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[null,null,"Sheet Tab","Description","Author"]
[null,1,"Contents"]
[null,2,"Valuation Summary"]
[null,3,"Acquisition Summary"]
[null,4,"Total Value of Transaction"]
[null,5,"Mercator Financials"]
[null,6,"Tornado Diagram "]
[null,7,"Master senario page"]
[null,8,"Financial model"]
[null,9,"Transation Assumptions"]
[null,10,"Acquisition model"]
[null,11,"Waterfall Chart"]
[null,12,"Total Value of Transactiondata"]
[null,13,"Data Tables"]
[null,14,"EPS dilution"]
[null,15,"Audit Sheet"]
[null,16,"Long-term analysis"]
[null,17,"Admin Analysis"]
[null,18,"Simple LBO model"]
[null,19,"Flex Chart"]
[null,20,"Macros"]
[]
[null," File Name: ",null,"C:\\Users\\Monika\\Documents\\Courses\\Chapter 1. Models and Analysis\\1. Corporate Model Templates and Exercises\\Featured Corporate Finance Models\\AIF Class Day 3 finalised during this course1.xlsm"]
[null,"E-mail Address",null,"edwardbodmer@gmail.com"]
[null,"Web-Site",null,"www.edbodmer.com"]
[null,"Skype",null,"edward.bodmer"]
[]
[null," Last Save Date ",null,"20/04/2014 18:56:06"]
[null," Last Save By",null,"Monika Lewinski"]

{"sheet":"Valuation Summary","index":1,"n_rows":30,"n_cols":19,"rows_kept":30,"cut":false,"hidden":false,"merged":[]}
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[null,null,"Terminal Year",{"$f":"'Financial model'!F4","v":2017},null,null,null,"Scenarios"]
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[null,null,"Terminal Growth",{"$f":"'Master Scenario page'!D6","v":0.01}]
[null,null,"WACC",{"$f":"'Master Scenario page'!D5","v":7.0000000000000007E-2}]
[null,null,"Terminal EV/EBITDA",{"$f":"'Financial model'!H382","v":7},null,null,null,"Custom Case Variables"]
[null,null,"Apply Normalisation",{"$f":"'Financial model'!H387","v":true}]
[null,null,null,null,null,null,null,"Sales"]
[null,null,"DCF Valuation","Growth","EV/EBITDA","Value Driver"]
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[null,null,"PV of Explicit Value",{"$f":"'Financial model'!G389","v":467182.39689170889},{"$f":"D13","v":467182.39689170889},{"$f":"E13","v":467182.39689170889}]
[null,null,"Add: Terminal Value",{"$f":"'Financial model'!G398","v":1982355.8902715775},{"$f":"'Financial model'!G404","v":1464029.8259746681},{"$f":"'Financial model'!G407","v":1825144.4822487142},null,"Admin"]
[null,null,"Total EV",{"$f":"SUM(D13:D14)","v":2449538.2871632865},{"$f":"SUM(E13:E14)","v":1931212.2228663771},{"$f":"SUM(F13:F14)","v":2292326.8791404231}]
[null,null,null,null,null,null,null,"Other Inc",{"$f":"'Acquisition Summary'!H8","v":30000}]
[null,null,"Less: Bridge",{"$f":"'Financial model'!$F$429","v":-1035988},{"$f":"'Financial model'!$F$429","v":-1035988},{"$f":"'Financial model'!$F$429","v":-1035988},null,"Translation",{"$f":"'Acquisition Summary'!H9","v":50}]
[null,null,"Equity Value",{"$f":"D15+D17","v":1413550.2871632865},{"$f":"E15+E17","v":895224.22286637709},{"$f":"F15+F17","v":1256338.8791404231},null,"Inventories",{"$f":"'Acquisition Summary'!H10","v":0.1}]
[null,null,"Shares",{"$f":"'Financial model'!$F$430","v":3720.818505338078},{"$f":"'Financial model'!$F$430","v":3720.818505338078},{"$f":"'Financial model'!$F$430","v":3720.818505338078},null,"A/R to Sales",{"$f":"'Acquisition Summary'!H11","v":0.08}]
[null,null,"Equity Value Per Share",{"$f":"D18/D19","v":379.90304690630148},{"$f":"E18/E19","v":240.59873427904162},{"$f":"F18/F19","v":337.6512123174013},null,"A/P to COGS",{"$f":"'Acquisition Summary'!H12","v":0.22}]
[null,null,null,null,null,null,null,"Provisions",{"$f":"'Acquisition Summary'!H13","v":1.4E-2}]
[null,null,"Net Income",{"$f":"'Financial model'!$F$431","v":43289.155927983855},{"$f":"'Financial model'!$F$431","v":43289.155927983855},{"$f":"'Financial model'!$F$431","v":43289.155927983855},null,"Cap Exp",{"$f":"'Acquisition Summary'!H14","v":0.02}]
[null,null,"Implied P/E Ratio",{"$f":"D18/D22","v":32.653680970700343},{"$f":"E18/E22","v":20.680103450288531},{"$f":"F18/F22","v":29.022023003416315}]
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[null,null,"Implied EV/EBITDA Ratio",{"$f":"D15/D25","v":15.92065807729613},{"$f":"E15/E25","v":12.551822372434327},{"$f":"F15/F25","v":14.898869977024868}]
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[null,null,"Holding Period",3]
[null,null,"Equity Valuation","P/E","Earnings","Stock Price"]
[null,null,null,11,{"$f":"'Financial model'!F434","v":28.141634049544884},{"$f":"D30*E30","v":309.55797454499373}]

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[null,null,"Transaction Year",{"$f":"'Transation Assumptions'!E3","v":2016}]
[null,null,"Consideration (paid for equity)",{"$f":"'Transation Assumptions'!F14*1000","v":630000},null,"Custom Case Variables"]
[null,null,"Enterprise Value Paid",{"$f":"'Transation Assumptions'!E97","v":1529783.0612107641}]
[null,null,"Synergies",{"$f":"'Transation Assumptions'!$F$15*1000","v":43000},null,"Sales"]
[null,null,null,null,null,"COGS"]
[null,null,"Holding Period",{"$f":"'Transation Assumptions'!$E$25","v":10},null,"Admin"]
[null,null,"Terminal EV/EBITDA",{"$f":"'Transation Assumptions'!$E$27","v":5},null,"Other Inc",null,{"$f":"'Master Scenario page'!G39","v":30000}]
[null,null,"Implied P/E",{"$f":"'Transation Assumptions'!E23","v":4.1286212386401182},null,"Translation",null,{"$f":"'Master Scenario page'!H39","v":50}]
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[null,null,"Sources and Uses",null,null,"A/P to COGS",null,{"$f":"'Master Scenario page'!K39","v":0.22}]
[null,null,"Uses of funds",null,null,"Provisions",null,{"$f":"'Master Scenario page'!L39","v":1.4E-2}]
[null,null,"Consideration",{"$f":"'Transation Assumptions'!E57","v":630000},null,"Cap Exp",null,{"$f":"'Master Scenario page'!M39","v":0.02}]
[null,null,"Fees",{"$f":"'Transation Assumptions'!E59+'Transation Assumptions'!E60","v":24600}]
[null,null,"Debt retired",{"$f":"'Transation Assumptions'!E58","v":800000},null,"EBITDA Multiplier",null,1]
[null,null,"Total Uses",{"$f":"SUM(D14:D16)","v":1454600},null,"Sensitivity Period",null,5]
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[null,null,"Sources of funds",null,null,"IRR","IRR"]
[null,null,"Senior debt A (Amortising)",{"$f":"'Transation Assumptions'!E63","v":500000},null,"Pre-Tax","After-tax","Acquiror P/E Ratio",null,{"$f":"'Transation Assumptions'!$E$51","v":11}]
[null,null,"Senior debt B (Bullet)",{"$f":"'Transation Assumptions'!E64","v":300000},null,null,null,"Acquiror Growth",null,{"$f":"'Transation Assumptions'!$E$53","v":0.06}]
[null,null,"Senior debt C (Capitalizing debt)",{"$f":"'Transation Assumptions'!E65","v":200000},null,{"$f":"'Acquisition model'!H193","v":5.3037315043482414E-2},{"$f":"'Acquisition model'!H200","v":4.3286248472373501E-2}]
[null,null,"Equity",{"$f":"'Transation Assumptions'!E66","v":454600},null,{"$f":"'Acquisition model'!H208","v":0.11291336862829526},{"$f":"'Acquisition model'!H214","v":9.0765718217750813E-2},null,null,{"$f":"D2+1","v":2017},{"$f":"J23+1","v":2018},{"$f":"K23+1","v":2019},{"$f":"L23+1","v":2020},{"$f":"M23+1","v":2021}]
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[null,null,null,null,null,{"$f":"'Acquisition model'!H183","v":0.23062983919553548},{"$f":"'Acquisition model'!H180","v":0.19598536676165845},"Combined EPS",null,{"$f":"'Acquisition model'!I285","v":1.3091300054856239},{"$f":"'Acquisition model'!J285","v":1.584689125700018},{"$f":"'Acquisition model'!K285","v":1.8075398783825396},{"$f":"'Acquisition model'!L285","v":1.963657768792876},{"$f":"'Acquisition model'!M285","v":2.1409685221851031}]
[null,null,null,null,null,null,null,"Accretion/Dilution",null,{"$f":"J25-J24","v":0.40003909639471469},{"$f":"K25-K24","v":0.62105276206365434},{"$f":"L25-L24","v":0.78608533292799398},{"$f":"M25-M24","v":0.88091595061105754},{"$f":"N25-N24","v":0.99326219491237566}]

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[null,null,"WACC",{"$f":"'Financial model'!H380","v":7.0000000000000007E-2}]
[null,null,"Terminal growth rate",{"$f":"'Financial model'!H381","v":0.01}]
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[null,null,"Base case",1,1,1,20000,4000,0.12,0.1,0.24,1.2E-2,0.03,1,{"$f":"'Data Tables'!G6","v":87.828570876787921},{"$f":"'Data Tables'!H6","v":56.255725190210264},{"$f":"'Data Tables'!I6","v":71.446344721401616},{"$f":"'Data Tables'!J6","v":182.1622887712995}]
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[null,null,"High case",3,2,3,30000,50,0.1,0.08,0.22,1.4E-2,0.02,3,{"$f":"'Data Tables'!G8","v":379.90304690630148},{"$f":"'Data Tables'!H8","v":240.59873427904162},{"$f":"'Data Tables'!I8","v":337.6512123174013},{"$f":"'Data Tables'!J8","v":309.55797454499373}]
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[null,null,{"$f":"TRANSPOSE(D7:M7)&\" Low Case\"","v":"Sales Low Case"},{"$f":"D10","v":2},{"$f":"E9","v":1},{"$f":"F$9","v":1},{"$f":"G9","v":20000},{"$f":"H$9","v":4000},{"$f":"I9","v":0.12},{"$f":"J$9","v":0.1},{"$f":"K$9","v":0.24},{"$f":"L$9","v":1.2E-2},{"$f":"M9","v":0.03},5,{"$f":"'Data Tables'!G10","v":-23.602693580629424},{"$f":"'Data Tables'!H10","v":-9.0263258950863037},{"$f":"'Data Tables'!I10","v":-28.350917174156404},{"$f":"'Data Tables'!J10","v":124.92741352828907}]
[null,null,"Cost of goods sold Low Case",{"$f":"D$9","v":1},{"$f":"E10","v":3},{"$f":"F$9","v":1},{"$f":"G$9","v":20000},{"$f":"H$9","v":4000},{"$f":"I$9","v":0.12},{"$f":"J$9","v":0.1},{"$f":"K$9","v":0.24},1.2E-2,{"$f":"M$9","v":0.03},6,{"$f":"'Data Tables'!G11","v":-223.5805647756257},{"$f":"'Data Tables'!H11","v":-137.46195541461526},{"$f":"'Data Tables'!I11","v":-210.34050798576664},{"$f":"'Data Tables'!J11","v":-20.391710968085334}]
[null,null,"Admin Expense Percent Low Case",{"$f":"D$9","v":1},1,{"$f":"F10","v":2},{"$f":"G$9","v":20000},4000,{"$f":"I$9","v":0.12},{"$f":"J$9","v":0.1},0.24,1.2E-2,{"$f":"M$9","v":0.03},7,{"$f":"'Data Tables'!G12","v":44.17286367486377},{"$f":"'Data Tables'!H12","v":24.748804276072335},{"$f":"'Data Tables'!I12","v":30.828819796676569},{"$f":"'Data Tables'!J12","v":145.532176953944}]
[null,null,"Other income Low Case",1,1,1,{"$f":"G10","v":12000},4000,0.12,0.1,0.24,1.2E-2,0.03,8,{"$f":"'Data Tables'!G13","v":87.828570876787921},{"$f":"'Data Tables'!H13","v":56.255725190210264},{"$f":"'Data Tables'!I13","v":71.446344721401616},{"$f":"'Data Tables'!J13","v":163.75284390675452}]
[null,null,"Translation/Other Low Case",1,1,1,20000,{"$f":"H10","v":7000},0.12,0.1,0.24,1.2E-2,0.03,9,{"$f":"'Data Tables'!G14","v":87.828570876787921},{"$f":"'Data Tables'!H14","v":56.255725190210264},{"$f":"'Data Tables'!I14","v":71.446344721401616},{"$f":"'Data Tables'!J14","v":175.25874694709515}]
[null,null,"Inventory to COGS Low Case",1,1,1,20000,4000,{"$f":"I10","v":0.13},0.1,0.24,1.2E-2,0.03,10,{"$f":"'Data Tables'!G15","v":80.67978496912967},{"$f":"'Data Tables'!H15","v":48.984055214461755},{"$f":"'Data Tables'!I15","v":64.174674745653107},{"$f":"'Data Tables'!J15","v":179.09472745686492}]
[null,null,"A/R to Sales Percent Low Case",1,1,1,20000,4000,0.12,{"$f":"J10","v":0.12},0.24,1.2E-2,0.03,11,{"$f":"'Data Tables'!G16","v":71.605349458762731},{"$f":"'Data Tables'!H16","v":40.112510780936525},{"$f":"'Data Tables'!I16","v":55.303130312127877},{"$f":"'Data Tables'!J16","v":175.34751647378357}]
[null,null,"A/P to COGS Percent Low Case",1,1,1,20000,4000,0.12,0.1,{"$f":"K10","v":0.26},1.2E-2,0.03,12,{"$f":"'Data Tables'!G17","v":101.34615087487376},{"$f":"'Data Tables'!H17","v":70.799065141707288},{"$f":"'Data Tables'!I17","v":85.989684672898633},{"$f":"'Data Tables'!J17","v":188.29741140016867}]
[null,null,"Provisions to Revenues Low Case",1,1,1,20000,4000,0.12,0.1,0.24,{"$f":"L10","v":8.9999999999999993E-3},0.03,13,{"$f":"'Data Tables'!G18","v":85.407088715396824},{"$f":"'Data Tables'!H18","v":53.834243028819174},{"$f":"'Data Tables'!I18","v":69.024862560010519},{"$f":"'Data Tables'!J18","v":181.14007292667213}]
[null,null,"Cap Exp to Sales Low Case",1,1,1,20000,4000,0.12,0.1,0.24,1.2E-2,{"$f":"M10","v":0.05},14,{"$f":"'Data Tables'!G19","v":16.11746590481663},{"$f":"'Data Tables'!H19","v":-10.890722332727758},{"$f":"'Data Tables'!I19","v":-11.195827667372278},{"$f":"'Data Tables'!J19","v":160.86328653782931}]
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[null,null,"Cost of goods sold High Case",1,{"$f":"E11","v":2},1,20000,4000,0.12,0.1,0.24,1.2E-2,0.03,17,{"$f":"'Data Tables'!G22","v":173.38120418175902},{"$f":"'Data Tables'!H22","v":101.28862333307271},{"$f":"'Data Tables'!I22","v":146.84792289955453},{"$f":"'Data Tables'!J22","v":181.30893957275723}]
[null,null,"Admin Expense Percent High Case",1,1,{"$f":"F11","v":3},20000,4000,0.12,0.1,0.24,1.2E-2,0.03,18,{"$f":"'Data Tables'!G23","v":139.51172170857532},{"$f":"'Data Tables'!H23","v":87.692032344900483},{"$f":"'Data Tables'!I23","v":118.06699189373718},{"$f":"'Data Tables'!J23","v":216.67136362975668}]
[null,null,"Other income High Case",1,1,1,{"$f":"G11","v":30000},4000,0.12,0.1,0.24,1.2E-2,0.03,19,{"$f":"'Data Tables'!G24","v":87.828570876787921},{"$f":"'Data Tables'!H24","v":56.255725190210264},{"$f":"'Data Tables'!I24","v":71.446344721401616},{"$f":"'Data Tables'!J24","v":205.17409485198073}]
[null,null,"Translation/Other High Case",1,1,1,20000,{"$f":"H11","v":50},0.12,0.1,0.24,1.2E-2,0.03,20,{"$f":"'Data Tables'!G25","v":87.828570876787921},{"$f":"'Data Tables'!H25","v":56.255725190210264},{"$f":"'Data Tables'!I25","v":71.446344721401616},{"$f":"'Data Tables'!J25","v":191.2519521731686}]
[null,null,"Inventory to COGS High Case",1,1,1,20000,4000,{"$f":"I11","v":0.1},0.1,0.24,1.2E-2,0.03,21,{"$f":"'Data Tables'!G26","v":101.34615087487376},{"$f":"'Data Tables'!H26","v":70.799065141707288},{"$f":"'Data Tables'!I26","v":85.989684672898633},{"$f":"'Data Tables'!J26","v":188.29741140016867}]
[null,null,"A/R to Sales Percent High Case",1,1,1,20000,4000,0.12,{"$f":"J11","v":0.08},0.24,1.2E-2,0.03,22,{"$f":"'Data Tables'!G27","v":102.76785514710842},{"$f":"'Data Tables'!H27","v":72.398939599483938},{"$f":"'Data Tables'!I27","v":87.589559130675283},{"$f":"'Data Tables'!J27","v":188.97706106881543}]
[null,null,"A/P to COGS Percent High Case",{"$f":"D$9","v":1},1,1,20000,4000,0.12,0.1,{"$f":"K11","v":0.22},1.2E-2,0.03,23,{"$f":"'Data Tables'!G28","v":73.271001789061245},{"$f":"'Data Tables'!H28","v":41.712385238713182},{"$f":"'Data Tables'!I28","v":56.903004769904527},{"$f":"'Data Tables'!J28","v":176.02716614243036}]
[null,null,"Provisions to Revenues High Case",1,1,1,20000,4000,0.12,0.1,0.24,{"$f":"L11","v":1.4E-2},0.03,24,{"$f":"'Data Tables'!G29","v":89.442892317715277},{"$f":"'Data Tables'!H29","v":57.870046631137619},{"$f":"'Data Tables'!I29","v":73.060666162328971},{"$f":"'Data Tables'!J29","v":182.84376600105108}]
[null,null,"Cap Exp to Sales High Case",1,1,1,20000,4000,0.12,0.1,0.24,1.2E-2,{"$f":"M11","v":0.02},25,{"$f":"'Data Tables'!G30","v":116.65622641334164},{"$f":"'Data Tables'!H30","v":89.828948951679209},{"$f":"'Data Tables'!I30","v":112.7674309157884},{"$f":"'Data Tables'!J30","v":192.81178988803464}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,26,{"$f":"'Data Tables'!G31","v":false},{"$f":"'Data Tables'!H31","v":false},{"$f":"'Data Tables'!I31","v":false},{"$f":"'Data Tables'!J31","v":false}]
[null,null,"Custom case",{"$f":"D44/D42","v":3},{"$f":"E44/E42","v":2},{"$f":"F44/F42","v":3},{"$f":"G44/G42","v":30000},50,0.1,0.08,0.22,1.4E-2,0.02,27,{"$f":"'Data Tables'!G32","v":87.828570876787921},{"$f":"'Data Tables'!H32","v":56.255725190210264},{"$f":"'Data Tables'!I32","v":71.446344721401616},{"$f":"'Data Tables'!J32","v":182.1622887712995}]
[]
[]
[]
[null,null,{"$f":"INDEX(C9:C35,$D$3)","v":"High case"},{"$f":"INDEX(D9:D35,$D$3)","v":3},{"$f":"INDEX(E9:E35,$D$3)","v":2},{"$f":"INDEX(F9:F35,$D$3)","v":3},{"$f":"INDEX(G9:G35,$D$3)","v":30000},50,0.1,0.08,0.22,1.4E-2,0.02]
[]
[null,null,"Copied",3,2,3,30000,50,0.1,0.08,0.22,1.4E-2,0.02]
[null,null,"Multiplier",1,1,1,0.1,1,100,1000,1000,1000,1000]
[null,null,"Computed",{"$f":"D41*D42","v":3},{"$f":"E41*E42","v":2},3,3000,50,10,80,220,14,20]
[null,null,"Spinner",3,2,3,3000,50,10,80,220,14,20]
[]
[]
[null,null,null,"Low versus base","High versus base"]
[null,null,{"$f":"TRANSPOSE(D7:M7)","v":"Sales"},{"$f":"O13-$O$9","v":-111.43126445741734},{"$f":"O24-$O$9","v":72.378918553300707}]
[null,null,"Cost of goods sold",{"$f":"O14-$O$9","v":-311.40913565241362},{"$f":"O25-$O$9","v":85.552633304971096}]
[null,null,"Admin Expense Percent",-43.655707201924152,51.683150831787401]
[null,null,"Other income",0,0]
[null,null,"Translation/Other",0,0]
[null,null,"Inventory to COGS",-7.1487859076582509,13.517579998085836]
[null,null,"A/R to Sales Percent",-16.22322141802519,14.939284270320499]
[null,null,"A/P to COGS Percent",13.517579998085836,-14.557569087726677]
[null,null,"Provisions to Revenues",-2.4214821613910971,1.6143214409273554]
[null,null,"Cap Exp to Sales",-71.711104971971295,28.827655536553721]
[]
[]
[]
[]
[]
[null,null,"Tornado Diagram of Value versus Base Case",null,null,null,"WACC",null,{"$f":"D5","v":7.0000000000000007E-2},null,null,null,"Growth Rate",{"$f":"D6","v":0.01}]
[]
[]
[]
[null,null,"Base Case",{"$f":"O9","v":87.828570876787921}]
[null,null,{"$f":"C49","v":"Cost of goods sold"},{"$f":"E48","v":72.378918553300707}]
[null,null,{"$f":"C50","v":"Admin Expense Percent"},{"$f":"E49","v":85.552633304971096}]
[null,null,"Other income",51.683150831787401]
[null,null,"Translation/Other",0.01]
[null,null,"Inventory to COGS",0.01]
[null,null,"A/R to Sales Percent",13.517579998085836]
[null,null,"A/P to COGS Percent",14.939284270320499]
[null,null,"Provisions to Revenues",-14.557569087726677]
[null,null,"Cap Exp to Sales",1.6143214409273554]
[null,null,"High Case",0]

{"sheet":"Mercator Financials","index":5,"n_rows":230,"n_cols":11,"rows_kept":230,"cut":false,"hidden":false,"merged":[]}
[null,"EBIT ","Financing","Debt","Net Debt"]
[" ASSETS                   ",null,null,null,null,2007,2008,2009,2010,2011,2012]
[" Non-current assets                   "]
[" Property, plant and equipment  14                 ",true,null,null,null,1402398,1771963,1863291,1870428,1906018,1874735]
[" Investment property  16                 ",null,false,null,null,16476,9563,4127,3894,3450,3194]
[" Intangible assets  15                 ",true,null,null,null,80253,78196,51995,52626,35862,18387]
[" Deferred tax assets  19                 ",true,null,null,null,8686,8380,8086,8700,12774,20378]
[" Loans and deposits  22                 ",null,false,null,-1,453,384,359,77113,65823,50034]
[" Available-for-sale financial assets  17                 ",null,false,null,null,24235,4824,5473,3959,2628,1069]
["                   ",null,null,null,null,{"$f":"SUM(F4:F9)","v":1532501},1873310,1933331,2016720,2026555,1967797]
[" Current assets                   "]
[" Inventories  20                 ",true,null,null,null,246783,272391,292050,322081,309941,267711]
[" Trade and other receivables  21                 ",true,null,null,null,253550,347741,230747,231871,243402,239998]
[" Current tax assets         -           ",true,null,null,null,7948,809,2639,3934,6462,0]
[" Loans and deposits  22                 ",null,false,null,-1,764,737,19,17346,2001,2839]
[" Derivative financial instruments  18                 ",null,false,null,-1,5771,35870,16844,70,158,1]
[" Cash and cash equivalents  23                 ",null,false,null,-1,23089,{"$f":"G21","v":9263},{"$f":"H21","v":718},{"$f":"I21","v":16832},{"$f":"J21","v":25140},{"$f":"K21","v":44474}]
["                   ",null,null,null,null,537905,666811,543017,592134,587104,555023]
[" Total assets                   ",null,null,null,null,2070473,2540121,2476348,2608854,2613659,2522820]
[null,null,null,null,null,{"$f":"SUM(F12:F16)","v":514816},657548,542299,575302,561964,510549]
[null,null,null,null,null,{"$f":"F18-F20","v":23089},9263,718,16832,25140,44474]
[" EQUITY                   ",null,null,null,null,{"$f":"F18+F10","v":2070406},{"$f":"F22-F19","v":-67}]
[" Share capital                   ",null,null,null,null,157129,157129,157129,157129,157129,157129]
[" Share premium                   ",null,null,null,null,198848,198848,198872,198872,198872,198872]
[" Treasury shares                   ",null,null,null,null,-3250,-3250,-3235,-3235,-3235,-3235]
[" Revenue reserves                   ",null,null,null,null,243309,267640,270194,270194,264310,197045]
[" Fair value reserve                   ",null,null,null,null,68078,188751,186029,200187,192209,240762]
[" Retained earnings                   ",null,null,null,null,0,8697,0,6671,10294,-21714]
[" Profit (loss) for the year                   ",null,null,null,null,26047,24682,21232,30396,-3068,-26953]
[" Currency translation reserve                   ",null,null,null,null,-4223,-21708,-33782,-62295,-60275,-78819]
[" Total equity attributable to equity owners of the Company                   ",null,true,null,null,{"$f":"F33-F32","v":685938},812092,805136,797919,756236,663087]
[" Non-controlling interests                   ",null,true,null,null,2258,2008,254,246,221,162]
[" Total equity                   ",null,null,null,null,688196,814100,805390,798165,756457,663249]
[" LIABILITIES                   "]
[" Non-current liabilities                   ",true]
[" Trade and other payables  28                 ",true,null,null,null,855,2271,2872,2447,2369,2462]
[" Borrowings and other financial liabilities  26                 ",null,true,true,1,635457,622787,683547,674375,822145,593841]
[" Deferred tax liabilities  19                 ",true,null,null,null,18550,52496,49326,51269,48845,52640]
[" Provisions  27                 ",true,null,null,null,35228,31415,37188,35709,32711,31459]
["Total Non-Current Liabilities",null,null,null,null,690090,708969,772933,763800,906070,680402]
[" Current liabilities                   "]
[" Trade and other payables  28                 ",true,null,null,null,486286,599933,525061,642666,583982,672858]
[" Current tax liabilities      -              ",true,null,null,null,4782,724,164,5892,163]
[" Borrowings and other financial liabilities  26                 ",null,true,true,1,201119,412797,367855,395853,362588,500879]
[" Derivative financial instruments  18                 ",null,true,null,1,0,3598,4945,2478,4399,5432]
["Total Current Liabilities",null,null,null,null,692187,1017052,898025,1046889,951132,1179169]
[" Total liabilities                   ",null,null,null,null,1382277,1726021,1670958,1810689,1857202,1859571]
[" Total equity and liabilities                   ",null,null,null,null,2070473,2540121,2476348,2608854,2613659,2522820]
[null,null,null,null,null,{"$f":"SUM(F42:F45)","v":692187},1017052,898025,1046889,951132,1179169]
[" Consolidated income statement EUR thousand  "]
[" Revenue                   ",null,null,null,null,2445258,2708560,2643315,2781604,2870971,2873186]
[" Cost of goods sold and selling costs                   ",null,null,null,null,-1802814,-2026629,-2474106,-2611100,-2704991,-2745203]
[" Administrative expenses                   "]
[" Impairment of property, plant and equipment and intangible assets                   ",null,null,null,null,-105612,-110313,-109955,-99622,-16438,-59842]
[" Other income                   ",null,null,null,null,23041,33264,12588,23623,24154,20128]
[" Results from operating activities                   ",null,null,null,null,91336,100327,71842,94505,76841,-42147]
[null,null,null,null,null,{"$f":"F51+F52+F53+F54+F55","v":559873},604882,71842,94505,173696,88269]
[null,null,null,null,null,{"$f":"F56-F57","v":-468537},-504555,0,0,-96855,-130416]
[" Finance income                   ",null,null,null,null,25103,28701,10245,6070,5699,4779]
[" Finance expenses                   ",null,null,null,null,-61964,-79035,-56891,-60231,-62600,-72911]
[" Net finance expense                   ",null,null,null,null,-36861,-50334,-46646,-54161,-56901,-68132]
[" Profit (loss) before tax                   ",null,null,null,null,54475,49993,25196,40344,19940,-110279]
[" Tax expense                   ",null,null,null,null,-10661,-9232,-4077,-9957,-7451,5659]
[" Profit (loss) for the year                   ",null,null,null,null,43814,40761,21119,30387,12489,-104620]
[" Profit (loss) for the year attributable to:                   "]
[" Owners of the parent company                   ",null,null,null,null,43755,40846,21232,30396,12506,-104555]
[" Non-controlling interests                   ",null,null,null,null,59,-85,-113,-9,-17,-65]
[" Basic and diluted earnings per share (in EUR)                   ",null,null,null,null,11.8,11,5.7,8.1999999999999993,3.4,-28.1]
["Shares",null,null,null,null,{"$f":"F66/F68","v":3708.0508474576268},3713.2727272727275,3724.9122807017543,3706.8292682926831,3678.2352941176473,3720.818505338078]
["                   "]
["EBIIDA",null,null,null,null,{"$f":"F56-F55-F54+F81+F82+F83","v":254998},271430,265221,249198,150431,79356]
["EBIT - Without Writeoffs",null,null,null,null,{"$f":"F71-F81-F82-F83","v":173907},177376,169209,170504,69125,-2433]
["EBIT - With Writeoffs",null,null,null,null,{"$f":"F72+F54","v":68295},67063,59254,70882,52687,-62275]
[]
[]
[" Consolidated statement of cash flows EUR thousand  Note                  "]
[" Cash flows from operating activities                   "]
[" Profit (loss) for the year                   ",null,null,null,null,43814,40761,21119,30387,12489,-104620]
[" Adjustments:                   "]
[" Income tax expense  19                 ",null,null,null,null,10661,9232,4077,9957,7451,-5659]
[" Depreciation of property, plant and equipment  14                 ",null,null,null,null,69971,82467,85463,68946,71745,74097]
[" Depreciation of investment property  16                 ",null,null,null,null,367,262,211,173,160,140]
[" Amortisation of intangible assets  15                 ",null,null,null,null,10753,11325,10338,9575,9401,7552]
[" Impairment of goodwill  15                 ",null,null,null,null,null,null,0,0,3037,5885]
[" Impairment of property, plant and equipment, intangible assets and (gain) loss on sale of property, plant and equipment  10,11                  ",null,null,null,null,null,null,-1423,2676,6578,51899]
[]
[" Acquisition of subsidiaries and business operations, net of cash acquired  8                 ",null,null,null,null,-37639,-15105,-4801,-40954,-7706,-390]
[" Acquisition of property, plant and equipment and investment property  14,16                  ",null,null,null,null,-158085,-288531,-149757,-91910,-111024,-62948]
[" Acquisition of intangible assets  15                 ",null,null,null,null,-2881,18,-7596,-3532,-4800,-4382]
[" Aquisitions of available-for-sale financial assets  17                 ",null,null,null,null,-7272,-15138,-24963,-62529,-10,-9]
["                   "]
["                   "]
["Financial Ratios"]
["Profitability/Managment performance"]
["ROE",null,null,null,null,{"$f":"F66/AVERAGE(F31:F31)","v":6.3788563981001203E-2},{"$f":"G66/AVERAGE(F31:G31)","v":5.453295327863928E-2},{"$f":"H66/AVERAGE(G31:H31)","v":2.6257274793659274E-2},{"$f":"I66/AVERAGE(H31:I31)","v":3.7922591551755869E-2},{"$f":"J66/AVERAGE(I31:J31)","v":1.6093632874455893E-2},{"$f":"K66/AVERAGE(J31:K31)","v":-0.14733080489782804}]
["NOPLAT",null,null,null,null,{"$f":"F72*(0.8)","v":139125.6},141900.80000000002,135367.20000000001,136403.20000000001,55300,-1946.4]
["Interested Capital_EBIT",null,null,null,null,{"$f":"SUMPRODUCT(F4:F19*$B$4:$B$19)-SUMPRODUCT(F23:F48*$B$23:$B$48)","v":1453917},1792641,1834197,1751657,1846389,1661790]
["Invested Capital_Financing",null,null,null,null,{"$f":"SUMPRODUCT(F23:F48*$C$23:$C$48)-SUMPRODUCT(F4:F19*$C$4:$C$19)","v":1524772},1853282,1861737,1870871,1945589,1763401]
["Accumulated Writeoff",null,null,null,null,{"$f":"E99-F54","v":105612},215925,325880,425502,441940,501782]
["Adjusted Invested Capital",null,null,null,null,{"$f":"F98+F99","v":1630384},2069207,2187617,2296373,2387529,2265183]
["ROIC",null,null,null,null,{"$f":"F96/AVERAGE(F100:F100)","v":8.5333025839311474E-2},{"$f":"G96/AVERAGE(F100:G100)","v":7.6711614878509554E-2},{"$f":"H96/AVERAGE(G100:H100)","v":6.3600092463301283E-2},{"$f":"I96/AVERAGE(H100:I100)","v":6.0840100000223024E-2},{"$f":"J96/AVERAGE(I100:J100)","v":2.3612791215529276E-2},{"$f":"K96/AVERAGE(J100:K100)","v":-8.3667332085029123E-4}]
["Growth",null,null,null,null,null,{"$f":"G51/F51-1","v":0.10767861714387594},{"$f":"H51/G51-1","v":-2.4088445520867197E-2},{"$f":"I51/H51-1","v":5.2316504086724391E-2},{"$f":"J51/I51-1","v":3.2127865792542787E-2},{"$f":"K51/J51-1","v":7.7151597839208996E-4}]
["                   "]
["Credit Analysis"]
["Category 1 - Capitalisation"]
["Total debt",null,null,null,null,{"$f":"SUMPRODUCT(F36:F48*$D$36:$D$48)","v":836576},1035584,1051402,1070228,1184733,1094720]
["Debt/Equity",null,null,null,null,{"$f":"F106/(F33)","v":1.215607181674988},1.272059943495885,1.3054569835731757,1.3408605989989539,1.5661604030367886,1.6505415010049016]
["Debt/Capital",null,null,null,null,{"$f":"F106/(F106+F33)","v":0.54865645486669479},0.55987076711481532,0.56624651549554283,0.57280668467501217,0.61031274630510146,0.62271860311529958]
["Category 2 - Time to repay"]
["Debt / EBITDA"]
["CF / Debt"]
["CF after CAPEX"]
["Category 3 - Coverage"]
["DSC -Debt Service Coverage ratio"]
["ICR - Interest Coverage Ratio/EBIT to Interest"]
["ICR /EBITDA to interest"]
[]
["Ratios for financial forecasts"]
["EBITDA",null,null,null,null,{"$f":"F71","v":254998},271430,265221,249198,150431,79356]
["EBITDA Margin - EBITDA / Revenues",null,null,null,null,{"$f":"F119/F51","v":0.10428265647224137},0.1002119207254039,0.10033650926961032,8.9587878073226809E-2,5.2397255144687981E-2,2.7619513668798331E-2]
["Asset Turnover",null,null,null,null,{"$f":"F19/F51","v":0.84672987472078609},0.93781234309005523,0.93683424033836304,0.9378955451602744,0.91037457361986585,0.87805662424917841]
["Income taxe rate",null,null,null,null,{"$f":"-F63/F62","v":0.19570445158329508},0.18466585321945073,0.16181139863470392,0.24680249851279001,0.37367101303911737,5.1315300283825568E-2]
["Depreciation rate"]
["Interest rate"]
["A/R to Revenues"]
["Inventories to Expenses"]
[]
[]
["Gross Plant",null,null,null,null,null,null,null,2852096,2915498,2985326]
["Accumulated Depreciation",null,null,null,null,null,null,null,981668,1009480,1110591]
["Net Plant",null,null,null,null,null,null,null,{"$f":"I129-I130","v":1870428},{"$f":"J129-J130","v":1906018},{"$f":"K129-K130","v":1874735}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[" Revenue  9                 ",null,null,null,2064583,2445258,2708560,2643315,2781604,2870971,2873186]
[" Cost of goods sold and selling costs  11                 ",null,null,null,1506838,2271351,2353808,2304897,2440596,2704991,2745203]
[" Administrative expenses  11                 ",null,null,null,204991,115507,177376,169209,170504,96855,130416]
[" Impairment of property, plant and equipment and intangible assets  11                 ",null,null,null,429862,null,110313,109955,99622,16438,59842]
[" Other income  10                 ",null,null,null,101026,23041,33264,12588,23623,24154,20128]
[" Results from operating activities                   ",null,null,null,23918,23041,100327,71842,94505,76841,-42147]
[]
[]
[]
[]
[" Consolidated income statement EUR thousand  Note                  ",null,null,null,null,2007,2008,2009,2010,2011,2012]
["      restated              "]
[" Revenue  9                 ",null,null,null,null,2445258,2708560,2643315,2781604,2870971,2873186]
[" Cost of goods sold and selling costs  11                 ",null,null,null,null,-1802814,-2531184,-2474106,-2611100,-2704991,-2745203]
["Gross Profit",null,null,null,null,642444,177376,169209,170504,165980,127983]
["Selling Expenses",null,null,null,null,-468537]
[" Administrative expenses  11                 ",null,null,null,null,-115507,-110313,-109955,-99622,-96855,-130416]
[" Impairment of property, plant and equipment and intangible assets  11                 ",null,null,null,null,null,null,null,null,-16438,-59842]
[" Other income  10                 ",null,null,null,null,23041,33264,12588,23623,24154,20128]
[" Results from operating activities                   ",null,null,null,null,81441,100327,71842,94505,76841,-42147]
[" Finance income  13                 ",null,null,null,null,25996,20103,10245,6070,5699,4779]
[" Finance expenses  13                 ",null,null,null,null,-52962,-70437,-56891,-60231,-62600,-72911]
[" Net finance expense                   ",null,null,null,null,-26966,-50334,-46646,-54161,-56901,-68132]
[" Profit (loss) before tax                   ",null,null,null,null,54475,49993,25196,40344,19940,-110279]
[" Tax expense  19                 ",null,null,null,null,-10661,-9232,-4077,-9957,-7451,5659]
[" Profit (loss) for the year                   ",null,null,null,null,43814,40761,21119,30387,12489,-104620]
[" Profit (loss) for the year attributable to:                   ",null,null,null,null,null,null,null,0]
[" Owners of the parent company                   ",null,null,null,null,43755,40846,21232,30396,12506,-104555]
[" Non-controlling interests                   ",null,null,null,null,59,-85,-113,-9,-17,-65]
[" Basic and diluted earnings per share (in EUR)  25                 ",null,null,null,null,11.8,11,5.7,8.1999999999999993,3.4,-28.1]
["                   "]
["Total Depreciation",null,null,null,null,70338,82729,85674,69119,71905,74237]
["Amortisation",null,null,null,null,10753,11325,10338,9575,9401,7552]
["Impairment",null,null,null,null,31,0,0,7019,9615,57784]
["Cost of Goods Sold Less Depreciation and Non-Accounted for Impariment",null,null,null,null,2190229,2437130,2378094,2525387,2630508,2665472]
["EBIT",null,null,null,null,81441,100327,71842,94505,76841,-42147]
["EBITDA",null,null,null,null,162563,194381,167854,180218,167762,97426]
[]
["Interest Paid",null,null,null,null,51724,58127,46554,44948,53879,50939]
["Interest Received",null,null,null,null,14075,9181,7811,3427,3647,3374]
["Translation and Other",null,null,null,null,10683,-1388,-7903,-12640,-6669,-20567]
[]
["Capital Expenditues",null,null,null,null,0,313410,162154,136396,123530,67720]
[]
[]
["                   "]
[" Consolidated statement of cash flows EUR thousand  Note                  ",2006,null,null,null,2007,2008,2009,2010,2011,2012]
["      restated              "]
[" Cash flows from operating activities                   "]
[" Profit (loss) for the year                   ",30149,null,null,null,43814,40761,21119,30387,12489,-104620]
[" Adjustments:                   "]
[" Income tax expense  19                 ",6575,null,null,null,10661,9232,4077,9957,7451,-5659]
[" Depreciation of property, plant and equipment  14                 ",67850,null,null,null,69971,82467,85463,68946,71745,74097]
[" Depreciation of investment property  16                 ",309,null,null,null,367,262,211,173,160,140]
[" Amortisation of intangible assets  15                 ",4254,null,null,null,10753,11325,10338,9575,9401,7552]
[" Impairment of goodwill  15                 ",6376,null,null,null,16,null,null,2676,3037,5885]
[" Impairment of property, plant and equipment, intangible assets and (gain) loss on sale of property, plant and equipment  10,11                  ",567,null,null,null,15,null,null,4343,6578,51899]
[" Change in provisions and deferred income  27                 ",9185,null,null,null,4503,-7431,4737,-1150,-677,9881]
[" Gains on sale of subsidiaries    -                ",-2976,null,null,null,-3923,-8895,-1423,null,-1150,13]
[" Dividends received, impairment losses and (gain) loss on sale of available-for-sale financial assets  13                 ",-19794,null,null,null,-14075,-5347,178,37,-29,366]
[" Excess of acquirer's interest in the net fair value of acquiree's identifiable assets and liabilities over cost  8                 ",-943,null,null,null,-1228,-67,-371,-7626,-118,-1349]
[" Net foreign currency translation  13                 ",null,null,null,null,null,5520,4224,10098,3383,9363]
[" Interest received  13                 ",-19794,null,null,null,-14075,-9181,-7811,-3427,-3647,-3374]
[" Interest paid  13                 ",34188,null,null,null,51724,58127,46554,44948,53879,50939]
["                   ",null,null,null,null,null,null,null,null,162502,95120]
[" Change in inventories                   ",null,null,null,null,null,null,null,null,-16202,42527]
[" Change in trade and other receivables                   ",null,null,null,null,null,null,null,null,-19027,92]
[" Change in trade and other payables                   ",null,null,null,null,null,null,null,null,-66540,78391]
["                   ",null,null,null,null,null,null,null,null,60733,216130]
[" Interest paid  13                 ",null,null,null,null,null,null,null,null,-53879,-50939]
[" Income tax paid  19                 ",null,null,null,null,null,null,null,null,-8573,-144]
[" Net cash from (used in) operating activities                   ",null,null,null,null,null,null,null,null,-1719,165047]
[" Cash flows from investing activities                   "]
[" Acquisition of subsidiaries and business operations, net of cash acquired  8                 ",null,null,null,null,null,-15105,-4801,-40954,-7706,-390]
[" Acquisition of property, plant and equipment and investment property  14,16                  ",null,null,null,null,null,-288531,-149757,-91910,-111024,-62948]
[" Acquisition of intangible assets  15                 ",null,null,null,null,null,-9774,-7596,-3532,-4800,-4382]
[" Aquisitions of available-for-sale financial assets  17                 ",null,null,null,null,null,null,null,null,-10,-9]
[" Loans and bank deposits made                   ",null,null,null,null,null,null,null,null,-1481,-839]
[" Disposal of subsidiaries, net of cash disposed of   -                 ",null,null,null,null,null,null,null,null,9985]
[" Proceeds from sale of property, plant and equipment and investment property  14,16                  ",null,null,null,null,null,null,null,null,17228,7292]
[" Proceeds from sale of intangible assets  15                 ",null,null,null,null,null,null,null,null,1,16]
[" Proceeds from sale of available-for-sale financial assets      -              ",null,null,null,null,null,null,null,null,1701,17]
[" Interest received  13                 ",null,null,null,null,null,null,null,null,3647,3374]
[" Dividends received  13                 ",null,null,null,null,null,null,null,null,56,113]
[" Loans and deposits repayments received                   ",null,null,null,null,null,null,null,null,28585,15796]
["                   "]

{"sheet":"Financial model","index":6,"n_rows":496,"n_cols":28,"rows_kept":496,"cut":false,"hidden":false,"merged":[]}
["Timing"]
[null,"Year",null,null,null,null,null,null,null,2007,{"$f":"J2+1","v":2008},{"$f":"K2+1","v":2009},2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025]
[null,"Historic switch",null,null,null,2012,null,null,null,{"$f":"J2<=$F$3","v":true},true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Explicit period",null,null,null,2017,null,null,null,{"$f":"AND(J2>$F$3,J2<=$F$4)","v":false},false,false,false,false,false,true,true,true,true,true,false,false,false,false,false,false,false,false]
[null,"Terminal value switch",null,null,null,null,null,null,null,{"$f":"J2=$F$4","v":false},false,false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false]
[]
["Historical financial statements"]
[null,"Balance sheet"]
[null,null,"Assets"]
[null,null,null,"Cash",null,null,null,null,null,{"$f":"'Mercator Financials'!F17","v":23089},{"$f":"'Mercator Financials'!G17","v":9263},{"$f":"'Mercator Financials'!H17","v":718},{"$f":"'Mercator Financials'!I17","v":16832},{"$f":"'Mercator Financials'!J17","v":25140},{"$f":"'Mercator Financials'!K17","v":44474},{"$f":"'Mercator Financials'!L17","v":0}]
[null,null,null,"Accounts Receivable",null,null,null,null,null,{"$f":"'Mercator Financials'!F13","v":253550},{"$f":"'Mercator Financials'!G13","v":347741},{"$f":"'Mercator Financials'!H13","v":230747},{"$f":"'Mercator Financials'!I13","v":231871},{"$f":"'Mercator Financials'!J13","v":243402},{"$f":"'Mercator Financials'!K13","v":239998},{"$f":"'Mercator Financials'!L13","v":0}]
[null,null,null,"Inventories",null,null,null,null,null,{"$f":"'Mercator Financials'!F12","v":246783},{"$f":"'Mercator Financials'!G12","v":272391},{"$f":"'Mercator Financials'!H12","v":292050},{"$f":"'Mercator Financials'!I12","v":322081},{"$f":"'Mercator Financials'!J12","v":309941},{"$f":"'Mercator Financials'!K12","v":267711},{"$f":"'Mercator Financials'!L12","v":0}]
[null,null,null,"Loans and Deposits",null,null,null,null,null,{"$f":"'Mercator Financials'!F15","v":764},{"$f":"'Mercator Financials'!G15","v":737},{"$f":"'Mercator Financials'!H15","v":19},{"$f":"'Mercator Financials'!I15","v":17346},{"$f":"'Mercator Financials'!J15","v":2001},{"$f":"'Mercator Financials'!K15","v":2839},{"$f":"'Mercator Financials'!L15","v":0}]
[null,null,null,"Derivative Current Assets",null,null,null,null,null,{"$f":"'Mercator Financials'!F16","v":5771},{"$f":"'Mercator Financials'!G16","v":35870},{"$f":"'Mercator Financials'!H16","v":16844},{"$f":"'Mercator Financials'!I16","v":70},{"$f":"'Mercator Financials'!J16","v":158},{"$f":"'Mercator Financials'!K16","v":1},{"$f":"'Mercator Financials'!L16","v":0}]
[null,null,null,"Other Current Assets",null,null,null,null,null,{"$f":"'Mercator Financials'!F14","v":7948},{"$f":"'Mercator Financials'!G14","v":809},{"$f":"'Mercator Financials'!H14","v":2639},{"$f":"'Mercator Financials'!I14","v":3934},{"$f":"'Mercator Financials'!J14","v":6462},{"$f":"'Mercator Financials'!K14","v":0},{"$f":"'Mercator Financials'!L14","v":0}]
[null,null,null,"Total Current Assets",null,null,null,null,null,{"$f":"SUM(J10:J15)","v":537905},{"$f":"SUM(K10:K15)","v":666811},543017,592134,587104,555023,0]
[null,null,null,"Gross PPE",null,null,null,null,null,{"$f":"'Mercator Financials'!F129","v":0},{"$f":"'Mercator Financials'!G129","v":0},{"$f":"'Mercator Financials'!H129","v":0},{"$f":"'Mercator Financials'!I129","v":2852096},{"$f":"'Mercator Financials'!J129","v":2915498},{"$f":"'Mercator Financials'!K129","v":2985326},{"$f":"'Mercator Financials'!L129","v":0}]
[null,null,null,"Accumulated depreciations",null,null,null,null,null,{"$f":"'Mercator Financials'!F130","v":0},{"$f":"'Mercator Financials'!G130","v":0},{"$f":"'Mercator Financials'!H130","v":0},{"$f":"'Mercator Financials'!I130","v":981668},{"$f":"'Mercator Financials'!J130","v":1009480},{"$f":"'Mercator Financials'!K130","v":1110591},{"$f":"'Mercator Financials'!L130","v":0}]
[null,null,null,"Net Plant",null,null,null,null,null,{"$f":"'Mercator Financials'!F4","v":1402398},{"$f":"'Mercator Financials'!G4","v":1771963},{"$f":"'Mercator Financials'!H4","v":1863291},{"$f":"'Mercator Financials'!I4","v":1870428},{"$f":"'Mercator Financials'!J4","v":1906018},{"$f":"'Mercator Financials'!K4","v":1874735},{"$f":"'Mercator Financials'!L4","v":0}]
[null,null,null,"Investment Property",null,null,null,null,null,{"$f":"'Mercator Financials'!F6","v":80253},{"$f":"'Mercator Financials'!G6","v":78196},{"$f":"'Mercator Financials'!H6","v":51995},{"$f":"'Mercator Financials'!I6","v":52626},{"$f":"'Mercator Financials'!J6","v":35862},{"$f":"'Mercator Financials'!K6","v":18387},{"$f":"'Mercator Financials'!L6","v":0}]
[null,null,null,"Intangible Assets",null,null,null,null,null,{"$f":"'Mercator Financials'!F5","v":16476},{"$f":"'Mercator Financials'!G5","v":9563},{"$f":"'Mercator Financials'!H5","v":4127},{"$f":"'Mercator Financials'!I5","v":3894},{"$f":"'Mercator Financials'!J5","v":3450},{"$f":"'Mercator Financials'!K5","v":3194},{"$f":"'Mercator Financials'!L5","v":0}]
[null,null,null,"Deferred Tax Assets",null,null,null,null,null,{"$f":"'Mercator Financials'!F7","v":8686},{"$f":"'Mercator Financials'!G7","v":8380},{"$f":"'Mercator Financials'!H7","v":8086},{"$f":"'Mercator Financials'!I7","v":8700},{"$f":"'Mercator Financials'!J7","v":12774},{"$f":"'Mercator Financials'!K7","v":20378},{"$f":"'Mercator Financials'!L7","v":0}]
[null,null,null,"Loans and Deposits",null,null,null,null,null,{"$f":"'Mercator Financials'!F8+67","v":520},{"$f":"'Mercator Financials'!G8","v":384},{"$f":"'Mercator Financials'!H8","v":359},{"$f":"'Mercator Financials'!I8","v":77113},{"$f":"'Mercator Financials'!J8","v":65823},{"$f":"'Mercator Financials'!K8","v":50034},{"$f":"'Mercator Financials'!L8","v":0}]
[null,null,null,"Available for Sale Financial Assets",null,null,null,null,null,{"$f":"'Mercator Financials'!F9","v":24235},{"$f":"'Mercator Financials'!G9","v":4824},{"$f":"'Mercator Financials'!H9","v":5473},{"$f":"'Mercator Financials'!I9","v":3959},{"$f":"'Mercator Financials'!J9","v":2628},{"$f":"'Mercator Financials'!K9","v":1069},{"$f":"'Mercator Financials'!L9","v":0}]
[null,null,null,"Derivative assets"]
[null,null,null,"Total Long-term Assets",null,null,null,null,null,{"$f":"SUM(J19:J25)","v":1532568},{"$f":"SUM(K19:K25)","v":1873310},1933331,2016720,2026555,1967797,0]
[null,null,null,"Total assets",null,null,null,null,null,{"$f":"J26+J16","v":2070473},{"$f":"K26+K16","v":2540121},2476348,2608854,2613659,2522820,0]
[]
[null,null,"Liabilities"]
[null,null,null,"Short-term debt",null,null,null,null,null,{"$f":"'Mercator Financials'!F44","v":201119},{"$f":"'Mercator Financials'!G44","v":412797},{"$f":"'Mercator Financials'!H44","v":367855},{"$f":"'Mercator Financials'!I44","v":395853},{"$f":"'Mercator Financials'!J44","v":362588},{"$f":"'Mercator Financials'!K44","v":500879},{"$f":"'Mercator Financials'!L44","v":0}]
[null,null,null,"Accounts Payable",null,null,null,null,null,{"$f":"'Mercator Financials'!F42","v":486286},{"$f":"'Mercator Financials'!G42","v":599933},{"$f":"'Mercator Financials'!H42","v":525061},{"$f":"'Mercator Financials'!I42","v":642666},{"$f":"'Mercator Financials'!J42","v":583982},{"$f":"'Mercator Financials'!K42","v":672858},{"$f":"'Mercator Financials'!L42","v":0}]
[null,null,null,"Other Current Laibilities",null,null,null,null,null,{"$f":"'Mercator Financials'!F43+'Mercator Financials'!F36","v":5637},{"$f":"'Mercator Financials'!G43+'Mercator Financials'!G36","v":2995},{"$f":"'Mercator Financials'!H43+'Mercator Financials'!H36","v":3036},{"$f":"'Mercator Financials'!I43+'Mercator Financials'!I36","v":8339},{"$f":"'Mercator Financials'!J43+'Mercator Financials'!J36","v":2532},{"$f":"'Mercator Financials'!K43+'Mercator Financials'!K36","v":2462},{"$f":"'Mercator Financials'!L43+'Mercator Financials'!L36","v":0}]
[null,null,null,"Derivative Financial Instruments",null,null,null,null,null,{"$f":"'Mercator Financials'!F45","v":0},{"$f":"'Mercator Financials'!G45","v":3598},{"$f":"'Mercator Financials'!H45","v":4945},{"$f":"'Mercator Financials'!I45","v":2478},{"$f":"'Mercator Financials'!J45","v":4399},{"$f":"'Mercator Financials'!K45","v":5432},{"$f":"'Mercator Financials'!L45","v":0}]
[null,null,null,"Total Current Liabilities",null,null,null,null,null,{"$f":"SUM(J30:J33)","v":693042},{"$f":"SUM(K30:K33)","v":1019323},900897,1049336,953501,1181631,0]
[null,null,null,"Long-term debt",null,null,null,null,null,{"$f":"'Mercator Financials'!F37","v":635457},{"$f":"'Mercator Financials'!G37","v":622787},{"$f":"'Mercator Financials'!H37","v":683547},{"$f":"'Mercator Financials'!I37","v":674375},{"$f":"'Mercator Financials'!J37","v":822145},{"$f":"'Mercator Financials'!K37","v":593841},{"$f":"'Mercator Financials'!L37","v":0}]
[null,null,null,"Unfunded pensions",null,null,null,null,null,0,0,0,0,0,0,0]
[null,null,null,"Deferred tax liability",null,null,null,null,null,{"$f":"'Mercator Financials'!F38","v":18550},{"$f":"'Mercator Financials'!G38","v":52496},{"$f":"'Mercator Financials'!H38","v":49326},{"$f":"'Mercator Financials'!I38","v":51269},{"$f":"'Mercator Financials'!J38","v":48845},{"$f":"'Mercator Financials'!K38","v":52640},{"$f":"'Mercator Financials'!L38","v":0}]
[null,null,null,"Provisions",null,null,null,null,null,{"$f":"'Mercator Financials'!F39","v":35228},{"$f":"'Mercator Financials'!G39","v":31415},{"$f":"'Mercator Financials'!H39","v":37188},{"$f":"'Mercator Financials'!I39","v":35709},{"$f":"'Mercator Financials'!J39","v":32711},{"$f":"'Mercator Financials'!K39","v":31459},{"$f":"'Mercator Financials'!L39","v":0}]
[null,null,null,"Total Non-Current Liabilities",null,null,null,null,null,{"$f":"SUM(J35:J38)","v":689235},{"$f":"SUM(K35:K38)","v":706698},770061,761353,903701,677940,0]
[null,null,null,"Equity",null,null,null,null,null,{"$f":"'Mercator Financials'!F33","v":688196},{"$f":"'Mercator Financials'!G33","v":814100},{"$f":"'Mercator Financials'!H33","v":805390},{"$f":"'Mercator Financials'!I33","v":798165},{"$f":"'Mercator Financials'!J33","v":756457},{"$f":"'Mercator Financials'!K33","v":663249},{"$f":"'Mercator Financials'!L33","v":0}]
[null,null,null,"Total liabilities and equity",null,null,null,null,null,{"$f":"J34+J39+J40","v":2070473},{"$f":"K34+K39+K40","v":2540121},2476348,2608854,2613659,2522820,0]
[]
[null,null,null,"Shares",null,null,null,null,null,{"$f":"'Mercator Financials'!F69","v":3708.0508474576268},{"$f":"'Mercator Financials'!G69","v":3713.2727272727275},{"$f":"'Mercator Financials'!H69","v":3724.9122807017543},{"$f":"'Mercator Financials'!I69","v":3706.8292682926831},{"$f":"'Mercator Financials'!J69","v":3678.2352941176473},{"$f":"'Mercator Financials'!K69","v":3720.818505338078},{"$f":"'Mercator Financials'!L69","v":0}]
[]
[null,null,null,"Test",null,null,null,{"$f":"AND(J45:P45)","v":true},null,{"$f":"J27=J41","v":true},true,true,true,true,true,true]
[]
[null,"Income statement"]
[null,null,null,"Revenues",null,null,null,null,null,{"$f":"'Mercator Financials'!F51","v":2445258},{"$f":"'Mercator Financials'!G51","v":2708560},{"$f":"'Mercator Financials'!H51","v":2643315},{"$f":"'Mercator Financials'!I51","v":2781604},{"$f":"'Mercator Financials'!J51","v":2870971},{"$f":"'Mercator Financials'!K51","v":2873186},{"$f":"'Mercator Financials'!L51","v":0}]
[null,null,null,"Cash COGS",null,null,null,null,null,{"$f":"'Mercator Financials'!F179","v":2190229},{"$f":"'Mercator Financials'!G179","v":2437130},{"$f":"'Mercator Financials'!H179","v":2378094},{"$f":"'Mercator Financials'!I179","v":2525387},{"$f":"'Mercator Financials'!J179","v":2630508},{"$f":"'Mercator Financials'!K179","v":2665472},{"$f":"'Mercator Financials'!L179","v":0}]
[null,null,null,"Operating Margin",null,null,null,null,null,{"$f":"J48-J49","v":255029},{"$f":"K48-K49","v":271430},265221,256217,240463,207714,0]
[null,null,null," Administrative expenses                   ",null,null,null,null,null,{"$f":"-'Mercator Financials'!F161","v":115507},{"$f":"-'Mercator Financials'!G161","v":110313},{"$f":"-'Mercator Financials'!H161","v":109955},{"$f":"-'Mercator Financials'!I161","v":99622},{"$f":"-'Mercator Financials'!J161","v":96855},{"$f":"-'Mercator Financials'!K161","v":130416},{"$f":"-'Mercator Financials'!L161","v":0}]
[null,null,null,"EBIITA",null,null,null,null,null,{"$f":"J50-J51","v":139522},{"$f":"K50-K51","v":161117},155266,156595,143608,77298,0]
[null,null,null,"Less: Depreciation ",null,null,null,null,null,{"$f":"'Mercator Financials'!F176","v":70338},{"$f":"'Mercator Financials'!G176","v":82729},{"$f":"'Mercator Financials'!H176","v":85674},{"$f":"'Mercator Financials'!I176","v":69119},{"$f":"'Mercator Financials'!J176","v":71905},{"$f":"'Mercator Financials'!K176","v":74237},{"$f":"'Mercator Financials'!L176","v":0}]
[null,null,null,"Less: Amortisation",null,null,null,null,null,{"$f":"'Mercator Financials'!F177","v":10753},{"$f":"'Mercator Financials'!G177","v":11325},{"$f":"'Mercator Financials'!H177","v":10338},{"$f":"'Mercator Financials'!I177","v":9575},{"$f":"'Mercator Financials'!J177","v":9401},{"$f":"'Mercator Financials'!K177","v":7552},{"$f":"'Mercator Financials'!L177","v":0}]
[null,null,null,"Less: Impairment",null,null,null,null,null,{"$f":"'Mercator Financials'!F178","v":31},{"$f":"'Mercator Financials'!G178","v":0},{"$f":"'Mercator Financials'!H178","v":0},{"$f":"'Mercator Financials'!I178","v":7019},{"$f":"'Mercator Financials'!J178","v":9615},{"$f":"'Mercator Financials'!K178","v":57784},{"$f":"'Mercator Financials'!L178","v":0}]
[null,null,null,"Other income",null,null,null,null,null,{"$f":"'Mercator Financials'!F149","v":23041},{"$f":"'Mercator Financials'!G149","v":33264},{"$f":"'Mercator Financials'!H149","v":12588},{"$f":"'Mercator Financials'!I149","v":23623},{"$f":"'Mercator Financials'!J149","v":24154},{"$f":"'Mercator Financials'!K149","v":20128},{"$f":"'Mercator Financials'!L149","v":0}]
[null,null,null,"Operating Income (EBIT)",null,null,null,null,null,{"$f":"J52-J53-J54-J55+J56","v":81441},{"$f":"K52-K53-K54-K55+K56","v":100327},71842,94505,76841,-42147,0]
[null,null,null,"Interest expense",null,null,null,null,null,{"$f":"'Mercator Financials'!F183","v":51724},{"$f":"'Mercator Financials'!G183","v":58127},{"$f":"'Mercator Financials'!H183","v":46554},{"$f":"'Mercator Financials'!I183","v":44948},{"$f":"'Mercator Financials'!J183","v":53879},{"$f":"'Mercator Financials'!K183","v":50939},{"$f":"'Mercator Financials'!L183","v":0}]
[null,null,null,"Interest income",null,null,null,null,null,{"$f":"'Mercator Financials'!F184","v":14075},{"$f":"'Mercator Financials'!G184","v":9181},{"$f":"'Mercator Financials'!H184","v":7811},{"$f":"'Mercator Financials'!I184","v":3427},{"$f":"'Mercator Financials'!J184","v":3647},{"$f":"'Mercator Financials'!K184","v":3374},{"$f":"'Mercator Financials'!L184","v":0}]
[null,null,null,"Translation and Other",null,null,null,null,null,{"$f":"-'Mercator Financials'!F185","v":-10683},{"$f":"-'Mercator Financials'!G185","v":1388},{"$f":"-'Mercator Financials'!H185","v":7903},{"$f":"-'Mercator Financials'!I185","v":12640},{"$f":"-'Mercator Financials'!J185","v":6669},{"$f":"-'Mercator Financials'!K185","v":20567},{"$f":"-'Mercator Financials'!L185","v":0}]
[null,null,null,"EBT ",null,null,null,null,null,{"$f":"J57-J58+J59-J60","v":54475},{"$f":"K57-K58+K59-K60","v":49993},25196,40344,19940,-110279,0]
[null,null,null,"Taxes",null,null,null,null,null,{"$f":"-'Mercator Financials'!F63","v":10661},{"$f":"-'Mercator Financials'!G63","v":9232},{"$f":"-'Mercator Financials'!H63","v":4077},{"$f":"-'Mercator Financials'!I63","v":9957},{"$f":"-'Mercator Financials'!J63","v":7451},{"$f":"-'Mercator Financials'!K63","v":-5659},{"$f":"-'Mercator Financials'!L63","v":0}]
[null,null,null,"Earnings",null,null,null,null,null,{"$f":"J61-J62","v":43814},{"$f":"K61-K62","v":40761},21119,30387,12489,-104620,0]
[]
[null,null,null,"Check",null,null,null,null,null,{"$f":"'Mercator Financials'!F64","v":43814},{"$f":"'Mercator Financials'!G64","v":40761},{"$f":"'Mercator Financials'!H64","v":21119},{"$f":"'Mercator Financials'!I64","v":30387},{"$f":"'Mercator Financials'!J64","v":12489},{"$f":"'Mercator Financials'!K64","v":-104620},{"$f":"'Mercator Financials'!L64","v":0}]
[null,null,null,null,null,null,null,null,null,{"$f":"J65-J63","v":0},0,0,0,0,0]
[null,"Cash Flow Items"]
[null,null,"Depreciation",null,null,null,null,null,null,{"$f":"'Mercator Financials'!F176","v":70338},{"$f":"'Mercator Financials'!G176","v":82729},{"$f":"'Mercator Financials'!H176","v":85674},{"$f":"'Mercator Financials'!I176","v":69119},{"$f":"'Mercator Financials'!J176","v":71905},{"$f":"'Mercator Financials'!K176","v":74237},{"$f":"'Mercator Financials'!L176","v":0}]
[null,null,"Amortisation",null,null,null,null,null,null,{"$f":"'Mercator Financials'!F177","v":10753},{"$f":"'Mercator Financials'!G177","v":11325},{"$f":"'Mercator Financials'!H177","v":10338},{"$f":"'Mercator Financials'!I177","v":9575},{"$f":"'Mercator Financials'!J177","v":9401},{"$f":"'Mercator Financials'!K177","v":7552},{"$f":"'Mercator Financials'!L177","v":0}]
[null,null,"Imparirment from Cash Flow",null,null,null,null,null,null,{"$f":"'Mercator Financials'!F178","v":31},{"$f":"'Mercator Financials'!G178","v":0},{"$f":"'Mercator Financials'!H178","v":0},{"$f":"'Mercator Financials'!I178","v":7019},{"$f":"'Mercator Financials'!J178","v":9615},{"$f":"'Mercator Financials'!K178","v":57784},{"$f":"'Mercator Financials'!L178","v":0}]
[null,null,"Capital expenditure",null,null,null,null,null,null,{"$f":"-SUM('Mercator Financials'!F87:F89)","v":198605},{"$f":"-SUM('Mercator Financials'!G87:G89)","v":303618},{"$f":"-SUM('Mercator Financials'!H87:H89)","v":162154},{"$f":"-SUM('Mercator Financials'!I87:I89)","v":136396},{"$f":"-SUM('Mercator Financials'!J87:J89)","v":123530},{"$f":"-SUM('Mercator Financials'!K87:K89)","v":67720},{"$f":"-SUM('Mercator Financials'!L87:L89)","v":0}]
[null,null,"Deferred tax",null,null,null,null,null,null,{"$f":"J37-I37--J22+I22","v":27236},51012,13296,18729,19050,36947,0]
[null,null,"Provisions Change",null,null,null,null,null,null,{"$f":"J38-I38","v":35228},-3813,5773,-1479,-2998,-1252,0]
[]
["Operating assumptions"]
["Assumptions Part 1: Revenue, Expense and Captial Expenditures"]
[null,"Revenue growth"]
[null,null,"Historical revenue growth",null,null,null,null,null,null,null,{"$f":"IF(K3,K48/J48-1)","v":0.10767861714387594},-2.4088445520867197E-2,5.2316504086724391E-2,3.2127865792542787E-2,7.7151597839208996E-4,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,null,"Base case growth",null,null,null,null,null,null,null,null,null,null,null,null,0.02,0.03,0.02,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,"Low case growth",null,null,null,null,null,null,null,null,null,null,null,null,-0.02,-0.03,-0.02,-0.01,0,0,0,0,0,0,0,0,0]
[null,null,"High case growth",null,null,null,null,null,null,null,null,null,null,null,null,0.05,0.06,0.05,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[null,1,{"$f":"B77","v":"Revenue growth"},null,null,null,null,{"$f":"'Master Scenario page'!D39","v":3},null,{"$f":"IF(J3,J78,INDEX(J80:J82,$H$83))","v":0},0.10767861714387594,-2.4088445520867197E-2,5.2316504086724391E-2,3.2127865792542787E-2,7.7151597839208996E-4,0.05,0.06,0.05,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[]
[null,"Cash cost of goods sold as % revenue"]
[null,null,"Cash COGS",null,null,null,null,null,null,{"$f":"J49","v":2190229},{"$f":"K49","v":2437130},2378094,2525387,2630508,2665472,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Historic COGS",null,null,null,null,null,null,{"$f":"IF(J3,J86/J48)","v":0.89570466592891218},0.89978807927459614,0.89966349073038965,0.90788875770958055,0.9162433197688169,0.92770603782699768,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,null,"Base case",null,null,null,null,null,null,null,null,null,null,null,null,0.91500000000000004,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9,0.9]
[null,null,"Low case",null,null,null,null,null,null,null,null,null,null,null,null,0.91500000000000004,0.91,0.9,0.89500000000000002,0.89,0.88500000000000001,0.88,0.88,0.88,0.88,0.88,0.88,0.88]
[null,null,"High case",null,null,null,null,null,null,null,null,null,null,null,null,0.92800000000000005,0.92900000000000005,0.92900000000000005,0.92900000000000005,0.92900000000000005,0.92900000000000005,0.92900000000000005,0.92900000000000005,0.92900000000000005,0.92900000000000005,0.92900000000000005,0.92900000000000005,0.92900000000000005]
[]
[null,2,{"$f":"C86","v":"Cash COGS"},null,null,null,null,{"$f":"'Master Scenario page'!E39","v":2},null,{"$f":"IF(J3,J87,INDEX(J89:J91,$H$93))","v":0.89570466592891218},0.89978807927459614,0.89966349073038965,0.90788875770958055,0.9162433197688169,0.92770603782699768,0.91500000000000004,0.91,0.9,0.89500000000000002,0.89,0.88500000000000001,0.88,0.88,0.88,0.88,0.88,0.88,0.88]
[]
[null,"Admin as Percent of Sales"]
[null,null,"Historic Admin Percent",null,null,null,null,null,null,{"$f":"IF(J3,J51/J48)","v":4.7237142256563523E-2},{"$f":"IF(K3,K51/K48)","v":4.0727545263904069E-2},4.1597388128164825E-2,3.5814587554518905E-2,3.3735972951311595E-2,4.5390726531453235E-2,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,null,"Base Case Admin",null,null,null,null,null,null,null,null,null,null,null,null,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2]
[null,null,"High Admin Expense",null,null,null,null,null,null,null,null,null,null,null,null,4.4999999999999998E-2,4.4999999999999998E-2,0.04,0.04,3.7999999999999999E-2,3.7999999999999999E-2,3.7999999999999999E-2,3.7999999999999999E-2,3.7999999999999999E-2,3.7999999999999999E-2,3.7999999999999999E-2,3.7999999999999999E-2,3.7999999999999999E-2]
[null,null,"Low Admin Expense",null,null,null,null,null,null,null,null,null,null,null,null,3.4000000000000002E-2,3.3000000000000002E-2,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[]
[null,13,"Admin Expense Percent",null,null,null,null,{"$f":"'Master Scenario page'!F39","v":3},null,{"$f":"IF(J3,J96,INDEX(J98:J100,$H$102))","v":4.7237142256563523E-2},{"$f":"IF(K3,K96,INDEX(K98:K100,$H$102))","v":4.0727545263904069E-2},4.1597388128164825E-2,3.5814587554518905E-2,3.3735972951311595E-2,4.5390726531453235E-2,3.4000000000000002E-2,3.3000000000000002E-2,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[]
[null,"Other income"]
[null,null,"Historic",null,null,null,null,null,null,{"$f":"IF(J3,J56)","v":23041},33264,12588,23623,24154,20128,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,3,"Other Income",null,null,null,null,{"$f":"'Master Scenario page'!G39","v":30000},null,{"$f":"IF(J3,J105,$H$106)","v":23041},33264,12588,23623,24154,20128,30000,30000,30000,30000,30000,30000,30000,30000,30000,30000,30000,30000,30000]
[]
[null,"Translation and Other"]
[null,null,"Historic",null,null,null,null,null,null,{"$f":"IF(J3,J60)","v":-10683},1388,7903,12640,6669,20567,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,14,"Translation and Othre",null,null,null,null,{"$f":"'Master Scenario page'!H39","v":50},null,{"$f":"IF(J3,J109,$H$110)","v":-10683},1388,7903,12640,6669,20567,50,50,50,50,50,50,50,50,50,50,50,50,50]
[]
[null,"Cap Exp to Sales"]
[null,null,"Historic",null,null,null,null,null,null,{"$f":"IF(J3,J71/J48)","v":8.122046835139686E-2},0.1120957261423044,6.1344939971210391E-2,4.9035017205899908E-2,4.3027254542104397E-2,2.3569654035624565E-2,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,4,{"$f":"B112","v":"Cap Exp to Sales"},null,null,null,null,{"$f":"'Master Scenario page'!M39","v":0.02},null,{"$f":"IF(J3,J113,$H$114)","v":8.122046835139686E-2},0.1120957261423044,6.1344939971210391E-2,4.9035017205899908E-2,4.3027254542104397E-2,2.3569654035624565E-2,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[]
["Assumptions Part 1: Revenue, Expense and Captial Expenditures"]
[null,"Inventories"]
[null,null,"Historic inventory % of COGS",null,null,null,null,null,null,{"$f":"IF(J3,J12/J86)","v":0.1126745194223983},0.11176711952173253,0.12280843398116306,0.12753728438453196,0.11782553027780185,0.10043662060603151,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,15,"Historic / projected",null,null,null,null,{"$f":"'Master Scenario page'!I39","v":0.1},null,{"$f":"IF(J3,J118,$H$119)","v":0.1126745194223983},0.11176711952173253,0.12280843398116306,0.12753728438453196,0.11782553027780185,0.10043662060603151,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[]
[null,16,"Accounts Receivable to Sales",null,null,null,null,{"$f":"'Master Scenario page'!J39","v":0.08},null,{"$f":"IF(J3,J11/J48,$H$121)","v":0.1036904899196731},{"$f":"IF(K3,K11/K48,$H$121)","v":0.12838593200815193},8.7294552484285831E-2,8.3358738339461697E-2,8.4780375698674776E-2,8.3530269185496525E-2,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08]
[]
[null,17,"Other Curent Assets",null,null,null,null,null,null,{"$f":"IF(J3,J15,I123)","v":7948},809,2639,3934,6462,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,18,"Accounts Payable to COGS",null,null,null,null,{"$f":"'Master Scenario page'!K39","v":0.22},null,{"$f":"IF(J3,J31/J49,$H$125)","v":0.2220251854943022},0.24616372536549139,0.2207906836315133,0.25448218431472086,0.22200350654702439,0.25243484080868228,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22]
[]
[null,19,"Other Current Liabilities",null,null,null,null,null,null,{"$f":"IF(J3,J32,I127)","v":5637},2995,3036,8339,2532,2462,2462,2462,2462,2462,2462,2462,2462,2462,2462,2462,2462,2462,2462]
[]
[null,20,"Provisions as Percent of Revenues",null,null,null,null,{"$f":"'Master Scenario page'!L39","v":1.4E-2},null,{"$f":"IF(J3,J38/J48,$H$129)","v":1.4406659747151425E-2},{"$f":"IF(K3,K38/K48,$H$129)","v":1.1598413917358301E-2},1.4068697828295153E-2,1.2837557035437108E-2,1.1393706171187378E-2,1.094916931935489E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2]
[]
["Assumptions Part 3: Tax and Depreciation"]
[null,5,"Depreciation rate",null,null,null,null,2.4799999999999999E-2,null,{"$f":"IFERROR(IF(J3,J53/J17,H132),FALSE)","v":false},false,false,2.4234457746162823E-2,2.4663024978922983E-2,2.486730092458914E-2,2.4663024978922983E-2,2.486730092458914E-2,2.4663024978922983E-2,2.486730092458914E-2,2.4663024978922983E-2,2.486730092458914E-2,2.4663024978922983E-2,2.486730092458914E-2,2.4663024978922983E-2,2.486730092458914E-2,2.4663024978922983E-2,2.486730092458914E-2,2.4663024978922983E-2]
[]
[null,20,"Amortisation Rate",null,null,null,null,0.15,null,{"$f":"IF(J3,J54/J20,$H$134)","v":0.13398876054477715},0.14482837996828482,0.19882681027021828,0.181944286094326,0.26214377335341027,0.41072496872790559,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15]
[]
[null,6,"Income Tax Rate",null,null,null,null,0.2,null,{"$f":"IF(J3,J62/J61,$H$136)","v":0.19570445158329508},0.18466585321945073,0.16181139863470392,0.24680249851279001,0.37367101303911737,5.1315300283825568E-2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[]
["Assumptions Part 4: Financing Assumptions"]
[null,null,"Total Cash and Deposits",null,null,null,null,null,null,{"$f":"IF(J3,J10+J13+J23)","v":24373},10384,1096,111291,92964,97347,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,7,"Interest Income Rate",null,null,null,null,0.04,null,{"$f":"IF(J59,J59/J139,$H$140)","v":0.57748328067944033},0.88414869029275811,7.1268248175182478,3.0793145896793092E-2,3.9230239662665117E-2,3.4659516985628733E-2,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[]
[null,null,null,null,null,null,null,null,null,{"$f":"J30+J35","v":836576},1035584,1051402,1070228,1184733,1094720,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,8,"Interest Expense Rate",null,null,null,null,0.05,null,{"$f":"IF(J3,J58/J142,$H$143)","v":6.182821405347512E-2},5.6129681416476111E-2,4.4278021156512921E-2,4.1998527416587869E-2,4.5477757435641621E-2,4.6531533177433498E-2,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[]
[null,9,"Dividend Payout Ratio",null,null,null,null,0.5,null,{"$f":"IF(J3,,$H$145)","v":0},0,0,0,0,0,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5]
[]
[null,9,"Minimum Revenues as Percent of Sales",null,null,null,null,0.02,null,{"$f":"$H$147","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[]
[null,10,"Retirement Rate",null,null,null,null,0.04,null,{"$f":"IF(J3,,$H$149)","v":0},0,0,0,0,0,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[]
[null,11,"Target debt/Capital Ratio",null,null,null,null,0.6,null,{"$f":"$H$151","v":0.6},0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6]
[]
[null,12,"New equity issues or buy backs",null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Operating analysis"]
[null,"Revenue"]
[null,null,"Growth rate",null,null,null,null,null,null,{"$f":"J83","v":0},0.10767861714387594,-2.4088445520867197E-2,5.2316504086724391E-2,3.2127865792542787E-2,7.7151597839208996E-4,0.05,0.06,0.05,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[null,null,"Revenue",null,null,null,null,null,null,{"$f":"IF(J3,J48,I158*(1+J157))","v":2445258},2708560,2643315,2781604,2870971,2873186,3016845.3000000003,3197856.0180000006,3357748.8189000008,3508847.5157505004,3666745.6539592724,3831749.2083874396,4004177.9227648741,4184365.929289293,4372662.3961073114,4569432.20393214,4775056.6531090857,4989934.2024989938,5214481.2416114481]
[]
[null,"Operating costs"]
[null,null,"COGS %",null,null,null,null,null,null,{"$f":"J93","v":0.89570466592891218},0.89978807927459614,0.89966349073038965,0.90788875770958055,0.9162433197688169,0.92770603782699768,0.91500000000000004,0.91,0.9,0.89500000000000002,0.89,0.88500000000000001,0.88,0.88,0.88,0.88,0.88,0.88,0.88]
[null,null,"COGS",null,null,null,null,null,null,{"$f":"IF(J3,J86,J161*J158)","v":2190229},2437130,2378094,2525387,2630508,2665472,2760413.4495000006,2910048.9763800008,3021973.9370100009,3140418.526596698,3263403.6320237527,3391098.0494228839,3523676.5720330891,3682242.0177745777,3847942.908574434,4021100.3394602831,4202049.8547359956,4391142.0981991142,4588743.4926180746]
[]
[null,null,"Admin Cost Percent",null,null,null,null,null,null,{"$f":"J102","v":4.7237142256563523E-2},4.0727545263904069E-2,4.1597388128164825E-2,3.5814587554518905E-2,3.3735972951311595E-2,4.5390726531453235E-2,3.4000000000000002E-2,3.3000000000000002E-2,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,"Admin Cost  ",null,null,null,null,null,null,{"$f":"J164*J158","v":115507.00000000001},{"$f":"K164*K158","v":110313},109955,99622,96855,130416,102572.74020000001,105529.24859400002,100732.46456700002,105265.42547251501,110002.36961877818,114952.47625162319,120125.33768294622,125530.97787867878,131179.87188321934,137082.96611796418,143251.69959327255,149698.02607496982,156434.43724834343]
[]
[null,"EBITDA",null,null,null,null,null,null,null,{"$f":"J158-J162-J165","v":139522},{"$f":"K158-K162-K165","v":161117},155266,156595,143608,77298,{"$f":"P158-P162-P165","v":153859.11029999971},182277.7930259998,235042.41732299983,263163.5636812874,293339.65231674159,325698.68271293252,360376.01304883871,376592.93363603653,393539.61564965802,411248.89835389279,429755.09877981758,449094.07822490984,469303.31174503005]
[]
[null,"Capital expenditures",null,null,null,null,null,null,null,{"$f":"J114*J158","v":198604.99999999997},303618,162154,136396,123530,67720,60336.90600000001,63957.120360000015,67154.976378000021,70176.950315010006,73334.913079185455,76634.9841677488,80083.558455297476,83687.318585785863,87453.247922146227,91388.644078642799,95501.133062181718,99798.684049979885,104289.62483222896]
[]
["Working capital analysis and Provisions"]
[null,"Accounts Receivable"]
[null,null,"A/R to Sales",null,null,null,null,null,null,{"$f":"J121","v":0.1036904899196731},0.12838593200815193,8.7294552484285831E-2,8.3358738339461697E-2,8.4780375698674776E-2,8.3530269185496525E-2,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08]
[null,null,"Level of A/R",null,null,null,null,null,null,{"$f":"J173*J158","v":253550},{"$f":"K173*K158","v":347741},230747,231871,243402.00000000003,239998.00000000003,241347.62400000004,255828.48144000006,268619.90551200008,280707.80126004003,293339.65231674182,306539.9366709952,320334.2338211899,334749.27434314345,349812.99168858491,365554.5763145712,382004.53224872687,399194.73619991954,417158.49932891584]
[]
[null,"Inventories"]
[null,null,"Inventories % COGS",null,null,null,null,null,null,{"$f":"J119","v":0.1126745194223983},0.11176711952173253,0.12280843398116306,0.12753728438453196,0.11782553027780185,0.10043662060603151,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,"Level of inventories",null,null,null,null,null,null,{"$f":"J177*J162","v":246783},272391,292050,322081,309941,267711,276041.34495000006,291004.89763800008,302197.39370100008,314041.85265966982,326340.3632023753,339109.80494228844,352367.65720330895,368224.20177745778,384794.29085744341,402110.03394602833,420204.98547359958,439114.20981991146,458874.34926180751]
[]
[null,"Other Current Assets",null,null,null,null,null,null,null,{"$f":"J123","v":7948},809,2639,3934,6462,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Accounts Payable"]
[null,null,"A/P to COGS",null,null,null,null,null,null,{"$f":"J125","v":0.2220251854943022},0.24616372536549139,0.2207906836315133,0.25448218431472086,0.22200350654702439,0.25243484080868228,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22,0.22]
[null,null,"Level of A/P",null,null,null,null,null,null,{"$f":"J183*J162","v":486286},{"$f":"K183*K162","v":599933},525061,642666,583982,672858,607290.95889000013,640210.77480360016,664834.26614220021,690892.07585127361,717948.79904522561,746041.57087303442,775208.84584727965,810093.24391040707,846547.43988637545,884642.07468126225,924450.96804191906,966051.26160380512,1009523.5683759764]
[]
[null,null,"Other Current Liabilities",null,null,null,null,null,null,{"$f":"J127","v":5637},2995,3036,8339,2532,2462,2462,2462,2462,2462,2462,2462,2462,2462,2462,2462,2462,2462,2462]
[]
[null,null,"Total Working Capital",null,null,null,null,null,null,{"$f":"J174+J178+J180-J184-J186","v":16358},{"$f":"K174+K178+K180-K184-K186","v":18013},-2661,-93119,-26709,-167611,{"$f":"P174+P178+P180-P184-P186","v":-92363.989939999999},-95839.395725600072,-96478.966929200105,-98604.42193156376,-100730.78352610848,-102853.82925975078,-104968.9548227808,-109581.76778980589,-114402.15734034718,-119439.46442066273,-124703.45031959261,-130204.31558397412,-135952.71978525305]
[null,null,"Investment in Working Capital",null,null,null,null,null,null,null,{"$f":"K188-J188","v":1655},{"$f":"L188-K188","v":-20674},-90458,66410,-140902,{"$f":"P188-O188","v":75247.010060000001},-3475.4057856000727,-639.57120360003319,-2125.4550023636548,-2126.3615945447236,-2123.0457336422987,-2115.1255630300147,-4612.8129670250928,-4820.3895505412947,-5037.3070803155424,-5263.9858989298809,-5500.8652643815149,-5748.4042012789287]
[]
[null,"Provisions"]
[null,null,"Provisions as Percent of Revenues",null,null,null,null,null,null,{"$f":"J129","v":1.4406659747151425E-2},1.1598413917358301E-2,1.4068697828295153E-2,1.2837557035437108E-2,1.1393706171187378E-2,1.094916931935489E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2]
[null,null,"Total Provisions",null,null,null,null,null,null,{"$f":"IF(J3,J38,J192*J158)","v":35228},31415,37188,35709,32711,31459,42235.834200000005,44769.984252000009,47008.483464600009,49123.865220507003,51334.439155429813,53644.488917424154,56058.490918708238,58581.123010050105,61217.273545502358,63972.050855049958,66850.793143527204,69859.078834985921,73002.73738256027]
[null,null,"Change in Provisions",null,null,null,null,null,null,null,{"$f":"K193-J193","v":-3813},{"$f":"L193-K193","v":5773},-1479,-2998,-1252,10776.834200000005,2534.1500520000045,2238.4992125999997,2115.3817559069939,2210.5739349228097,2310.0497619943417,2414.0020012840832,2522.6320913418676,2636.1505354522524,2754.7773095476005,2878.7422884772459,3008.2856914587173,3143.6585475743486]
[]
[null,null,"Pre-tax cash flow",null,null,null,null,null,null,{"$f":"(J167-J169-J189+J194)*J4","v":0},0,0,0,0,0,29052.028439999696,124330.22850359985,170765.51136119984,197227.45012454805,224341.67476702365,0,0,0,0,0,0,0,0]
[]
["Depreciation and Plant Module"]
[null,null,"Level of Accumulated Depreciation to Plant",null,null,null,null,null,null,{"$f":"IF(J212,J228/J212)","v":false},false,false,0.34419178036082937,0.3462461644631552,0.37201665747727386,0.39030210416573136,0.40919000299898339,0.42830516186778639,0.44812629019796668,0.46826433775924486,0.48922944977978478,0.51062386054933007,0.532997490135241,0.55594505870681998,0.58006559693241211,0.60494883505683772,0.63125558679275506,0.65857535949416102]
[null,null,"Age from Depreciation Rate",null,null,null,null,null,null,{"$f":"IF(J132,1/J132)","v":false},{"$f":"IF(K132,1/K132)","v":false},false,41.2635599473372,40.546526667130244,40.213451513396286,40.546526667130244,40.213451513396286,40.546526667130244,40.213451513396286,40.546526667130244,40.213451513396286,40.546526667130244,40.213451513396286,40.546526667130244,40.213451513396286,40.546526667130244,40.213451513396286,40.546526667130244]
[null,null,"Last Historic Period",null,null,null,null,"Find Growth",null,{"$f":"J2=$F$3","v":false},false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Implied Historic Growth Rate",null,null,{"$f":"SUMIF(201:201,TRUE,199:199)","v":0.37201665747727386},{"$f":"SUMIF(201:201,TRUE,200:200)","v":40.213451513396286},{"$f":"Growth_Find(F202,G202,2)","v":4.0144548438000957E-2},null,{"$f":"$H$202*NOT(J3)","v":0},0,0,0,0,0,4.0144548438000957E-2,4.0144548438000957E-2,4.0144548438000957E-2,4.0144548438000957E-2,4.0144548438000957E-2,4.0144548438000957E-2,4.0144548438000957E-2,4.0144548438000957E-2,4.0144548438000957E-2,4.0144548438000957E-2,4.0144548438000957E-2,4.0144548438000957E-2,4.0144548438000957E-2]
[null,null,"Base Retirements",null,null,{"$f":"find_base(H202,G202)","v":1.0487671654318083E-2},null,null,null,{"$f":"$F$203*NOT(J3)","v":0},0,0,0,0,0,1.0487671654318083E-2,1.0487671654318083E-2,1.0487671654318083E-2,1.0487671654318083E-2,1.0487671654318083E-2,1.0487671654318083E-2,1.0487671654318083E-2,1.0487671654318083E-2,1.0487671654318083E-2,1.0487671654318083E-2,1.0487671654318083E-2,1.0487671654318083E-2,1.0487671654318083E-2]
[null,null,"Percent of Base Plant for Returements",null,null,{"$f":"F203","v":1.0487671654318083E-2},"Find Base",null,null,{"$f":"IF(J201,$F$204,I204*(1+J202))","v":0},0,0,0,0,1.0487671654318083E-2,1.0908694497046704E-2,1.134661911167875E-2,1.1802124012215085E-2,1.2275914951294748E-2,1.276872601367778E-2,1.328132075362543E-2,1.3814493377939973E-2,1.4369069976497128E-2,1.4945909802177642E-2,1.5545906602181156E-2,1.6169990002785056E-2,1.6819126949693852E-2,1.7494323206210725E-2]
[null,null,"Base Gross Plant For Comuting Retirements",null,null,null,null,null,null,{"$f":"IF(J3,J209,I205)","v":0},0,0,0,2852096,2915498,2915498,2915498,2915498,2915498,2915498,2915498,2915498,2915498,2915498,2915498,2915498,2915498,2915498]
[null,null,"Retirements",null,null,null,null,null,null,{"$f":"J205*J204*NOT(J3)","v":0},0,0,0,0,0,31804.276988750673,33081.045326861175,34409.068953365058,35790.405488669938,37227.195155425543,38721.664094553438,40276.127814397238,41892.994778337423,43574.77013642931,45324.059606845956,47143.573513139825,49036.130983578521,51004.664319060954]
[]
[null,null,"Existing Plant"]
[null,null,null,"Opening PPE balance",null,null,null,null,null,null,{"$f":"J212","v":0},{"$f":"K212","v":0},0,2852096,2915498,2985326,2953521.7230112492,2920440.6776843881,2886031.608731023,2850241.2032423532,2813014.0080869277,2774292.3439923744,2734016.2161779772,2692123.2213996397,2648548.4512632103,2603224.3916563643,2556080.8181432243,2507044.6871596458]
[null,null,null,"Add: CAPEX",null,null,null,null,null,{"$f":"IF(J3,J169)","v":198604.99999999997},303618,162154,136396,123530,67720,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Less: retirement",null,null,null,null,null,{"$f":"J206","v":0},{"$f":"K206","v":0},0,0,0,0,31804.276988750673,33081.045326861175,34409.068953365058,35790.405488669938,37227.195155425543,38721.664094553438,40276.127814397238,41892.994778337423,43574.77013642931,45324.059606845956,47143.573513139825,49036.130983578521,51004.664319060954]
[null,null,null,"Closing balance",null,null,null,null,null,{"$f":"IF(J3,J17,J209+J210-J211)","v":0},0,0,2852096,2915498,2985326,2953521.7230112492,2920440.6776843881,2886031.608731023,2850241.2032423532,2813014.0080869277,2774292.3439923744,2734016.2161779772,2692123.2213996397,2648548.4512632103,2603224.3916563643,2556080.8181432243,2507044.6871596458,2456040.0228405851]
[]
[null,null,{"$f":"C132","v":"Depreciation rate"},null,null,null,null,null,null,{"$f":"J132","v":false},false,false,2.4234457746162823E-2,2.4663024978922983E-2,2.486730092458914E-2,2.4663024978922983E-2,2.486730092458914E-2,2.4663024978922983E-2,2.486730092458914E-2,2.4663024978922983E-2,2.486730092458914E-2,2.4663024978922983E-2,2.486730092458914E-2,2.4663024978922983E-2,2.486730092458914E-2,2.4663024978922983E-2,2.486730092458914E-2,2.4663024978922983E-2]
[null,null,"Existing Depreciation",null,null,null,null,null,null,{"$f":"IF(J3,J53,AVERAGE(J209,J212)*J214)","v":70338},82729,85674,69119,71905,74237,73234.974869323167,73034.795318910226,71602.585519643661,71322.811100440536,69836.502369514914,69470.614207512204,67925.775805548328,67466.721126511722,65858.559433555129,65298.707836233043,63622.036631587369,62953.132779664462,61202.341087623216]
[]
[null,null,"New Plant"]
[null,null,null,"Opening Balance",null,null,null,null,null,{"$f":"I220","v":0},{"$f":"J220","v":0},0,0,0,0,0,60336.90600000001,124294.02636000002,191449.00273800004,261625.95305301005,334960.86613219552,411595.85029994429,491679.40875524178,575366.7273410277,662819.97526317392,754208.61934181675,849709.75240399851,949508.43645397841]
[null,null,null,"Add: Capital Expenditures",null,null,null,null,null,{"$f":"IF(NOT(J3),J169)","v":false},false,false,false,false,false,60336.90600000001,63957.120360000015,67154.976378000021,70176.950315010006,73334.913079185455,76634.9841677488,80083.558455297476,83687.318585785863,87453.247922146227,91388.644078642799,95501.133062181718,99798.684049979885,104289.62483222896]
[null,null,null,"Closing Plant",null,null,null,null,null,{"$f":"J218+J219","v":0},{"$f":"K218+K219","v":0},0,0,0,0,60336.90600000001,124294.02636000002,191449.00273800004,261625.95305301005,334960.86613219552,411595.85029994429,491679.40875524178,575366.7273410277,662819.97526317392,754208.61934181675,849709.75240399851,949508.43645397841,1053798.0612862073]
[]
[null,null,"Depreciation Rate",null,null,null,null,null,null,{"$f":"J214","v":false},{"$f":"K214","v":false},false,2.4234457746162823E-2,2.4663024978922983E-2,2.486730092458914E-2,2.4663024978922983E-2,2.486730092458914E-2,2.4663024978922983E-2,2.486730092458914E-2,2.4663024978922983E-2,2.486730092458914E-2,2.4663024978922983E-2,2.486730092458914E-2,2.4663024978922983E-2,2.486730092458914E-2,2.4663024978922983E-2,2.486730092458914E-2,2.4663024978922983E-2]
[null,null,"Depreciation on New Plant",null,null,null,null,null,null,{"$f":"J222*AVERAGE(J218,J220)","v":0},{"$f":"K222*AVERAGE(K218,K220)","v":0},0,0,0,0,744.04530991446416,2295.636477491792,3893.5891067823904,5633.3756335249836,7356.8178118304659,9282.4252623955908,11138.750138460591,13267.278683363014,15268.714787448855,17618.838240394965,19778.73943326026,22370.850065662784,24703.799097102459]
[]
[null,null,"Depreciation expense",null,null,null,null,null,null,{"$f":"J223+J215","v":70338},{"$f":"K223+K215","v":82729},85674,69119,71905,74237,73979.020179237632,75330.431796402016,75496.174626426044,76956.186733965515,77193.320181345378,78753.039469907788,79064.525944008914,80733.999809874731,81127.274221003987,82917.546076628001,83400.776064847625,85323.982845327249,85906.140184725678]
[]
[null,null,"Gross Plant",null,null,null,null,null,null,{"$f":"J212+J220","v":0},{"$f":"K212+K220","v":0},0,2852096,2915498,2985326,{"$f":"P212+P220","v":3013858.6290112492},3044734.7040443881,3077480.6114690229,3111867.1562953633,3147974.8742191233,3185888.1942923185,3225695.624933219,3267489.9487406677,3311368.4265263844,3357433.0109981811,3405790.5705472231,3456553.1236136244,3509838.0841267924]
[null,null,"Accumulated depreciation",null,null,null,null,null,null,{"$f":"IF(J3,J18,I228+J225-J211)","v":0},0,0,981668,1009480,1110591,1152765.7431904869,1195015.1296600278,1236102.2353330888,1277268.0165783844,1317234.1416043043,1357265.5169796587,1396053.9151092705,1434894.9201408077,1472447.4242253825,1510040.9106951645,1546298.1132468723,1582585.9651086212,1617487.4409742858]
[null,null,"Net Plant",null,null,null,null,null,null,{"$f":"IF(J3,J19,J212+J220-J228)","v":1402398},1771963,1863291,1870428,1906018,1874735,1861092.8858207623,1849719.5743843603,1841378.3761359341,1834599.1397169789,1830740.732614819,1828622.6773126598,1829641.7098239486,1832595.0285998599,1838921.0023010019,1847392.1003030166,1859492.4573003508,1873967.1585050032,1892350.6431525066]
[]
[null,null,"Depreciation Rate on Net Plant",null,null,null,null,null,null,{"$f":"J225/J229","v":5.0155519331887236E-2},{"$f":"K225/K229","v":4.668776943988108E-2},4.5979935501218004E-2,3.6953574262147487E-2,3.7725247085809266E-2,3.9598663277743251E-2,3.9750310552937325E-2,4.0725325524802396E-2,4.0999816010032678E-2,4.1947139878108435E-2,4.2165074937231192E-2,4.3066861440022766E-2,4.3213119552033302E-2,4.4054468417693546E-2,4.4116780503072828E-2,4.4883566441053596E-2,4.4851365617223624E-2,4.5531204993686368E-2,4.5396523363985461E-2]
[]
[null,null,"Intangible Assets"]
[null,null,null,"Opening Balance",null,null,null,null,null,null,{"$f":"J237","v":16476},{"$f":"K237","v":9563},4127,3894,3450,3194,1882.1444498830695,1109.1007295634447,653.56536709740158,385.12975213467917,226.94734673297702,133.73440484319389,78.806345596128011,46.438611765597813,27.365114400405304,16.125578644063275,9.5024008597610035,5.5995275637956423]
[null,null,null,"Less: Amortisation Expense",null,null,null,null,null,null,{"$f":"MIN(K240,K234)","v":11325},{"$f":"MIN(L240,L234)","v":9563},4127,3894,3450,1311.8555501169305,773.04372031962475,455.53536246604313,268.43561496272241,158.18240540170214,93.212941889783139,54.928059247065875,32.367733830530199,19.073497365192509,11.239535756342027,6.6231777843022703,3.9028732959653611,2.2998657835310108]
[null,null,null,"Add: New Intangible Asets"]
[null,null,null,"Closing Balance",null,null,null,null,null,{"$f":"IF(J3,J21,J234-J235+J236)","v":16476},9563,4127,3894,3450,3194,1882.1444498830695,1109.1007295634447,653.56536709740158,385.12975213467917,226.94734673297702,133.73440484319389,78.806345596128011,46.438611765597813,27.365114400405304,16.125578644063275,9.5024008597610035,5.5995275637956423,3.2996617802646315]
[]
[null,null,null,"Amortisation Rate",null,null,null,null,null,{"$f":"IF(J3,J134,I239)","v":0.13398876054477715},0.14482837996828482,0.19882681027021828,0.181944286094326,0.26214377335341027,0.41072496872790559,0.41072496872790559,0.41072496872790559,0.41072496872790559,0.41072496872790559,0.41072496872790559,0.41072496872790559,0.41072496872790559,0.41072496872790559,0.41072496872790559,0.41072496872790559,0.41072496872790559,0.41072496872790559,0.41072496872790559]
[null,null,null,"Amortisation Expense",null,null,null,null,null,{"$f":"IF(J3,J54,J239*J234)","v":10753},11325,10338,9575,9401,7552,1311.8555501169305,773.04372031962475,455.53536246604313,268.43561496272241,158.18240540170214,93.212941889783139,54.928059247065875,32.367733830530199,19.073497365192509,11.239535756342027,6.6231777843022703,3.9028732959653611,2.2998657835310108]
[]
[null,null,"After Tax Free Cash Flow"]
[null,null,null,"Income tax rate",null,null,null,null,null,{"$f":"J136","v":0.19570445158329508},0.18466585321945073,0.16181139863470392,0.24680249851279001,0.37367101303911737,5.1315300283825568E-2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[null,null,null,"EBIT",null,null,null,null,null,{"$f":"J167-J225-J240","v":58431},67063,59254,77901,62302,-4491,78568.234570645145,106174.31750927816,159090.70733410775,185938.94133235916,215988.1497299945,246852.43030113494,281256.55904558272,295826.56609233125,312393.26793128886,328320.11274150846,346347.69953718566,363766.19250628666,383394.87169452081]
[null,null,null,"EBIT*tax rate",null,null,null,null,null,{"$f":"J244*$H$136","v":11686.2},13412.6,11850.800000000001,15580.2,12460.400000000001,-898.2,15713.646914129029,21234.863501855634,31818.141466821551,37187.788266471835,43197.629945998902,49370.486060226991,56251.311809116545,59165.313218466254,62478.653586257773,65664.022548301698,69269.539907437138,72753.238501257336,76678.974338904169]
[]
[null,"Free cash flow",null,null,null,null,null,null,null,{"$f":"(J196-J245)*J4","v":0},0,0,0,0,0,13338.381525870667,103095.36500174421,138947.36989437829,160039.66185807623,181144.04482102476,0,0,0,0,0,0,0,0]
[]
["Financing"]
[null,"Cash, Loans and Deposits",null,null,null,null,null,null,null,{"$f":"IF(J3,J10+J13+J23+J24)","v":48608},15208,6569,115250,95592,98416,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Cash Balance as Percent of Revenues",null,null,null,null,null,null,null,{"$f":"J147","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]
[null,"Minimum Cash Balance",null,null,null,null,null,null,null,{"$f":"J251*J158","v":48905.16},54171.200000000004,52866.3,55632.08,57419.42,57463.72,60336.90600000001,63957.120360000015,67154.976378000021,70176.950315010006,73334.913079185455,76634.9841677488,80083.558455297476,83687.318585785863,87453.247922146227,91388.644078642799,95501.133062181718,99798.684049979885,104289.62483222896]
[null,"Opening Balance",null,null,null,null,null,null,null,{"$f":"J257","v":0},{"$f":"K257","v":48608},15208,6569,115250,95592,98416,70544.371833346493,70544.371833346493,70544.371833346493,70544.371833346493,73334.913079185455,76634.9841677488,80083.558455297476,83687.318585785863,87453.247922146227,91388.644078642799,95501.133062181718,99798.684049979885]
[null,"Available for Drawdowns",null,null,null,null,null,null,null,{"$f":"J253-J252","v":-48905.16},{"$f":"K253-K252","v":-5563.2000000000044},-37658.300000000003,-49063.08,57830.58,38128.28,38079.09399999999,6587.2514733464777,3389.3954553464719,367.42151833648677,-2790.5412458389619,-3300.0710885633453,-3448.5742875486758,-3603.7601304883865,-3765.9293363603647,-3935.3961564965721,-4112.4889835389185,-4297.5509877981676,-4490.9407822490757]
[]
[null,"Cash accounts"]
[null,null,"Opening balance",null,null,null,null,null,null,{"$f":"I260","v":0},{"$f":"J260","v":48608},{"$f":"K260","v":15208},6569,115250,95592,98416,70544.371833346493,70544.371833346493,70544.371833346493,70544.371833346493,73334.913079185455,76634.9841677488,80083.558455297476,83687.318585785863,87453.247922146227,91388.644078642799,95501.133062181718,99798.684049979885]
[null,null,"Add: positive cash",null,null,null,null,null,null,{"$f":"J326","v":0},{"$f":"K326","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,133798.53131041588]
[null,null,"Less: cash used (for funding negative cash flow)",null,null,null,null,null,null,{"$f":"J323","v":-48905.16},{"$f":"K323","v":-5563.2000000000044},-37658.300000000003,-49063.08,57830.58,0,27871.628166653507,0,0,0,-2790.5412458389619,-3300.0710885633453,-3448.5742875486758,-3603.7601304883865,-3765.9293363603647,-3935.3961564965721,-4112.4889835389185,-4297.5509877981676,-4490.9407822490757]
[null,null,"Closing balance",null,null,null,null,null,null,{"$f":"IF(J3,J250,J257+J258-J259)","v":48608},15208,6569,115250,95592,98416,70544.371833346493,70544.371833346493,70544.371833346493,70544.371833346493,73334.913079185455,76634.9841677488,80083.558455297476,83687.318585785863,87453.247922146227,91388.644078642799,95501.133062181718,99798.684049979885,238088.15614264488]
[]
[null,null,"Interest income rate",null,null,null,null,null,null,{"$f":"J140","v":0.57748328067944033},0.88414869029275811,7.1268248175182478,3.0793145896793092E-2,3.9230239662665117E-2,3.4659516985628733E-2,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[null,null,"Interest income amount",null,null,null,null,null,null,{"$f":"IF(J3,J59,J262*J257)","v":14075},9181,7811,3427,3647,3374,3936.64,2821.7748733338599,2821.7748733338599,2821.7748733338599,2821.7748733338599,2933.3965231674183,3065.3993667099521,3203.342338211899,3347.4927434314345,3498.1299168858491,3655.545763145712,3820.045322487269,3991.9473619991954]
[]
[null,"Debt balance"]
[null,null,"Existing Debt",null,null,null,null,null,null,{"$f":"J30+J35","v":836576},1035584,1051402,1070228,1184733,1094720,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Opening balance",null,null,null,null,null,null,{"$f":"I271","v":0},{"$f":"J271","v":836576},{"$f":"K271","v":1035584},1051402,1070228,1184733,1094720,1094720,1044985.3043621988,980955.54396410729,906043.43304411054,824183.79189624928,731392.01028406841,627137.17724756093,514917.79977370106,397554.76272058173,273948.99375758669,144666.56501859878,8562.1722902219335]
[null,null,"Add: new debt (when cash flow is negative)",null,null,null,null,null,null,{"$f":"J325","v":122574.15999999997},{"$f":"K325","v":179834.2},56234.3,49063.08,31697.42,0,0,0,0,0,2790.5412458389619,3300.0710885633453,3448.5742875486758,3603.7601304883865,3765.9293363603647,3935.3961564965721,4112.4889835389185,4297.5509877981676,0]
[null,null,"Less: debt repaid (when cash flow is positive)",null,null,null,null,null,null,{"$f":"J322","v":0},0,0,68683,0,106883,0,49734.695637801196,64029.760398091472,74912.110919996776,84650.182393700219,96091.85270074413,107703.40732405613,115823.1376043483,121128.96638947973,127541.1651194916,133394.91772252685,140401.94371617501,8562.1722902219335]
[null,null,"Closing balance",null,null,null,null,null,null,{"$f":"IF(J3,J30+J35,J268+J269-J270)","v":836576},1035584,1051402,1070228,1184733,1094720,1094720,1044985.3043621988,980955.54396410729,906043.43304411054,824183.79189624928,731392.01028406841,627137.17724756093,514917.79977370106,397554.76272058173,273948.99375758669,144666.56501859878,8562.1722902219335,0]
[]
[null,null,"Interest expense rate",null,null,null,null,null,null,{"$f":"J143","v":6.182821405347512E-2},5.6129681416476111E-2,4.4278021156512921E-2,4.1998527416587869E-2,4.5477757435641621E-2,4.6531533177433498E-2,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,"Interest expense amount",null,null,null,null,null,null,{"$f":"IF(J3,J58,J273*J268)","v":51724},58127,46554,44948,53879,50939,54736,54736,52249.26521810994,49047.777198205367,45302.171652205529,41209.189594812466,36569.600514203419,31356.858862378049,25745.889988685056,19877.738136029089,13697.449687879336,7233.3282509299388,428.10861451109668]
[]
[null,"Other Assets and Liabilities"]
[]
[null,null,"Associated investments",null,null,null,null,null,null,{"$f":"IF(J3,J20,I278)","v":80253},78196,51995,52626,35862,18387,18387,18387,18387,18387,18387,18387,18387,18387,18387,18387,18387,18387,18387]
[null,null,"Derivative assets",null,null,null,null,null,null,{"$f":"IF(J3,J25+J14,I279)","v":5771},35870,16844,70,158,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,"Derivative liabilites",null,null,null,null,null,null,{"$f":"IF(J3,J37+J33,I280)","v":18550},56094,54271,53747,53244,58072,58072,58072,58072,58072,58072,58072,58072,58072,58072,58072,58072,58072,58072]
[]
[null,null,"Pension liabilities",null,null,null,null,null,null,{"$f":"IF(J3,J36,I282)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Deferred tax Assets",null,null,null,null,null,null,{"$f":"IF(J3,J22,I283)","v":8686},8380,8086,8700,12774,20378,20378,20378,20378,20378,20378,20378,20378,20378,20378,20378,20378,20378,20378]
[null,null,"Deferred Tax Liabilities",null,null,null,null,null,null,{"$f":"IF(J3,J37,I284)","v":18550},52496,49326,51269,48845,52640,52640,52640,52640,52640,52640,52640,52640,52640,52640,52640,52640,52640,52640]
[]
[]
["Income Statement"]
[null,"EBITDA",null,null,null,null,null,null,null,{"$f":"J167","v":139522},161117,155266,156595,143608,77298,153859.11029999971,182277.7930259998,235042.41732299983,263163.5636812874,293339.65231674159,325698.68271293252,360376.01304883871,376592.93363603653,393539.61564965802,411248.89835389279,429755.09877981758,449094.07822490984,469303.31174503005]
[null,"Less: Depreciation Expense",null,null,null,null,null,null,null,{"$f":"J225","v":70338},82729,85674,69119,71905,74237,73979.020179237632,75330.431796402016,75496.174626426044,76956.186733965515,77193.320181345378,78753.039469907788,79064.525944008914,80733.999809874731,81127.274221003987,82917.546076628001,83400.776064847625,85323.982845327249,85906.140184725678]
[null,"Less: Amortisaiton Expense",null,null,null,null,null,null,null,{"$f":"J240","v":10753},11325,10338,9575,9401,7552,1311.8555501169305,773.04372031962475,455.53536246604313,268.43561496272241,158.18240540170214,93.212941889783139,54.928059247065875,32.367733830530199,19.073497365192509,11.239535756342027,6.6231777843022703,3.9028732959653611,2.2998657835310108]
[null,"Less: Impairment",null,null,null,null,null,null,null,{"$f":"J55","v":31},0,0,7019,9615,57784,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"EBIT",null,null,null,null,null,null,{"$f":"J288-J289-J290-J291","v":58400},{"$f":"K288-K289-K290-K291","v":67063},59254,70882,52687,-62275,{"$f":"P288-P289-P290-P291","v":78568.234570645145},106174.31750927816,159090.70733410775,185938.94133235916,215988.1497299945,246852.43030113494,281256.55904558272,295826.56609233125,312393.26793128886,328320.11274150846,346347.69953718566,363766.19250628666,383394.87169452081]
[null,"Less: interest expense",null,null,null,null,null,null,null,{"$f":"J274","v":51724},58127,46554,44948,53879,50939,54736,54736,52249.26521810994,49047.777198205367,45302.171652205529,41209.189594812466,36569.600514203419,31356.858862378049,25745.889988685056,19877.738136029089,13697.449687879336,7233.3282509299388,428.10861451109668]
[null,"Add: interest income",null,null,null,null,null,null,null,{"$f":"J263","v":14075},9181,7811,3427,3647,3374,3936.64,2821.7748733338599,2821.7748733338599,2821.7748733338599,2821.7748733338599,2933.3965231674183,3065.3993667099521,3203.342338211899,3347.4927434314345,3498.1299168858491,3655.545763145712,3820.045322487269,3991.9473619991954]
[null,"Add: other income",null,null,null,null,null,null,null,{"$f":"J106","v":23041},33264,12588,23623,24154,20128,30000,30000,30000,30000,30000,30000,30000,30000,30000,30000,30000,30000,30000]
[null,"Less: Translations and Other",null,null,null,null,null,null,null,{"$f":"J110","v":-10683},1388,7903,12640,6669,20567,50,50,50,50,50,50,50,50,50,50,50,50,50]
[null,null,"EBT",null,null,null,null,null,null,{"$f":"J292-J293+J294+J295-J296","v":54475},{"$f":"K292-K293+K294+K295-K296","v":49993},25196,40344,19940,-110279,{"$f":"P292-P293+P294+P295-P296","v":57718.874570645145},84210.092382612027,139613.21698933167,169662.93900748767,203457.75295112285,238526.63722948989,277702.35789808922,297623.04956816509,319944.8706860352,341890.50452236523,366255.79561245203,390302.90957784397,416908.71044200892]
[null,"Less: taxes",null,null,null,null,null,null,0.25,{"$f":"IF(J3,J62,J297*$I$298)","v":10661},9232,4077,9957,7451,-5659,14429.718642661286,21052.523095653007,34903.304247332919,42415.734751871918,50864.438237780712,59631.659307372473,69425.589474522305,74405.762392041273,79986.217671508799,85472.626130591307,91563.948903113007,97575.727394460991,104227.17761050223]
[null,"Net earnings",null,null,null,null,null,null,null,{"$f":"J297-J298","v":43814},{"$f":"K297-K298","v":40761},21119,30387,12489,-104620,{"$f":"P297-P298","v":43289.155927983855},63157.56928695902,104709.91274199876,127247.20425561575,152593.31471334214,178894.97792211742,208276.76842356691,223217.28717612382,239958.65301452641,256417.87839177391,274691.84670933901,292727.18218338297,312681.53283150669]
[null,null,null,null,null,null,null,null,null,{"$f":"J299=J63","v":true},true,true,true,true,true,false]
[null,null,null,null,null,null,null,null,{"$f":"SUMIF(3:3,J3,301:301)=0","v":true},{"$f":"J299-J63","v":0},0,0,0,0,0,43289.155927983855,63157.56928695902,104709.91274199876,127247.20425561575,152593.31471334214,178894.97792211742,208276.76842356691,223217.28717612382,239958.65301452641,256417.87839177391,274691.84670933901,292727.18218338297,312681.53283150669]
[]
[null,"Shares",null,null,null,null,null,null,null,{"$f":"IF(J3,J43,I303)","v":3708.0508474576268},3713.2727272727275,3724.9122807017543,3706.8292682926831,3678.2352941176473,3720.818505338078,3720.818505338078,3720.818505338078,3720.818505338078,3720.818505338078,3720.818505338078,3720.818505338078,3720.818505338078,3720.818505338078,3720.818505338078,3720.818505338078,3720.818505338078,3720.818505338078,3720.818505338078]
[null,"EPS",null,null,null,null,null,null,null,{"$f":"J299/J303","v":11.815911324420068},{"$f":"K299/K303","v":10.977109141654017},5.6696637151469478,8.1975720489538091,3.3953782184551411,-28.117469274544501,11.634309995469813,16.974106422108445,28.141634049544884,34.198713017864307,41.010684744344267,48.07946898389843,55.97606228972532,59.991447273196691,64.490824443672636,68.914374088363516,73.825650543086667,78.672792495366664,84.035685261970627]
[]
["Cash flow statement"]
[null,"EBITDA",null,null,null,null,null,null,null,{"$f":"J288","v":139522},{"$f":"K288","v":161117},155266,156595,143608,77298,153859.11029999971,{"$f":"Q288","v":182277.7930259998},{"$f":"R288","v":235042.41732299983},263163.5636812874,293339.65231674159,325698.68271293252,360376.01304883871,376592.93363603653,393539.61564965802,411248.89835389279,429755.09877981758,449094.07822490984,469303.31174503005]
[null,"Less: changes in working capital",null,null,null,null,null,null,null,{"$f":"J189","v":0},1655,-20674,-90458,66410,-140902,75247.010060000001,-3475.4057856000727,-639.57120360003319,-2125.4550023636548,-2126.3615945447236,-2123.0457336422987,-2115.1255630300147,-4612.8129670250928,-4820.3895505412947,-5037.3070803155424,-5263.9858989298809,-5500.8652643815149,-5748.4042012789287]
[null,"Add: Increases in Provisions",null,null,null,null,null,null,null,{"$f":"J194","v":0},-3813,5773,-1479,-2998,-1252,10776.834200000005,2534.1500520000045,2238.4992125999997,2115.3817559069939,2210.5739349228097,2310.0497619943417,2414.0020012840832,2522.6320913418676,2636.1505354522524,2754.7773095476005,2878.7422884772459,3008.2856914587173,3143.6585475743486]
[null,"Less: taxes paid on EBT",null,null,null,null,null,null,null,{"$f":"J298","v":10661},{"$f":"K298","v":9232},4077,9957,7451,-5659,14429.718642661286,{"$f":"Q298","v":21052.523095653007},34903.304247332919,42415.734751871918,50864.438237780712,59631.659307372473,69425.589474522305,74405.762392041273,79986.217671508799,85472.626130591307,91563.948903113007,97575.727394460991,104227.17761050223]
[null,null,"Operating cash flow",null,null,null,null,null,null,{"$f":"J307-J308-J310+J309","v":128861},{"$f":"K307-K308-K310+K309","v":146417},177636,235617,66749,222607,{"$f":"P307-P308-P310+P309","v":74959.215797338431},167234.82576794687,203017.18349186695,224988.66568768615,246812.14960842842,270500.11890119669,295479.55113863054,309322.61630236224,321009.93806414277,333568.35661316459,346333.87806411169,360027.5017862891,373968.19688338111]
[null,"Less: CAPEX",null,null,null,null,null,null,null,{"$f":"J169","v":198604.99999999997},303618,162154,136396,123530,67720,60336.90600000001,63957.120360000015,67154.976378000021,70176.950315010006,73334.913079185455,76634.9841677488,80083.558455297476,83687.318585785863,87453.247922146227,91388.644078642799,95501.133062181718,99798.684049979885,104289.62483222896]
[null,"Add: other income",null,null,null,null,null,null,null,{"$f":"J295","v":23041},{"$f":"K295","v":33264},12588,23623,24154,20128,30000,{"$f":"Q295","v":30000},{"$f":"R295","v":30000},30000,30000,30000,30000,30000,30000,30000,30000,30000,30000]
[null,"Less: Transalation Losses",null,null,null,null,null,null,null,{"$f":"J296","v":-10683},{"$f":"K296","v":1388},7903,12640,6669,20567,50,50,50,50,50,50,50,50,50,50,50,50,50]
[null,null,"Cash flow before financing",null,null,null,null,null,null,{"$f":"J311-J312+J313-J314","v":-36019.999999999971},{"$f":"K311-K312+K313-K314","v":-125325},20167,110204,-39296,154448,{"$f":"P311-P312+P313-P314","v":44572.309797338421},133227.70540794684,165812.20711386693,184761.71537267615,203427.23652924295,223815.13473344789,245345.99268333305,255585.29771657637,263506.69014199654,272129.71253452182,280782.74500192999,290178.8177363092,299628.57205115212]
[null,"Less: interest expenses",null,null,null,null,null,null,null,{"$f":"J293","v":51724},{"$f":"K293","v":58127},46554,44948,53879,50939,54736,{"$f":"Q293","v":54736},52249.26521810994,49047.777198205367,45302.171652205529,41209.189594812466,36569.600514203419,31356.858862378049,25745.889988685056,19877.738136029089,13697.449687879336,7233.3282509299388,428.10861451109668]
[null,"Add: interest income",null,null,null,null,null,null,null,{"$f":"J294","v":14075},{"$f":"K294","v":9181},7811,3427,3647,3374,3936.64,{"$f":"Q294","v":2821.7748733338599},2821.7748733338599,2821.7748733338599,2821.7748733338599,2933.3965231674183,3065.3993667099521,3203.342338211899,3347.4927434314345,3498.1299168858491,3655.545763145712,3820.045322487269,3991.9473619991954]
[null,null,"Cash flow before dividend",null,null,null,null,null,null,{"$f":"J315-J316+J317","v":-73668.999999999971},{"$f":"K315-K316+K317","v":-174271},-18576,68683,-89528,106883,{"$f":"P315-P316+P317","v":-6227.0502026615795},81313.480281280703,{"$f":"R315-R316+R317","v":116384.71676909085},138535.71304780466,160946.83975037129,185539.34166180284,211841.79153583958,227431.78119241021,241108.29289674293,255750.10431537856,270740.84107719635,286765.5348078665,303192.41079864022]
[null,"Less dividend",null,null,null,null,null,null,0.5,{"$f":"MAX(IF(J3,0,$I$319*J299),0)","v":0},0,0,0,0,0,21644.577963991927,31578.78464347951,52354.956370999382,63623.602127807877,76296.657356671072,89447.488961058712,104138.38421178346,111608.64358806191,119979.32650726321,128208.93919588695,137345.9233546695,146363.59109169149,156340.76641575334]
[null,"Add new CF from Equity issuance",null,null,null,null,null,null,null,{"$f":"J153","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash before debt analysis",null,null,null,null,null,null,{"$f":"J318-J319+J320","v":-73668.999999999971},{"$f":"K318-K319+K320","v":-174271},-18576,68683,-89528,106883,-27871.628166653507,49734.695637801196,64029.760398091472,74912.110919996776,84650.182393700219,96091.85270074413,107703.40732405613,115823.1376043483,121128.96638947973,127541.1651194916,133394.91772252685,140401.94371617501,146851.64438288688]
[null,"Less: debt repayment (if cash flow is positive - reducing debt position) ",null,null,null,null,null,null,null,{"$f":"MIN(MAX(J321,0),J268)","v":0},0,0,68683,0,106883,0,49734.695637801196,64029.760398091472,74912.110919996776,84650.182393700219,96091.85270074413,107703.40732405613,115823.1376043483,121128.96638947973,127541.1651194916,133394.91772252685,140401.94371617501,8562.1722902219335]
[null,"Drawn down cash position (if it's negative - reducing cash position)",null,null,null,null,null,null,null,{"$f":"MIN(MAX(-J321,0),J254)","v":-48905.16},{"$f":"MIN(MAX(-K321,0),K254)","v":-5563.2000000000044},-37658.300000000003,-49063.08,57830.58,0,27871.628166653507,0,0,0,-2790.5412458389619,-3300.0710885633453,-3448.5742875486758,-3603.7601304883865,-3765.9293363603647,-3935.3961564965721,-4112.4889835389185,-4297.5509877981676,-4490.9407822490757]
[null,null,"Remaining cash",null,null,null,null,null,null,{"$f":"J321-J322+J323","v":-122574.15999999997},{"$f":"K321-K322+K323","v":-179834.2},-56234.3,-49063.08,-31697.42,0,0,0,{"$f":"R321-R322+R323","v":0},0,-2790.5412458389619,-3300.0710885633453,-3448.5742875486758,-3603.7601304883865,-3765.9293363603647,-3935.3961564965721,-4112.4889835389185,-4297.5509877981676,133798.53131041588]
[null,"Additional borrowing (if negative - increasing debt position)",null,null,null,null,null,null,null,{"$f":"MAX(-J324,0)","v":122574.15999999997},{"$f":"MAX(-K324,0)","v":179834.2},56234.3,49063.08,31697.42,0,0,0,{"$f":"MAX(-R324,0)","v":0},0,2790.5412458389619,3300.0710885633453,3448.5742875486758,3603.7601304883865,3765.9293363603647,3935.3961564965721,4112.4889835389185,4297.5509877981676,0]
[null,"Additional cash balance (if positive)",null,null,null,null,null,null,null,{"$f":"MAX(J324,0)","v":0},{"$f":"MAX(K324,0)","v":0},0,0,0,0,0,{"$f":"MAX(Q324,0)","v":0},0,0,0,0,0,0,0,0,0,0,133798.53131041588]
[]
[null,"Balance sheet"]
[null,null,"Equity"]
[null,null,null,"Opening balance",null,null,null,null,null,{"$f":"I334","v":0},688196,814100,805390,798165,756457,663249,684893.57796399191,{"$f":"Q334","v":716472.36260747141},768827.31897847087,832450.92110627866,908747.57846294972,998195.06742400839,1102333.4516357917,1213942.0952238536,1333921.4217311169,1462130.3609270039,1599476.2842816734,1745839.8753733649]
[null,null,null,"Add: earnings",null,null,null,null,null,{"$f":"J299","v":43814},{"$f":"K299","v":40761},21119,30387,12489,-104620,43289.155927983855,{"$f":"Q299","v":63157.56928695902},104709.91274199876,127247.20425561575,152593.31471334214,178894.97792211742,208276.76842356691,223217.28717612382,239958.65301452641,256417.87839177391,274691.84670933901,292727.18218338297,312681.53283150669]
[null,null,null,"Less: dividend",null,null,null,null,null,{"$f":"J319","v":0},{"$f":"K319","v":0},0,0,0,0,21644.577963991927,{"$f":"Q319","v":31578.78464347951},52354.956370999382,63623.602127807877,76296.657356671072,89447.488961058712,104138.38421178346,111608.64358806191,119979.32650726321,128208.93919588695,137345.9233546695,146363.59109169149,156340.76641575334]
[null,null,null,"Add: new equity issues",null,null,null,null,null,{"$f":"J320","v":0},{"$f":"K320","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing balance",null,null,null,null,null,{"$f":"IF(J3,J40,J330+J331-J332+J333)","v":688196},814100,805390,798165,756457,663249,684893.57796399191,716472.36260747141,768827.31897847087,832450.92110627866,908747.57846294972,998195.06742400839,1102333.4516357917,1213942.0952238536,1333921.4217311169,1462130.3609270039,1599476.2842816734,1745839.8753733649,1902180.6417891183]
[null,null,null,null,null,null,null,"EBITDA","Financing"]
[null,null,"Assets",null,"Debt","Net debt","Bridge","Invested capital"]
[null,null,null,"Cash, Loans and Depoists",null,-1,1,null,-1,{"$f":"J260","v":48608},15208,6569,115250,95592,98416,70544.371833346493,70544.371833346493,70544.371833346493,70544.371833346493,73334.913079185455,76634.9841677488,80083.558455297476,83687.318585785863,87453.247922146227,91388.644078642799,95501.133062181718,99798.684049979885,238088.15614264488]
[null,null,null,"Accounts Receivable",null,null,null,1,0,{"$f":"J174","v":253550},347741,230747,231871,243402.00000000003,239998.00000000003,241347.62400000004,255828.48144000006,268619.90551200008,280707.80126004003,293339.65231674182,306539.9366709952,320334.2338211899,334749.27434314345,349812.99168858491,365554.5763145712,382004.53224872687,399194.73619991954,417158.49932891584]
[null,null,null,"Inventories",null,null,null,1,0,{"$f":"J178","v":246783},272391,292050,322081,309941,267711,276041.34495000006,291004.89763800008,302197.39370100008,314041.85265966982,326340.3632023753,339109.80494228844,352367.65720330895,368224.20177745778,384794.29085744341,402110.03394602833,420204.98547359958,439114.20981991146,458874.34926180751]
[null,null,null,"Other Current Assets",null,null,null,1,0,{"$f":"J180","v":7948},809,2639,3934,6462,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null," ","Gross PPE",null,null,null,0,0,{"$f":"J227","v":0},0,0,2852096,2915498,2985326,3013858.6290112492,3044734.7040443881,3077480.6114690229,3111867.1562953633,3147974.8742191233,3185888.1942923185,3225695.624933219,3267489.9487406677,3311368.4265263844,3357433.0109981811,3405790.5705472231,3456553.1236136244,3509838.0841267924]
[null,null,null,"Accumulated Depreciation",null,null,null,0,0,{"$f":"J228","v":0},0,0,981668,1009480,1110591,1152765.7431904869,1195015.1296600278,1236102.2353330888,1277268.0165783844,1317234.1416043043,1357265.5169796587,1396053.9151092705,1434894.9201408077,1472447.4242253825,1510040.9106951645,1546298.1132468723,1582585.9651086212,1617487.4409742858]
[null,null,null,"Net Plant",null,null,null,1,0,{"$f":"J229","v":1402398},1771963,1863291,1870428,1906018,1874735,1861092.8858207623,1849719.5743843603,1841378.3761359341,1834599.1397169789,1830740.732614819,1828622.6773126598,1829641.7098239486,1832595.0285998599,1838921.0023010019,1847392.1003030166,1859492.4573003508,1873967.1585050032,1892350.6431525066]
[null,null,null,"Intangible Assets",null,null,null,1,0,{"$f":"J237","v":16476},9563,4127,3894,3450,3194,1882.1444498830695,1109.1007295634447,653.56536709740158,385.12975213467917,226.94734673297702,133.73440484319389,78.806345596128011,46.438611765597813,27.365114400405304,16.125578644063275,9.5024008597610035,5.5995275637956423,3.2996617802646315]
[null,null,null,"Investment Property",null,null,1,null,-1,{"$f":"J278","v":80253},78196,51995,52626,35862,18387,18387,18387,18387,18387,18387,18387,18387,18387,18387,18387,18387,18387,18387]
[null,null,null,"Deferred Tax Assets",null,null,null,1,0,{"$f":"J283","v":8686},{"$f":"K283","v":8380},8086,8700,12774,20378,20378,20378,20378,20378,20378,20378,20378,20378,20378,20378,20378,20378,20378]
[null,null,null,"Derivative assets",null,null,1,null,-1,{"$f":"J279","v":5771},35870,16844,70,158,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,null,"Total assets",null,null,null,null,null,{"$f":"SUM(J337:J340)+SUM(J343:J347)","v":2070473},{"$f":"SUM(K337:K340)+SUM(K343:K347)","v":2540121},2476348,2608854,2613659,2522820,{"$f":"SUM(P337:P340)+SUM(P343:P347)","v":2489674.3710539918},2506972.4260252705,2522159.6125493785,2539044.2952221697,2562748.6085598543,2589807.1374985357,2621271.9656493412,2658068.2619180125,2699774.8978835768,2745227.4802209027,2795978.6104857186,2850846.3881023778,3045240.9475476551]
[null,null,null,{"$f":"SUMIF(3:3,TRUE,349:349)=0","v":true},null,null,null,null,null,{"$f":"J348-J27","v":0},0,0,0,0,0,2489674.3710539918,2506972.4260252705,2522159.6125493785,2539044.2952221697,2562748.6085598543,2589807.1374985357,2621271.9656493412,2658068.2619180125,2699774.8978835768,2745227.4802209027,2795978.6104857186,2850846.3881023778,3045240.9475476551]
[]
[null,null,"Liabilities"]
[null,null,null,"Accounts Payable",null,null,null,-1,0,{"$f":"J184","v":486286},599933,525061,642666,583982,672858,607290.95889000013,640210.77480360016,664834.26614220021,690892.07585127361,717948.79904522561,746041.57087303442,775208.84584727965,810093.24391040707,846547.43988637545,884642.07468126225,924450.96804191906,966051.26160380512,1009523.5683759764]
[null,null,null,"Other Current Liabilities",null,null,null,-1,0,{"$f":"J186","v":5637},2995,3036,8339,2532,2462,2462,2462,2462,2462,2462,2462,2462,2462,2462,2462,2462,2462,2462]
[null,null,null,"Total debt",true,1,-1,null,1,{"$f":"J271","v":836576},1035584,1051402,1070228,1184733,1094720,1094720,1044985.3043621988,980955.54396410729,906043.43304411054,824183.79189624928,731392.01028406841,627137.17724756093,514917.79977370106,397554.76272058173,273948.99375758669,144666.56501859878,8562.1722902219335,0]
[null,null,null,"Derivative Liabilities",null,null,-1,null,1,{"$f":"J280","v":18550},{"$f":"K280","v":56094},54271,53747,53244,58072,58072,58072,58072,58072,58072,58072,58072,58072,58072,58072,58072,58072,58072]
[null,null,null,"Unfunded pensions",true,1,-1,null,1,null,{"$f":"K282","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Provisions",null,null,null,-1,null,{"$f":"J193","v":35228},31415,37188,35709,32711,31459,42235.834200000005,44769.984252000009,47008.483464600009,49123.865220507003,51334.439155429813,53644.488917424154,56058.490918708238,58581.123010050105,61217.273545502358,63972.050855049958,66850.793143527204,69859.078834985921,73002.73738256027]
[null,null,null,"Equity",null,null,null,null,1,{"$f":"J334","v":688196},814100,805390,798165,756457,663249,684893.57796399191,716472.36260747141,{"$f":"R334","v":768827.31897847087},832450.92110627866,908747.57846294972,998195.06742400839,1102333.4516357917,1213942.0952238536,1333921.4217311169,1462130.3609270039,1599476.2842816734,1745839.8753733649,1902180.6417891183]
[null,null,null,"Total liabilities and equity",null,null,null,null,null,{"$f":"SUM(J352:J358)","v":2070473},2540121,2476348,2608854,2613659,2522820,2489674.3710539918,2506972.4260252705,2522159.6125493785,2539044.2952221697,2562748.6085598543,2589807.1374985352,2621271.9656493403,2658068.2619180121,2699774.8978835763,2745227.4802209027,2795978.6104857186,2850846.3881023778,3045240.9475476546]
[]
[null,null,null,null,null,null,null,null,null,{"$f":"J359-J348","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,{"$f":"AND(J362:AB362)","v":true},{"$f":"ROUND(J348,0)=ROUND(J359,0)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
["Enterprise Value Module"]
[null,"EBITDA",null,null,null,null,null,null,null,{"$f":"J167","v":139522},161117,155266,156595,143608,77298,153859.11029999971,182277.7930259998,235042.41732299983,263163.5636812874,293339.65231674159,325698.68271293252,360376.01304883871,376592.93363603653,393539.61564965802,411248.89835389279,429755.09877981758,449094.07822490984,469303.31174503005]
[null,"Less: capital expenditures",null,null,null,null,null,null,null,{"$f":"-J169","v":-198604.99999999997},-303618,-162154,-136396,-123530,-67720,-60336.90600000001,-63957.120360000015,-67154.976378000021,-70176.950315010006,-73334.913079185455,-76634.9841677488,-80083.558455297476,-83687.318585785863,-87453.247922146227,-91388.644078642799,-95501.133062181718,-99798.684049979885,-104289.62483222896]
[null,"Less: working capital changes",null,null,null,null,null,null,null,{"$f":"-J189","v":0},-1655,20674,90458,-66410,140902,-75247.010060000001,3475.4057856000727,639.57120360003319,2125.4550023636548,2126.3615945447236,2123.0457336422987,2115.1255630300147,4612.8129670250928,4820.3895505412947,5037.3070803155424,5263.9858989298809,5500.8652643815149,5748.4042012789287]
[null,"Add: Increases in Provisions",null,null,null,null,null,null,null,{"$f":"J309","v":0},-3813,5773,-1479,-2998,-1252,10776.834200000005,2534.1500520000045,2238.4992125999997,2115.3817559069939,2210.5739349228097,2310.0497619943417,2414.0020012840832,2522.6320913418676,2636.1505354522524,2754.7773095476005,2878.7422884772459,3008.2856914587173,3143.6585475743486]
[null,"Less: taxes on EBIT",null,null,null,null,null,null,null,{"$f":"-J245","v":-11686.2},-13412.6,-11850.800000000001,-15580.2,-12460.400000000001,898.2,-15713.646914129029,-21234.863501855634,-31818.141466821551,-37187.788266471835,-43197.629945998902,-49370.486060226991,-56251.311809116545,-59165.313218466254,-62478.653586257773,-65664.022548301698,-69269.539907437138,-72753.238501257336,-76678.974338904169]
[null,"Add: Changes in Deferred Tax"]
[null,null,"Free cash flow",null,null,null,null,null,null,{"$f":"J364+J365+J366+J367+J368+J369","v":-70769.199999999968},{"$f":"K364+K365+K366+K367+K368+K369","v":-161381.6},7708.1999999999989,93597.8,-61790.400000000001,150126.20000000001,13338.381525870667,103095.36500174421,138947.36989437829,160039.66185807623,181144.04482102476,204126.30798059335,{"$f":"V364+V365+V366+V367+V368+V369","v":228570.27034873879},240875.74689015141,251064.25422724755,261988.31611681145,273127.1539976059,285051.30662951287,297226.77532275021]
[]
[null,"Capex/depreciation",null,null,null,null,null,null,null,{"$f":"-J365/J225","v":2.8235804259433017},3.6700310652854502,1.892686229194388,1.9733503088875708,1.7179611988039776,0.91221358621711546,0.81559482477349288,0.84902102423704384,0.88951495503314759,0.91190784384378265,0.95001630849540331,0.97310509770269482,1.012888618493839,1.0365808554371898,1.0779759182332349,1.1021629124695305,1.1450868633155831,1.1696439936575855,1.213995002079862]
[null,"Working Capital to EBITDA",null,null,null,null,null,null,null,{"$f":"J377/J364","v":0.11724315878499449},{"$f":"K377/K364","v":0.11180074107636066},-1.7138330349207167E-2,-0.59464861585618956,-0.18598546042003231,-2.1683743434500244,-0.60031537787983802,-0.52578755828983348,-0.41047470506830624,-0.37468873179944384,-0.34339300101624731,-0.31579442815986175,-0.29127619769897184,-0.29098200736743701,-0.29070048551907862,-0.2904310866211276,-0.29017328863265834,-0.28992659199297388,-0.28969051865356416]
[]
[null,"EBIT",null,null,null,null,null,null,null,{"$f":"J244","v":58431},67063,59254,77901,62302,-4491,78568.234570645145,106174.31750927816,159090.70733410775,185938.94133235916,215988.1497299945,246852.43030113494,281256.55904558272,295826.56609233125,312393.26793128886,328320.11274150846,346347.69953718566,363766.19250628666,383394.87169452081]
[null,"NOPAT=EBIT(1-t)",null,null,null,null,null,null,null,{"$f":"J375+J368","v":46744.800000000003},53650.400000000001,47403.199999999997,62320.800000000003,49841.599999999999,-3592.8,62854.587656516116,84939.454007422522,127272.5658672862,148751.15306588734,172790.51978399561,197481.94424090796,225005.24723646618,236661.25287386501,249914.61434503109,262656.09019320679,277078.15962974855,291012.95400502934,306715.89735561667]
[null,"Working Capital",null,null,null,null,null,null,null,{"$f":"J188","v":16358},18013,-2661,-93119,-26709,-167611,-92363.989939999999,-95839.395725600072,-96478.966929200105,-98604.42193156376,-100730.78352610848,-102853.82925975078,-104968.9548227808,-109581.76778980589,-114402.15734034718,-119439.46442066273,-124703.45031959261,-130204.31558397412,-135952.71978525305]
[]
["Valuation"]
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[null,"Terminal growth rate",null,null,null,null,null,{"$f":"I381/100","v":0.01},1]
[null,"EV/EBITDA multiples",null,null,null,null,null,7]
[null,"ROIC/WACC spread",null,null,null,null,null,0.02]
[null,"Terminal ROIC",null,null,null,null,null,{"$f":"H383+H380","v":9.0000000000000011E-2},1]
[null,"Value driver fomular",null,null,null,null,null,{"$f":"(1-H381/H384)/(H380-H381)","v":14.814814814814813}]
[null,"Half Year Factor (increase NPV because CF mid year in stead of end)",null,null,null,null,null,{"$f":"(1+H380)^0.5","v":1.03440804327886}]
[null,"Apply Normalised Adjustments",null,null,null,null,null,true]
[]
[null,"NPV of explicit cashflow",null,null,null,null,{"$f":"NPV(H380,J389:AB389)","v":467182.39689170889},null,null,{"$f":"IF(J4,J370)","v":false},false,false,false,false,false,13338.381525870667,103095.36500174421,138947.36989437829,160039.66185807623,181144.04482102476,false,false,false,false,false,false,false,false]
[]
[]
[null,"Normalized working capital (WC/EBITDA)",null,null,null,{"$f":"SUMIF(5:5,TRUE,373:373)","v":-0.34339300101624731},{"$f":"F392*H381/(1+H381)","v":-3.3999307031311616E-3},null,null,{"$f":"$F$392*$G$392*J5*J364","v":0},0,0,0,0,0,0,0,0,0,342.47768366087485,0,0,0,0,0,0,0,0]
[null,"Normalized capital expenditures (Cap Exp/Dep)",null,null,null,{"$f":"SUMIF(5:5,TRUE,453:453)","v":0.41843858170280129},{"$f":"G202","v":40.213451513396286},{"$f":"find_growth(F393,G393,2)","v":3.0000000000000755E-2},{"$f":"stable_capexp(H393,H381,G393,H380,2)","v":1.095926486409569},{"$f":"J5*$I$393*J225","v":0},0,0,0,0,0,0,0,0,0,84598.204160630718,0,0,0,0,0,0,0,0]
[null,"Normalized taxes",null,null,null,{"$f":"H136","v":0.2},null,null,null,{"$f":"(J364-J225)*$F$394*J5","v":0},0,0,0,0,0,0,0,0,0,43229.266427079245,0,0,0,0,0,0,0,0]
[null,"Normalized cash flow",null,null,null,null,null,null,null,{"$f":"(J364-J392-J393-J394)*J5","v":0},0,0,0,0,0,0,0,0,0,165169.70404537077,0,0,0,0,0,0,0,0]
[]
[null,"Cash Flow for Terminal Value",null,null,null,null,{"$f":"H387","v":true},null,null,{"$f":"IF($G$397,J395,J370*J5)","v":0},0,0,0,0,0,0,0,0,0,165169.70404537077,0,0,0,0,0,0,0,0]
[null,"NPV of terminal value / growth rate",null,null,null,null,{"$f":"NPV($H$398,J398:AB398)","v":1982355.8902715775},{"$f":"H380","v":7.0000000000000007E-2},{"$f":"H381","v":0.01},{"$f":"IF(J4,J397*(1+$I$398)/($H$398-$I$398))","v":false},false,false,false,false,false,0,0,0,0,2780356.6847637412,false,false,false,false,false,false,false,false]
[]
[null,"Enterprise value - growth rate method",null,null,null,null,{"$f":"G398+G389","v":2449538.2871632865}]
[null,"Implied EV/EBITDA multiple",null,null,null,null,{"$f":"G400/H401","v":31.689542901023138},{"$f":"INDEX(364:364,MATCH(F3,2:2))","v":77298}]
[]
[]
[null,"Terminal value - EV/EBITDA value",null,null,null,null,{"$f":"NPV($H$398,J404:AB404)","v":1464029.8259746681},{"$f":"H382","v":7},null,{"$f":"IF(J4,$H$404*J364*J5)","v":false},false,false,false,false,false,0,0,0,0,2053377.5662171911,false,false,false,false,false,false,false,false]
[null,"Enterprise value - EV/EBITDA method",null,null,null,null,{"$f":"G404+G389","v":1931212.2228663771}]
[]
[null,"Terminal value value - driver method",null,null,null,null,{"$f":"NPV($H$398,J407:AB407)","v":1825144.4822487142},{"$f":"H385","v":14.814814814814813},null,{"$f":"IF(J4,J376*$H$407*J5)","v":false},false,false,false,false,false,0,0,0,0,2559859.5523554902,false,false,false,false,false,false,false,false]
[null,"Enterprise value - driver method",null,null,null,null,{"$f":"G407+G389","v":2292326.8791404231}]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"WACC/ROIC Spread",null,{"$f":"H383","v":0.02}]
[null,null,null,null,null,null,null,null,null,"EV1 growth method",null,null,null,null,null,null,"EV2 multiple method",null,null,null,null,null,"EV3 (drive)"]
[null,null,null,null,null,null,null,null,null,{"$f":"G400","v":2449538.2871632865},0.06,7.0000000000000007E-2,0.08,0.09,"WACC",null,{"$f":"G405","v":1931212.2228663771},0.06,7.0000000000000007E-2,0.08,0.09,"WACC",{"$f":"G408","v":2292326.8791404231},0.06,7.0000000000000007E-2,0.08,0.09,"WACC"]
[null,null,null,null,null,null,null,null,null,0,1704061.0781958131,1440846.1801897998,1241315.5525323877,1084592.2120171573,null,null,7,1304363.0552517353,1245305.3433189478,1189403.6651376155,1136461.7686296168,null,0,1509831.3395351525,1261963.1047566419,1076878.5685058418,933616.43926142296]
[null,null,null,null,null,null,null,null,null,0.01,1654535.007630277,1362782.1718157495,1152527.6992475127,993491.65707373596,null,null,7.5,1383691.6559867689,1320995.6442291732,1261654.0796060041,1205458.200279311,null,0.01,1575634.7742638472,1301826.8815781546,1102563.7315322892,950959.72820977587]
[null,null,null,null,null,null,null,null,null,0.02,1575722.6475588921,1249946.4216814181,1031256.2934796253,873949.93438746757,null,null,8,1463020.2567218028,1396685.9451393986,1333904.4940743926,1274454.6319290055,null,0.02,1674339.9263568891,1357636.1691282727,1136810.6155675529,973258.24257194391]
[null,null,null,null,null,null,null,null,null,0.03,1438426.8314538074,1076325.6308897608,858062.41243275814,711788.05384139111,null,null,8.5,1542348.8574568366,1472376.2460496239,1406154.9085427814,1343451.0635786999,null,0.03,1838848.5131786251,1441350.1004534499,1184756.2532169216,1002989.5950548346]
[null,null,null,null,null,null,null,null,null,"Growth rate",null,null,null,null,null,null,"EV/EBITDA multiple",null,null,null,null,null,"Growth rate"]
[]
["Bridge Between Equity and Enterprise Value"]
[null,"Cash",null,null,null,null,null,null,null,{"$f":"J337","v":48608},15208,6569,115250,95592,98416,70544.371833346493,70544.371833346493,70544.371833346493,70544.371833346493,73334.913079185455,76634.9841677488,80083.558455297476,83687.318585785863,87453.247922146227,91388.644078642799,95501.133062181718,99798.684049979885,238088.15614264488]
[null,"Investment Property",null,null,null,null,null,null,null,{"$f":"J345","v":80253},78196,51995,52626,35862,18387,18387,18387,18387,18387,18387,18387,18387,18387,18387,18387,18387,18387,18387]
[null,"Derivative Assets",null,null,null,null,null,null,null,{"$f":"J347","v":5771},35870,16844,70,158,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,"Less: Debt",null,null,null,null,null,null,null,{"$f":"-J354","v":-836576},-1035584,-1051402,-1070228,-1184733,-1094720,-1094720,-1044985.3043621988,-980955.54396410729,-906043.43304411054,-824183.79189624928,-731392.01028406841,-627137.17724756093,-514917.79977370106,-397554.76272058173,-273948.99375758669,-144666.56501859878,-8562.1722902219335,0]
[null,"Less: Derivative Liabilities",null,null,null,null,null,null,null,{"$f":"-J355","v":-18550},-56094,-54271,-53747,-53244,-58072,-58072,-58072,-58072,-58072,-58072,-58072,-58072,-58072,-58072,-58072,-58072,-58072,-58072]
[null,"Less: Pensions",null,null,null,null,null,null,null,{"$f":"-J356","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total",null,null,null,null,null,null,{"$f":"SUM(J420:J425)","v":-720494},{"$f":"SUM(K420:K425)","v":-962404},-1030265,-956029,-1106365,-1035988,-1063859.6281666534,-1014124.9325288523,-950095.17213076074,-875183.06121076411,-790532.87881706387,-694441.02611631958,-586737.61879226344,-470914.4811879152,-349785.5147984355,-222244.34967894389,-88849.431956417058,51552.511759757952,198404.15614264488]
[null,null,"Shares",null,null,null,null,null,null,{"$f":"IF(J3,J43,I427)","v":3708.0508474576268},3713.2727272727275,3724.9122807017543,3706.8292682926831,3678.2352941176473,3720.818505338078,3720.818505338078,3720.818505338078,3720.818505338078,3720.818505338078,3720.818505338078,3720.818505338078,3720.818505338078,3720.818505338078,3720.818505338078,3720.818505338078,3720.818505338078,3720.818505338078,3720.818505338078]
[]
[null,"Bridge in Valuation Year",null,null,null,{"$f":"SUMIF(2:2,F3,426:426)","v":-1035988}]
[null,"Shares in Valuation Year",null,null,null,{"$f":"SUMIF(2:2,F3,427:427)","v":3720.818505338078}]
[null,"Net Income for Multiples",null,null,null,{"$f":"SUMIF(2:2,F3+1,299:299)","v":43289.155927983855}]
[null,"EBITDA for Multiples",null,null,null,{"$f":"SUMIF(2:2,F3+1,364:364)","v":153859.11029999971}]
[]
[null,"EPS for Analysis",null,null,3,{"$f":"SUMIF(2:2,F3+E434,304:304)","v":28.141634049544884}]
[]
[]
["Financial ratios",null,null,null,null,null,null,6,null,null,null,null,null,null,null,{"$f":"P440-P441","v":0}]
[null,null,"Historic/Explicit"]
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[null,null,"Invested Capital - Financing",null,null,null,null,null,null,{"$f":"SUMPRODUCT($I$337:$I$359*J337:J359)","v":1408690},1776504,1835655,1754194,1862822,1699237,{"$f":"SUMPRODUCT(P337:P359*$I$337:$I$359)","v":1748753.2061306452},{"$f":"SUMPRODUCT($I$337:$I$359*Q337:Q359)","v":1730597.2951363237},1718922.4911092315,1707633.9823170428,1699280.4572800137,1692636.0935403281,1689071.0704280552,1684856.5764117688,1683706.9365295526,1684374.7106059478,1688325.7162380905,1694287.3636136069,1703776.4856464735]
[null,null,"Invested Capital - EBITDA",null,null,null,null,null,null,{"$f":"SUMPRODUCT(J337:J359*$H$337:$H$359)","v":1408690},1776504,1835655,1754194,1862822,1699237,1748753.2061306455,1730597.2951363234,1718922.4911092315,1707633.9823170432,1699280.4572800135,1692636.0935403281,1689071.0704280555,1684856.5764117693,1683706.9365295533,1684374.710605948,1688325.7162380908,1694287.3636136069,1703776.4856464735]
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["Graphs"]
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[null,20,129,"Provisions as Percent of Revenues",null,null,null,null,null,1.4406659747151425E-2,1.1598413917358301E-2,1.4068697828295153E-2,1.2837557035437108E-2,1.1393706171187378E-2,1.094916931935489E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2,1.4E-2]
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[null,null,null,null,null,null,"na",{"$f":"MATCH(TRUE,FALSE)","v":{"$error":"#N/A"}}]
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[]
["Transaction Assumptions"]
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[null,"Consideration in Earn Out"]
[]
[null,"Equity Book Value",null,null,{"$f":"INDEX('Financial model'!334:334,'Transation Assumptions'!E4)","v":832450.92110627866}]
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[null,"Earnings",null,null,{"$f":"INDEX('Financial model'!299:299,'Transation Assumptions'!E4+1)","v":152593.31471334214}]
[]
[null,"Consideration",null,null,{"$f":"F14*1000","v":630000},630]
[null,"Synergies",null,null,{"$f":"F15*1000","v":43000},43]
[null,"Cost ot Achieve",null,null,20000]
[null,"Synergy Timing",null,null,null,1,2,3,4,5,6]
[null,"Timing Factor",null,null,null,0.4,0.7,0.9,1,1.02,1.02]
[]
[null,"Premium",null,null,{"$f":"E14/E7-1","v":0.20941131461910012}]
[]
[null,"EV/EBITDA",null,null,{"$f":"E61/E11","v":4.958756814879413}]
[null,"P/E Ratio",null,null,{"$f":"E14/E12","v":4.1286212386401182}]
[]
[null,"Holding Period",null,null,10]
[null,"Exit period",null,null,{"$f":"E3+E25","v":2026}]
[null,"Exit EV/EBITDA Multiple",null,null,5]
[]
[null,"Exchange of shares (tax shield advantage)",null,null,true,null,null,"If true than tax rate is applicable on higher acquired assets (FV in PPA)"]
[]
[null,"EBITDA Sensitivity"]
[null,null,"Beginning Period of Sensitivity",null,4]
[null,null,"EBITDA Sensitivity Factor",null,1]
[]
["Financing Assumptions",null,null,null,"Amount","Tenor","Rate","Fee","cash sweep %","Debt/EBITDA"]
[null,"Existing Debt",null,null,{"$f":"INDEX('Financial model'!442:442,'Transation Assumptions'!E4)","v":906043.43304411054}]
[]
[null,"Debt retired in transaction",null,null,800000,null,null,null,null,null,null,null,"portion of existing debt repaid to existing banks before transaction concludes"]
[]
[null,"Senior debt A",null,null,{"$f":"K40*100000","v":500000},5,0.05,1.2500000000000001E-2,null,{"$f":"E40/$E$11","v":1.7045087360371969},5]
[null,"Senior debt B",null,null,{"$f":"K41*100000","v":300000},6,0.06,1.2500000000000001E-2,0.8,{"$f":"E41/$E$11","v":1.0227052416223181},3]
[null,"Subordinated debt C",null,null,{"$f":"K42*100000","v":200000},{"$f":"E25","v":10},0.11,0.01,null,{"$f":"E42/$E$11","v":0.68180349441487875},2]
[null,null,"Total",null,{"$f":"SUM(E40:E42)","v":1000000},null,null,null,null,{"$f":"SUM(J40:J42)","v":3.4090174720743938}]
[null,"Total Debt Fees",null,null,null,{"$f":"SUMPRODUCT(E40:E42,H40:H42)","v":12000}]
[null,"Advisory fees",null,null,0.02,{"$f":"E14*E45","v":12600}]
[]
["Assumptions for Acquiring Company"]
[null,"Market Capital",null,null,2000000]
[null,"Shares",null,null,200000]
[null,"Implied Price",null,null,{"$f":"E48/E49","v":10}]
[null,"P/E Ratio",null,null,11]
[null,"Implied Earnings",null,null,{"$f":"E48/E51","v":181818.18181818182}]
[null,"Assumed Growth for Acquiring Company",null,null,{"$f":"G53/100","v":0.06},null,6]
[]
["Sources and Use of funds"]
[null,"Uses of funds"]
[null,null,"Consideration",null,{"$f":"E14","v":630000}]
[null,null,"debt retired",null,{"$f":"E38","v":800000}]
[null,null,"debt fees",null,{"$f":"F44","v":12000}]
[null,null,"advisory fees",null,{"$f":"F45","v":12600}]
[null,null,null,"Total uses of funds",{"$f":"SUM(E57:E60)","v":1454600}]
[]
[null,null,"senior debt A (Amortising)",null,{"$f":"E40","v":500000}]
[null,null,"senior debt B (Bullit)",null,{"$f":"E41","v":300000}]
[null,null,"senior debt C (Capitalizing debt)",null,{"$f":"E42","v":200000}]
[null,null,"equity",null,{"$f":"E61-SUM(E63:E65)","v":454600}]
[null,null,null,"Total sources of funds",{"$f":"SUM(E63:E66)","v":1454600}]
[]
[null,null,null,null,{"$f":"E61=E67","v":true}]
[]
[null,null,"Shares of Acquiring Company Issued",null,{"$f":"E66/E50","v":45460}]
[]
["Accounting (PPA accounting)"]
[null,"Intangibles",null,null,3000]
[null,"Inventory write down",null,null,-70000]
[null,"PPE write down",null,null,-200000]
[]
[]
["Goodwill analysis"]
[null,"Consideration",null,null,{"$f":"F14*1000","v":630000}]
[null,"less existing bookvalue Equity",null,null,{"$f":"-E10","v":-832450.92110627866}]
[null,"Net amount totalised",null,null,{"$f":"SUM(E80:E81)","v":-202450.92110627866}]
[null,"less intangibles",null,null,{"$f":"-E74","v":-3000}]
[null,"add Inventory write down",null,null,{"$f":"-E75","v":70000}]
[null,"less PP write up",null,null,{"$f":"-E76","v":200000}]
[null,"Total goodwill",null,null,{"$f":"SUM(E82:E85)","v":64549.078893721336}]
[]
["Enterprise Value Reconciliation (Items should be at Market Value)"]
[null,"Consideration",null,null,{"$f":"E57","v":630000}]
[null,"Less: Cash",null,null,{"$f":"-G113","v":-70544.371833346493}]
[null,"Less: Investment Property",null,null,{"$f":"-G122","v":-18387}]
[null,"Less: Derivative Assets",null,null,{"$f":"-G125","v":-1}]
[null,"Add: Existing Debt",null,null,{"$f":"G132","v":906043.43304411054}]
[null,"Add: Derivative Liabilities",null,null,{"$f":"G136","v":58072}]
[null,"Add: Pensions",null,null,{"$f":"G137","v":0}]
[null,"Add: Fees",null,null,{"$f":"E59+E60","v":24600}]
[null,null,"Total",null,{"$f":"SUM(E89:E96)","v":1529783.0612107641}]
[]
["Enterprise Value from Equity Issues"]
[null,"Equity Issued",null,null,{"$f":"E66","v":454600}]
[null,"Add: Debt Issued",null,null,{"$f":"SUM(E63:E65)","v":1000000}]
[null,"Add: Remaining Debt",null,null,{"$f":"O132","v":106043.43304411054}]
[null,"Less: Cash",null,null,{"$f":"E90","v":-70544.371833346493}]
[null,"Less: Investment Property",null,null,{"$f":"E91","v":-18387}]
[null,"Less: Derivative Assets",null,null,{"$f":"E92","v":-1}]
[null,"Add: Derivative Liabilities",null,null,{"$f":"E94","v":58072}]
[null,"Add: Pensions",null,null,{"$f":"E95","v":0}]
[null,null,"Total Enterprise Value",null,{"$f":"SUM(E100:E107)","v":1529783.0612107639}]
[]
[]
["Proforma Balance Sheet",null,null,null,null,null,"Existing","Write up/down","Goodwill","Debt Retirement","New debt","Equity eliminated","New Equity","Total Adjustments","Pro-Forma"]
[null,"Assets"]
[null,null,"Cash, Loans and Depoists",null,null,null,{"$f":"INDEX('Financial model'!337:337,'Transation Assumptions'!$E$4)","v":70544.371833346493},null,null,null,null,null,null,{"$f":"SUM(H113:M113)","v":0},{"$f":"N113+G113","v":70544.371833346493}]
[null,null,"Accounts Receivable",null,null,null,{"$f":"INDEX('Financial model'!338:338,'Transation Assumptions'!$E$4)","v":280707.80126004003},null,null,null,null,null,null,{"$f":"SUM(H114:M114)","v":0},{"$f":"N114+G114","v":280707.80126004003}]
[null,null,"Inventories",null,null,null,{"$f":"INDEX('Financial model'!339:339,'Transation Assumptions'!$E$4)","v":314041.85265966982},{"$f":"E75","v":-70000},null,null,null,null,null,-70000,244041.85265966982]
[null,null,"Other Current Assets",null,null,null,{"$f":"INDEX('Financial model'!340:340,'Transation Assumptions'!$E$4)","v":0},null,null,null,null,null,null,0,0]
[null," ","Gross PPE",null,null,null,{"$f":"INDEX('Financial model'!341:341,'Transation Assumptions'!$E$4)","v":3111867.1562953633},{"$f":"E76","v":-200000},null,null,null,null,null,-200000,{"$f":"N117+G117","v":2911867.1562953633}]
[null,null,"Accumulated Depreciation",null,null,null,{"$f":"INDEX('Financial model'!342:342,'Transation Assumptions'!$E$4)","v":1277268.0165783844},null,null,null,null,null,null,0,1277268.0165783844]
[null,null,"Net Plant",null,null,null,{"$f":"INDEX('Financial model'!343:343,'Transation Assumptions'!$E$4)","v":1834599.1397169789},null,null,null,null,null,null,{"$f":"N117","v":-200000},1634599.1397169789]
[null,null,"Intangible Assets",null,null,null,{"$f":"INDEX('Financial model'!344:344,'Transation Assumptions'!$E$4)","v":385.12975213467917},{"$f":"E74","v":3000},null,null,null,null,null,3000,3385.1297521346792]
[null,null,"Goodwill",null,null,null,null,null,{"$f":"MAX(E86,0)","v":64549.078893721336},null,null,null,null,64549.078893721336,64549.078893721336]
[null,null,"Investment Property",null,null,null,{"$f":"INDEX('Financial model'!345:345,'Transation Assumptions'!$E$4)","v":18387},null,null,null,null,null,null,0,18387]
[null,null,"Deferred Tax Assets",null,null,null,{"$f":"INDEX('Financial model'!346:346,'Transation Assumptions'!$E$4)","v":20378},null,null,null,null,null,null,0,20378]
[null,null,"Unamortised Debt Issuance Costs",null,null,null,null,null,null,null,{"$f":"E59","v":12000},null,null,12000,12000]
[null,null,"Derivative assets",null,null,null,{"$f":"INDEX('Financial model'!347:347,'Transation Assumptions'!$E$4)","v":1},null,null,null,null,null,null,0,1]
[null,null,"Total assets",null,null,null,{"$f":"INDEX('Financial model'!348:348,'Transation Assumptions'!$E$4)","v":2539044.2952221697},null,null,null,null,null,null,{"$f":"SUM(N113:N125)","v":-390450.92110627866},2148593.3741158908]
[]
[null,null,null,null,null,null,{"$f":"INDEX('Financial model'!350:350,'Transation Assumptions'!$E$4)","v":0}]
[null,"Liabilities",null,null,null,null,{"$f":"INDEX('Financial model'!351:351,'Transation Assumptions'!$E$4)","v":0}]
[null,null,"Accounts Payable",null,null,null,{"$f":"INDEX('Financial model'!352:352,'Transation Assumptions'!$E$4)","v":690892.07585127361},null,null,null,null,null,null,{"$f":"SUM(H130:M130)","v":0},{"$f":"N130+G130","v":690892.07585127361}]
[null,null,"Other Current Liabilities",null,null,null,{"$f":"INDEX('Financial model'!353:353,'Transation Assumptions'!$E$4)","v":2462},null,null,null,null,null,null,{"$f":"SUM(H131:M131)","v":0},2462]
[null,null,"Total debt",null,null,null,{"$f":"INDEX('Financial model'!354:354,'Transation Assumptions'!$E$4)","v":906043.43304411054},null,null,{"$f":"-E58","v":-800000},null,null,null,-800000,106043.43304411054]
[null,null,"Senior A",null,null,null,null,null,null,null,{"$f":"E63","v":500000},null,null,500000,500000]
[null,null,"Senior B",null,null,null,null,null,null,null,{"$f":"E64","v":300000},null,null,300000,300000]
[null,null,"Capitalised C",null,null,null,null,null,null,null,{"$f":"E65","v":200000},null,null,200000,200000]
[null,null,"Derivative Liabilities",null,null,null,{"$f":"INDEX('Financial model'!355:355,'Transation Assumptions'!$E$4)","v":58072},null,null,null,null,null,null,0,58072]
[null,null,"Unfunded pensions",null,null,null,{"$f":"INDEX('Financial model'!356:356,'Transation Assumptions'!$E$4)","v":0},null,null,null,null,null,null,0,0]
[null,null,"Provisions",null,null,null,{"$f":"INDEX('Financial model'!357:357,'Transation Assumptions'!$E$4)","v":49123.865220507003},null,null,null,null,null,null,0,49123.865220507003]
[null,null,"Equity",null,null,null,{"$f":"INDEX('Financial model'!358:358,'Transation Assumptions'!$E$4)","v":832450.92110627866},null,null,null,null,{"$f":"-G139","v":-832450.92110627866},{"$f":"E66-E60+MAX(-E86,0)","v":442000},-390450.92110627866,442000]
[null,null,"Total liabilities and equity",null,null,null,{"$f":"INDEX('Financial model'!359:359,'Transation Assumptions'!$E$4)","v":2539044.2952221697},null,null,null,null,null,null,{"$f":"SUM(N130:N139)","v":-190450.92110627866},2348593.3741158908]
[]
[null,null,"Difference",null,null,null,null,null,null,null,null,null,null,{"$f":"N140-N126","v":200000},{"$f":"O140-O126","v":200000}]
[null,null,"Test",null,null,null,null,null,null,null,null,null,null,{"$f":"N142=0","v":false},{"$f":"O142=0","v":false}]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,{"$f":"IFERROR('Acquisition model'!H165,FALSE)","v":0.28906196445843491},4,5,6,7,8]
[null,null,null,null,null,2,false,-0.77011769571432476,-0.27485988182212573,-5.9492288745299771E-4,0.21317468870960954]
[null,null,null,null,null,3,false,-0.30163768001302094,-5.5562289765481498E-2,0.10362658992645657,0.22671847393799083]
[null,null,null,null,null,4,-0.46600046375852955,-0.11837385353444396,3.0333461644396431E-2,0.13333268251412989,0.21407625432052524]
[null,null,null,null,null,5,-0.2094004094886156,-3.2763927783005742E-2,6.7194872728705279E-2,0.13959028761547865,0.19722203797990367]
[null,null,null,null,null,6,-9.739353762972669E-2,1.4786805439682915E-2,8.6317412552910699E-2,0.13997748790398234,0.18336222289677773]
[null,null,null,null,null,7,-3.4059611118194444E-2,4.3800906310901278E-2,9.7287724023378486E-2,0.13859045847624318,0.17247975602394217]
[null,null,null,null,null,8,5.0870633443325097E-3,6.2260972730505015E-2,0.10364458019173428,0.13637846348577032,0.16360052300243488]
[null,null,null,null,null,9,3.0548544051641757E-2,7.4282612075892374E-2,0.10719621850969485,0.13375885059324188,0.15611642263171888]
[null,null,null,null,null,10,4.3541905502597622E-2,7.8349135054083474E-2,0.10527586116577403,0.12734261765849553,0.14609579249918614]
[]
[]
[null,null,null,null,null,null,"EV/EBITDA","EV/EBITDA","EV/EBITDA","EV/EBITDA","EV/EBITDA"]
[null,null,null,null,null,null,4,5,6,7,8]
[null,null,null,null,null,2,{"$f":"G151","v":false},-0.77011769571432476,-0.27485988182212573,-5.9492288745299771E-4,0.21317468870960954]
[null,null,null,null,null,3,false,-0.30163768001302094,-5.5562289765481498E-2,0.10362658992645657,0.22671847393799083]
[null,null,null,null,null,4,-0.46600046375852955,-0.11837385353444396,3.0333461644396431E-2,0.13333268251412989,0.21407625432052524]
[null,null,null,null,null,5,-0.2094004094886156,-3.2763927783005742E-2,6.7194872728705279E-2,0.13959028761547865,0.19722203797990367]
[null,null,null,null,null,6,-9.739353762972669E-2,1.4786805439682915E-2,8.6317412552910699E-2,0.13997748790398234,0.18336222289677773]
[null,null,null,null,null,7,-3.4059611118194444E-2,4.3800906310901278E-2,9.7287724023378486E-2,0.13859045847624318,0.17247975602394217]
[null,null,null,null,null,8,5.0870633443325097E-3,6.2260972730505015E-2,0.10364458019173428,0.13637846348577032,0.16360052300243488]
[null,null,null,null,null,9,3.0548544051641757E-2,7.4282612075892374E-2,0.10719621850969485,0.13375885059324188,0.15611642263171888]
[null,null,null,null,null,10,4.3541905502597622E-2,7.8349135054083474E-2,0.10527586116577403,0.12734261765849553,0.14609579249918614]

{"sheet":"Acquisition model","index":8,"n_rows":285,"n_cols":18,"rows_kept":285,"cut":false,"hidden":false,"merged":[]}
["Timing",null,null,null,null,null,null,{"$f":"'Transation Assumptions'!E3","v":2016},{"$f":"H1+1","v":2017},{"$f":"I1+1","v":2018},2019,2020,2021,2022,2023,2024,2025,2026]
["Holding period",null,null,null,null,null,{"$f":"'Transation Assumptions'!E26","v":2026},null,{"$f":"I1<=$G$2","v":true},{"$f":"J1<=$G$2","v":true},true,true,true,true,true,true,true,true]
["Exit year switch",null,null,null,null,null,null,null,{"$f":"I1=$G$2","v":false},{"$f":"J1=$G$2","v":false},false,false,false,false,false,false,false,true]
[null,null,null,"Transaction Age",null,null,null,null,{"$f":"H4+I2","v":1},{"$f":"I4+J2","v":2},3,4,5,6,7,8,9,10]
[]
["Data Transferred with Match and Index"]
[null,null,null,"Column number in Financial model",null,null,null,{"$f":"MATCH(H1,'Financial model'!2:2)","v":19},{"$f":"MATCH(I1,'Financial model'!2:2)","v":20},{"$f":"MATCH(J1,'Financial model'!2:2)","v":21},{"$f":"MATCH(K1,'Financial model'!2:2)","v":22},{"$f":"MATCH(L1,'Financial model'!2:2)","v":23},{"$f":"MATCH(M1,'Financial model'!2:2)","v":24},{"$f":"MATCH(N1,'Financial model'!2:2)","v":25},{"$f":"MATCH(O1,'Financial model'!2:2)","v":26},{"$f":"MATCH(P1,'Financial model'!2:2)","v":27},{"$f":"MATCH(Q1,'Financial model'!2:2)","v":28},{"$f":"MATCH(R1,'Financial model'!2:2)","v":28}]
[null,null,"EBITDA"]
[null,null,null,"EBITDA Before Synergies",null,null,null,null,{"$f":"INDEX('Financial model'!288:288,'Acquisition model'!I7)","v":293339.65231674159},{"$f":"INDEX('Financial model'!288:288,'Acquisition model'!J7)","v":325698.68271293252},{"$f":"INDEX('Financial model'!288:288,'Acquisition model'!K7)","v":360376.01304883871},{"$f":"INDEX('Financial model'!288:288,'Acquisition model'!L7)","v":376592.93363603653},{"$f":"INDEX('Financial model'!288:288,'Acquisition model'!M7)","v":393539.61564965802},{"$f":"INDEX('Financial model'!288:288,'Acquisition model'!N7)","v":411248.89835389279},{"$f":"INDEX('Financial model'!288:288,'Acquisition model'!O7)","v":429755.09877981758},{"$f":"INDEX('Financial model'!288:288,'Acquisition model'!P7)","v":449094.07822490984},{"$f":"INDEX('Financial model'!288:288,'Acquisition model'!Q7)","v":469303.31174503005},{"$f":"INDEX('Financial model'!288:288,'Acquisition model'!R7)","v":469303.31174503005}]
[null,null,null,"Base Synergies",null,null,{"$f":"'Transation Assumptions'!E15","v":43000},null,{"$f":"$G$10","v":43000},{"$f":"$G$10","v":43000},43000,43000,43000,43000,43000,43000,43000,43000]
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[null,null,null,"Synergies Net of Costs to Achieve",null,null,{"$f":"'Transation Assumptions'!E16","v":20000},null,{"$f":"I10*I11-G12","v":-2800},{"$f":"J10*J11","v":30099.999999999996},{"$f":"K10*K11","v":38700},43000,43860,43860,43860,43860,43860,43860]
[null,null,null,"Adjusted EBITDA",null,null,{"$f":"'Transation Assumptions'!F15","v":43},null,{"$f":"I9+I12","v":290539.65231674159},{"$f":"J9+J12","v":355798.68271293252},399076.01304883871,419592.93363603653,437399.61564965802,455108.89835389279,473615.09877981758,492954.07822490984,513163.31174503005,513163.31174503005]
[]
[null,null,"Working Capital and Cap Exp"]
[null,null,null,"CAPEX",null,null,null,null,{"$f":"INDEX('Financial model'!169:169,'Acquisition model'!I7)","v":73334.913079185455},{"$f":"INDEX('Financial model'!169:169,'Acquisition model'!J7)","v":76634.9841677488},{"$f":"INDEX('Financial model'!169:169,'Acquisition model'!K7)","v":80083.558455297476},{"$f":"INDEX('Financial model'!169:169,'Acquisition model'!L7)","v":83687.318585785863},{"$f":"INDEX('Financial model'!169:169,'Acquisition model'!M7)","v":87453.247922146227},{"$f":"INDEX('Financial model'!169:169,'Acquisition model'!N7)","v":91388.644078642799},{"$f":"INDEX('Financial model'!169:169,'Acquisition model'!O7)","v":95501.133062181718},{"$f":"INDEX('Financial model'!169:169,'Acquisition model'!P7)","v":99798.684049979885},{"$f":"INDEX('Financial model'!169:169,'Acquisition model'!Q7)","v":104289.62483222896},{"$f":"INDEX('Financial model'!169:169,'Acquisition model'!R7)","v":104289.62483222896}]
[null,null,null,"Working capital movement",null,null,null,null,{"$f":"INDEX('Financial model'!189:189,'Acquisition model'!I7)","v":-2126.3615945447236},{"$f":"INDEX('Financial model'!189:189,'Acquisition model'!J7)","v":-2123.0457336422987},{"$f":"INDEX('Financial model'!189:189,'Acquisition model'!K7)","v":-2115.1255630300147},{"$f":"INDEX('Financial model'!189:189,'Acquisition model'!L7)","v":-4612.8129670250928},{"$f":"INDEX('Financial model'!189:189,'Acquisition model'!M7)","v":-4820.3895505412947},{"$f":"INDEX('Financial model'!189:189,'Acquisition model'!N7)","v":-5037.3070803155424},{"$f":"INDEX('Financial model'!189:189,'Acquisition model'!O7)","v":-5263.9858989298809},{"$f":"INDEX('Financial model'!189:189,'Acquisition model'!P7)","v":-5500.8652643815149},{"$f":"INDEX('Financial model'!189:189,'Acquisition model'!Q7)","v":-5748.4042012789287},{"$f":"INDEX('Financial model'!189:189,'Acquisition model'!R7)","v":-5748.4042012789287}]
[]
[null,null,"Depreciation and Other Income"]
[null,null,null,"Depreciation expense",null,null,null,null,{"$f":"INDEX('Financial model'!225:225,'Acquisition model'!I7)","v":77193.320181345378},{"$f":"INDEX('Financial model'!225:225,'Acquisition model'!J7)","v":78753.039469907788},{"$f":"INDEX('Financial model'!225:225,'Acquisition model'!K7)","v":79064.525944008914},{"$f":"INDEX('Financial model'!225:225,'Acquisition model'!L7)","v":80733.999809874731},{"$f":"INDEX('Financial model'!225:225,'Acquisition model'!M7)","v":81127.274221003987},{"$f":"INDEX('Financial model'!225:225,'Acquisition model'!N7)","v":82917.546076628001},{"$f":"INDEX('Financial model'!225:225,'Acquisition model'!O7)","v":83400.776064847625},{"$f":"INDEX('Financial model'!225:225,'Acquisition model'!P7)","v":85323.982845327249},{"$f":"INDEX('Financial model'!225:225,'Acquisition model'!Q7)","v":85906.140184725678},{"$f":"INDEX('Financial model'!225:225,'Acquisition model'!R7)","v":85906.140184725678}]
[null,null,null,"Amortisation Expense",null,null,null,null,{"$f":"INDEX('Financial model'!290:290,'Acquisition model'!I7)","v":158.18240540170214},{"$f":"INDEX('Financial model'!290:290,'Acquisition model'!J7)","v":93.212941889783139},{"$f":"INDEX('Financial model'!290:290,'Acquisition model'!K7)","v":54.928059247065875},{"$f":"INDEX('Financial model'!290:290,'Acquisition model'!L7)","v":32.367733830530199},{"$f":"INDEX('Financial model'!290:290,'Acquisition model'!M7)","v":19.073497365192509},{"$f":"INDEX('Financial model'!290:290,'Acquisition model'!N7)","v":11.239535756342027},{"$f":"INDEX('Financial model'!290:290,'Acquisition model'!O7)","v":6.6231777843022703},{"$f":"INDEX('Financial model'!290:290,'Acquisition model'!P7)","v":3.9028732959653611},{"$f":"INDEX('Financial model'!290:290,'Acquisition model'!Q7)","v":2.2998657835310108},{"$f":"INDEX('Financial model'!290:290,'Acquisition model'!R7)","v":2.2998657835310108}]
[null,null,null,"Other Income",null,null,null,null,{"$f":"INDEX('Financial model'!295:295,'Acquisition model'!I7)","v":30000},{"$f":"INDEX('Financial model'!295:295,'Acquisition model'!J7)","v":30000},{"$f":"INDEX('Financial model'!295:295,'Acquisition model'!K7)","v":30000},{"$f":"INDEX('Financial model'!295:295,'Acquisition model'!L7)","v":30000},{"$f":"INDEX('Financial model'!295:295,'Acquisition model'!M7)","v":30000},{"$f":"INDEX('Financial model'!295:295,'Acquisition model'!N7)","v":30000},{"$f":"INDEX('Financial model'!295:295,'Acquisition model'!O7)","v":30000},{"$f":"INDEX('Financial model'!295:295,'Acquisition model'!P7)","v":30000},{"$f":"INDEX('Financial model'!295:295,'Acquisition model'!Q7)","v":30000},{"$f":"INDEX('Financial model'!295:295,'Acquisition model'!R7)","v":30000}]
[null,null,null,"Translation and Other",null,null,null,null,{"$f":"INDEX('Financial model'!296:296,'Acquisition model'!I7)","v":50},{"$f":"INDEX('Financial model'!296:296,'Acquisition model'!J7)","v":50},{"$f":"INDEX('Financial model'!296:296,'Acquisition model'!K7)","v":50},{"$f":"INDEX('Financial model'!296:296,'Acquisition model'!L7)","v":50},{"$f":"INDEX('Financial model'!296:296,'Acquisition model'!M7)","v":50},{"$f":"INDEX('Financial model'!296:296,'Acquisition model'!N7)","v":50},{"$f":"INDEX('Financial model'!296:296,'Acquisition model'!O7)","v":50},{"$f":"INDEX('Financial model'!296:296,'Acquisition model'!P7)","v":50},{"$f":"INDEX('Financial model'!296:296,'Acquisition model'!Q7)","v":50},{"$f":"INDEX('Financial model'!296:296,'Acquisition model'!R7)","v":50}]
[null,null,null,"Increase in Provisions",null,null,null,null,{"$f":"INDEX('Financial model'!309:309,'Acquisition model'!I7)","v":2210.5739349228097},{"$f":"INDEX('Financial model'!309:309,'Acquisition model'!J7)","v":2310.0497619943417},{"$f":"INDEX('Financial model'!309:309,'Acquisition model'!K7)","v":2414.0020012840832},{"$f":"INDEX('Financial model'!309:309,'Acquisition model'!L7)","v":2522.6320913418676},{"$f":"INDEX('Financial model'!309:309,'Acquisition model'!M7)","v":2636.1505354522524},{"$f":"INDEX('Financial model'!309:309,'Acquisition model'!N7)","v":2754.7773095476005},{"$f":"INDEX('Financial model'!309:309,'Acquisition model'!O7)","v":2878.7422884772459},{"$f":"INDEX('Financial model'!309:309,'Acquisition model'!P7)","v":3008.2856914587173},{"$f":"INDEX('Financial model'!309:309,'Acquisition model'!Q7)","v":3143.6585475743486},{"$f":"INDEX('Financial model'!309:309,'Acquisition model'!R7)","v":3143.6585475743486}]
[]
[null,null,null,"Tax rate",null,null,null,null,{"$f":"INDEX('Financial model'!136:136,'Acquisition model'!I7)","v":0.2},{"$f":"INDEX('Financial model'!136:136,'Acquisition model'!J7)","v":0.2},{"$f":"INDEX('Financial model'!136:136,'Acquisition model'!K7)","v":0.2},{"$f":"INDEX('Financial model'!136:136,'Acquisition model'!L7)","v":0.2},{"$f":"INDEX('Financial model'!136:136,'Acquisition model'!M7)","v":0.2},{"$f":"INDEX('Financial model'!136:136,'Acquisition model'!N7)","v":0.2},{"$f":"INDEX('Financial model'!136:136,'Acquisition model'!O7)","v":0.2},{"$f":"INDEX('Financial model'!136:136,'Acquisition model'!P7)","v":0.2},{"$f":"INDEX('Financial model'!136:136,'Acquisition model'!Q7)","v":0.2},{"$f":"INDEX('Financial model'!136:136,'Acquisition model'!R7)","v":0.2}]
[null,null,null,"Exit proceeds",null,null,{"$f":"'Transation Assumptions'!E27","v":5},null,{"$f":"I13*$G$27*I3","v":0},0,0,0,0,0,0,0,0,2565816.5587251503]
[]
[null,null,null,null,null,null,null,{"$f":"H1","v":2016},2017,2018,2019,2020,2021,2022,2023,2024,2025,2026]
["Assets"]
[null,"Cash, Loans and Depoists",null,null,null,null,null,{"$f":"'Transation Assumptions'!O113","v":70544.371833346493}]
[null,"Accounts Receivable",null,null,null,null,null,{"$f":"'Transation Assumptions'!O114","v":280707.80126004003}]
[null,"Inventories",null,null,null,null,null,{"$f":"'Transation Assumptions'!O115","v":244041.85265966982}]
[null,"Other Current Assets",null,null,null,null,null,{"$f":"'Transation Assumptions'!O116","v":0}]
[" ","Gross PPE",null,null,null,null,null,{"$f":"'Transation Assumptions'!O117","v":2911867.1562953633}]
[null,"Accumulated Depreciation",null,null,null,null,null,{"$f":"'Transation Assumptions'!O118","v":1277268.0165783844}]
[null,"Net Plant",null,null,null,null,null,{"$f":"'Transation Assumptions'!O119","v":1634599.1397169789}]
[null,"Intangible Assets",null,null,null,null,null,{"$f":"'Transation Assumptions'!O120","v":3385.1297521346792}]
[null,"Goodwill",null,null,null,null,null,{"$f":"'Transation Assumptions'!O121","v":64549.078893721336}]
[null,"Investment Property",null,null,null,null,null,{"$f":"'Transation Assumptions'!O122","v":18387}]
[null,"Deferred Tax Assets",null,null,null,null,null,{"$f":"'Transation Assumptions'!O123","v":20378}]
[null,"Unamortised Debt Issuance Costs",null,null,null,null,null,{"$f":"'Transation Assumptions'!O124","v":12000}]
[null,"Derivative assets",null,null,null,null,null,{"$f":"'Transation Assumptions'!O125","v":1}]
[null,"Total assets",null,null,null,null,null,{"$f":"SUM(H31:H34)+SUM(H37:H43)","v":2348593.3741158913}]
[]
["Liabilities"]
[null,"Accounts Payable",null,null,null,null,null,{"$f":"'Transation Assumptions'!O130","v":690892.07585127361}]
[null,"Other Current Liabilities",null,null,null,null,null,{"$f":"'Transation Assumptions'!O131","v":2462}]
[null,"Total debt",null,null,null,null,null,{"$f":"'Transation Assumptions'!O132","v":106043.43304411054}]
[null,"Senior A",null,null,null,null,null,{"$f":"'Transation Assumptions'!O133","v":500000}]
[null,"Senior B",null,null,null,null,null,{"$f":"'Transation Assumptions'!O134","v":300000}]
[null,"Capitalised C",null,null,null,null,null,{"$f":"'Transation Assumptions'!O135","v":200000}]
[null,"Derivative Liabilities",null,null,null,null,null,{"$f":"'Transation Assumptions'!O136","v":58072}]
[null,"Unfunded pensions",null,null,null,null,null,{"$f":"'Transation Assumptions'!O137","v":0}]
[null,"Provisions",null,null,null,null,null,{"$f":"'Transation Assumptions'!O138","v":49123.865220507003}]
[null,"Equity",null,null,null,null,null,{"$f":"'Transation Assumptions'!O139","v":442000}]
[null,"Total liabilities and equity",null,null,null,null,null,{"$f":"'Transation Assumptions'!O140","v":2348593.3741158908}]
[]
[]
[]
["Debt schedule",null,null,null,null,null,null,{"$f":"H29","v":2016},2017,2018,2019,2020,2021,2022,2023,2024,2025,2026]
[null,"Existing debt"]
[null,null,"Opening balance",null,null,null,null,{"$f":"G65","v":0},{"$f":"H65","v":106043.43304411054},{"$f":"I65","v":95439.089739699484},84834.746435288427,74230.40313087737,63626.059826466313,53021.716522055256,42417.373217644199,31813.029913233146,21208.686608822092,10604.343304411039]
[null,null,"Scheduled repayments",null,null,"Term",10,null,{"$f":"MIN(H65,IF(I3,H65,$H$65/$G$64))","v":10604.343304411053},10604.343304411053,10604.343304411053,10604.343304411053,10604.343304411053,10604.343304411053,10604.343304411053,10604.343304411053,10604.343304411053,10604.343304411039]
[null,null,"Closing balance",null,null,null,null,{"$f":"H49","v":106043.43304411054},{"$f":"I63-I64","v":95439.089739699484},{"$f":"J63-J64","v":84834.746435288427},74230.40313087737,63626.059826466313,53021.716522055256,42417.373217644199,31813.029913233146,21208.686608822092,10604.343304411039,0]
[null,null,"Interest rate",null,null,null,{"$f":"'Transation Assumptions'!G40","v":0.05},{"$f":"$G$66*AVERAGE(H63,H65)","v":2651.0858261027638},{"$f":"$G$66*AVERAGE(I63,I65)","v":5037.0630695952514},4506.845904374698,3976.6287391541455,3446.4115739335921,2916.1944087130396,{"$f":"$G$66*AVERAGE(N63,N65)","v":2385.9772434924867},1855.7600782719337,1325.5429130513812,795.32574783082828,265.10858261027596]
[null,null,"Interest expense"]
[]
[null,"Senior Debt A"]
[null,null,"Opening balance",null,null,null,null,null,{"$f":"H73","v":500000},{"$f":"I73","v":400000},300000,200000,100000,0,0,0,0,0]
[null,null,"Scheduled repayments",null,null,"Term",{"$f":"'Transation Assumptions'!F40","v":5},null,{"$f":"MIN(I70,$H$73/$G$71)","v":100000},100000,100000,100000,100000,0,0,0,0,0]
[null,null,"Repayments at exit",null,null,null,null,null,{"$f":"(I70-I71)*I3","v":0},0,0,0,0,0,0,0,0,0]
[null,null,"Closing balance",null,null,null,null,{"$f":"H50","v":500000},{"$f":"I70-I71-I72","v":400000},300000,200000,100000,0,0,0,0,0,0]
[null,null,"Interest rate",null,null,"Rate",{"$f":"'Transation Assumptions'!G40","v":0.05}]
[null,null,"Interest expense",null,null,null,null,null,{"$f":"$G$74*AVERAGE(I70,I73)","v":22500},17500,12500,7500,2500,0,0,0,0,0]
[]
[null,"Senior Debt B"]
[null,null,"Opening balance",null,null,null,null,null,{"$f":"H81","v":300000},{"$f":"I81","v":253856.39214792117},163183.17598965511,40539.905667139174,0,0,0,0,0,0]
[null,null,"Scheduled repayments",null,null,"Term",{"$f":"'Transation Assumptions'!F41","v":6},{"$f":"'Transation Assumptions'!E26","v":2026},{"$f":"I78*(I1=$H$79)","v":0},0,0,0,0,0,0,0,0,0]
[null,null,"Cash flow sweep",null,null,null,null,null,{"$f":"I154","v":46143.607852078836},{"$f":"J154","v":90673.216158266063},122643.27032251593,40539.905667139174,0,0,0,0,0,0]
[null,null,"Closing balance",null,null,null,null,{"$f":"H51","v":300000},{"$f":"I78-I79-I80","v":253856.39214792117},{"$f":"J78-J79-J80","v":163183.17598965511},40539.905667139174,0,0,0,0,0,0,0]
[null,null,"Interest rate",null,null,null,{"$f":"'Transation Assumptions'!G41","v":0.06},null,{"$f":"$G$82","v":0.06},{"$f":"$G$82","v":0.06},0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06]
[null,null,"Interest expense",null,null,null,null,null,{"$f":"I78*I82","v":18000},{"$f":"J78*J82","v":15231.383528875269},9790.9905593793064,2432.3943400283501,0,0,0,0,0,0]
[]
[null,"Default on Senior Debt"]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H89","v":0},{"$f":"I89","v":0},0,0,0,0,0,0,0,0]
[null,null,"Add: Defaults",null,null,null,null,null,{"$f":"I156","v":0},{"$f":"J156","v":0},0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment of Default",null,null,null,null,null,{"$f":"I157","v":0},{"$f":"J157","v":0},0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"I86+I87-I88","v":0},{"$f":"J86+J87-J88","v":0},0,0,0,0,0,0,0,0]
[]
[null,null,"Interest",null,null,null,{"$f":"G82","v":0.06},null,{"$f":"$G$91*I86","v":0},{"$f":"$G$91*J86","v":0},0,0,0,0,0,0,0,0]
[]
[null,"Sub debt C"]
[null,null,"Opening balance",null,null,null,null,null,{"$f":"H98","v":200000},{"$f":"I98","v":210464.09803698029},210946.8447814816,203490.18012681563,87372.622921032191,0,0,0,0,0]
[null,null,"Capitalised interest",null,null,null,null,null,{"$f":"I100","v":22000},{"$f":"J100","v":23151.050784067833},23204.152925962975,22383.91981394972,9610.9885213135403,0,0,0,0,0]
[null,null,"Scheduled repayments",null,null,null,{"$f":"'Transation Assumptions'!F42","v":10}]
[null,null,"Cash flow sweep",null,null,null,null,null,{"$f":"I159","v":11535.901963019707},{"$f":"J159","v":22668.304039566516},30660.81758062898,138501.47701973317,96983.611442345733,0,0,0,0,0]
[null,null,"Closing balance",null,null,null,null,{"$f":"H52","v":200000},{"$f":"I94+I95-I96-I97","v":210464.09803698029},{"$f":"J94+J95-J96-J97","v":210946.8447814816},203490.18012681563,87372.622921032191,0,0,0,0,0,0]
[null,null,"Interest rate",null,null,null,{"$f":"'Transation Assumptions'!G42","v":0.11},null,{"$f":"$G$99","v":0.11},{"$f":"$G$99","v":0.11},0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11]
[null,null,"Interest expense",null,null,null,null,null,{"$f":"I99*I94","v":22000},{"$f":"J99*J94","v":23151.050784067833},23204.152925962975,22383.91981394972,9610.9885213135403,0,0,0,0,0]
[]
[null,"Cash Balance"]
[null,null,"Required Cash Balance",null,null,null,null,null,{"$f":"INDEX('Financial model'!252:252,'Acquisition model'!I7)*I2","v":73334.913079185455},{"$f":"INDEX('Financial model'!252:252,'Acquisition model'!J7)*J2","v":76634.9841677488},{"$f":"INDEX('Financial model'!252:252,'Acquisition model'!K7)*K2","v":80083.558455297476},{"$f":"INDEX('Financial model'!252:252,'Acquisition model'!L7)*L2","v":83687.318585785863},{"$f":"INDEX('Financial model'!252:252,'Acquisition model'!M7)*M2","v":87453.247922146227},{"$f":"INDEX('Financial model'!252:252,'Acquisition model'!N7)*N2","v":91388.644078642799},{"$f":"INDEX('Financial model'!252:252,'Acquisition model'!O7)*O2","v":95501.133062181718},{"$f":"INDEX('Financial model'!252:252,'Acquisition model'!P7)*P2","v":99798.684049979885},{"$f":"INDEX('Financial model'!252:252,'Acquisition model'!Q7)*Q2","v":104289.62483222896},{"$f":"INDEX('Financial model'!252:252,'Acquisition model'!R7)*R2","v":104289.62483222896}]
[null,null,"New Cash Required",null,null,null,null,null,{"$f":"I103-I106","v":2790.5412458389619},{"$f":"J103-J106","v":3300.0710885633453},3448.5742875486758,3603.7601304883865,3765.9293363603647,3935.3961564965721,4112.4889835389185,4297.5509877981676,4490.9407822490757,0]
[]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H108","v":70544.371833346493},{"$f":"I108","v":73334.913079185455},76634.9841677488,80083.558455297476,83687.318585785863,87453.247922146227,91388.644078642799,95501.133062181718,99798.684049979885,104289.62483222896]
[null,null,"Add: New Cash",null,null,null,null,null,{"$f":"I104","v":2790.5412458389619},{"$f":"J104","v":3300.0710885633453},3448.5742875486758,3603.7601304883865,3765.9293363603647,3935.3961564965721,4112.4889835389185,4297.5509877981676,4490.9407822490757,0]
[null,null,"Closing Balance",null,null,null,null,{"$f":"H31","v":70544.371833346493},{"$f":"SUM(I106:I107)","v":73334.913079185455},{"$f":"SUM(J106:J107)","v":76634.9841677488},80083.558455297476,83687.318585785863,87453.247922146227,91388.644078642799,95501.133062181718,99798.684049979885,104289.62483222896,104289.62483222896]
[]
[null,null,"Interest Income Rate",null,null,null,null,null,{"$f":"INDEX('Financial model'!262:262,'Acquisition model'!I7)","v":0.04},{"$f":"INDEX('Financial model'!262:262,'Acquisition model'!J7)","v":0.04},{"$f":"INDEX('Financial model'!262:262,'Acquisition model'!K7)","v":0.04},{"$f":"INDEX('Financial model'!262:262,'Acquisition model'!L7)","v":0.04},{"$f":"INDEX('Financial model'!262:262,'Acquisition model'!M7)","v":0.04},{"$f":"INDEX('Financial model'!262:262,'Acquisition model'!N7)","v":0.04},{"$f":"INDEX('Financial model'!262:262,'Acquisition model'!O7)","v":0.04},{"$f":"INDEX('Financial model'!262:262,'Acquisition model'!P7)","v":0.04},{"$f":"INDEX('Financial model'!262:262,'Acquisition model'!Q7)","v":0.04},{"$f":"INDEX('Financial model'!262:262,'Acquisition model'!R7)","v":0.04}]
[null,null,"Interest Income  ",null,null,null,null,null,{"$f":"I110*I106*I2","v":2821.7748733338599},{"$f":"J110*J106*J2","v":2933.3965231674183},3065.3993667099521,3203.342338211899,3347.4927434314345,3498.1299168858491,3655.545763145712,3820.045322487269,3991.9473619991954,4171.5849932891588]
[]
[null,"Debt Issuance Costs"]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H116","v":12000},{"$f":"I116","v":10800},9600,8400,7200,6000,4800,3600,2400,1200]
[null,null,"Less: Amortisation",null,null,null,{"$f":"G96","v":10},null,{"$f":"MIN($H$116/$G$115,I114)","v":1200},{"$f":"MIN($H$116/$G$115,J114)","v":1200},1200,1200,1200,1200,1200,1200,1200,1200]
[null,null,"Closing Balance",null,null,null,null,{"$f":"H42","v":12000},{"$f":"I114-I115","v":10800},{"$f":"J114-J115","v":9600},8400,7200,6000,4800,3600,2400,1200,0]
[]
[]
["Income Statement"]
[null,null,"EBITDA",null,null,null,null,null,{"$f":"I13*I2","v":290539.65231674159},355798.68271293252,399076.01304883871,419592.93363603653,437399.61564965802,455108.89835389279,473615.09877981758,492954.07822490984,513163.31174503005,513163.31174503005]
[null,null,"Less Depreciation",null,null,null,null,null,{"$f":"I20*I2","v":77193.320181345378},78753.039469907788,79064.525944008914,80733.999809874731,81127.274221003987,82917.546076628001,83400.776064847625,85323.982845327249,85906.140184725678,85906.140184725678]
[null,null,"Less: Amortisation",null,null,null,null,null,{"$f":"I21*I2","v":158.18240540170214},93.212941889783139,54.928059247065875,32.367733830530199,19.073497365192509,11.239535756342027,6.6231777843022703,3.9028732959653611,2.2998657835310108,2.2998657835310108]
[null,null,"Less: Amortisation of Debt Issue Costs",null,null,null,null,null,{"$f":"I115","v":1200},1200,1200,1200,1200,1200,1200,1200,1200,1200]
[null,null,null,"EBIT ",null,null,null,null,{"$f":"I120-I121-I122-I123","v":211988.1497299945},{"$f":"J120-J121-J122-J123","v":275752.43030113494},318756.55904558272,337626.56609233125,355053.26793128886,370980.11274150846,389007.69953718566,406426.19250628666,426054.87169452081,426054.87169452081]
[null,"Add: Other Income",null,null,null,null,null,null,{"$f":"-I2*I22","v":-30000},-30000,-30000,-30000,-30000,-30000,-30000,-30000,-30000,-30000]
[null,"Less: Translation",null,null,null,null,null,null,{"$f":"I23*I2","v":50},50,50,50,50,50,50,50,50,50]
[null,"less Interest expenses existing debt",null,null,null,null,null,null,{"$f":"I66*I2","v":5037.0630695952514},4506.845904374698,3976.6287391541455,3446.4115739335921,2916.1944087130396,2385.9772434924867,1855.7600782719337,1325.5429130513812,795.32574783082828,265.10858261027596]
[null,"less Interest expenses Debt A",null,null,null,null,null,null,{"$f":"I75*I2","v":22500},17500,12500,7500,2500,0,0,0,0,0]
[null,"less Interest expenses Debt B",null,null,null,null,null,null,{"$f":"I83*I2+I91","v":18000},15231.383528875269,9790.9905593793064,2432.3943400283501,0,0,0,0,0,0]
[null,"less Interest expense Sub debt",null,null,null,null,null,null,{"$f":"I100*I2","v":22000},23151.050784067833,23204.152925962975,22383.91981394972,9610.9885213135403,0,0,0,0,0]
[null,null,"EBT",null,null,null,null,null,{"$f":"I124-SUM(I125:I130)","v":174401.08666039925},{"$f":"J124-SUM(J125:J130)","v":245313.15008381713},299234.78682108631,331813.84036441962,369976.08500126231,398544.13549801597,417101.93945891375,435050.64959323528,455209.54594668996,455739.76311191055]
[null,"less taxes",null,null,null,null,null,null,{"$f":"I26*I131*I2","v":34880.217332079854},49062.630016763433,59846.957364217262,66362.768072883933,73995.217000252465,79708.827099603193,83420.387891782753,87010.129918647057,91041.909189337995,91147.952622382116]
[null,null,"Earnings",null,null,null,null,null,{"$f":"I131-I132","v":139520.86932831939},{"$f":"J131-J132","v":196250.5200670537},239387.82945686905,265451.07229153567,295980.86800100986,318835.30839841277,333681.55156713101,348040.51967458823,364167.63675735198,364591.81048952846]
[null,null,"Number of shares"]
[]
["Cash Flow Statement"]
[null,null,"EBITDA",null,null,null,null,null,{"$f":"I120","v":290539.65231674159},{"$f":"J120","v":355798.68271293252},399076.01304883871,419592.93363603653,437399.61564965802,455108.89835389279,473615.09877981758,492954.07822490984,513163.31174503005,513163.31174503005]
[null,null,"less Working Capital Changes",null,null,null,null,null,{"$f":"I17*I2","v":-2126.3615945447236},-2123.0457336422987,-2115.1255630300147,-4612.8129670250928,-4820.3895505412947,-5037.3070803155424,-5263.9858989298809,-5500.8652643815149,-5748.4042012789287,-5748.4042012789287]
[null,null,"add: Changes in Provisions",null,null,null,null,null,{"$f":"I24*I2","v":2210.5739349228097},2310.0497619943417,2414.0020012840832,2522.6320913418676,2636.1505354522524,2754.7773095476005,2878.7422884772459,3008.2856914587173,3143.6585475743486,3143.6585475743486]
[null,null,"Less: Taxes",null,null,null,null,null,{"$f":"I132","v":34880.217332079854},{"$f":"J132","v":49062.630016763433},59846.957364217262,66362.768072883933,73995.217000252465,79708.827099603193,83420.387891782753,87010.129918647057,91041.909189337995,91147.952622382116]
[null,null,null,"Operating cash flows",null,null,null,null,{"$f":"I137-I138-I140+I139","v":259996.37051412926},{"$f":"J137-J138-J140+J139","v":311169.14819180575},343758.18324893556,360365.61062151956,370860.9387353991,383192.15564415272,398337.43907544197,414453.09926210303,431013.46530454536,430907.4218715012]
[null,null,"less CAPEX",null,null,null,null,null,{"$f":"I16*I2","v":73334.913079185455},76634.9841677488,80083.558455297476,83687.318585785863,87453.247922146227,91388.644078642799,95501.133062181718,99798.684049979885,104289.62483222896,104289.62483222896]
[null,null,"Exit proceeds",null,null,null,null,null,{"$f":"I27","v":0},0,0,0,0,0,0,0,0,2565816.5587251503]
[null,null,"Less: Required Operating Cash",null,null,null,null,null,{"$f":"I107*I2","v":2790.5412458389619},3300.0710885633453,3448.5742875486758,3603.7601304883865,3765.9293363603647,3935.3961564965721,4112.4889835389185,4297.5509877981676,4490.9407822490757,0]
[null,null,"Add: Other Income",null,null,null,null,null,{"$f":"-I125-I126","v":29950},{"$f":"-J125-J126","v":29950},29950,29950,29950,29950,29950,29950,29950,29950]
[null,null,null,"Cash flow before financing",null,null,null,null,{"$f":"I141-I142+I143-I144+I145","v":213820.91618910484},{"$f":"J141-J142+J143-J144+J145","v":261184.09293549362},290176.05050608941,303024.53190524533,309591.76147689251,317818.11540901335,328673.81702972134,340306.86422432493,352182.89969006728,2922384.3557644226]
[null,null,"less repayments on existing debt",null,null,null,null,null,{"$f":"I64","v":10604.343304411053},10604.343304411053,10604.343304411053,10604.343304411053,10604.343304411053,10604.343304411053,10604.343304411053,10604.343304411053,10604.343304411053,10604.343304411039]
[null,null,"less interest expense",null,null,null,null,null,{"$f":"I66","v":5037.0630695952514},4506.845904374698,3976.6287391541455,3446.4115739335921,2916.1944087130396,2385.9772434924867,1855.7600782719337,1325.5429130513812,795.32574783082828,265.10858261027596]
[null,null,"less repayments on senior debt A",null,null,null,null,null,{"$f":"I71+I72","v":100000},100000,100000,100000,100000,0,0,0,0,0]
[null,null,"less interest expense",null,null,null,null,null,{"$f":"I75","v":22500},17500,12500,7500,2500,0,0,0,0,0]
[null,null,"less repayments on senior debt B",null,null,null,null,null,{"$f":"I79","v":0},0,0,0,0,0,0,0,0,0]
[null,null,"less interest expense",null,null,null,null,null,{"$f":"I129","v":18000},{"$f":"J129","v":15231.383528875269},9790.9905593793064,2432.3943400283501,0,0,0,0,0,0]
[null,null,null,"Cash flow after repayment senior debt",null,null,null,null,{"$f":"I146-SUM(I147:I152)","v":57679.509815098543},{"$f":"J146-SUM(J147:J152)","v":113341.52019783258},153304.08790314491,179041.38268687233,193571.22376376842,304827.79486110981,316213.71364703833,328376.97800686251,340783.23063782539,2911514.9038774013]
[null,null,"cash sweep",null,null,null,{"$f":"'Transation Assumptions'!I41","v":0.8},null,{"$f":"MIN(I78-I79,MAX(I153,0)*$G$154)","v":46143.607852078836},90673.216158266063,122643.27032251593,40539.905667139174,0,0,0,0,0,0]
[null,null,null,"Cash flow after sweep / available for sub",null,null,null,null,{"$f":"I153-I154","v":11535.901963019707},{"$f":"J153-J154","v":22668.304039566516},30660.81758062898,138501.47701973317,193571.22376376842,304827.79486110981,316213.71364703833,328376.97800686251,340783.23063782539,2911514.9038774013]
[null,null,"Add: Default on Senior Debt",null,null,null,null,null,{"$f":"MAX(-I155,0)","v":0},{"$f":"MAX(-J155,0)","v":0},0,0,0,0,0,0,0,0]
[null,null,"Less: Repayments of Senior Default",null,null,null,null,null,{"$f":"MIN(I86,MAX(I155,0))","v":0},0,0,0,0,0,0,0,0,0]
[null,null,null,"Cash Available to Sub Debt",null,null,null,null,{"$f":"I155+I156-I157","v":11535.901963019707},{"$f":"J155+J156-J157","v":22668.304039566516},30660.81758062898,138501.47701973317,193571.22376376842,304827.79486110981,316213.71364703833,328376.97800686251,340783.23063782539,2911514.9038774013]
[null,null,"less repayments on sub debt",null,null,null,null,null,{"$f":"MIN((I94+I95),MAX(I158,0))","v":11535.901963019707},22668.304039566516,30660.81758062898,138501.47701973317,96983.611442345733,0,0,0,0,0]
[null,null,null,"Cash flow available for equity holders",null,null,null,null,{"$f":"I158-I159","v":0},{"$f":"J158-J159","v":0},0,0,96587.612321422683,304827.79486110981,316213.71364703833,328376.97800686251,340783.23063782539,2911514.9038774013]
[null,null,"cash flow bonus to management"]
[null,null,"cash flow to equity"]
[]
[null,null,"Net cash flow",null,null,null,null,{"$f":"-'Transation Assumptions'!E66","v":-454600},{"$f":"I160","v":0},{"$f":"J160","v":0},0,0,96587.612321422683,304827.79486110981,316213.71364703833,328376.97800686251,340783.23063782539,2911514.9038774013]
[null,null,"Equity IRR",null,null,null,null,{"$f":"IRR(164:164)","v":0.28906196445843491}]
[null,null,null,null,null,null,null,{"$f":"N164/-H164","v":0.67054068381238408}]
[null,null,"CAGR",null,null,null,null,{"$f":"H166^(1/(G2-H1))-1","v":-3.9178940869370238E-2}]
[]
[]
[null,null,"Free Cash Flow"]
[null,null,null,"EBITDA",null,null,null,null,{"$f":"I137","v":290539.65231674159},{"$f":"J137","v":355798.68271293252},399076.01304883871,419592.93363603653,437399.61564965802,455108.89835389279,473615.09877981758,492954.07822490984,513163.31174503005,513163.31174503005]
[null,null,null,"Less: Capital Expenditures",null,null,null,null,{"$f":"I142","v":73334.913079185455},{"$f":"J142","v":76634.9841677488},80083.558455297476,83687.318585785863,87453.247922146227,91388.644078642799,95501.133062181718,99798.684049979885,104289.62483222896,104289.62483222896]
[null,null,null,"Less: WC Changes",null,null,null,null,{"$f":"I138","v":-2126.3615945447236},{"$f":"J138","v":-2123.0457336422987},-2115.1255630300147,-4612.8129670250928,-4820.3895505412947,-5037.3070803155424,-5263.9858989298809,-5500.8652643815149,-5748.4042012789287,-5748.4042012789287]
[null,null,null,"Add: Provision Changes",null,null,null,null,{"$f":"I139","v":2210.5739349228097},{"$f":"J139","v":2310.0497619943417},2414.0020012840832,2522.6320913418676,2636.1505354522524,2754.7773095476005,2878.7422884772459,3008.2856914587173,3143.6585475743486,3143.6585475743486]
[null,null,null,"Add: Terminal Proceeds",null,null,null,null,{"$f":"I143","v":0},{"$f":"J143","v":0},0,0,0,0,0,0,0,2565816.5587251503]
[null,null,null,"Less: EBIT x Tax Rate",null,null,{"$f":"I26","v":0.2},null,{"$f":"I124*$G$176","v":42397.629945998902},{"$f":"J124*$G$176","v":55150.486060226991},63751.311809116545,67525.313218466254,71010.653586257773,74196.022548301698,77801.539907437138,81285.238501257336,85210.974338904169,85210.974338904169]
[null,null,null,"Free Cash Flow",null,null,null,null,{"$f":"I171-I172-I173+I174+I175-I176","v":179144.04482102476},{"$f":"J171-J172-J173+J174+J175-J176","v":228446.30798059341},259770.27034873879,275515.74689015141,286392.25422724755,297316.31611681147,308455.1539976059,320379.30662951287,332554.77532275021,2898371.3340479005]
[]
[null,null,null,"Net Free Cash Flow",null,null,null,{"$f":"-'Transation Assumptions'!E108","v":-1529783.0612107639},{"$f":"I177","v":179144.04482102476},{"$f":"J177","v":228446.30798059341},259770.27034873879,275515.74689015141,286392.25422724755,297316.31611681147,308455.1539976059,320379.30662951287,332554.77532275021,2898371.3340479005]
[null,null,null,"Un-Geared IRR",null,null,null,{"$f":"IRR(179:179)","v":0.19598536676165845}]
[]
[null,null,null,"Pre-tax",null,null,null,{"$f":"H179","v":-1529783.0612107639},{"$f":"I179+I176","v":221541.67476702365},{"$f":"J179+J176","v":283596.79404082039},323521.58215785533,343041.06010861765,357402.90781350533,371512.3386651132,386256.69390504307,401664.54513077019,417765.74966165435,2983582.3083868045]
[null,null,null,"Pre-tax IRR",null,null,null,{"$f":"IRR(182:182)","v":0.23062983919553548}]
[]
[null,"Senior Debt IRR"]
[null,null,null,"Debt Service",null,null,null,null,{"$f":"SUM(I149:I152)","v":140500},{"$f":"SUM(J149:J152)","v":132731.38352887527},122290.99055937931,109932.39434002835,102500,0,0,0,0,0]
[null,null,null,"Sweep",null,null,null,null,{"$f":"I154","v":46143.607852078836},{"$f":"J154","v":90673.216158266063},122643.27032251593,40539.905667139174,0,0,0,0,0,0]
[null,null,null,"Less: Net Defaults",null,null,null,null,{"$f":"-I156+I157","v":0},{"$f":"-J156+J157","v":0},0,0,0,0,0,0,0,0]
[null,null,null,"Fees",null,null,null,{"$f":"SUMPRODUCT('Transation Assumptions'!H40:H41*'Transation Assumptions'!E40:E41)","v":10000}]
[null,null,null,"Cash Outflows",null,null,null,{"$f":"-H50-H51","v":-800000}]
[null,null,null,"Net Cash Flow",null,null,null,{"$f":"H189+H190","v":-790000},{"$f":"SUM(I186:I189)","v":186643.60785207883},{"$f":"SUM(J186:J189)","v":223404.59968714134},244934.26088189526,150472.30000716751,102500,0,0,0,0,0]
[]
[null,null,null,"Debt IRR Pre-Tax",null,null,null,{"$f":"IRR(191:191)","v":5.3037315043482414E-2}]
[]
[null,null,null,"Interest",null,null,null,null,{"$f":"I150+I152","v":40500},{"$f":"J150+J152","v":32731.383528875267},22290.990559379308,9932.3943400283497,2500,0,0,0,0,0]
[null,null,null,"Tax Shield",null,null,{"$f":"G176","v":0.2},null,{"$f":"I195*$G$196","v":8100},{"$f":"J195*$G$196","v":6546.2767057750534},4458.1981118758622,1986.4788680056699,500,0,0,0,0,0]
[]
[null,null,null,"After-tax Debt Cash Flow",null,null,null,{"$f":"H191+H196","v":-790000},{"$f":"I191-I196","v":178543.60785207883},{"$f":"J191-J196","v":216858.32298136628},240476.0627700194,148485.82113916182,102000,0,0,0,0,0]
[]
[null,null,null,"After-tax Senior Debt IRR",null,null,null,{"$f":"IRR(198:198)","v":4.3286248472373501E-2}]
[]
[null,"Sub Debt"]
[null,null,null,"Debt Service",null,null,null,null,{"$f":"I159","v":11535.901963019707},{"$f":"J159","v":22668.304039566516},30660.81758062898,138501.47701973317,96983.611442345733,0,0,0,0,0]
[null,null,null,"Fees",null,null,null,{"$f":"'Transation Assumptions'!E42*'Transation Assumptions'!H42","v":2000}]
[null,null,null,"Cash Outflow",null,null,null,{"$f":"-'Transation Assumptions'!E42","v":-200000}]
[null,null,null,"Net Cash Flow",null,null,null,{"$f":"SUM(H203:H205)","v":-198000},{"$f":"SUM(I203:I205)","v":11535.901963019707},22668.304039566516,30660.81758062898,138501.47701973317,96983.611442345733,0,0,0,0,0]
[]
[null,null,null,"Sub Debt Pre-tax IRR",null,null,null,{"$f":"IRR(206:206)","v":0.11291336862829526}]
[]
[null,null,null,"Interest Expense Deductible",null,null,null,null,{"$f":"I130","v":22000},{"$f":"J130","v":23151.050784067833},23204.152925962975,22383.91981394972,9610.9885213135403,0,0,0,0,0]
[null,null,null,"Intrest Shield",null,null,{"$f":"G196","v":0.2},null,{"$f":"$G$211*I210","v":4400},{"$f":"$G$211*J210","v":4630.2101568135668},4640.8305851925952,4476.7839627899439,1922.1977042627082,0,0,0,0,0]
[null,null,null,"Sub-debt After Tax",null,null,null,{"$f":"H206","v":-198000},{"$f":"I206-I211","v":7135.9019630197072},{"$f":"J206-J211","v":18038.09388275295},26019.986995436386,134024.69305694322,95061.413738083022,0,0,0,0,0]
[]
[null,null,null,"Sub-debt After Tax IRR",null,null,null,{"$f":"IRR(212:212)","v":9.0765718217750813E-2}]
[]
["Other Balances"]
[null,"Plant Balance"]
[null,null,null,"Opening Net Plant",null,null,null,null,{"$f":"H222","v":1634599.1397169789},{"$f":"I222","v":1630740.732614819},1628622.67731266,1629641.7098239486,1632595.0285998597,1638921.0023010019,1647392.1003030168,1659492.457300351,1673967.1585050034,1692350.6431525068]
[null,null,null,"Add: Capital Expenditures",null,null,null,null,{"$f":"I142","v":73334.913079185455},76634.9841677488,80083.558455297476,83687.318585785863,87453.247922146227,91388.644078642799,95501.133062181718,99798.684049979885,104289.62483222896,104289.62483222896]
[null,null,null,"Less: Depreciation",null,null,null,null,{"$f":"I121","v":77193.320181345378},78753.039469907788,79064.525944008914,80733.999809874731,81127.274221003987,82917.546076628001,83400.776064847625,85323.982845327249,85906.140184725678,85906.140184725678]
[null,null,null,"Less: Terminal Proceeds",null,null,null,null,{"$f":"I143","v":0},{"$f":"J143","v":0},0,0,0,0,0,0,0,2565816.5587251503]
[null,null,null,"Closing Balance",null,null,null,{"$f":"H37","v":1634599.1397169789},{"$f":"I218+I219-I220-I221","v":1630740.732614819},{"$f":"J218+J219-J220-J221","v":1628622.67731266},1629641.7098239486,1632595.0285998597,1638921.0023010019,1647392.1003030168,1659492.457300351,1673967.1585050034,1692350.6431525068,-855082.43092514016]
[]
[null,"Intangible Assets"]
[null,null,null,"Opening Balance",null,null,null,null,{"$f":"H227","v":3385.1297521346792},{"$f":"I227","v":3226.9473467329772},3133.7344048431942,3078.8063455961283,3046.4386117655981,3027.3651144004057,3016.1255786440638,3009.5024008597616,3005.5995275637961,3003.2996617802651]
[null,null,null,"Less: Amortisation",null,null,null,null,{"$f":"I122","v":158.18240540170214},93.212941889783139,54.928059247065875,32.367733830530199,19.073497365192509,11.239535756342027,6.6231777843022703,3.9028732959653611,2.2998657835310108,2.2998657835310108]
[null,null,null,"Closing Balance",null,null,null,{"$f":"H38","v":3385.1297521346792},{"$f":"I225-I226","v":3226.9473467329772},{"$f":"J225-J226","v":3133.7344048431942},3078.8063455961283,3046.4386117655981,3027.3651144004057,3016.1255786440638,3009.5024008597616,3005.5995275637961,3003.2996617802651,3000.9997959967341]
[]
[null,null,null,"Goodwill",null,null,null,{"$f":"H39","v":64549.078893721336},{"$f":"H229","v":64549.078893721336},{"$f":"I229","v":64549.078893721336},64549.078893721336,64549.078893721336,64549.078893721336,64549.078893721336,64549.078893721336,64549.078893721336,64549.078893721336,64549.078893721336]
[null,null,null,"Investment Property",null,null,null,{"$f":"H40","v":18387},{"$f":"H230","v":18387},{"$f":"I230","v":18387},18387,18387,18387,18387,18387,18387,18387,18387]
[null,null,null,"Net Derivative Liabilities",null,null,null,{"$f":"H53-H43","v":58071},{"$f":"H231","v":58071},{"$f":"I231","v":58071},58071,58071,58071,58071,58071,58071,58071,58071]
[null,null,null,"Deferred Tax Assets",null,null,null,{"$f":"H41","v":20378},{"$f":"H232","v":20378},{"$f":"I232","v":20378},20378,20378,20378,20378,20378,20378,20378,20378]
[]
[null,"Provisions"]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H237","v":49123.865220507003},{"$f":"I237","v":51334.439155429813},53644.488917424154,56058.490918708238,58581.123010050105,61217.273545502358,63972.050855049958,66850.793143527204,69859.078834985921,73002.73738256027]
[null,null,"Add: New Provisions",null,null,null,null,null,{"$f":"I24","v":2210.5739349228097},2310.0497619943417,2414.0020012840832,2522.6320913418676,2636.1505354522524,2754.7773095476005,2878.7422884772459,3008.2856914587173,3143.6585475743486,3143.6585475743486]
[null,null,"Closing Balance",null,null,null,null,{"$f":"H55","v":49123.865220507003},{"$f":"SUM(I235:I236)","v":51334.439155429813},{"$f":"SUM(J235:J236)","v":53644.488917424154},56058.490918708238,58581.123010050105,61217.273545502358,63972.050855049958,66850.793143527204,69859.078834985921,73002.73738256027,76146.395930134619]
[]
[null,"Equity Balance"]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H243","v":442000},{"$f":"I243","v":581520.86932831933},777771.38939537306,1017159.2188522421,1282610.2911437778,1482003.5468233649,1496011.0603606678,1513478.8982807603,1533142.4399484859,1556526.8460680125]
[null,null,"Add: Income",null,null,null,null,null,{"$f":"I133","v":139520.86932831939},196250.5200670537,239387.82945686905,265451.07229153567,295980.86800100986,318835.30839841277,333681.55156713101,348040.51967458823,364167.63675735198,364591.81048952846]
[null,null,"Less: Dividends",null,null,null,null,null,{"$f":"I160","v":0},0,0,0,96587.612321422683,304827.79486110981,316213.71364703833,328376.97800686251,340783.23063782539,2911514.9038774013]
[null,null,"Closing Balance",null,null,null,null,{"$f":"H56","v":442000},{"$f":"I240+I241-I242","v":581520.86932831933},{"$f":"J240+J241-J242","v":777771.38939537306},1017159.2188522421,1282610.2911437778,1482003.5468233649,1496011.0603606678,1513478.8982807603,1533142.4399484859,1556526.8460680125,-990396.24731986038]
[]
[null,"Net Working Capital"]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H248","v":-168604.42193156376},{"$f":"I248","v":-170730.78352610848},-172853.82925975078,-174968.9548227808,-179581.76778980589,-184402.15734034718,-189439.46442066273,-194703.45031959261,-200204.31558397412,-205952.71978525305]
[null,null,"Add: WC Change",null,null,null,null,null,{"$f":"I17","v":-2126.3615945447236},-2123.0457336422987,-2115.1255630300147,-4612.8129670250928,-4820.3895505412947,-5037.3070803155424,-5263.9858989298809,-5500.8652643815149,-5748.4042012789287,-5748.4042012789287]
[null,null,"Closing Balance",null,null,null,null,{"$f":"H32+H33+H34-H47-H48","v":-168604.42193156376},{"$f":"SUM(I246:I247)","v":-170730.78352610848},{"$f":"SUM(J246:J247)","v":-172853.82925975078},-174968.9548227808,-179581.76778980589,-184402.15734034718,-189439.46442066273,-194703.45031959261,-200204.31558397412,-205952.71978525305,-211701.12398653198]
[]
[null,"Assets"]
[null,null,"Cash, Loans and Depoists",null,null,null,null,{"$f":"H108","v":70544.371833346493},73334.913079185455,76634.9841677488,80083.558455297476,83687.318585785863,87453.247922146227,91388.644078642799,95501.133062181718,99798.684049979885,104289.62483222896,104289.62483222896]
[null,null,"Net Working Capital",null,null,null,null,{"$f":"H248","v":-168604.42193156376},{"$f":"I248","v":-170730.78352610848},-172853.82925975078,-174968.9548227808,-179581.76778980589,-184402.15734034718,-189439.46442066273,-194703.45031959261,-200204.31558397412,-205952.71978525305,-211701.12398653198]
[null,null,"Net Plant",null,null,null,null,{"$f":"H222","v":1634599.1397169789},{"$f":"I222","v":1630740.732614819},1628622.67731266,1629641.7098239486,1632595.0285998597,1638921.0023010019,1647392.1003030168,1659492.457300351,1673967.1585050034,1692350.6431525068,-855082.43092514016]
[null,null,"Intangible Assets",null,null,null,null,{"$f":"H227","v":3385.1297521346792},{"$f":"I227","v":3226.9473467329772},3133.7344048431942,3078.8063455961283,3046.4386117655981,3027.3651144004057,3016.1255786440638,3009.5024008597616,3005.5995275637961,3003.2996617802651,3000.9997959967341]
[null,null,"Goodwill",null,null,null,null,{"$f":"H229","v":64549.078893721336},{"$f":"I229","v":64549.078893721336},64549.078893721336,64549.078893721336,64549.078893721336,64549.078893721336,64549.078893721336,64549.078893721336,64549.078893721336,64549.078893721336,64549.078893721336]
[null,null,"Investment Property",null,null,null,null,{"$f":"H230","v":18387},{"$f":"I230","v":18387},18387,18387,18387,18387,18387,18387,18387,18387,18387]
[null,null,"Deferred Tax Assets",null,null,null,null,{"$f":"H232","v":20378},{"$f":"I232","v":20378},20378,20378,20378,20378,20378,20378,20378,20378,20378]
[null,null,"Unamortised Debt Issuance Costs",null,null,null,null,{"$f":"H116","v":12000},10800,9600,8400,7200,6000,4800,3600,2400,1200,0]
[null,null,"Total assets",null,null,null,null,{"$f":"SUM(H251:H258)","v":1655238.2982646176},{"$f":"SUM(I251:I258)","v":1650685.8884083503},1648451.6455192226,1649549.1986957828,1650261.0969013267,1654313.5368909226,1660471.4844333623,1670213.7213375212,1682281.2053922943,1698204.9267549843,-856178.85138972511]
[]
[null,"Liabilities"]
[null,null,"Existing Debt",null,null,null,null,{"$f":"H65","v":106043.43304411054},95439.089739699484,84834.746435288427,74230.40313087737,63626.059826466313,53021.716522055256,42417.373217644199,31813.029913233146,21208.686608822092,10604.343304411039,0]
[null,null,"Senior A",null,null,null,null,{"$f":"H73","v":500000},400000,300000,200000,100000,0,0,0,0,0,0]
[null,null,"Senior B",null,null,null,null,{"$f":"H81","v":300000},253856.39214792117,163183.17598965511,40539.905667139174,0,0,0,0,0,0,0]
[null,null,"Defaulted Debt",null,null,null,null,{"$f":"H89","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"Capitalised C",null,null,null,null,{"$f":"H98","v":200000},210464.09803698029,210946.8447814816,203490.18012681563,87372.622921032191,0,0,0,0,0,0]
[null,null,"Derivative Liabilities",null,null,null,null,{"$f":"H231","v":58071},{"$f":"I231","v":58071},58071,58071,58071,58071,58071,58071,58071,58071,58071]
[null,null,"Unfunded pensions",null,null,null,null,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Provisions",null,null,null,null,{"$f":"H237","v":49123.865220507003},{"$f":"I237","v":51334.439155429813},53644.488917424154,56058.490918708238,58581.123010050105,61217.273545502358,63972.050855049958,66850.793143527204,69859.078834985921,73002.73738256027,76146.395930134619]
[null,null,"Equity",null,null,null,null,{"$f":"H243","v":442000},{"$f":"I243","v":581520.86932831933},777771.38939537306,1017159.2188522421,1282610.2911437778,1482003.5468233649,1496011.0603606678,1513478.8982807603,1533142.4399484859,1556526.8460680125,-990396.24731986038]
[null,null,"Total liabilities and equity",null,null,null,null,{"$f":"SUM(H262:H270)","v":1655238.2982646173},{"$f":"SUM(I262:I270)","v":1650685.8884083501},1648451.6455192221,1649549.1986957826,1650261.0969013264,1654313.5368909226,1660471.4844333618,1670213.7213375205,1682281.2053922939,1698204.9267549838,-856178.85138972569]
[]
[null,null,null,null,null,null,null,{"$f":"H271-H259","v":0},{"$f":"I271-I259","v":0},0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,{"$f":"J273-I273","v":0},{"$f":"K273-J273","v":0},0,0,0,0,0,0,0]
[null,null,"Test",null,null,{"$f":"SUMIF(2:2,TRUE,273:273)=0","v":true},null,null,{"$f":"I273=0","v":true},{"$f":"J273=0","v":true},true,true,true,true,true,true,true,true]
[]
["Earnings Analysis"]
[null,null,null,"Acquiring Company",null,null,{"$f":"'Transation Assumptions'!E53","v":0.06},null,{"$f":"'Transation Assumptions'!E52","v":181818.18181818182},{"$f":"I278*(1+$G$278)","v":192727.27272727274},{"$f":"J278*(1+$G$278)","v":204290.90909090912},216548.36363636368,229541.2654545455,243313.74138181825,257912.56586472737,273387.31981661101,289790.55900560768,307177.99254594417]
[null,null,null,"EPS",null,null,{"$f":"'Transation Assumptions'!E49","v":200000},null,{"$f":"I278/$G$279","v":0.90909090909090917},{"$f":"J278/$G$279","v":0.96363636363636362},1.0214545454545456,1.0827418181818185,1.1477063272727275,1.2165687069090914,1.2895628293236368,1.3669365990830551,1.4489527950280383,1.5358899627297209]
[]
[null,null,null,"Target Company",null,null,null,null,{"$f":"I133","v":139520.86932831939},{"$f":"J133","v":196250.5200670537},239387.82945686905,265451.07229153567,295980.86800100986,318835.30839841277,333681.55156713101,348040.51967458823,364167.63675735198,364591.81048952846]
[null,null,null,"Shares",null,null,{"$f":"'Transation Assumptions'!E71","v":45460},null,{"$f":"I281/$G$282","v":3.0690908343229077},{"$f":"J281/$G$282","v":4.3169934022669096},5.2659003400103179,5.8392228836677447,6.5107978002861824,7.0135351605458158,7.3401133208783769,7.6559727161150075,8.0107267214551694,8.020057423878761]
[]
[null,null,null,"Total Earnings",null,null,null,null,{"$f":"I278+I281","v":321339.05114650121},{"$f":"J278+J281","v":388977.79279432644},443678.73854777816,481999.43592789932,525522.13345555542,562149.04978023097,591594.11743185832,621427.83949119924,653958.19576295966,671769.80303547264]
[null,null,null,"Shares",null,null,{"$f":"G279+G282","v":245460},null,{"$f":"I284/$G$285","v":1.3091300054856239},{"$f":"J284/$G$285","v":1.584689125700018},1.8075398783825396,1.963657768792876,2.1409685221851031,2.2901859764533161,2.4101446974328131,2.5316867900725137,2.6642149261099961,2.7367791209788668]

{"sheet":"Transaction Value","index":9,"n_rows":9,"n_cols":7,"rows_kept":9,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Waterfall Chart"]
[]
[null,null,null,null,"Equity Stand Alone",{"$f":"'Valuation Summary'!D18","v":1413550.2871632865}]
[null,null,null,null,"Pre-tax Synergies",{"$f":"G5/0.1","v":430000},{"$f":"'Acquisition Summary'!D5","v":43000}]
[null,null,null,null,"Tax on Synergies",{"$f":"-F5*0.25","v":-107500}]
[null,null,null,null,"Sub  Total"]
[null,null,null,null,"Transaction Costs",{"$f":"-'Acquisition Summary'!D15","v":-24600}]
[null,null,null,null,"Total Equity Value",0]

{"sheet":"Waterfall Chartdata","index":11,"n_rows":16,"n_cols":82,"rows_kept":16,"cut":false,"hidden":false,"merged":[]}
["Equity Stand Alone \r 326 794,17",326794.17181574949,null,null,32679.417181574951,326794.17181574949,null,null,null,null,null,null,326794.17181574949,{"$f":"M1","v":326794.17181574949},null,{"$f":"N1","v":326794.17181574949},{"$f":"ABS(O1)","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"waterfall_graph_data","v":"Equity Stand Alone"},1413550.2871632865,{"$f":"BA1","v":1413550.2871632865},null,{"$f":"BB1","v":1413550.2871632865},{"$f":"ABS(BC1)","v":0},32679.417181574951,{"$f":"BD1","v":1413550.2871632865},{"$f":"IF(BC1>=0,0,BF1)","v":0},{"$f":"IF(BC1<0,0,BF1)","v":32679.417181574951},{"$f":"BA1","v":1413550.2871632865},null,null,null,null,null,null,{"$f":"AZ1","v":"Equity Stand Alone"}," \n",{"$f":"BB1","v":1413550.2871632865},{"$f":"BQ1&BR1&TEXT(BS1,\"*,#,##0.00;(*,(#,##0.00);(* ??_);_(@_)\")","v":"Equity Stand Alone \n1,413,550.29"},{"$f":"BG1","v":1413550.2871632865},0,{"$f":"BE1","v":0},{"$f":"BI1","v":32679.417181574951},{"$f":"BB1","v":1413550.2871632865}]
["Pre-tax Synergies \r 756 794,17",326794.17181574949,null,430000,32679.417181574951,326794.17181574949,756794.17181574949,null,null,null,null,null,430000,{"$f":"IF(M2<>0,N1+M2,N1)","v":756794.17181574949},{"$f":"N2-N1","v":430000},{"$f":"IF(O2>=0,N2-O2,N1+O2)","v":326794.17181574949},430000,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Pre-tax Synergies",430000,{"$f":"IF(BA2<>0,BB1+BA2,BB1)","v":1843550.2871632865},{"$f":"BB2-BB1","v":430000},{"$f":"IF(BC2>=0,BB2-BC2,BB1+BC2)","v":1413550.2871632865},430000,32679.417181574951,{"$f":"IF(BC2>=0,BD2,BD2-BF2)","v":1413550.2871632865},0,32679.417181574951,{"$f":"IF(BC2<>0,BC2,BB2)","v":430000},null,null,null,null,null,null,"Pre-tax Synergies"," \n",1843550.2871632865,"Pre-tax Synergies \n1,843,550.29",1413550.2871632865,0,430000,32679.417181574951,{"$f":"BB1","v":1413550.2871632865},{"$f":"BB2","v":1843550.2871632865}]
["Tax on Synergies \r 649 294,17",616614.75463417452,32679.417181574951,107500,null,null,756794.17181574949,649294.17181574949,null,null,null,null,-107500,{"$f":"IF(M3<>0,N2+M3,N2)","v":649294.17181574949},{"$f":"N3-N2","v":-107500},{"$f":"IF(O3>=0,N3-O3,N2+O3)","v":649294.17181574949},107500,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Tax on Synergies",-107500,{"$f":"IF(BA3<>0,BB2+BA3,BB2)","v":1736050.2871632865},{"$f":"BB3-BB2","v":-107500},{"$f":"IF(BC3>=0,BB3-BC3,BB2+BC3)","v":1736050.2871632865},107500,32679.417181574951,{"$f":"IF(BC3>=0,BD3,BD3-BF3)","v":1703370.8699817115},32679.417181574951,0,{"$f":"IF(BC3<>0,BC3,BB3)","v":-107500},null,null,null,null,null,null,"Tax on Synergies"," \n",1736050.2871632865,"Tax on Synergies \n1,736,050.29",1703370.8699817115,32679.417181574951,107500,0,null,{"$f":"BB2","v":1843550.2871632865},{"$f":"BB3","v":1736050.2871632865}]
["Sub  Total \r 649 294,17",649294.17181574949,null,0,32679.417181574951,null,null,649294.17181574949,649294.17181574949,null,null,null,null,{"$f":"IF(M4<>0,N3+M4,N3)","v":649294.17181574949},{"$f":"N4-N3","v":0},{"$f":"IF(O4>=0,N4-O4,N3+O4)","v":649294.17181574949},0,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sub  Total",0,{"$f":"IF(BA4<>0,BB3+BA4,BB3)","v":1736050.2871632865},{"$f":"BB4-BB3","v":0},{"$f":"IF(BC4>=0,BB4-BC4,BB3+BC4)","v":1736050.2871632865},0,32679.417181574951,{"$f":"IF(BC4>=0,BD4,BD4-BF4)","v":1736050.2871632865},0,32679.417181574951,{"$f":"IF(BC4<>0,BC4,BB4)","v":1736050.2871632865},null,null,null,null,null,null,"Sub  Total"," \n",1736050.2871632865,"Sub  Total \n1,736,050.29",1736050.2871632865,0,0,32679.417181574951,null,null,{"$f":"BB3","v":1736050.2871632865},{"$f":"BB4","v":1736050.2871632865}]
["Transaction Costs \r 628 094,17",595414.75463417452,32679.417181574951,21200,null,null,null,null,649294.17181574949,628094.17181574949,null,null,-21200,{"$f":"IF(M5<>0,N4+M5,N4)","v":628094.17181574949},{"$f":"N5-N4","v":-21200},{"$f":"IF(O5>=0,N5-O5,N4+O5)","v":628094.17181574949},21200,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Transaction Costs",-24600,{"$f":"IF(BA5<>0,BB4+BA5,BB4)","v":1711450.2871632865},{"$f":"BB5-BB4","v":-24600},{"$f":"IF(BC5>=0,BB5-BC5,BB4+BC5)","v":1711450.2871632865},24600,32679.417181574951,{"$f":"IF(BC5>=0,BD5,BD5-BF5)","v":1678770.8699817115},32679.417181574951,0,{"$f":"IF(BC5<>0,BC5,BB5)","v":-24600},null,null,null,null,null,null,"Transaction Costs"," \n",1711450.2871632865,"Transaction Costs \n1,711,450.29",1678770.8699817115,32679.417181574951,24600,0,null,null,null,{"$f":"BB4","v":1736050.2871632865},{"$f":"BB5","v":1711450.2871632865}]
["Total Equity Value \r 628 094,17",628094.17181574949,null,0,32679.417181574951,null,null,null,null,628094.17181574949,628094.17181574949,null,0,{"$f":"IF(M6<>0,N5+M6,N5)","v":628094.17181574949},{"$f":"N6-N5","v":0},{"$f":"IF(O6>=0,N6-O6,N5+O6)","v":628094.17181574949},0,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Total Equity Value",0,{"$f":"IF(BA6<>0,BB5+BA6,BB5)","v":1711450.2871632865},{"$f":"BB6-BB5","v":0},{"$f":"IF(BC6>=0,BB6-BC6,BB5+BC6)","v":1711450.2871632865},0,32679.417181574951,{"$f":"IF(BC6>=0,BD6,BD6-BF6)","v":1711450.2871632865},0,32679.417181574951,{"$f":"IF(BC6<>0,BC6,BB6)","v":1711450.2871632865},null,null,null,null,null,null,"Total Equity Value"," \n",1711450.2871632865,"Total Equity Value \n1,711,450.29",1711450.2871632865,0,0,32679.417181574951,null,null,null,null,{"$f":"BB5","v":1711450.2871632865}]
[{"$f":"COLUMN()","v":1},{"$f":"COLUMN()","v":2},{"$f":"COLUMN()","v":3},{"$f":"COLUMN()","v":4},{"$f":"COLUMN()","v":5},{"$f":"COLUMN()","v":6},{"$f":"COLUMN()","v":7},{"$f":"COLUMN()","v":8},{"$f":"COLUMN()","v":9},{"$f":"COLUMN()","v":10},{"$f":"COLUMN()","v":11},{"$f":"COLUMN()","v":12},{"$f":"COLUMN()","v":13},{"$f":"COLUMN()","v":14},{"$f":"COLUMN()","v":15},{"$f":"COLUMN()","v":16},{"$f":"COLUMN()","v":17},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"COLUMN()","v":54},{"$f":"COLUMN()","v":55},{"$f":"COLUMN()","v":56},{"$f":"COLUMN()","v":57},{"$f":"COLUMN()","v":58},{"$f":"COLUMN()","v":59},{"$f":"COLUMN()","v":60},{"$f":"COLUMN()","v":61},{"$f":"COLUMN()","v":62},{"$f":"COLUMN()","v":63},{"$f":"COLUMN()","v":64},{"$f":"COLUMN()","v":65},{"$f":"COLUMN()","v":66},{"$f":"COLUMN()","v":67},{"$f":"COLUMN()","v":68},{"$f":"COLUMN()","v":69},{"$f":"COLUMN()","v":70},{"$f":"COLUMN()","v":71},{"$f":"COLUMN()","v":72},{"$f":"COLUMN()","v":73},{"$f":"COLUMN()","v":74},{"$f":"COLUMN()","v":75},{"$f":"COLUMN()","v":76},{"$f":"COLUMN()","v":77},{"$f":"COLUMN()","v":78},{"$f":"COLUMN()","v":79},{"$f":"COLUMN()","v":80},{"$f":"COLUMN()","v":81},{"$f":"COLUMN()","v":82}]
[" Fixed Graph: Graph Titles ",null,null," Fixed Graph: Increment (absolute Value) ",null," Fixed Graph: Connectors ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," CALCULATION: BASE VALUE: If not zero accumulate; if zero Last Value ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," GRAPH: Link to the Title "]
[null," Fixed Graph: Base of Stacked Bar",null,null," Fixed Graph: Space for Increment ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," CALCULATION: ACCUMULATED VALUE:  Formula is accumulation ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," GRAPH: Adjusted Base of Stack from calculation  "]
[null,null," Fixed Graph: Space for Negative Label (Not Graphed ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," CALCULATION: INCREMENT: Formula is difference between accumulated value ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," GRAPH: Space for Value in Negative Case  "]
[" TO MAKE GRAPH BY YOURSELF ",null,null,null,null,null,null,null,null,null,null,"   Chart Title",{"$f":"AZ1","v":"Equity Stand Alone"},{"$f":"BB1","v":1413550.2871632865},"Waterfall Chart",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," CALCULATION: BASE OF STACK BAR WITHOUT ADJUSTMENT:  Base of Stacked Bar: Formula depends on the increment.  If positive then ACC - Incr if negative Last ACC + Incr ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," GRAPH: Absolute Value of Increment  "]
["    1. PRESS ALT F1 on the yellow AREA  ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," CALCULATION: ABS VALUE OF INCREMENT: This is enough to make graph without fancy stuff ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," GRAPH: Space for Value in Positive Case  "]
["    2. CHANGE TO STACKED BAR  AND SWITCH AROUND ROW AND COLUMN  ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," INPUT: LABEL SPACE: This is enough to make graph without fancy stuff "]
["    3. SELECT DATA SERIES AND NO FILL EVERYTHING EXCEPT INCREMENTS ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," CALCULATION: ADJUSTED BASE VALUE: This is base of the stacked bar minus the label space if the increment is negative "]
["    4. SELECT DATA PONTS FOR BASE BAR AND FILL STARTING, ENDING AND SUBTOTALS ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," CALCULATION: NEGATIVE SPACE: This is the label space if the increment is negative "]
["   5. CHANGE THE CHART TYPE OF THE CONNECTOR LINES ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," CALCULATION: POSITIVE SPACE: This is label space if the increment is positive "]

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[null,null,null,null,null,null,null,null,null,null,null,null,"Row Input","Terminal"]
[null,null,null,null,null,null,null,null,null,null,null,null,"Col Input","Holding"]
[null,null,null,null,null,null,null,null,null,null,null,null,"Output Range","Sc_output"]
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[null,null,null,null,null,null,null,null,null,null,null,null,"Rows 1",{"$f":"COUNTA(N11:N19)","v":9}]
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[null,null,null,null,null,8,87.828570876787921,56.255725190210264,71.446344721401616,163.75284390675452,null,null,null,4]
[null,null,null,null,null,9,87.828570876787921,56.255725190210264,71.446344721401616,175.25874694709515,null,null,null,5]
[null,null,null,null,null,10,80.67978496912967,48.984055214461755,64.174674745653107,179.09472745686492,null,null,null,6]
[null,null,null,null,null,11,71.605349458762731,40.112510780936525,55.303130312127877,175.34751647378357,null,null,null,7]
[null,null,null,null,null,12,101.34615087487376,70.799065141707288,85.989684672898633,188.29741140016867,null,null,null,8]
[null,null,null,null,null,13,85.407088715396824,53.834243028819174,69.024862560010519,181.14007292667213,null,null,null,9]
[null,null,null,null,null,14,16.11746590481663,-10.890722332727758,-11.195827667372278,160.86328653782931,null,null,null,10]
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[null,null,null,null,null,16,160.20748943008863,98.718830544629512,136.28195274703702,221.79155150417611]
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[null,null,null,null,null,19,87.828570876787921,56.255725190210264,71.446344721401616,205.17409485198073,null,null,null,null,"Sub table2()"]
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[null,null,null,null,null,21,101.34615087487376,70.799065141707288,85.989684672898633,188.29741140016867,null,null,null,null,"For row = 6 To 10"]
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[null,null,null,null,null,26,false,false,false,false]
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{"sheet":"EPS dilution","index":13,"n_rows":22,"n_cols":11,"rows_kept":22,"cut":false,"hidden":false,"merged":[]}
["USD"]
[null,"Google buys Apple",null,"share  price","# shares","market cap","EPS 1","EPS 2","EPS 3",null,"PE ratio"]
[null,null,null,null,"(in mln)"]
[null,"Google",null,1021,334,{"$f":"D4*E4","v":341014},36,43,64,null,{"$f":"D4/G4","v":28.361111111111111}]
[null,"Apple",null,489,908,{"$f":"D5*E5","v":444012},39,40,65,null,{"$f":"D5/G5","v":12.538461538461538}]
[]
[null,"premium paid (%)",null,0.3]
[null,"synergies (%)",null,0]
[]
[null,"exchange ratio without premium",null,{"$f":"D5/D4","v":0.47894221351616062},null,null,null,null,null,"(share price target company/acquiring company)"]
[null,"exchange ratio with premium",null,{"$f":"D10*(1+D7)","v":0.62262487757100882}]
[null,"new shares issued by Google",null,{"$f":"E5*D11","v":565.34338883447606}]
[]
[null,"total Google earnings without transaction",null,null,null,null,{"$f":"$E$4*G4","v":12024},{"$f":"$E$4*H4","v":14362},{"$f":"$E$4*I4","v":21376}]
[null,"total Apple earnings without transaction",null,null,null,null,{"$f":"$E$5*G5","v":35412},{"$f":"$E$5*H5","v":36320},{"$f":"$E$5*I5","v":59020}]
[null,"synergies",null,null,null,null,0,0,0]
[null,"total earnings of new consolidated company",null,null,null,null,{"$f":"SUM(G14:G16)","v":47436},{"$f":"SUM(H14:H16)","v":50682},{"$f":"SUM(I14:I16)","v":80396}]
[null,"total shares of Google (acquiring company) after issue",null,{"$f":"E4+D12","v":899.34338883447606},null,null,{"$f":"$D$18","v":899.34338883447606},{"$f":"$D$18","v":899.34338883447606},{"$f":"$D$18","v":899.34338883447606}]
[null,"EPS combination",null,null,null,null,{"$f":"G17/G18","v":52.745147836663072},{"$f":"H17/H18","v":56.354447732898173},{"$f":"I17/I18","v":89.394107966025047}]
[null,"Accretion (+) / Dilution (-)",null,null,null,null,{"$f":"G19-G4","v":16.745147836663072},{"$f":"H19-H4","v":13.354447732898173},{"$f":"I19-I4","v":25.394107966025047}]
[]
[null,"If earnings go up after aquisition (accretion) or go down (dilution)"]

{"sheet":"Audit Sheet","index":14,"n_rows":12,"n_cols":6,"rows_kept":12,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Historic balance sheet",null,null,{"$f":"'Financial model'!H45","v":true},{"$f":"IF(E2,\"\",B2)","v":""}]
[null,"Income Statement",null,null,{"$f":"'Financial model'!I301","v":true},{"$f":"IF(E3,\"\",B3)","v":""}]
[null,"Assets",null,null,{"$f":"'Financial model'!D349","v":true},{"$f":"IF(E4,\"\",B4)","v":""}]
[null,"Balance Sheet",null,null,{"$f":"'Financial model'!I362","v":true},{"$f":"IF(E5,\"\",B5)","v":""}]
[]
[]
[null,"Corporate Model Check",null,null,{"$f":"AND(E2:E5)","v":true},{"$f":"IF(E8,add_text(F2:F5),\"Model OK \")","v":"    "}]
[]
[null,"Pro-Forma Adjustments"]
[null,"Pro-Forma Balance Sheet"]
[null,"Acquistion Balance Sheet"]

{"sheet":"Long-term analysis","index":15,"n_rows":99,"n_cols":306,"rows_kept":99,"cut":false,"hidden":false,"merged":[]}
[]
["Timing"]
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[null,"Explicit period switch",null,null,null,null,{"$f":"G3<=$E$12","v":true},{"$f":"H3<=$E$12","v":true},true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BT3<=$E$12","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"EF3<=$E$12","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"GR3<=$E$12","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"JD3<=$E$12","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Terminal period switch",null,null,null,null,{"$f":"G3=$E$12","v":false},{"$f":"H3=$E$12","v":false},false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BT3=$E$12","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"EF3=$E$12","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"GR3=$E$12","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"JD3=$E$12","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Revenue",null,null,100]
[null,"COGS %",null,null,0.8]
[null,"Account receivables %",null,null,0.25]
[null,"Explicit period growth",null,null,0.3]
[null,"Terminal period growth",null,null,0.02]
[null,"WACC",null,null,0.1]
[null,"High growth period",null,null,10]
[null,"Expllicit column",null,null,{"$f":"MATCH(E12,3:3,)","v":16}]
[]
["Long-term value"]
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[]
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[]
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[null,"Value using sumproduct",null,null,null,{"$f":"SUMPRODUCT(G23:KT23/G25:KT25)","v":1721.2579600349354}]
[]
[null,"Enterprise value",null,null,null,{"$f":"NPV(E11,G23:KT23)","v":1721.2579600349356}]
[null,"EV/EBITDA",null,null,null,{"$f":"F28/G20","v":66.202229232112913}]
[]
["Valuation without Normalised Cash Flow"]
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[null,"Terminal value",null,null,null,null,{"$f":"G32*(1+$E$11)/($E$11-$E$10)*G5","v":0},{"$f":"H32*(1+$E$11)/($E$11-$E$10)*H5","v":0},{"$f":"I32*(1+$E$11)/($E$11-$E$10)*I5","v":0},{"$f":"J32*(1+$E$11)/($E$11-$E$10)*J5","v":0},{"$f":"K32*(1+$E$10)/($E$11-$E$10)*K5","v":0},{"$f":"L32*(1+$E$11)/($E$11-$E$10)*L5","v":0},0,0,0,2697.5195280068733,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX32*(1+$E$11)/($E$11-$E$10)*BX5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EJ32*(1+$E$11)/($E$11-$E$10)*EJ5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GV32*(1+$E$11)/($E$11-$E$10)*GV5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"JH32*(1+$E$11)/($E$11-$E$10)*JH5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Total",null,null,null,null,{"$f":"SUM(G32:G33)","v":18.5},24.049999999999983,31.264999999999993,40.644499999999987,52.837850000000003,68.689205000000001,89.295966499999977,116.08475644999996,150.91018338499998,2893.702766407373,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BS32:BS33)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(EE32:EE33)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(GQ32:GQ33)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(JC32:JC33)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"EV",null,null,null,{"$f":"NPV(E11,34:34)","v":1439.1519040433009}]
[]
["Valuation with normalized cash flow"]
[null,"Explicit cash flow",null,null,null,null,{"$f":"G23*G4","v":18.5},{"$f":"H23*H4","v":24.049999999999983},31.264999999999993,40.644499999999987,52.837850000000003,68.689205000000001,89.295966499999977,116.08475644999996,150.91018338499998,196.18323840049987,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT23*BT4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EF23*EF4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GR23*GR4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"JD23*JD4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Working capital/EBITDA",null,null,null,null,{"$f":"G21/G20*G4","v":1.25},{"$f":"H21/H20*H4","v":1.2500000000000007},1.2500000000000002,1.2500000000000004,1.25,1.25,1.2500000000000002,1.2500000000000004,1.2500000000000002,1.2500000000000007,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT21/BT20*BT4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EF21/EF20*EF4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GR21/GR20*GR4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"JD21/JD20*JD4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Normalized working capital",null,null,null,null,{"$f":"G39*G20*$E$10/(1+$E$10)*G5","v":0},{"$f":"H39*H20*$E$10/(1+$E$10)*H5","v":0},0,0,{"$f":"K39*K20*$E$10/(1+$E$10)*K5","v":0},0,0,0,0,6.7577692082843157,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT39*BT20*$E$10/(1+$E$10)*BT5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EF39*EF20*$E$10/(1+$E$10)*EF5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GR39*GR20*$E$10/(1+$E$10)*GR5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"JD39*JD20*$E$10/(1+$E$10)*JD5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Normalized cash flow",null,null,null,null,{"$f":"(G23+G22-G40)*G5","v":0},{"$f":"(H23+H22-H40)*H5","v":0},0,0,0,0,0,0,0,268.95921448971558,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BT23+BT22-BT40)*BT5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(EF23+EF22-EF40)*EF5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(GR23+GR22-GR40)*GR5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(JD23+JD22-JD40)*JD5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Terminal value",null,null,null,null,{"$f":"G41*(1+$E$10)/($E$11-$E$10)*G5","v":0},{"$f":"H41*(1+$E$10)/($E$11-$E$10)*H5","v":0},{"$f":"I41*(1+$E$10)/($E$11-$E$10)*I5","v":0},{"$f":"J41*(1+$E$10)/($E$11-$E$10)*J5","v":0},{"$f":"K41*(1+$E$10)/($E$11-$E$10)*K5","v":0},{"$f":"L41*(1+$E$10)/($E$11-$E$10)*L5","v":0},0,0,0,3429.2299847438735,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX41*(1+$E$10)/($E$11-$E$10)*BX5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EJ41*(1+$E$10)/($E$11-$E$10)*EJ5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GV41*(1+$E$10)/($E$11-$E$10)*GV5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"JH41*(1+$E$10)/($E$11-$E$10)*JH5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Total",null,null,null,null,{"$f":"G38+G42","v":18.5},{"$f":"H38+H42","v":24.049999999999983},31.264999999999993,40.644499999999987,52.837850000000003,68.689205000000001,89.295966499999977,116.08475644999996,150.91018338499998,3625.4132231443732,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT38+BT42","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EF38+EF42","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GR38+GR42","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"JD38+JD42","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"EV",null,null,null,{"$f":"NPV(E11,43:43)","v":1721.2579604436685},null,{"$f":"F44*(1+E11)^0.5","v":1805.2705788966284}]
[null,"EV/EBITDA in valuation",null,null,null,{"$f":"F44/F20","v":86.062898022183418}]
[]
[null,"EBITDA in terminal year",null,null,null,{"$f":"INDEX(20:20,E13)","v":275.71698369799992},{"$f":"showformula(F47)","v":{"$error":"#NAME?"}}]
[null,"EV/EBITDA in terminal year",null,null,null,{"$f":"SUM(42:42)/F47","v":12.437499999999998}]
[]
[null,null,null,null,null,null,null,null,null,null,null,"Growth rate long-term"]
[null,null,null,null,"Difference",{"$f":"F44-F35","v":282.10605640036761},null,null,null,null,{"$f":"$F$51/$F$44","v":0.16389528059330075},0,0.02,0.04,0.06]
[null,null,null,null,null,null,null,null,null,null,0.4,0.23003484665356391,0.23721637331985221,0.24514003760581923,0.25392714594742383]
[null,null,null,null,null,null,null,null,null,null,0.35,0.1946115417234994,0.20129274843650005,0.20875010192588608,0.21712718817356827]
[null,null,null,null,null,null,null,null,"Growth rate short-term",null,0.3,0.15798648377951288,0.16389528059330075,0.17058294406535568,0.17821433920403701]
[null,null,null,null,null,null,null,null,null,null,0.25,0.12061172419477781,0.12539189466482301,0.1308939841599758,0.13729489091517852]
[null,null,null,null,null,null,null,null,null,null,0.2,8.3223730016018502E-2,8.6428936798341863E-2,9.0194089694857121E-2,9.4679965423042731E-2]
[null,null,null,null,null,null,null,null,null,null,0.15,4.6928659730063348E-2,4.8039034568133208E-2,4.937577652895498E-2,5.1015965219209994E-2]
[]
[]
[]
[null,"Use of OFFSET function"]
[null,null,1,2,3,4,400]
[null,null,12,45,67,89,0]
[null,null,33,44,66,88,99]
[null,null,{"$f":"OFFSET(C62,1,1)","v":45},"=offset C62;1;1)"]
[null,null,{"$f":"OFFSET(G64,-2,-3)","v":2},"="]
[null,"row",1,null,{"$f":"AVERAGE(OFFSET(C62,C67,C68,C69,C70))","v":41.333333333333336}]
[null,"column",0,null,{"$f":"AVERAGE(Ed)","v":41.333333333333336}]
[null,"height",1]
[null,"width",3]
[]
[]
[]
[]
[]
[]
[null,"Life of PPE",10,null,"Stable CAPEX/Depreciation"]
[null,"WACC",0.1,null,"Retirement ratio"]
[null,"Growth rate",0.05,null,"Net plant depreciation rate"]
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[]
[null,"You overstate depreciation"]

{"sheet":"Admin Analysis","index":16,"n_rows":11,"n_cols":9,"rows_kept":11,"cut":false,"hidden":false,"merged":[]}
[]
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[null,"Holding period",null,null,null,null,null,null,"=K2<=$F$12----> ",{"$f":"J2<=$F$12","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false]
[null,"Exit period",null,null,null,null,null,null,"=K2=$F$12----> ",{"$f":"J2=$F$12","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false]
[]
["Assumptions",null,null,null,null,null,null,null,"Use the SHIFT ALT ---> to Close the Sheet"]
[null,"Transaction assumptions",null,null,null,null,null,null,"Use SHIFT CNTL ---> and CNTL R to Copy Fast"]
[null,null,null,"Transaction date",null,"2014-01-01"]
[null,null,null,"Holding period","Quarters",27,null,null,"Make a macro to colour cells from the F5 key and SPECIAL"]
[null,null,null,"Exit period","Date",{"$f":"EDATE(F10,F11*3)","v":"2020-10-01"},null,null,"Make a SPINNER button from the Developer TAB; Use the WIPER Method"]
[]
[null,null,null,"Transaction mutiples EV/EBITDA",null,11]
[]
[null,null,null,"EBITDA growth","From","To"]
[null,null,null,null,{"$f":"F10","v":"2014-01-01"},{"$f":"EDATE(E17,12)","v":"2015-01-01"},-0.02,null,"Set-up Inputs with Dates that correspond to the transaction dates"]
[null,null,null,null,{"$f":"F17","v":"2015-01-01"},"2016-01-01",0.1,null,"Use the LOOKUP function to put the data in the tables according to the dates"]
[null,null,null,null,{"$f":"F18","v":"2016-01-01"},"2017-01-01",0.12]
[null,null,null,null,{"$f":"F19","v":"2017-01-01"},"2018-01-01",0.05]
[null,null,null,null,{"$f":"F20","v":"2018-01-01"},"2019-01-01",0.04]
[null,null,null,null,{"$f":"F21","v":"2019-01-01"},"2020-01-01",0.02]
[]
[null,null,null,"Exit multiples",null,7]
[null,null,null,"Initial EBITDA",null,100]
[null,null,null,"Capital expenditure",null,40]
[]
["Operating forecast",null,null,null,null,null,null,null,{"$f":"show_formulaL(J28)","v":"=J2----> "},{"$f":"J2","v":"2014-01-01"},"2014-04-01","2014-07-01","2014-10-01","2015-01-01","2015-04-01","2015-07-01","2015-10-01","2016-01-01","2016-04-01","2016-07-01","2016-10-01","2017-01-01","2017-04-01","2017-07-01","2017-10-01","2018-01-01","2018-04-01","2018-07-01","2018-10-01","2019-01-01","2019-04-01","2019-07-01","2019-10-01","2020-01-01","2020-04-01","2020-07-01","2020-10-01","2021-01-01","2021-04-01","2021-07-01","2021-10-01","2022-01-01","2022-04-01","2022-07-01","2022-10-01"]
[null,"Annually growth rate",null,null,null,null,null,null,{"$f":"show_formulaL(J29)","v":"=LOOKUP(J2,$E$17:$E$22,$G$17:$G$22)----> "},{"$f":"LOOKUP(J2,$E$17:$E$22,$G$17:$G$22)","v":-0.02},-0.02,-0.02,-0.02,0.1,0.1,0.1,0.1,0.12,0.12,0.12,0.12,0.05,0.05,0.05,0.05,0.04,0.04,0.04,0.04,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[null,"Quarterly growth rate",null,null,null,null,null,null,"=(1+J29)^(1/4)-1----> ",{"$f":"(1+J29)^(1/4)-1","v":-5.0379436073119122E-3},{"$f":"(1+K29)^(1/4)-1","v":-5.0379436073119122E-3},-5.0379436073119122E-3,-5.0379436073119122E-3,2.4113689084445111E-2,2.4113689084445111E-2,2.4113689084445111E-2,2.4113689084445111E-2,2.8737344722080227E-2,2.8737344722080227E-2,2.8737344722080227E-2,2.8737344722080227E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,1.2272234429039353E-2,9.8534065489688238E-3,9.8534065489688238E-3,9.8534065489688238E-3,9.8534065489688238E-3,4.9629315732038215E-3,4.9629315732038215E-3,4.9629315732038215E-3,4.9629315732038215E-3,4.9629315732038215E-3,4.9629315732038215E-3,4.9629315732038215E-3,4.9629315732038215E-3,4.9629315732038215E-3,4.9629315732038215E-3,4.9629315732038215E-3,4.9629315732038215E-3,4.9629315732038215E-3,4.9629315732038215E-3,4.9629315732038215E-3,4.9629315732038215E-3]
[null,"Growth index",null,null,null,null,null,null,1,{"$f":"I31*(1+J30)","v":0.99496205639268809},{"$f":"J31*(1+K30)","v":0.98994949366116658},0.9849621839380146,0.98000000000000009,1.0036314153027563,1.0278326712067487,1.052617508671063,1.0780000000000003,1.1089788576104027,1.1408479653310515,1.1736329065862536,1.2073599999999998,1.2221770049602447,1.2371758476788981,1.2523587597115591,1.2677280000000002,1.2802194393775113,1.2928339619855909,1.305572780613349,1.31843712,1.324980433210132,1.3315562204359879,1.3381646428438856,1.3448058624000006,1.3514800418743351,1.3581873448447082,1.3649279357007638,1.371701979648001,1.3785096427118222,1.3853510917416025,1.3922264944147793,1.3991360192409612,1.4060798355660589,1.4130581135764348,1.4200710243030752,1.4271187396257807]
[]
[null,"EBITDA",null,null,null,null,null,{"$f":"F25","v":100},{"$f":"show_formulaL(J33)","v":"=$H$33*J31*J5----> "},{"$f":"$H$33*J31*J5","v":99.496205639268808},98.994949366116657,98.496218393801456,98.000000000000014,100.36314153027564,102.78326712067486,105.2617508671063,107.80000000000003,110.89788576104027,114.08479653310515,117.36329065862536,120.73599999999998,122.21770049602448,123.7175847678898,125.23587597115591,126.77280000000002,128.02194393775113,129.28339619855907,130.5572780613349,131.84371200000001,132.4980433210132,133.15562204359878,133.81646428438856,134.48058624000006,135.14800418743351,135.81873448447081,136.49279357007637,137.17019796480011,0,0,0,0,0,0,0,0]
[null,"Capital expenditure",null,null,null,null,null,{"$f":"F26","v":40},"=$F$26*J5----> ",{"$f":"$F$26*J5","v":40},40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,40,0,0,0,0,0,0,0,0]
[null,"Terminal proceeds",null,null,null,null,null,{"$f":"F24","v":7},"=J33*$H$35*J6----> ",{"$f":"J33*$H$35*J6","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,960.1913857536008,0,0,0,0,0,0,0,0]
[null,"Purchase price",null,null,null,null,null,{"$f":"F14","v":11},"=H36*H33----> ",{"$f":"H36*H33","v":1100}]
[null,null,null,null,null,null,null,null,"This is for a Graph with F11 Key",{"$f":"IF(J5,J2,$H$45)","v":"2014-01-01"},"2014-04-01","2014-07-01","2014-10-01","2015-01-01","2015-04-01","2015-07-01","2015-10-01","2016-01-01","2016-04-01","2016-07-01","2016-10-01","2017-01-01","2017-04-01","2017-07-01","2017-10-01","2018-01-01","2018-04-01","2018-07-01","2018-10-01","2019-01-01","2019-04-01","2019-07-01","2019-10-01","2020-01-01","2020-04-01","2020-07-01","2020-10-01",{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,"Ungeared pre tax cash flow",null,null,null,null,null,null,null,{"$f":"J33-J34-J36+J35","v":-1040.5037943607313},{"$f":"K33-K34-K36+K35","v":58.994949366116657},58.496218393801456,58.000000000000014,60.363141530275641,62.783267120674864,65.261750867106301,67.800000000000026,70.897885761040271,74.084796533105148,77.36329065862536,80.735999999999976,82.217700496024477,83.717584767889804,85.235875971155906,86.772800000000018,88.021943937751132,89.283396198559075,90.557278061334898,91.843712000000011,92.498043321013199,93.155622043598783,93.816464284388559,94.480586240000065,95.148004187433514,95.818734484470809,96.492793570076373,1057.3615837184009,0,0,0,0,0,0,0,0]
[]
[null,"Ungeared IRR",null,null,null,null,null,{"$f":"IRR(38:38)","v":7.041710486364372E-2},{"$f":"(1+H40)^4-1","v":0.31284109099844981},{"$f":"XIRR(J38:AS38,J2:AS2)","v":0.31285658478736889}]
[]
["Chart title"]
[null,"Ungeard IRR",null,null,{"$f":"I40","v":0.31284109099844981},null,"Holding period",null,{"$f":"F11","v":27},null,"\nEntry multiple",null,{"$f":"F14","v":11},null,"Exit multiple",null,{"$f":"F24","v":7}]
[]
["N/A symbol",null,null,null,null,null,null,{"$f":"MATCH(TRUE,FALSE)","v":{"$error":"#N/A"}}]
[]
["Sensitivity analysis",null,null,null,null,null,null,null,null,"Entry multiples",null,{"$f":"F14","v":11}]
[null,null,null,null,null,null,null,null,null,null,"Exit multiples"]
[null,null,null,null,null,null,null,null,"Two Way Data Table",{"$f":"J40","v":0.31285658478736889},5,6,7,8,9,10,null,12,13,14]
[null,null,null,null,null,null,null,null,null,4,-0.32048792764544493,-0.21367478743195534,-0.10749603994190693,-1.8324702978134155E-3,0.10340170264244081,0.20827063918113708]
[null,null,null,null,null,null,null,null,null,6,-0.11667816676199436,-3.4071496129035955E-2,4.4521287083625793E-2,0.11977145075798035,0.19217613339424136,0.26211643815040586]
[null,null,null,null,null,null,null,null,null,8,9.9349170923233032E-3,7.3594543337821991E-2,0.13308841586112977,0.18914095759391783,0.24228797554969786,0.29293909668922424]
[null,null,null,null,null,null,null,null,null,10,9.627245068550111E-2,0.14623273015022278,0.19259887337684636,0.23599297404289243,0.27687839865684505,0.31561103463172913]
[null,null,null,null,null,null,null,null,"Holding period",12,0.15386095643043521,0.1932494580745697,0.22973970770835875,0.26381967663764949,0.29585700631141665,0.32613655924797069]
[null,null,null,null,null,null,null,null,null,14,0.19284562468528749,0.22421069741249086,0.25330428481101985,0.2804927051067353,0.30605592131614689,0.33021336197853091]
[null,null,null,null,null,null,null,null,null,16,0.22163169980049133,0.24685459733009338,0.27031155228614812,0.29227345585823061,0.31295046210289013,0.33250923752784745]
[null,null,null,null,null,null,null,null,null,18,0.24373142123222349,0.26425299048423767,0.28340533375740051,0.3013868153095246,0.31835365891456613,0.33443141579628]
[]
[null,null,null,null,null,null,null,null,null,null,{"$f":"MAX(K50:K57)","v":0.24373142123222349},0.26425299048423767,0.28340533375740051,0.3013868153095246,0.31835365891456613,0.33443141579628]

{"sheet":"Macros","index":19,"n_rows":19,"n_cols":10,"rows_kept":19,"cut":false,"hidden":false,"merged":[]}
["Purchase price",-1273.0502690235003]
[]
["Cash flow",240,null,null,null,130,175,250,200,250]
[null,{"$f":"B3","v":240}]
[null,{"$f":"B4","v":240}]
[null,{"$f":"B5","v":240},null,null,null,{"$f":"TRANSPOSE(F3:J3)","v":130},0.25937598998142719]
[null,{"$f":"B6","v":240},null,null,null,175,0.14096661851727177]
[null,{"$f":"B7","v":240},null,null,null,250,0.18453718712131839]
[null,1100,null,null,null,200,0.25937598998142719]
[null,null,null,null,null,250,0.20920297094169538]
["IRR",{"$f":"IRR(B1:B9)","v":0.1601063621481249}]
["Target IRR",0.16]
["Difference",{"$f":"B11-B12","v":1.0636214812489997E-4}]
[null,null,null,null,"Column",{"$f":"COLUMN()","v":6}]
["NPV",{"$f":"NPV(IRR,B3:B9)","v":1273.0502690257274}]
[null,null,null,null,"CF","Interest","net CF","Target CF"]
[null,null,null,null,110.00009,10,{"$f":"E17-F17","v":100.00009},100]
[null,null,null,null,125.00010499999999,15,{"$f":"E18-F18","v":110.00010499999999},110]
[null,null,null,null,209.99979000000002,20,{"$f":"E19-F19","v":189.99979000000002},190]

{"sheet":"Advertising","index":20,"n_rows":29,"n_cols":9,"rows_kept":29,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"High Quality Modelling, Finance and Energy Courses"]
[]
[null,null,"This page is my advertising and publicity - You can of course delete the page without affecting the model"]
[]
[null,null,"I have taught classes for many years and I believe I have learned from my mistakes and can offer high quality courses"]
[]
[null,null,"Here is my simple concept"]
[null,null,null,"1. Deliver the courses at a reasonable price -- I will do quite well if a lot of people attend and I will survive if course numbers are low"]
[null,null,null,null,"USD 1,000 -2,000 for courses in Europe"]
[null,null,null,null,"USD 750 - 1,500 for courses in Africa and Latin America"]
[null,null,null,"2. Do not cancel the classes as long as one student has signed up (I take the risk of low numbers and not you)"]
[null,null,null,"3. Limit the size of the classes to 25 participants"]
[null,null,null,"4. Lunches are offered by not with a four course elaborate menu -- we assume that you are attending the course to learn and not to have a fancy lunch"]
[]
[null,null,"Download Outlines at",null,null,null,null,null,"www.FinanceEnergyInstitute.com"]
[null,null,"Check for upcomming dates",null,null,null,null,null,"www.FinanceEnergyInstitute.com"]
[]
[null,null,"Customised In-Company Courses"]
[]
[null,null,"I also offer courses tailored for single institutions (or combinations of institutions) "]
[null,null,"Depending on various considerations my rate is USD 1,500 to USD 2,000 per day plus expenses"]
[]
[null,null,"Contact Details"]
[null,null,null,"E-mail",null,null,null,null,"edwardbodmer@gmail.com"]
[null,null,null,"Phone",null,null,null,null,"001-630-886-2754"]
[]
[null,null,null,"Skype",null,null,null,null,"edward.bodmer"]
[null,null,null,"Link to Book"]

{"sheet":"Installing Macros","index":21,"n_rows":21,"n_cols":2,"rows_kept":21,"cut":false,"hidden":false,"merged":[]}
[]
["Install the Developer Tab"]
[null,"Go to File Tab, Options and Customise Ribbon"]
[null,"Click on Open Box for Developer Tab"]
[]
["If you not want install developer"]
[null,"Go to the View Menu"]
[]
[]
[]
[]
[]
[]
[]
[]
["Press the Alt and F11 keys to get the VBA Menu"]
[null,"Go to File and Import Generic.bas"]
[]
[null,"Generic Macros are in Chapter 5"]
[]
[null,"You can look and modify the macros"]

{"sheet":"Video Guides","index":22,"n_rows":10,"n_cols":1,"rows_kept":10,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
["I am making video guides for each video"]
[]
[]
["You can find the video guides at the website www.edbodmer.com"]
[]
[]
["Link for the guide to this video"]