343844154,11.6159354488874,11.591434932120023,11.606576455693908,11.671364383801899,11.794909432843758,11.986534295888557]
[null,null,null,"Capital Expenditures to Depreciation",null,null,null,null,{"$f":"I528/I502","v":0},{"$f":"J528/J502","v":0.98067362229535748},0.87776094691231898,1.0781867062204507,0.96342280695566296,1.1578761121596117,0.97554863813229586,1.3562501891245802,3.5047195547795722,1.1943703044681693,1.1560891938250428,2.5745155223060503,0.8287856655954815,1.4922663588802918,1.5683578815081589,1.7792826080994515,1.9465686367286501,1.9223479032679021,1.8835947324958879,1.8343892880485275,1.7783616892745415,1.718517705564131,1.6572042266502958]
[null,null,null,"Accumulated Depreciation to Plant",null,null,null,null,{"$f":"I581/I580","v":0.38873634925303285},{"$f":"J581/J580","v":0.40941290748276415},0.45452191793157964,0.48894336104788449,0.50848135334286848,0.5094778499217415,0.5246788495075283,0.53375142072407578,0.5061957217353571,0.51992211370156705,0.52914843948315515,0.51764176886334401,0.52775704832215031,0.48953911124475125,0.45280609169051933,0.41515227982775926,0.38022607999740782,0.35412213126811559,0.33660300232124701,0.32698113410194557,0.32431847731862007,0.32758496474926491,0.33576743084513466]
[]
["Assumptions"]
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[null,null,null,{"$f":"D241","v":"Actual/forecast sales growth"},null,null,null,null,{"$f":"I241","v":0},-0.1717369882990617,2.2406482543151585E-2,9.3622869667252973E-2,6.7662311294945932E-2,0.10607887021790652,0.10069824677758032,7.8373275359065131E-2,0.18570375033019526,7.700427182664904E-2,-1.0411984701918509E-2,7.7546586348658408E-2,9.8485372956086392E-2,0.05,0.05,0.05,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[null,null,null,{"$f":"D252","v":"Actual/forecasted COGS margin"},null,null,null,null,{"$f":"I252","v":0.57376409715131416},0.49316962808486409,0.49065374486209995,0.4956396959383893,0.50243858730825863,0.50212632782572564,0.5027982891519569,0.51015086361391171,0.5234031169923955,0.5345112307558032,0.5232753988411547,0.53119794213220373,0.53104046589994847,0.53,0.53500000000000003,0.54,0.54,0.53,0.53,0.53,0.53,0.53,0.53]
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[null,null,null,"Revenues",null,null,2,null,{"$f":"I498","v":1568934},1299490,1328607,1452995,1551308,1715869,1888654,2036674,2414892,2600849,2573769,2773356,3046491,3198815.5500000003,3358756.3275000006,3526694.143875001,3685395.3803493758,3851238.1724650976,4024543.8902260265,4205648.3652861975,4394902.5417240765,4592673.1561016599,4799343.4481262341]
[]
[null,null,null,{"$f":"INDEX(D724:D739,$G$739)","v":"ROIC"},null,null,null,null,{"$f":"INDEX(I724:I739,$G$739)","v":9.50485879498374E-3},3.0418617889976744E-2,5.1769912617589939E-2,7.5499341307785128E-2,9.8767027135406138E-2,0.12053950726949594,0.13386059513770482,0.15993990712060346,0.15901634069077461,0.1430750655730528,0.14624257616431677,0.11974963236905316,0.10796963899000422,0.10974691862715333,0.10915663771973257,0.10692669136914791,0.10801619106455791,0.12149337027176205,0.12137995246525389,0.12131256907966784,0.12136059529546819,0.12157760537307892,0.12200567389064963]
[]
[null,null,null,null,null,null,null,null,{"$f":"I2","v":2000},2001,2002,2003,2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2021]
[null,null,null,{"$f":"D741","v":"ROIC"},null,null,null,null,{"$f":"IF(I3,I741)","v":9.50485879498374E-3},3.0418617889976744E-2,5.1769912617589939E-2,7.5499341307785128E-2,9.8767027135406138E-2,0.12053950726949594,0.13386059513770482,0.15993990712060346,0.15901634069077461,0.1430750655730528,0.14624257616431677,0.11974963236905316,0.10796963899000422,false,false,false,false,false,false,false,false,false,false]
[null,null,null,null,null,null,null,null,{"$f":"IF(NOT(I3),I741)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,0.10974691862715333,0.10915663771973257,0.10692669136914791,0.10801619106455791,0.12149337027176205,0.12137995246525389,0.12131256907966784,0.12136059529546819,0.12157760537307892,0.12200567389064963]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,{"$f":"I2","v":2000},2001,2002,2003,2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2021]
[null,null,{"$f":"INDEX(C176:C261,$G$755)","v":"Growth rate of sales"},null,null,null,null,null,{"$f":"INDEX(I176:I261,$G$755)","v":0},-0.1717369882990617,2.2406482543151585E-2,9.3622869667252973E-2,6.7662311294945932E-2,0.10607887021790652,0.10069824677758032,7.8373275359065131E-2,0.18570375033019526,7.700427182664904E-2,-1.0411984701918509E-2,7.7546586348658408E-2,9.8485372956086392E-2,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,"Code number",null,null,null,null,3]

{"sheet":"Valuation","index":5,"n_rows":203,"n_cols":31,"rows_kept":203,"cut":false,"hidden":false,"merged":[]}
["Timeline"]
[null,null,null,null,null,null,null,null,2000,2001,2002,2003,2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2021]
[null,"Historic timeline switch",null,null,null,null,{"$f":"COUNTIF(I3:AE3,TRUE)","v":13},null,{"$f":"I2<=Valuation!$H$17","v":true},{"$f":"J2<=Valuation!$H$17","v":true},{"$f":"K2<=Valuation!$H$17","v":true},{"$f":"L2<=Valuation!$H$17","v":true},{"$f":"M2<=Valuation!$H$17","v":true},{"$f":"N2<=Valuation!$H$17","v":true},{"$f":"O2<=Valuation!$H$17","v":true},{"$f":"P2<=Valuation!$H$17","v":true},{"$f":"Q2<=Valuation!$H$17","v":true},{"$f":"R2<=Valuation!$H$17","v":true},{"$f":"S2<=Valuation!$H$17","v":true},{"$f":"T2<=Valuation!$H$17","v":true},{"$f":"U2<=Valuation!$H$17","v":true},{"$f":"V2<=Valuation!$H$17","v":false},{"$f":"W2<=Valuation!$H$17","v":false},{"$f":"X2<=Valuation!$H$17","v":false},{"$f":"Y2<=Valuation!$H$17","v":false},{"$f":"Z2<=Valuation!$H$17","v":false},{"$f":"AA2<=Valuation!$H$17","v":false},{"$f":"AB2<=Valuation!$H$17","v":false},{"$f":"AC2<=Valuation!$H$17","v":false},{"$f":"AD2<=Valuation!$H$17","v":false},{"$f":"AE2<=Valuation!$H$17","v":false}]
[null,"Explicit period switch",null,null,null,null,{"$f":"COUNTIF(I4:AE4,TRUE)","v":8},{"$f":"Valuation!H19-Valuation!H18+1=G4","v":true},{"$f":"AND(I2>=Valuation!$H$18,I2<=Valuation!$H$19)","v":false},{"$f":"AND(J2>=Valuation!$H$18,J2<=Valuation!$H$19)","v":false},{"$f":"AND(K2>=Valuation!$H$18,K2<=Valuation!$H$19)","v":false},{"$f":"AND(L2>=Valuation!$H$18,L2<=Valuation!$H$19)","v":false},{"$f":"AND(M2>=Valuation!$H$18,M2<=Valuation!$H$19)","v":false},{"$f":"AND(N2>=Valuation!$H$18,N2<=Valuation!$H$19)","v":false},{"$f":"AND(O2>=Valuation!$H$18,O2<=Valuation!$H$19)","v":false},{"$f":"AND(P2>=Valuation!$H$18,P2<=Valuation!$H$19)","v":false},{"$f":"AND(Q2>=Valuation!$H$18,Q2<=Valuation!$H$19)","v":false},{"$f":"AND(R2>=Valuation!$H$18,R2<=Valuation!$H$19)","v":false},{"$f":"AND(S2>=Valuation!$H$18,S2<=Valuation!$H$19)","v":false},{"$f":"AND(T2>=Valuation!$H$18,T2<=Valuation!$H$19)","v":false},{"$f":"AND(U2>=Valuation!$H$18,U2<=Valuation!$H$19)","v":true},{"$f":"AND(V2>=Valuation!$H$18,V2<=Valuation!$H$19)","v":true},{"$f":"AND(W2>=Valuation!$H$18,W2<=Valuation!$H$19)","v":true},{"$f":"AND(X2>=Valuation!$H$18,X2<=Valuation!$H$19)","v":true},{"$f":"AND(Y2>=Valuation!$H$18,Y2<=Valuation!$H$19)","v":true},{"$f":"AND(Z2>=Valuation!$H$18,Z2<=Valuation!$H$19)","v":true},{"$f":"AND(AA2>=Valuation!$H$18,AA2<=Valuation!$H$19)","v":true},{"$f":"AND(AB2>=Valuation!$H$18,AB2<=Valuation!$H$19)","v":true},{"$f":"AND(AC2>=Valuation!$H$18,AC2<=Valuation!$H$19)","v":false},{"$f":"AND(AD2>=Valuation!$H$18,AD2<=Valuation!$H$19)","v":false},{"$f":"AND(AE2>=Valuation!$H$18,AE2<=Valuation!$H$19)","v":false}]
[null,"Valuation year",null,null,null,null,{"$f":"COUNTIF(I5:AE5,TRUE)","v":1},null,{"$f":"I2=Valuation!$H$18","v":false},{"$f":"J2=Valuation!$H$18","v":false},{"$f":"K2=Valuation!$H$18","v":false},{"$f":"L2=Valuation!$H$18","v":false},{"$f":"M2=Valuation!$H$18","v":false},{"$f":"N2=Valuation!$H$18","v":false},{"$f":"O2=Valuation!$H$18","v":false},{"$f":"P2=Valuation!$H$18","v":false},{"$f":"Q2=Valuation!$H$18","v":false},{"$f":"R2=Valuation!$H$18","v":false},{"$f":"S2=Valuation!$H$18","v":false},{"$f":"T2=Valuation!$H$18","v":false},{"$f":"U2=Valuation!$H$18","v":true},{"$f":"V2=Valuation!$H$18","v":false},{"$f":"W2=Valuation!$H$18","v":false},{"$f":"X2=Valuation!$H$18","v":false},{"$f":"Y2=Valuation!$H$18","v":false},{"$f":"Z2=Valuation!$H$18","v":false},{"$f":"AA2=Valuation!$H$18","v":false},{"$f":"AB2=Valuation!$H$18","v":false},{"$f":"AC2=Valuation!$H$18","v":false},{"$f":"AD2=Valuation!$H$18","v":false},{"$f":"AE2=Valuation!$H$18","v":false}]
[null,"Closing Balance Sheet for valuation",null,null,null,null,{"$f":"COUNTIF(I6:AE6,TRUE)","v":1},null,{"$f":"I2=Valuation!$H$18-1","v":false},{"$f":"J2=Valuation!$H$18-1","v":false},{"$f":"K2=Valuation!$H$18-1","v":false},{"$f":"L2=Valuation!$H$18-1","v":false},{"$f":"M2=Valuation!$H$18-1","v":false},{"$f":"N2=Valuation!$H$18-1","v":false},{"$f":"O2=Valuation!$H$18-1","v":false},{"$f":"P2=Valuation!$H$18-1","v":false},{"$f":"Q2=Valuation!$H$18-1","v":false},{"$f":"R2=Valuation!$H$18-1","v":false},{"$f":"S2=Valuation!$H$18-1","v":false},{"$f":"T2=Valuation!$H$18-1","v":true},{"$f":"U2=Valuation!$H$18-1","v":false},{"$f":"V2=Valuation!$H$18-1","v":false},{"$f":"W2=Valuation!$H$18-1","v":false},{"$f":"X2=Valuation!$H$18-1","v":false},{"$f":"Y2=Valuation!$H$18-1","v":false},{"$f":"Z2=Valuation!$H$18-1","v":false},{"$f":"AA2=Valuation!$H$18-1","v":false},{"$f":"AB2=Valuation!$H$18-1","v":false},{"$f":"AC2=Valuation!$H$18-1","v":false},{"$f":"AD2=Valuation!$H$18-1","v":false},{"$f":"AE2=Valuation!$H$18-1","v":false}]
[null,"Terminal value switch",null,null,null,null,{"$f":"COUNTIF(I7:AE7,TRUE)","v":1},null,{"$f":"I2=Valuation!$H$19","v":false},{"$f":"J2=Valuation!$H$19","v":false},{"$f":"K2=Valuation!$H$19","v":false},{"$f":"L2=Valuation!$H$19","v":false},{"$f":"M2=Valuation!$H$19","v":false},{"$f":"N2=Valuation!$H$19","v":false},{"$f":"O2=Valuation!$H$19","v":false},{"$f":"P2=Valuation!$H$19","v":false},{"$f":"Q2=Valuation!$H$19","v":false},{"$f":"R2=Valuation!$H$19","v":false},{"$f":"S2=Valuation!$H$19","v":false},{"$f":"T2=Valuation!$H$19","v":false},{"$f":"U2=Valuation!$H$19","v":false},{"$f":"V2=Valuation!$H$19","v":false},{"$f":"W2=Valuation!$H$19","v":false},{"$f":"X2=Valuation!$H$19","v":false},{"$f":"Y2=Valuation!$H$19","v":false},{"$f":"Z2=Valuation!$H$19","v":false},{"$f":"AA2=Valuation!$H$19","v":false},{"$f":"AB2=Valuation!$H$19","v":true},{"$f":"AC2=Valuation!$H$19","v":false},{"$f":"AD2=Valuation!$H$19","v":false},{"$f":"AE2=Valuation!$H$19","v":false}]
[]
["DCF Valuation"]
[null,"Assumptions for DCF/Free Cash Flow Model"]
[null,null,"WACC",null,null,null,null,{"$f":"I11/100","v":0.06},6]
[null,null,"Terminal growth rate",null,null,null,null,{"$f":"I12/100","v":0.03},3]
[null,null,"Long term ROIC/ Wacc Spread",null,null,null,null,{"$f":"I13/100","v":0.05},5]
[null,null,"Terminal EV/EBITDA",null,null,null,null,{"$f":"I14","v":9},9]
[null,null,"Computed EV/EBITDA",null,null,null,null,{"$f":"I15","v":10},10]
[]
[null,null,"Last historic year",null,null,null,null,2012]
[null,null,"Valuation year",null,null,null,null,2012]
[null,null,"Terminal year",null,null,null,null,2019]
[]
[null,"Stable Ratios in DCF Model"]
[null,null,"Inlude Stable Ratios",null,null,null,null,false]
[null,null,"Historic Growth"]
[null,null,"Terminal Growth Rate",null,null,null,null,{"$f":"H12","v":0.03}]
[null,null,"Ratio of WC to EBITDA in Terminal  Year",null,null,null,null,{"$f":"SUMIF('Corporate Model'!7:7,TRUE,'Corporate Model'!397:397)","v":0.411359516053938}]
[null,null,"WC Change as Pct of EBITDA from Terminal Growth",null,null,null,null,{"$f":"H24*H25/(1+H24)","v":1.1981345127784601E-2}]
[null,null,"Depreciation to Net Plant in Terminal Year"]
[null,null,"Plant Life"]
[null,null,"Implied Historic Growth from Depreciation Analysis"]
[null,null,"Levelised Ratio of Depreciation to Net Plant"]
[null,null,"Levelised Ratio of Depreciation to Capital Expenditures"]
[null,null,"Levelised Ratio of Deferred Taxes to Capital Expenditures"]
[null,null,"Stable Ratio of Depreciation to EBITDA"]
[null,null,"Stable Dividend Payout Ratio"]
[]
[null,"Assumptions for Equity Cash Flow Model"]
[null,null,"Cost of Equity",null,null,null,null,{"$f":"I37/100","v":0.08},8]
[null,null,"Growth Rate in Earnings and Dividends",null,null,null,null,{"$f":"I38/100","v":0.03},3]
[null,null,"Long-term ROE/COE Spread",null,null,null,null,{"$f":"I39/100","v":0.04},4]
[null,null,"Terminal P/E Ratio",null,null,null,null,{"$f":"I40","v":13},13]
[null,null,"Terminal M/B Ratio",null,null,null,null,{"$f":"I41/10","v":3.3},33]
[null,null,"Computed P/E Ratio",null,null,null,null,{"$f":"I42","v":12},12]
[]
["Normalised Cash Flow Analysis"]
[null,null,"Apply Normalised Ratios",null,null,null,null,null,{"$f":"$H$22","v":false},{"$f":"$H$22","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"EBITDA - Midyear",null,null,null,null,null,{"$f":"I99","v":77247},{"$f":"J99","v":100664},122643,131820,138976,158630,179655,209842,256130,284248,290980,283664,321201,366697.61673735967,375245.2218336435,384005.55022941902,407466.64887165604,471058.40759134246,499561.94264266128,529910.66568518616,562187.6101785223,596479.54608795606,632877.14802721096]
[null,null,"Growth Rate in EBITDA",null,null,null,null,null,null,{"$f":"J46/I46-1","v":0.30314445868447959},{"$f":"K46/J46-1","v":0.21834022093300476},7.4826936718769055E-2,5.4286147777272031E-2,0.14142010131245675,0.13254113345521024,0.1680276084717931,0.22058501158014132,0.10978018974739401,2.3683543947538688E-2,-2.5142621486012762E-2,0.13232909357549771,0.14164531473239395,2.330968270897138E-2,2.3345609446985049E-2,6.109572798679741E-2,0.15606616859510525,6.0509555910626123E-2,6.0750670641525284E-2,6.0910162001742929E-2,6.0997317067418733E-2,6.1020704193413877E-2]
[null,null,"Working Capital  ",null,null,null,null,null,{"$f":"'Corporate Model'!I394","v":66524},{"$f":"'Corporate Model'!J394","v":61545},{"$f":"'Corporate Model'!K394","v":-7525},{"$f":"'Corporate Model'!L394","v":66446},{"$f":"'Corporate Model'!M394","v":2183},{"$f":"'Corporate Model'!N394","v":49385},{"$f":"'Corporate Model'!O394","v":38687},{"$f":"'Corporate Model'!P394","v":40668},{"$f":"'Corporate Model'!Q394","v":51003},{"$f":"'Corporate Model'!R394","v":103284},{"$f":"'Corporate Model'!S394","v":91524},{"$f":"'Corporate Model'!T394","v":108872},{"$f":"'Corporate Model'!U394","v":139016},{"$f":"'Corporate Model'!V394","v":150769.74746129219},{"$f":"'Corporate Model'!W394","v":161414.24916458409},{"$f":"'Corporate Model'!X394","v":172625.97775212751},{"$f":"'Corporate Model'!Y394","v":183182.55928836041},{"$f":"'Corporate Model'!Z394","v":194245.68861290201},{"$f":"'Corporate Model'!AA394","v":205838.1603762263},{"$f":"'Corporate Model'!AB394","v":217983.7949880783},{"$f":"'Corporate Model'!AC394","v":230707.48477664194},{"$f":"'Corporate Model'!AD394","v":244035.24222486932},{"$f":"'Corporate Model'!AE394","v":257994.25037744502}]
[null,null,"Working Capital to EBITDA",null,null,null,null,null,{"$f":"'Corporate Model'!I397","v":0.86118554765880873},{"$f":"'Corporate Model'!J397","v":0.61139036795676704},{"$f":"'Corporate Model'!K397","v":-6.1356946584803049E-2},{"$f":"'Corporate Model'!L397","v":0.50406615081171291},{"$f":"'Corporate Model'!M397","v":1.5707748100391435E-2},{"$f":"'Corporate Model'!N397","v":0.31132194414675662},{"$f":"'Corporate Model'!O397","v":0.21534051376248922},{"$f":"'Corporate Model'!P397","v":0.19380295651013621},{"$f":"'Corporate Model'!Q397","v":0.1991293483777769},{"$f":"'Corporate Model'!R397","v":0.36335875714165095},{"$f":"'Corporate Model'!S397","v":0.31453708158636334},{"$f":"'Corporate Model'!T397","v":0.3838061932427097},{"$f":"'Corporate Model'!U397","v":0.43280064507893812},{"$f":"'Corporate Model'!V397","v":0.41115551500646436},{"$f":"'Corporate Model'!W397","v":0.4301567075946498},{"$f":"'Corporate Model'!X397","v":0.44954031953182555},{"$f":"'Corporate Model'!Y397","v":0.44956454668283613},{"$f":"'Corporate Model'!Z397","v":0.41236009268178919},{"$f":"'Corporate Model'!AA397","v":0.41203731270510968},{"$f":"'Corporate Model'!AB397","v":0.411359516053938},{"$f":"'Corporate Model'!AC397","v":0.41037454508003285},{"$f":"'Corporate Model'!AD397","v":0.40912591860925979},{"$f":"'Corporate Model'!AE397","v":0.40765297211577056}]
[]
[null,null,"Terminal Growth",null,null,null,null,{"$f":"H12","v":0.03},{"$f":"$H$51","v":0.03},{"$f":"$H$51","v":0.03},0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,"Stable WC Change as Percent of EBITDA",null,null,null,null,null,{"$f":"I49*I51/(1+I51)","v":2.5083074203654621E-2},{"$f":"J49*J51/(1+J51)","v":1.7807486445342729E-2},-1.787095531596205E-3,1.4681538373156685E-2,4.5750722622499323E-4,9.0676294411676673E-3,6.2720537989074529E-3,5.6447463061204718E-3,5.7998839333333069E-3,1.0583264771116046E-2,9.1612742209620391E-3,1.1178821162409021E-2,1.2605844031425381E-2,1.1975403349702846E-2,1.2528836143533489E-2,1.3093407365004627E-2,1.3094113010179693E-2,1.2010488136362792E-2,1.2001086777818727E-2,1.1981345127784601E-2,1.1952656652816489E-2,1.1916288891531839E-2,1.187338753735254E-2]
[null,null,"Stable WC Change  ",null,null,null,null,null,{"$f":"I52*I46","v":1937.5922330097085},1792.5728155339805,-219.17475728155338,1935.3203883495144,63.582524271844662,1438.3980582524271,1126.8058252427184,1184.504854368932,1485.52427184466,3008.2718446601939,2665.7475728155341,3171.0291262135925,4049.009708737864,4391.3518678046275,4701.3858979975948,5027.9410995765293,5335.414348204672,5657.6414159097676,5995.2862245502793,6349.0425724683,6719.6354789313173,7107.822589073864,7514.395642061505]
[null,null,"WC Change in Model",null,null,null,null,null,{"$f":"'Corporate Model'!I395","v":0},{"$f":"'Corporate Model'!J395","v":-4979},{"$f":"'Corporate Model'!K395","v":-69070},{"$f":"'Corporate Model'!L395","v":73971},{"$f":"'Corporate Model'!M395","v":-64263},{"$f":"'Corporate Model'!N395","v":47202},{"$f":"'Corporate Model'!O395","v":-10698},{"$f":"'Corporate Model'!P395","v":1981},{"$f":"'Corporate Model'!Q395","v":10335},{"$f":"'Corporate Model'!R395","v":52281},{"$f":"'Corporate Model'!S395","v":-11760},{"$f":"'Corporate Model'!T395","v":17348},{"$f":"'Corporate Model'!U395","v":30144},{"$f":"'Corporate Model'!V395","v":11753.747461292194},{"$f":"'Corporate Model'!W395","v":10644.501703291899},{"$f":"'Corporate Model'!X395","v":11211.728587543417},{"$f":"'Corporate Model'!Y395","v":10556.581536232901},{"$f":"'Corporate Model'!Z395","v":11063.129324541602},{"$f":"'Corporate Model'!AA395","v":11592.471763324284},{"$f":"'Corporate Model'!AB395","v":12145.634611852001},{"$f":"'Corporate Model'!AC395","v":12723.689788563643},{"$f":"'Corporate Model'!AD395","v":13327.757448227378},{"$f":"'Corporate Model'!AE395","v":13959.008152575698}]
[null,null,"WC Change Applied",null,null,null,null,null,{"$f":"IF(AND(I45,I7),I53,I54)","v":0},-4979,-69070,73971,-64263,47202,-10698,1981,10335,52281,-11760,17348,30144,11753.747461292194,10644.501703291899,11211.728587543417,10556.581536232901,11063.129324541602,11592.471763324284,12145.634611852001,12723.689788563643,13327.757448227378,13959.008152575698]
[]
[null,null,"Net Plant",null,null,null,null,null,{"$f":"'Corporate Model'!I423","v":569474},{"$f":"'Corporate Model'!J423","v":610432},{"$f":"'Corporate Model'!K423","v":436125},{"$f":"'Corporate Model'!L423","v":431988},{"$f":"'Corporate Model'!M423","v":438848},{"$f":"'Corporate Model'!N423","v":451921},{"$f":"'Corporate Model'!O423","v":464442},{"$f":"'Corporate Model'!P423","v":486522},{"$f":"'Corporate Model'!Q423","v":587196},{"$f":"'Corporate Model'!R423","v":602576},{"$f":"'Corporate Model'!S423","v":604693},{"$f":"'Corporate Model'!T423","v":685487},{"$f":"'Corporate Model'!U423","v":725836},{"$f":"'Corporate Model'!V423","v":778596.99920625752},{"$f":"'Corporate Model'!W423","v":839456.05609971075},{"$f":"'Corporate Model'!X423","v":924409.41139266023},{"$f":"'Corporate Model'!Y423","v":1031936.4602260169},{"$f":"'Corporate Model'!Z423","v":1142806.5513469824},{"$f":"'Corporate Model'!AA423","v":1256081.4205346936},{"$f":"'Corporate Model'!AB423","v":1370860.1526660854},{"$f":"'Corporate Model'!AC423","v":1486275.0467409391},{"$f":"'Corporate Model'!AD423","v":1601487.7198897987},{"$f":"'Corporate Model'!AE423","v":1715685.4300524297}]
[null,null,"Ratio of Capital Expenditures to Depreciation"]
[null,null,"Stable Level of Depreciation"]
[null,null,"Depreciation in Model",null,null,null,null,null,{"$f":"'Corporate Model'!I415","v":67102},{"$f":"'Corporate Model'!J415","v":57124},{"$f":"'Corporate Model'!K415","v":56774},{"$f":"'Corporate Model'!L415","v":53935},{"$f":"'Corporate Model'!M415","v":56702},{"$f":"'Corporate Model'!N415","v":59344},{"$f":"'Corporate Model'!O415","v":64250},{"$f":"'Corporate Model'!P415","v":66094},{"$f":"'Corporate Model'!Q415","v":73312},{"$f":"'Corporate Model'!R415","v":80928},{"$f":"'Corporate Model'!S415","v":85118},{"$f":"'Corporate Model'!T415","v":94638},{"$f":"'Corporate Model'!U415","v":102690},{"$f":"'Corporate Model'!V415","v":107179.77829374248},{"$f":"'Corporate Model'!W415","v":107078.75948154656},{"$f":"'Corporate Model'!X415","v":109014.82262017556},{"$f":"'Corporate Model'!Y415","v":113596.67398760571},{"$f":"'Corporate Model'!Z415","v":120204.1992269403},{"$f":"'Corporate Model'!AA415","v":128197.76422585039},{"$f":"'Corporate Model'!AB415","v":137560.16978578016},{"$f":"'Corporate Model'!AC415","v":148279.25842859055},{"$f":"'Corporate Model'!AD415","v":160347.71621723997},{"$f":"'Corporate Model'!AE415","v":173762.89672494278}]
[null,null,"Depreciation Applied"]
[]
[null,null,"Levelised Ratio of Capital Expenditure to Depreciation"]
[null,null,"Stable Level of Depreciation"]
[null,null,"Capital Expenditure in Model",null,null,null,null,null,{"$f":"'Corporate Model'!I364","v":0},{"$f":"'Corporate Model'!J364","v":56020},{"$f":"'Corporate Model'!K364","v":49834},{"$f":"'Corporate Model'!L364","v":58152},{"$f":"'Corporate Model'!M364","v":54628},{"$f":"'Corporate Model'!N364","v":68713},{"$f":"'Corporate Model'!O364","v":62679.000000000007},{"$f":"'Corporate Model'!P364","v":89640},{"$f":"'Corporate Model'!Q364","v":256938},{"$f":"'Corporate Model'!R364","v":96658},{"$f":"'Corporate Model'!S364","v":98404},{"$f":"'Corporate Model'!T364","v":243647},{"$f":"'Corporate Model'!U364","v":85108},{"$f":"'Corporate Model'!V364","v":159940.77750000003},{"$f":"'Corporate Model'!W364","v":167937.81637500005},{"$f":"'Corporate Model'!X364","v":193968.17791312505},{"$f":"'Corporate Model'!Y364","v":221123.72282096255},{"$f":"'Corporate Model'!Z364","v":231074.29034790586},{"$f":"'Corporate Model'!AA364","v":241472.63341356159},{"$f":"'Corporate Model'!AB364","v":252338.90191717184},{"$f":"'Corporate Model'!AC364","v":263694.15250344458},{"$f":"'Corporate Model'!AD364","v":275560.38936609961},{"$f":"'Corporate Model'!AE364","v":287960.60688757402}]
[null,null,"Capital Expenditure Applied"]
[]
[null,null,"Levelised Ratio of Deferred Taxes to Capital Expenditure"]
[null,null,"Stable Level of Deferred Taxes"]
[null,null,"Deferred Taxes in Model",null,null,null,null,null,{"$f":"'Corporate Model'!I427","v":-15395},{"$f":"'Corporate Model'!J427","v":-12662},{"$f":"'Corporate Model'!K427","v":-264113},{"$f":"'Corporate Model'!L427","v":20473},{"$f":"'Corporate Model'!M427","v":7855},{"$f":"'Corporate Model'!N427","v":35008},{"$f":"'Corporate Model'!O427","v":35715},{"$f":"'Corporate Model'!P427","v":49111},{"$f":"'Corporate Model'!Q427","v":16765},{"$f":"'Corporate Model'!R427","v":43034},{"$f":"'Corporate Model'!S427","v":65585},{"$f":"'Corporate Model'!T427","v":-889},{"$f":"'Corporate Model'!U427","v":10008},{"$f":"'Corporate Model'!V427","v":18005.038875000002},{"$f":"'Corporate Model'!W427","v":26401.929693750004},{"$f":"'Corporate Model'!X427","v":36100.338589406259},{"$f":"'Corporate Model'!Y427","v":47156.524730454388},{"$f":"'Corporate Model'!Z427","v":58710.239247849684},{"$f":"'Corporate Model'!AA427","v":70783.870918527769},{"$f":"'Corporate Model'!AB427","v":83400.816014386364},{"$f":"'Corporate Model'!AC427","v":96585.523639558596},{"$f":"'Corporate Model'!AD427","v":110363.54310786357},{"$f":"'Corporate Model'!AE427","v":124761.57345224227}]
[null,null,"Deferred Tax Change Applied"]
[]
["Normalised Cash Flow inTerminal Period"]
[null,null,"EBITDA",null,null,null,null,null,{"$f":"I7*I46","v":0},{"$f":"J7*J46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,529910.66568518616,0,0,0]
[null,null,"Less: Stabalised Working Capital",null,null,null,null,null,{"$f":"I53*I7","v":0},{"$f":"J53*J7","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,6349.0425724683,0,0,0]
[null,null,"Less: EBIT x Tax from Levelised Depreciation"]
[null,null,"Less: Levelised Stable Capital Expenditures"]
[null,null,"Add: Levelised Stable Deferred Taxes"]
[null,null,null,"Normalised Cash Flow in Terminal Period before Growh Adjustment",null,null,null,null,{"$f":"I74-I75-I76-I77+I78","v":0},{"$f":"J74-J75-J76-J77+J78","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,523561.62311271788,0,0,0]
[]
[null,null,null,"Normalised Cash Flow Adjusted for Added 1/2 Growth",null,null,null,null,{"$f":"I79*(1+I47*0.5)","v":0},{"$f":"J79*(1+J47*0.5)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,539464.98297584942,0,0,0]
[]
["Discount Rate for Terminal Value and Explicit Period"]
[null,null,"Discount Rate",null,null,null,null,{"$f":"H11","v":0.06},{"$f":"$H$84*I4","v":0},{"$f":"$H$84*J4","v":0},0,0,0,0,0,0,0,0,0,0,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0,0,0]
[null,null,"Discount Index for Terminal Value",null,null,null,null,1,{"$f":"H85*(1+I84*I4)","v":1},{"$f":"I85*(1+J84*J4)","v":1},1,1,1,1,1,1,1,1,1,1,1.06,1.1236000000000002,1.1910160000000003,1.2624769600000003,1.3382255776000005,1.4185191122560006,1.5036302589913606,1.5938480745308423,1.5938480745308423,1.5938480745308423,1.5938480745308423]
[]
[null,null,"Prior Discount Rate",null,null,null,null,null,{"$f":"H84*H4","v":0.06},{"$f":"I84*I4","v":0},0,0,0,0,0,0,0,0,0,0,0,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0,0]
[null,null,"Weighted Discount Rate",null,null,null,null,null,{"$f":"(I84*0.5+I87*0.5)*I4","v":0},{"$f":"(J84*0.5+J87*0.5)*J4","v":0},0,0,0,0,0,0,0,0,0,0,0.03,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0,0,0]
[null,null,"Discount Rate for Explicit Cash Flows",null,null,null,null,1,{"$f":"H89*(1+I88)","v":1},{"$f":"I89*(1+J88)","v":1},1,1,1,1,1,1,1,1,1,1,1.03,1.0918000000000001,1.1573080000000002,1.2267464800000003,1.3003512688000003,1.3783723449280003,1.4610746856236805,1.5487391667611015,1.5487391667611015,1.5487391667611015,1.5487391667611015]
[]
[]
["DCF Analysis"]
[]
[null,"EBIT",null,null,null,null,null,null,{"$f":"'Corporate Model'!I360-'Corporate Model'!I415","v":10145},{"$f":"'Corporate Model'!J360-'Corporate Model'!J415","v":43540},{"$f":"'Corporate Model'!K360-'Corporate Model'!K415","v":65869},{"$f":"'Corporate Model'!L360-'Corporate Model'!L415","v":77885},{"$f":"'Corporate Model'!M360-'Corporate Model'!M415","v":82274},{"$f":"'Corporate Model'!N360-'Corporate Model'!N415","v":99286},{"$f":"'Corporate Model'!O360-'Corporate Model'!O415","v":115405},{"$f":"'Corporate Model'!P360-'Corporate Model'!P415","v":143748},{"$f":"'Corporate Model'!Q360-'Corporate Model'!Q415","v":182818},{"$f":"'Corporate Model'!R360-'Corporate Model'!R415","v":203320},{"$f":"'Corporate Model'!S360-'Corporate Model'!S415","v":205862},{"$f":"'Corporate Model'!T360-'Corporate Model'!T415","v":189026},{"$f":"'Corporate Model'!U360-'Corporate Model'!U415","v":218511},{"$f":"'Corporate Model'!V360-'Corporate Model'!V415","v":259517.83844361719},{"$f":"'Corporate Model'!W360-'Corporate Model'!W415","v":268166.46235209692},{"$f":"'Corporate Model'!X360-'Corporate Model'!X415","v":274990.72760924348},{"$f":"'Corporate Model'!Y360-'Corporate Model'!Y415","v":293869.97488405032},{"$f":"'Corporate Model'!Z360-'Corporate Model'!Z415","v":350854.20836440218},{"$f":"'Corporate Model'!AA360-'Corporate Model'!AA415","v":371364.17841681087},{"$f":"'Corporate Model'!AB360-'Corporate Model'!AB415","v":392350.49589940603},{"$f":"'Corporate Model'!AC360-'Corporate Model'!AC415","v":413908.35174993175},{"$f":"'Corporate Model'!AD360-'Corporate Model'!AD415","v":436131.82987071609},{"$f":"'Corporate Model'!AE360-'Corporate Model'!AE415","v":459114.25130226818}]
[null,null,"Tax rate",null,null,null,null,null,{"$f":"'Corporate Model'!I310","v":0.28017160659868229},{"$f":"'Corporate Model'!J310","v":0.44531922745725183},{"$f":"'Corporate Model'!K310","v":0.38498854411223943},{"$f":"'Corporate Model'!L310","v":0.38504897108318681},{"$f":"'Corporate Model'!M310","v":0.38497255762897914},{"$f":"'Corporate Model'!N310","v":0.37738939435539609},{"$f":"'Corporate Model'!O310","v":0.36701528690284269},{"$f":"'Corporate Model'!P310","v":0.3590815559983016},{"$f":"'Corporate Model'!Q310","v":0.35645168928340287},{"$f":"'Corporate Model'!R310","v":0.35640814597682891},{"$f":"'Corporate Model'!S310","v":0.34857400893621066},{"$f":"'Corporate Model'!T310","v":0.35703197441213547},{"$f":"'Corporate Model'!U310","v":0.34799206790182591},{"$f":"'Corporate Model'!V310","v":0.35},{"$f":"'Corporate Model'!W310","v":0.35},{"$f":"'Corporate Model'!X310","v":0.35},{"$f":"'Corporate Model'!Y310","v":0.35},{"$f":"'Corporate Model'!Z310","v":0.35},{"$f":"'Corporate Model'!AA310","v":0.35},{"$f":"'Corporate Model'!AB310","v":0.35},{"$f":"'Corporate Model'!AC310","v":0.35},{"$f":"'Corporate Model'!AD310","v":0.35},{"$f":"'Corporate Model'!AE310","v":0.35}]
[null,null,"EBIT *tax rate",null,null,null,null,null,{"$f":"I94*I95","v":2842.3409489436317},19389.199163488745,25358.8104121291,29989.539112814004,31673.232206366629,37469.483407969856,42355.399185022558,51617.25551164386,65165.784931413145,72464.904240008851,71758.142627626192,67488.325995228312,76040.09474929588,90831.243455266012,93858.261823233915,96246.754663235217,102854.49120941761,122798.97292754076,129977.46244588379,137322.67356479212,144867.9231124761,152646.14045475062,160689.98795579385]
[]
[null,"Free cash flow"]
[null,null,"EBITDA",null,null,null,null,null,{"$f":"'Corporate Model'!I401","v":77247},{"$f":"'Corporate Model'!J401","v":100664},{"$f":"'Corporate Model'!K401","v":122643},{"$f":"'Corporate Model'!L401","v":131820},{"$f":"'Corporate Model'!M401","v":138976},{"$f":"'Corporate Model'!N401","v":158630},{"$f":"'Corporate Model'!O401","v":179655},{"$f":"'Corporate Model'!P401","v":209842},{"$f":"'Corporate Model'!Q401","v":256130},{"$f":"'Corporate Model'!R401","v":284248},{"$f":"'Corporate Model'!S401","v":290980},{"$f":"'Corporate Model'!T401","v":283664},{"$f":"'Corporate Model'!U401","v":321201},{"$f":"'Corporate Model'!V401","v":366697.61673735967},{"$f":"'Corporate Model'!W401","v":375245.2218336435},{"$f":"'Corporate Model'!X401","v":384005.55022941902},{"$f":"'Corporate Model'!Y401","v":407466.64887165604},{"$f":"'Corporate Model'!Z401","v":471058.40759134246},{"$f":"'Corporate Model'!AA401","v":499561.94264266128},{"$f":"'Corporate Model'!AB401","v":529910.66568518616},{"$f":"'Corporate Model'!AC401","v":562187.6101785223},{"$f":"'Corporate Model'!AD401","v":596479.54608795606},{"$f":"'Corporate Model'!AE401","v":632877.14802721096}]
[null,null,"Less working capital changes",null,null,null,null,null,{"$f":"I55","v":0},{"$f":"J55","v":-4979},-69070,73971,-64263,47202,-10698,1981,10335,52281,-11760,17348,30144,11753.747461292194,10644.501703291899,11211.728587543417,10556.581536232901,11063.129324541602,11592.471763324284,12145.634611852001,12723.689788563643,13327.757448227378,13959.008152575698]
[null,null,"Less Capex",null,null,null,null,null,{"$f":"'Corporate Model'!I410","v":0},{"$f":"'Corporate Model'!J410","v":56020},{"$f":"'Corporate Model'!K410","v":49834},{"$f":"'Corporate Model'!L410","v":58152},{"$f":"'Corporate Model'!M410","v":54628},{"$f":"'Corporate Model'!N410","v":68713},{"$f":"'Corporate Model'!O410","v":62679.000000000007},{"$f":"'Corporate Model'!P410","v":89640},{"$f":"'Corporate Model'!Q410","v":256938},{"$f":"'Corporate Model'!R410","v":96658},{"$f":"'Corporate Model'!S410","v":98404},{"$f":"'Corporate Model'!T410","v":243647},{"$f":"'Corporate Model'!U410","v":85108},{"$f":"'Corporate Model'!V410","v":159940.77750000003},{"$f":"'Corporate Model'!W410","v":167937.81637500005},{"$f":"'Corporate Model'!X410","v":193968.17791312505},{"$f":"'Corporate Model'!Y410","v":221123.72282096255},{"$f":"'Corporate Model'!Z410","v":231074.29034790586},{"$f":"'Corporate Model'!AA410","v":241472.63341356159},{"$f":"'Corporate Model'!AB410","v":252338.90191717184},{"$f":"'Corporate Model'!AC410","v":263694.15250344458},{"$f":"'Corporate Model'!AD410","v":275560.38936609961},{"$f":"'Corporate Model'!AE410","v":287960.60688757402}]
[null,null,"Less Taxes on EBIT",null,null,null,null,null,{"$f":"I96","v":2842.3409489436317},19389.199163488745,25358.8104121291,29989.539112814004,31673.232206366629,37469.483407969856,42355.399185022558,51617.25551164386,65165.784931413145,72464.904240008851,71758.142627626192,67488.325995228312,76040.09474929588,90831.243455266012,93858.261823233915,96246.754663235217,102854.49120941761,122798.97292754076,129977.46244588379,137322.67356479212,144867.9231124761,152646.14045475062,160689.98795579385]
[null,null,"Add: Changes in Deferred Taxes",null,null,null,null,null,{"$f":"'Corporate Model'!I426","v":0},{"$f":"'Corporate Model'!J426","v":2733},{"$f":"'Corporate Model'!K426","v":-251451},{"$f":"'Corporate Model'!L426","v":284586},{"$f":"'Corporate Model'!M426","v":-12618},{"$f":"'Corporate Model'!N426","v":27153},{"$f":"'Corporate Model'!O426","v":707},{"$f":"'Corporate Model'!P426","v":13396},{"$f":"'Corporate Model'!Q426","v":-32346},{"$f":"'Corporate Model'!R426","v":26269},{"$f":"'Corporate Model'!S426","v":22551},{"$f":"'Corporate Model'!T426","v":-66474},{"$f":"'Corporate Model'!U426","v":10897},{"$f":"'Corporate Model'!V426","v":7997.038875000002},{"$f":"'Corporate Model'!W426","v":8396.8908187500037},{"$f":"'Corporate Model'!X426","v":9698.4088956562537},{"$f":"'Corporate Model'!Y426","v":11056.186141048129},{"$f":"'Corporate Model'!Z426","v":11553.714517395294},{"$f":"'Corporate Model'!AA426","v":12073.63167067808},{"$f":"'Corporate Model'!AB426","v":12616.945095858593},{"$f":"'Corporate Model'!AC426","v":13184.70762517223},{"$f":"'Corporate Model'!AD426","v":13778.019468304981},{"$f":"'Corporate Model'!AE426","v":14398.030344378702}]
[null,null,null,"Free Cash Flow",null,null,null,null,{"$f":"I99-I100-I101-I102+I103","v":74404.659051056369},{"$f":"J99-J100-J101-J102+J103","v":32966.800836511255},-134930.8104121291,254293.460887186,104319.76779363336,32398.516592030144,86025.600814977442,79999.74448835614,-108654.78493141315,89113.095759991149,155128.85737237381,-111293.32599522831,140805.90525070412,112168.88719580144,111201.53275086764,92277.297961171585,83988.039446091105,117675.72950874953,128593.00669056969,140720.4006872288,154086.5523992102,168723.27828718344,184665.57537564609]
[]
[null,null,"Specific dates for valuation",null,null,null,null,null,{"$f":"IF('Corporate Model'!I2=$H$18,DATE('Corporate Model'!I2,1,1),DATE('Corporate Model'!I2,7,1))","v":"2000-07-01"},{"$f":"IF('Corporate Model'!J2=$H$18,DATE('Corporate Model'!J2,1,1),DATE('Corporate Model'!J2,7,1))","v":"2001-07-01"},{"$f":"IF('Corporate Model'!K2=$H$18,DATE('Corporate Model'!K2,1,1),DATE('Corporate Model'!K2,7,1))","v":"2002-07-01"},{"$f":"IF('Corporate Model'!L2=$H$18,DATE('Corporate Model'!L2,1,1),DATE('Corporate Model'!L2,7,1))","v":"2003-07-01"},{"$f":"IF('Corporate Model'!M2=$H$18,DATE('Corporate Model'!M2,1,1),DATE('Corporate Model'!M2,7,1))","v":"2004-07-01"},{"$f":"IF('Corporate Model'!N2=$H$18,DATE('Corporate Model'!N2,1,1),DATE('Corporate Model'!N2,7,1))","v":"2005-07-01"},{"$f":"IF('Corporate Model'!O2=$H$18,DATE('Corporate Model'!O2,1,1),DATE('Corporate Model'!O2,7,1))","v":"2006-07-01"},{"$f":"IF('Corporate Model'!P2=$H$18,DATE('Corporate Model'!P2,1,1),DATE('Corporate Model'!P2,7,1))","v":"2007-07-01"},{"$f":"IF('Corporate Model'!Q2=$H$18,DATE('Corporate Model'!Q2,1,1),DATE('Corporate Model'!Q2,7,1))","v":"2008-07-01"},{"$f":"IF('Corporate Model'!R2=$H$18,DATE('Corporate Model'!R2,1,1),DATE('Corporate Model'!R2,7,1))","v":"2009-07-01"},{"$f":"IF('Corporate Model'!S2=$H$18,DATE('Corporate Model'!S2,1,1),DATE('Corporate Model'!S2,7,1))","v":"2010-07-01"},{"$f":"IF('Corporate Model'!T2=$H$18,DATE('Corporate Model'!T2,1,1),DATE('Corporate Model'!T2,7,1))","v":"2011-07-01"},{"$f":"IF('Corporate Model'!U2=$H$18,DATE('Corporate Model'!U2,1,1),DATE('Corporate Model'!U2,7,1))","v":"2012-01-01"},{"$f":"IF('Corporate Model'!V2=$H$18,DATE('Corporate Model'!V2,1,1),DATE('Corporate Model'!V2,7,1))","v":"2013-07-01"},{"$f":"IF('Corporate Model'!W2=$H$18,DATE('Corporate Model'!W2,1,1),DATE('Corporate Model'!W2,7,1))","v":"2014-07-01"},{"$f":"IF('Corporate Model'!X2=$H$18,DATE('Corporate Model'!X2,1,1),DATE('Corporate Model'!X2,7,1))","v":"2015-07-01"},{"$f":"IF('Corporate Model'!Y2=$H$18,DATE('Corporate Model'!Y2,1,1),DATE('Corporate Model'!Y2,7,1))","v":"2016-07-01"},{"$f":"IF('Corporate Model'!Z2=$H$18,DATE('Corporate Model'!Z2,1,1),DATE('Corporate Model'!Z2,7,1))","v":"2017-07-01"},{"$f":"IF('Corporate Model'!AA2=$H$18,DATE('Corporate Model'!AA2,1,1),DATE('Corporate Model'!AA2,7,1))","v":"2018-07-01"},{"$f":"IF('Corporate Model'!AB2=$H$18,DATE('Corporate Model'!AB2,1,1),DATE('Corporate Model'!AB2,7,1))","v":"2019-07-01"},{"$f":"IF('Corporate Model'!AC2=$H$18,DATE('Corporate Model'!AC2,1,1),DATE('Corporate Model'!AC2,7,1))","v":"2020-07-01"},{"$f":"IF('Corporate Model'!AD2=$H$18,DATE('Corporate Model'!AD2,1,1),DATE('Corporate Model'!AD2,7,1))","v":"2021-07-01"},{"$f":"IF('Corporate Model'!AE2=$H$18,DATE('Corporate Model'!AE2,1,1),DATE('Corporate Model'!AE2,7,1))","v":"2021-07-01"}]
[]
[]
[null,null,"FCF over explicit period",null,null,null,null,null,{"$f":"IF('Corporate Model'!I4,I104)","v":false},{"$f":"IF('Corporate Model'!J4,J104)","v":false},{"$f":"IF('Corporate Model'!K4,K104)","v":false},{"$f":"IF('Corporate Model'!L4,L104)","v":false},{"$f":"IF('Corporate Model'!M4,M104)","v":false},{"$f":"IF('Corporate Model'!N4,N104)","v":false},{"$f":"IF('Corporate Model'!O4,O104)","v":false},{"$f":"IF('Corporate Model'!P4,P104)","v":false},{"$f":"IF('Corporate Model'!Q4,Q104)","v":false},{"$f":"IF('Corporate Model'!R4,R104)","v":false},{"$f":"IF('Corporate Model'!S4,S104)","v":false},{"$f":"IF('Corporate Model'!T4,T104)","v":false},{"$f":"IF('Corporate Model'!U4,U104)","v":140805.90525070412},{"$f":"IF('Corporate Model'!V4,V104)","v":112168.88719580144},{"$f":"IF('Corporate Model'!W4,W104)","v":111201.53275086764},{"$f":"IF('Corporate Model'!X4,X104)","v":92277.297961171585},{"$f":"IF('Corporate Model'!Y4,Y104)","v":83988.039446091105},{"$f":"IF('Corporate Model'!Z4,Z104)","v":117675.72950874953},{"$f":"IF('Corporate Model'!AA4,AA104)","v":128593.00669056969},{"$f":"IF('Corporate Model'!AB4,AB104)","v":140720.4006872288},{"$f":"IF('Corporate Model'!AC4,AC104)","v":false},{"$f":"IF('Corporate Model'!AD4,AD104)","v":false},{"$f":"IF('Corporate Model'!AE4,AE104)","v":false}]
[null,null,"PV of FCF over explicit period",null,null,null,null,{"$f":"NPV(H11,I109:AD109)","v":718653.79305444879}]
[null,null,"Period for discounting",null,null,null,null,null,{"$f":"H111+'Corporate Model'!I4","v":0},{"$f":"I111+'Corporate Model'!J4","v":0},{"$f":"J111+'Corporate Model'!K4","v":0},{"$f":"K111+'Corporate Model'!L4","v":0},{"$f":"L111+'Corporate Model'!M4","v":0},{"$f":"M111+'Corporate Model'!N4","v":0},{"$f":"N111+'Corporate Model'!O4","v":0},{"$f":"O111+'Corporate Model'!P4","v":0},{"$f":"P111+'Corporate Model'!Q4","v":0},{"$f":"Q111+'Corporate Model'!R4","v":0},{"$f":"R111+'Corporate Model'!S4","v":0},{"$f":"S111+'Corporate Model'!T4","v":0},{"$f":"T111+'Corporate Model'!U4","v":1},{"$f":"U111+'Corporate Model'!V4","v":2},{"$f":"V111+'Corporate Model'!W4","v":3},{"$f":"W111+'Corporate Model'!X4","v":4},{"$f":"X111+'Corporate Model'!Y4","v":5},{"$f":"Y111+'Corporate Model'!Z4","v":6},{"$f":"Z111+'Corporate Model'!AA4","v":7},{"$f":"AA111+'Corporate Model'!AB4","v":8},{"$f":"AB111+'Corporate Model'!AC4","v":8},{"$f":"AC111+'Corporate Model'!AD4","v":8},{"$f":"AD111+'Corporate Model'!AE4","v":8}]
[null,null,"Wacc index",null,null,null,null,1,{"$f":"IF('Corporate Model'!I5,H112*(1+$H$11/2*'Corporate Model'!I4),H112*(1+$H$11*'Corporate Model'!I4))","v":1},{"$f":"IF('Corporate Model'!J5,I112*(1+$H$11/2*'Corporate Model'!J4),I112*(1+$H$11*'Corporate Model'!J4))","v":1},{"$f":"IF('Corporate Model'!K5,J112*(1+$H$11/2*'Corporate Model'!K4),J112*(1+$H$11*'Corporate Model'!K4))","v":1},{"$f":"IF('Corporate Model'!L5,K112*(1+$H$11/2*'Corporate Model'!L4),K112*(1+$H$11*'Corporate Model'!L4))","v":1},{"$f":"IF('Corporate Model'!M5,L112*(1+$H$11/2*'Corporate Model'!M4),L112*(1+$H$11*'Corporate Model'!M4))","v":1},{"$f":"IF('Corporate Model'!N5,M112*(1+$H$11/2*'Corporate Model'!N4),M112*(1+$H$11*'Corporate Model'!N4))","v":1},{"$f":"IF('Corporate Model'!O5,N112*(1+$H$11/2*'Corporate Model'!O4),N112*(1+$H$11*'Corporate Model'!O4))","v":1},{"$f":"IF('Corporate Model'!P5,O112*(1+$H$11/2*'Corporate Model'!P4),O112*(1+$H$11*'Corporate Model'!P4))","v":1},{"$f":"IF('Corporate Model'!Q5,P112*(1+$H$11/2*'Corporate Model'!Q4),P112*(1+$H$11*'Corporate Model'!Q4))","v":1},{"$f":"IF('Corporate Model'!R5,Q112*(1+$H$11/2*'Corporate Model'!R4),Q112*(1+$H$11*'Corporate Model'!R4))","v":1},{"$f":"IF('Corporate Model'!S5,R112*(1+$H$11/2*'Corporate Model'!S4),R112*(1+$H$11*'Corporate Model'!S4))","v":1},{"$f":"IF('Corporate Model'!T5,S112*(1+$H$11/2*'Corporate Model'!T4),S112*(1+$H$11*'Corporate Model'!T4))","v":1},{"$f":"IF('Corporate Model'!U5,T112*(1+$H$11/2*'Corporate Model'!U4),T112*(1+$H$11*'Corporate Model'!U4))","v":1.03},{"$f":"IF('Corporate Model'!V5,U112*(1+$H$11/2*'Corporate Model'!V4),U112*(1+$H$11*'Corporate Model'!V4))","v":1.0918000000000001},{"$f":"IF('Corporate Model'!W5,V112*(1+$H$11/2*'Corporate Model'!W4),V112*(1+$H$11*'Corporate Model'!W4))","v":1.1573080000000002},{"$f":"IF('Corporate Model'!X5,W112*(1+$H$11/2*'Corporate Model'!X4),W112*(1+$H$11*'Corporate Model'!X4))","v":1.2267464800000003},{"$f":"IF('Corporate Model'!Y5,X112*(1+$H$11/2*'Corporate Model'!Y4),X112*(1+$H$11*'Corporate Model'!Y4))","v":1.3003512688000003},{"$f":"IF('Corporate Model'!Z5,Y112*(1+$H$11/2*'Corporate Model'!Z4),Y112*(1+$H$11*'Corporate Model'!Z4))","v":1.3783723449280003},{"$f":"IF('Corporate Model'!AA5,Z112*(1+$H$11/2*'Corporate Model'!AA4),Z112*(1+$H$11*'Corporate Model'!AA4))","v":1.4610746856236805},{"$f":"IF('Corporate Model'!AB5,AA112*(1+$H$11/2*'Corporate Model'!AB4),AA112*(1+$H$11*'Corporate Model'!AB4))","v":1.5487391667611015},{"$f":"IF('Corporate Model'!AC5,AB112*(1+$H$11/2*'Corporate Model'!AC4),AB112*(1+$H$11*'Corporate Model'!AC4))","v":1.5487391667611015},{"$f":"IF('Corporate Model'!AD5,AC112*(1+$H$11/2*'Corporate Model'!AD4),AC112*(1+$H$11*'Corporate Model'!AD4))","v":1.5487391667611015},{"$f":"IF('Corporate Model'!AE5,AD112*(1+$H$11/2*'Corporate Model'!AE4),AD112*(1+$H$11*'Corporate Model'!AE4))","v":1.5487391667611015}]
[null,null,"NPV factor",null,null,null,null,{"$f":"1/H112","v":1},1,1,1,1,1,1,1,1,1,1,1,1,0.970873786407767,0.91591866642242159,0.86407421360605807,0.81516435245854524,0.76902297401749553,0.72549337171461847,0.68442770916473428,0.64568651807993793,0.64568651807993793,0.64568651807993793,0.64568651807993793]
[null,null,"NPV over Explicit Period",null,null,null,null,{"$f":"SUM(I109:AD109*I113:AD113)","v":739585.45692982117}]
[]
[null,"Terminal value using growth rates :CF 1+g/ (wacc-G)",null,null,null,null,null,{"$f":"H12","v":0.03},{"$f":"IF('Corporate Model'!I7,I104*(1+$H$116)/($H$11-$H$116))","v":false},{"$f":"IF('Corporate Model'!J7,J104*(1+$H$116)/($H$11-$H$116))","v":false},{"$f":"IF('Corporate Model'!K7,K104*(1+$H$116)/($H$11-$H$116))","v":false},{"$f":"IF('Corporate Model'!L7,L104*(1+$H$116)/($H$11-$H$116))","v":false},{"$f":"IF('Corporate Model'!M7,M104*(1+$H$116)/($H$11-$H$116))","v":false},{"$f":"IF('Corporate Model'!N7,N104*(1+$H$116)/($H$11-$H$116))","v":false},{"$f":"IF('Corporate Model'!O7,O104*(1+$H$116)/($H$11-$H$116))","v":false},{"$f":"IF('Corporate Model'!P7,P104*(1+$H$116)/($H$11-$H$116))","v":false},{"$f":"IF('Corporate Model'!Q7,Q104*(1+$H$116)/($H$11-$H$116))","v":false},{"$f":"IF('Corporate Model'!R7,R104*(1+$H$116)/($H$11-$H$116))","v":false},{"$f":"IF('Corporate Model'!S7,S104*(1+$H$116)/($H$11-$H$116))","v":false},{"$f":"IF('Corporate Model'!T7,T104*(1+$H$116)/($H$11-$H$116))","v":false},{"$f":"IF('Corporate Model'!U7,U104*(1+$H$116)/($H$11-$H$116))","v":false},{"$f":"IF('Corporate Model'!V7,V104*(1+$H$116)/($H$11-$H$116))","v":false},{"$f":"IF('Corporate Model'!W7,W104*(1+$H$116)/($H$11-$H$116))","v":false},{"$f":"IF('Corporate Model'!X7,X104*(1+$H$116)/($H$11-$H$116))","v":false},{"$f":"IF('Corporate Model'!Y7,Y104*(1+$H$116)/($H$11-$H$116))","v":false},{"$f":"IF('Corporate Model'!Z7,Z104*(1+$H$116)/($H$11-$H$116))","v":false},{"$f":"IF('Corporate Model'!AA7,AA104*(1+$H$116)/($H$11-$H$116))","v":false},{"$f":"IF('Corporate Model'!AB7,AB104*(1+$H$116)/($H$11-$H$116))","v":4831400.4235948557},{"$f":"IF('Corporate Model'!AC7,AC104*(1+$H$116)/($H$11-$H$116))","v":false},{"$f":"IF('Corporate Model'!AD7,AD104*(1+$H$116)/($H$11-$H$116))","v":false},{"$f":"IF('Corporate Model'!AE7,AE104*(1+$H$116)/($H$11-$H$116))","v":false}]
[null,"NPV Terminual value",null,null,null,null,null,{"$f":"NPV($H$11,I116:AD116)","v":4557924.9279196747}]
[]
[null,"EBITDA in Terminal Year",null,null,null,null,null,{"$f":"SUMIF('Corporate Model'!$7:$7,TRUE,'Corporate Model'!360:360)","v":529910.66568518616}]
[null,"EV in Terminal Year",null,null,null,null,null,{"$f":"SUMIF('Corporate Model'!$7:$7,TRUE,116:116)","v":4831400.4235948557}]
[null,"Implied EV/EBITDA",null,null,null,null,null,{"$f":"H120/H119","v":9.1173866397796477}]
[]
[null,"Enterprise value",null,null,null,null,null,{"$f":"H110+H117","v":5276578.7209741231}]
[null,null,"Long term debt",null,null,null,null,{"$f":"SUMIF('Corporate Model'!$6:$6,TRUE,'Corporate Model'!628:628)","v":283406}]
[null,null,"Short term debt",null,null,null,null,{"$f":"SUMIF('Corporate Model'!$6:$6,TRUE,'Corporate Model'!629:629)","v":42768}]
[null,null,"Pension obligations",null,null,null,null,{"$f":"SUMIF('Corporate Model'!$6:$6,TRUE,'Corporate Model'!630:630)","v":155263}]
[null,null,"(-/-) Cash",null,null,null,null,{"$f":"SUMIF('Corporate Model'!$6:$6,TRUE,'Corporate Model'!631:631)","v":-7783}]
[null,null,"(-/-) Long term investments",null,null,null,null,{"$f":"SUMIF('Corporate Model'!$6:$6,TRUE,'Corporate Model'!632:632)","v":0},null,null,null,"WACC"]
[null,null,"(-/-) Notes Receivable",null,null,null,null,{"$f":"-SUMIF('Corporate Model'!$6:$6,TRUE,'Corporate Model'!586:586)","v":-102322},null,null,{"$f":"H136","v":36.231297842290054},0.06,{"$f":"L129+0.011","v":7.0999999999999994E-2},{"$f":"M129+0.011","v":8.199999999999999E-2},{"$f":"N129+0.011","v":9.2999999999999985E-2},{"$f":"O129+0.011","v":0.10399999999999998}]
[null,null,"(-/-) Non-associated investments",null,null,null,null,{"$f":"SUMIF('Corporate Model'!$6:$6,TRUE,'Corporate Model'!634:634)","v":0},null,null,0,18.908068791836076,16.010380650280176,13.847141533417808,12.16167332423862,10.805506450899774]
[null,null,"Bridge Equity Value/Enterprise Value",null,null,null,null,{"$f":"SUM(H124:H130)","v":371332},null,null,{"$f":"K130+1%","v":0.01},22.372714601926869,18.410273845909913,15.607632290577762,13.508212698545186,11.868716089839257]
[null,null,null,null,null,null,null,null,null,"growth rate",{"$f":"K131+1%","v":0.02},27.569683317063067,21.751301628061114,17.936023291982867,15.223666969922048,13.185070880907192]
[null,null,"Equity value",null,null,null,null,{"$f":"H123-H131","v":4905246.7209741231},null,null,{"$f":"K132+1%","v":0.03},36.231297842290054,26.722099060042172,21.159949293928399,17.48370989887886,14.85719723712862]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K133+1%","v":0.04},53.554526892744043,34.899862577172314,25.919078153943236,20.596599216121273,17.051863079669246]
[null,null,"Number of shares",null,null,null,null,{"$f":"SUMIF('Corporate Model'!$6:$6,TRUE,'Corporate Model'!102:102)","v":135387},null,null,null,{"$f":"MIN(L130:P134)","v":10.805506450899774}]
[null,null,"Equity value per share",null,null,null,null,{"$f":"H133/H135","v":36.231297842290054},null,null,null,{"$f":"MAX(L130:P134)","v":53.554526892744043}]
[]
[null,"Terminal value using EV/ EBITDA Ratio",null,null,null,null,null,{"$f":"H14","v":9},{"$f":"IF(I4,I99*$H$138*I7)","v":false},false,false,false,false,false,false,false,false,false,false,false,0,0,0,0,0,0,0,4769195.9911666755,false,false,false]
[null,null,"NPV of the terminal value",null,null,null,null,{"$f":"NPV($H$11,I138:AD138)","v":2992252.5662118164}]
[null,null,"Enterprise value ",null,null,null,null,{"$f":"H139+H110","v":3710906.3592662653},null,null,{"$f":"H144","v":24.666876134830268},0.06,{"$f":"L140+0.011","v":7.0999999999999994E-2},{"$f":"M140+0.011","v":8.199999999999999E-2},{"$f":"N140+0.011","v":9.2999999999999985E-2},{"$f":"O140+0.011","v":0.10399999999999998}]
[null,null,"Equity versus EV",null,null,null,null,{"$f":"-H131","v":-371332},null,null,10,27.122595719109913,24.952008836106408,22.967907448786232,21.152413847586971,19.489527459020458]
[null,null,"Equity value",null,null,null,null,{"$f":"SUM(H140:H141)","v":3339574.3592662653},null,null,{"$f":"K141+0.5","v":10.5},28.350455511249734,26.08253321894307,24.009691282981262,22.113216967384052,20.376363047743116]
[null,null,"Number of shares",null,null,null,null,{"$f":"H135","v":135387},null,null,11,29.578315303389562,27.213057601779731,25.051475117176285,23.07402008718114,21.263198636465781]
[null,null,"Equity value per share",null,null,null,null,{"$f":"H142/H143","v":24.666876134830268},null,"EV/EBITDA",11.5,30.806175095529387,28.343581984616396,26.093258951371311,24.034823206978224,22.150034225188442]
[null,null,null,null,null,null,null,null,null,null,12,32.034034887669208,29.474106367453057,27.135042785566334,24.995626326775305,23.036869813911103]
[null,null,null,null,null,null,null,null,null,null,12.5,33.261894679809032,30.604630750289715,28.176826619761364,25.956429446572393,23.923705402633765]
[null,null,null,null,null,null,null,null,null,null,13,34.489754471948849,31.735155133126373,29.218610453956387,26.917232566369474,24.810540991356426]
[null,"Terminal value using value driver growth"]
[null,null,"NOPLAT",null,null,null,"ROIC","Wacc",{"$f":"I94*(1-I95)","v":7302.6590510563674},24150.800836511255,40510.189587870904,47895.460887185996,50600.767793633378,61816.516592030144,73049.600814977442,92130.74448835614,117652.21506858685,130855.09575999115,134103.85737237381,121537.67400477167,142470.90525070412,168686.59498835119,174308.200528863,178743.97294600826,191015.48367463271,228055.23543686143,241386.71597092706,255027.82233461391,269040.42863745562,283485.68941596546,298424.26334647433]
[null,null,"Terminal value",null,null,null,{"$f":"H11+H13","v":0.11},{"$f":"H11","v":0.06},{"$f":"IF('Corporate Model'!I7,I149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":false},{"$f":"IF('Corporate Model'!J7,J149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":false},{"$f":"IF('Corporate Model'!K7,K149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":false},{"$f":"IF('Corporate Model'!L7,L149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":false},{"$f":"IF('Corporate Model'!M7,M149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":false},{"$f":"IF('Corporate Model'!N7,N149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":false},{"$f":"IF('Corporate Model'!O7,O149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":false},{"$f":"IF('Corporate Model'!P7,P149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":false},{"$f":"IF('Corporate Model'!Q7,Q149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":false},{"$f":"IF('Corporate Model'!R7,R149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":false},{"$f":"IF('Corporate Model'!S7,S149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":false},{"$f":"IF('Corporate Model'!T7,T149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":false},{"$f":"IF('Corporate Model'!U7,U149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":false},{"$f":"IF('Corporate Model'!V7,V149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":false},{"$f":"IF('Corporate Model'!W7,W149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":false},{"$f":"IF('Corporate Model'!X7,X149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":false},{"$f":"IF('Corporate Model'!Y7,Y149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":false},{"$f":"IF('Corporate Model'!Z7,Z149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":false},{"$f":"IF('Corporate Model'!AA7,AA149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":false},{"$f":"IF('Corporate Model'!AB7,AB149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":6182492.6626573075},{"$f":"IF('Corporate Model'!AC7,AC149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":false},{"$f":"IF('Corporate Model'!AD7,AD149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":false},{"$f":"IF('Corporate Model'!AE7,AE149*(1-$H$12/ROIC)/(Wacc-$H$12))","v":false}]
[null,null,"NPV of the terminal value",null,null,null,null,{"$f":"NPV($H$11,I150:AD150)","v":5832540.2477899129}]
[null,null,"Enterprise value ",null,null,null,null,{"$f":"H151+H110","v":6551194.0408443613},null,null,{"$f":"H156","v":45.645904265877533},0.06,{"$f":"L152+0.011","v":7.0999999999999994E-2},{"$f":"M152+0.011","v":8.199999999999999E-2},{"$f":"N152+0.011","v":9.2999999999999985E-2},{"$f":"O152+0.011","v":0.10399999999999998}]
[null,null,"Equity versus EV",null,null,null,null,{"$f":"H141","v":-371332},null,null,0,32.183246644138755,27.113618527299817,23.363183544671248,20.467719733022285,18.159022610724627]
[null,null,"Equity value",null,null,null,null,{"$f":"SUM(H152:H153)","v":6179862.0408443613},null,null,{"$f":"K153+1%","v":0.01},34.875778168486505,28.791717521198116,24.480131818018549,21.24838231122504,18.725691819282154]
[null,null,"Number of shares",null,null,null,null,{"$f":"H143","v":135387},null,"value driver",{"$f":"K154+1%","v":0.02},38.914575455008141,31.127894551919276,25.957385985994023,22.24292504783951,19.427282267972419]
[null,null,"Equity value per share",null,null,null,null,{"$f":"H154/H155","v":45.645904265877533},null,null,{"$f":"K155+1%","v":0.03},45.645904265877533,34.603670134211725,28.002814833960041,23.553195637347457,20.318491756849248]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K156+1%","v":0.04},59.108561887616311,40.321881576047694,31.022257419052746,25.357907958745201,21.488204211000081]
[null,null,"EBITDA in Terminal Year",null,null,null,null,{"$f":"H119","v":529910.66568518616}]
[null,null,"EV in Terminal Year",null,null,null,null,{"$f":"SUMIF('Corporate Model'!7:7,TRUE,150:150)","v":6182492.6626573075}]
[null,null,"EV/EBITDA",null,null,null,null,{"$f":"H159/H158","v":11.667047038321465}]
[]
[null,"Terminal Value using Input EV/EBITDA"]
[null,null,"Terminal Value from EV/EBITDA",null,null,null,{"$f":"H15","v":10},{"$f":"NPV(Wacc,I163:AE163)","v":3324725.073568685},{"$f":"IF(I4,$G$163*I99*I7)","v":false},false,false,false,false,false,false,false,false,false,false,false,0,0,0,0,0,0,0,5299106.6568518616,false,false,false]
[null,null,"Nominal Terminal Value",null,null,null,null,{"$f":"SUMIF(7:7,TRUE,163:163)","v":5299106.6568518616}]
[null,null,"Implied EV/EBITDA",null,null,null,null,{"$f":"H164/H158","v":10}]
[null,null,"Enterprise Value",null,null,null,null,{"$f":"H163+H114","v":4064310.530498506}]
[null,null,"Bridge Equity/Enterprise Value",null,null,null,null,{"$f":"H131","v":371332}]
[null,null,"Equity Value",null,null,null,null,{"$f":"H166-H167","v":3692978.530498506}]
[null,null,"Shares",null,null,null,null,{"$f":"H155","v":135387}]
[null,null,"Equity Value per Share",null,null,null,null,{"$f":"H168/H169","v":27.277201876830908}]
[]
["Equity Cash Flow"]
[null,null,"Earnings",null,null,null,null,null,{"$f":"'Corporate Model'!I516","v":-82764},{"$f":"'Corporate Model'!J516","v":-14293},{"$f":"'Corporate Model'!K516","v":-16955},{"$f":"'Corporate Model'!L516","v":14658},{"$f":"'Corporate Model'!M516","v":50774},{"$f":"'Corporate Model'!N516","v":61231},{"$f":"'Corporate Model'!O516","v":81043},{"$f":"'Corporate Model'!P516","v":94615},{"$f":"'Corporate Model'!Q516","v":119233},{"$f":"'Corporate Model'!R516","v":130297},{"$f":"'Corporate Model'!S516","v":137047},{"$f":"'Corporate Model'!T516","v":123428},{"$f":"'Corporate Model'!U516","v":136121},{"$f":"'Corporate Model'!V516","v":161780.65171583963},{"$f":"'Corporate Model'!W516","v":166996.82077309626},{"$f":"'Corporate Model'!X516","v":170779.89439315081},{"$f":"'Corporate Model'!Y516","v":181885.90032528111},{"$f":"'Corporate Model'!Z516","v":217632.16776680242},{"$f":"'Corporate Model'!AA516","v":229780.85370312014},{"$f":"'Corporate Model'!AB516","v":242283.05059647502},{"$f":"'Corporate Model'!AC516","v":255226.65992301254},{"$f":"'Corporate Model'!AD516","v":268698.73005297361},{"$f":"'Corporate Model'!AE516","v":282785.77286587178}]
[null,null,"Shares",null,null,null,null,null,{"$f":"'Corporate Model'!I518","v":30036},{"$f":"'Corporate Model'!J518","v":44697},{"$f":"'Corporate Model'!K518","v":44754},{"$f":"'Corporate Model'!L518","v":67440},{"$f":"'Corporate Model'!M518","v":65750},{"$f":"'Corporate Model'!N518","v":92687},{"$f":"'Corporate Model'!O518","v":91233},{"$f":"'Corporate Model'!P518","v":91505},{"$f":"'Corporate Model'!Q518","v":92432},{"$f":"'Corporate Model'!R518","v":138300},{"$f":"'Corporate Model'!S518","v":137129},{"$f":"'Corporate Model'!T518","v":135387},{"$f":"'Corporate Model'!U518","v":136670},{"$f":"'Corporate Model'!V518","v":136670},{"$f":"'Corporate Model'!W518","v":136670},{"$f":"'Corporate Model'!X518","v":136670},{"$f":"'Corporate Model'!Y518","v":136670},{"$f":"'Corporate Model'!Z518","v":136670},{"$f":"'Corporate Model'!AA518","v":136670},{"$f":"'Corporate Model'!AB518","v":136670},{"$f":"'Corporate Model'!AC518","v":136670},{"$f":"'Corporate Model'!AD518","v":136670},{"$f":"'Corporate Model'!AE518","v":136670}]
[null,null,"Earnings Per Share",null,null,null,null,null,{"$f":"I173/I174","v":-2.7554934079105076},{"$f":"J173/J174","v":-0.31977537642347359},-0.37884881798275016,0.21734875444839857,0.77222813688212932,0.66062123059328703,0.88830795874299873,1.0339872138134527,1.2899536956898043,0.94213304410701371,0.99940202291273184,0.91166803311987121,0.99598302480427303,1.1837319947013949,1.2218981544823024,1.2495785058399855,1.3308399818927423,1.5923916570337486,1.6812823128932475,1.7727595712041782,1.8674665978123404,1.9660403164774538,2.0691137255130738]
[null,null,"Dividends",null,null,null,null,null,{"$f":"'Corporate Model'!I533","v":0},{"$f":"'Corporate Model'!J533","v":0},{"$f":"'Corporate Model'!K533","v":0},{"$f":"'Corporate Model'!L533","v":4182.7653965608661},{"$f":"'Corporate Model'!M533","v":19432.798709915223},{"$f":"'Corporate Model'!N533","v":23039.797830029591},{"$f":"'Corporate Model'!O533","v":31380.351789529916},{"$f":"'Corporate Model'!P533","v":42120},{"$f":"'Corporate Model'!Q533","v":53222},{"$f":"'Corporate Model'!R533","v":62170},{"$f":"'Corporate Model'!S533","v":70882},{"$f":"'Corporate Model'!T533","v":79081},{"$f":"'Corporate Model'!U533","v":86489},{"$f":"'Corporate Model'!V533","v":113246.45620108774},{"$f":"'Corporate Model'!W533","v":116897.77454116737},{"$f":"'Corporate Model'!X533","v":119545.92607520556},{"$f":"'Corporate Model'!Y533","v":127320.13022769676},{"$f":"'Corporate Model'!Z533","v":152342.51743676167},{"$f":"'Corporate Model'!AA533","v":160846.59759218409},{"$f":"'Corporate Model'!AB533","v":169598.1354175325},{"$f":"'Corporate Model'!AC533","v":178658.66194610877},{"$f":"'Corporate Model'!AD533","v":188089.11103708151},{"$f":"'Corporate Model'!AE533","v":197950.04100611023}]
[null,null,"Dividends per Share",null,null,null,null,null,{"$f":"I176/I174","v":0},{"$f":"J176/J174","v":0},0,6.2022025453156375E-2,0.29555587391506044,0.24857636809940542,0.343958346097683,0.46030271569859571,0.57579626103513937,0.449530007230658,0.51690014511882976,0.58411073441320072,0.63283090656325458,0.82861239629097638,0.85532870813761153,0.87470495408798976,0.93158798732491965,1.1146741599236238,1.1768976190252731,1.2409316998429245,1.3072266184686381,1.3762282215342176,1.4483796078591515]
[null,null,"Return on Equity",null,null,null,null,null,{"$f":"'Corporate Model'!I647","v":-0.16471758945985751},{"$f":"'Corporate Model'!J647","v":-2.5430189743411824E-2},{"$f":"'Corporate Model'!K647","v":-2.7917897834160606E-2},{"$f":"'Corporate Model'!L647","v":2.504256193369991E-2},{"$f":"'Corporate Model'!M647","v":8.850362736929443E-2},{"$f":"'Corporate Model'!N647","v":0.11316984995952345},{"$f":"'Corporate Model'!O647","v":0.15074486111860302},{"$f":"'Corporate Model'!P647","v":0.15522386590521689},{"$f":"'Corporate Model'!Q647","v":0.18472361871327272},{"$f":"'Corporate Model'!R647","v":0.19293769582960676},{"$f":"'Corporate Model'!S647","v":0.1813108778985735},{"$f":"'Corporate Model'!T647","v":0.15877454883653919},{"$f":"'Corporate Model'!U647","v":0.16830119906923147},{"$f":"'Corporate Model'!V647","v":0.18324047562454943},{"$f":"'Corporate Model'!W647","v":0.17914198091635211},{"$f":"'Corporate Model'!X647","v":0.17375630056937358},{"$f":"'Corporate Model'!Y647","v":0.17560451028986734},{"$f":"'Corporate Model'!Z647","v":0.19862426182537299},{"$f":"'Corporate Model'!AA647","v":0.19760829492014489},{"$f":"'Corporate Model'!AB647","v":0.19640017136326365},{"$f":"'Corporate Model'!AC647","v":0.19509075417836558},{"$f":"'Corporate Model'!AD647","v":0.19374965713827699},{"$f":"'Corporate Model'!AE647","v":0.19242922736603335}]
[]
[null,null,"Dividend Per Share over Explict Period",null,null,null,null,null,{"$f":"IF(I4,I177)","v":false},false,false,false,false,false,false,false,false,false,false,false,0.63283090656325458,0.82861239629097638,0.85532870813761153,0.87470495408798976,0.93158798732491965,1.1146741599236238,1.1768976190252731,1.2409316998429245,false,false,false]
[null,null,"NPV of Dividends",null,null,null,{"$f":"H37","v":0.08},{"$f":"NPV(G181,I180:AE180)","v":5.3118800485835935}]
[]
[null,null,"Growth Rate Method"]
[null,null,null,"Stable Dividend Payout Ratio",null,null,null,null,{"$f":"1-$G$186/I178","v":1.1821299115557489},{"$f":"1-$G$186/J178","v":2.1797002028965227},2.0745794750810971,-0.19796049938600091,0.66103084255721434,0.7349117277196191,0.80098824081043396,0.80673075093801194,0.83759521273472948,0.84450939008572723,0.83453833356439766,0.81105284052240978,0.82174815054253203,0.83628071310255436,0.83253506606021022,0.82734439038069718,0.82916156338764013,0.84896104975143727,0.84818451061417621,0.84725064244210002,0.84622541377551952,0.84516101631813811,0.84409852697202359]
[null,null,null,"Stable Dividend Per Share",null,null,null,null,{"$f":"I184*I175","v":-3.2573511785856972},{"$f":"J184*J175","v":-0.69701445287155728},-0.78595198194574789,-4.3026467971530272E-2,0.51046661596958176,0.48549828994357347,0.71152422917146207,0.83414928146002942,1.0804590401592522,0.79564020245842371,0.83403929876247918,0.73941094787534989,0.81844720860466813,0.98993223665119168,1.0172730607607725,1.0338317671470052,1.1034813600049649,1.3518784927708019,1.4260376157656294,1.5019716855981218,1.5802976944457094,1.6616206319965188,1.7465358478431816]
[null,null,null,"Terminal Value",null,null,{"$f":"H38","v":0.03},null,{"$f":"IF(I4,I185*(1+$G$186)/($G$181-$G$186)*I7)","v":false},false,false,false,false,false,false,false,false,false,false,false,0,0,0,0,0,0,0,30.940616723321305,false,false,false]
[null,null,null,"NPV of Terminal Value",null,null,{"$f":"G181","v":0.08},{"$f":"NPV(G187,I186:AE186)","v":16.716252482911976}]
[]
[null,null,null,"Total Equity Value",null,null,null,{"$f":"H187+H181","v":22.028132531495569}]
[]
[null,null,"Value Driver Method"]
[null,null,null,"Cost of Equity",null,null,{"$f":"H37","v":0.08}]
[null,null,null,"Spread COE/ROE",null,null,{"$f":"H39","v":0.04}]
[null,null,null,"Total Long-term Return",null,null,{"$f":"SUM(G192:G193)","v":0.12}]
[]
[null,null,null,"Terminal Value",null,null,{"$f":"G192","v":0.08},{"$f":"NPV(G196,I196:AE196)","v":14.366502540370233},{"$f":"IF(I4,(1-$G$186/$G$194)/($G$192-$G$186)*I175*I7)","v":false},false,false,false,false,false,false,false,false,false,false,false,0,0,0,0,0,0,0,26.591393568062671,false,false,false]
[null,null,null,"Total Value",null,null,null,{"$f":"H196+H181","v":19.678382588953827}]
[]
[null,null,"Terminal Value from P/E",null,null,null,{"$f":"H40","v":13},{"$f":"NPV(G187,I199:AE199)","v":12.450968868320867},{"$f":"IF(I4,$G$199*I175*I7)","v":false},false,false,false,false,false,false,false,false,false,false,false,0,0,0,0,0,0,0,23.045874425654315,false,false,false]
[null,null,"Total Equity Value",null,null,null,null,{"$f":"H181+H199","v":17.76284891690446}]
[]
[null,null,"Terminal Value from Input P/E",null,null,null,{"$f":"H42","v":12},{"$f":"NPV(G196,I202:AE202)","v":11.493202032296185},{"$f":"IF(I4,$G$202*I7*I175)","v":false},false,false,false,false,false,false,false,false,false,false,false,0,0,0,0,0,0,0,21.273114854450139,false,false,false]
[null,null,"Total Equity Value",null,null,null,null,{"$f":"H202+H181","v":16.805082080879778}]

{"sheet":"SG&A Analysis","index":7,"n_rows":12,"n_cols":33,"rows_kept":12,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,"Year",1,{"$f":"E2+1","v":2},{"$f":"F2+1","v":3},4,5,6,7,8,9,10,11,12,13]
[null,null,null,"Revenues",{"$f":"'Corporate Model'!I82","v":1568934},{"$f":"'Corporate Model'!J82","v":1299490},{"$f":"'Corporate Model'!K82","v":1328607},{"$f":"'Corporate Model'!L82","v":1452995},{"$f":"'Corporate Model'!M82","v":1551308},{"$f":"'Corporate Model'!N82","v":1715869},{"$f":"'Corporate Model'!O82","v":1888654},{"$f":"'Corporate Model'!P82","v":2036674},{"$f":"'Corporate Model'!Q82","v":2414892},{"$f":"'Corporate Model'!R82","v":2600849},{"$f":"'Corporate Model'!S82","v":2573769},{"$f":"'Corporate Model'!T82","v":2773356},{"$f":"'Corporate Model'!U82","v":3046491},{"$f":"'Corporate Model'!V82","v":0},{"$f":"'Corporate Model'!W82","v":0},{"$f":"'Corporate Model'!X82","v":0},{"$f":"'Corporate Model'!Y82","v":0},{"$f":"'Corporate Model'!Z82","v":0},{"$f":"'Corporate Model'!AA82","v":0},{"$f":"'Corporate Model'!AB82","v":0},{"$f":"'Corporate Model'!AC82","v":0},{"$f":"'Corporate Model'!AD82","v":0},{"$f":"'Corporate Model'!AE82","v":0},{"$f":"'Corporate Model'!AF82","v":0},{"$f":"'Corporate Model'!AG82","v":0},{"$f":"'Corporate Model'!AH82","v":0},{"$f":"'Corporate Model'!AI82","v":0},{"$f":"'Corporate Model'!AJ82","v":0},{"$f":"'Corporate Model'!AK82","v":0}]
[null,null,null,"SG&A Costs",{"$f":"'Corporate Model'!I84","v":591489},{"$f":"'Corporate Model'!J84","v":557957},{"$f":"'Corporate Model'!K84","v":554078},{"$f":"'Corporate Model'!L84","v":601013},{"$f":"'Corporate Model'!M84","v":632895},{"$f":"'Corporate Model'!N84","v":695656},{"$f":"'Corporate Model'!O84","v":759387},{"$f":"'Corporate Model'!P84","v":787821},{"$f":"'Corporate Model'!Q84","v":894800},{"$f":"'Corporate Model'!R84","v":926418},{"$f":"'Corporate Model'!S84","v":935999},{"$f":"'Corporate Model'!T84","v":1016491},{"$f":"'Corporate Model'!U84","v":1107480},{"$f":"'Corporate Model'!V84","v":0},{"$f":"'Corporate Model'!W84","v":0},{"$f":"'Corporate Model'!X84","v":0},{"$f":"'Corporate Model'!Y84","v":0},{"$f":"'Corporate Model'!Z84","v":0},{"$f":"'Corporate Model'!AA84","v":0},{"$f":"'Corporate Model'!AB84","v":0},{"$f":"'Corporate Model'!AC84","v":0},{"$f":"'Corporate Model'!AD84","v":0},{"$f":"'Corporate Model'!AE84","v":0},{"$f":"'Corporate Model'!AF84","v":0},{"$f":"'Corporate Model'!AG84","v":0},{"$f":"'Corporate Model'!AH84","v":0},{"$f":"'Corporate Model'!AI84","v":0},{"$f":"'Corporate Model'!AJ84","v":0},{"$f":"'Corporate Model'!AK84","v":0}]
[null,null,null,"SG&A Cost",{"$f":"$G$9+$F$9*E2+$E$9*E3","v":593823.40604287176},{"$f":"$G$9+$F$9*F2+$E$9*F3","v":543435.88856394659},562732.43137487071,604265.20097989822,639712.07231938594,690621.20974882494,743449.82665422943,790498.29895575694,891274.92500342918,947177.88330686581,953358.06083194015,1012442.2576151202,1088692.5386028606]
[]
[]
[null,null,null,null,"Sales","Trend","Constant"]
[null,null,null,"Constant",{"$f":"LINEST(E4:Q4,E2:Q3,,TRUE)","v":0.23339974172731698},12500.642531049987,215133.97312461538]
[null,null,null,"Standard Deviation",2.2225807148284545E-2,3405.5665213394454,23384.55878439347]
[null,null,null,"R 2",0.99582416042328303,13224.477519513704,{"$error":"#N/A"}]
[null,null,null,null,1192.3640050442182,10,{"$error":"#N/A"}]

{"sheet":"Acquisition","index":8,"n_rows":233,"n_cols":18,"rows_kept":233,"cut":false,"hidden":false,"merged":[]}
["Transaction date",null,null,null,null,2012,null,"Col Number",{"$f":"MATCH(F1,'Corporate Model'!2:2)","v":21}]
[null,null,"Period",null,null,0,{"$f":"F2+1","v":1},{"$f":"G2+1","v":2},3,4,5,6,7,8,9,10,11,12]
[null,null,"Exit period",null,null,{"$f":"F2=$F$17","v":false},false,false,false,false,false,false,false,false,false,true,false,false]
[null,null,"Holding period",null,null,null,{"$f":"G2<=$F$17","v":true},true,true,true,true,true,true,true,true,true,false,false]
[null,null,"Year",null,null,{"$f":"F1","v":2012},{"$f":"F5+1","v":2013},{"$f":"G5+1","v":2014},2015,2016,2017,2018,2019,2020,2021,2022,2023,2024]
[null,null,"Date for XIRR",null,null,{"$f":"DATE(F5,12,31)","v":"2012-12-31"},{"$f":"DATE(G5,7,1)","v":"2013-07-01"},{"$f":"DATE(H5,7,1)","v":"2014-07-01"},"2015-07-01","2016-07-01","2017-07-01","2018-07-01","2019-07-01","2020-07-01","2021-07-01","2022-07-01","2023-07-01","2024-07-01"]
[null,null,"Column Number",null,null,{"$f":"MATCH(F5,'Corporate Model'!2:2)","v":21},{"$f":"MATCH(G5,'Corporate Model'!2:2)","v":22},{"$f":"MATCH(H5,'Corporate Model'!2:2)","v":23},{"$f":"MATCH(I5,'Corporate Model'!2:2)","v":24},{"$f":"MATCH(J5,'Corporate Model'!2:2)","v":25},{"$f":"MATCH(K5,'Corporate Model'!2:2)","v":26},{"$f":"MATCH(L5,'Corporate Model'!2:2)","v":27},{"$f":"MATCH(M5,'Corporate Model'!2:2)","v":28},{"$f":"MATCH(N5,'Corporate Model'!2:2)","v":29},{"$f":"MATCH(O5,'Corporate Model'!2:2)","v":31},{"$f":"MATCH(P5,'Corporate Model'!2:2)","v":31},{"$f":"MATCH(Q5,'Corporate Model'!2:2)","v":31},{"$f":"MATCH(R5,'Corporate Model'!2:2)","v":31}]
[]
["Transaction assumptions"]
[null,null,null,"Current stock price",null,{"$f":"INDEX('Corporate Model'!617:617,$I$1)","v":20.404883720930226}]
[null,null,null,"Number of shares",null,{"$f":"INDEX('Corporate Model'!102:102,$I$1)","v":136670}]
[]
[null,null,null,"Marketcap",null,{"$f":"F11*F10","v":2788735.4581395341}]
[null,null,null,"Premium",null,{"$f":"G14/100","v":0.2},20]
[null,null,null,"Consideration",null,{"$f":"(1+F14)*F13","v":3346482.5497674407}]
[]
[null,null,null,"Holding period",null,10]
[null,null,null,"Euribor",null,0.01]
[]
[null,null,null,"Net Income",null,{"$f":"INDEX('Corporate Model'!96:96,Acquisition!F7)","v":136121}]
[null,null,null,"Implied P/E Ratio",null,{"$f":"F15/F20","v":24.584616258824433}]
[]
[null,null,null,"EXIT EV/ EBITDA multiple",null,9]
[]
["Financing"]
[null,null,"Existing Debt"]
[null,null,null,"Existing debt",null,{"$f":"INDEX('Corporate Model'!56:56,$I$1)","v":535016}]
[null,null,null,"Retirement of existing debt",null,200000]
[]
[null,null,"New Amortisisng Debt"]
[null,null,null,"New Amortizing debt issue",null,{"$f":"H31*1000","v":500000},null,500]
[null,null,null,"Credit spread",null,0.03]
[null,null,null,"Term of the debt",null,5]
[null,null,null,"EBITDA",null,{"$f":"INDEX('Corporate Model'!687:687,$I$1)","v":321201}]
[null,null,null,"Amortizing debt/EBITDA",null,{"$f":"(F27-F28+F31)/F34","v":2.5996681205849295}]
[]
[null,null,null,"Bullet debt",null,{"$f":"H37*1000","v":800000},null,800]
[null,null,null,"Credit spread",null,4.4999999999999998E-2]
[]
[null,null,null,"Subordinated debt",null,{"$f":"H40*1000","v":700000},null,700]
[null,null,null,"Credit spread",null,0.1]
[null,null,null,"Capitalizing",null,true]
[]
[null,null,null,"Management incentive"]
[]
[null,null,null,"Revolver",null,500000]
[null,null,null,"Credit spread",null,4.4999999999999998E-2]
[]
[null,null,null,"Banking fees",null,1.4999999999999999E-2]
[null,null,null,"Advisory fees",null,0.01]
[]
["Sources and uses of funds"]
[null,"Uses of funds"]
[null,null,"Repay existing debt",null,null,{"$f":"F28","v":200000}]
[null,null,"Consideration",null,null,{"$f":"F15","v":3346482.5497674407}]
[null,null,"Banking fees",null,null,{"$f":"F49*SUM(F61:F63)","v":30000}]
[null,null,"Advisory fees",null,null,{"$f":"F50*F15","v":33464.825497674407}]
[null,null,null,"Total",null,{"$f":"SUM(F54:F57)","v":3609947.3752651149}]
[]
[null,"Sources of funds"]
[null,null,"New amortizing debt",null,null,{"$f":"F31","v":500000}]
[null,null,"Bullet debt",null,null,{"$f":"F37","v":800000}]
[null,null,"Subordinated debt",null,null,{"$f":"F40","v":700000}]
[null,null,"Equity",null,null,{"$f":"-SUM(F61:F63)+F58","v":1609947.3752651149}]
[null,null,null,"Total",null,{"$f":"SUM(F61:F64)","v":3609947.3752651149}]
[null,null,null,null,null,{"$f":"F65=F58","v":true}]
[]
["Synergies & capex"]
[]
[null,null,"Added Capital Expendtirues",null,{"$f":"F1+1","v":2013},200000]
[null,null,null,null,{"$f":"E70+1","v":2014},200000]
[null,null,null,null,{"$f":"E71+1","v":2015},100000]
[null,null,null,null,{"$f":"E72+1","v":2016},0]
[null,null,null,null,{"$f":"E73+1","v":2017},0]
[]
[]
[null,null,"Synergies",null,{"$f":"E70","v":2013},0]
[null,null,null,null,{"$f":"E71","v":2014},20000]
[null,null,null,null,{"$f":"E72","v":2015},200000]
[null,null,null,null,{"$f":"E73","v":2016},250000]
[null,null,null,null,{"$f":"E74","v":2017},250000]
[]
[null,null,"Synergy Sensitivity",null,null,{"$f":"H83/100","v":1},null,100]
[]
[null,null,"Capital Expenditure Sensitivity",null,null,{"$f":"H85/100","v":1},null,100]
[]
[]
["Debt schedule"]
[]
[null,null,"Existing debt"]
[null,null,null,"Opening balance",null,null,{"$f":"F94","v":335016},{"$f":"G94","v":268012.79999999999},201009.59999999998,134006.39999999997,67003.199999999968,0,0,0,0,{"$f":"O94","v":0},{"$f":"P94","v":0},{"$f":"Q94","v":0}]
[null,null,null,"Less: repayments",{"$f":"F33","v":5},null,{"$f":"MIN($F$94/$E$92,G91)","v":67003.199999999997},67003.199999999997,67003.199999999997,67003.199999999997,67003.199999999968,0,0,0,0,0,0,0]
[null,null,null,"Less: Repayment at exit",null,null,{"$f":"LOOKUP(G5,$E$77:$E$81,$F$77:$F$81)","v":0},{"$f":"(H91-H92)*H3","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing balance",null,{"$f":"F27-F28","v":335016},{"$f":"G91-G92-G93","v":268012.79999999999},{"$f":"H91-H92-H93","v":201009.59999999998},134006.39999999997,67003.199999999968,0,0,0,0,0,0,0,0]
[null,null,null,"Interest rate",null,{"$f":"$F$18+$F$32","v":0.04},0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[null,null,null,"Interest expense",null,null,{"$f":"AVERAGE(G91,G94)*G95","v":12060.576000000001},9380.4480000000003,6700.3199999999988,4020.1919999999986,1340.0639999999994,0,{"$f":"AVERAGE(M91,M94)*M95","v":0},0,0,0,0,0]
[]
[null,null,"Amortizing debt"]
[null,null,null,"Opening balance",null,null,{"$f":"F102","v":500000},{"$f":"G102","v":400000},320000,256000,204800,163840,131072,104857.60000000001,83886.080000000002,67108.864000000001,0,0]
[null,null,null,"Less: repayments",5,null,{"$f":"MIN(G99,F102/$E$100)","v":100000},80000,64000,51200,40960,32768,26214.400000000001,20971.52,16777.216,13421.772800000001,0,0]
[null,null,null,"Less: Repayment at exit",null,null,{"$f":"(G99-G100)*G3","v":0},0,0,0,0,0,0,0,0,53687.091200000003,0,0]
[null,null,null,"Closing balance",null,{"$f":"F61","v":500000},{"$f":"G99-G100-G101","v":400000},{"$f":"H99-H100-H101","v":320000},256000,204800,163840,131072,104857.60000000001,83886.080000000002,67108.864000000001,0,0,0]
[null,null,null,"Interest rate",null,{"$f":"$F$18+$F$32","v":0.04},0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[null,null,null,"Interest expense",null,null,{"$f":"AVERAGE(G99,G102)*G103","v":18000},14400,11520,9216,7372.8,5898.24,4718.5920000000006,3774.8735999999999,3019.8988800000002,1342.1772800000001,0,0]
[]
[null,null,"Bullet debt"]
[null,null,null,"Opening balance",null,null,{"$f":"F110","v":800000},{"$f":"G110","v":800000},800000,800000,800000,659829.35371927754,238289.37070806237,0,0,0,0,0]
[null,null,null,"Less: repayments",null,null,{"$f":"(G107)*G3","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less early repayments (cash flow sweep)",null,null,{"$f":"G163","v":0},{"$f":"H163","v":0},0,0,140170.64628072246,421539.98301121517,238289.37070806237,0,0,0,0,0]
[null,null,null,"Closing balance",null,{"$f":"F62","v":800000},{"$f":"G107-G109-G108","v":800000},800000,800000,800000,659829.35371927754,238289.37070806237,0,0,0,0,0,0]
[null,null,null,"Interest rate",null,{"$f":"$F$18+$F$38","v":5.5E-2},5.5E-2,5.5E-2,5.5E-2,5.5E-2,5.5E-2,5.5E-2,5.5E-2,5.5E-2,5.5E-2,5.5E-2,5.5E-2,5.5E-2]
[null,null,null,"Interest expense",null,null,{"$f":"G111*G107","v":44000},44000,44000,44000,44000,36290.614454560266,13105.915388943431,0,0,0,0,0]
[]
[null,null,"Subordinated debt"]
[null,null,null,"Opening balance",null,null,{"$f":"F118","v":700000},{"$f":"G118","v":777000},862470,957341.7,1062649.287,1179540.70857,1309290.1865127,1220214.2559699407,843414.44984012027,375029.62121547235,0,0]
[null,null,null,"Add capitalized interest",null,null,{"$f":"$F$42*G120","v":77000},{"$f":"$F$42*H120","v":85470},94871.7,105307.587,116891.42157000001,129749.4779427,144021.92051639702,134223.56815669348,92775.589482413227,41253.258333701961,0,0]
[null,null,null,"Less: repayments",null,null,{"$f":"G169","v":0},{"$f":"H169","v":0},0,0,0,0,233097.85105915653,511023.37428651407,561160.41810706118,416282.87954917434,0,0]
[null,null,null,"Closing balance",null,{"$f":"F63","v":700000},{"$f":"G115+G116-G117","v":777000},{"$f":"H115+H116-H117","v":862470},957341.7,1062649.287,1179540.70857,1309290.1865127,1220214.2559699407,843414.44984012027,375029.62121547235,0,0,0]
[null,null,null,"Interest rate",null,{"$f":"$F$18+$F$41","v":0.11},0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11]
[null,null,null,"Interest expense",null,null,{"$f":"G119*G115","v":77000},{"$f":"H119*H115","v":85470},94871.7,105307.587,116891.42157000001,129749.4779427,144021.92051639702,134223.56815669348,92775.589482413227,41253.258333701961,0,0]
[]
[null,null,"Revolver"]
[null,null,null,"Commitment",null,{"$f":"$F$46","v":500000},{"$f":"$F$46","v":500000},500000,500000,500000,500000,500000,500000,500000,500000,500000,500000,500000]
[null,null,null,"remaining amount",null,{"$f":"F127","v":0},{"$f":"G127","v":0},246060.68422393256,457714.76610089734,397286.95450769603,168790.78449115879,0,0,0,0,0,0,0]
[null,null,null,"available amount",null,null,{"$f":"G123-G124","v":500000},{"$f":"H123-H124","v":253939.31577606744},42285.233899102663,102713.04549230397,331209.21550884121,500000,500000,500000,500000,500000,500000,500000]
[]
[null,null,null,"Opening balance",null,null,{"$f":"F130","v":0},{"$f":"G130","v":246060.68422393256},457714.76610089734,397286.95450769603,168790.78449115879,0,0,0,0,0,0,0]
[null,null,null,"Add new borrowings",null,null,{"$f":"G165","v":246060.68422393256},{"$f":"H165","v":211654.08187696474},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: repayments",null,null,{"$f":"G161","v":0},{"$f":"H161","v":0},60427.811593201302,228496.17001653725,168790.78449115879,0,0,0,0,0,0,0]
[null,null,null,"Closing balance",null,0,{"$f":"G127+G128-G129","v":246060.68422393256},{"$f":"H127+H128-H129","v":457714.76610089734},397286.95450769603,168790.78449115879,0,0,0,0,0,0,0,0]
[null,null,null,"Interest rate",null,{"$f":"$F$18+$F$47","v":5.5E-2},{"$f":"$F$18+$F$47","v":5.5E-2},{"$f":"$F$18+$F$47","v":5.5E-2},5.5E-2,5.5E-2,5.5E-2,5.5E-2,5.5E-2,5.5E-2,5.5E-2,5.5E-2,5.5E-2,5.5E-2]
[null,null,null,"Interest expense",null,null,{"$f":"G131*G127","v":0},{"$f":"H131*H127","v":13533.33763231629},25174.312135549353,21850.782497923283,9283.4931470137326,0,0,0,0,0,0,0]
[]
[null,null,"Default to debt"]
[null,null,null,"Opening balance",null,null,{"$f":"F138","v":0},{"$f":"G138","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"add default",null,null,{"$f":"G167","v":0},{"$f":"H167","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"minus repayment of revolver",null,null,{"$f":"G152","v":0},{"$f":"H152","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"closing balance",null,{"$f":"F130","v":0},{"$f":"G135+G136-G137","v":0},{"$f":"H135+H136-H137","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"default interest",null,null,{"$f":"G135*G131","v":0},{"$f":"H135*H131","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[]
["Cash flow statement"]
[null,null,"EBITDA",null,null,null,{"$f":"INDEX('Corporate Model'!360:360,Acquisition!G$7)*G4","v":366697.61673735967},{"$f":"INDEX('Corporate Model'!360:360,Acquisition!H$7)*H4","v":375245.2218336435},{"$f":"INDEX('Corporate Model'!360:360,Acquisition!I$7)*I4","v":384005.55022941902},{"$f":"INDEX('Corporate Model'!360:360,Acquisition!J$7)*J4","v":407466.64887165604},{"$f":"INDEX('Corporate Model'!360:360,Acquisition!K$7)*K4","v":471058.40759134246},{"$f":"INDEX('Corporate Model'!360:360,Acquisition!L$7)*L4","v":499561.94264266128},{"$f":"INDEX('Corporate Model'!360:360,Acquisition!M$7)*M4","v":529910.66568518616},{"$f":"INDEX('Corporate Model'!360:360,Acquisition!N$7)*N4","v":562187.6101785223},{"$f":"INDEX('Corporate Model'!360:360,Acquisition!O$7)*O4","v":632877.14802721096},{"$f":"INDEX('Corporate Model'!360:360,Acquisition!P$7)*P4","v":632877.14802721096},{"$f":"INDEX('Corporate Model'!360:360,Acquisition!Q$7)*Q4","v":0},{"$f":"INDEX('Corporate Model'!360:360,Acquisition!R$7)*R4","v":0}]
[null,null,null,"Synergies",null,null,{"$f":"LOOKUP(G5,$E$77:$E$81,$F$77:$F$81)*G4*$F$83","v":0},20000,200000,250000,250000,250000,250000,250000,250000,250000,0,0]
[null,null,null,"Less working capital changes",null,null,{"$f":"INDEX('Corporate Model'!395:395,Acquisition!G$7)*G4","v":11753.747461292194},{"$f":"INDEX('Corporate Model'!395:395,Acquisition!H$7)*H4","v":10644.501703291899},{"$f":"INDEX('Corporate Model'!395:395,Acquisition!I$7)*I4","v":11211.728587543417},{"$f":"INDEX('Corporate Model'!395:395,Acquisition!J$7)*J4","v":10556.581536232901},{"$f":"INDEX('Corporate Model'!395:395,Acquisition!K$7)*K4","v":11063.129324541602},{"$f":"INDEX('Corporate Model'!395:395,Acquisition!L$7)*L4","v":11592.471763324284},{"$f":"INDEX('Corporate Model'!395:395,Acquisition!M$7)*M4","v":12145.634611852001},{"$f":"INDEX('Corporate Model'!395:395,Acquisition!N$7)*N4","v":12723.689788563643},{"$f":"INDEX('Corporate Model'!395:395,Acquisition!O$7)*O4","v":13959.008152575698},{"$f":"INDEX('Corporate Model'!395:395,Acquisition!P$7)*P4","v":13959.008152575698},{"$f":"INDEX('Corporate Model'!395:395,Acquisition!Q$7)*Q4","v":0},{"$f":"INDEX('Corporate Model'!395:395,Acquisition!R$7)*R4","v":0}]
[null,null,null,"Less: income taxes"]
[null,null,"Operating cash flow",null,null,null,{"$f":"G143+G144-G145-G146","v":354943.86927606747},{"$f":"H143+H144-H145-H146","v":384600.7201303516},572793.82164187566,646910.06733542308,709995.2782668008,737969.47087933705,767765.03107333416,799463.92038995866,868918.13987463526,868918.13987463526,0,0]
[null,null,null,"Less: Existing Capital Expenditures",null,null,{"$f":"INDEX('Corporate Model'!364:364,Acquisition!G7)*Acquisition!G4","v":159940.77750000003},{"$f":"INDEX('Corporate Model'!364:364,Acquisition!H7)*Acquisition!H4","v":167937.81637500005},{"$f":"INDEX('Corporate Model'!364:364,Acquisition!I7)*Acquisition!I4","v":193968.17791312505},{"$f":"INDEX('Corporate Model'!364:364,Acquisition!J7)*Acquisition!J4","v":221123.72282096255},{"$f":"INDEX('Corporate Model'!364:364,Acquisition!K7)*Acquisition!K4","v":231074.29034790586},{"$f":"INDEX('Corporate Model'!364:364,Acquisition!L7)*Acquisition!L4","v":241472.63341356159},{"$f":"INDEX('Corporate Model'!364:364,Acquisition!M7)*Acquisition!M4","v":252338.90191717184},{"$f":"INDEX('Corporate Model'!364:364,Acquisition!N7)*Acquisition!N4","v":263694.15250344458},{"$f":"INDEX('Corporate Model'!364:364,Acquisition!O7)*Acquisition!O4","v":287960.60688757402},{"$f":"INDEX('Corporate Model'!364:364,Acquisition!P7)*Acquisition!P4","v":287960.60688757402},{"$f":"INDEX('Corporate Model'!364:364,Acquisition!Q7)*Acquisition!Q4","v":0},{"$f":"INDEX('Corporate Model'!364:364,Acquisition!R7)*Acquisition!R4","v":0}]
[null,null,null,"Less: New Capital Expenditures",null,null,{"$f":"LOOKUP(G5,$E$70:$E$74,$F$70:$F$74)*G4*$F$85","v":200000},200000,100000,0,0,0,0,0,0,0,0,0]
[null,null,null,"Add: Exit Proceeds",null,null,{"$f":"(G143+G144)*$F$23*G3","v":0},0,0,0,0,0,0,0,0,7945894.3322448991,0,0]
[null,null,"CF before financing",null,null,null,{"$f":"G147-G148-G149+G150","v":-4996.9082239325508},{"$f":"H147-H148-H149+H150","v":16662.903755351552},278825.64372875064,425786.34451446054,478920.98791889497,496496.83746577543,515426.12915616232,535769.76788651408,580957.53298706119,8526851.865231961,0,0]
[null,null,null,"Less repayment of the default",null,null,{"$f":"MIN(G135,MAX(G151,0))","v":0},{"$f":"MIN(H135,MAX(H151,0))","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less repayments of existing debt",null,null,{"$f":"G92+G93","v":67003.199999999997},{"$f":"H92+H93","v":67003.199999999997},67003.199999999997,67003.199999999997,67003.199999999968,0,0,0,0,0,0,0]
[null,null,null,"Less repayments of amortising debt",null,null,{"$f":"G100+G101","v":100000},{"$f":"H100+H101","v":80000},64000,51200,40960,32768,26214.400000000001,20971.52,16777.216,67108.864000000001,0,0]
[null,null,null,"Less interest on existing debt+default",null,null,{"$f":"G96+G139","v":12060.576000000001},{"$f":"H96+H139","v":9380.4480000000003},6700.3199999999988,4020.1919999999986,1340.0639999999994,0,0,0,0,0,0,0]
[null,null,null,"Less interest on amortizing debt",null,null,{"$f":"G104","v":18000},14400,11520,9216,7372.8,5898.24,4718.5920000000006,3774.8735999999999,3019.8988800000002,1342.1772800000001,0,0]
[null,null,null,"Less interest on bullet debt",null,null,{"$f":"G112","v":44000},44000,44000,44000,44000,36290.614454560266,13105.915388943431,0,0,0,0,0]
[null,null,null,"Less interest on the revolver",null,null,{"$f":"G132","v":0},13533.33763231629,25174.312135549353,21850.782497923283,9283.4931470137326,0,0,0,0,0,0,0]
[null,null,null,"Less repayments bullet debt",null,null,{"$f":"G108","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash flow after senior debt service",null,null,null,{"$f":"G151-SUM(G152:G159)","v":-246060.68422393256},{"$f":"H151-SUM(H152:H159)","v":-211654.08187696474},60427.811593201302,228496.17001653725,308961.43077188125,421539.98301121517,471387.2217672189,511023.37428651407,561160.41810706118,8458400.8239519615,0,0]
[null,null,null,"Less repayment of the revolver",null,null,{"$f":"MIN(G127,MAX(G160,0))","v":0},0,60427.811593201302,228496.17001653725,168790.78449115879,0,0,0,0,0,0,0]
[null,null,"Cash flow after repayment of revolver",null,null,null,{"$f":"G160-G161","v":-246060.68422393256},{"$f":"H160-H161","v":-211654.08187696474},0,0,140170.64628072246,421539.98301121517,471387.2217672189,511023.37428651407,561160.41810706118,8458400.8239519615,0,0]
[null,null,null,"Less early repayment bullet debt",null,null,{"$f":"MIN(G107-G108,MAX(G162,0))","v":0},0,0,0,140170.64628072246,421539.98301121517,238289.37070806237,0,0,0,0,0]
[null,null,"Cash flow after repayment of bullet debt",null,null,null,{"$f":"G162-G163","v":-246060.68422393256},{"$f":"H162-H163","v":-211654.08187696474},0,0,0,0,233097.85105915653,511023.37428651407,561160.41810706118,8458400.8239519615,0,0]
[null,null,null,"Add Use of revolver",null,null,{"$f":"MIN(G125,MAX(-G164,0))","v":246060.68422393256},211654.08187696474,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash flow after the revolver",null,null,null,{"$f":"G164+G165","v":0},{"$f":"H164+H165","v":0},0,0,0,0,233097.85105915653,511023.37428651407,561160.41810706118,8458400.8239519615,0,0]
[null,null,null,"Add default",null,null,{"$f":"MAX(-G166,0)","v":0},{"$f":"MAX(-H166,0)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash flow after default",null,null,null,{"$f":"G166+G167","v":0},{"$f":"H166+H167","v":0},0,0,0,0,233097.85105915653,511023.37428651407,561160.41810706118,8458400.8239519615,0,0]
[null,null,null,"Less Repayment subordinated debt",null,null,{"$f":"MIN(G115+G116,MAX(G168,0))","v":0},{"$f":"MIN(H115+H116,MAX(H168,0))","v":0},0,0,0,0,233097.85105915653,511023.37428651407,561160.41810706118,416282.87954917434,0,0]
[null,null,null,"Less Interest paid on subordinated debt",null,null,{"$f":"G120-G116","v":0},{"$f":"H120-H116","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash flow after subordinated debt",null,null,null,{"$f":"G168-G170-G169","v":0},{"$f":"H168-H170-H169","v":0},0,0,0,0,0,0,0,8042117.9444027869,0,0]
[null,null,null,"Equity cash flow",null,{"$f":"-F64","v":-1609947.3752651149},{"$f":"G171","v":0},{"$f":"H171","v":0},0,0,0,0,0,0,0,8042117.9444027869,0,0]
[null,null,null,"Equity IRR",null,{"$f":"IRR(F172:R172)","v":0.17450772012678528}]
[null,null,null,"XIRR",null,{"$f":"XIRR(F172:R172,F6:R6)","v":0.18440628647804261}]
[]
[null,null,null,"Unlevered cash flow",null,{"$f":"-F65","v":-3609947.3752651149},{"$f":"G143-G144-G148-G149+G150","v":6756.8392373596434},{"$f":"H143-H144-H148-H149+H150","v":-12692.59454135655},-109962.62768370603,-63657.073949306505,-10015.882756563398,8089.3092290996865,27571.763768014323,48493.45767507772,94916.541139636945,8040810.8733845362,0,0]
[null,null,null,"Unlevered IRR",null,{"$f":"XIRR(F176:R176,F6:R6)","v":8.6202445626258853E-2}]
[]
["Graph data",null,null,null,null,null,{"$f":"G5","v":2013},2014,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024]
[null,null,"Use of revolver",null,null,null,{"$f":"G165","v":246060.68422393256},{"$f":"H165","v":211654.08187696474},0,0,0,0,0,0,0,0,0,0]
[null,null,"Default",null,null,null,{"$f":"G167","v":0},{"$f":"H167","v":0},0,0,0,0,0,0,0,0,0,0]
[]
["Waterfall Graph Data"]
[null,"Start at the top of the waterfall an include major items"]
[null,"Include Terminal",null,null,false]
[]
[null,"Colums before Adjustment",null,null,{"$f":"COUNTIF(4:4,TRUE)","v":10}]
[null,"Columns used",null,null,{"$f":"IF(E185,E187,E187-1)","v":9}]
[]
[null,"Row",null,null,0]
[null,"Column",null,null,0]
[null,"Height",null,null,1]
[null,"Witdth",null,null,{"$f":"E188","v":9}]
[]
[]
[]
[]
[]
[]
[null,"Default as Percent of Senior Debt"]
[null,null,"Total Default",null,null,null,{"$f":"G167","v":0},{"$f":"H167","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Senior Debt Service",null,null,null,{"$f":"SUM(G153:G159)+G163","v":241063.77600000001},{"$f":"SUM(H153:H159)+H163","v":228316.9856323163},{"$f":"SUM(I153:I159)+I163","v":218397.83213554934},197290.17449792329,310130.20342773618,496496.83746577543,282328.27809700579,24746.393599999999,19797.114880000001,68451.041280000005,0,0]
[null,null,"Percent Test",null,null,null,{"$f":"1-IF(G202,MIN(G201/G202,1))","v":1},{"$f":"1-IF(H202,MIN(H201/H202,1))","v":1},1,1,1,1,1,1,1,1,1,1]
[]
[]
[null,null,null,null,null,null,{"$f":"G5","v":2013},{"$f":"H5","v":2014},2015,2016,2017,2018,2019,2020,2021,2022,2023,2024]
[null,"Operating Cash Flow",null,null,null,null,{"$f":"G151","v":-4996.9082239325508},{"$f":"H151","v":16662.903755351552},278825.64372875064,425786.34451446054,478920.98791889497,496496.83746577543,515426.12915616232,535769.76788651408,580957.53298706119,8526851.865231961,0,0]
[null,"Use of Revolver",null,null,null,null,{"$f":"G165","v":246060.68422393256},{"$f":"H165","v":211654.08187696474},0,0,0,0,0,0,0,0,0,0]
[null,"Repayment of Existing and Amortising Debt",null,null,null,null,{"$f":"(G152+G153+G154)*G$203","v":167003.20000000001},{"$f":"(H152+H153+H154)*H$203","v":147003.20000000001},131003.2,118203.2,107963.19999999997,32768,26214.400000000001,20971.52,16777.216,67108.864000000001,0,0]
[null,"Interest on Exising and Amortising Debt",null,null,null,null,{"$f":"SUM(G155:G158)*G$203","v":74060.576000000001},{"$f":"SUM(H155:H158)*H$203","v":81313.7856323163},87394.632135549356,79086.974497923278,61996.357147013732,42188.854454560264,17824.507388943432,3774.8735999999999,3019.8988800000002,1342.1772800000001,0,0]
[null,"Repayment of Revolver",null,null,null,null,{"$f":"G161*G$203","v":0},{"$f":"H161*H$203","v":0},60427.811593201302,228496.17001653725,168790.78449115879,0,0,0,0,0,0,0]
[null,"Repayment of Bullet Debt",null,null,null,null,{"$f":"(G159+G163)*G$203","v":0},{"$f":"(H159+H163)*H$203","v":0},0,0,140170.64628072246,421539.98301121517,238289.37070806237,0,0,0,0,0]
[null,"Repayment of Sub Debt",null,null,null,null,{"$f":"(G169+G170)*G$203","v":0},{"$f":"(H169+H170)*H$203","v":0},0,0,0,0,233097.85105915653,511023.37428651407,561160.41810706118,416282.87954917434,0,0]
[null,"Dividends",null,null,null,null,{"$f":"G172","v":0},{"$f":"H172","v":0},0,0,0,0,0,0,0,8042117.9444027869,0,0]
[]
[null,"Test",null,null,null,null,{"$f":"G207+G208-G209-G210-G211-G212-G213-G214","v":0},{"$f":"H207+H208-H209-H210-H211-H212-H213-H214","v":-1.4551915228366852E-11},-2.9103830456733704E-11,0,5.8207660913467407E-11,0,-5.8207660913467407E-11,0,0,0,0,0]
[]
[null,"Operating Cash Flow + Revolver",null,null,null,null,{"$f":"G207+G208","v":241063.77600000001},{"$f":"H207+H208","v":228316.9856323163},278825.64372875064,425786.34451446054,478920.98791889497,496496.83746577543,515426.12915616232,535769.76788651408,580957.53298706119,8526851.865231961,0,0]
[]
[]
[]
[null,null,null,null,null,null,null,"Equity IRR"]
[null,null,null,null,null,null,null,{"$f":"F174","v":0.18440628647804261}]
[null,null,null,null,null,null,1,-0.54661272540688532]
[null,null,null,null,null,null,2,-0.30839957371354104]
[null,null,null,null,null,null,3,0.23339636921882628]
[null,null,null,null,null,null,4,0.26032287478446969]
[null,null,null,null,null,null,5,0.25587553381919859]
[null,null,null,null,null,null,6,0.2318533599376679]
[null,null,null,null,null,null,7,0.21453256011009217]
[null,null,null,null,null,null,8,0.20151095986366271]
[null,null,null,null,null,null,9,0.19843451380729679]
[null,null,null,null,null,null,10,0.18440628647804261]

{"sheet":"Audit","index":9,"n_rows":7,"n_cols":3,"rows_kept":7,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[null,"Test of current assets",{"$f":"'Corporate Model'!H391","v":true}]
[null,"Test of current liabilities",{"$f":"'Corporate Model'!H392","v":true}]
[null,"income Statement Test",{"$f":"'Corporate Model'!H613","v":true}]
[null,"Balance Sheet Test",{"$f":"'Corporate Model'!H606","v":true}]

{"sheet":"PE ratio","index":10,"n_rows":77,"n_cols":257,"rows_kept":77,"cut":false,"hidden":false,"merged":[]}
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[null,null,null,null,null,null,null,null,null,null,"M/B ratio","P/E ratio"]
[null,null,null,"RoE",0.12,null,"P/E ratio",{"$f":"F29","v":20.000050758355016},null,null,{"$f":"H4","v":2.4000060910026018},{"$f":"H3","v":20.000050758355016}]
[null,null,null,"Long-term ROE",0.1,null,"M/B ratio",{"$f":"F28/Book_value_per_share","v":2.4000060910026018},null,0.15,2.5125424989407845,16.750283326271898]
[null,null,null,"Short Term COE",5.6508521506509028E-2,null,"Actual P/e Ratio",{"$f":"H8/10","v":20},null,0.12,2.4000060910026018,20.000050758355016]
[null,null,null,"Long term COE",{"$f":"CoE","v":5.6508521506509028E-2},null,"Difference",{"$f":"H3-H5","v":5.0758355016000678E-5},null,0.1,2.3249818190438116,23.249818190438116]
[null,null,null,"Short-term Growth Rate",0.05,null,null,null,null,0.08,2.2499575470850246,28.124469338562804]
[null,null,null,"Long term growth rate",0.02,null,null,200]
[null,null,null,"Long term period",5]
[null,null,null,"Dividend payout ratio",{"$f":"1-Growth_rate/RoE","v":0.58333333333333326}]
[null,null,null,"Book value per share",6.2]
[]
[null,null,null,"Period",null,1,{"$f":"F13+1","v":2},{"$f":"G13+1","v":3},4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,{"$f":"BS13+1","v":67},68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,130,{"$f":"EE13+1","v":131},132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,159,160,161,162,163,164,165,166,167,168,169,170,171,172,173,174,175,176,177,178,179,180,181,182,183,184,185,186,187,188,189,190,191,192,193,194,{"$f":"GQ13+1","v":195},196,197,198,199,200,201,202,203,204,205,206,207,208,209,210,211,212,213,214,215,216,217,218,219,220,221,222,223,224,225,226,227,228,229,230,231,232,233,234,235,236,237,238,239,240,241,242,243,244,245,246,247,248,249,250,251,252]
[null,null,null,"Short term period",null,{"$f":"F13<Long_term_period","v":true},true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BR13<Long_term_period","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"ED13<Long_term_period","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"GP13<Long_term_period","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Long term period",null,{"$f":"NOT(F14)","v":false},{"$f":"NOT(G14)","v":false},false,false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"NOT(BS14)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"NOT(EE14)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"NOT(GQ14)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
[null,null,null,"ROE",null,{"$f":"RoE*F14+Long_term_RoE*F15","v":0.12},0.12,0.12,0.12,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,{"$f":"RoE*BR14+Long_term_RoE*BR15","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,{"$f":"RoE*ED14+Long_term_RoE*ED15","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,{"$f":"RoE*GP14+Long_term_RoE*GP15","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,null,"Growth rate",null,{"$f":"F14*Growth_rate+Long_term_growth_rate*F15","v":0.05},0.05,0.05,0.05,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,{"$f":"BR14*Growth_rate+Long_term_growth_rate*BR15","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,{"$f":"ED14*Growth_rate+Long_term_growth_rate*ED15","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,{"$f":"GP14*Growth_rate+Long_term_growth_rate*GP15","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
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[]
[null,null,null,"NPV dividends",null,{"$f":"NPV(CoE,F23:IW23,)","v":14.880037764216132}]
[null,null,null,"P/E ratio",null,{"$f":"F28/F22","v":20.000050758355016}]
[null,null,null,"Value (gordons model)",null,{"$f":"F23/(CoE-Growth_rate)","v":66.681810848434068}]
[null,null,null,"P/E ratio (Value Driver Model)",null,{"$f":"(1-Growth_rate/RoE)/(CoE-Growth_rate)","v":89.626089850045787}]
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[]
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[]
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[]
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[]
["Working Capital Analsis",null,null,null,"Short-term","Long-term"]
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[null,null,null,"Revenue Growth",0.15,0.02]
[null,null,null,"Margin",0.45,0.45]
[null,null,null,"Other Expenses",{"$f":"'Corporate Model'!U500/'Corporate Model'!U498","v":0.36352643090033748},{"$f":"'Corporate Model'!V500/'Corporate Model'!V498","v":0.35536456353747575}]
[]
[null,null,null,"A/R to Sales",0.12]
[null,null,null,"Inv to COGS",0.15]
[null,null,null,"A/P to Expenses",0.08]
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[null,null,null,"Revenues",100,{"$f":"E60*(1+E52)","v":114.99999999999999},{"$f":"F60*(1+F52)","v":117.29999999999998}]
[null,null,null,"COGS",{"$f":"E60*(1-$E$53)","v":55.000000000000007},{"$f":"F60*(1-$E$53)","v":63.25},64.515000000000001]
[null,null,null,"Other Expenses",{"$f":"E60*$E$58","v":8},{"$f":"F60*$E$58","v":9.1999999999999993},{"$f":"G60*$E$58","v":9.3839999999999986}]
[null,null,null,"EBITDA",{"$f":"E60-E61-E62","v":36.999999999999993},{"$f":"F60-F61-F62","v":42.549999999999983},{"$f":"G60-G61-G62","v":43.400999999999982}]
[]
[null,null,null,"Accounts Receivable",{"$f":"$E$56*E60","v":12},{"$f":"$E$56*F60","v":13.799999999999997},{"$f":"$E$56*G60","v":14.075999999999997}]
[null,null,null,"Inventories",{"$f":"E61*$E$57","v":8.25},{"$f":"F61*$E$57","v":9.4874999999999989},{"$f":"G61*$E$57","v":9.677249999999999}]
[null,null,null,"Current Assets",{"$f":"SUM(E65:E66)","v":20.25},{"$f":"SUM(F65:F66)","v":23.287499999999994},{"$f":"SUM(G65:G66)","v":23.753249999999994}]
[null,null,null,"Current Liabilites",{"$f":"(E61+E62)*$E$58","v":5.0400000000000009},{"$f":"(F61+F62)*$E$58","v":5.7960000000000003},{"$f":"(G61+G62)*$E$58","v":5.9119200000000003}]
[null,null,null,"Working Capital",{"$f":"E67-E68","v":15.209999999999999},{"$f":"F67-F68","v":17.491499999999995},{"$f":"G67-G68","v":17.841329999999992}]
[]
[null,null,null,"Working Capital Change",null,{"$f":"F69-E69","v":2.2814999999999959},{"$f":"G69-F69","v":0.3498299999999972}]
[]
[null,null,null,"WC Change as Pct of EBITDA",null,{"$f":"F71/F63","v":5.3619271445358323E-2},{"$f":"G71/G63","v":8.06041335453094E-3}]
[null,null,null,"WC as Percent of EBITDA",null,{"$f":"F69/F63","v":0.4110810810810811},{"$f":"G69/G63","v":0.41108108108108105}]
[]
[null,null,null,"Growth x WC as Pct of EBITDA",null,{"$f":"F74*E52","v":6.1662162162162165E-2},{"$f":"G74*F52","v":8.2216216216216206E-3}]
[null,null,null,"Growth x WC Pct/(1+g)",null,{"$f":"F74*E52/(1+E52)","v":5.3619271445358406E-2},{"$f":"G74*F52/(1+F52)","v":8.0604133545310007E-3}]

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["http://ichart.finance.yahoo.com/table.csv?s="]
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[null,null,"FLO",1]
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[null,null,"^GSPC"]
[null,null,"AEX.AS"]
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[null,null,{"$f":"INDEX(C9:C12,D9,)","v":"FLO"}]
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{"sheet":"Stock prices","index":12,"n_rows":6413,"n_cols":27,"rows_kept":6413,"cut":false,"hidden":false,"merged":[]}
["Date",null,"Open","High","Low","Close","Volume","Adj Close"]
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[null,null,null,null,null,null,null,null,null,null,null,"AverageIf "]
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[null,null,null,null,null,null,null,null,null,null,2002,29.192413793103448]
[null,null,null,null,null,null,null,null,null,null,2003,23.635287356321847]
[null,null,null,null,null,null,null,null,null,null,2004,25.286793893129765]
[null,null,null,null,null,null,null,null,null,null,2005,28.689576923076896]
[null,null,null,null,null,null,null,null,null,null,2006,27.841367187500001]
[null,null,null,null,null,null,null,null,null,null,2007,26.881568627450967]
[null,null,null,null,null,null,null,null,null,null,2008,25.73460629921259]
[null,null,null,null,null,null,null,null,null,null,2009,23.636293436293442]
[null,null,null,null,null,null,null,null,null,null,2010,24.847015503875973]
[null,null,null,null,null,null,null,null,null,null,2011,24.876070038910512]
[null,null,null,null,null,null,null,null,null,null,2012,20.404883720930226]
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[null,null,17.87,18.25,17.87,18.12,133200,0.53]
[null,null,18.12,18.12,17.75,17.75,153600,0.52]
[null,null,18,18.12,17.87,18,169200,0.53]
[null,null,17.87,18.37,17.87,18.12,78600,0.53]
[null,null,18.37,18.37,17.87,17.87,153600,0.53]
[null,null,18.5,18.5,18.37,18.37,176000,0.54]
[null,null,18.75,18.87,18.5,18.62,611700,0.55000000000000004]
[null,null,18.62,18.75,18.62,18.62,569100,0.55000000000000004]
[null,null,18.5,18.5,18.12,18.5,569100,0.55000000000000004]
[null,null,18.62,18.62,18.37,18.5,229000,0.55000000000000004]
[null,null,18.5,19,18.5,18.5,203400,0.55000000000000004]
[null,null,18.5,18.75,18.37,18.62,305700,0.55000000000000004]
[null,null,18.62,18.87,18.5,18.5,336600,0.55000000000000004]
[null,null,18.37,18.62,18.37,18.62,58000,0.55000000000000004]
[null,null,18,18.37,17.87,18.37,46200,0.54]
[null,null,18.75,18.75,17.87,17.87,478400,0.53]
[null,null,18.5,18.5,18.37,18.5,326200,0.55000000000000004]
[null,null,18.62,18.87,18.37,18.5,398100,0.55000000000000004]
[null,null,17.87,18.37,17.87,18.37,256200,0.54]
[null,null,18.12,18.12,18,18,97500,0.53]
[null,null,18,18.12,17.62,17.87,162300,0.52]
[null,null,18.5,18.5,18,18.25,220500,0.54]
[null,null,18.75,19,18.12,18.62,230700,0.55000000000000004]
[null,null,19.75,20,19,19,746600,0.56000000000000005]
[null,null,19.25,19.75,19,19.5,490200,0.56999999999999995]
[null,null,19.25,19.5,19.12,19.12,555300,0.56000000000000005]
[null,null,19.25,19.75,19,19,767200,0.56000000000000005]
[null,null,19.5,19.75,19.25,19.37,885200,0.56999999999999995]
[null,null,19.5,21.62,19.5,19.5,230700,0.56999999999999995]
[null,null,19.5,19.75,19.5,19.5,213600,0.56999999999999995]
[null,null,19.62,19.75,19.5,19.75,316200,0.57999999999999996]
[null,null,20.25,20.25,19.87,19.87,316200,0.57999999999999996]
[null,null,20,20.62,20,20.37,393000,0.6]
[null,null,19.25,20,19.12,20,510900,0.59]
[null,null,18.87,19,18.62,19,486900,0.56000000000000005]
[null,null,18.75,19,18.62,18.75,474900,0.55000000000000004]
[null,null,19,19,18.37,18.5,324600,0.54]
[null,null,18.75,19,18.62,19,780800,0.56000000000000005]
[null,null,18.75,19,18.37,19,1233600,0.56000000000000005]
[null,null,17.75,19,17.37,19,627000,0.56000000000000005]
[null,null,17.37,17.75,17.25,17.75,215400,0.52]
[null,null,16.87,17.37,16.62,17.25,259600,0.51]
[null,null,16.75,16.75,16.37,16.75,321300,0.49]
[null,null,16.87,17.12,16.62,16.87,394600,0.49]
[null,null,16.5,16.75,16.37,16.62,116100,0.49]
[null,null,16.5,16.62,16.25,16.5,309200,0.48]
[null,null,16.25,16.5,15.75,16.25,302400,0.48]
[null,null,16.5,16.62,16.12,16.5,314400,0.48]
[null,null,16.37,17,16.25,16.75,334800,0.49]
[null,null,17,17.12,16.25,16.25,256200,0.48]
[null,null,17.37,17.37,16.25,16.75,369000,0.49]
[null,null,26.37,26.5,25.87,26.5,228200,0.52]
[null,null,26.37,26.62,26.25,26.62,530600,0.52]
[null,null,25.62,26.37,25.62,26.12,238200,0.51]
[null,null,25.37,25.87,25.37,25.75,284400,0.5]
[null,null,25.62,25.62,25,25.5,374100,0.5]
[null,null,25.5,26,25.37,25.75,282000,0.5]
[null,null,26,26,25.37,25.75,158800,0.5]
[null,null,26.25,26.37,26,26.12,289500,0.51]
[null,null,26.75,26.75,26.25,26.5,553500,0.52]
[null,null,26.25,26.62,26.12,26.5,238200,0.52]
[null,null,26.37,27.25,26,26.37,815000,0.52]
[null,null,25.75,26.37,25.75,26.37,576600,0.52]
[null,null,25.5,25.75,25.25,25.5,456300,0.5]
[null,null,26,26,25.62,25.62,284400,0.5]
[null,null,25.25,26.25,25.25,26.25,520200,0.51]
[null,null,24.25,25.37,24.25,25.37,735600,0.49]

{"sheet":"Offset Function","index":13,"n_rows":17,"n_cols":14,"rows_kept":17,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,"Off Set Function Analysis"]
[null,null,null,null,2000,{"$f":"E4+1","v":2001},2002,2003,2004,2005,2006,2007,2008,2009]
[null,null,1,"Arjen",-835,{"$f":"E5*1.05","v":-876.75},-920.58750000000009,-966.61687500000016,-1014.9477187500003,-1065.6951046875004,-1118.9798599218755,-1174.9288529179694,-1233.6752955638678,-1295.3590603420612]
[null,null,4,"Roxanne",6,{"$f":"E6*9","v":54},{"$f":"F6*9","v":486},4374,39366,354294,3188646,28697814,258280326,2324522934]
[null,null,5,"Bouke",1400,{"$f":"E7*1.03","v":1442},{"$f":"F7*1.05","v":1514.1000000000001},1589.8050000000003,1669.2952500000004,1752.7600125000004,1840.3980131250005,1932.4179137812505,{"$f":"L7*1.1","v":2125.6597051593758},{"$f":"M7*1.05","v":2231.9426904173447}]
[null,null,6,"Julliete",-90,{"$f":"E8*1.05","v":-94.5},{"$f":"F8*1.05","v":-99.225000000000009},{"$f":"G8*0.8","v":-79.38000000000001},{"$f":"H8*1.05","v":-83.349000000000018},{"$f":"I8*1.05","v":-87.51645000000002},{"$f":"J8*1.05","v":-91.892272500000018},{"$f":"K8*1.05","v":-96.486886125000026},{"$f":"L8*1.05","v":-101.31123043125004},{"$f":"M8*1.05","v":-106.37679195281254}]
[null,null,7,"Floris",5,{"$f":"E9*1.2","v":6},{"$f":"F9*1.2","v":7.1999999999999993},8.6399999999999988,10.367999999999999,12.441599999999998,14.929919999999996,17.915903999999994,21.499084799999991,25.798901759999989]
[null,null,9,"Richard",100000,{"$f":"E10*1.3","v":130000},{"$f":"F10*1.3","v":169000},219700,285610,371293,482680.9,627485.17000000004,815730.72100000014,1060449.9373000001]
[]
[null,null,null,{"$f":"OFFSET(E5,3,3)","v":-79.38000000000001},null,null,"row number",{"$f":"K12-1","v":1},null,null,2]
[null,null,null,{"$f":"OFFSET(M7,-2,-2)","v":-1118.9798599218755},null,null,"collumn number",3]
[null,null,null,null,null,null,"height",1]
[null,null,null,null,null,null,"width",7]
[]
[null,null,null,null,null,{"$f":"INDEX(D5:D10,K12)","v":"Roxanne"},"Average",{"$f":"AVERAGE(graph_data)","v":373583964.85714287}]

{"sheet":"Codes","index":14,"n_rows":14,"n_cols":10,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,null,null,null,"True Code",{"$f":"1=1","v":true}]
[null,null,null,null,null,"False Code",{"$f":"1=2","v":false}]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,1,"Base"]
[null,null,null,null,null,null,2,"Style 1"]
[null,null,null,null,null,null,3,"Style 2"]
[null,null,null,null,null,null,4,"Style 3",null,3]
[null,null,null,null,null,null,5,"Style 4"]

{"sheet":"2012 Update","index":15,"n_rows":181,"n_cols":12,"rows_kept":181,"cut":false,"hidden":false,"merged":[]}
[null,"December 29, 2012",null,null,"December 31, 2011"]
[null,"(Amounts in thousands, except"]
[null,"share data)"]
[null,null,"ASSETS",2012]
["Current Assets:"]
["Cash and cash equivalents","$",13275,null,"$",7783]
[]
["Accounts and notes receivable, net of allowances of $386 and $171, respectively",null,256235,null,null,185603]
[]
["Inventories:"]
["Raw materials",null,32731,null,null,26626]
["Packaging materials",null,18885,null,null,15820]
["Finished goods",null,39394,null,null,31650]
[]
[null,null,91010,null,null,74096]
[]
["Spare parts and supplies",null,45239,null,null,39624]
[]
["Deferred taxes",null,29198,null,null,36264]
[]
["Other",null,29494,null,null,35200]
[]
["Total current assets",null,464451,null,null,378570]
[]
["Property, Plant and Equipment:"]
["Land",null,75610,null,null,69958]
["Buildings",null,378255,null,null,360956]
["Machinery and equipment",null,964377,null,null,895026]
["Furniture, fixtures and transportation equipment",null,97110,null,null,81288]
["Construction in progress",null,21645,null,null,13888]
[]
[null,null,1536997,null,null,1421116]
["Less: accumulated depreciation",null,-811161,null,null,-735629]
[]
[null,null,725836,null,null,685487]
[]
["Notes Receivable",null,102723,null,null,102322]
[]
["Assets Held for Sale 0 Distributor Routes",null,30116,null,null,12726]
[]
["Other Assets",null,14442,null,null,13932]
[]
["Goodwill",null,269897,null,null,219730]
[]
["Other Intangible Assets, net",null,388384,null,null,141231]
[]
["Total assets","$",1995849,null,"$",1553998]
[]
["LIABILITIES AND STOCKHOLDERS’ EQUITY"]
["Current Liabilities:"]
["Current maturities of long-term debt and capital lease obligations","$",71996,null,"$",42768]
["Accounts payable",null,153956,null,null,115138]
["Other accrued liabilities",null,129006,null,null,110513]
[]
["Total current liabilities",null,354958,null,null,268419]
[]
["Long-term liabilities:"]
["Long-term debt and capital leases",null,135905,null,null,283406]
["4.375% senior notes due April 1, 2022",null,399111,null,null,0]
[]
["Total long-term debt and capital lease obligations",null,535016,null,null,283406]
[]
["Other Liabilities:"]
["Post-retirement/post-employment obligations",null,159158,null,null,155263]
["Deferred taxes",null,39206,null,null,35375]
["Other",null,48891,null,null,52567]
[]
["Total other liabilities",null,247255,null,null,243205]
[]
["Stockholders’ Equity:"]
["Preferred stock 0 $100 stated par value, 200,000 authorized and none issued",null,0,null,null,0]
["Preferred stock 0 $.01 stated par value, 800,000 authorized and none issued",null,0,null,null,0]
["Common stock 0 $.01 stated par value and $.001 current par value, 500,000,000 authorized shares, 152,488,008 shares and 152,488,008 shares issued, respectively",null,199,null,null,199]
["Treasury stock 0 14,214,819 shares and 16,506,822 shares, respectively",null,-196465,null,null,-221246]
["Capital in excess of par value",null,571924,null,null,544065]
["Retained earnings",null,597629,null,null,547997]
["Accumulated other comprehensive loss",null,-114667,null,null,-112047]
[]
["Total stockholders’ equity",null,858620,null,null,758968]
[]
["Total liabilities and stockholders’ equity","$",1995849,null,"$",1553998]
[]
[]
[]
[null,"December 29,",null,null,null,"December 31,",null,null,"January 1,"]
[null,null,2012,null,null,null,2011,null,null,2011]
[]
["Sales","$",3046491,"  ",null,"$",2773356,null,"$",2573769]
["Materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately below)",null,1617810,"  ",null,null,1473201,null,null,1346790]
["Selling, distribution and administrative expenses",null,1107480,"  ",null,null,1016491,null,null,935999]
["Depreciation and amortization",null,102690,"  ",null,null,94638,null,null,85118]
[]
["Income from operations",null,218511,"  ",null,null,189026,null,null,205862]
["Interest expense",null,23411,"  ",null,null,10172,null,null,8164]
["Interest income",null,-13672,") ",null,null,-13112,null,null,-12682]
[]
["Income before income taxes",null,208772,"  ",null,null,191966,null,null,210380]
["Income tax expense",null,72651,"  ",null,null,68538,null,null,73333]
[]
["Net income","$",136121,"  ",null,"$",123428,null,"$",137047]
[]
["Net Income Per Common Share:"]
["Basic:"]
["Net income per common share","$",1,"  ",null,"$",0.9100000262260437,null,"$",1]
[]
["Weighted average shares outstanding",null,136670,"  ",null,null,135387,null,null,137129]
[]
["Diluted:"]
["Net income per common share",null,0.98000001907348633,"  ",null,"$",0.89999997615814209,null,"$",0.99000000953674316]
[]
["Weighted average shares outstanding",null,138449,"  ",null,null,136881,null,null,138162]
[]
[]
[]
[]
[null,"  ","(Amounts in thousands)"]
["Cash flows provided by (disbursed for) operating activities:","  "]
["Net income","  ","$",136121,"  ",null,"$",123428,"  ",null,"$",137047]
["Adjustments to reconcile net income to net cash provided by operating activities:","  "]
["Depreciation and amortization","  ",null,102690,"  ",null,null,94638,"  ",null,null,85118]
["Stock-based compensation","  ",null,10116,"  ",null,null,13638,"  ",null,null,13678]
["Loss (gain) reclassified from accumulated other comprehensive income to net income","  ",null,17272,"  ",null,null,-38038,") ",null,null,8475]
["Deferred income taxes","  ",null,11450,"  ",null,null,-1700,") ",null,null,3888]
["Provision for inventory obsolescence","  ",null,947,"  ",null,null,765,"  ",null,null,1047]
["Allowances for accounts receivable","  ",null,1991,"  ",null,null,414,"  ",null,null,547]
["Pension and postretirement plans expense","  ",null,1570,"  ",null,null,222,"  ",null,null,1842]
["Other","  ",null,-1182,") ",null,null,-162,") ",null,null,-285]
["Pension contributions","  ",null,-18143,") ",null,null,-12230,") ",null,null,-909]
["Changes in operating assets and liabilities, net of acquisitions and disposals:","  "]
["Accounts receivable, net","  ",null,-64182,") ",null,null,-283,") ",null,null,11482]
["Inventories","  ",null,-13366,") ",null,null,-6457,") ",null,null,-936]
["Hedging activities, net","  ",null,-1850,") ",null,null,-25874,") ",null,null,39134]
["Other assets","  ",null,1431,"  ",null,null,-749,") ",null,null,-8838]
["Accounts payable","  ",null,28529,"  ",null,null,-5187,") ",null,null,7879]
["Other accrued liabilities","  ",null,3486,"  ",null,null,-8135,") ",null,null,6881]
[null,"  "]
["Net cash provided by operating activities","  ",null,216880,"  ",null,null,134290,"  ",null,null,306050]
[null,"  "]
["Cash flows provided by (disbursed for) investing activities:","  "]
["Purchase of property, plant and equipment","  ",null,-67259,") ",null,null,-79162,") ",null,null,-98404]
["Repurchase of distributor territories","  ",null,-17849,") ",null,null,-14581,") ",null,null,-10843]
["Principal payments from notes receivable","  ",null,16498,"  ",null,null,12629,"  ",null,null,12514]
["Acquisition of businesses, net of cash acquired","  ",null,-318476,") ",null,null,-164485,") ",null,null,0]
["Contingent acquisition consideration payments","  ",null,0,"  ",null,null,-5000,") ",null,null,0]
["Deconsolidation of variable interest entity (Note 12)","  ",null,0,"  ",null,null,0,"  ",null,null,-8804]
["Proceeds from sale of property, plant and equipment","  ",null,1301,"  ",null,null,12104,"  ",null,null,1075]
["Other","  ",null,348,"  ",null,null,556,"  ",null,null,165]
[null,"  "]
["Net cash disbursed for investing activities","  ",null,-385437,") ",null,null,-237939,") ",null,null,-104297]
[null,"  "]
["Cash flows provided by (disbursed for) financing activities:","  "]
["Dividends paid","  ",null,-86489,") ",null,null,-79081,") ",null,null,-70882]
["Exercise of stock options","  ",null,13881,"  ",null,null,12933,"  ",null,null,7884]
["Excess windfall tax benefit related to stock awards","  ",null,2318,"  ",null,null,3073,"  ",null,null,977]
["Payments for debt issuance costs","  ",null,-3882,") ",null,null,0,"  ",null,null,0]
["Payment of financing fees","  ",null,-558,") ",null,null,-2108,") ",null,null,0]
["Stock repurchases","  ",null,-18726,") ",null,null,-26598,") ",null,null,-39184]
["Change in cash overdrafts","  ",null,6684,"  ",null,null,521,"  ",null,null,-1432]
["Proceeds from debt borrowings","  ",null,1482481,"  ",null,null,1071100,"  ",null,null,418500]
["Debt and capital lease obligation payments","  ",null,-1221660,") ",null,null,-875083,") ",null,null,-529809]
["Other","  ",null,0,"  ",null,null,-80,") ",null,null,0]
[null,"  "]
["Net cash provided by (disbursed for) financing activities","  ",null,174049,"  ",null,null,104677,"  ",null,null,-213946]
[null,"  "]
["Net increase (decrease) in cash and cash equivalents","  ",null,5492,"  ",null,null,1028,"  ",null,null,-12193]
["Cash and cash equivalents at beginning of period","  ",null,7783,"  ",null,null,6755,"  ",null,null,18948]
[null,"  "]
["Cash and cash equivalents at end of period","  ","$",13275,"  ",null,"$",7783,"  ",null,"$",6755]
[null,"  "]
["Schedule of non cash investing and financing activities:","  "]
["Issuance of deferred compensation to common stock equivalent units","  ","$",34,"  ",null,"$",219,"  ",null,"$",15]
["Capital and right-to-use lease obligations","  ","$",4867,"  ",null,"$",1404,"  ",null,"$",13332]
["Deconsolidation of VIE capital leases","  ","$",0,"  ",null,"$",0,"  ",null,"$",26389]
["Issuance of notes receivable","  ","$",1891,"  ",null,"$",833,"  ",null,"$",171]
["Shares issued for acquisition","  ","$",45887,"  ",null,"$",0,"  ",null,"$",0]
["Deferred obligations issued for acquisition","  ","$",17663,"  ",null,null,0,"  ",null,null,0]
["Purchase of property, plant and equipment included in accounts payable","  ","$",3310,"  ",null,"$",0,"  ",null,"$",0]
["Supplemental disclosures of cash flow information:","  "]
["Cash paid during the period for:","  "]
["Interest, net of capitalized interest","  ","$",16106,"  ",null,"$",9588,"  ",null,"$",7470]
["Income taxes paid, net of refunds of $7,194, $430 and $623, respectively","  ","$",56377,"  ",null,"$",70122,"  ",null,"$",72554]

{"sheet":"Circular Sweep","index":16,"n_rows":260,"n_cols":14,"rows_kept":260,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Note: In tax case need to adjust for other items not deducted for tax such as cap exp and wc changes"]
[]
[]
[]
["Sweep No Taxes"]
[null,null,null,"Int = (OB - sweep/2) * rate"]
[null,null,null,"Sweep = EBITDA - Int"]
[]
[null,null,null,"Sweep = EBITDA - (OB - Sweep/2) * Rate"]
[null,null,null,"Sweep = EBITDA - OB * rate + Sweep/2 * Rate"]
[null,null,null,"Sweep  - Sweep/2 * Rate = EBITDA - OB * rate"]
[null,null,null,"Sweep * (1-1/2 * Rate) = EBITDA - OB * rate"]
[null,null,null,"Sweep  = (EBITDA - OB * rate)/(1- Rate/2)"]
[]
[null,"Growth",0.02]
[null,"EBITDA",null,100,{"$f":"D17*(1+C16)","v":102},{"$f":"E17*(1+C16)","v":104.04},{"$f":"F17*(1+C16)","v":106.1208},{"$f":"G17*(1+C16)","v":108.243216},{"$f":"H17*(1+C16)","v":110.40808032000001},{"$f":"I17*(1+C16)","v":112.61624192640001},{"$f":"J17*(1+C16)","v":114.868566764928},{"$f":"K17*(1+C16)","v":117.16593810022657},{"$f":"L17*(1+C16)","v":119.5092568622311},{"$f":"M17*(1+C16)","v":121.89944199947573}]
[]
[null,"Debt"]
[null,"Opening Balance",null,{"$f":"C22","v":500},{"$f":"D22","v":423.07692307692309},340.15779092702172,250.8940878976382,154.91860522572222,51.844466006528478,0,0,0,0,0]
[null,"Less: Sweep",null,{"$f":"D30","v":76.92307692307692},{"$f":"E30","v":82.919132149901372},89.263703029383521,95.975482671915998,103.07413921919374,51.844466006528478,0,0,0,0,0]
[null,"Closing Balance",500,{"$f":"D20-D21","v":423.07692307692309},{"$f":"E20-E21","v":340.15779092702172},250.8940878976382,154.91860522572222,51.844466006528478,0,0,0,0,0,0]
[null,"Int",null,0.05,{"$f":"D23","v":0.05},{"$f":"E23","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,"Average Interest",null,{"$f":"AVERAGE(D22,D20)*D23","v":23.07692307692308},{"$f":"AVERAGE(E22,E20)*E23","v":19.080867850098624},14.776296970616499,10.145317328084012,5.1690767808062681,1.2961116501632119,0,0,0,0,0]
[]
[null,"EBITDA",null,{"$f":"D17","v":100},102,104.04,106.1208,108.243216,110.40808032000001,112.61624192640001,114.868566764928,117.16593810022657,119.5092568622311,121.89944199947573]
[null,"Less: Interest",null,{"$f":"D24","v":23.07692307692308},19.080867850098624,14.776296970616499,10.145317328084012,5.1690767808062681,1.2961116501632119,0,0,0,0,0]
[null,"Less: Incremental Interest"]
[null,"Sub-total",null,{"$f":"D26-D27","v":76.92307692307692},{"$f":"E26-E27","v":82.919132149901372},89.263703029383507,95.975482671915984,103.07413921919374,109.1119686698368,112.61624192640001,114.868566764928,117.16593810022657,119.5092568622311,121.89944199947573]
[null,"Less: Sweep",null,{"$f":"MIN(sweep(D26,D23,D20),D20)","v":76.92307692307692},82.919132149901372,89.263703029383521,95.975482671915998,103.07413921919374,51.844466006528478,0,0,0,0,0]
[null,"Remainder",null,{"$f":"D29-D30","v":0},{"$f":"E29-E30","v":0},0,0,0,57.267502663308321,112.61624192640001,114.868566764928,117.16593810022657,119.5092568622311,121.89944199947573]
[]
[null,"Sweep",null,{"$f":"sweep(D26,D23,D20)","v":76.92307692307692},82.919132149901372,89.263703029383521,95.975482671915998,103.07413921919374,110.58036617402419,115.50383787323078,117.81391463069539,120.1701929233093,122.57359678177549,125.025068717411]
[]
[]
["Sweep with Incremental Interest"]
[null,null,null,"Int = Int Opening + Incr Int"]
[null,null,null,"Sweep = EBITDA - Int"]
[]
[null,null,null,"Int Opening = OB * Rate"]
[null,null,null,"Int Incr = -sweep/2 * rate"]
[null,null,null,"Sweep = EBITDA - Int OB - Incr int"]
[null,null,null,"Sweep = EBITDA - Int OB -sweep/2 * rate"]
[null,null,null,"Sweep + sweep/2 * rate = EBITDA - Int OB"]
[null,null,null,"sweep * (1+ rate/2) = EBITDA - Int OB"]
[null,null,null,"sweep = (EBITDA - Int OB)/(1+rate/2)"]
[]
[null,"Growth",0.02]
[null,"Ebitda",null,100,{"$f":"D49*(1+C48)","v":102},{"$f":"E49*(1+C48)","v":104.04},{"$f":"F49*(1+C48)","v":106.1208},{"$f":"G49*(1+C48)","v":108.243216},{"$f":"H49*(1+C48)","v":110.40808032000001},{"$f":"I49*(1+C48)","v":112.61624192640001},{"$f":"J49*(1+C48)","v":114.868566764928},{"$f":"K49*(1+C48)","v":117.16593810022657},{"$f":"L49*(1+C48)","v":119.5092568622311},{"$f":"M49*(1+C48)","v":121.89944199947573}]
[]
[null,"Debt"]
[null,"OB",null,{"$f":"C54","v":500},{"$f":"D54","v":423.07692307692309},340.15779092702172,250.8940878976382,154.91860522572222,51.844466006528478,0,0,0,0,0]
[null,"Less: Sweep",null,{"$f":"D61","v":76.92307692307692},{"$f":"E61","v":82.919132149901372},89.263703029383521,95.975482671915998,103.07413921919374,51.844466006528478,0,0,0,0,0]
[null,"CB",500,{"$f":"D52-D53","v":423.07692307692309},340.15779092702172,250.8940878976382,154.91860522572222,51.844466006528478,0,0,0,0,0,0]
[null,"Int",null,0.05,{"$f":"D55","v":0.05},{"$f":"E55","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,"Interest Expense",null,{"$f":"AVERAGE(D54,D52)*D55","v":23.07692307692308},19.080867850098624,14.776296970616499,10.145317328084012,5.1690767808062681,1.2961116501632119,0,0,0,0,0]
[]
[null,"EBITDA",null,{"$f":"D49","v":100},{"$f":"E49","v":102},104.04,106.1208,108.243216,110.40808032000001,112.61624192640001,114.868566764928,117.16593810022657,119.5092568622311,121.89944199947573]
[null,"Less: Interest",null,{"$f":"D56","v":23.07692307692308},{"$f":"E56","v":19.080867850098624},14.776296970616499,10.145317328084012,5.1690767808062681,1.2961116501632119,0,0,0,0,0]
[null,"Sub-total",null,{"$f":"D58-D59","v":76.92307692307692},82.919132149901372,89.263703029383507,95.975482671915984,103.07413921919374,109.1119686698368,112.61624192640001,114.868566764928,117.16593810022657,119.5092568622311,121.89944199947573]
[null,"Less: Sweep",null,{"$f":"MIN(sweep(D58,D55,D52),D52)","v":76.92307692307692},{"$f":"MIN(sweep(E58,E55,E52),E52)","v":82.919132149901372},89.263703029383521,95.975482671915998,103.07413921919374,51.844466006528478,0,0,0,0,0]
[null,"Remainder",null,{"$f":"D60-D61","v":0},0,0,0,0,57.267502663308321,112.61624192640001,114.868566764928,117.16593810022657,119.5092568622311,121.89944199947573]
[]
[null,"Sweep",null,{"$f":"sweep(D58,D55,D52)","v":76.92307692307692},{"$f":"sweep(E58,E55,E52)","v":82.919132149901372},89.263703029383521,95.975482671915998,103.07413921919374,110.58036617402419,115.50383787323078,117.81391463069539,120.1701929233093,122.57359678177549,125.025068717411]
[]
["Sweep with Incremental Interest and Taxes"]
[null,null,null,"Just write down equations and keep substuting"]
[null,null,null,"get interest out of equation and express sweep as function of fixed items"]
[null,null,null,"with NOL compute effective tax rate without sweep"]
[]
[null,null,null,"EBT = EBITDA - Int - taxes"]
[null,null,null,"Taxes = EBT x Tax Rate"]
[null,null,null,"Tases = (EBITDA - Int - dep) x t"]
[null,null,null,"Sweep = EBITDA - taxes - Int Opening - Incr Int"]
[null,null,null,"Int Opening = OB * Rate"]
[null,null,null,"Int Incr = -sweep/2 * rate"]
[null,null,null,"Sweep = EBITDA - taxes - Int Opening + sweep/2 * rate"]
[null,null,null,"Sweep = EBITDA - (EBITDA - Int Opening - Incr Int - Dep) x t - Int Opening + sweep/2 * rate"]
[null,null,null,"Sweep = EBITDA - (EBITDA - Int Opening + sweep/2 * rate - Dep) x t - Int Opening + sweep/2 * rate"]
[null,null,null,"Sweep - sweep/2 * rate = EBITDA * (1 - t)  + dep * t  + Int Opening * (t - 1)  - sweep/2 * rate * t "]
[null,null,null,"Sweep - sweep/2 * rate + sweep/2 * rate * t = EBITDA * (1 - t)  + dep * t  + Int Opening * (t - 1)  "]
[null,null,null,"Sweep * ( 1 - rate/2  +  rate/2 * t) = EBITDA * (1 - t)  + dep * t  + Int Opening * (t - 1)  "]
[null,null,null,"Sweep  = [EBITDA * (1 - t)  + dep * t  + Int Opening * (t - 1) ]/( 1 - rate/2  +  rate/2 * t)"]
[]
[null,null,null,"Sweep  = [EBITDA * (1 - t)  - WC - CapExp + dep * t  + Int Opening * (t - 1) ]/( 1 - rate/2  +  rate/2 * t)"]
[]
["sweep_taxes"]
["No NOL"]
[]
[null,"Growth",0.02]
[null,"Tax Rate",0.255]
[null,"EBITDA",null,100,{"$f":"D92*(1+C90)","v":102},{"$f":"E92*(1+C90)","v":104.04},{"$f":"F92*(1+C90)","v":106.1208},{"$f":"G92*(1+C90)","v":108.243216},{"$f":"H92*(1+C90)","v":110.40808032000001},{"$f":"I92*(1+C90)","v":112.61624192640001},{"$f":"J92*(1+C90)","v":114.868566764928},{"$f":"K92*(1+C90)","v":117.16593810022657},{"$f":"L92*(1+C90)","v":119.5092568622311},{"$f":"M92*(1+C90)","v":121.89944199947573}]
[]
[null,"Debt"]
[null,"Oening Balance",null,{"$f":"C97","v":500},{"$f":"D97","v":435.26939243408481},366.56353062608036,293.70116049827141,216.49354081014059,134.74414682229468,48.248362469453468,0,0,0,0]
[null,"Less: Sweep",null,{"$f":"D112","v":64.730607565915179},{"$f":"E112","v":68.705861808004414},72.862370127808958,77.207619688130819,81.749393987845892,86.495784352841213,48.248362469453468,0,0,0,0]
[null,"Closing Balance",500,{"$f":"D95-D96","v":435.26939243408481},366.56353062608036,293.70116049827141,216.49354081014059,134.74414682229468,48.248362469453468,0,0,0,0,0]
[null,"Interest Rate",null,0.05,{"$f":"D98","v":0.05},{"$f":"E98","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,"Interest Expense OB",null,{"$f":"D98*D95","v":25},{"$f":"E98*E95","v":21.763469621704242},18.32817653130402,14.685058024913571,10.82467704050703,6.7372073411147344,2.4124181234726736,0,0,0,0]
[null,"Interest Expense Average",null,{"$f":"AVERAGE(D97,D95)*D98","v":23.381734810852123},{"$f":"AVERAGE(E97,E95)*E98","v":20.045823076504131},16.506617278108795,12.7548675327103,8.7809421908108813,4.5748127322937036,1.2062090617363368,0,0,0,0]
[]
[null,"EBITDA",null,{"$f":"D92","v":100},102,104.04,106.1208,108.243216,110.40808032000001,112.61624192640001,114.868566764928,117.16593810022657,119.5092568622311,121.89944199947573]
[null,"Depreciation",300,{"$f":"$C$103/10","v":30},{"$f":"$C$103/10","v":30},30,30,30,30,30,30,30,30,30]
[null,"Interest",null,{"$f":"D100","v":23.381734810852123},20.045823076504131,16.506617278108795,12.7548675327103,8.7809421908108813,4.5748127322937036,1.2062090617363368,0,0,0,0]
[null,"EBT ",null,{"$f":"D102-D103-D104","v":46.618265189147877},{"$f":"E102-E103-E104","v":51.954176923495865},57.533382721891215,63.365932467289703,69.462273809189128,75.833267587706302,81.410032864663677,84.868566764928005,87.165938100226569,89.509256862231098,91.899441999475727]
[null,"Taxes",{"$f":"C91","v":0.255},{"$f":"D105*$C$106","v":11.887657623232709},{"$f":"E105*$C$106","v":13.248315115491446},14.67101259408226,16.158312779158873,17.712879821343229,19.337483234865108,20.759558380489239,21.64148452505664,22.227314215557776,22.82486049986893,23.434357709866312]
[]
[null,"EBITDA",null,{"$f":"D92","v":100},102,104.04,106.1208,108.243216,110.40808032000001,112.61624192640001,114.868566764928,117.16593810022657,119.5092568622311,121.89944199947573]
[null,"Less: Taxes",null,{"$f":"D106","v":11.887657623232709},13.248315115491446,14.67101259408226,16.158312779158873,17.712879821343229,19.337483234865108,20.759558380489239,21.64148452505664,22.227314215557776,22.82486049986893,23.434357709866312]
[null,"Less: Interest",null,{"$f":"D100","v":23.381734810852123},20.045823076504131,16.506617278108795,12.7548675327103,8.7809421908108813,4.5748127322937036,1.2062090617363368,0,0,0,0]
[null,"Sub-total",null,{"$f":"D108-D109-D110","v":64.730607565915165},{"$f":"E108-E109-E110","v":68.705861808004414},72.862370127808958,77.207619688130819,81.749393987845892,86.495784352841198,90.650474484174438,93.227082239871365,94.9386238846688,96.684396362362165,98.465084289609422]
[null,"Less: Sweep",null,{"$f":"MIN(D95,sweep_taxes(D102,D98,$C$106,D103,D99))","v":64.730607565915179},68.705861808004414,72.862370127808958,77.207619688130819,81.749393987845892,86.495784352841213,48.248362469453468,0,0,0,0]
[null,"Remainder",null,{"$f":"D111-D112","v":0},0,0,0,0,0,42.40211201472097,93.227082239871365,94.9386238846688,96.684396362362165,98.465084289609422]
[]
[null,"Check",null,{"$f":"MIN(D111,D95)","v":64.730607565915165},68.705861808004414,72.862370127808958,77.207619688130819,81.749393987845892,86.495784352841198,48.248362469453468,0,0,0,0]
[null,"Difference",null,{"$f":"D115-D112","v":0},{"$f":"E115-E112","v":0},0,0,0,0,0,0,0,0,0]
[]
[null,"Sweep",null,{"$f":"sweep(D108,D98,D95)","v":76.92307692307692},82.293877311072563,87.909562531995874,93.780248179575821,99.916450214864597,106.32910049116438,113.02956287479726,117.81391463069539,120.1701929233093,122.57359678177549,125.025068717411]
[]
[]
["Sweep with NOL"]
[null,null,null,"Just write down equations and keep substuting"]
[null,null,null,"get interest out of equation and express sweep as function of fixed items"]
[null,null,null,"with NOL compute effective tax rate without sweep"]
[]
[null,null,null,"EBT = EBITDA - Int - taxes"]
[null,null,null,"Taxes = EBT x Tax Rate"]
[null,null,null,"Tases = (EBITDA - Int - dep) x t"]
[null,null,null,"Sweep = EBITDA - taxes - Int Opening - Incr Int"]
[null,null,null,"Int Opening = OB * Rate"]
[null,null,null,"Int Incr = -sweep/2 * rate"]
[null,null,null,"Sweep = EBITDA - taxes - Int Opening + sweep/2 * rate"]
[null,null,null,"Sweep = EBITDA - (EBITDA - Int Opening - Incr Int - Dep) x t - Int Opening + sweep/2 * rate"]
[null,null,null,"Sweep = EBITDA - (EBITDA - Int Opening + sweep/2 * rate - Dep) x t - Int Opening + sweep/2 * rate"]
[null,null,null,"Sweep - sweep/2 * rate = EBITDA * (1 - t)  + dep * t  + Int Opening * (t - 1)  - sweep/2 * rate * t "]
[null,null,null,"Sweep - sweep/2 * rate + sweep/2 * rate * t = EBITDA * (1 - t)  + dep * t  + Int Opening * (t - 1)  "]
[null,null,null,"Sweep * ( 1 - rate/2  +  rate/2 * t) = EBITDA * (1 - t)  + dep * t  + Int Opening * (t - 1)  "]
[null,null,null,"Sweep  = [EBITDA * (1 - t)  + dep * t  + Int Opening * (t - 1) ]/( 1 - rate/2  +  rate/2 * t)"]
["sweep_taxes"]
[]
[null,"Growth",0.15]
[null,"Tax Rate",0.255]
[null,"Ebitda",null,30,{"$f":"D143*(1+C141)","v":34.5},{"$f":"E143*(1+C141)","v":39.674999999999997},{"$f":"F143*(1+C141)","v":45.626249999999992},{"$f":"G143*(1+C141)","v":52.470187499999987},{"$f":"H143*(1+C141)","v":60.34071562499998},{"$f":"I143*(1+C141)","v":69.391822968749977},{"$f":"J143*(1+C141)","v":79.800596414062468},{"$f":"K143*(1+C141)","v":91.770685876171825},{"$f":"L143*(1+C141)","v":105.53628875759759},{"$f":"M143*(1+C141)","v":121.36673207123722}]
[]
[null,"Debt"]
[null,"OB",null,{"$f":"C148","v":500},{"$f":"D148","v":494.87179487179486},484.8652202498356,469.03779564726307,446.29486209071246,415.36620117228745,374.7791185400971,322.82746003574312,257.76399951623262,190.08604562932055,109.38923765610133]
[null,"Less: Sweep",null,{"$f":"D194","v":5.1282051282051286},{"$f":"E194","v":10.006574621959237},15.827424602572529,22.742933556550604,30.928660918424988,40.587082632190366,51.951658504353979,65.063460519510514,67.677953886912078,80.696807973219222,95.777318854038427]
[null,"CB",500,{"$f":"D146-D147","v":494.87179487179486},484.8652202498356,469.03779564726307,446.29486209071246,415.36620117228745,374.7791185400971,322.82746003574312,257.76399951623262,190.08604562932055,109.38923765610133,13.611918802062903]
[null,"Int",null,0.05,{"$f":"D149","v":0.05},{"$f":"E149","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,"Interest Expense OB",null,{"$f":"D149*D146","v":25},24.743589743589745,24.243261012491782,23.451889782363153,22.314743104535623,20.768310058614375,18.738955927004856,16.141373001787155,12.888199975811631,9.5043022814660283,5.4694618828050672]
[null,"Interest Expense Average",null,{"$f":"AVERAGE(D148,D146)*D149","v":24.871794871794876},{"$f":"AVERAGE(E148,E146)*E149","v":24.493425378040765},23.847575397427466,22.883316443449388,21.541526581574999,19.753632992809614,17.440164464396005,14.514786488799395,11.19625112863883,7.4868820821355477,3.0750289114541061]
[null,"Difference",null,{"$f":"D150-D151","v":0.1282051282051242},{"$f":"E150-E151","v":0.25016436554897936},0.39568561506431621,0.56857333891376527,0.77321652296062382,1.0146770658047615,1.2987914626088504,1.6265865129877604,1.6919488471728013,2.0174201993304806,2.3944329713509611]
[]
[null,"P&L"]
[null,"EBITDA",null,{"$f":"D143","v":30},{"$f":"E143","v":34.5},39.674999999999997,45.626249999999992,52.470187499999987,60.34071562499998,69.391822968749977,79.800596414062468,91.770685876171825,105.53628875759759,121.36673207123722]
[null,"Depreciation",400,{"$f":"$C$103/10","v":30},{"$f":"$C$103/10","v":30},30,30,30,30,30,30,30,30,30]
[null,"Interest OB",null,{"$f":"D150","v":25},{"$f":"E150","v":24.743589743589745},24.243261012491782,23.451889782363153,22.314743104535623,20.768310058614375,18.738955927004856,16.141373001787155,12.888199975811631,9.5043022814660283,5.4694618828050672]
[null,"EBT  Before NOL",null,{"$f":"D155-D156-D157","v":-25},-20.243589743589745,-14.568261012491785,-7.8256397823631616,0.1554443954643645,9.5724055663856049,20.652867041745122,33.65922341227531,48.882485900360194,66.031986476131564,85.897270188432159]
[null,"Taxes",{"$f":"C142","v":0.255},{"$f":"D158*$C$106","v":-6.375},-5.1621153846153849,-3.714906558185405,-1.9955381445026061,3.9638320843412948E-2,2.4409634194283294,5.2664810956450063,8.5831019701302047,12.46503390459185,16.838156551413551,21.903803898050199]
[]
[null,"NOL"]
[null,"Open",null,{"$f":"D173","v":0},{"$f":"E173","v":24.871794871794876},44.865220249835644,59.03779564726311,66.294862090712513,65.366201172287532,54.779118540097166,32.827460035743194,0,0,0]
[null,"Add: Losses",null,{"$f":"MAX(-D158,0)","v":25},{"$f":"MAX(-E158,0)","v":20.243589743589745},14.568261012491785,7.8256397823631616,0,0,0,0,0,0,0]
[null,"Less: Used",null,{"$f":"MAX(MIN(D162,D158),0)","v":0},{"$f":"MAX(MIN(E162,E158),0)","v":0},0,0,0.1554443954643645,9.5724055663856049,20.652867041745122,32.827460035743194,0,0,0]
[null,"Closing",null,{"$f":"D162+D163-D164","v":25},{"$f":"E162+E163-E164","v":45.11538461538462},59.433481262327433,66.863435429626264,66.139417695248142,55.793795605901927,34.126251498352048,0,0,0,0]
[]
[null,"Adjusted EBT",null,{"$f":"D158+D163-D164","v":0},{"$f":"E158+E163-E164","v":0},0,0,0,0,0,0.83176337653211618,48.882485900360194,66.031986476131564,85.897270188432159]
[null,"Taxes Paid on OB",{"$f":"C159","v":0.255},{"$f":"$C$168*D167","v":0},0,0,0,0,0,0,0.21209966101568964,12.46503390459185,16.838156551413551,21.903803898050199]
[null,"Effective Tax Rate",null,{"$f":"D168/D158","v":0},{"$f":"E168/E158","v":0},0,0,0,0,0,6.3013830835543941E-3,0.255,0.255,0.255]
[]
[null,"EBT with Average Balance",null,{"$f":"D158+D152","v":-24.871794871794876},{"$f":"E158+E152","v":-19.993425378040765},-14.172575397427469,-7.2570664434493963,0.92866091842498832,10.587082632190366,21.951658504353972,35.285809925263067,50.574434747532997,68.049406675462052,88.291703159783125]
[null,"NOL with Average Balance"]
[null,"Opening Balance",null,{"$f":"C176","v":0},{"$f":"D176","v":24.871794871794876},44.865220249835644,59.03779564726311,66.294862090712513,65.366201172287532,54.779118540097166,32.827460035743194,0,0,0]
[null,"Add: Losses",null,{"$f":"MAX(-D171,0)","v":24.871794871794876},{"$f":"MAX(-E171,0)","v":19.993425378040765},14.172575397427469,7.2570664434493963,0,0,0,0,0,0,0]
[null,"Less: Used",null,{"$f":"MAX(MIN(D171,D173),0)","v":0},{"$f":"MAX(MIN(E171,E173),0)","v":0},0,0,0.92866091842498832,10.587082632190366,21.951658504353972,32.827460035743194,0,0,0]
[null,"Closing Balance",null,{"$f":"D173+D174-D175","v":24.871794871794876},{"$f":"E173+E174-E175","v":44.865220249835644},59.03779564726311,66.294862090712513,65.366201172287532,54.779118540097166,32.827460035743194,0,0,0,0]
[]
[null,"Adjusted EBT",null,{"$f":"D171+D174-D175","v":0},{"$f":"E171+E174-E175","v":0},0,0,0,0,0,2.458349889519873,50.574434747532997,68.049406675462052,88.291703159783125]
[null,"Taxes Paid with Average",null,{"$f":"D178*$C$168","v":0},{"$f":"E178*$C$168","v":0},0,0,0,0,0,0.62687922182756761,12.896480860620915,17.352598702242823,22.514384305744699]
[null,"Actual Rate",null,{"$f":"D179/D171","v":0},{"$f":"E179/E171","v":0},0,0,0,0,0,1.7765759753150801E-2,0.255,0.255,0.255]
[]
[null,"Incremental Iterest",null,{"$f":"D151-D150","v":-0.1282051282051242},{"$f":"E151-E150","v":-0.25016436554897936},-0.39568561506431621,-0.56857333891376527,-0.77321652296062382,-1.0146770658047615,-1.2987914626088504,-1.6265865129877604,-1.6919488471728013,-2.0174201993304806,-2.3944329713509611]
[null,"Incremental Taxes",null,{"$f":"D182*$C$168","v":-3.2692307692306674E-2},{"$f":"E182*$C$168","v":-6.379191321498974E-2},-0.10089983184140064,-0.14498620142301014,-0.19717021335495907,-0.25874265178021416,-0.33119182296525684,-0.41477956081187889,-0.4314469560290643,-0.51444215082927258,-0.61058040769449506]
[]
[null,"Increment to NOL",null,{"$f":"IF(D163,D183,0)","v":-3.2692307692306674E-2},{"$f":"IF(E163,E183,0)","v":-6.379191321498974E-2},-0.10089983184140064,-0.14498620142301014,0,0,0,0,0,0,0]
[null,"Increment to NOL Used",null,{"$f":"IF(D164,D183,0)","v":0},{"$f":"IF(E164,E183,0)","v":0},0,0,-0.19717021335495907,-0.25874265178021416,-0.33119182296525684,-0.41477956081187889,0,0,0]
[null,"Increment to Taxes Paid",null,{"$f":"D183-D185-D186","v":0},{"$f":"E183-E185-E186","v":0},0,0,0,0,0,0,-0.4314469560290643,-0.51444215082927258,-0.61058040769449506]
[]
[null,"EBITDA",null,{"$f":"D143","v":30},{"$f":"E143","v":34.5},39.674999999999997,45.626249999999992,52.470187499999987,60.34071562499998,69.391822968749977,79.800596414062468,91.770685876171825,105.53628875759759,121.36673207123722]
[null,"Less: Taxes",null,{"$f":"D179","v":0},{"$f":"E179","v":0},0,0,0,0,0,0.62687922182756761,12.896480860620915,17.352598702242823,22.514384305744699]
[null,"Less: Incr Taxes"]
[null,"Less: Interest",null,{"$f":"D151","v":24.871794871794876},{"$f":"E151","v":24.493425378040765},23.847575397427466,22.883316443449388,21.541526581574999,19.753632992809614,17.440164464396005,14.514786488799395,11.19625112863883,7.4868820821355477,3.0750289114541061]
[null,"Sub-total",null,{"$f":"D189-D190-D192+D191","v":5.1282051282051242},{"$f":"E189-E190-E192+E191","v":10.006574621959235},15.827424602572531,22.742933556550604,30.928660918424988,40.587082632190366,51.951658504353972,64.658930703435516,67.677953886912078,80.696807973219208,95.777318854038413]
[null,"Less: Sweep",null,{"$f":"MIN(D146,sweep_taxes(D155,D149,D169,D156,D150))","v":5.1282051282051286},{"$f":"MIN(E146,sweep_taxes(E155,E149,E169,E156,E150))","v":10.006574621959237},15.827424602572529,22.742933556550604,30.928660918424988,40.587082632190366,51.951658504353979,65.063460519510514,67.677953886912078,80.696807973219222,95.777318854038427]
[null,"Remainder",null,{"$f":"D193-D194","v":0},0,0,0,0,0,0,-0.40452981607499794,0,0,0]
[]
[null,"Check",null,{"$f":"MIN(D193,D146)","v":5.1282051282051242},{"$f":"MIN(E193,E146)","v":10.006574621959235},15.827424602572531,22.742933556550604,30.928660918424988,40.587082632190366,51.951658504353972,64.658930703435516,67.677953886912078,80.696807973219208,95.777318854038413]
[null,"Difference",null,{"$f":"D197-D194","v":0},0,0,0,0,0,0,-0.40452981607499794,0,0,0]
[]
[null,"Sweep",null,{"$f":"sweep(D189,D149,D146)","v":5.1282051282051286},{"$f":"sweep(E189,E149,E146)","v":10.006574621959237},15.827424602572529,22.742933556550604,30.928660918424988,40.587082632190366,51.951658504353979,65.291511192077238,80.905113743959177,98.494345103724683,118.86899506505863]
[]
[]
[null,"Put in function"]
[null,null,null,"Incr int not defined yet"]
[null,null,null,"EBT = EBITDA - dep - int open - incr int"]
[null,null,null,"Loss_input = MAX(-ebt,0)"]
[null,null,null,"use = Min(ob,EBT)"]
[null,null,null,"EBT_Adj = EBT + loss - use"]
[null,null,null,"Taxes_paid = EBT_Adj * t"]
[null,null,null,"eff_t = taxes_paid/EBT"]
[]
["sweep_taxes"]
[]
[null,"Growth",0.25]
[null,"Tax Rate",0.255]
[null,"Ebitda",null,30,{"$f":"D216*(1+C214)","v":37.5},{"$f":"E216*(1+C214)","v":46.875},{"$f":"F216*(1+C214)","v":58.59375},{"$f":"G216*(1+C214)","v":73.2421875},{"$f":"H216*(1+C214)","v":91.552734375},{"$f":"I216*(1+C214)","v":114.44091796875},{"$f":"J216*(1+C214)","v":143.0511474609375},{"$f":"K216*(1+C214)","v":178.81393432617188},{"$f":"L216*(1+C214)","v":223.51741790771484},{"$f":"M216*(1+C214)","v":279.39677238464355}]
[]
[null,"Debt"]
[null,"OB",null,{"$f":"C221","v":500},{"$f":"D221","v":494.87179487179486},481.78829717291256,458.41846625870295,421.8309517078672,368.34311589801422,293.33226607227135,190.99964590290065,66.00840250830035,0,0]
[null,"Less: Sweep",null,{"$f":"D249","v":5.1282051282051286},{"$f":"E249","v":13.083497698882313},23.369830914209611,36.587514550835749,53.487835809852967,75.010849825742866,102.3326201693707,124.9912433946003,66.00840250830035,0,0]
[null,"CB",500,{"$f":"D219-D220","v":494.87179487179486},481.78829717291256,458.41846625870295,421.8309517078672,368.34311589801422,293.33226607227135,190.99964590290065,66.00840250830035,0,0,0]
[null,"Int",null,0.05,{"$f":"D222","v":0.05},{"$f":"E222","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,"Interest Expense OB",null,{"$f":"D222*D219","v":25},24.743589743589745,24.089414858645629,22.920923312935148,21.091547585393361,18.417155794900712,14.666613303613568,9.5499822951450337,3.3004201254150178,0,0]
[null,"Interest Expense Average",null,{"$f":"AVERAGE(D221,D219)*D222","v":24.871794871794876},{"$f":"AVERAGE(E221,E219)*E222","v":24.416502301117688},23.505169085790389,22.006235449164254,19.754351690147036,16.541884549257141,12.108297799379301,6.4252012102800258,1.6502100627075089,0,0]
[null,"Difference",null,{"$f":"D223-D224","v":0.1282051282051242},0.32708744247205601,0.58424577285524038,0.91468786377089373,1.3371958952463245,1.8752712456435709,2.5583155042342671,3.1247810848650079,1.6502100627075089,0,0]
[]
[null,"P&L"]
[null,"EBITDA",null,{"$f":"D216","v":30},{"$f":"E216","v":37.5},46.875,58.59375,73.2421875,91.552734375,114.44091796875,143.0511474609375,178.81393432617188,223.51741790771484,279.39677238464355]
[null,"Depreciation",500,{"$f":"C229/10","v":50},{"$f":"D229","v":50},{"$f":"E229","v":50},50,50,50,50,50,50,50,50]
[null,"Interest Average Balance",null,{"$f":"D224","v":24.871794871794876},{"$f":"E224","v":24.416502301117688},23.505169085790389,22.006235449164254,19.754351690147036,16.541884549257141,12.108297799379301,6.4252012102800258,1.6502100627075089,0,0]
[null,"EBT  Before NOL",null,{"$f":"D228-D229-D230","v":-44.871794871794876},-36.916502301117688,-26.630169085790389,-13.412485449164254,3.4878358098529638,25.010849825742859,52.332620169370699,86.625946250657478,127.16372426346436,173.51741790771484,229.39677238464355]
[null,"Taxes",{"$f":"C215","v":0.255},{"$f":"D231*$C$106","v":-11.442307692307693},-9.4137080867850109,-6.7906931168765494,-3.420183789536885,0.8893981315125058,6.3777667055644294,13.344818143189528,22.089616293917658,32.42674968718341,44.246941566467285,58.496176958084106]
[]
[null,"NOL"]
[null,"Open",null,{"$f":"C238","v":0},{"$f":"D238","v":44.871794871794876},81.788297172912564,108.41846625870295,121.8309517078672,118.34311589801423,93.332266072271381,40.999645902900681,0,0,0]
[null,"Add: Losses",null,{"$f":"MAX(-D231,0)","v":44.871794871794876},{"$f":"MAX(-E231,0)","v":36.916502301117688},26.630169085790389,13.412485449164254,0,0,0,0,0,0,0]
[null,"Less: Used",null,{"$f":"MAX(MIN(D235,D231),0)","v":0},{"$f":"MAX(MIN(E235,E231),0)","v":0},0,0,3.4878358098529638,25.010849825742859,52.332620169370699,40.999645902900681,0,0,0]
[null,"Closing",null,{"$f":"D235+D236-D237","v":44.871794871794876},81.788297172912564,108.41846625870295,121.8309517078672,118.34311589801423,93.332266072271381,40.999645902900681,0,0,0,0]
[]
[null,"Adjusted EBT",null,{"$f":"D231+D236-D237","v":0},0,0,0,0,0,0,45.626300347756796,127.16372426346436,173.51741790771484,229.39677238464355]
[null,"Taxes Paid with Average",null,{"$f":"D240*$C$168","v":0},0,0,0,0,0,0,11.634706588677984,32.42674968718341,44.246941566467285,58.496176958084106]
[null,"Actual Rate",null,{"$f":"D241/D231","v":0},0,0,0,0,0,0,0.13430972003482938,0.255,0.255,0.255]
[]
[null,"EBITDA",null,{"$f":"D216","v":30},37.5,46.875,58.59375,73.2421875,91.552734375,114.44091796875,143.0511474609375,178.81393432617188,223.51741790771484,279.39677238464355]
[null,"Less: Taxes",null,{"$f":"D241","v":0},{"$f":"E241","v":0},0,0,0,0,0,11.634706588677984,32.42674968718341,44.246941566467285,58.496176958084106]
[null,"Less: Incr Taxes"]
[null,"Less: Interest",null,{"$f":"D224","v":24.871794871794876},24.416502301117688,23.505169085790389,22.006235449164254,19.754351690147036,16.541884549257141,12.108297799379301,6.4252012102800258,1.6502100627075089,0,0]
[null,"Sub-total",null,{"$f":"D244-D245-D247+D246","v":5.1282051282051242},13.083497698882312,23.369830914209611,36.587514550835749,53.487835809852967,75.010849825742866,102.3326201693707,124.99123966197951,144.73697457628094,179.27047634124756,220.90059542655945]
[null,"Less: Sweep",null,{"$f":"MIN(D219,D257)","v":5.1282051282051286},{"$f":"MIN(E219,E257)","v":13.083497698882313},23.369830914209611,36.587514550835749,53.487835809852967,75.010849825742866,102.3326201693707,124.9912433946003,66.00840250830035,0,0]
[null,"Remainder",null,{"$f":"D248-D249","v":0},0,0,0,0,0,0,-3.7326207973364944E-6,78.728572067980593,179.27047634124756,220.90059542655945]
[]
[null,"Check",null,{"$f":"MIN(D248,D219)","v":5.1282051282051242},13.083497698882312,23.369830914209611,36.587514550835749,53.487835809852967,75.010849825742866,102.3326201693707,124.99123966197951,66.00840250830035,0,0]
[null,"Difference",null,{"$f":"D252-D249","v":0},0,0,0,0,0,0,-3.7326207973364944E-6,0,0,0]
[]
[null,"Sweep",null,{"$f":"sweep(D244,D222,D219)","v":5.1282051282051286},13.083497698882313,23.369830914209611,36.587514550835749,53.487835809852967,75.010849825742866,102.3326201693707,136.92427196491533,180.01386071872497,229.24863375150241,286.56079218937799]
[]
[null,"Sweep Nol",null,{"$f":"sweep_nol1(D244,D222,$C$232,D229,D223,D235)","v":5.1282051282051286},{"$f":"sweep_nol1(E244,E222,$C$232,E229,E223,E235)","v":13.083497698882313},23.369830914209611,36.587514550835749,53.487835809852967,75.010849825742866,102.3326201693707,124.9912433946003,146.23112274060767,182.67275642975167,225.09295165106045]
[]
[]
["Multiple Sweeps"]

{"sheet":"Circular Corporate","index":17,"n_rows":229,"n_cols":17,"rows_kept":229,"cut":false,"hidden":false,"merged":[]}
[]
["Notes: Could include adjustment for minority interest"]
["notes: Anything variable in I/S that affects taxes and anything that is not sub-total in cash flow statement must be in function"]
["Note: by the tme get to I/S or the cash flow the items are virtually always the same: EBITDA, Interest Expense, Interest Income etc."]
["Note: Can have mini loop for items that seem impossible to resolve"]
["Note: Create cash flow waterfall"]
[]
["Corporate Model with Openin Balance"]
[]
[null,"Operating Cash Balance"]
[null,null,null,"Required Cash Balance as Pct of EBITDA",0.05,{"$f":"$E11*F43","v":1.8},2.1599999999999997,2.5920000000000001,3.1103999999999998,3.7324799999999998,4.4789759999999994,5.3747711999999996,6.449725439999999,7.7396705279999978,9.2876046335999973,11.145125560319997,13.374150672383998]
[null,null,null,"Less: Opening Balance",null,{"$f":"F15","v":1.7},{"$f":"G15","v":1.8},2.1599999999999997,2.5920000000000001,3.1103999999999998,3.7324799999999998,4.4789759999999994,5.3747711999999996,6.449725439999999,7.7396705279999978,9.2876046335999973,11.145125560319997]
[null,null,null,"Required Added Cash",null,{"$f":"F11-F12","v":0.10000000000000009},{"$f":"G11-G12","v":0.35999999999999965},0.43200000000000038,0.51839999999999975,0.62207999999999997,0.7464959999999996,0.89579520000000024,1.0749542399999994,1.2899450879999987,1.5479341055999996,1.8575209267199995,2.2290251120640008]
[]
[null,null,null,"Opening Balance",null,{"$f":"E17","v":1.7},{"$f":"F17","v":1.8},2.1599999999999997,2.5920000000000001,3.1103999999999998,3.7324799999999998,4.4789759999999994,5.3747711999999996,6.449725439999999,7.7396705279999978,9.2876046335999973,11.145125560319997]
[null,null,null,"Add: New Cash",null,{"$f":"F13","v":0.10000000000000009},{"$f":"G13","v":0.35999999999999965},0.43200000000000038,0.51839999999999975,0.62207999999999997,0.7464959999999996,0.89579520000000024,1.0749542399999994,1.2899450879999987,1.5479341055999996,1.8575209267199995,2.2290251120640008]
[null,null,null,"Closing Balance",1.7,{"$f":"SUM(F15:F16)","v":1.8},{"$f":"SUM(G15:G16)","v":2.1599999999999997},2.5920000000000001,3.1103999999999998,3.7324799999999998,4.4789759999999994,5.3747711999999996,6.449725439999999,7.7396705279999978,9.2876046335999973,11.145125560319997,13.374150672383998]
[null,null,null,"Interest Income Rate",0.03,{"$f":"E18","v":0.03},{"$f":"F18","v":0.03},0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,null,"Interest Income on Average Balance",null,{"$f":"F18*AVERAGE(F17,F15)","v":5.2499999999999998E-2},{"$f":"G18*AVERAGE(G17,G15)","v":5.9399999999999994E-2},7.1279999999999996E-2,8.5536000000000001E-2,0.10264319999999999,0.12317183999999998,0.14780620799999997,0.17736744959999998,0.21284093951999994,0.2554091274239999,0.30649095290879991,0.36778914349055991]
[]
[null,"Surplus Cash Balance"]
[null,null,null,"Opening Balance",null,{"$f":"E25","v":20},{"$f":"F25","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Add: New Cash from Positive Cash Flow",null,{"$f":"F84","v":0},{"$f":"G84","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Removal of Cash for Negative Cash Flow",null,{"$f":"F80","v":20},{"$f":"G80","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance",20,{"$f":"F22+F23-F24","v":0},{"$f":"G22+G23-G24","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Interest Income Rate",3.5000000000000003E-2,{"$f":"E26","v":3.5000000000000003E-2},{"$f":"F26","v":3.5000000000000003E-2},3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2]
[null,null,null,"Interest Income  on Opening Balance",null,{"$f":"F26*F22","v":0.70000000000000007},{"$f":"G26*G22","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Interest Income on Average Balance",null,{"$f":"F27","v":0.70000000000000007},{"$f":"G27","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[null,"Short-term Debt Balance"]
[null,null,null,"Opening Balance",null,{"$f":"E34","v":200},{"$f":"F34","v":205.495},225.01095000000001,236.91093750000002,241.00096948636366,240.27589203245458,234.43528212864226,225.61321967692047,210.39376977267125,187.42842359845253,155.09794200656256,111.45819412734296]
[null,null,null,"Add: New Debt from Deficit Cash Flow",null,{"$f":"F83","v":5.4950000000000045},{"$f":"G83","v":19.515950000000007},11.899987500000007,4.0900319863636385,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Retired Debt from Positive Cash Flow",null,{"$f":"F81","v":0},{"$f":"G81","v":0},0,0,0.72507745390908918,5.8406099038123331,8.8220624517217789,15.21944990424922,22.96534617421872,32.330481591889971,43.639747879219598,57.283030656552533]
[null,null,null,"Closing Balance",200,{"$f":"F31+F32-F33","v":205.495},{"$f":"G31+G32-G33","v":225.01095000000001},236.91093750000002,241.00096948636366,240.27589203245458,234.43528212864226,225.61321967692047,210.39376977267125,187.42842359845253,155.09794200656256,111.45819412734296,54.17516347079043]
[null,null,null,"Interest Expense Rate",0.05,{"$f":"E35","v":0.05},{"$f":"F35","v":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 on Opening Balance",null,{"$f":"F35*F31","v":10},{"$f":"G35*G31","v":10.274750000000001},11.250547500000001,11.845546875000002,12.050048474318183,12.013794601622729,11.721764106432113,11.280660983846024,10.519688488633562,9.3714211799226259,7.7548971003281286,5.5729097063671489]
[null,null,null,"Interest Expense on Average Balance",null,{"$f":"F36","v":10},{"$f":"G36","v":10.274750000000001},11.250547500000001,11.845546875000002,12.050048474318183,12.013794601622729,11.721764106432113,11.280660983846024,10.519688488633562,9.3714211799226259,7.7548971003281286,5.5729097063671489]
[]
["Profit and Loss Statement"]
[]
[null,null,null,"Growth Rate",0.2]
[]
[null,null,null,"EBITDA",30,{"$f":"E43*(1+$E$41)","v":36},{"$f":"F43*(1+$E$41)","v":43.199999999999996},51.839999999999996,62.207999999999991,74.649599999999992,89.579519999999988,107.49542399999999,128.99450879999998,154.79341055999996,185.75209267199995,222.90251120639994,267.48301344767992]
[null,null,null,"Depreciation",300,{"$f":"E44/11","v":27.272727272727273},{"$f":"F44","v":27.272727272727273},{"$f":"G44","v":27.272727272727273},27.272727272727273,27.272727272727273,27.272727272727273,27.272727272727273,27.272727272727273,27.272727272727273,27.272727272727273,27.272727272727273,27.272727272727273]
[null,null,null,"EBIT",null,{"$f":"F43-F44","v":8.7272727272727266},{"$f":"G43-G44","v":15.927272727272722},24.567272727272723,34.935272727272718,47.376872727272719,62.306792727272715,80.222696727272705,101.7217815272727,127.52068328727267,158.47936539927267,195.62978393367266,240.21028617495264]
[null,null,null,"Less: Interest Expense on Short-term",null,{"$f":"F37","v":10},{"$f":"G37","v":10.274750000000001},11.250547500000001,11.845546875000002,12.050048474318183,12.013794601622729,11.721764106432113,11.280660983846024,10.519688488633562,9.3714211799226259,7.7548971003281286,5.5729097063671489]
[null,null,null,"Less: Other Interest Expense",null,20,20,20,20,20,20,20,20,20,20,20,20]
[null,null,null,"Add: Interest Income on Operating Cash",null,{"$f":"F19","v":5.2499999999999998E-2},{"$f":"G19","v":5.9399999999999994E-2},7.1279999999999996E-2,8.5536000000000001E-2,0.10264319999999999,0.12317183999999998,0.14780620799999997,0.17736744959999998,0.21284093951999994,0.2554091274239999,0.30649095290879991,0.36778914349055991]
[null,null,null,"Add: Interest Income on Surplus",null,{"$f":"F28","v":0.70000000000000007},{"$f":"G28","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBT Before NOL",null,{"$f":"F45-F46-F47+F48+F49","v":-20.520227272727276},{"$f":"G45-G46-G47+G48+G49","v":-14.288077272727278},-6.6119947727272788,3.1752618522727141,15.429467452954537,30.416169965649988,48.648738828840585,70.618487993026676,97.213835738159119,129.36335334677403,168.18137778625334,215.00516561207607]
[]
[null,null,null,"NOL Opening Balance"]
[null,null,null,"Opening Balance",null,{"$f":"E56","v":0},{"$f":"F56","v":20.520227272727276},34.808304545454554,41.420299318181833,38.245037465909121,22.815570012954584,0,0,0,0,0,0]
[null,null,null,"Add: NOL Created",null,{"$f":"MAX(-F50,0)","v":20.520227272727276},{"$f":"MAX(-G50,0)","v":14.288077272727278},6.6119947727272788,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: NOL Used",null,{"$f":"MIN(F53,MAX(F50,0))","v":0},{"$f":"MIN(G53,MAX(G50,0))","v":0},0,3.1752618522727141,15.429467452954537,22.815570012954584,0,0,0,0,0,0]
[null,null,null,"Closing Balance",null,{"$f":"F53+F54-F55","v":20.520227272727276},{"$f":"G53+G54-G55","v":34.808304545454554},41.420299318181833,38.245037465909121,22.815570012954584,0,0,0,0,0,0,0]
[]
[null,null,null,"EBT After NOL",null,{"$f":"F50+F54-F55","v":0},{"$f":"G50+G54-G55","v":0},0,0,0,7.6005999526954042,48.648738828840585,70.618487993026676,97.213835738159119,129.36335334677403,168.18137778625334,215.00516561207607]
[null,null,null,"Tax Rate",0.255,{"$f":"E59","v":0.255},{"$f":"F59","v":0.255},0.255,0.255,0.255,0.255,0.255,0.255,0.255,0.255,0.255,0.255]
[null,null,null,"Taxes Paid",null,{"$f":"F59*F58","v":0},{"$f":"G59*G58","v":0},0,0,0,1.938152987937328,12.405428401354349,18.007714438221804,24.789528113230578,32.987655103427379,42.886251335494599,54.8263172310794]
[]
[null,null,null,"Net Income",null,{"$f":"F50-F60","v":-20.520227272727276},{"$f":"G50-G60","v":-14.288077272727278},-6.6119947727272788,3.1752618522727141,15.429467452954537,28.478016977712659,36.243310427486236,52.610773554804872,72.424307624928545,96.375698243346648,125.29512645075874,160.17884838099667]
[]
["Cash Flow Statement"]
[]
[null,null,null,"EBITDA",null,{"$f":"F43","v":36},{"$f":"G43","v":43.199999999999996},51.839999999999996,62.207999999999991,74.649599999999992,89.579519999999988,107.49542399999999,128.99450879999998,154.79341055999996,185.75209267199995,222.90251120639994,267.48301344767992]
[null,null,null,"Less: WC Changes",null,2.2000000000000002,{"$f":"F67","v":2.2000000000000002},{"$f":"G67","v":2.2000000000000002},2.2000000000000002,2.2000000000000002,2.2000000000000002,2.2000000000000002,2.2000000000000002,2.2000000000000002,2.2000000000000002,2.2000000000000002,2.2000000000000002]
[null,null,null,"Less: Capital Expenditures",null,30,{"$f":"F68","v":30},{"$f":"G68","v":30},30,30,30,30,30,30,30,30,30]
[null,null,null,"Less: Taxes Paid",null,{"$f":"F60","v":0},{"$f":"G60","v":0},0,0,0,1.938152987937328,12.405428401354349,18.007714438221804,24.789528113230578,32.987655103427379,42.886251335494599,54.8263172310794]
[null,null,null,"Cash Flow from Operations",null,{"$f":"F66-F67-F68-F69","v":3.7999999999999972},{"$f":"G66-G67-G68-G69","v":10.999999999999993},19.639999999999993,30.007999999999988,42.44959999999999,55.441367012062656,62.889995598645633,78.786794361778163,97.803882446769393,120.56443756857257,147.81625987090536,180.45669621660053]
[null,null,null,"Add: Interest Income on Cash",null,{"$f":"F48","v":5.2499999999999998E-2},{"$f":"G48","v":5.9399999999999994E-2},7.1279999999999996E-2,8.5536000000000001E-2,0.10264319999999999,0.12317183999999998,0.14780620799999997,0.17736744959999998,0.21284093951999994,0.2554091274239999,0.30649095290879991,0.36778914349055991]
[null,null,null,"Less: Interest Expense on New Debt",null,{"$f":"F46","v":10},{"$f":"G46","v":10.274750000000001},11.250547500000001,11.845546875000002,12.050048474318183,12.013794601622729,11.721764106432113,11.280660983846024,10.519688488633562,9.3714211799226259,7.7548971003281286,5.5729097063671489]
[null,null,null,"Less: Other Interest Expense",null,{"$f":"F47","v":20},{"$f":"G47","v":20},20,20,20,20,20,20,20,20,20,20]
[null,null,null,"Add: Interest Income on Operating Cash",null,{"$f":"F48","v":5.2499999999999998E-2},{"$f":"G48","v":5.9399999999999994E-2},7.1279999999999996E-2,8.5536000000000001E-2,0.10264319999999999,0.12317183999999998,0.14780620799999997,0.17736744959999998,0.21284093951999994,0.2554091274239999,0.30649095290879991,0.36778914349055991]
[null,null,null,"Add: Interest Income on Surplus Cash",null,{"$f":"F49","v":0.70000000000000007},{"$f":"G49","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Dividends",0.6,{"$f":"MAX($E$76*F62,0)","v":0},{"$f":"MAX($E$76*G62,0)","v":0},0,1.9051571113636283,9.257680471772721,17.086810186627595,21.74598625649174,31.566464132882921,43.454584574957124,57.825418946007986,75.177075870455241,96.107309028597996]
[null,null,null,"Cash Flow after Dividends",null,{"$f":"F70+F71-F72-F73+F74+F75-F76","v":-25.395000000000003},{"$f":"G70+G71-G72-G73+G74+G75-G76","v":-19.155950000000008},-11.467987500000007,-3.5716319863636388,1.3471574539090891,6.5871059038123327,9.7178576517217792,16.294404144249221,24.255291262218719,33.87841569748997,45.497268805939598,59.512055768616534]
[null,null,null,"Less: Required Cash for Operations",null,{"$f":"F16","v":0.10000000000000009},{"$f":"G16","v":0.35999999999999965},0.43200000000000038,0.51839999999999975,0.62207999999999997,0.7464959999999996,0.89579520000000024,1.0749542399999994,1.2899450879999987,1.5479341055999996,1.8575209267199995,2.2290251120640008]
[null,null,null,"Remaining Cash Flow",null,{"$f":"F77-F78","v":-25.495000000000005},{"$f":"G77-G78","v":-19.515950000000007},-11.899987500000007,-4.0900319863636385,0.72507745390908918,5.8406099038123331,8.8220624517217789,15.21944990424922,22.96534617421872,32.330481591889971,43.639747879219598,57.283030656552533]
[null,null,null,"Add: Withdrawl from Surplus Cash when Negative",null,{"$f":"MIN(MAX(-F79,0),F22)","v":20},{"$f":"MIN(MAX(-G79,0),G22)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Reduction from Short-term Debt when Positive",null,{"$f":"MIN(MAX(F79,0),F31)","v":0},{"$f":"MIN(MAX(G79,0),G31)","v":0},0,0,0.72507745390908918,5.8406099038123331,8.8220624517217789,15.21944990424922,22.96534617421872,32.330481591889971,43.639747879219598,57.283030656552533]
[null,null,null,"Remaining Cash Flow",null,{"$f":"F79+F80-F81","v":-5.4950000000000045},{"$f":"G79+G80-G81","v":-19.515950000000007},-11.899987500000007,-4.0900319863636385,0,0,0,0,0,0,0,0]
[null,null,null,"Add: Issuance of New Debt when Negative",null,{"$f":"MAX(-F82,0)","v":5.4950000000000045},{"$f":"MAX(-G82,0)","v":19.515950000000007},11.899987500000007,4.0900319863636385,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Addition to Cash Balance when Positive",null,{"$f":"MAX(F82,0)","v":0},{"$f":"MAX(G82,0)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Remainder",null,{"$f":"F82+F83-F84","v":0},{"$f":"G82+G83-G84","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[]
[]
[]
[]
[]
["Corporate Model"]
[]
[null,"Operating Cash Balance"]
[null,null,null,"Required Cash Balance as Pct of EBITDA",0.3,{"$f":"$E95*F127","v":10.799999999999999},12.959999999999999,15.551999999999998,18.662399999999998,22.394879999999997,26.873855999999996,32.248627199999994,38.698352639999989,46.438023167999987,55.725627801599984,66.870753361919981,80.244904034303971]
[null,null,null,"Less: Opening Balance",null,{"$f":"F99","v":10},{"$f":"G99","v":10.799999999999999},12.959999999999999,15.551999999999998,18.662399999999998,22.394879999999997,26.873855999999996,32.248627199999994,38.698352639999989,46.438023167999987,55.725627801599984,66.870753361919981]
[null,null,null,"Required Added Cash",null,{"$f":"F95-F96","v":0.79999999999999893},2.16,2.5919999999999987,3.1104000000000003,3.7324799999999989,4.4789759999999994,5.3747711999999979,6.4497254399999946,7.7396705279999978,9.2876046335999973,11.145125560319997,13.37415067238399]
[]
[null,null,null,"Opening Balance",null,{"$f":"E101","v":10},{"$f":"F101","v":10.799999999999999},12.959999999999999,15.551999999999998,18.662399999999998,22.394879999999997,26.873855999999996,32.248627199999994,38.698352639999989,46.438023167999987,55.725627801599984,66.870753361919981]
[null,null,null,"Add: New Cash",null,{"$f":"F97","v":0.79999999999999893},{"$f":"G97","v":2.16},2.5919999999999987,3.1104000000000003,3.7324799999999989,4.4789759999999994,5.3747711999999979,6.4497254399999946,7.7396705279999978,9.2876046335999973,11.145125560319997,13.37415067238399]
[null,null,null,"Closing Balance",10,{"$f":"SUM(F99:F100)","v":10.799999999999999},12.959999999999999,15.551999999999998,18.662399999999998,22.394879999999997,26.873855999999996,32.248627199999994,38.698352639999989,46.438023167999987,55.725627801599984,66.870753361919981,80.244904034303971]
[null,null,null,"Interest Income Rate",0.02,{"$f":"E102","v":0.02},{"$f":"F102","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[null,null,null,"Interest Income on Average Balance",null,{"$f":"F102*AVERAGE(F101,F99)","v":0.20799999999999996},0.23759999999999998,0.28511999999999998,0.342144,0.4105727999999999,0.49268735999999991,0.59122483199999987,0.7094697983999998,0.85136375807999976,1.0216365096959996,1.2259638116351996,1.4711565739622396]
[]
[null,"Surplus Cash Balance"]
[null,null,null,"Opening Balance",null,{"$f":"E109","v":150},{"$f":"F109","v":150},136.35228562155143,130.719079739851,130.719079739851,130.719079739851,130.719079739851,130.719079739851,140.30733032856551,243.00382354202787,378.25569203483462,552.87821533466854]
[null,null,null,"Add: New Cash from Positive Cash Flow",null,{"$f":"F167","v":0},{"$f":"G167","v":0},0,0,0,0,0,9.5882505887145015,102.69649321346236,135.25186849280675,174.62252329983394,222.1792149191138]
[null,null,null,"Less: Removal of Cash for Negative Cash Flow",null,{"$f":"F163","v":0},{"$f":"G163","v":13.64771437844856},5.6332058817004214,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance",150,{"$f":"F106+F107-F108","v":150},136.35228562155143,130.719079739851,130.719079739851,130.719079739851,130.719079739851,130.719079739851,140.30733032856551,243.00382354202787,378.25569203483462,552.87821533466854,775.05743025378229]
[null,null,null,"Interest Income Rate",2.5000000000000001E-2,{"$f":"E110","v":2.5000000000000001E-2},{"$f":"F110","v":2.5000000000000001E-2},2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2]
[null,null,null,"Interest Income  on Opening Balance",null,{"$f":"F110*F106","v":3.75},3.75,3.4088071405387859,3.267976993496275,3.267976993496275,3.267976993496275,3.267976993496275,3.267976993496275,3.5076832582141382,6.0750955885506972,9.4563923008708652,13.821955383366713]
[null,null,null,"Interest Income on Average Balance",null,{"$f":"AVERAGE(F109,F106)*F110","v":3.75},{"$f":"AVERAGE(G109,G106)*G110","v":3.5794035702693936},3.33839206701753,3.267976993496275,3.267976993496275,3.267976993496275,3.267976993496275,3.3878301258552064,4.7913894233824177,7.7657439447107812,11.63917384211879,16.599195569855635]
[]
[null,"Short-term Debt Balance"]
[null,null,null,"Opening Balance",null,{"$f":"E118","v":200},{"$f":"F118","v":170.09435897435898},170.09435897435898,170.09435897435898,165.78358662074021,149.05898101821788,116.84538173351493,65.422217078314389,0,0,0,0]
[null,null,null,"Add: New Debt from Deficit Cash Flow",null,{"$f":"F166","v":0},{"$f":"G166","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Retired Debt from Positive Cash Flow",null,{"$f":"F164","v":29.905641025641028},{"$f":"G164","v":0},0,4.3107723536187859,16.724605602522317,32.213599284702944,51.42316465520053,65.422217078314389,0,0,0,0]
[null,null,null,"Closing Balance",200,{"$f":"F115+F116-F117","v":170.09435897435898},170.09435897435898,170.09435897435898,165.78358662074021,149.05898101821788,116.84538173351493,65.422217078314389,0,0,0,0,0]
[null,null,null,"Interest Expense Rate",0.05,{"$f":"E119","v":0.05},{"$f":"F119","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,null,"Interest Expense on Opening Balance",null,{"$f":"F119*F115","v":10},8.5047179487179498,8.5047179487179498,8.5047179487179498,8.2891793310370101,7.4529490509108944,5.8422690866757465,3.2711108539157197,0,0,0,0]
[null,null,null,"Interest Expense on Average Balance",null,{"$f":"AVERAGE(F118,F115)*F119","v":9.2523589743589749},{"$f":"AVERAGE(G118,G115)*G119","v":8.5047179487179498},8.5047179487179498,8.3969486398774791,7.8710641909739527,6.6476090687933214,4.5566899702957331,1.6355554269578598,0,0,0,0]
[]
["Profit and Loss Statement"]
[]
[null,null,null,"Growth Rate",0.2]
[]
[null,null,null,"EBITDA",30,{"$f":"E127*(1+$E$41)","v":36},{"$f":"F127*(1+$E$41)","v":43.199999999999996},51.839999999999996,62.207999999999991,74.649599999999992,89.579519999999988,107.49542399999999,128.99450879999998,154.79341055999996,185.75209267199995,222.90251120639994,267.48301344767992]
[null,null,null,"Depreciation",300,{"$f":"E128/11","v":27.272727272727273},{"$f":"F128","v":27.272727272727273},{"$f":"G128","v":27.272727272727273},27.272727272727273,27.272727272727273,27.272727272727273,27.272727272727273,27.272727272727273,27.272727272727273,27.272727272727273,27.272727272727273,27.272727272727273]
[null,null,null,"EBIT",null,{"$f":"F127-F128","v":8.7272727272727266},15.927272727272722,24.567272727272723,34.935272727272718,47.376872727272719,62.306792727272715,80.222696727272705,101.7217815272727,127.52068328727267,158.47936539927267,195.62978393367266,240.21028617495264]
[null,null,null,"Less: Interest Expense on Short-term",null,{"$f":"F121","v":9.2523589743589749},{"$f":"G121","v":8.5047179487179498},8.5047179487179498,8.3969486398774791,7.8710641909739527,6.6476090687933214,4.5566899702957331,1.6355554269578598,0,0,0,0]
[null,null,null,"Less: Other Interest Expense",null,0,{"$f":"F131","v":0},{"$f":"G131","v":0},0,0,0,0,0,0,0,0,0]
[null,null,null,"Add: Interest Income on Operating Cash",null,{"$f":"F103","v":0.20799999999999996},{"$f":"G103","v":0.23759999999999998},0.28511999999999998,0.342144,0.4105727999999999,0.49268735999999991,0.59122483199999987,0.7094697983999998,0.85136375807999976,1.0216365096959996,1.2259638116351996,1.4711565739622396]
[null,null,null,"Add: Interest Income on Surplus",null,{"$f":"F112","v":3.75},{"$f":"G112","v":3.5794035702693936},3.33839206701753,3.267976993496275,3.267976993496275,3.267976993496275,3.267976993496275,3.3878301258552064,4.7913894233824177,7.7657439447107812,11.63917384211879,16.599195569855635]
[null,null,null,"EBT Before NOL",null,{"$f":"F129-F130-F131+F132+F133","v":3.4329137529137519},11.239558348824165,19.686066845572302,30.148445080891516,43.184358329795039,59.419848011975667,79.52520858247324,104.18352602457003,133.16343646873509,167.26674585367945,208.49492158742666,258.28063831877051]
[]
[null,null,null,"NOL Opening Balance"]
[null,null,null,"Opening Balance",null,{"$f":"E140","v":0},{"$f":"F140","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Add: NOL Created",null,{"$f":"MAX(-F134,0)","v":0},{"$f":"MAX(-G134,0)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: NOL Used",null,{"$f":"MIN(F137,MAX(F134,0))","v":0},{"$f":"MIN(G137,MAX(G134,0))","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance",null,{"$f":"F137+F138-F139","v":0},0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"EBT After NOL",null,{"$f":"F134+F138-F139","v":3.4329137529137519},{"$f":"G134+G138-G139","v":11.239558348824165},19.686066845572302,30.148445080891516,43.184358329795039,59.419848011975667,79.52520858247324,104.18352602457003,133.16343646873509,167.26674585367945,208.49492158742666,258.28063831877051]
[null,null,null,"Tax Rate",0,{"$f":"E143","v":0},{"$f":"F143","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Taxes Paid",null,{"$f":"F143*F142","v":0},0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Net Income",null,{"$f":"F134-F144","v":3.4329137529137519},{"$f":"G134-G144","v":11.239558348824165},19.686066845572302,30.148445080891516,43.184358329795039,59.419848011975667,79.52520858247324,104.18352602457003,133.16343646873509,167.26674585367945,208.49492158742666,258.28063831877051]
[]
["Cash Flow Statement"]
[]
[null,null,"EBITDA",null,null,{"$f":"F127","v":36},{"$f":"G127","v":43.199999999999996},51.839999999999996,62.207999999999991,74.649599999999992,89.579519999999988,107.49542399999999,128.99450879999998,154.79341055999996,185.75209267199995,222.90251120639994,267.48301344767992]
[null,null,"Less: WC Changes",null,null,0,20,{"$f":"G151","v":20},20,20,20,20,20,20,20,20,20]
[null,null,"Less: Capital Expenditures",null,null,0,30,{"$f":"G152","v":30},30,30,30,30,30,30,30,30,30]
[null,null,"Less: Taxes Paid",null,null,{"$f":"F144","v":0},{"$f":"G144","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Cash Flow from Operations",null,{"$f":"F150-F151-F152-F153","v":36},-6.8000000000000043,1.8399999999999963,12.207999999999991,24.649599999999992,39.579519999999988,57.495423999999986,78.994508799999977,104.79341055999996,135.75209267199995,172.90251120639994,217.48301344767992]
[null,null,"Less: Interest Expense on New Debt",null,null,{"$f":"F130","v":9.2523589743589749},{"$f":"G130","v":8.5047179487179498},8.5047179487179498,8.3969486398774791,7.8710641909739527,6.6476090687933214,4.5566899702957331,1.6355554269578598,0,0,0,0]
[null,null,"Less: Other Interest Expense",null,null,{"$f":"F131","v":0},{"$f":"G131","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Interest Income on Operating Cash",null,null,{"$f":"F132","v":0.20799999999999996},{"$f":"G132","v":0.23759999999999998},0.28511999999999998,0.342144,0.4105727999999999,0.49268735999999991,0.59122483199999987,0.7094697983999998,0.85136375807999976,1.0216365096959996,1.2259638116351996,1.4711565739622396]
[null,null,"Add: Interest Income on Surplus Cash",null,null,{"$f":"F133","v":3.75},{"$f":"G133","v":3.5794035702693936},3.33839206701753,3.267976993496275,3.267976993496275,3.267976993496275,3.267976993496275,3.3878301258552064,4.7913894233824177,7.7657439447107812,11.63917384211879,16.599195569855635]
[null,null,"Less: Dividends",null,0,{"$f":"MAX($E159*F146,0)","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Cash Flow after Dividends",null,{"$f":"F154-F155-F156+F157+F158-F159","v":30.705641025641022},{"$f":"G154-G155-G156+G157+G158-G159","v":-11.48771437844856},-3.0412058817004235,7.4211723536187879,20.457085602522316,36.69257528470294,56.797935855200528,81.456253297297309,110.43616374146237,144.53947312640673,185.76764886015394,235.55336559149779]
[null,null,"Less: Required Cash for Operations",null,null,{"$f":"F100","v":0.79999999999999893},{"$f":"G100","v":2.16},2.5919999999999987,3.1104000000000003,3.7324799999999989,4.4789759999999994,5.3747711999999979,6.4497254399999946,7.7396705279999978,9.2876046335999973,11.145125560319997,13.37415067238399]
[null,null,null,"Remaining Cash Flow",null,{"$f":"corp_cf(F174,F179,F176,F180,F177,F157,F161,F115,F106)","v":29.905641025641028},{"$f":"corp_cf(G174,G179,G176,G180,G177,G157,G161,G115,G106)","v":-13.64771437844856},-5.6332058817004214,4.3107723536187859,16.724605602522317,32.213599284702944,51.42316465520053,75.010467667028891,102.69649321346236,135.25186849280675,174.62252329983394,222.1792149191138]
[null,null,"Add: Withdrawl from Surplus Cash when Negative",null,null,{"$f":"MIN(MAX(-F162,0),F106)","v":0},{"$f":"MIN(MAX(-G162,0),G106)","v":13.64771437844856},5.6332058817004214,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Reduction from Short-term Debt when Positive",null,null,{"$f":"MIN(F115,MAX(F162,0))","v":29.905641025641028},{"$f":"MIN(G115,MAX(G162,0))","v":0},0,4.3107723536187859,16.724605602522317,32.213599284702944,51.42316465520053,65.422217078314389,0,0,0,0]
[null,null,null,"Remaining Cash Flow",null,{"$f":"F162+F163-F164","v":0},0,0,0,0,0,0,9.5882505887145015,102.69649321346236,135.25186849280675,174.62252329983394,222.1792149191138]
[null,null,"Add: Issuance of New Debt when Negative",null,null,{"$f":"MAX(-F165,0)","v":0},{"$f":"MAX(-G165,0)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Addition to Cash Balance when Positive",null,null,{"$f":"MAX(F165,0)","v":0},{"$f":"MAX(G165,0)","v":0},0,0,0,0,0,9.5882505887145015,102.69649321346236,135.25186849280675,174.62252329983394,222.1792149191138]
[null,null,null,"Remainder",null,{"$f":"F165+F166-F167","v":0},0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Check",null,{"$f":"ROUND(F171,2)=0","v":true},{"$f":"ROUND(G171,2)=0","v":true},true,true,true,true,true,true,true,true,true,true]
[null,null,null,null,null,{"$f":"F160-F161-F162","v":0},{"$f":"G160-G161-G162","v":0},0,0,0,0,0,-3.9398097315768155E-3,0,0,0,0]
[null,null,null,null,null,{"$f":"F160-F161","v":29.905641025641025}]
[]
[null,null,null,"EBITDA less Cap Exp less WC Changes",null,{"$f":"F150-F151-F152","v":36},{"$f":"G150-G151-G152","v":-6.8000000000000043},1.8399999999999963,12.207999999999991,24.649599999999992,39.579519999999988,57.495423999999986,78.994508799999977,104.79341055999996,135.75209267199995,172.90251120639994,217.48301344767992]
[]
[null,null,null,"Opening Surplus Cash Interest",null,{"$f":"F111","v":3.75},{"$f":"G111","v":3.75},3.4088071405387859,3.267976993496275,3.267976993496275,3.267976993496275,3.267976993496275,3.267976993496275,3.5076832582141382,6.0750955885506972,9.4563923008708652,13.821955383366713]
[null,null,null,"Cash Interest Rate",null,{"$f":"F110","v":2.5000000000000001E-2},{"$f":"G110","v":2.5000000000000001E-2},2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2]
[]
[null,null,null,"Opening New Debt Interest",null,{"$f":"F120","v":10},{"$f":"G120","v":8.5047179487179498},8.5047179487179498,8.5047179487179498,8.2891793310370101,7.4529490509108944,5.8422690866757465,3.2711108539157197,0,0,0,0]
[null,null,null,"Debt Interest Rate",null,{"$f":"F119","v":0.05},{"$f":"G119","v":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,"Cash Flow Computed"]
[]
[]
["Simple:"]
[]
[null,null,null,"CF = EBITDA - taxes - div - Int OB - Int Incr + Int Inc Op + Int Inc Incr"]
[null,null,null,"Int Incr =  - CF1 * int rate/2 "]
[null,null,null,"Int Income Incr = CF * inc rate/2"]
[]
[null,null,null,"CF = EBITDA - taxes - div - Int OB - Int Incr + Int Inc Op + Int Inc Incr"]
[null,null,null,"CF = EBITDA - taxes - div - Int OB + CF * int rate/2 + Int Inc Op + CF * inc rate/2"]
[]
[null,null,null,"CF - CF * int rate/2 - CF * inc rate/2 = EBITDA - taxes - div - Int OB  + Int Inc OB"]
[]
[null,null,null,"CF * (1 - int rate/2 - inc rate/2) = EBITDA - taxes - div - Int OB  + Int Inc OB"]
[]
[null,null,null,"CF * (1 - int rate/2 - inc rate/2) = EBITDA - taxes - div - Int OB  + Int Inc OB"]
[]
[null,null,null,"CF = (EBITDA - taxes - div - Int OB  + Int Inc OB + Int Inc Op Cash) /(1 - int rate/2 - inc rate/2) "]
[]
["With taxes:"]
[]
[null,null,null,"Taxes = (EBIDA - Dep - Int + Int Income) * t"]
[]
[null,null,null,"Dividends = (EBITDA - Dep - Taxes - Int + Int Inc) *DPR"]
[]
[null,null,null,"CF = EBITDA - Other - (EBITDA- Int opening + Int Inc Opening - Incr Int + Inrc Int Inc ) * t - (EBITDA - Dep - Taxes - Int) * DPR - Int OB - Incr Int + Int Inc Op + Incr Int Inc"]
[]
[null,null,null,"CF = EBITDA - Oth - tax - div - int + inc"]
[null,null,null,"tax = (EBITDA - int + inc - dep) x t"]
[null,null,null,"div = (EBITDA - int + inc - dep - tax) x d"]
[null,null,null,"int = oint - CF/2 x Avg Rate"]
[null,null,null,"inc = oinc + CF/2 x Avg Rate"]
[]
[null,null,null,"Subsituting"]
[]
[null,null,null,"CF = EBITDA - Oth - (EBITDA - int + inc - dep) x t - (EBITDA - int + inc - dep - tax) x d - int + inc"]
[null,null,null,"CF = EBITDA - Oth - (EBITDA - int + inc - dep) x t - (EBITDA - int + inc - dep - (EBITDA - int + inc - dep) x t) x d - int + inc"]
[]
[null,null,null,"CF = (EBITDA - int + inc) * (1-t -d * (1-t)) - Oth + dep x t - dep * (1-t) * d "]
[null,null,null,"CF = (EBITDA - int + inc) * (1-t -d * (1-t)) - Oth + dep x t - dep * (1-t) * d "]
[]
[]
[null,null,null,"CF = (EBITDA - oint + CF/2 x Avg Rate + oinc + CF/2 x Avg Rate) * (1-t -d * (1-t)) - Oth + dep x t - dep * (1-t) * d "]
[]
[null,null,null,"CF = (EBITDA - oint  + oinc + CF/2 x Avg Rate) * (1-t -d * (1-t)) - Oth + dep x t - dep * (1-t) * d "]
[]
[null,null,null,"CF = (EBITDA - oint  + oinc + CF/2 x Avg Rate) * (1-t -d * (1-t)) - Oth + dep x t - dep * (1-t) * d "]