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[]
[null,null,"Sheet Tab","Description","Author"]
[null,1,"Contents"]
[null,2,"Summary DCF"]
[null,3,"Tornado Diagram"]
[null,4,"Master Scenario"]
[null,5,"Historic Financial Statements"]
[null,6,"Financial Model Assumptions"]
[null,7,"Financial Model"]
[null,8,"Valuation and ROIC"]
[null,9,"EV to EBITDA and Stable Ratios"]
[null,10,"PE Ratio"]
[null,11,"Acquisition Model"]
[null,12,"Break-even Chart"]
[null,13,"Shipments and Capacity"]
[null,14,"Simple Scenario"]
[null,15,"Basic Model"]
[null,16,"Offset Chart"]
[null,17,"Stock Prices"]
[null,18,"NOL"]
[]
[null," File Name: ",null,"C:\\Users\\Nelson Mandela\\Documents\\Suntech Acquisition Analysis.xlsm"]
[]
[null," Colour Codes "]
[]
[null," Last Save Date ",null,"2012-05-20T12:13:38"]
[null," Last Save By",null,"Monica Lewinski"]
[]
[null,"Courses",null,"www.FinanceEnergyInstitute.com"]

{"sheet":"Acquisition Summary","index":1,"n_rows":18,"n_cols":10,"rows_kept":18,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,"Date of Transaction",null,{"$f":"'Transaction Assumptions'!F4","v":"2011-05-01"}]
[null,null,"Holding Period - Years",null,{"$f":"'Transaction Assumptions'!F5","v":5}]
[null,null,"Exit EV/EBITDA Multiple",null,{"$f":"'Transaction Assumptions'!F6","v":12}]
[null,null,"Premium",null,{"$f":"'Transaction Assumptions'!F12","v":0.22},null,null,null,"Equity IRR",{"$f":"'Acquisition Model'!E226","v":0.22553163170814514}]
[null,null,"Revenue Sensitivity",null,{"$f":"'Transaction Assumptions'!F79","v":1},null,null,null,"Sub Debt IRR",{"$f":"'Acquisition Model'!E231","v":0.10038787722587586}]
[null,null,null,null,null,null,null,null,"Senior Debt IRR"]
[]
["Sources and Uses"]
[null,null,null,null,null,null,"Sources"]
[null,"Uses",null,null,null,null,null,"A- Amortising Debt",null,{"$f":"'Transaction Assumptions'!F32","v":200}]
[null,null,"Consideration",null,{"$f":"'Transaction Assumptions'!F15","v":551.19599999999991},null,null,"B - Bullet Debt",null,{"$f":"'Transaction Assumptions'!F43","v":100}]
[null,null,"Debt repayment - short-term",null,{"$f":"'Transaction Assumptions'!F24","v":1573.4000244140625},null,null,"C - Capitalising Debt",null,{"$f":"'Transaction Assumptions'!F55","v":100}]
[null,null,"Debt repayment - Long-term",null,{"$f":"'Transaction Assumptions'!F25","v":300},null,null,"Use Target Company  Cash",null,{"$f":"'Transaction Assumptions'!F29","v":400}]
[null,null,"Debt Fees",null,{"$f":"SUM(J12:J13)*'Transaction Assumptions'!F51","v":15},null,null,"Asset Sale",null,{"$f":"'Transaction Assumptions'!F27","v":531.40001106262207}]
[null,null,"Advisory Fees",null,{"$f":"E13*'Transaction Assumptions'!F62","v":5.5119599999999993},null,null,"Equity",null,{"$f":"E18-SUM(J12:J16)","v":1113.7079733514402}]
[null,null,null,"Total Uses",{"$f":"SUM(E13:E17)","v":2445.1079844140622},null,null,null,"Total",{"$f":"SUM(J12:J17)","v":2445.1079844140622}]

{"sheet":"Transaction Assumptions","index":2,"n_rows":84,"n_cols":16,"rows_kept":84,"cut":false,"hidden":false,"merged":[]}
["Assumptions for Acquistion Model"]
[]
[null,"Transaction Assumptions"]
[null,null,"Date of Transaction",null,null,"2011-05-01"]
[null,null,"Holding Period - Years",null,null,5]
[null,null,"Exit EV/EBITDA Multiple",null,null,{"$f":"I6/10","v":12},null,null,120]
[null,null,"Exit Date ",null,null,{"$f":"EDATE(F4,F5*12)","v":"2016-05-01"}]
[null,null,"Year of Transation",null,null,{"$f":"YEAR(F4)","v":2011}]
[]
[null,null,"Consideration"]
[null,null,null,"Current Share Price",null,2.5099999999999998]
[null,null,null,"Premium",null,{"$f":"I12/100","v":0.22},null,null,22]
[null,null,null,"Number of Shares",null,180]
[]
[null,null,null,"Total Consideration for Equity",null,{"$f":"F11*(1+F12)*F13","v":551.19599999999991}]
[null,null,null,"EV versus Equity Bridge",null,{"$f":"-'Valuation and ROIC'!G37","v":1372.5548342287846}]
[null,null,null,"Enterprise Value",null,{"$f":"F15+F16","v":1923.7508342287845}]
[]
[null,null,null,"Column Number for Year",null,{"$f":"MATCH(F8,'Financial Model Assumptions'!2:2)","v":16}]
[null,null,null,"EBITDA",null,{"$f":"INDEX('Financial Model'!285:285,'Transaction Assumptions'!F19)","v":78.20015470520184}]
[null,null,null,"EV/EBITDA Multiple",null,{"$f":"F17/F20","v":24.600345632063277}]
[]
[null,"Financing of Transaction"]
[null,null,"Debt Retirement - Short-term",null,null,{"$f":"'Pro-forma Balance'!F52","v":1573.4000244140625}]
[null,null,"Debt Retirement - Long-term",null,null,300]
[]
[null,null,"Asset Sales (Associates)",null,null,{"$f":"'Valuation and ROIC'!G34","v":531.40001106262207}]
[]
[null,null,"Cash Used to Finance transtion",null,null,400]
[]
[null,null,"Debt Issued for Transaction"]
[null,null,null,"Amortising Debt",null,200]
[null,null,null,"Tenor of Amortising Debt",null,5]
[]
[null,null,null,"Euribor Rate","Pct",0.02]
[]
[null,null,null,"Credit Spread","Debt/EBTIDA","Credit Spread"]
[null,null,null,null,2,0.03]
[null,null,null,null,3,3.5000000000000003E-2]
[null,null,null,null,4,0.04]
[null,null,null,null,5,0.05]
[]
[null,null,null,"Bullet Debt",null,100]
[]
[null,null,null,"Cash Sweep","Debt/EBTIDA","Cash Sweep"]
[null,null,null,null,2,0.5]
[null,null,null,null,3,0.7]
[null,null,null,null,4,1]
[null,null,null,null,5,1]
[]
[null,null,null,"Fees",null,{"$f":"F41","v":0.05}]
[]
[null,null,null,"Revloving Commitment",null,300]
[]
[null,null,null,"Subordinated Debt",null,100]
[]
[null,null,null,"Margin on Sub Debt",null,0.08]
[null,null,null,"Total Senior Debt",null,{"$f":"F43+F32","v":300}]
[null,null,null,"Senior Debt to EBITDA",null,{"$f":"F58/F20","v":3.8363095460736236}]
[]
[]
[null,null,null,"Advisory Fees as Pct of Consideration",null,0.01]
[]
[null,"Accounting Assumptions"]
[]
[null,null,"Asset Write-downs - Plant",null,null,500]
[null,null,"Inventory Write-downs",null,null,20]
[]
[null,null,"Intangible Assets",null,null,100]
[]
[null,null,"Tax Rate",null,null,0.25]
[null,null,"Increase in Deferred Tax Liability",null,null,{"$f":"(F66+F69)*F71","v":150}]
[]
[null,null,"Intangible Amortisation Rate",null,null,0.03]
[null,null,"Issuance Cost Amortisation Rate",null,null,0.2]
[]
[null,"Synergy and Break Even Assumptions"]
[null,null,"Synergies",null,null,80]
[null,null,"Revenue Percent",null,null,{"$f":"P79/100","v":1},null,null,null,null,null,null,null,null,null,100]
[]
[]
[null,"J-Curve"]
[]
[null,null,null,"Equity IRR",{"$f":"'Acquisition Model'!E226","v":0.22553163170814514}]

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[]
[]
["Sources and Uses",null,null,null,{"$f":"'Transaction Assumptions'!F4","v":"2011-05-01"}]
[null,"Uses"]
[null,null,"Consideration",null,{"$f":"'Transaction Assumptions'!F15","v":551.19599999999991}]
[null,null,"Debt repayment - short-term",null,{"$f":"'Transaction Assumptions'!F24","v":1573.4000244140625}]
[null,null,"Debt repayment - Long-term",null,{"$f":"'Transaction Assumptions'!F25","v":300}]
[null,null,"Debt Fees",null,{"$f":"SUM(E13:E14)*'Transaction Assumptions'!F51","v":15}]
[null,null,"Advisory Fees",null,{"$f":"E5*'Transaction Assumptions'!F62","v":5.5119599999999993}]
[null,null,null,"Total Uses",{"$f":"SUM(E5:E9)","v":2445.1079844140622}]
[]
[null,"Sources"]
[null,null,"A- Amortising Debt",null,{"$f":"'Transaction Assumptions'!F32","v":200}]
[null,null,"B - Bullet Debt",null,{"$f":"'Transaction Assumptions'!F43","v":100}]
[null,null,"C - Capitalising Debt",null,{"$f":"'Transaction Assumptions'!F55","v":100}]
[null,null,"Use Target Company  Cash",null,{"$f":"'Transaction Assumptions'!F29","v":400}]
[null,null,"Asset Sale",null,{"$f":"'Transaction Assumptions'!F27","v":531.40001106262207}]
[null,null,"Equity",null,{"$f":"E10-SUM(E13:E17)","v":1113.7079733514402}]
[null,null,null,"Total",{"$f":"SUM(E13:E18)","v":2445.1079844140622}]
[]
[null,null,null,"Sources - Uses",{"$f":"E19-E10","v":0}]
[null,null,null,"Test",{"$f":"E21=0","v":true}]
[]
["Goodwill Analysis"]
[]
[null,null,"Consideration",null,{"$f":"E5","v":551.19599999999991}]
[null,null,"Less: Equity of Target ",null,{"$f":"F63","v":946.39998769760052}]
[null,null,"Plus: Write-down of Fixed Assets",null,{"$f":"'Transaction Assumptions'!F66","v":500}]
[null,null,"Add: Write-down of Inventories",null,{"$f":"'Transaction Assumptions'!F67","v":20}]
[null,null,"Less: Intangibles",null,{"$f":"'Transaction Assumptions'!F69","v":100}]
[null,null,"Add: Deferred Tax Liability Increase",null,{"$f":"'Transaction Assumptions'!F72","v":150}]
[null,null,null,"Total Goodwill",{"$f":"E26-E27+E28+E29-E30+E31","v":174.79601230239939}]
[]
[null,null,"Column Number",null,null,{"$f":"MATCH('Transaction Assumptions'!F8,'Financial Model Assumptions'!2:2)","v":16}]
[]
["Pro-forma Balance",null,null,null,null,"Opening ","Cash Chg","Asset Value","Goodwill","Asset Sale","Debt Issued","Debt Retire","Equity Issued","Equity Retired","Total Adj","Pro-forma"]
[]
[null,"Assets"]
[null,null,"Cash and Financial Assets",null,null,{"$f":"INDEX('Financial Model'!255:255,'Transaction Assumptions'!$F$19)","v":768.10000228881836},{"$f":"-E16","v":-400},null,null,null,null,null,null,null,{"$f":"SUM(G39:N39)","v":-400},{"$f":"O39+F39","v":368.10000228881836}]
[null,null,"Other Current Assets",null,null,{"$f":"INDEX('Financial Model'!256:256,'Transaction Assumptions'!$F$19)","v":1318.199967274935},null,{"$f":"-E29","v":-20},null,null,null,null,null,null,-20,1298.199967274935]
[null,null,"Net Plant",null,null,{"$f":"INDEX('Financial Model'!257:257,'Transaction Assumptions'!$F$19)","v":1569.199951171875},null,{"$f":"-E28","v":-500},null,null,null,null,null,null,-500,1069.199951171875]
[null,null,"Goodwill",null,null,{"$f":"INDEX('Financial Model'!258:258,'Transaction Assumptions'!$F$19)","v":0},null,null,{"$f":"E32","v":174.79601230239939},null,null,null,null,null,174.79601230239939,174.79601230239939]
[null,null,"Intangible Assets",null,null,{"$f":"INDEX('Financial Model'!259:259,'Transaction Assumptions'!$F$19)","v":23},null,{"$f":"E30","v":100},null,null,null,null,null,null,100,123]
[null,null,"Debt Issue Costs",null,null,null,null,null,null,null,{"$f":"E8","v":15},null,null,null,15,15]
[null,null,"Affililates",null,null,{"$f":"INDEX('Financial Model'!261:261,'Transaction Assumptions'!$F$19)","v":531.40001106262207},null,null,null,{"$f":"-E17","v":-531.40001106262207},null,null,null,null,-531.40001106262207,0]
[null,null,"Deferred taxes",null,null,{"$f":"INDEX('Financial Model'!262:262,'Transaction Assumptions'!$F$19)","v":70.999998092651367},null,null,null,null,null,null,null,null,0,70.999998092651367]
[null,null,"Prepayments",null,null,{"$f":"INDEX('Financial Model'!263:263,'Transaction Assumptions'!$F$19)","v":256.40000534057617},null,null,null,null,null,null,null,null,0,256.40000534057617]
[]
[null,null,"Total Assets",null,null,{"$f":"INDEX('Financial Model'!264:264,'Transaction Assumptions'!$F$19)","v":4537.2999352314782},null,null,null,null,null,null,null,null,{"$f":"SUM(O39:O47)","v":-1161.6039987602226},{"$f":"O49+F49","v":3375.6959364712557}]
[]
[null,"Liabilities and Equity"]
[null,null,"Short-term Debt",null,null,{"$f":"INDEX('Financial Model'!267:267,'Transaction Assumptions'!$F$19)","v":1573.4000244140625},null,null,null,null,null,{"$f":"-E6","v":-1573.4000244140625},null,null,{"$f":"SUM(G52:N52)","v":-1573.4000244140625},{"$f":"O52+F52","v":0}]
[null,null,"Other Current Liabilites",null,null,{"$f":"INDEX('Financial Model'!268:268,'Transaction Assumptions'!$F$19)","v":1035.4999496160608},null,null,null,null,null,{"$f":"-E7","v":-300},null,null,-300,735.4999496160608]
[null,null,"Long-term Debt",null,null,{"$f":"INDEX('Financial Model'!269:269,'Transaction Assumptions'!$F$19)","v":714.20002746582031},null,null,null,null,null,null,null,null,0,714.20002746582031]
[null,null,"A Debt",null,null,null,null,null,null,null,{"$f":"E13","v":200},null,null,null,200,200]
[null,null,"B Debt",null,null,null,null,null,null,null,{"$f":"E14","v":100},null,null,null,100,100]
[null,null,"C Debt",null,null,null,null,null,null,null,{"$f":"E15","v":100},null,null,null,100,100]
[null,null,"Accrued Warranty Costs",null,null,{"$f":"INDEX('Financial Model'!270:270,'Transaction Assumptions'!$F$19)","v":94.099998474121094},null,null,null,null,null,null,null,null,0,94.099998474121094]
[null,null,"Deferred tax liabilities",null,null,{"$f":"INDEX('Financial Model'!271:271,'Transaction Assumptions'!$F$19)","v":0},null,{"$f":"E31","v":150},null,null,null,null,null,null,150,150]
[null,null,"Retirement benefit obligations",null,null,{"$f":"INDEX('Financial Model'!272:272,'Transaction Assumptions'!$F$19)","v":0},null,null,null,null,null,null,null,null,0,0]
[null,null,"Other long-term liabilities",null,null,{"$f":"INDEX('Financial Model'!273:273,'Transaction Assumptions'!$F$19)","v":167.30000305175781},null,null,null,null,null,null,null,null,0,167.30000305175781]
[null,null,"Minority Interest",null,null,{"$f":"INDEX('Financial Model'!274:274,'Transaction Assumptions'!$F$19)","v":6.4000000953674316},null,null,null,null,null,null,null,null,0,6.4000000953674316]
[null,null,"Equity",null,null,{"$f":"INDEX('Financial Model'!275:275,'Transaction Assumptions'!$F$19)","v":946.39998769760052},null,null,null,null,null,null,{"$f":"E18","v":1113.7079733514402},{"$f":"-E27-E9","v":-951.91194769760057},161.79602565383959,1108.1960133514401]
[]
[null,null,"Total Liabilities and Capital",null,null,{"$f":"INDEX('Financial Model'!277:277,'Transaction Assumptions'!$F$19)","v":4537.2999908147904},null,null,null,null,null,null,null,null,{"$f":"SUM(O52:O64)","v":-1161.603998760223},{"$f":"O65+F65","v":3375.6959920545673}]
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[null,null,null,null,null,{"$f":"F65-F49","v":5.5583312132512219E-5},null,null,null,null,null,null,null,null,{"$f":"O65-O49","v":0},{"$f":"P65-P49","v":5.5583311677764868E-5}]
[null,null,null,null,null,{"$f":"ROUND(F67,0)=0","v":true},null,null,null,null,null,null,null,null,null,{"$f":"ROUND(P67,0)=0","v":true}]

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["Dates"]
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[null,"Column from MATCH",null,null,null,{"$f":"MATCH(F5,'Financial Model Assumptions'!2:2)","v":16},{"$f":"MATCH(G5,'Financial Model Assumptions'!2:2)","v":17},{"$f":"MATCH(H5,'Financial Model Assumptions'!2:2)","v":18},{"$f":"MATCH(I5,'Financial Model Assumptions'!2:2)","v":19},{"$f":"MATCH(J5,'Financial Model Assumptions'!2:2)","v":20},{"$f":"MATCH(K5,'Financial Model Assumptions'!2:2)","v":21},{"$f":"MATCH(L5,'Financial Model Assumptions'!2:2)","v":21},{"$f":"MATCH(M5,'Financial Model Assumptions'!2:2)","v":21},{"$f":"MATCH(N5,'Financial Model Assumptions'!2:2)","v":21},{"$f":"MATCH(O5,'Financial Model Assumptions'!2:2)","v":21},{"$f":"MATCH(P5,'Financial Model Assumptions'!2:2)","v":21},{"$f":"MATCH(Q5,'Financial Model Assumptions'!2:2)","v":21},{"$f":"MATCH(R5,'Financial Model Assumptions'!2:2)","v":21},{"$f":"MATCH(S5,'Financial Model Assumptions'!2:2)","v":21},{"$f":"MATCH(T5,'Financial Model Assumptions'!2:2)","v":21},{"$f":"MATCH(U5,'Financial Model Assumptions'!2:2)","v":21},{"$f":"MATCH(V5,'Financial Model Assumptions'!2:2)","v":21}]
[null,"Holding Period Switch",null,null,null,{"$f":"F3<='Transaction Assumptions'!$F$7","v":true},{"$f":"G3<='Transaction Assumptions'!$F$7","v":true},{"$f":"H3<='Transaction Assumptions'!$F$7","v":true},{"$f":"I3<='Transaction Assumptions'!$F$7","v":true},{"$f":"J3<='Transaction Assumptions'!$F$7","v":true},{"$f":"K3<='Transaction Assumptions'!$F$7","v":true},{"$f":"L3<='Transaction Assumptions'!$F$7","v":false},{"$f":"M3<='Transaction Assumptions'!$F$7","v":false},{"$f":"N3<='Transaction Assumptions'!$F$7","v":false},{"$f":"O3<='Transaction Assumptions'!$F$7","v":false},{"$f":"P3<='Transaction Assumptions'!$F$7","v":false},{"$f":"Q3<='Transaction Assumptions'!$F$7","v":false},{"$f":"R3<='Transaction Assumptions'!$F$7","v":false},{"$f":"S3<='Transaction Assumptions'!$F$7","v":false},{"$f":"T3<='Transaction Assumptions'!$F$7","v":false},{"$f":"U3<='Transaction Assumptions'!$F$7","v":false},{"$f":"V3<='Transaction Assumptions'!$F$7","v":false}]
[null,"Terminal Period Switch",null,null,null,{"$f":"AND(F4='Transaction Assumptions'!$F$7,E7)","v":false},{"$f":"AND(G4='Transaction Assumptions'!$F$7,F7)","v":false},{"$f":"AND(H4='Transaction Assumptions'!$F$7,G7)","v":false},{"$f":"AND(I4='Transaction Assumptions'!$F$7,H7)","v":false},{"$f":"AND(J4='Transaction Assumptions'!$F$7,I7)","v":false},{"$f":"AND(K4='Transaction Assumptions'!$F$7,J7)","v":true},{"$f":"AND(L4='Transaction Assumptions'!$F$7,K7)","v":true},{"$f":"AND(M4='Transaction Assumptions'!$F$7,L7)","v":false},{"$f":"AND(N4='Transaction Assumptions'!$F$7,M7)","v":false},{"$f":"AND(O4='Transaction Assumptions'!$F$7,N7)","v":false},{"$f":"AND(P4='Transaction Assumptions'!$F$7,O7)","v":false},{"$f":"AND(Q4='Transaction Assumptions'!$F$7,P7)","v":false},{"$f":"AND(R4='Transaction Assumptions'!$F$7,Q7)","v":false},{"$f":"AND(S4='Transaction Assumptions'!$F$7,R7)","v":false},{"$f":"AND(T4='Transaction Assumptions'!$F$7,S7)","v":false},{"$f":"AND(U4='Transaction Assumptions'!$F$7,T7)","v":false},{"$f":"AND(V4='Transaction Assumptions'!$F$7,U7)","v":false}]
[null,"Fraction of Year",null,null,null,{"$f":"YEARFRAC(F3,F4+1)","v":0.66666666666666663},{"$f":"YEARFRAC(G3,G4+1)","v":1},1,1,1,0.33611111111111114,0,0,0,0,0,0,0,0,0,0,0]
["Operating Section"]
[]
[null,"Annual"]
[null,null,"Revenues using INDEX function",null,null,{"$f":"INDEX('Financial Model'!292:292,'Acquisition Model'!F6)*F7*'Transaction Assumptions'!$F$79","v":3146.6000061035156},{"$f":"INDEX('Financial Model'!292:292,'Acquisition Model'!G6)*G7*'Transaction Assumptions'!$F$79","v":1515.163606911447},{"$f":"INDEX('Financial Model'!292:292,'Acquisition Model'!H6)*H7*'Transaction Assumptions'!$F$79","v":1640.8201121052634},{"$f":"INDEX('Financial Model'!292:292,'Acquisition Model'!I6)*I7*'Transaction Assumptions'!$F$79","v":1842.9405186632944},{"$f":"INDEX('Financial Model'!292:292,'Acquisition Model'!J6)*J7*'Transaction Assumptions'!$F$79","v":2973.3112690463204},{"$f":"INDEX('Financial Model'!292:292,'Acquisition Model'!K6)*K7*'Transaction Assumptions'!$F$79","v":3612.2546228267393},{"$f":"INDEX('Financial Model'!292:292,'Acquisition Model'!L6)*L7*'Transaction Assumptions'!$F$79","v":0},{"$f":"INDEX('Financial Model'!292:292,'Acquisition Model'!M6)*M7*'Transaction Assumptions'!$F$79","v":0},{"$f":"INDEX('Financial Model'!292:292,'Acquisition Model'!N6)*N7*'Transaction Assumptions'!$F$79","v":0},{"$f":"INDEX('Financial Model'!292:292,'Acquisition Model'!O6)*O7*'Transaction Assumptions'!$F$79","v":0},{"$f":"INDEX('Financial Model'!292:292,'Acquisition Model'!P6)*P7*'Transaction Assumptions'!$F$79","v":0},{"$f":"INDEX('Financial Model'!292:292,'Acquisition Model'!Q6)*Q7*'Transaction Assumptions'!$F$79","v":0},{"$f":"INDEX('Financial Model'!292:292,'Acquisition Model'!R6)*R7*'Transaction Assumptions'!$F$79","v":0},{"$f":"INDEX('Financial Model'!292:292,'Acquisition Model'!S6)*S7*'Transaction Assumptions'!$F$79","v":0},{"$f":"INDEX('Financial Model'!292:292,'Acquisition Model'!T6)*T7*'Transaction Assumptions'!$F$79","v":0},{"$f":"INDEX('Financial Model'!292:292,'Acquisition Model'!U6)*U7*'Transaction Assumptions'!$F$79","v":0},{"$f":"INDEX('Financial Model'!292:292,'Acquisition Model'!V6)*V7*'Transaction Assumptions'!$F$79","v":0}]
[null,null,"Expeses using INDEX function",null,null,{"$f":"INDEX('Financial Model'!294:294,'Acquisition Model'!F6)*'Acquisition Model'!F7","v":3068.3998513983138},{"$f":"INDEX('Financial Model'!294:294,'Acquisition Model'!G6)*'Acquisition Model'!G7","v":1520.9350605691536},{"$f":"INDEX('Financial Model'!294:294,'Acquisition Model'!H6)*'Acquisition Model'!H7","v":1542.005043518858},{"$f":"INDEX('Financial Model'!294:294,'Acquisition Model'!I6)*'Acquisition Model'!I7","v":1701.1956235253642},{"$f":"INDEX('Financial Model'!294:294,'Acquisition Model'!J6)*'Acquisition Model'!J7","v":2781.6313437238946},{"$f":"INDEX('Financial Model'!294:294,'Acquisition Model'!K6)*'Acquisition Model'!K7","v":3273.6438943079766},{"$f":"INDEX('Financial Model'!294:294,'Acquisition Model'!L6)*'Acquisition Model'!L7","v":0},{"$f":"INDEX('Financial Model'!294:294,'Acquisition Model'!M6)*'Acquisition Model'!M7","v":0},{"$f":"INDEX('Financial Model'!294:294,'Acquisition Model'!N6)*'Acquisition Model'!N7","v":0},{"$f":"INDEX('Financial Model'!294:294,'Acquisition Model'!O6)*'Acquisition Model'!O7","v":0},{"$f":"INDEX('Financial Model'!294:294,'Acquisition Model'!P6)*'Acquisition Model'!P7","v":0},{"$f":"INDEX('Financial Model'!294:294,'Acquisition Model'!Q6)*'Acquisition Model'!Q7","v":0},{"$f":"INDEX('Financial Model'!294:294,'Acquisition Model'!R6)*'Acquisition Model'!R7","v":0},{"$f":"INDEX('Financial Model'!294:294,'Acquisition Model'!S6)*'Acquisition Model'!S7","v":0},{"$f":"INDEX('Financial Model'!294:294,'Acquisition Model'!T6)*'Acquisition Model'!T7","v":0},{"$f":"INDEX('Financial Model'!294:294,'Acquisition Model'!U6)*'Acquisition Model'!U7","v":0},{"$f":"INDEX('Financial Model'!294:294,'Acquisition Model'!V6)*'Acquisition Model'!V7","v":0}]
[null,null,"Capital Expenditures",null,null,{"$f":"INDEX('Financial Model'!289:289,'Acquisition Model'!F6)*'Acquisition Model'!F7","v":366.79998779296875},{"$f":"INDEX('Financial Model'!289:289,'Acquisition Model'!G6)*'Acquisition Model'!G7","v":72.72},{"$f":"INDEX('Financial Model'!289:289,'Acquisition Model'!H6)*'Acquisition Model'!H7","v":73.447199999999995},{"$f":"INDEX('Financial Model'!289:289,'Acquisition Model'!I6)*'Acquisition Model'!I7","v":74.548907999999997},{"$f":"INDEX('Financial Model'!289:289,'Acquisition Model'!J6)*'Acquisition Model'!J7","v":688.82321254739963},{"$f":"INDEX('Financial Model'!289:289,'Acquisition Model'!K6)*'Acquisition Model'!K7","v":104.77250764413296},{"$f":"INDEX('Financial Model'!289:289,'Acquisition Model'!L6)*'Acquisition Model'!L7","v":0},{"$f":"INDEX('Financial Model'!289:289,'Acquisition Model'!M6)*'Acquisition Model'!M7","v":0},{"$f":"INDEX('Financial Model'!289:289,'Acquisition Model'!N6)*'Acquisition Model'!N7","v":0},{"$f":"INDEX('Financial Model'!289:289,'Acquisition Model'!O6)*'Acquisition Model'!O7","v":0},{"$f":"INDEX('Financial Model'!289:289,'Acquisition Model'!P6)*'Acquisition Model'!P7","v":0},{"$f":"INDEX('Financial Model'!289:289,'Acquisition Model'!Q6)*'Acquisition Model'!Q7","v":0},{"$f":"INDEX('Financial Model'!289:289,'Acquisition Model'!R6)*'Acquisition Model'!R7","v":0},{"$f":"INDEX('Financial Model'!289:289,'Acquisition Model'!S6)*'Acquisition Model'!S7","v":0},{"$f":"INDEX('Financial Model'!289:289,'Acquisition Model'!T6)*'Acquisition Model'!T7","v":0},{"$f":"INDEX('Financial Model'!289:289,'Acquisition Model'!U6)*'Acquisition Model'!U7","v":0},{"$f":"INDEX('Financial Model'!289:289,'Acquisition Model'!V6)*'Acquisition Model'!V7","v":0}]
[null,null,"Synergies",null,null,{"$f":"'Transaction Assumptions'!$F$78*F7","v":80},{"$f":"'Transaction Assumptions'!$F$78*G7","v":80},{"$f":"'Transaction Assumptions'!$F$78*H7","v":80},{"$f":"'Transaction Assumptions'!$F$78*I7","v":80},{"$f":"'Transaction Assumptions'!$F$78*J7","v":80},{"$f":"'Transaction Assumptions'!$F$78*K7","v":80},{"$f":"'Transaction Assumptions'!$F$78*L7","v":0},{"$f":"'Transaction Assumptions'!$F$78*M7","v":0},{"$f":"'Transaction Assumptions'!$F$78*N7","v":0},{"$f":"'Transaction Assumptions'!$F$78*O7","v":0},{"$f":"'Transaction Assumptions'!$F$78*P7","v":0},{"$f":"'Transaction Assumptions'!$F$78*Q7","v":0},{"$f":"'Transaction Assumptions'!$F$78*R7","v":0},{"$f":"'Transaction Assumptions'!$F$78*S7","v":0},{"$f":"'Transaction Assumptions'!$F$78*T7","v":0},{"$f":"'Transaction Assumptions'!$F$78*U7","v":0},{"$f":"'Transaction Assumptions'!$F$78*V7","v":0}]
[null,null,"EBITDA",null,null,{"$f":"F13-F14+F16","v":158.20015470520184},{"$f":"G13-G14+G16","v":74.228546342293384},178.81506858640546,221.74489513793014,271.67992532242579,418.6107285187627,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Periodic"]
[null,null,"Revenues",null,null,{"$f":"F13*F9","v":2097.7333374023437},1515.163606911447,1640.8201121052634,1842.9405186632944,2973.3112690463204,1214.118914894543,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Expeses",null,null,{"$f":"F14*F9","v":2045.599900932209},1520.9350605691536,1542.005043518858,1701.1956235253642,2781.6313437238946,1100.308086697959,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Capital Expenditures",null,null,{"$f":"F15*F9","v":244.5333251953125},72.72,73.447199999999995,74.548907999999997,688.82321254739963,35.21520395816691,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Synergies",null,null,{"$f":"F16*F9*F7","v":53.333333333333329},80,80,80,80,26.888888888888893,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Terminal Proceeds"]
[null,null,"Exit EV/EBITDA",null,null,{"$f":"'Transaction Assumptions'!$F$6","v":12},{"$f":"'Transaction Assumptions'!$F$6","v":12},{"$f":"'Transaction Assumptions'!$F$6","v":12},{"$f":"'Transaction Assumptions'!$F$6","v":12},{"$f":"'Transaction Assumptions'!$F$6","v":12},{"$f":"'Transaction Assumptions'!$F$6","v":12},{"$f":"'Transaction Assumptions'!$F$6","v":12},{"$f":"'Transaction Assumptions'!$F$6","v":12},{"$f":"'Transaction Assumptions'!$F$6","v":12},{"$f":"'Transaction Assumptions'!$F$6","v":12},{"$f":"'Transaction Assumptions'!$F$6","v":12},{"$f":"'Transaction Assumptions'!$F$6","v":12},{"$f":"'Transaction Assumptions'!$F$6","v":12},{"$f":"'Transaction Assumptions'!$F$6","v":12},{"$f":"'Transaction Assumptions'!$F$6","v":12},{"$f":"'Transaction Assumptions'!$F$6","v":12},{"$f":"'Transaction Assumptions'!$F$6","v":12}]
[null,null,"Exit Proceeds",null,null,{"$f":"F26*F17*F8","v":0},0,0,0,0,5023.3287422251524,0,0,0,0,0,0,0,0,0,0,0]
[]
["Working Capital"]
[null,null,"Total Non-Cash Current Asset"]
[null,null,null,"Current Assets as Pct of Revenue",null,{"$f":"INDEX('Financial Model'!293:293,'Acquisition Model'!F6)","v":0.41892835591368438},{"$f":"INDEX('Financial Model'!293:293,'Acquisition Model'!G6)","v":0.45316666666666666},{"$f":"INDEX('Financial Model'!293:293,'Acquisition Model'!H6)","v":0.43888800705467379},{"$f":"INDEX('Financial Model'!293:293,'Acquisition Model'!I6)","v":0.43564285714285716},{"$f":"INDEX('Financial Model'!293:293,'Acquisition Model'!J6)","v":0.44033673469387763},{"$f":"INDEX('Financial Model'!293:293,'Acquisition Model'!K6)","v":0.43413218390804598},{"$f":"INDEX('Financial Model'!293:293,'Acquisition Model'!L6)","v":0.43413218390804598},{"$f":"INDEX('Financial Model'!293:293,'Acquisition Model'!M6)","v":0.43413218390804598},{"$f":"INDEX('Financial Model'!293:293,'Acquisition Model'!N6)","v":0.43413218390804598},{"$f":"INDEX('Financial Model'!293:293,'Acquisition Model'!O6)","v":0.43413218390804598},{"$f":"INDEX('Financial Model'!293:293,'Acquisition Model'!P6)","v":0.43413218390804598},{"$f":"INDEX('Financial Model'!293:293,'Acquisition Model'!Q6)","v":0.43413218390804598},{"$f":"INDEX('Financial Model'!293:293,'Acquisition Model'!R6)","v":0.43413218390804598},{"$f":"INDEX('Financial Model'!293:293,'Acquisition Model'!S6)","v":0.43413218390804598},{"$f":"INDEX('Financial Model'!293:293,'Acquisition Model'!T6)","v":0.43413218390804598},{"$f":"INDEX('Financial Model'!293:293,'Acquisition Model'!U6)","v":0.43413218390804598},{"$f":"INDEX('Financial Model'!293:293,'Acquisition Model'!V6)","v":0.43413218390804598}]
[null,null,null,"Level of Current Assets",{"$f":"'Pro-forma Balance'!P40","v":1298.199967274935},{"$f":"F31*F13","v":1318.199967274935},{"$f":"G31*G13","v":686.62164119870408},720.13626893710546,802.86387309481665,1309.2581754403661,1568.1959882397073,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Total Non-Cash Current Liab"]
[null,null,null,"Current Liab as Pct of Expenses",null,{"$f":"INDEX('Financial Model'!295:295,'Acquisition Model'!F6)","v":0.33747229818961455},{"$f":"INDEX('Financial Model'!295:295,'Acquisition Model'!G6)","v":0.33847490874389424},{"$f":"INDEX('Financial Model'!295:295,'Acquisition Model'!H6)","v":0.33574464784951896},{"$f":"INDEX('Financial Model'!295:295,'Acquisition Model'!I6)","v":0.32917561154607555},{"$f":"INDEX('Financial Model'!295:295,'Acquisition Model'!J6)","v":0.36146983956468015},{"$f":"INDEX('Financial Model'!295:295,'Acquisition Model'!K6)","v":0.30206615955693761},{"$f":"INDEX('Financial Model'!295:295,'Acquisition Model'!L6)","v":0.30206615955693761},{"$f":"INDEX('Financial Model'!295:295,'Acquisition Model'!M6)","v":0.30206615955693761},{"$f":"INDEX('Financial Model'!295:295,'Acquisition Model'!N6)","v":0.30206615955693761},{"$f":"INDEX('Financial Model'!295:295,'Acquisition Model'!O6)","v":0.30206615955693761},{"$f":"INDEX('Financial Model'!295:295,'Acquisition Model'!P6)","v":0.30206615955693761},{"$f":"INDEX('Financial Model'!295:295,'Acquisition Model'!Q6)","v":0.30206615955693761},{"$f":"INDEX('Financial Model'!295:295,'Acquisition Model'!R6)","v":0.30206615955693761},{"$f":"INDEX('Financial Model'!295:295,'Acquisition Model'!S6)","v":0.30206615955693761},{"$f":"INDEX('Financial Model'!295:295,'Acquisition Model'!T6)","v":0.30206615955693761},{"$f":"INDEX('Financial Model'!295:295,'Acquisition Model'!U6)","v":0.30206615955693761},{"$f":"INDEX('Financial Model'!295:295,'Acquisition Model'!V6)","v":0.30206615955693761}]
[null,null,null,"Level of Current Liab",{"$f":"'Pro-forma Balance'!P53","v":735.4999496160608},{"$f":"F36*F14","v":1035.4999496160608},{"$f":"G36*G14","v":514.79835583153351},517.7199403184211,559.99210973346908,1005.4758355439618,988.85703891062781,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Total Working Capital",{"$f":"E32-E37","v":562.70001765887423},{"$f":"F32-F37","v":282.70001765887423},171.82328536717057,202.41632861868436,242.87176336134758,303.78233989640432,579.33894932907947,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Working Capital Change",null,{"$f":"(F39-E39)*F7","v":-280},-110.87673229170366,30.593043251513791,40.455434742663215,60.910576535056748,275.55660943267515,0,0,0,0,0,0,0,0,0,0,0]
[]
["Fixed Assets"]
[]
[null,"Net Plant Assets"]
[null,null,"Opening Balance",null,null,{"$f":"E49","v":1069.199951171875},{"$f":"F49","v":1339.5184679459644},1318.4721751897468,1299.6263229264646,1283.2013883216121,1882.2005036864989,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755]
[null,null,"Add: Cap Exp",null,null,{"$f":"F15","v":366.79998779296875},{"$f":"G15","v":72.72},73.447199999999995,74.548907999999997,688.82321254739963,104.77250764413296,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Depreciation",null,null,{"$f":"F52","v":96.481471018879319},{"$f":"G52","v":93.766292756217524},92.293052263282291,90.973842604852535,89.824097182512858,131.75403525805493,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Exit Proceeds",null,null,{"$f":"F27","v":0},{"$f":"G27","v":0},0,0,0,5023.3287422251524,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,{"$f":"'Pro-forma Balance'!P41","v":1069.199951171875},{"$f":"F45+F46-F47-F48","v":1339.5184679459644},{"$f":"G45+G46-G47-G48","v":1318.4721751897468},1299.6263229264646,1283.2013883216121,1882.2005036864989,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755]
[]
[null,null,"Depreciation Rate",null,null,{"$f":"INDEX('Financial Model'!297:297,'Acquisition Model'!F6)","v":9.0237070169272598E-2},{"$f":"INDEX('Financial Model'!297:297,'Acquisition Model'!G6)","v":7.0000000000000007E-2},{"$f":"INDEX('Financial Model'!297:297,'Acquisition Model'!H6)","v":7.0000000000000007E-2},{"$f":"INDEX('Financial Model'!297:297,'Acquisition Model'!I6)","v":7.0000000000000007E-2},{"$f":"INDEX('Financial Model'!297:297,'Acquisition Model'!J6)","v":7.0000000000000007E-2},{"$f":"INDEX('Financial Model'!297:297,'Acquisition Model'!K6)","v":7.0000000000000007E-2},{"$f":"INDEX('Financial Model'!297:297,'Acquisition Model'!L6)","v":7.0000000000000007E-2},{"$f":"INDEX('Financial Model'!297:297,'Acquisition Model'!M6)","v":7.0000000000000007E-2},{"$f":"INDEX('Financial Model'!297:297,'Acquisition Model'!N6)","v":7.0000000000000007E-2},{"$f":"INDEX('Financial Model'!297:297,'Acquisition Model'!O6)","v":7.0000000000000007E-2},{"$f":"INDEX('Financial Model'!297:297,'Acquisition Model'!P6)","v":7.0000000000000007E-2},{"$f":"INDEX('Financial Model'!297:297,'Acquisition Model'!Q6)","v":7.0000000000000007E-2},{"$f":"INDEX('Financial Model'!297:297,'Acquisition Model'!R6)","v":7.0000000000000007E-2},{"$f":"INDEX('Financial Model'!297:297,'Acquisition Model'!S6)","v":7.0000000000000007E-2},{"$f":"INDEX('Financial Model'!297:297,'Acquisition Model'!T6)","v":7.0000000000000007E-2},{"$f":"INDEX('Financial Model'!297:297,'Acquisition Model'!U6)","v":7.0000000000000007E-2},{"$f":"INDEX('Financial Model'!297:297,'Acquisition Model'!V6)","v":7.0000000000000007E-2}]
[null,null,"Depreciation Expense",null,null,{"$f":"F51*F45*F7","v":96.481471018879319},93.766292756217524,92.293052263282291,90.973842604852535,89.824097182512858,131.75403525805493,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Tax Depreciaiton",null,null,{"$f":"INDEX('Financial Model'!148:148,'Acquisition Model'!F6)*F9","v":94.400004069010407},{"$f":"INDEX('Financial Model'!148:148,'Acquisition Model'!G6)*G9","v":109.84399658203127},{"$f":"INDEX('Financial Model'!148:148,'Acquisition Model'!H6)*H9","v":107.24531682128908},{"$f":"INDEX('Financial Model'!148:148,'Acquisition Model'!I6)*I9","v":104.87944864379884},{"$f":"INDEX('Financial Model'!148:148,'Acquisition Model'!J6)*J9","v":102.75631079873291},{"$f":"INDEX('Financial Model'!148:148,'Acquisition Model'!K6)*K9","v":48.326389623494151},{"$f":"INDEX('Financial Model'!148:148,'Acquisition Model'!L6)*L9","v":0},{"$f":"INDEX('Financial Model'!148:148,'Acquisition Model'!M6)*M9","v":0},{"$f":"INDEX('Financial Model'!148:148,'Acquisition Model'!N6)*N9","v":0},{"$f":"INDEX('Financial Model'!148:148,'Acquisition Model'!O6)*O9","v":0},{"$f":"INDEX('Financial Model'!148:148,'Acquisition Model'!P6)*P9","v":0},{"$f":"INDEX('Financial Model'!148:148,'Acquisition Model'!Q6)*Q9","v":0},{"$f":"INDEX('Financial Model'!148:148,'Acquisition Model'!R6)*R9","v":0},{"$f":"INDEX('Financial Model'!148:148,'Acquisition Model'!S6)*S9","v":0},{"$f":"INDEX('Financial Model'!148:148,'Acquisition Model'!T6)*T9","v":0},{"$f":"INDEX('Financial Model'!148:148,'Acquisition Model'!U6)*U9","v":0},{"$f":"INDEX('Financial Model'!148:148,'Acquisition Model'!V6)*V9","v":0}]
[]
[null,"Intangible Asset"]
[null,null,"Base Level of Intangible Assets",null,{"$f":"'Pro-forma Balance'!P43","v":123},{"$f":"E57","v":123},{"$f":"F57","v":123},123,123,123,123,123,123,123,123,123,123,123,123,123,123,123]
[null,null,"Amortisation Rate",null,null,{"$f":"'Transaction Assumptions'!$F$74","v":0.03},{"$f":"'Transaction Assumptions'!$F$74","v":0.03},{"$f":"'Transaction Assumptions'!$F$74","v":0.03},{"$f":"'Transaction Assumptions'!$F$74","v":0.03},{"$f":"'Transaction Assumptions'!$F$74","v":0.03},{"$f":"'Transaction Assumptions'!$F$74","v":0.03},{"$f":"'Transaction Assumptions'!$F$74","v":0.03},{"$f":"'Transaction Assumptions'!$F$74","v":0.03},{"$f":"'Transaction Assumptions'!$F$74","v":0.03},{"$f":"'Transaction Assumptions'!$F$74","v":0.03},{"$f":"'Transaction Assumptions'!$F$74","v":0.03},{"$f":"'Transaction Assumptions'!$F$74","v":0.03},{"$f":"'Transaction Assumptions'!$F$74","v":0.03},{"$f":"'Transaction Assumptions'!$F$74","v":0.03},{"$f":"'Transaction Assumptions'!$F$74","v":0.03},{"$f":"'Transaction Assumptions'!$F$74","v":0.03},{"$f":"'Transaction Assumptions'!$F$74","v":0.03}]
[null,null,"Amortisation  ",null,null,{"$f":"MIN(F57*F58*F7,E60)","v":3.69},3.69,3.69,3.69,3.69,3.69,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Net Unamortised Amount",null,{"$f":"E57","v":123},{"$f":"E60-F59","v":119.31},{"$f":"F60-G59","v":115.62},111.93,108.24000000000001,104.55000000000001,100.86000000000001,100.86000000000001,100.86000000000001,100.86000000000001,100.86000000000001,100.86000000000001,100.86000000000001,100.86000000000001,100.86000000000001,100.86000000000001,100.86000000000001,100.86000000000001]
[]
[null,"Debt Issue Cost"]
[null,null,"Base Level of Debt Issue Cost",null,{"$f":"'Pro-forma Balance'!P44","v":15},{"$f":"E63","v":15},{"$f":"F63","v":15},15,15,15,15,15,15,15,15,15,15,15,15,15,15,15]
[null,null,"Amortisation Rate",null,null,{"$f":"'Transaction Assumptions'!$F$75","v":0.2},{"$f":"'Transaction Assumptions'!$F$75","v":0.2},{"$f":"'Transaction Assumptions'!$F$75","v":0.2},{"$f":"'Transaction Assumptions'!$F$75","v":0.2},{"$f":"'Transaction Assumptions'!$F$75","v":0.2},{"$f":"'Transaction Assumptions'!$F$75","v":0.2},{"$f":"'Transaction Assumptions'!$F$75","v":0.2},{"$f":"'Transaction Assumptions'!$F$75","v":0.2},{"$f":"'Transaction Assumptions'!$F$75","v":0.2},{"$f":"'Transaction Assumptions'!$F$75","v":0.2},{"$f":"'Transaction Assumptions'!$F$75","v":0.2},{"$f":"'Transaction Assumptions'!$F$75","v":0.2},{"$f":"'Transaction Assumptions'!$F$75","v":0.2},{"$f":"'Transaction Assumptions'!$F$75","v":0.2},{"$f":"'Transaction Assumptions'!$F$75","v":0.2},{"$f":"'Transaction Assumptions'!$F$75","v":0.2},{"$f":"'Transaction Assumptions'!$F$75","v":0.2}]
[null,null,"Amortisation  ",null,null,{"$f":"MIN(F63*F64*F7,E66)","v":3},3,3,3,3,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Net Unamortised Amount",null,{"$f":"E63","v":15},{"$f":"E66-F65","v":12},{"$f":"F66-G65","v":9},6,3,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Goodwill",null,null,{"$f":"'Pro-forma Balance'!P42","v":174.79601230239939},{"$f":"E68","v":174.79601230239939},{"$f":"F68","v":174.79601230239939},174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939]
[]
[null,"Affiliates",null,null,{"$f":"'Pro-forma Balance'!P45","v":0},{"$f":"E70","v":0},{"$f":"F70","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Deferred taxes",null,null,{"$f":"'Pro-forma Balance'!P46","v":70.999998092651367},{"$f":"E71","v":70.999998092651367},{"$f":"F71","v":70.999998092651367},70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367]
[null,"Prepayments",null,null,{"$f":"'Pro-forma Balance'!P47","v":256.40000534057617},{"$f":"E72","v":256.40000534057617},{"$f":"F72","v":256.40000534057617},256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617]
[]
["Debt Schedule"]
[]
[null,"Existing Long-term Debt"]
[null,null,"Repayment Percent",null,null,{"$f":"INDEX('Financial Model Assumptions'!160:160,'Acquisition Model'!F6)*'Acquisition Model'!F9","v":0.13333333333333333},{"$f":"INDEX('Financial Model Assumptions'!160:160,'Acquisition Model'!G6)*'Acquisition Model'!G9","v":0.2},{"$f":"INDEX('Financial Model Assumptions'!160:160,'Acquisition Model'!H6)*'Acquisition Model'!H9","v":0.2},{"$f":"INDEX('Financial Model Assumptions'!160:160,'Acquisition Model'!I6)*'Acquisition Model'!I9","v":0.2},{"$f":"INDEX('Financial Model Assumptions'!160:160,'Acquisition Model'!J6)*'Acquisition Model'!J9","v":0.2},{"$f":"INDEX('Financial Model Assumptions'!160:160,'Acquisition Model'!K6)*'Acquisition Model'!K9","v":6.7222222222222225E-2},{"$f":"INDEX('Financial Model Assumptions'!160:160,'Acquisition Model'!L6)*'Acquisition Model'!L9","v":0},{"$f":"INDEX('Financial Model Assumptions'!160:160,'Acquisition Model'!M6)*'Acquisition Model'!M9","v":0},{"$f":"INDEX('Financial Model Assumptions'!160:160,'Acquisition Model'!N6)*'Acquisition Model'!N9","v":0},{"$f":"INDEX('Financial Model Assumptions'!160:160,'Acquisition Model'!O6)*'Acquisition Model'!O9","v":0},{"$f":"INDEX('Financial Model Assumptions'!160:160,'Acquisition Model'!P6)*'Acquisition Model'!P9","v":0},{"$f":"INDEX('Financial Model Assumptions'!160:160,'Acquisition Model'!Q6)*'Acquisition Model'!Q9","v":0},{"$f":"INDEX('Financial Model Assumptions'!160:160,'Acquisition Model'!R6)*'Acquisition Model'!R9","v":0},{"$f":"INDEX('Financial Model Assumptions'!160:160,'Acquisition Model'!S6)*'Acquisition Model'!S9","v":0},{"$f":"INDEX('Financial Model Assumptions'!160:160,'Acquisition Model'!T6)*'Acquisition Model'!T9","v":0},{"$f":"INDEX('Financial Model Assumptions'!160:160,'Acquisition Model'!U6)*'Acquisition Model'!U9","v":0},{"$f":"INDEX('Financial Model Assumptions'!160:160,'Acquisition Model'!V6)*'Acquisition Model'!V9","v":0}]
[null,null,"Interest Rate",null,null,{"$f":"G78","v":0.08},{"$f":"INDEX('Financial Model'!177:177,'Acquisition Model'!G6)","v":0.08},{"$f":"INDEX('Financial Model'!177:177,'Acquisition Model'!H6)","v":0.08},{"$f":"INDEX('Financial Model'!177:177,'Acquisition Model'!I6)","v":7.0000000000000007E-2},{"$f":"INDEX('Financial Model'!177:177,'Acquisition Model'!J6)","v":7.0000000000000007E-2},{"$f":"INDEX('Financial Model'!177:177,'Acquisition Model'!K6)","v":0.06},{"$f":"INDEX('Financial Model'!177:177,'Acquisition Model'!L6)","v":0.06},{"$f":"INDEX('Financial Model'!177:177,'Acquisition Model'!M6)","v":0.06},{"$f":"INDEX('Financial Model'!177:177,'Acquisition Model'!N6)","v":0.06},{"$f":"INDEX('Financial Model'!177:177,'Acquisition Model'!O6)","v":0.06},{"$f":"INDEX('Financial Model'!177:177,'Acquisition Model'!P6)","v":0.06},{"$f":"INDEX('Financial Model'!177:177,'Acquisition Model'!Q6)","v":0.06},{"$f":"INDEX('Financial Model'!177:177,'Acquisition Model'!R6)","v":0.06},{"$f":"INDEX('Financial Model'!177:177,'Acquisition Model'!S6)","v":0.06},{"$f":"INDEX('Financial Model'!177:177,'Acquisition Model'!T6)","v":0.06},{"$f":"INDEX('Financial Model'!177:177,'Acquisition Model'!U6)","v":0.06},{"$f":"INDEX('Financial Model'!177:177,'Acquisition Model'!V6)","v":0.06}]
[]
[]
[null,null,"Opeing Balance",null,null,{"$f":"E84","v":714.20002746582031},{"$f":"F84","v":618.97335713704433},476.13335164388025,333.29334615071616,190.4533406575521,47.613335164388047,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayments",null,null,{"$f":"$E$84*F77","v":95.226670328776038},{"$f":"$E$84*G77","v":142.84000549316406},142.84000549316406,142.84000549316406,142.84000549316406,48.010112957424589,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment at Exit",null,null,{"$f":"(F81-F82)*F8","v":0},0,0,0,0,-0.39677779303654148,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,{"$f":"'Pro-forma Balance'!P54","v":714.20002746582031},{"$f":"F81-F82-F83","v":618.97335713704433},{"$f":"G81-G82-G83","v":476.13335164388025},333.29334615071616,190.4533406575521,47.613335164388047,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Interest Rate",null,null,{"$f":"F78*F9","v":5.333333333333333E-2},0.08,0.08,7.0000000000000007E-2,7.0000000000000007E-2,2.0166666666666666E-2,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest Expense",null,null,{"$f":"F86*F81","v":38.090668131510412},{"$f":"G86*G81","v":49.51786857096355},38.090668131510419,23.330534230550132,13.331733846028648,0.96020225914849222,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Amortising Debt"]
[null,null,"Opening Balance",null,null,{"$f":"E93","v":200},{"$f":"F93","v":160},120,80,40,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Amortisiation",null,null,{"$f":"MIN(F90,$E$93/'Transaction Assumptions'!$F$33)","v":40},{"$f":"MIN(G90,$E$93/'Transaction Assumptions'!$F$33)","v":40},{"$f":"MIN(H90,$E$93/'Transaction Assumptions'!$F$33)","v":40},{"$f":"MIN(I90,$E$93/'Transaction Assumptions'!$F$33)","v":40},{"$f":"MIN(J90,$E$93/'Transaction Assumptions'!$F$33)","v":40},{"$f":"MIN(K90,$E$93/'Transaction Assumptions'!$F$33)","v":0},{"$f":"MIN(L90,$E$93/'Transaction Assumptions'!$F$33)","v":0},{"$f":"MIN(M90,$E$93/'Transaction Assumptions'!$F$33)","v":0},{"$f":"MIN(N90,$E$93/'Transaction Assumptions'!$F$33)","v":0},{"$f":"MIN(O90,$E$93/'Transaction Assumptions'!$F$33)","v":0},{"$f":"MIN(P90,$E$93/'Transaction Assumptions'!$F$33)","v":0},{"$f":"MIN(Q90,$E$93/'Transaction Assumptions'!$F$33)","v":0},{"$f":"MIN(R90,$E$93/'Transaction Assumptions'!$F$33)","v":0},{"$f":"MIN(S90,$E$93/'Transaction Assumptions'!$F$33)","v":0},{"$f":"MIN(T90,$E$93/'Transaction Assumptions'!$F$33)","v":0},{"$f":"MIN(U90,$E$93/'Transaction Assumptions'!$F$33)","v":0},{"$f":"MIN(V90,$E$93/'Transaction Assumptions'!$F$33)","v":0}]
[null,null,"Less: Repayment at Exit",null,null,{"$f":"(F90-F91)*F8","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,{"$f":"'Pro-forma Balance'!P55","v":200},{"$f":"F90-F91-F92","v":160},{"$f":"G90-G91-G92","v":120},80,40,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Interest Rate - EURIBOR",null,null,{"$f":"'Transaction Assumptions'!$F$35","v":0.02},{"$f":"'Transaction Assumptions'!$F$35","v":0.02},{"$f":"'Transaction Assumptions'!$F$35","v":0.02},{"$f":"'Transaction Assumptions'!$F$35","v":0.02},{"$f":"'Transaction Assumptions'!$F$35","v":0.02},{"$f":"'Transaction Assumptions'!$F$35","v":0.02},{"$f":"'Transaction Assumptions'!$F$35","v":0.02},{"$f":"'Transaction Assumptions'!$F$35","v":0.02},{"$f":"'Transaction Assumptions'!$F$35","v":0.02},{"$f":"'Transaction Assumptions'!$F$35","v":0.02},{"$f":"'Transaction Assumptions'!$F$35","v":0.02},{"$f":"'Transaction Assumptions'!$F$35","v":0.02},{"$f":"'Transaction Assumptions'!$F$35","v":0.02},{"$f":"'Transaction Assumptions'!$F$35","v":0.02},{"$f":"'Transaction Assumptions'!$F$35","v":0.02},{"$f":"'Transaction Assumptions'!$F$35","v":0.02},{"$f":"'Transaction Assumptions'!$F$35","v":0.02}]
[null,null,"Credit Spread",null,null,{"$f":"LOOKUP(F234,'Transaction Assumptions'!$E$38:$F$41)","v":0.05},{"$f":"LOOKUP(G234,'Transaction Assumptions'!$E$38:$F$41)","v":0.05},{"$f":"LOOKUP(H234,'Transaction Assumptions'!$E$38:$F$41)","v":0.04},{"$f":"LOOKUP(I234,'Transaction Assumptions'!$E$38:$F$41)","v":3.5000000000000003E-2},{"$f":"LOOKUP(J234,'Transaction Assumptions'!$E$38:$F$41)","v":0.05},{"$f":"LOOKUP(K234,'Transaction Assumptions'!$E$38:$F$41)","v":0.05},{"$f":"LOOKUP(L234,'Transaction Assumptions'!$E$38:$F$41)","v":0.05},{"$f":"LOOKUP(M234,'Transaction Assumptions'!$E$38:$F$41)","v":0.05},{"$f":"LOOKUP(N234,'Transaction Assumptions'!$E$38:$F$41)","v":0.05},{"$f":"LOOKUP(O234,'Transaction Assumptions'!$E$38:$F$41)","v":0.05},{"$f":"LOOKUP(P234,'Transaction Assumptions'!$E$38:$F$41)","v":0.05},{"$f":"LOOKUP(Q234,'Transaction Assumptions'!$E$38:$F$41)","v":0.05},{"$f":"LOOKUP(R234,'Transaction Assumptions'!$E$38:$F$41)","v":0.05},{"$f":"LOOKUP(S234,'Transaction Assumptions'!$E$38:$F$41)","v":0.05},{"$f":"LOOKUP(T234,'Transaction Assumptions'!$E$38:$F$41)","v":0.05},{"$f":"LOOKUP(U234,'Transaction Assumptions'!$E$38:$F$41)","v":0.05},{"$f":"LOOKUP(V234,'Transaction Assumptions'!$E$38:$F$41)","v":0.05}]
[null,null,"Total Interest Rate",null,null,{"$f":"F95+F96","v":7.0000000000000007E-2},{"$f":"G95+G96","v":7.0000000000000007E-2},0.06,5.5000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,"Periodic Interest Rate",null,null,{"$f":"F97*F9","v":4.6666666666666669E-2},7.0000000000000007E-2,0.06,5.5000000000000007E-2,7.0000000000000007E-2,2.3527777777777783E-2,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Interest Expense",null,null,{"$f":"F98*F90","v":9.3333333333333339},{"$f":"G98*G90","v":11.200000000000001},7.1999999999999993,4.4000000000000004,2.8000000000000003,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Bullet Debt"]
[null,null,"Opening Balance",null,null,{"$f":"E105","v":100},{"$f":"F105","v":100},100,100,100,100,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment at Exit",null,null,{"$f":"F103*F8","v":0},0,0,0,0,100,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,{"$f":"'Pro-forma Balance'!P56","v":100},{"$f":"F103-F104","v":100},{"$f":"G103-G104","v":100},100,100,100,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Total Interest Rate",null,null,{"$f":"F98","v":4.6666666666666669E-2},{"$f":"G98","v":7.0000000000000007E-2},0.06,5.5000000000000007E-2,7.0000000000000007E-2,2.3527777777777783E-2,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest Expense",null,null,{"$f":"F107*F103","v":4.666666666666667},{"$f":"G107*G103","v":7.0000000000000009},6,5.5000000000000009,7.0000000000000009,2.3527777777777783,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Sinking Fund"]
[null,null,"Total Requirement for Sinking Fund",null,{"$f":"$E$105","v":100},{"$f":"$E$105","v":100},100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100]
[null,null,"Amount already Deposted",null,null,{"$f":"F115","v":0},{"$f":"G115","v":0},0,0,0,0,100,0,0,0,0,0,0,0,0,0,0]
[null,null,"Remaining Amout Required",null,null,{"$f":"F111-F112","v":100},{"$f":"G111-G112","v":100},100,100,100,100,0,100,100,100,100,100,100,100,100,100,100]
[]
[null,null,"Opeing Balance",null,null,{"$f":"E119","v":0},{"$f":"F119","v":0},0,0,0,0,100,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Cash Sweep",null,null,{"$f":"F212","v":0},{"$f":"G212","v":0},0,0,0,100,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Cash Used for Negative Cash Flow",null,null,{"$f":"F213","v":0},{"$f":"G213","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Cash Used at Terminal Period",null,null,{"$f":"F115*F8","v":0},0,0,0,0,0,100,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,{"$f":"F115+F116-F117-F118","v":0},{"$f":"G115+G116-G117-G118","v":0},0,0,0,100,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Interest Income Rate"]
[null,null,"Interest Income  "]
[]
[null,"Revolving Credit Faciliaty"]
[null,null,"Commitment",null,{"$f":"'Transaction Assumptions'!$F$53","v":300},{"$f":"'Transaction Assumptions'!$F$53","v":300},{"$f":"'Transaction Assumptions'!$F$53","v":300},{"$f":"'Transaction Assumptions'!$F$53","v":300},{"$f":"'Transaction Assumptions'!$F$53","v":300},{"$f":"'Transaction Assumptions'!$F$53","v":300},{"$f":"'Transaction Assumptions'!$F$53","v":300},{"$f":"'Transaction Assumptions'!$F$53","v":300},{"$f":"'Transaction Assumptions'!$F$53","v":300},{"$f":"'Transaction Assumptions'!$F$53","v":300},{"$f":"'Transaction Assumptions'!$F$53","v":300},{"$f":"'Transaction Assumptions'!$F$53","v":300},{"$f":"'Transaction Assumptions'!$F$53","v":300},{"$f":"'Transaction Assumptions'!$F$53","v":300},{"$f":"'Transaction Assumptions'!$F$53","v":300},{"$f":"'Transaction Assumptions'!$F$53","v":300},{"$f":"'Transaction Assumptions'!$F$53","v":300},{"$f":"'Transaction Assumptions'!$F$53","v":300}]
[null,null,"Less: Amount Already Borrowed",null,null,{"$f":"F129","v":0},{"$f":"G129","v":168.65055644978719},300,300,300,300,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Remaing Amount to Borrow",null,null,{"$f":"F125-F126","v":300},{"$f":"G125-G126","v":131.34944355021281},0,0,0,0,300,300,300,300,300,300,300,300,300,300,300]
[]
[null,null,"Opening Balance",null,null,{"$f":"E132","v":0},{"$f":"F132","v":168.65055644978719},300,300,300,300,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Borrwings",null,null,{"$f":"F215","v":168.65055644978719},{"$f":"G215","v":131.34944355021281},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment",null,null,{"$f":"F216","v":0},{"$f":"G216","v":0},0,0,0,300,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,{"$f":"F129+F130-F131","v":168.65055644978719},{"$f":"G129+G130-G131","v":300},300,300,300,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Interest Rate",null,null,{"$f":"F107","v":4.6666666666666669E-2},{"$f":"G107","v":7.0000000000000007E-2},0.06,5.5000000000000007E-2,7.0000000000000007E-2,2.3527777777777783E-2,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest Expense",null,null,{"$f":"F134*F129","v":0},{"$f":"G134*G129","v":11.805538951485104},18,16.500000000000004,21.000000000000004,7.0583333333333345,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Defaulted Debt"]
[null,null,"Opening Balance",null,null,{"$f":"E141","v":0},{"$f":"F141","v":0},6.8231518799177593,166.17900016970054,275.5089874981478,968.07908777247872,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Defaults",null,null,{"$f":"F218","v":0},{"$f":"G218","v":6.8231518799177593},159.35584828978278,109.32998732844726,692.57010027433091,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayments of Default",null,null,{"$f":"F219","v":0},{"$f":"G219","v":0},0,0,0,968.07908777247872,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,{"$f":"F138+F139-F140","v":0},{"$f":"G138+G139-G140","v":6.8231518799177593},166.17900016970054,275.5089874981478,968.07908777247872,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Sub Debt"]
[null,null,"Opening Balance",null,null,{"$f":"E147","v":100},{"$f":"F147","v":106.66666666666667},117.33333333333334,129.06666666666666,141.97333333333333,156.17066666666665,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Interest Capitalised",null,null,{"$f":"F153","v":6.666666666666667},{"$f":"G153","v":10.666666666666668},11.733333333333334,12.906666666666666,14.197333333333333,5.2490696296296289,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment at Exit",null,null,{"$f":"(F144+F145)*F8","v":0},0,0,0,0,161.41973629629626,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,{"$f":"'Pro-forma Balance'!P57","v":100},{"$f":"F144+F145-F146","v":106.66666666666667},{"$f":"G144+G145-G146","v":117.33333333333334},129.06666666666666,141.97333333333333,156.17066666666665,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Euribor Rate",null,null,{"$f":"F95","v":0.02},{"$f":"G95","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[null,null,"Margin",null,null,{"$f":"'Transaction Assumptions'!$F$57","v":0.08},{"$f":"'Transaction Assumptions'!$F$57","v":0.08},{"$f":"'Transaction Assumptions'!$F$57","v":0.08},{"$f":"'Transaction Assumptions'!$F$57","v":0.08},{"$f":"'Transaction Assumptions'!$F$57","v":0.08},{"$f":"'Transaction Assumptions'!$F$57","v":0.08},{"$f":"'Transaction Assumptions'!$F$57","v":0.08},{"$f":"'Transaction Assumptions'!$F$57","v":0.08},{"$f":"'Transaction Assumptions'!$F$57","v":0.08},{"$f":"'Transaction Assumptions'!$F$57","v":0.08},{"$f":"'Transaction Assumptions'!$F$57","v":0.08},{"$f":"'Transaction Assumptions'!$F$57","v":0.08},{"$f":"'Transaction Assumptions'!$F$57","v":0.08},{"$f":"'Transaction Assumptions'!$F$57","v":0.08},{"$f":"'Transaction Assumptions'!$F$57","v":0.08},{"$f":"'Transaction Assumptions'!$F$57","v":0.08},{"$f":"'Transaction Assumptions'!$F$57","v":0.08}]
[null,null,"Total Rate",null,null,{"$f":"(F149+F150)*F9","v":6.6666666666666666E-2},0.1,0.1,0.1,0.1,{"$f":"(K149+K150)*K9","v":3.3611111111111112E-2},0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Interest Expense",null,null,{"$f":"F151*F144","v":6.666666666666667},{"$f":"G151*G144","v":10.666666666666668},11.733333333333334,12.906666666666666,14.197333333333333,{"$f":"K151*K144","v":5.2490696296296289},0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Other Long-term Liabilities",null,null,{"$f":"'Pro-forma Balance'!P61","v":167.30000305175781},{"$f":"E155","v":167.30000305175781},{"$f":"F155","v":167.30000305175781},167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781]
[null,"Accrued Warranty Cost",null,null,{"$f":"'Pro-forma Balance'!P58","v":94.099998474121094},{"$f":"E156","v":94.099998474121094},{"$f":"F156","v":94.099998474121094},94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094]
[null,"Retirement Benefit Obligations",null,null,{"$f":"'Pro-forma Balance'!P60","v":0},{"$f":"E157","v":0},{"$f":"F157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
["Profit and Loss "]
[null,null,"Revenues",null,null,{"$f":"F20","v":2097.7333374023437},{"$f":"G20","v":1515.163606911447},1640.8201121052634,1842.9405186632944,2973.3112690463204,1214.118914894543,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Operating Expense",null,null,{"$f":"F21","v":2045.599900932209},{"$f":"G21","v":1520.9350605691536},1542.005043518858,1701.1956235253642,2781.6313437238946,1100.308086697959,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Synergies",null,null,{"$f":"F23","v":53.333333333333329},{"$f":"G23","v":80},80,80,80,26.888888888888893,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBITDA",null,{"$f":"F161-F162+F163","v":105.46676980346804},{"$f":"G161-G162+G163","v":74.228546342293384},178.81506858640546,221.74489513793014,271.67992532242579,140.69971708547288,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Depreciation",null,null,{"$f":"F52","v":96.481471018879319},{"$f":"G52","v":93.766292756217524},92.293052263282291,90.973842604852535,89.824097182512858,131.75403525805493,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Amortisation",null,null,{"$f":"F59+F65","v":6.6899999999999995},{"$f":"G59+G65","v":6.6899999999999995},6.6899999999999995,6.6899999999999995,6.6899999999999995,3.69,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBIT ",null,{"$f":"F164-F165-F166","v":2.2952987845887218},{"$f":"G164-G165-G166","v":-26.227746413924137},79.83201632312317,124.08105253307761,175.16582813991295,5.2556818274179573,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Interest on Exiting Senior Debt",null,null,{"$f":"F87","v":38.090668131510412},{"$f":"G87","v":49.51786857096355},38.090668131510419,23.330534230550132,13.331733846028648,0.96020225914849222,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Interest on A Debt",null,null,{"$f":"F100","v":9.3333333333333339},{"$f":"G100","v":11.200000000000001},7.1999999999999993,4.4000000000000004,2.8000000000000003,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Interest on B Debt",null,null,{"$f":"F108","v":4.666666666666667},{"$f":"G108","v":7.0000000000000009},6,5.5000000000000009,7.0000000000000009,2.3527777777777783,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Interest on C Debt",null,null,{"$f":"F153","v":6.666666666666667},{"$f":"G153","v":10.666666666666668},11.733333333333334,12.906666666666666,14.197333333333333,5.2490696296296289,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBT",null,{"$f":"F167-F168-F169-F170-F171","v":-56.462036013588353},{"$f":"G167-G168-G169-G170-G171","v":-104.61228165155435},16.808014858279421,77.94385163586081,137.83676096055098,-3.3063678391379416,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Taxes Booked",null,null,{"$f":"F172*'Transaction Assumptions'!$F$71","v":-14.115509003397088},{"$f":"G172*'Transaction Assumptions'!$F$71","v":-26.153070412888589},{"$f":"H172*'Transaction Assumptions'!$F$71","v":4.2020037145698552},{"$f":"I172*'Transaction Assumptions'!$F$71","v":19.485962908965202},{"$f":"J172*'Transaction Assumptions'!$F$71","v":34.459190240137744},{"$f":"K172*'Transaction Assumptions'!$F$71","v":-0.82659195978448541},{"$f":"L172*'Transaction Assumptions'!$F$71","v":0},{"$f":"M172*'Transaction Assumptions'!$F$71","v":0},{"$f":"N172*'Transaction Assumptions'!$F$71","v":0},{"$f":"O172*'Transaction Assumptions'!$F$71","v":0},{"$f":"P172*'Transaction Assumptions'!$F$71","v":0},{"$f":"Q172*'Transaction Assumptions'!$F$71","v":0},{"$f":"R172*'Transaction Assumptions'!$F$71","v":0},{"$f":"S172*'Transaction Assumptions'!$F$71","v":0},{"$f":"T172*'Transaction Assumptions'!$F$71","v":0},{"$f":"U172*'Transaction Assumptions'!$F$71","v":0},{"$f":"V172*'Transaction Assumptions'!$F$71","v":0}]
[null,null,null,"Earnings",null,{"$f":"F172-F173","v":-42.346527010191267},{"$f":"G172-G173","v":-78.459211238665773},12.606011143709566,58.457888726895604,103.37757072041323,-2.4797758793534563,0,0,0,0,0,0,0,0,0,0,0]
[]
["Tax Analysis"]
[null,null,"EBT for Books",null,null,{"$f":"F172","v":-56.462036013588353},{"$f":"G172","v":-104.61228165155435},16.808014858279421,77.94385163586081,137.83676096055098,-3.3063678391379416,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add back Book Deprciation",null,null,{"$f":"F165","v":96.481471018879319},{"$f":"G165","v":93.766292756217524},92.293052263282291,90.973842604852535,89.824097182512858,131.75403525805493,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Tax Depreciation",null,null,{"$f":"F54","v":94.400004069010407},{"$f":"G54","v":109.84399658203127},107.24531682128908,104.87944864379884,102.75631079873291,48.326389623494151,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Intangible Asset Amortisation",null,null,{"$f":"F59","v":3.69},{"$f":"G59","v":3.69},3.69,3.69,3.69,3.69,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Adjusted EBT",null,null,{"$f":"F177+F178-F179+F180","v":-50.690569063719444},{"$f":"G177+G178-G179+G180","v":-116.9999854773681},5.5457503002726316,67.728245596914491,128.59454734433092,83.811277795422825,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"NOL Calculation"]
[null,null,"Opening Balance",null,null,{"$f":"E187","v":0},{"$f":"F187","v":50.690569063719444},167.69055454108755,162.14480424081492,94.41655864390043,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Neg Taxable Income",null,null,{"$f":"MAX(-F182,0)","v":50.690569063719444},{"$f":"MAX(-G182,0)","v":116.9999854773681},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: NOL Used",null,null,{"$f":"MIN(F184,MAX(F182,0))","v":0},{"$f":"MIN(G184,MAX(G182,0))","v":0},5.5457503002726316,67.728245596914491,94.41655864390043,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,{"$f":"F184+F185-F186","v":50.690569063719444},{"$f":"G184+G185-G186","v":167.69055454108755},162.14480424081492,94.41655864390043,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Adjuted EBT",null,null,{"$f":"F182+F185-F186","v":0},{"$f":"G182+G185-G186","v":0},0,0,34.17798870043049,83.811277795422825,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Taxes Paid",null,null,{"$f":"F189*'Transaction Assumptions'!$F$71","v":0},{"$f":"G189*'Transaction Assumptions'!$F$71","v":0},{"$f":"H189*'Transaction Assumptions'!$F$71","v":0},{"$f":"I189*'Transaction Assumptions'!$F$71","v":0},{"$f":"J189*'Transaction Assumptions'!$F$71","v":8.5444971751076224},{"$f":"K189*'Transaction Assumptions'!$F$71","v":20.952819448855706},{"$f":"L189*'Transaction Assumptions'!$F$71","v":0},{"$f":"M189*'Transaction Assumptions'!$F$71","v":0},{"$f":"N189*'Transaction Assumptions'!$F$71","v":0},{"$f":"O189*'Transaction Assumptions'!$F$71","v":0},{"$f":"P189*'Transaction Assumptions'!$F$71","v":0},{"$f":"Q189*'Transaction Assumptions'!$F$71","v":0},{"$f":"R189*'Transaction Assumptions'!$F$71","v":0},{"$f":"S189*'Transaction Assumptions'!$F$71","v":0},{"$f":"T189*'Transaction Assumptions'!$F$71","v":0},{"$f":"U189*'Transaction Assumptions'!$F$71","v":0},{"$f":"V189*'Transaction Assumptions'!$F$71","v":0}]
[]
[null,null,"Taxes Deferred",null,null,{"$f":"F173-F190","v":-14.115509003397088},{"$f":"G173-G190","v":-26.153070412888589},4.2020037145698552,19.485962908965202,25.914693065030121,-21.779411408640193,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Accumulated Deferred Tax"]
[null,null,null,"Opening Balance",null,{"$f":"E197","v":150},{"$f":"F197","v":135.88449099660292},109.73142058371434,113.93342429828419,133.4193872072494,159.33408027227952,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934]
[null,null,null,"Add: Change in Deferred Tax",null,{"$f":"F192","v":-14.115509003397088},{"$f":"G192","v":-26.153070412888589},4.2020037145698552,19.485962908965202,25.914693065030121,-21.779411408640193,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance",{"$f":"'Pro-forma Balance'!P59","v":150},{"$f":"F195+F196","v":135.88449099660292},{"$f":"G195+G196","v":109.73142058371434},113.93342429828419,133.4193872072494,159.33408027227952,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934]
[]
[]
["Cash Flow"]
[]
[null,"EBITDA",null,null,null,{"$f":"F164","v":105.46676980346804},{"$f":"G164","v":74.228546342293384},178.81506858640546,221.74489513793014,271.67992532242579,140.69971708547288,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Taxes",null,null,null,{"$f":"F190","v":0},{"$f":"G190","v":0},0,0,8.5444971751076224,20.952819448855706,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: WC Change",null,null,null,{"$f":"F40","v":-280},{"$f":"G40","v":-110.87673229170366},30.593043251513791,40.455434742663215,60.910576535056748,275.55660943267515,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Capital Expenditure",null,null,null,{"$f":"F15","v":366.79998779296875},{"$f":"G15","v":72.72},73.447199999999995,74.548907999999997,688.82321254739963,104.77250764413296,0,0,0,0,0,0,0,0,0,0,0]
[null,"Add: Terminal Proceeds",null,null,null,{"$f":"F27","v":0},{"$f":"G27","v":0},0,0,0,5023.3287422251524,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash Before Debt Payment",null,null,{"$f":"F202-F203-F204-F205+F206","v":18.666782010499276},{"$f":"G202-G203-G204-G205+G206","v":112.38527863399705},74.774825334891673,106.74055239526693,-486.5983609351382,4762.7465227849616,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Senior Debt Interest",null,null,null,{"$f":"F87+F100+F108","v":52.090668131510412},{"$f":"G87+G100+G108","v":67.71786857096356},51.290668131510415,33.230534230550134,23.131733846028649,3.3129800369262705,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Repayment of A Debt",null,null,null,{"$f":"F82+F83+F91+F92","v":135.22667032877604},{"$f":"G82+G83+G91+G92","v":182.84000549316406},182.84000549316406,182.84000549316406,182.84000549316406,47.613335164388047,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Repayment at Exit of B Debt",null,null,null,{"$f":"F104","v":0},{"$f":"G104","v":0},0,0,0,100,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash After Senior Debt",null,null,{"$f":"F207-F208-F209-F210","v":-168.65055644978719},{"$f":"G207-G208-G209-G210","v":-138.17259543013057},-159.35584828978278,-109.32998732844726,-692.57010027433091,4611.8202075836471,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Cash Flow Sweep",null,null,null,{"$f":"MIN(F113,MAX(F211,0))","v":0},{"$f":"MIN(G113,MAX(G211,0))","v":0},0,0,0,100,0,0,0,0,0,0,0,0,0,0,0]
[null,"Add: Use of Sinking Fund ",null,null,null,{"$f":"MIN(F115,MAX(-F211,0))","v":0},{"$f":"MIN(G115,MAX(-G211,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash After Sweep",null,null,{"$f":"F211-F212+F213","v":-168.65055644978719},{"$f":"G211-G212+G213","v":-138.17259543013057},-159.35584828978278,-109.32998732844726,-692.57010027433091,4511.8202075836471,0,0,0,0,0,0,0,0,0,0,0]
[null,"Add: Borrwings from Revolving Credit",null,null,null,{"$f":"MIN(F127,MAX(-F214,0))","v":168.65055644978719},{"$f":"MIN(G127,MAX(-G214,0))","v":131.34944355021281},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Repayment of Revolver",null,null,null,{"$f":"MIN(F129,MAX(F214,0))","v":0},{"$f":"MIN(G129,MAX(G214,0))","v":0},0,0,0,300,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash After Revolver",null,null,{"$f":"F214+F215-F216","v":0},{"$f":"G214+G215-G216","v":-6.8231518799177593},-159.35584828978278,-109.32998732844726,-692.57010027433091,4211.8202075836471,0,0,0,0,0,0,0,0,0,0,0]
[null,"Add: Default",null,null,null,{"$f":"MAX(-F217,0)","v":0},{"$f":"MAX(-G217,0)","v":6.8231518799177593},159.35584828978278,109.32998732844726,692.57010027433091,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Repayment of Default",null,null,null,{"$f":"MIN(F138,MAX(F217,0))","v":0},{"$f":"MIN(G138,MAX(G217,0))","v":0},0,0,0,968.07908777247872,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash to Sub Debt",null,null,{"$f":"F217+F218-F219","v":0},{"$f":"G217+G218-G219","v":0},0,0,0,3243.7411198111686,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Sub Debt",null,null,null,{"$f":"MIN(F146,MAX(F220,0))","v":0},{"$f":"MIN(G146,MAX(G220,0))","v":0},0,0,0,161.41973629629626,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Dividends",null,null,{"$f":"F220-F221","v":0},{"$f":"G220-G221","v":0},0,0,0,3082.3213835148722,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Equity Cash Flow",null,{"$f":"-'Pro-forma Balance'!E18","v":-1113.7079733514402},{"$f":"F222","v":0},{"$f":"G222","v":0},0,0,0,3082.3213835148722,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Equity IRR",null,null,{"$f":"XIRR(E224:V224,E4:V4)","v":0.22553163170814514}]
[]
[null,"Senior Debt IRR"]
[]
[null,"Sub Debt Cash Flow",null,null,{"$f":"-'Pro-forma Balance'!E15","v":-100},{"$f":"F221","v":0},{"$f":"G221","v":0},0,0,0,161.41973629629626,0,0,0,0,0,0,0,0,0,0,0]
[null,"Sub Debt IRR",null,null,{"$f":"XIRR(E230:V230,E4:V4)","v":0.10038787722587586}]
[]
[null,"Debt to EBITDA"]
[null,null,null,null,null,5,5,4.5,3.2,5,5,5,5,5,5,5,5,5,5,5,5,5]
[]
[]
[]
["Balance Sheet"]
[null,"Equity"]
[null,null,"Opening Balance",null,null,{"$f":"E243","v":1108.1960133514401},{"$f":"F243","v":1065.8494863412488},987.39027510258302,999.99628624629258,1058.4541749731882,1161.8317456936013,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243]
[null,null,"Add: Income",null,null,{"$f":"F174","v":-42.346527010191267},{"$f":"G174","v":-78.459211238665773},12.606011143709566,58.457888726895604,103.37757072041323,-2.4797758793534563,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Dividends",null,null,{"$f":"F222","v":0},{"$f":"G222","v":0},0,0,0,3082.3213835148722,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,{"$f":"'Pro-forma Balance'!P63","v":1108.1960133514401},{"$f":"F240+F241-F242","v":1065.8494863412488},{"$f":"G240+G241-G242","v":987.39027510258302},999.99628624629258,1058.4541749731882,1161.8317456936013,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243]
[]
[null,null,"Minority Interest",null,{"$f":"'Pro-forma Balance'!F62","v":6.4000000953674316},{"$f":"E245","v":6.4000000953674316},{"$f":"F245","v":6.4000000953674316},6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316]
[]
[]
["Assets"]
[null,"Cash and Financial Assets",null,null,{"$f":"'Pro-forma Balance'!P39","v":368.10000228881836},{"$f":"E249","v":368.10000228881836},{"$f":"F249","v":368.10000228881836},368.10000228881836,368.10000228881836,368.10000228881836,368.10000228881836,368.10000228881836,368.10000228881836,368.10000228881836,368.10000228881836,368.10000228881836,368.10000228881836,368.10000228881836,368.10000228881836,368.10000228881836,368.10000228881836,368.10000228881836]
[null,"Cash Sweep Sinking Fund",null,null,{"$f":"E119","v":0},{"$f":"F119","v":0},{"$f":"G119","v":0},0,0,0,100,0,0,0,0,0,0,0,0,0,0,0]
[null,"Other Current Assets",null,null,{"$f":"E32","v":1298.199967274935},{"$f":"F32","v":1318.199967274935},{"$f":"G32","v":686.62164119870408},720.13626893710546,802.86387309481665,1309.2581754403661,1568.1959882397073,0,0,0,0,0,0,0,0,0,0,0]
[null,"Net Plant",null,null,{"$f":"E49","v":1069.199951171875},{"$f":"F49","v":1339.5184679459644},{"$f":"G49","v":1318.4721751897468},1299.6263229264646,1283.2013883216121,1882.2005036864989,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755,-3168.1097661525755]
[null,"Goodwill",null,null,{"$f":"E68","v":174.79601230239939},{"$f":"F68","v":174.79601230239939},{"$f":"G68","v":174.79601230239939},174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939,174.79601230239939]
[null,"Intangible Assets",null,null,{"$f":"E60","v":123},{"$f":"F60","v":119.31},{"$f":"G60","v":115.62},111.93,108.24000000000001,104.55000000000001,100.86000000000001,100.86000000000001,100.86000000000001,100.86000000000001,100.86000000000001,100.86000000000001,100.86000000000001,100.86000000000001,100.86000000000001,100.86000000000001,100.86000000000001,100.86000000000001]
[null,"Debt Issue Costs",null,null,{"$f":"E66","v":15},{"$f":"F66","v":12},{"$f":"G66","v":9},6,3,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Affililates",null,null,{"$f":"E70","v":0},0,{"$f":"G70","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Deferred taxes",null,null,70.999998092651367,70.999998092651367,{"$f":"G71","v":70.999998092651367},70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367]
[null,"Prepayments",null,null,256.40000534057617,256.40000534057617,{"$f":"G72","v":256.40000534057617},256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617]
[]
[null,"Total Assets",null,null,{"$f":"SUM(E249:E259)","v":3375.6959364712557},{"$f":"SUM(F249:F259)","v":3659.324453245345},{"$f":"SUM(G249:G259)","v":3000.0098344128965},3007.9886098880152,3067.6012794408744,4166.3046971513104,-528.75775988842292,-2196.95374812813,-2196.95374812813,-2196.95374812813,-2196.95374812813,-2196.95374812813,-2196.95374812813,-2196.95374812813,-2196.95374812813,-2196.95374812813,-2196.95374812813,-2196.95374812813]
[]
["Liabilities and Equity"]
[null,"Short-term Debt",null,null,{"$f":"'Pro-forma Balance'!P52","v":0},{"$f":"'Pro-forma Balance'!Q52","v":0},{"$f":"'Pro-forma Balance'!R52","v":0},{"$f":"'Pro-forma Balance'!S52","v":0},{"$f":"'Pro-forma Balance'!T52","v":0},{"$f":"'Pro-forma Balance'!U52","v":0},{"$f":"'Pro-forma Balance'!V52","v":0},{"$f":"'Pro-forma Balance'!W52","v":0},{"$f":"'Pro-forma Balance'!X52","v":0},{"$f":"'Pro-forma Balance'!Y52","v":0},{"$f":"'Pro-forma Balance'!Z52","v":0},{"$f":"'Pro-forma Balance'!AA52","v":0},{"$f":"'Pro-forma Balance'!AB52","v":0},{"$f":"'Pro-forma Balance'!AC52","v":0},{"$f":"'Pro-forma Balance'!AD52","v":0},{"$f":"'Pro-forma Balance'!AE52","v":0},{"$f":"'Pro-forma Balance'!AF52","v":0},{"$f":"'Pro-forma Balance'!AG52","v":0}]
[null,"Other Current Liabilites",null,null,{"$f":"E37","v":735.4999496160608},{"$f":"F37","v":1035.4999496160608},{"$f":"G37","v":514.79835583153351},517.7199403184211,559.99210973346908,1005.4758355439618,988.85703891062781,0,0,0,0,0,0,0,0,0,0,0]
[null,"Long-term Debt",null,null,{"$f":"E84","v":714.20002746582031},{"$f":"F84","v":618.97335713704433},{"$f":"G84","v":476.13335164388025},333.29334615071616,190.4533406575521,47.613335164388047,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"A Debt",null,null,{"$f":"E93","v":200},{"$f":"F93","v":160},{"$f":"G93","v":120},80,40,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"B Debt",null,null,{"$f":"E105","v":100},{"$f":"F105","v":100},{"$f":"G105","v":100},100,100,100,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"C Debt",null,null,{"$f":"E147","v":100},{"$f":"F147","v":106.66666666666667},{"$f":"G147","v":117.33333333333334},129.06666666666666,141.97333333333333,156.17066666666665,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Revolving Credit Facility",null,null,{"$f":"E132","v":0},{"$f":"F132","v":168.65055644978719},300,300,300,300,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Accrued Warranty Costs",null,null,{"$f":"E156","v":94.099998474121094},{"$f":"F156","v":94.099998474121094},{"$f":"G156","v":94.099998474121094},94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094]
[null,"Deferred tax liabilities",null,null,{"$f":"E197","v":150},{"$f":"F197","v":135.88449099660292},{"$f":"G197","v":109.73142058371434},113.93342429828419,133.4193872072494,159.33408027227952,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934,137.55466886363934]
[null,"Retirement benefit obligations",null,null,{"$f":"E157","v":0},{"$f":"F157","v":0},{"$f":"G157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Other long-term liabilities",null,null,{"$f":"E155","v":167.30000305175781},{"$f":"F155","v":167.30000305175781},{"$f":"G155","v":167.30000305175781},167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781,167.30000305175781]
[null,"Minority Interest",null,null,{"$f":"E245","v":6.4000000953674316},{"$f":"F245","v":6.4000000953674316},{"$f":"G245","v":6.4000000953674316},6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316,6.4000000953674316]
[null,"Equity",null,null,{"$f":"E243","v":1108.1960133514401},{"$f":"F243","v":1065.8494863412488},{"$f":"G243","v":987.39027510258302},999.99628624629258,1058.4541749731882,1161.8317456936013,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243,-1922.9694137006243]
[]
[null,"Total Liabilities and Capital",null,null,{"$f":"SUM(E263:E275)","v":3375.6959920545678},{"$f":"SUM(F263:F275)","v":3659.3245088286571},{"$f":"SUM(G263:G275)","v":2993.1867381162906},2841.8096653016269,2792.0923475260383,3198.225664962144,-528.75770430511079,-1517.6147432157386,-1517.6147432157386,-1517.6147432157386,-1517.6147432157386,-1517.6147432157386,-1517.6147432157386,-1517.6147432157386,-1517.6147432157386,-1517.6147432157386,-1517.6147432157386,-1517.6147432157386]
[]
[null,"Difference",null,null,null,{"$f":"F277-F260","v":5.5583312132512219E-5},{"$f":"G277-G260","v":-6.8230962966058541},-166.1789445863883,-275.50893191483601,-968.07903218916636,5.5583312132512219E-5,679.33900491239137,679.33900491239137,679.33900491239137,679.33900491239137,679.33900491239137,679.33900491239137,679.33900491239137,679.33900491239137,679.33900491239137,679.33900491239137,679.33900491239137]
[null,null,null,null,null,null,{"$f":"G279-F279","v":-6.8231518799179867},{"$f":"H279-G279","v":-159.35584828978244},-109.32998732844771,-692.57010027433034,968.07908777247849,679.33894932907924,0,0,0,0,0,0,0,0,0,0]

{"sheet":"Summary DCF","index":5,"n_rows":23,"n_cols":5,"rows_kept":23,"cut":false,"hidden":false,"merged":[]}
[]
["Main Scenario Case"]
[]
[]
[null,"Terminal Period",null,null,{"$f":"'Financial Model Assumptions'!$F$13","v":2020}]
[]
[null,"Valuation Start Period",null,null,{"$f":"'Financial Model Assumptions'!F12","v":2014}]
[]
[]
[]
[]
["Sensitivity Analysis"]
["Only Applies when Main Scenario is set to SENSITIVITY"]
[]
[]
[]
[]
[]
[]
[]
[null,"WACC",null,null,{"$f":"'Financial Model Assumptions'!G191","v":0.12}]
[null,"Terminal Growth Rate",null,null,{"$f":"'Financial Model Assumptions'!G192","v":0.05}]
[null,"ROIC/WACC Spread",null,null,{"$f":"'Financial Model Assumptions'!G193","v":0.01}]

{"sheet":"Master Scenario","index":7,"n_rows":56,"n_cols":26,"rows_kept":56,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"Scenario Number",null,null,1]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Growth Rate","Value Drivers","EV/EBITDA","P/E Ratio"]
[null,null,"Demand\nGrowth","Price of PV Modules","Industry\nCapacity","Capital\nExpenditure","Cash Cost of \nProduction","Selling \nExpense Pct","G&A Expense\nPercent","A/R to Revenues","A/P to CGS","WACC","Terminal Growth Rate","Long-term ROIC/WACC Spread",null,null,{"$f":"'Valuation and ROIC'!F43","v":6.3012458249557257},{"$f":"'Valuation and ROIC'!F60","v":1.9219946921419193},{"$f":"R4","v":1.9219946921419193},{"$f":"'Valuation and ROIC'!F93","v":9.8334613162727482},null,null,null,null,"Equity IRR","Debt IRR"]
[null,"Base Case",1,1,1,1,1,0.05,4.4999999999999998E-2,0.2,0.3,0.12,0.05,0.01,null,1,6.3012458249557257,1.9219946921419193,1.9219946921419193,9.8334613162727482]
[null,"Downside Case",2,2,1,3,1,0.04,0.06,0.25,0.35,0.12,0.05,0.01,null,2,-16.463314191234137,-14.610176767841587,-14.610176767841587,-8.9685251974718785]
[null,"Worst Case",5,5,2,3,3,0.04,6.5000000000000002E-2,0.25,0.35,0.12,0.05,0.01,null,3,-40.336754306277676,-31.374954523051613,-31.374954523051613,-25.935708383146086]
[null,"Upside Case",3,3,3,2,2,0.06,4.4999999999999998E-2,0.15,0.25,0.12,0.05,0.01,null,4,45.143124893015042,30.311461772498905,30.311461772498905,40.245196636409041]
[null,"Demand Growth Downside",2,1,1,1,1,0.05,4.4999999999999998E-2,0.2,0.3,0.12,0.05,0.01,null,5,-4.6863236365737624,-5.6767845254282907,-5.6767845254282907,0.1877408985716135]
[null,"Price",1,2,1,1,1,0.05,4.4999999999999998E-2,0.2,0.3,0.12,0.05,0.01,null,6,-12.457630130615192,-11.77465273207733,-11.77465273207733,-5.5080607593883215]
[null,"Industry Capacity",1,1,2,1,1,0.05,4.4999999999999998E-2,0.2,0.3,0.12,0.05,0.01,null,7,3.4448319370552984,-0.53372482948902755,-0.53372482948902755,8.2949375917457946]
[null,"Capital Expenditure",1,1,1,3,1,0.05,4.4999999999999998E-2,0.2,0.3,0.12,0.05,0.01,null,8,5.4873830728222384,1.2229168830681953,1.2229168830681953,9.4003358071463996]
[null,"Cost of Production",1,1,1,1,3,0.05,4.4999999999999998E-2,0.2,0.3,0.12,0.05,0.01,null,9,-3.804123211466699,-5.9510838925360119,-5.9510838925360119,2.8537051374425277]
[null,"Selling Expense",1,1,1,1,1,0.06,4.4999999999999998E-2,0.2,0.3,0.12,0.05,0.01,null,10,3.4044277337512248,-0.20069558605169541,-0.20069558605169541,7.7066245503854702]
[null,"G&A Expense",1,1,1,1,1,0.05,{"$f":"I7","v":6.5000000000000002E-2},0.2,0.3,0.12,0.05,0.01,null,11,0.50825745565266278,-2.3233453759261771,-2.3233453759261771,5.5797877844982127]
[null,"A/R to Revenues",1,1,1,1,1,0.05,4.4999999999999998E-2,0.3,0.3,0.12,0.05,0.01,null,12,3.8469890704904617,-0.53226206232334317,-0.53226206232334317,8.7426152583268877]
[null,"WACC",1,1,1,1,1,0.05,4.4999999999999998E-2,0.2,0.3,0.13,0.05,0.01,null,13,3.7467010087053696,0.49489580868638089,0.49489580868638089,9.8334613162727482]
[null,"Terminal Growth",1,1,1,1,1,0.05,4.4999999999999998E-2,0.2,0.3,0.12,0.02,0.01,null,14,2.6606953338814834,1.6372038915273179,1.6372038915273179,9.8334613162727482]
[null,"ROIC/WACC Spread",1,1,1,1,1,0.05,4.4999999999999998E-2,0.2,0.3,0.12,0.05,-0.01,null,15,6.3012458249556973,0.84191873951722374,0.84191873951722374,9.8334613162727482]
[null,"Demand Growth Upside",3,1,1,1,1,0.05,4.4999999999999998E-2,0.2,0.3,0.12,0.05,0.01,null,16,16.725978643041287,8.2855698031287428,8.2855698031287428,20.720649100202341]
[null,"Price",1,3,1,1,1,0.05,4.4999999999999998E-2,0.2,0.3,0.12,0.05,0.01,null,17,20.36660477590182,14.013424063457283,14.013424063457283,18.405220766243609]
[null,"Industry Capacity",1,1,3,1,1,0.05,4.4999999999999998E-2,0.2,0.3,0.12,0.05,0.01,null,18,8.4155981464625587,3.8356883063517602,3.8356883063517602,10.867848540026181]
[null,"Capital Expenditure",1,1,1,2,1,0.05,4.4999999999999998E-2,0.2,0.3,0.12,0.05,0.01,null,19,7.1151085770892051,2.6210725012156417,2.6210725012156417,10.266586825399099]
[null,"Cost of Production",1,1,1,1,2,0.05,4.4999999999999998E-2,0.2,0.3,0.12,0.05,0.01,null,20,11.552737601586257,4.9371869419342271,4.9371869419342271,14.497647103800928]
[null,"Selling Expense",1,1,1,1,1,0.04,4.4999999999999998E-2,0.2,0.3,0.12,0.05,0.01,null,21,9.1985430367925858,4.0447149153750352,4.0447149153750352,11.960298082160003]
[null,"G&A Expense",1,1,1,1,1,0.05,0.03,0.2,0.3,0.12,0.05,0.01,null,22,10.647333945810681,5.1060839209353466,5.1060839209353466,13.023716465103661]
[null,"A/R to Revenues",1,1,1,1,1,0.05,4.4999999999999998E-2,0.15,0.3,0.12,0.05,0.01,null,23,7.528374202188358,3.1491230693745504,3.1491230693745504,10.37888434524568]
[null,"WACC",1,1,1,1,1,0.05,4.4999999999999998E-2,0.2,0.3,0.1,0.05,0.01,null,24,14.662952493078741,5.9924450917642273,5.9924450917642273,9.8334613162727482]
[null,"Terminal Growth",1,1,1,1,1,0.05,4.4999999999999998E-2,0.2,0.3,0.12,0.08,0.01,null,25,15.51405312958804,2.7454027706252724,2.7454027706252724,9.8334613162727482]
[null,"ROIC/WACC Spread",1,1,1,1,1,0.05,4.4999999999999998E-2,0.2,0.3,0.12,0.05,0.03,null,26,6.3012458249557177,2.7140503907333602,2.7140503907333602,9.8334613162727482]
[null,"Sensitivity",1,1,1,1,1,0.05,4.4999999999999998E-2,0.2,0.3,{"$f":"L37/1000","v":0.105},{"$f":"M37/1000","v":0.05},{"$f":"N37/1000","v":1.7999999999999999E-2}]
[null,"Forms for Senstivity"]
[]
[null,{"$f":"INDEX(B5:B31,$F$2)","v":"Base Case"},1,1,1,1,1,0.05,4.4999999999999998E-2,0.2,0.3,0.12,0.05,0.01]
[null,"Description",{"$f":"INDEX('Financial Model Assumptions'!$D$22:$D$26,C34)","v":"Base Demand Case"},null,{"$f":"INDEX('Financial Model Assumptions'!$D$35:$D$37,E34)","v":"Base Capacity Case"},{"$f":"INDEX('Financial Model Assumptions'!E74:E76,'Master Scenario'!F34)","v":"Base Cost per New kW of Capacity"},{"$f":"INDEX('Financial Model Assumptions'!E116:E119,'Master Scenario'!G34)","v":"Base Cost"}]
[]
["Fixed Data for Spinner Boxes",null,null,null,null,null,null,20,20,20,300,105,50,18]
[]
[]
["Analysis for Senstivity Graphs"]
[]
[null,null,null,null,"Data from Table",null,null,"Presentation for Tornado Diagram"]
[]
[]
[null,null,null,null,"Low Case","Low","Total","Small","Match",null,"High","Low"]
[null,1,"Demand Growth",null,{"$f":"$S$5-S9","v":7.5987792175702102},{"$f":"$S$5-S20","v":-6.3635751109868233},{"$f":"ABS(E46)+ABS(F46)+RAND()*0.00001","v":13.962362997342813},{"$f":"SMALL($G$46:$G$56,B46)","v":1.1082016792193115},{"$f":"MATCH(H46,$G$46:$G$56,0)","v":10},{"$f":"INDEX($C$46:$C$56,I46)","v":"Terminal Growth"},{"$f":"INDEX($E$46:$E$56,I46)","v":0.28479080061460138},{"$f":"INDEX($F$46:$F$56,I46)","v":-0.82340807848335307}]
[null,2,"Price",null,{"$f":"$S$5-S10","v":13.696647424219249},{"$f":"$S$5-S21","v":-12.091429371315364},{"$f":"ABS(E47)+ABS(F47)+RAND()*0.00001","v":25.788079822480309},{"$f":"SMALL($G$46:$G$56,B47)","v":1.3981597468145923},{"$f":"MATCH(H47,$G$46:$G$56,0)","v":4},{"$f":"INDEX($C$46:$C$56,I47)","v":"Capital Expenditure"},{"$f":"INDEX($E$46:$E$56,I47)","v":0.69907780907372397},{"$f":"INDEX($F$46:$F$56,I47)","v":-0.69907780907372241}]
[null,3,"Industry Capacity",null,2.4557195216309466,-1.9136936142098409,4.3694166886618344,1.8721330591808336,11,"ROIC/WACC Spread",1.0800759526246955,-0.79205569859144087]
[null,4,"Capital Expenditure",null,0.69907780907372397,-0.69907780907372241,1.3981597468145923,3.6813894036091468,8,"A/R to Revenues",2.4542567544652627,-1.2271283772326311]
[null,5,"Cost of Production",null,7.8730785846779314,-3.0151922497923076,10.888272999119936,4.2454183190548296,6,"Selling Expense",2.1226902781936148,-2.1227202232331157]
[null,6,"Selling Expense",null,2.1226902781936148,-2.1227202232331157,4.2454183190548296,4.3694166886618344,3,"Industry Capacity",2.4557195216309466,-1.9136936142098409]
[null,7,"G&A Expense",null,4.2453400680680966,-3.184089228793427,7.4294313148332094,5.4975591537248478,9,"WACC",1.4270988834555385,-4.0704503996223078]
[null,8,"A/R to Revenues",null,2.4542567544652627,-1.2271283772326311,{"$f":"ABS(E53)+ABS(F53)+RAND()*0.00001","v":3.6813894036091468},7.4294313148332094,7,"G&A Expense",4.2453400680680966,-3.184089228793427]
[null,9,"WACC",null,1.4270988834555385,-4.0704503996223078,5.4975591537248478,10.888272999119936,5,"Cost of Production",7.8730785846779314,-3.0151922497923076]
[null,10,"Terminal Growth",null,0.28479080061460138,-0.82340807848335307,1.1082016792193115,13.962362997342813,1,"Demand Growth",7.5987792175702102,-6.3635751109868233]
[null,11,"ROIC/WACC Spread",null,1.0800759526246955,-0.79205569859144087,{"$f":"ABS(E56)+ABS(F56)+RAND()*0.00001","v":1.8721330591808336},25.788079822480309,2,"Price",13.696647424219249,-12.091429371315364]

{"sheet":"Historic Financial Statements","index":8,"n_rows":301,"n_cols":28,"rows_kept":301,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,null,null,null,2002,2003,2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023]
[]
[null,"Income Statement"]
[null,null,null,null,"Net revenues"]
[null,null,null,null,"PV Modules"]
[null,null,null,null,"Investee companies of GSF",null,0,0,null,0,0,0,0,115.80000305175781,197.39999389648437,33.599998474121094]
[null,null,null,null,"Others",null,0,0,null,0,0,0,0,1490.5,2568.89990234375,2980.39990234375]
[null,null,null,null,"Revenues"]
[null,null,null,null,"Revenues from PV Modules",null,2.851,4.1040000000000001,78,170.10000610351562,471.89999389648437,1331.699951171875,1785.800048828125,1606.300048828125,2766.300048828125,3014]
[null,null,null,null,"PV cells",null,0.17399999999999999,9.7409999999999997,7.3000001907348633,54.700000762939453]
[null,null,null,null,"PV system integrations",null,0,4.2999999999999997E-2,0,1.2000000476837158]
[null,null,null,null,"Others",null,0,0,0,0,127,16.600000381469727,137.69999694824219,87,135.60000610351562,132.60000610351562]
[null,null,null,null,"Other Revenues",null,{"$f":"G15-G10","v":0.17399999999999993},9.7839999999999989,7.3000030517578125,55.899993896484375,127.00003051757812,16.60009765625,137.699951171875,87,135.599853515625,132.60009765625]
[null,null,null,null,"Total net revenues",null,3.0249999999999999,13.888,85.300003051757813,226,598.9000244140625,1348.300048828125,1923.5,1693.300048828125,2901.89990234375,3146.60009765625]
[null,null,null,null,"Cost of Revenues"]
[null,null,null,null,"PV modules",null,{"$f":"'Financial Model Assumptions'!G109","v":0.13900000000000001},{"$f":"'Financial Model Assumptions'!H109","v":6.5126100000000005},{"$f":"'Financial Model Assumptions'!I109","v":52.913375525878905},{"$f":"'Financial Model Assumptions'!J109","v":117.00628494824218},{"$f":"'Financial Model Assumptions'!K109","v":346.39999427646399},{"$f":"'Financial Model Assumptions'!L109","v":1031.0999999940395},{"$f":"'Financial Model Assumptions'!M109","v":1398.7000503540039},{"$f":"'Financial Model Assumptions'!N109","v":1169.1999740600586},{"$f":"'Financial Model Assumptions'!O109","v":2125.8999007940292},{"$f":"'Financial Model Assumptions'!P109","v":2484.5999450683594}]
[null,null,null,null,"PV cells",null,2.7290000000000001,3.4670000000000001,5.3000001907348633,35.400001525878906]
[null,null,null,null,"PV system integrations",null,0,3.3000000000000002E-2,0,0.80000001192092896]
[null,null,null,null,"Others",null,0,0,0,0,92.099998474121094,16.600000381469727,132.39999389648437,95.699996948242188,146.89999389648437,133.80000305175781]
[null,null,null,null,"Cost of Revenues - Other",null,{"$f":"'Financial Model Assumptions'!G103","v":2.7290000000000001},{"$f":"'Financial Model Assumptions'!H103","v":3.5},{"$f":"'Financial Model Assumptions'!I103","v":5.3000001907348633},{"$f":"'Financial Model Assumptions'!J103","v":36.200001537799835},{"$f":"'Financial Model Assumptions'!K103","v":92.099998474121094},{"$f":"'Financial Model Assumptions'!L103","v":16.600000381469727},{"$f":"'Financial Model Assumptions'!M103","v":132.39999389648437},{"$f":"'Financial Model Assumptions'!N103","v":95.699996948242188},{"$f":"'Financial Model Assumptions'!O103","v":146.89999389648437},{"$f":"'Financial Model Assumptions'!P103","v":133.80000305175781}]
[null,null,null,null,"Total cost of revenues",null,{"$f":"SUM(G17:G20)","v":2.8680000000000003},10.01261,58.213375716613768,153.20628648604202,438.49999275058508,1047.7000003755093,1531.1000442504883,1264.8999710083008,2272.7998946905136,2618.3999481201172]
[null,null,null,null,"Gross profit",null,{"$f":"G15-G22","v":0.15699999999999958},3.8753899999999994,27.086627335144044,72.793713513957982,160.40003166347742,300.60004845261574,392.39995574951172,428.40007781982422,629.10000765323639,528.20014953613281]
[null,null,null,null,"Operating expenses"]
[null,null,null,null,"Selling expenses(1) ",null,0.157,0.55900000000000005,1.7000000476837158,3.7000000476837158,9,36.200000762939453,66.199996948242187,82.099998474121094,118,162.60000610351562]
[null,null,null,null,"General and administrative expenses",null,0.98,1.234,2.7999999523162842,17.5,26.799999237060547,44.5,85.800003051757812,76.900001525878906,133.10000610351562,248.80000305175781]
[null,null,null,null,"Research and development expenses",null,6.2E-2,0.14799999999999999,0.5,3.4000000953674316,8.3999996185302734,15,15.300000190734863,29,40.200000762939453,38.599998474121094]
[null,null,null,null,"EBITDA",null,{"$f":"G23-G25-G26-G27","v":-1.0420000000000005},1.9343899999999994,22.086627335144044,48.193713370906835,116.2000328078866,204.90004768967628,225.09995555877686,240.40007781982422,337.80000078678131,78.200141906738281]
[null,null,null,null,"Depreciation and Impairment",null,{"$f":"'Financial Model Assumptions'!G106","v":0},{"$f":"'Financial Model Assumptions'!H106","v":1.1823900000000001},{"$f":"'Financial Model Assumptions'!I106","v":1.986626},{"$f":"'Financial Model Assumptions'!J106","v":4.1937119999999997},{"$f":"'Financial Model Assumptions'!K106","v":11.49999962002039},{"$f":"'Financial Model Assumptions'!L106","v":20.900000005960464},{"$f":"'Financial Model Assumptions'!M106","v":42.599998474121094},{"$f":"'Financial Model Assumptions'!N106","v":66.400001525878906},{"$f":"'Financial Model Assumptions'!O106","v":86.000001549720764},{"$f":"'Financial Model Assumptions'!P106","v":141.60000610351562}]
[null,null,null,null,"EBIT  ",null,{"$f":"G28-G29","v":-1.0420000000000005},0.75199999999999934,20.100001335144043,44.000001370906837,104.70003318786621,184.00004768371582,182.49995708465576,174.00007629394531,251.79999923706055,-63.399864196777344]
[null,null,null,null,"Interest paid",null,{"$f":"-G248","v":0},-0.22659299999999999,-0.997946,-2.2543709999999999,-5.8000001907348633,-39.400001525878906,-55.700000762939453,-122.30000305175781,-98.900001525878906,-98.800003051757812]
[null,null,null,null,"Other Financial Charges and Income",null,-8.4000000000000005E-2,5.5929999999999869E-3,-2.0540000000000003E-3,-5.3456289046325685,11.300000190734863,21.200000762939453,-17.799999237060547,28.600006103515625,7,-37.099990844726562]
[null,null,null,null,"Earnings Before Other Income",null,{"$f":"G30+G31+G32","v":-1.1260000000000006},0.53099999999999925,19.100001335144043,36.400001466274269,110.20003318786621,165.80004692077637,108.99995708465576,80.300079345703125,159.89999771118164,-199.29985809326172]
[null,null,null,null,"Foreign currency exchange (loss) gain, net",null,0,0,null,-2.0999999046325684,null,-8.8999996185302734,-14.399999618530273,8.6000003814697266,-46.700000762939453,-38.200000762939453]
[null,null,null,null,"Other income (expense), net",null,0.16800000000000001,9.2999999999999999E-2,0.10000000149011612,null,0.60000002384185791,0.20000000298023224,-62.299999237060547,2.5999999046325684,-47.700000762939453,-133.10000610351562]
[null,null,null,null,"MEMC settlement charges",null,null,null,null,null,null,0,0,0,0,120]
[null,null,null,null,"Impairment of goodwill",null,null,null,null,null,0,0,0,0,0,281.5]
[null,null,null,null,"Impairment of long-lived assets and indefinite lived intangible assets",null,null,null,null,null,0,0,0,0,54.599998474121094,180.30000305175781]
[null,null,null,null,"Equity in net earnings (loss) of affiliates",null,0,0,null,null,null,-0.69999998807907104,0.30000001192092896,-3.2999999523162842,250.80000305175781,-98.699996948242188]
[null,null,null,null,"EBT",null,{"$f":"G33+G34+G35-G36-G37-G38+G39","v":-0.95800000000000052},0.62399999999999922,19.200001336634159,34.3000015616417,110.80003321170807,156.40004731714725,32.59995824098587,88.200079679489136,261.70000076293945,-1051.0998649597168]
[null,null,null,null,"Tax (expense) benefit",null,6.0999999999999999E-2,0.30099999999999999,0.60000002384185791,-3.7999999523162842,-7.1999998092651367,-13.199999809265137,-1.6000000238418579,-2.5,-23.799999237060547,47.200000762939453]
[null,null,null,null,"Income (loss) from continuing operations, net of tax",null,{"$f":"G40+G41","v":-0.89700000000000046},0.92499999999999916,19.800001360476017,30.500001609325416,103.60003340244293,143.20004750788212,30.999958217144012,85.700079679489136,237.90000152587891,-1003.8998641967773]
[null,null,null,null,"Loss from discontinued operations, net of tax",null,0,0,null,null,null,0,0,0,0,-14.100000381469727]
[null,null,null,null,"EARNINGS (Loss)",null,{"$f":"G42+G43","v":-0.89700000000000046},0.92499999999999916,19.800001360476017,30.500001609325416,103.60003340244293,143.20004750788212,30.999958217144012,85.700079679489136,237.90000152587891,-1017.9998645782471]
[null,null,null,null,"Less: Net income attributable to the noncontrolling interest",null,0,0,0,0.10000000149011612,1,2.7000000476837158,1.3999999761581421,-0.10000000149011612,-1,-0.60000002384185791]
[null,null,null,null,"Deemed dividend on Series A redeemable convertible preferred shares",null,null,null,0,-2.4000000953674316]
[null,null,null,null,"Net income attributable to holders of ordinary shares",null,{"$f":"G44+G45","v":-0.89700000000000046},0.92499999999999916,19.800001360476017,30.600001610815532,104.60003340244293,145.90004755556583,32.399958193302155,85.60007967799902,236.90000152587891,-1018.5998646020889]
[null,null,null,null,"Net Income Fixed",null,-0.89700000000000002,0.92500000000000004,19.799999237060547,30.600000381469727,104.59999847412109,145.89999389648437,32.400001525878906,85.599998474121094,236.89999389648437,-1018.5999755859375]
[null,null,null,null,"Net Income Difference",null,{"$f":"G47-G48","v":0},-8.8817841970012523E-16,2.123415470123291E-6,1.229345805597859E-6,3.4928321838378906E-5,5.365908145904541E-5,-4.3332576751708984E-5,8.1203877925872803E-5,7.62939453125E-6,1.1098384857177734E-4]
[]
[null,null,null,null,"Weighted average number of Shares used in computation"]
[null,null,null,null,"Basic",null,90,90,90,92,148.69999694824219,151.69999694824219,154.69999694824219,169.69999694824219,179.60000610351562,180.5]
[null,null,null,null,"Diluted",null,90,90,90,116.80000305175781,156.10000610351562,160.19999694824219,160.30000305175781,172.5,181.60000610351562,180.5]
[]
[null,null,null,null,"Net income (loss) per ordinary share - Basic:"]
[null,null,null,null,"Continuing operations",null,{"$f":"G47/G52","v":-9.9666666666666723E-3},{"$f":"H42/H52","v":1.0277777777777768E-2},0.22000001511640019,0.33152175662310235,0.69670501364235304,0.94396869076233314,0.2003875813101382,0.50500931774104463,1.3246102084693754,-5.5617721008131706]
[null,null,null,null,"Discontinued operations",null,null,null,null,null,null,0,0,0,0,-7.9999998211860657E-2]
[null,null,null,null,"Net income (loss)",null,{"$f":"G47/G52","v":-9.9666666666666723E-3},1.0277777777777768E-2,0.22000001511640019,0.33260871316103841,0.70342996334324692,0.96176697752568041,0.20943735509020192,0.50442004253015216,1.3190422799280832,-5.6432125462719611]
[null,null,null,null,"Net income (loss) per ordinary share 0 Diluted:"]
[null,null,null,null,"Continuing operations",null,{"$f":"G42/G53","v":-9.9666666666666723E-3},1.0277777777777768E-2,0.22000001511640019,0.26113014394194745,0.66367731807609254,0.89388296027338587,0.19338713429178611,0.49681205611298052,1.3100219908047315,-5.5617721008131706]
[null,null,null,null,"Discontinued operations",null,0,0,null,null,null,0,0,0,0,-7.9999998211860657E-2]
[null,null,null,null,"Net income (loss)",null,{"$f":"G47/G53","v":-9.9666666666666723E-3},1.0277777777777768E-2,0.22000001511640019,0.26198630831589698,0.67008346772951966,0.91073689347636866,0.20212075843093294,0.49623234595941462,1.3045153830602911,-5.6432125462719611]
[]
[null,"Balance Sheet"]
[null,null,null,"ASSETS"]
[null,null,null,null,"Current assets:"]
[null,null,null,null,"Cash and cash equivalents",null,0.28699999999999998,1.5589999999999999,19.12209,359.32428800000002,225.529968,521,507.79998779296875,833.20001220703125,872.5,492.39999389648437]
[null,null,null,null,"Restricted cash",null,null,null,5.9954770000000002,7.9972250000000003,78.855384000000001,94.699996948242188,70.699996948242187,124.90000152587891,142.5,216.60000610351562]
[null,null,null,null,"Short-term investments",null,null,null,0,0,0,51.099998474121094,0,200.80000305175781]
[null,null,null,null,"Other financial assets",null,null,null,0.26519900000000002,0,1.521604,10.5,5.0999999046325684,0.30000001192092896,15.399999618530273,37.400001525878906]
[null,null,null,null,"Restricted cash - non-current",null,null,null,0,0,0,null,null,null,0,21.700000762939453]
[null,null,null,null,"   Total Financial Assets",null,{"$f":"SUM(G67:G71)","v":0.28699999999999998},1.5589999999999999,25.382766,367.32151300000004,305.90695600000004,677.29999542236328,583.59998464584351,1159.2000167965889,1030.3999996185303,768.10000228881836]
[null,null,null,null,"Inventories",null,1.2090000000000001,3.347,17.472428000000001,40.427816,200.291888,176.19999694824219,231.89999389648437,280.10000610351562,558.20001220703125,516.5]
[null,null,null,null,"Accounts receivable, net of allowance for doubtful accounts of $4.4 and $4.8, respectively",null,1.6559999999999999,2.488,5.2527249999999999,1.6594450000000001,98.855423999999999,237.60000610351562,213.10000610351562,384.39999389648437,515.9000244140625,466.60000610351562]
[null,null,null,null,"- Investee companies of GSF"]
[null,null,null,null,"- Others"]
[null,null,null,null,"Other receivables, net of allowance for doubtful accounts of $12.1 and $11.7, respectively",null,null,null,0.23316500000000001,2.4078750000000002,5.2981040000000004,30.700000762939453,46.799999237060547,39.299999237060547,19,14.300000190734863]
[null,null,null,null,"Amounts due from related parties - current",null,null,null,0,0,0,0,101,185.5,55.099998474121094,67.699996948242188]
[null,null,null,null,"Total Accounts Receivabe",null,{"$f":"SUM(G74:G78)","v":1.6559999999999999},2.488,5.4858899999999995,4.0673200000000005,104.15352799999999,268.30000686645508,360.90000534057617,609.19999313354492,590.00002288818359,548.60000324249268]
[null,null,null,null,"Advances to suppliers",null,null,null,2.195265,24.001201999999999,79.443535999999995,61.400001525878906,56.900001525878906,48.799999237060547,84.400001525878906,84.400001525878906]
[null,null,null,null,"Value-added tax recoverable",null,null,null,1.222634,0.33899800000000002,26.218360000000001,72.099998474121094,75.699996948242188,41.200000762939453,92.400001525878906,90.800003051757812]
[null,null,null,null,"Misc Current Assets",null,null,null,0,0,0,0.5,5.6999998092651367,6.6999998092651367,34.400001525878906,77.900001525878906]
[null,null,null,null,"Other Current Assets",null,null,null,{"$f":"SUM(I81:I82)","v":1.222634},0.33899800000000002,26.218360000000001,72.599998474121094,81.399996757507324,47.90000057220459,126.80000305175781,168.70000457763672]
[null,null,null,null,"Total current assets",null,{"$f":"G73+G79+G80+G83","v":2.8650000000000002},5.835,26.376216999999997,68.835336000000012,410.10731200000004,578.50000381469727,731.09999752044678,985.99999904632568,1359.4000396728516,1318.2000093460083]
[null,null,null,null,"Property, plant and equipment, net",null,5.367,6.9119999999999999,13.211346000000001,39.717331999999999,113.74985599999999,293,684.5,777.5999755859375,1326.199951171875,1569.199951171875]
[null,null,null,null,"Intangible assets, net",null,null,null,2.4127540000000001,2.9229889999999998,75.751431999999994,86,176.69999694824219,166.69999694824219,156,23]
[null,null,null,null,"Goodwill",null,null,null,0,0.13534299999999999,28.551652000000001,29.799999237060547,87.599998474121094,86.099998474121094,278,0]
[null,null,null,null,"Fixed Plant, Goodwill and Intangible Assets",null,{"$f":"G85+G86+G87","v":5.367},6.9119999999999999,15.6241,42.775663999999999,218.05293999999998,408.79999923706055,948.79999542236328,1030.3999710083008,1760.199951171875,1592.199951171875]
[null,null,null,null,"Long-term investments",null,null,null,0,0,0.57375399999999999,0.30000001192092896,54.5,53.799999237060547,53.599998474121094,9.6000003814697266]
[null,null,null,null,"Amounts due from related parties deemed to be financial assets",null,null,null,0,0,1.209557,0,278,193.60000610351562,94.099998474121094,67.599998474121094]
[null,null,null,null,"Investments in affiliates",null,null,null,6.9402000000000005E-2,1.0591029999999999,2.2076560000000001,1,221.10000610351562,251.39999389648438,545.9000244140625,454.20001220703125]
[null,null,null,null,"Long-term loans to suppliers",null,null,null,0,0,22.245543999999999,103.30000305175781,84,54.700000762939453,53,0]
[null,null,null,null,"Investments including affiliates",null,null,null,{"$f":"SUM(I89:I92)","v":6.9402000000000005E-2},1.0591029999999999,26.236511,104.60000306367874,637.60000610351562,553.5,746.60002136230469,531.40001106262207]
[null,null,null,null,"Deferred tax assets, Long-term",null,null,null,0.81885399999999997,1.350368,3.7049159999999999,null,null,null,0,49.599998474121094]
[null,null,null,null,"Deferred tax assets, Short-term",null,null,null,0.154504,0.32248100000000002,0.39351799999999998,1.7000000476837158,7.1999998092651367,10.800000190734863,22.600000381469727,21.399999618530273]
[null,null,null,null,"Deferred tax assets Total",null,null,null,{"$f":"SUM(I94:I95)","v":0.97335799999999995},1.672849,4.0984340000000001,1.7000000476837158,7.1999998092651367,10.800000190734863,22.600000381469727,70.999998092651367]
[null,null,null,null,"Long-term prepayments",null,null,null,0,0,132.31401600000001,161.69999694824219,248.80000305175781,188.10000610351562,213.80000305175781,185.10000610351562]
[null,null,null,null,"Long-term deferred expenses",null,null,null,0,0,0,10.399999618530273,62.799999237060547,39,32.400001525878906,24.200000762939453]
[null,null,null,null,"Other non-current assets",null,1.73,2.7250000000000001,4.2233E-2,0,1.2389829999999999,14,3.9000000953674316,16.700000762939453,51.700000762939453,47.099998474121094]
[null,null,null,null,"Preayments and Other",null,{"$f":"SUM(G97:G99)","v":1.73},2.7250000000000001,4.2233E-2,0,133.552999,186.09999656677246,315.50000238418579,243.80000686645508,297.90000534057617,256.40000534057617]
[null,null,null,null,"Total Other Assets",null,{"$f":"G93+G96+G100","v":1.73},2.7250000000000001,1.0849929999999999,2.7319519999999997,163.887944,292.39999967813492,960.30000829696655,808.10000705718994,1067.1000270843506,858.80001449584961]
[null,null,null,null,"TOTAL ASSETS",null,{"$f":"G101+G88+G84+G72","v":10.249000000000001},17.031000000000002,68.468075999999996,481.66446500000006,1097.955152,1956.999998152256,3223.7999858856201,3983.6999939084053,5217.1000175476074,4537.2999773025513]
[null,null,null,null,"ASSETS CHECK",null,10.250999999999999,17.030999999999999,68.46808,481.66448000000003,1097.9552000000001,1957,3223.800048828125,3983.699951171875,5217.10009765625,4537.2998046875]
[]
[null,null,null,null,"LIABILITIES AND SHAREHOLDERS’ EQUITY"]
[null,null,null,null,"Current liabilities:"]
[null,null,null,null,"Short-term borrowings, including current portion of long-term bank borrowings",null,3.6240000000000001,7.2060000000000004,34.441687999999999,52.193047999999997,288.18499200000002,321.20001220703125,638.5,800.4000244140625,1400.800048828125,1573.4000244140625]
[null,null,null,null,"Accounts payable",null,null,null,2.8642629999999998,3.522221,40.541463999999998,58.900001525878906,117.5,264.20001220703125,457,555.29998779296875]
[null,null,null,null,"Other payables",null,null,null,0.20230699999999999,4.7697219999999998,7.743239,18,55,56.5,74,113.69999694824219]
[null,null,null,null,"Accrued payroll and welfare",null,null,null,5.7036999999999997E-2,1.408393,3.0627599999999999,6.5999999046325684,8.1999998092651367,13.300000190734863,34.400001525878906,30.700000762939453]
[null,null,null,null,"Amounts due to related parties",null,null,null,0.149341,0.46822000000000003,0.27466699999999999,5.6999998092651367,24.799999237060547,14,93.900001525878906,134.39999389648437]
[null,null,null,null,"Advances from customers",null,null,null,0.374139,3.0592060000000001,0.935114,3,3,8.3999996185302734,31.399999618530273,12.800000190734863]
[null,null,null,null,"Accounts payable and advances",null,null,null,{"$f":"SUM(I108:I112)","v":3.6470869999999995},13.227762,52.557243999999997,92.200001239776611,208.49999904632568,356.40001201629639,690.70000267028809,846.89997959136963]
[null,null,null,null,"Payables in respect of purchase of property, plant and equipment",null,null,null,7.5878000000000001E-2,0.55009300000000005,3.6016870000000001,39.400001525878906,82.599998474121094,70.199996948242188,96.300003051757813,93.5]
[null,null,null,null,"Government grants",null,0.03,7.0000000000000007E-2,2.0600489999999998,4.1064439999999998,4.8202540000000003,2.7999999523162842,3.4000000953674316,6.3000001907348633,17.5,13.5]
[null,null,null,null,"Income tax payable",null,null,null,0,1.8984350000000001,3.2814760000000001,7.3000001907348633,12.800000190734863,4.3000001907348633,66.699996948242187,0]
[null,null,null,null,"Other financial liabilities - current",null,null,null,0,0,2.016756,12.300000190734863,12.5,8.1000003814697266,56.099998474121094,7.0999999046325684]
[null,null,null,null,"Misc current liabilities",null,0.76500000000000012,2.996999999999999,0,0,2.3601100000000002,2.9000000953674316,18.399999618530273,48.400001525878906,41.900001525878906,74.5]
[null,null,null,null,"Other current liabilities",null,{"$f":"SUM(G116:G118)","v":0.76500000000000012},2.996999999999999,0,1.8984350000000001,7.6583420000000011,22.500000476837158,43.699999809265137,60.800002098083496,164.69999694824219,81.599999904632568]
[null,null,null,null,"Total current liabilities",null,{"$f":"G119+G115+G114+G113+G107","v":4.4190000000000005},10.273,40.224702000000001,71.975781999999995,356.82251900000006,478.10001540184021,976.69999742507935,1294.1000356674194,2370.0000514984131,2608.9000039100647]
[null,null,null,null,"Long-term bank borrowings",null,null,null,0,3.7173600000000002,19.656140000000001,20.700000762939453,5.9000000953674316,138,163.30000305175781,133.30000305175781]
[null,null,null,null,"Long-term Debt - Convertible",null,null,null,0,0,0,500,981.20001220703125,516.9000244140625,551.20001220703125,580.9000244140625]
[null,null,null,null,"Long-term Debt - Current",null,null,null,0,0,0,null,null,224]
[null,null,null,null,"Total Long-term Debt",null,null,null,{"$f":"SUM(I121:I123)","v":0},3.7173600000000002,19.656140000000001,520.70000076293945,987.10001230239868,878.9000244140625,714.50001525878906,714.20002746582031]
[null,null,null,null,"Accrued warranty costs",null,null,null,0.84758,2.6191040000000001,8.8453560000000007,22.5,41.400001525878906,55.200000762939453,81,94.099998474121094]
[null,null,null,null,"Deferred tax liabilities",null,null,null,0,0,0,null,null,null,15.600000381469727,0]
[null,null,null,null,"Deferred tax liabilities",null,null,null,0,0,4.7747109999999999,22.100000381469727,38.799999237060547,33.099998474121094]
[null,null,null,null,"Deferred tax liabilities",null,null,null,{"$f":"SUM(I126:I127)","v":0},0,4.7747109999999999,22.100000381469727,38.799999237060547,33.099998474121094,15.600000381469727,0]
[null,null,null,null," Retirement benefit obligations",null,null,null,0,0,3.718394,3.5999999046325684,5,3.5]
[null,null,null,null,"Other financial liabilities - non-current",null,null,null,0,0,3.399661,0,7.8000001907348633,0,155.80000305175781,167.30000305175781]
[null,null,null,null,"Other long-term liabilities",null,null,null,0,0,29.732759999999999,4.0999999046325684,84.099998474121094,106.09999847412109]
[null,null,null,null,"Other long-term liabilities",null,null,null,{"$f":"I130+I131","v":0},0,33.132421000000001,4.0999999046325684,91.899998664855957,106.09999847412109,155.80000305175781,167.30000305175781]
[null,null,null,null,"Total long-term liabilities",null,{"$f":"G132+G129+G128+G125","v":0},{"$f":"H132+H129+H128+H125","v":0},{"$f":"I132+I129+I128+I125+I124","v":0.84758},6.3364640000000003,70.127021999999997,573.00000095367432,1164.2000117301941,1076.8000221252441,966.9000186920166,975.60002899169922]
[]
[null,null,null,null,"Ordinary shares, par value $0.01, 500,000,000 shares authorized, 155,880,532 and 179,240,971 shares issued, respectively",null,null,null,0.9,1.474877,1.504615,1.5,1.6000000238418579,1.7999999523162842,1.7999999523162842,1.7999999523162842]
[null,null,null,null,"Additional paid-in capital",null,null,null,7.1088680000000002,364.04377599999998,494.01811199999997,530.79998779296875,597.0999755859375,1114.699951171875,1134.800048828125,1148]
[null,null,null,null,null,null,null,null,null,null,0]
[null,null,null,null,"Retained earnings",null,null,null,19.380188,47.602671999999998,153.605008,324.10000610351562,412.29998779296875,416.70001220703125,653.5999755859375,-365]
[null,null,null,null,"Accumulated other comprehensive income",null,null,null,6.7400000000000003E-3,1.5179400000000001,3.3350070000000001,31.600000381469727,63.400001525878906,64.900001525878906,77.5,161.60000610351562]
[]
[null,null,null,null,"Total Suntech Power Holdings Co. Ltd. equity",null,null,null,0,0,0,null,null,1598.0999755859375,1867.699951171875,946.4000244140625]
[null,null,null,null,"Noncontrolling interest",null,null,null,0,1.4291020000000001,18.542864000000002,17.899999618530273,8.5,14.699999809265137,12.5,6.4000000953674316]
[null,null,null,null,"Total Equity",null,5.8330000000000002,6.7590000000000003,27.395796000000001,401.92310400000002,652.46278400000006,888,1074.4000244140625,{"$f":"1612.80004882812-N142","v":1598.1000490188549},{"$f":"1880.19995117187-O142","v":1867.69995117187},{"$f":"952.799987792968-P142","v":946.39998769760052}]
[null,null,null,null,"TOTAL LIABILITIES AND EQUITY",null,{"$f":"G143+G133+G120","v":10.252000000000001},{"$f":"H143+H133+H120","v":17.032},{"$f":"I143+I133+I120","v":68.468078000000006},{"$f":"J143+J133+J120+J142","v":481.66445199999998},1097.9551890000002,1957.0000159740448,3223.8000335693359,3983.7001066207836,5217.1000213622992,4537.3000206947318]
[null,null,null,null,"TOTAL LIABILITIES AND EQUITY FIXED",null,10.250999999999999,17.030999999999999,68.46808,481.66448000000003,1097.9552000000001,1957,3223.800048828125,3983.699951171875,5217.10009765625,4537.2998046875]
[null,null,null,null,null,null,{"$f":"G145-G144","v":-1.0000000000012221E-3},-1.0000000000012221E-3,1.9999999949504854E-6,2.8000000042993634E-5,1.0999999858540832E-5,-1.5974044799804688E-5,1.52587890625E-5,-1.5544890857199789E-4,7.6293950769468211E-5,-2.1600723175652092E-4]
[null,null,null,null,"Test",null,{"$f":"ROUND(G144-G102,0)=0","v":true},true,true,true,true,true,true,true,true,true]
[null,"Cash Flow Statement"]
[null,null,null,null,"Operating activities:"]
[null,null,null,null,"Net income",null,null,0.92534799999999995,19.756675999999999,30.628484,106,143.19999694824219,31,85.699996948242188,237.89999389648437,-1018]
[null,null,null,null,"Adjustments to reconcile net income to net cash (used in) provided by operating activities:"]
[null,null,null,null,"Minority interest",null,null,0,0,3.3915000000000001E-2,-1.3999999761581421]
[null,null,null,null,"Share based compensation",null,null,0,0,16.674934,12.899999618530273,24.200000762939453,11.399999618530273,6.5999999046325684,14.899999618530273,12.5]
[null,null,null,null,"Depreciation and amortization",null,null,1.1823900000000001,1.970475,3.8730530000000001,11.399999618530273,20.5,41.599998474121094,66.400001525878906,84.900001525878906,141.60000610351562]
[null,null,null,null,"Amortization of debt discount",null,null,0,0,0,0,29.600000381469727,55.5,47.5,31.899999618530273,33.5]
[null,null,null,null,"Deferred taxes",null,null,-0.30074499999999998,-0.61146500000000004,-0.68095899999999998,-2.9000000953674316,-6.0999999046325684,-20.200000762939453,-6,-40.400001525878906,-72.900001525878906]
[null,null,null,null,"Loss on disposal of property, plant and equipment",null,null,0,1.6150999999999999E-2,0.32065900000000003,0.10000000149011612,0.40000000596046448,1,0,1.1000000238418579]
[null,null,null,null,"Provision for doubtful accounts",null,null,3.2592999999999997E-2,8.5415000000000005E-2,8.2064999999999999E-2,1.2999999523162842,1.3999999761581421,15.800000190734863,-0.10000000149011612,18.5,55.299999237060547]
[null,null,null,null,"Provision for inventories",null,null,0,0,0,0,1.2999999523162842,50,59.099998474121094,28.899999618530273,37]
[null,null,null,null,"Provision for purchase commitments",null,null,0,0,0,0,0,7,3.0999999046325684,-9.8000001907348633,11.899999618530273]
[null,null,null,null,"Impairment provision for long-term investments",null,null,0,0,0,0,0,73.800003051757812,0,0,45]
[null,null,null,null,"Gain on convertible notes repurchase",null,null,0,0,0,0,0]
[null,null,null,null,"Write-off of unamortized warrants cost for MEMC",null,null,null,null,null,null,null,null,null,null,91.900001525878906]
[null,null,null,null,"Impairment of long-lived assets and indefinite lived intangible assets",null,null,0,0,0,null,null,0,0,63,180.30000305175781]
[null,null,null,null,"Impairment of goodwill",null,null,null,null,null,null,null,null,null,null,281.5]
[null,null,null,null,"Gain on convertible notes repurchase",null,null,0,0,0,null,null,-23.799999237060547,-9.5,0,0]
[null,null,null,null,"Amortization of long-term prepayments",null,null,0,0,0,0,2.5999999046325684,7.5999999046325684,13.300000190734863,13.300000190734863,13.300000190734863]
[null,null,null,null,"Loss from discontinued operations",null,null,null,null,null,null,null,null,null,null,14.100000381469727]
[null,null,null,null,"Equity in net earnings (loss) of affiliates",null,null,0,5.1421000000000001E-2,-0.121408,-1,0.69999998807907104,-0.30000001192092896,3.2999999523162842,-250.80000305175781,98.699996948242188]
[null,null,null,null,"Loss (gain) on short-term investments",null,null,0,0,0,0,-3.0999999046325684,5.6999998092651367,-0.80000001192092896,-0.80000001192092896]
[null,null,null,null,"Loss on financial derivatives, net",null,null,0,0,0,0.5,3.7000000476837158,9.3000001907348633,8,49.799999237060547,93]
[null,null,null,null,"Loss on long-term securities",null,null,0,0,0,0.10000000149011612,-0.30000001192092896,0.30000001192092896,0,0,1.2000000476837158]
[null,null,null,null,"Imputed interest income for loan to suppliers and long-term prepayment to suppliers deemed to be financial assets",null,null,0,0,0,-0.40000000596046448,-3.0999999046325684,-17,-1.2000000476837158,-1.2000000476837158]
[null,null,null,null,"Amortization of imputed interest income",null,null,0,0,0,0,0,2.4000000953674316,3.5999999046325684,3.2000000476837158]
[]
[null,null,null,null,"Cash from Operations",null,null,{"$f":"SUM(H150:H174)","v":1.8395859999999999},21.268673000000003,50.810742999999995,126.59999911487103,214.99999824166298,251.10000133514404,278.99999674409628,244.39998894929886,19.900005578994751]
[]
[null,null,null,null,"Changes in operating assets and liabilities:"]
[null,null,null,null,"Inventories",null,null,-2.1378689999999998,-14.125206,-22.7226,-133.30000305175781,22.799999237060547,-94,-104.40000152587891,-274.79998779296875,2.5999999046325684]
[null,null,null,null,"Accounts receivable",null,null,-0.85807500000000003,-2.8466719999999999,4.1465240000000003,-91.599998474121094,-139.60000610351562,26.600000381469727,-171.60000610351562,-137.39999389648437,21.100000381469727]
[null,null,null,null,"Other receivables",null,null,-0.17446600000000001,-2.0535000000000001E-2,-2.1661030000000001,-2.5,-26,-27,3.9000000953674316,0.69999998807907104,-6.5999999046325684]
[null,null,null,null,"Amounts due from related parties",null,null,-9.9463999999999997E-2,-1.0889219999999999,0.88363599999999998,0,0,-353.10000610351562,77.099998474121094,94.599998474121094,-18.700000762939453]
[null,null,null,null,"Advances to suppliers",null,null,-0.102594,-2.0067680000000001,-21.582464000000002,-50.799999237060547,17.600000381469727,4.6999998092651367,-6.5999999046325684,-32.5,-0.40000000596046448]
[null,null,null,null,"Amounts due from related parties"]
[null,null,null,null,"Value-added tax recoverable",null,null,0,0,0,-21.700000762939453,-45.900001525878906,-2.9000000953674316,34.5,-48.400001525878906,1.5]
[null,null,null,null,"Other current assets",null,null,0,0,0,0,0,-5.1999998092651367,-0.89999997615814209,-27.600000381469727,-45.900001525878906]
[null,null,null,null,"Interest free loans to suppliers",null,null,0,0,0,-21.899999618530273,-78.699996948242188,20.899999618530273,16.700000762939453,0,53]
[null,null,null,null,"  Long-term prepayments",null,null,0,0,0.60111599999999998,-6.5,-29.5,-103.80000305175781,19,-33.599998474121094,-66.599998474121094]
[null,null,null,null,"Other non-current assets",null,null,0,0,4.3258570000000001,0,-0.30000001192092896,0,-6.3000001907348633,-6,-7.1999998092651367]
[null,null,null,null,"Accounts payable",null,null,2.0541309999999999,0.67713299999999998,2.681899,30.299999237060547,18.399999618530273,53.299999237060547,146.30000305175781,178.30000305175781,101.19999694824219]
[null,null,null,null,"Other payables",null,null,4.2410000000000003E-2,-7.5689000000000006E-2,1.3469549999999999,-4.5,10.300000190734863,30.200000762939453,0.20000000298023224,16,45.900001525878906]
[null,null,null,null,"Advances from customers",null,null,2.1468999999999999E-2,0.18723300000000001,1.8984350000000001,-2.0999999046325684,2.0999999046325684,-1.3999999761581421,5.4000000953674316,23,-18.600000381469727]
[null,null,null,null,"Accrued payroll and welfare",null,null,7.2110000000000004E-3,2.1756999999999999E-2,0.31887900000000002,1.5,3.5999999046325684,0.80000001192092896,4.6999998092651367,19.100000381469727,-3.7000000476837158]
[null,null,null,null,"Income tax payable",null,null,0,0,1.7715240000000001,1.3999999761581421,4,5.4000000953674316,-8.5,47.099998474121094,-66.800003051757813]
[null,null,null,null,"Amounts due to related parties",null,null,8.6586999999999997E-2,1.223E-2,4.2233E-2,-0.20000000298023224,5.4000000953674316,0.60000002384185791,-10.899999618530273,-124.80000305175781,49]
[null,null,null,null,"Accrued warranty costs",null,null,3.9319E-2,0.77923600000000004,0,4.4000000953674316,12.899999618530273,18.299999237060547,13.699999809265137,25.799999237060547,13.300000190734863]
[null,null,null,null,"Other long-term liabilities",null,null,-3.0417E-2,-9.9999999999999995E-7,0,2,-1.1000000238418579,4.1999998092651367,1.6000000238418579,6.0999999046325684,20.299999237060547]
[]
[null,null,null,null,"Net cash (used in) provided by operating activities",null,null,0.71635899999999997,2.5762719999999999,22.621832000000001,-168.89999389648437,-9,-171.30000305175781,292.89999389648437,-30,93.300003051757813]
[]
[null,null,null,null,"Investing activities:"]
[null,null,null,null,"Acquisitions of subsidiaries, net of cash acquired",null,null,0,0,-0.58765500000000004,-10,0,-57.400001525878906,-5.4000000953674316,-5,0]
[null,null,null,null,"Purchases of property, plant and equipment",null,null,-2.5465439999999999,-8.2325710000000001,-29.058707999999999,-52.299999237060547,-162.69999694824219,-333.79998779296875,-141.39999389648437,-276,-366.79998779296875]
[null,null,null,null,"Purchases of intangible assets",null,null,-0.241642,-1.1443460000000001,-0.639988,0,-9.5,-3.7000000476837158,-1.2000000476837158,-0.20000000298023224,0]
[null,null,null,null,"Proceeds from sales of property, plant and equipment",null,null,0,9.6050000000000007E-3,2.7136E-2,0.10000000149011612,7.1999998092651367,0.40000000596046448,1.5,2.9000000953674316]
[null,null,null,null,"Net proceeds from redemption of investment securities",null,null,0,0,0,0,0.5,45.599998474121094,0,201.60000610351562,0]
[null,null,null,null,"Net proceeds from sales of long-term investment",null,null,0,0,0,null,null,0,0,22.700000762939453,0]
[null,null,null,null,"Purchase of investment securities",null,null,0,0,0,0,-48,-20.200000762939453,-200,0,0]
[null,null,null,null,"Government grants",null,null,0,2.0600489999999998,2.046395,0.60000002384185791,2.2999999523162842,2.5999999046325684,6.0999999046325684,8.1000003814697266,9.1000003814697266]
[null,null,null,null,"Purchases of financial derivatives",null,null,0,0,0,-4.5]
[null,null,null,null,"Net proceeds from redemption of financial derivatives",null,null,0,0,0,1.6000000238418579,-4.5,-0.60000002384185791,-15.5,-39.299999237060547,-104.80000305175781]
[null,null,null,null,"Purchase of long-term equity investment",null,null,0,-0.120823,-0.905837,0,0,-297.29998779296875,-31.5,-144.69999694824219,-16.799999237060547]
[null,null,null,null,"Purchase of investment deposits",null,null,0,0,0,0,-10.800000190734863,-1.5,-0.5,0]
[null,null,null,null,null,null,null,null,null,null,0,0.5]
[null,null,null,null,"Decrease (increase) in restricted cash",null,null,-0.23791499999999999,-5.7009660000000002,-2.0017480000000001,-70.300003051757813,-15.899999618530273,24.100000381469727,-54,-8.6999998092651367,-95.800003051757813]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,7.5999999046325684]
[null,null,null,null,"Net cash used in investing activities",null,null,-3.0261010000000002,-13.129052,-31.120404000000001,-134.80000305175781,-240.89999389648437,-641.79998779296875,-441.89999389648437,-238.60000610351562,-567.5]
[]
[null,null,null,null,"Financing activities:"]
[null,null,null,null,"Proceeds from exercise of stock options",null,null,0,0,320.172032,12,12.5,3.4000000953674316,1.3999999761581421,0.80000001192092896]
[null,null,null,null,"Gross proceeds from issuance of ordinary shares from secondary offering",null,null,0,0,0,183.60000610351562,0,0,287.5,0,0]
[null,null,null,null,"Offering expense incurred",null,null,0,0,15.273121,null,0,0,-10.399999618530273,0,0]
[null,null,null,null,"Proceeds from long-term bank borrowings",null,null,3.5812059999999999,27.23612,6.1955999999999998,0,526.4000244140625,862.79998779296875,706.29998779296875,2521,2927.199951171875]
[null,null,null,null,"Repayment of short-term bank borrowings",null,null,0,0,0,-22.899999618530273,-468,-557,-524.79998779296875,-2087.300048828125,-2779.60009765625]
[null,null,null,null,"Proceeds from long-term bank borrowings",null,null,0,0.87616499999999997,0,0,25.200000762939453,2.9000000953674316,135.30000305175781,271.70001220703125,202.39999389648437]
[null,null,null,null,"Repayment of long-term bank borrowings",null,null,0,0,0,0,-36.200000762939453,-10.800000190734863,-22.700000762939453,-235.69999694824219,-206.39999389648437]
[null,null,null,null,"Proceeds from issuance of convertible notes",null,null,0,0,0,0,500,575,50,0,0]
[null,null,null,null,"Payment of convertible notes issuance expenses",null,null,0,0,0,0,-14.399999618530273,-14.899999618530273,-0.89999997615814209,0,0]
[null,null,null,null,"Payment of convertible notes repurchase",null,null,0,0,0,0,0,-61,-159.60000610351562,0,0]
[null,null,null,null,"Proceeds from sales and lease back transaction",null,null,0,0,-83.056471999999999,null,1.5,null,null,null,0]
[null,null,null,null,"Payments under financial leases",null,null,0,0,8.5970499999999994,null,0,null,null,null,-42.700000762939453]
[null,null,null,null,"Others",null,null,0,0,80.000095999999999,null,0,null,null,null,1.2000000476837158]
[null,null,null,null,"Payment of convertible notes redemption",null,null,0,0,0,null,547,0,0,-221.19999694824219]
[null,null,null,null,"Contribution from minority shareholder of a subsidiary",null,null,0,0,0.91495199999999999,null,-1.6000000238418579,1.7999999523162842,0,1.8999999761581421]
[null,null,null,null,"Proceeds from sales and lease back transaction",null,null,0,0,0,null,null,0,21,70.699996948242187]
[null,null,null,null,"Payments under financial leases",null,null,0,0,0,null,295.5,-7,-3.7000000476837158,-18.899999618530273]
[null,null,null,null,null,null,null,null,null,null,null,225.5]
[null,null,null,null,"Net cash provided by financing activities",null,null,3.5812059999999999,28.112286000000001,348.096384,172.69999694824219,521,795.20001220703125,479.39999389648437,303,102.09999847412109]
[]
[null,null,null,null,"Effect of exchange rate changes",null,null,4.6999999999999999E-4,3.9290000000000002E-3,0.60439500000000002,-2.7999999523162842,null,4.6999998092651367,-5,4.9000000953674316,-8]
[]
[null,null,null,null,"Net (decrease) increase in cash and cash equivalents",null,null,1.2719339999999999,17.563435999999999,340.20220799999998,-133.80000305175781,23.200000762939453,-13.199999809265137,325.39999389648437,39.299999237060547,-380.10000610351562]
[null,null,null,null,"Cash and cash equivalents at the beginning of the year",null,null,0.286721,1.5586549999999999,19.12209,359.29998779296875,null,521,507.79998779296875,833.20001220703125,872.5]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,492.39999389648437]
[null,null,null,null,"Cash and cash equivalents at the end of the year",null,null,1.5586549999999999,19.12209,359.32428800000002,225.5,15.300000190734863,507.79998779296875,833.20001220703125,872.5]
[]
[null,null,null,null,"Supplemental disclosure of cash flow information:",null,null,0,0,0]
[null,null,null,null,"Interest paid",null,null,0.22659299999999999,0.997946,2.2543709999999999,5.8000001907348633,39.400001525878906,55.700000762939453,122.30000305175781,98.900001525878906,98.800003051757812]
[null,null,null,null,null,null,null,null,null,null,null,0]
[null,null,null,null,"Income taxes paid",null,null,0,0,2.4996230000000002,10.699999809265137,null,16.200000762939453,17.100000381469727,17.100000381469727,85.400001525878906]
[null,null,null,null,"Supplemental schedule of non-cash investing activities:"]
[null,null,null,null,"Liabilities for purchases of property, plant and equipment",null,null,0,0,0.55009300000000005,3.5999999046325684,null,82.599998474121094,70.199996948242188,96.300003051757813]
[]
[]
[null,null,null,null,"Depreciation",null,null,{"$f":"H154","v":1.1823900000000001},1.970475,3.8730530000000001,11.399999618530273,20.5,41.599998474121094,66.400001525878906,84.900001525878906,141.60000610351562]
[null,null,null,null,"Capital Expenditures",null,null,{"$f":"-H203","v":2.5465439999999999},8.2325710000000001,29.058707999999999,52.299999237060547,162.69999694824219,333.79998779296875,141.39999389648437,276,366.79998779296875]
[null,null,null,null,"Purhase of Equity Investment",null,null,{"$f":"-H212","v":0},0.120823,0.905837,0,0,297.29998779296875,31.5,144.69999694824219,16.799999237060547]
[null,"Deferred Tax"]
[]
[null,null,null,"Net loss carried forward",null,null,null,null,null,null,null,null,null,null,28.700000762939453,48]
[null,null,null,"Accrued warranty costs",null,null,null,null,null,null,null,null,null,null,17,20.799999237060547]
[null,null,null,"Depreciation of property, plant and equipment",null,null,null,null,null,null,null,null,null,null,3.2999999523162842,8.5]
[null,null,null,"Impairment of long-lived assets",null,null,null,null,null,null,null,null,null,null,14.100000381469727,16.899999618530273]
[null,null,null,"Provision for inventories and purchase commitments",null,null,null,null,null,null,null,null,null,null,3.9000000953674316,29.600000381469727]
[null,null,null,"Provision for pension",null,null,null,null,null,null,null,null,null,null,1.2999999523162842,0.20000000298023224]
[null,null,null,"Government grant",null,null,null,null,null,null,null,null,null,null,2.2000000476837158,2.2999999523162842]
[null,null,null,"Pre-operating expense",null,null,null,null,null,null,null,null,null,null,0.10000000149011612,0.10000000149011612]
[null,null,null,"Sales commission fee",null,null,null,null,null,null,null,null,null,null,1.1000000238418579,3]
[null,null,null,"Accrued other expenses",null,null,null,null,null,null,null,null,null,null,5.0999999046325684,5.3000001907348633]
[null,null,null,"Unrealized investment gain",null,null,null,null,null,null,null,null,null,null,-4.6999998092651367,0.89999997615814209]
[null,null,null,"Accrued payroll",null,null,null,null,null,null,null,null,null,null,5.9000000953674316,3.7999999523162842]
[null,null,null,"Intangible assets",null,null,null,null,null,null,null,null,null,null,-55.700000762939453,-0.40000000596046448]
[null,null,null,"Unrealized fair value adjustments",null,null,null,null,null,null,null,null,null,null,6.0999999046325684,-5.4000000953674316]
[null,null,null,"Others",null,null,null,null,null,null,null,null,null,null,2.4000000953674316,2.2000000476837158]
[]
[null,null,null,"Total deferred tax assets",null,null,null,null,null,null,null,null,null,null,30.799999237060547,135.80000305175781]
[null,null,null,"Valuation allowance",null,null,null,null,null,null,null,null,null,null,-23.799999237060547,-64.800003051757812]
[]
[null,null,null,"Net deferred tax assets",null,null,null,null,null,null,null,null,null,null,7,71]
[]
[null,null,null,"Deferred tax assets/(liabilities) are analyzed as:"]
[null,null,null,"Current",null,null,null,null,null,null,null,null,null,null,22.600000381469727,21.399999618530273]
[null,null,null,"Non-current",null,null,null,null,null,null,null,null,null,null,-15.600000381469727,49.599998474121094]
[]
[null,null,null,"Total",null,null,null,null,null,null,null,null,null,null,7,71]
[]
[null,"Production Data"]
[null,null,null,null,"Gross margin",null,5.1999998092651367,19.399999618530273,29.5,30.299999237060547,24.899999618530273,20.700000762939453,18.200000762939453,21.399999618530273,18.700000762939453,12.300000190734863]
[null,null,null,null,"Operating margin",null,-34.400001525878906,5.4000000953674316,23.600000381469727,19.5,17.5,13.600000381469727,9.5,10.300000190734863,6.8000001907348633,-20.5]
[null,null,null,null,"Net margin",null,-29.700000762939453,6.6999998092651367,23.200000762939453,13.5,17.700000762939453,10.800000190734863,1.7000000476837158,5.0999999046325684,8.1999998092651367,-32.400001525878906]
[null,null,null,null,"Selected Operating Data"]
[null,null,null,null,"Products sold (in MW)"]
[null,null,null,null,"PV modules",null,0.10000000149011612,4.9000000953674316,25.899999618530273,49.799999237060547,121.09999847412109,358.79998779296875,459.39999389648437,675.0999755859375,1521.9000244140625,2014.5999755859375]
[null,null,null,null,"PV cells",null,0.80000001192092896,1.5,3.5999999046325684,17.899999618530273,38.5,4.5,35,6.8000001907348633,17.100000381469727,51.599998474121094]
[null,null,null,null,"Total",null,0.89999997615814209,6.4000000953674316,29.5,67.699996948242188,159.60000610351562,363.29998779296875,494.39999389648437,681.9000244140625,1539,2066.199951171875]
[null,null,null,null,"Average selling price (in $  per watt)"]
[null,null,null,null,"PV modules",null,1.7799999713897705,1.9900000095367432,3.0099999904632568,3.4200000762939453,3.8900001049041748,3.7200000286102295,3.8900001049041748,2.4000000953674316,1.8200000524520874,1.5099999904632568]
[null,null,null,null,"PV cells",null,3.4800000190734863,2.7699999809265137,2.0199999809265137,3.0499999523162842,3.2300000190734863,3.059999942779541,2.8399999141693115,1.0299999713897705,1.4299999475479126,0.46000000834465027]
[]
[null,null,null,null,"In addition to the 159.6MW, 363.3 MW, 494.4 MW, 681.9 MW and 1,539.0 MW of PV cells and modules that we sold in 2006, 2007, 2008, 2009 and 2010, respectively, we also sold PV system integration services which amounted to 0.5MW, 0.4 MW, 1.1 MW, 22.1 MW and 33.3 MW in 2006, 2007, 2008, 2009 and 2010, respectively."]
[null,null,null,null,"In addition to the 159.6 MW, 363.3 MW and 494.4 MW of PV cells and modules that we sold in 2006, 2007, and 2008, respectively, we also sold PV system integration services which amounted to 0.5 MW, 0.4 MW and 1.1 MW in 2006, 2007 and 2008, respectively."]

{"sheet":"Financial Model Assumptions","index":9,"n_rows":197,"n_cols":28,"rows_kept":197,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,null,null,null,2002,2003,2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023]
[]
[]
[]
[]
[]
[]
[]
[null,"Key Model Dates"]
[null,null,"Last Historic Year in Model",null,null,2011]
[null,null,"Beginning of Explicit period",null,null,2014]
[null,null,"Date of Terminal Value",null,null,2020]
[]
["Operating Assumptions"]
[null,"Demand in Industry"]
[null,null,"Industry Demand",null,null,"MW",null,null,null,null,1700,3100.0000000000005,6000,8099.9999999999991,18000,21000]
[null,null,"Percent Increase",null,null,"Percent",null,null,null,null,null,{"$f":"L17/K17-1","v":0.82352941176470607},{"$f":"M17/L17-1","v":0.93548387096774155},{"$f":"N17/M17-1","v":0.34999999999999987},{"$f":"O17/N17-1","v":1.2222222222222223},{"$f":"P17/O17-1","v":0.16666666666666674}]
[]
[null,null,null,"Demand Scenario",null,{"$f":"'Master Scenario'!C34","v":1}]
[]
[null,null,null,"Base Demand Case",null,"Percent",null,null,null,null,null,null,null,null,null,null,0.05,0.1,0.15,0.15,0.15,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,null,"Low Demand Case",null,"Percent",null,null,null,null,null,null,null,null,null,null,-0.1,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,null,"High Demand Case",null,"Percent",null,null,null,null,null,null,null,null,null,null,0.1,0.15,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[null,null,null,"Demand Fall-off Case",null,"Percent",null,null,null,null,null,null,null,null,null,null,-0.1,-0.05,0,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,null,"Demand Reduction and Stabalisation",null,"Percent",null,null,null,null,null,null,null,null,null,null,-0.1,-0.05,0,0.1,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15]
[]
[null,null,null,{"$f":"INDEX(D22:D26,$F$20)","v":"Base Demand Case"},null,null,{"$f":"IF(NOT('Financial Model'!G6),INDEX(G22:G26,$F$20))","v":false},{"$f":"IF(NOT('Financial Model'!H6),INDEX(H22:H26,$F$20))","v":false},{"$f":"IF(NOT('Financial Model'!I6),INDEX(I22:I26,$F$20))","v":false},{"$f":"IF(NOT('Financial Model'!J6),INDEX(J22:J26,$F$20))","v":false},{"$f":"IF(NOT('Financial Model'!K6),INDEX(K22:K26,$F$20))","v":false},{"$f":"IF(NOT('Financial Model'!L6),INDEX(L22:L26,$F$20))","v":false},{"$f":"IF(NOT('Financial Model'!M6),INDEX(M22:M26,$F$20))","v":false},{"$f":"IF(NOT('Financial Model'!N6),INDEX(N22:N26,$F$20))","v":false},{"$f":"IF(NOT('Financial Model'!O6),INDEX(O22:O26,$F$20))","v":false},{"$f":"IF(NOT('Financial Model'!P6),INDEX(P22:P26,$F$20))","v":false},{"$f":"IF(NOT('Financial Model'!Q6),INDEX(Q22:Q26,$F$20))","v":0.05},{"$f":"IF(NOT('Financial Model'!R6),INDEX(R22:R26,$F$20))","v":0.1},{"$f":"IF(NOT('Financial Model'!S6),INDEX(S22:S26,$F$20))","v":0.15},{"$f":"IF(NOT('Financial Model'!T6),INDEX(T22:T26,$F$20))","v":0.15},{"$f":"IF(NOT('Financial Model'!U6),INDEX(U22:U26,$F$20))","v":0.15},{"$f":"IF(NOT('Financial Model'!V6),INDEX(V22:V26,$F$20))","v":0.1},{"$f":"IF(NOT('Financial Model'!W6),INDEX(W22:W26,$F$20))","v":0.1},{"$f":"IF(NOT('Financial Model'!X6),INDEX(X22:X26,$F$20))","v":0.1},{"$f":"IF(NOT('Financial Model'!Y6),INDEX(Y22:Y26,$F$20))","v":0.1},{"$f":"IF(NOT('Financial Model'!Z6),INDEX(Z22:Z26,$F$20))","v":0.1},{"$f":"IF(NOT('Financial Model'!AA6),INDEX(AA22:AA26,$F$20))","v":0.1},{"$f":"IF(NOT('Financial Model'!AB6),INDEX(AB22:AB26,$F$20))","v":0.1}]
[]
[null,"Capacity in Industry"]
[null,null,"Historic Capacity",null,null,"MW",null,null,null,null,2900,5400,9700,13600,26100,36300]
[null,null,"Increase In Capacity",null,null,"MW",null,null,null,null,null,{"$f":"L31-K31","v":2500},{"$f":"M31-L31","v":4300},{"$f":"N31-M31","v":3900},{"$f":"O31-N31","v":12500},{"$f":"P31-O31","v":10200}]
[null,null,null,"Capacity Scenario",null,{"$f":"'Master Scenario'!E34","v":1}]
[]
[null,null,null,"Base Capacity Case",null,"MW",null,null,null,null,null,null,null,null,null,null,10000,5000,3000]
[null,null,null,"Oversupply Case",null,"MW",null,null,null,null,null,null,null,null,null,null,12000,10000,5000]
[null,null,null,"Adjusted Supply Case",null,"MW",null,null,null,null,null,null,null,null,null,null,5000,2000,2000]
[]
[null,null,null,{"$f":"INDEX(D35:D37,$F$33)","v":"Base Capacity Case"},null,{"$f":"INDEX(F35:F37,$F$33)","v":"MW"},{"$f":"IF('Financial Model'!G6,G32,INDEX(G35:G37,$F$33))","v":0},{"$f":"IF('Financial Model'!H6,H32,INDEX(H35:H37,$F$33))","v":0},{"$f":"IF('Financial Model'!I6,I32,INDEX(I35:I37,$F$33))","v":0},{"$f":"IF('Financial Model'!J6,J32,INDEX(J35:J37,$F$33))","v":0},{"$f":"IF('Financial Model'!K6,K32,INDEX(K35:K37,$F$33))","v":0},{"$f":"IF('Financial Model'!L6,L32,INDEX(L35:L37,$F$33))","v":2500},{"$f":"IF('Financial Model'!M6,M32,INDEX(M35:M37,$F$33))","v":4300},{"$f":"IF('Financial Model'!N6,N32,INDEX(N35:N37,$F$33))","v":3900},{"$f":"IF('Financial Model'!O6,O32,INDEX(O35:O37,$F$33))","v":12500},{"$f":"IF('Financial Model'!P6,P32,INDEX(P35:P37,$F$33))","v":10200},{"$f":"IF('Financial Model'!Q6,Q32,INDEX(Q35:Q37,$F$33))","v":10000},{"$f":"IF('Financial Model'!R6,R32,INDEX(R35:R37,$F$33))","v":5000},{"$f":"IF('Financial Model'!S6,S32,INDEX(S35:S37,$F$33))","v":3000},{"$f":"IF('Financial Model'!T6,T32,INDEX(T35:T37,$F$33))","v":0},{"$f":"IF('Financial Model'!U6,U32,INDEX(U35:U37,$F$33))","v":0},{"$f":"IF('Financial Model'!V6,V32,INDEX(V35:V37,$F$33))","v":0},{"$f":"IF('Financial Model'!W6,W32,INDEX(W35:W37,$F$33))","v":0},{"$f":"IF('Financial Model'!X6,X32,INDEX(X35:X37,$F$33))","v":0},{"$f":"IF('Financial Model'!Y6,Y32,INDEX(Y35:Y37,$F$33))","v":0},{"$f":"IF('Financial Model'!Z6,Z32,INDEX(Z35:Z37,$F$33))","v":0},{"$f":"IF('Financial Model'!AA6,AA32,INDEX(AA35:AA37,$F$33))","v":0},{"$f":"IF('Financial Model'!AB6,AB32,INDEX(AB35:AB37,$F$33))","v":0}]
[]
[null,"New Suntech Capacity"]
[null,null,null,"Historic Cell Capacity",null,"MW",null,30,60,150,270,540,1000,1100,1800,2400]
[null,null,null,"Increase in Capaity",null,"MW",null,{"$f":"H42","v":30},{"$f":"I42-H42","v":30},90,120,270,460,100,700,600,0,0,0]
[null,null,null,"Percent Increase",null,"Pct",null,null,{"$f":"I43/H42","v":1},1.5,0.8,1,0.85185185185185186,0.1,0.63636363636363635,0.33333333333333331]
[]
[null,"Market Share and Suntech Demand"]
[null,null,null,"Historic Share of Capacity",null,"Percent",null,{"$f":"IFERROR(H42/H31,FALSE)","v":false},false,false,9.3103448275862075E-2,0.1,0.10309278350515463,8.0882352941176475E-2,6.8965517241379309E-2,6.6115702479338845E-2]
[]
[null,null,"Suntech Demand"]
[null,null,null,"PV Modules",null,"MW",{"$f":"'Historic Financial Statements'!G293","v":0.10000000149011612},{"$f":"'Historic Financial Statements'!H293","v":4.9000000953674316},{"$f":"'Historic Financial Statements'!I293","v":25.899999618530273},{"$f":"'Historic Financial Statements'!J293","v":49.799999237060547},{"$f":"'Historic Financial Statements'!K293","v":121.09999847412109},{"$f":"'Historic Financial Statements'!L293","v":358.79998779296875},{"$f":"'Historic Financial Statements'!M293","v":459.39999389648437},{"$f":"'Historic Financial Statements'!N293","v":675.0999755859375},{"$f":"'Historic Financial Statements'!O293","v":1521.9000244140625},{"$f":"'Historic Financial Statements'!P293","v":2014.5999755859375}]
[null,null,null,"PV Cells",null,"MW",{"$f":"'Historic Financial Statements'!G294","v":0.80000001192092896},{"$f":"'Historic Financial Statements'!H294","v":1.5},{"$f":"'Historic Financial Statements'!I294","v":3.5999999046325684},{"$f":"'Historic Financial Statements'!J294","v":17.899999618530273},{"$f":"'Historic Financial Statements'!K294","v":38.5},{"$f":"'Historic Financial Statements'!L294","v":4.5},{"$f":"'Historic Financial Statements'!M294","v":35},{"$f":"'Historic Financial Statements'!N294","v":6.8000001907348633},{"$f":"'Historic Financial Statements'!O294","v":17.100000381469727},{"$f":"'Historic Financial Statements'!P294","v":51.599998474121094}]
[]
[null,null,"Growth "]
[null,null,null,"PV Modules",null,null,null,{"$f":"H50/G50-1","v":48.000000223517418},4.2857141049888359,0.92277992164258205,1.4317269142446083,1.9628405641115165,0.28037906779852739,0.46952543438225725,1.254332809141586,0.32374002448785455]
[null,null,null,"PV Cells",null,null,null,{"$f":"H51/G51-1","v":0.87499997206032321},1.3999999364217124,3.9722222479773164,1.1508380346636646,-0.88311688311688308,6.7777777777777777,-0.80571428026471814,1.5147058679158305,2.0175437031005568]
[]
[null,null,null,"Historic Share of Demand",null,null,null,{"$f":"IFERROR(H50/H17,FALSE)","v":false},false,false,7.123529322007123E-2,0.11574193154611893,7.6566665649414056E-2,8.3345675998263896E-2,8.4550001356336807E-2,9.5933332170758931E-2,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,null,null,"Year of Simulated Capacity",null,"Year",2015]
[null,null,null,"Target Share of Capacity and Demand",null,"Percent",null,null,null,null,null,null,null,null,null,null,null,null,null,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06]
[]
[null,"Capital Expenditure"]
[]
[null,null,null,"Maintenance Cost/MW",null,"USD/MW",null,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,{"$f":"Q64","v":0.03},0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,null,"Maintenance Capital Expenditures",null,"USD Millions",null,{"$f":"H64*H42","v":0.89999999999999991},1.7999999999999998,4.5,8.1,16.2,30,33,54,72]
[null,null,null,"Prospective Maintenance Expenditures",null,"USD/MW"]
[]
[null,null,null,"Total Capital Expenditures and Purchases",null,"USD Millions",null,{"$f":"-'Historic Financial Statements'!H203-'Historic Financial Statements'!H202-'Historic Financial Statements'!H204","v":2.7881860000000001},{"$f":"-'Historic Financial Statements'!I203-'Historic Financial Statements'!I202-'Historic Financial Statements'!I204","v":9.3769170000000006},{"$f":"-'Historic Financial Statements'!J203-'Historic Financial Statements'!J202-'Historic Financial Statements'!J204","v":30.286351},{"$f":"-'Historic Financial Statements'!K203-'Historic Financial Statements'!K202-'Historic Financial Statements'!K204","v":62.299999237060547},{"$f":"-'Historic Financial Statements'!L203-'Historic Financial Statements'!L202-'Historic Financial Statements'!L204","v":172.19999694824219},{"$f":"-'Historic Financial Statements'!M203-'Historic Financial Statements'!M202-'Historic Financial Statements'!M204","v":394.89998936653137},{"$f":"-'Historic Financial Statements'!N203-'Historic Financial Statements'!N202-'Historic Financial Statements'!N204","v":147.99999403953552},{"$f":"-'Historic Financial Statements'!O203-'Historic Financial Statements'!O202-'Historic Financial Statements'!O204","v":281.20000000298023},{"$f":"-'Historic Financial Statements'!P203-'Historic Financial Statements'!P202-'Historic Financial Statements'!P204","v":366.79998779296875}]
[null,null,null,"Capital Expenditures for New Plant",null,"USD Millions",null,{"$f":"H68-H65","v":1.8881860000000001},7.5769170000000008,25.786351,54.199999237060545,155.9999969482422,364.89998936653137,114.99999403953552,227.20000000298023,294.79998779296875]
[]
[null,null,null,"Cost per kW of New Capacity",null,"USD/kW",null,{"$f":"H69/H43*1000","v":62.939533333333337},252.56390000000002,286.51501111111111,451.66666030883789,577.77776647497114,793.26084644898117,1149.9999403953552,324.57142857568607,491.33331298828125]
[null,null,null,null,"Capital Expenditure Scenario",{"$f":"'Master Scenario'!F34","v":1}]
[]
[null,null,null,null,"Base Cost per New kW of Capacity","Real USD/kW",null,null,null,null,null,null,null,null,null,null,650,650,650,650,650,650,650,650,650,650,650,650]
[null,null,null,null,"Low Case Cost per New kW of Capacity","Real USD/kW",null,null,null,null,null,null,null,null,null,null,500,500,500,500,500,500,500,500,500,500,500,500]
[null,null,null,null,"High Case Cost per New kW of Capacity","Real USD/kW",null,null,null,null,null,null,null,null,null,null,800,800,800,800,800,800,800,800,800,800,800,800]
[]
[null,null,null,null,{"$f":"CHOOSE($F$72,E74,E75,E76)","v":"Base Cost per New kW of Capacity"},{"$f":"CHOOSE($F$72,F74,F75,F76)","v":"Real USD/kW"},null,{"$f":"IF('Financial Model'!H6,H71,CHOOSE($F$72,H74,H75,H76))","v":62.939533333333337},{"$f":"IF('Financial Model'!I6,I71,CHOOSE($F$72,I74,I75,I76))","v":252.56390000000002},{"$f":"IF('Financial Model'!J6,J71,CHOOSE($F$72,J74,J75,J76))","v":286.51501111111111},{"$f":"IF('Financial Model'!K6,K71,CHOOSE($F$72,K74,K75,K76))","v":451.66666030883789},{"$f":"IF('Financial Model'!L6,L71,CHOOSE($F$72,L74,L75,L76))","v":577.77776647497114},{"$f":"IF('Financial Model'!M6,M71,CHOOSE($F$72,M74,M75,M76))","v":793.26084644898117},{"$f":"IF('Financial Model'!N6,N71,CHOOSE($F$72,N74,N75,N76))","v":1149.9999403953552},{"$f":"IF('Financial Model'!O6,O71,CHOOSE($F$72,O74,O75,O76))","v":324.57142857568607},{"$f":"IF('Financial Model'!P6,P71,CHOOSE($F$72,P74,P75,P76))","v":491.33331298828125},{"$f":"IF('Financial Model'!Q6,Q71,CHOOSE($F$72,Q74,Q75,Q76))","v":650},{"$f":"IF('Financial Model'!R6,R71,CHOOSE($F$72,R74,R75,R76))","v":650},{"$f":"IF('Financial Model'!S6,S71,CHOOSE($F$72,S74,S75,S76))","v":650},{"$f":"IF('Financial Model'!T6,T71,CHOOSE($F$72,T74,T75,T76))","v":650},{"$f":"IF('Financial Model'!U6,U71,CHOOSE($F$72,U74,U75,U76))","v":650},{"$f":"IF('Financial Model'!V6,V71,CHOOSE($F$72,V74,V75,V76))","v":650},{"$f":"IF('Financial Model'!W6,W71,CHOOSE($F$72,W74,W75,W76))","v":650},{"$f":"IF('Financial Model'!X6,X71,CHOOSE($F$72,X74,X75,X76))","v":650},{"$f":"IF('Financial Model'!Y6,Y71,CHOOSE($F$72,Y74,Y75,Y76))","v":650},{"$f":"IF('Financial Model'!Z6,Z71,CHOOSE($F$72,Z74,Z75,Z76))","v":650},{"$f":"IF('Financial Model'!AA6,AA71,CHOOSE($F$72,AA74,AA75,AA76))","v":650},{"$f":"IF('Financial Model'!AB6,AB71,CHOOSE($F$72,AB74,AB75,AB76))","v":650}]
[]
[null,"Price and Revenue Assumptions"]
[null,null,null,"Historic Analysis"]
[null,null,null,null,"PV Modules","USD Millions",{"$f":"'Historic Financial Statements'!G10","v":2.851},{"$f":"'Historic Financial Statements'!H10","v":4.1040000000000001},{"$f":"'Historic Financial Statements'!I10","v":78},{"$f":"'Historic Financial Statements'!J10","v":170.10000610351562},{"$f":"'Historic Financial Statements'!K10","v":471.89999389648437},{"$f":"'Historic Financial Statements'!L10","v":1331.699951171875},{"$f":"'Historic Financial Statements'!M10","v":1785.800048828125},{"$f":"'Historic Financial Statements'!N10","v":1606.300048828125},{"$f":"'Historic Financial Statements'!O10","v":2766.300048828125},{"$f":"'Historic Financial Statements'!P10","v":3014}]
[null,null,null,null,"Other","USD Millions",{"$f":"SUM('Historic Financial Statements'!G11:G13)","v":0.17399999999999999},{"$f":"SUM('Historic Financial Statements'!H11:H13)","v":9.7839999999999989},{"$f":"SUM('Historic Financial Statements'!I11:I13)","v":7.3000001907348633},{"$f":"SUM('Historic Financial Statements'!J11:J13)","v":55.900000810623169},{"$f":"SUM('Historic Financial Statements'!K11:K13)","v":127},{"$f":"SUM('Historic Financial Statements'!L11:L13)","v":16.600000381469727},{"$f":"SUM('Historic Financial Statements'!M11:M13)","v":137.69999694824219},{"$f":"SUM('Historic Financial Statements'!N11:N13)","v":87},{"$f":"SUM('Historic Financial Statements'!O11:O13)","v":135.60000610351562},{"$f":"SUM('Historic Financial Statements'!P11:P13)","v":132.60000610351562}]
[]
[null,null,null,"Assumptions"]
[null,null,null,null,"Other Percent","Percent",{"$f":"G83/G82","v":6.1031217116801116E-2},2.3840155945419101,9.3589746035062343E-2,0.32863021049278979,0.26912481806019822,1.2465270699200663E-2,7.7108294984426437E-2,5.4161736509608392E-2,4.9018545967549412E-2,4.3994693465001865E-2,0.05,{"$f":"Q86","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[]
[null,null,null,null,"PV Module Price","USD/kW",{"$f":"G82*1000000/(G50*1000)","v":28509.999575167902},837.55100410712487,3011.5830559392957,3415.6628254911557,3896.7795197563837,3711.5384517244729,3887.244389538489,2379.3513656017744,1817.6621357852737,1496.0786441603086]
[]
[null,null,null,null,"Price Scenario",{"$f":"'Master Scenario'!D34","v":1}]
[]
[null,null,null,null,"Base Price Case","USD/kW",null,null,null,null,null,null,null,null,null,null,1250,1350,1375,1400,1450,1500,1550,1600,1650,1650,1650,1650]
[null,null,null,null,"Low Price Case","USD/kW",null,null,null,null,null,null,null,null,null,null,1250,1250,1300,1325,1350,1400,1450,1500,1500,1600,1600,1600]
[null,null,null,null,"High Price Case","USD/kW",null,null,null,null,null,null,null,null,null,null,1400,1500,1600,1650,1700,1700,1700,1700,1700,1700,1700,1700]
[null,null,null,null,"Price Fall-off Case","USD/kW",null,null,null,null,null,null,null,null,null,null,1250,1250,1275,1300,1375,1350,1350,1350,1350,1350,1350,1350]
[null,null,null,null,"Price Reduction and Stabalisation","USD/kW",null,null,null,null,null,null,null,null,null,null,1250,1250,1275,1300,1375,1350,1350,1350,1350,1350,1350,1350]
[]
[null,null,null,null,{"$f":"IF('Financial Model'!E6,E88,INDEX(E92:E96,$F$90))","v":"Base Price Case"},{"$f":"IF('Financial Model'!F6,F88,INDEX(F92:F96,$F$90))","v":"USD/kW"},null,null,{"$f":"IF('Financial Model'!I6,I88,INDEX(I92:I96,$F$90))","v":3011.5830559392957},{"$f":"IF('Financial Model'!J6,J88,INDEX(J92:J96,$F$90))","v":3415.6628254911557},{"$f":"IF('Financial Model'!K6,K88,INDEX(K92:K96,$F$90))","v":3896.7795197563837},{"$f":"IF('Financial Model'!L6,L88,INDEX(L92:L96,$F$90))","v":3711.5384517244729},{"$f":"IF('Financial Model'!M6,M88,INDEX(M92:M96,$F$90))","v":3887.244389538489},{"$f":"IF('Financial Model'!N6,N88,INDEX(N92:N96,$F$90))","v":2379.3513656017744},{"$f":"IF('Financial Model'!O6,O88,INDEX(O92:O96,$F$90))","v":1817.6621357852737},{"$f":"IF('Financial Model'!P6,P88,INDEX(P92:P96,$F$90))","v":1496.0786441603086},{"$f":"IF('Financial Model'!Q6,Q88,INDEX(Q92:Q96,$F$90))","v":1250},{"$f":"IF('Financial Model'!R6,R88,INDEX(R92:R96,$F$90))","v":1350},{"$f":"IF('Financial Model'!S6,S88,INDEX(S92:S96,$F$90))","v":1375},{"$f":"IF('Financial Model'!T6,T88,INDEX(T92:T96,$F$90))","v":1400},{"$f":"IF('Financial Model'!U6,U88,INDEX(U92:U96,$F$90))","v":1450},{"$f":"IF('Financial Model'!V6,V88,INDEX(V92:V96,$F$90))","v":1500},{"$f":"IF('Financial Model'!W6,W88,INDEX(W92:W96,$F$90))","v":1550},{"$f":"IF('Financial Model'!X6,X88,INDEX(X92:X96,$F$90))","v":1600},{"$f":"IF('Financial Model'!Y6,Y88,INDEX(Y92:Y96,$F$90))","v":1650},{"$f":"IF('Financial Model'!Z6,Z88,INDEX(Z92:Z96,$F$90))","v":1650},{"$f":"IF('Financial Model'!AA6,AA88,INDEX(AA92:AA96,$F$90))","v":1650},{"$f":"IF('Financial Model'!AB6,AB88,INDEX(AB92:AB96,$F$90))","v":1650}]
[]
[null,"Operating Expenses"]
[null,null,null,"Historic"]
[null,null,null,null,"PV Modules","USD Millions",0.13900000000000001,7.6950000000000003,54.900001525878906,121.19999694824219,357.89999389648437,1052,1441.300048828125,1235.5999755859375,2211.89990234375,2626.199951171875]
[null,null,null,null,"Other Costs","USD Millions",2.7290000000000001,3.5,5.3000001907348633,36.200001537799835,92.099998474121094,16.600000381469727,132.39999389648437,95.699996948242188,146.89999389648437,133.80000305175781]
[null,null,null,null,"Other Cost Percent",null,{"$f":"G103/G102","v":19.633093525179856},0.45484080571799868,9.6539162903967052E-2,0.29867988819553232,0.25733445108903585,1.5779468043222174E-2,9.1861506564253972E-2,7.7452248979577726E-2,6.6413490836917055E-2,5.0948140103366069E-2]
[]
[null,null,null,null,"Depreciaiton and Plant Writeoff","USD Millions",{"$f":"'Historic Financial Statements'!G154+'Historic Financial Statements'!G157","v":0},{"$f":"'Historic Financial Statements'!H154+'Historic Financial Statements'!H157","v":1.1823900000000001},{"$f":"'Historic Financial Statements'!I154+'Historic Financial Statements'!I157","v":1.986626},{"$f":"'Historic Financial Statements'!J154+'Historic Financial Statements'!J157","v":4.1937119999999997},{"$f":"'Historic Financial Statements'!K154+'Historic Financial Statements'!K157","v":11.49999962002039},{"$f":"'Historic Financial Statements'!L154+'Historic Financial Statements'!L157","v":20.900000005960464},{"$f":"'Historic Financial Statements'!M154+'Historic Financial Statements'!M157","v":42.599998474121094},{"$f":"'Historic Financial Statements'!N154+'Historic Financial Statements'!N157","v":66.400001525878906},{"$f":"'Historic Financial Statements'!O154+'Historic Financial Statements'!O157","v":86.000001549720764},{"$f":"'Historic Financial Statements'!P154+'Historic Financial Statements'!P157","v":141.60000610351562}]
[null,null,null,null,"Depreciation Assigned to Other","USD Millions",{"$f":"G106*G104","v":0},0.5377992202729045,0.19178721104325644,1.2525774312842621,2.959346089742068,0.32979088219739638,3.9133000394676842,5.1428294504267136,5.7115603148972323,7.2142569495994042]
[]
[null,null,null,null,"PV Modules Cash","USD Millions",{"$f":"G102-G106","v":0.13900000000000001},6.5126100000000005,52.913375525878905,117.00628494824218,346.39999427646399,1031.0999999940395,1398.7000503540039,1169.1999740600586,2125.8999007940292,2484.5999450683594]
[null,null,null,null,"Other Costs Cash","USD Millions",{"$f":"G103-G107","v":2.7290000000000001},2.9622007797270955,5.1082129796916069,34.94742410651557,89.140652384379024,16.27020949927233,128.48669385701669,90.55716749781547,141.18843358158713,126.58574610215841]
[]
[null,null,null,null,"PV Module Cash Cost/kW","USD/kW",{"$f":"G109/G50*1000","v":1389.9999792873862},1329.104055764645,2042.9875021319224,2349.523830136277,2860.4459012482084,2873.7459171514656,3044.6235719131723,1731.8915958266455,1396.8722430453399,1233.296920072544]
[null,null,null,null,"Cost Scenario",{"$f":"'Master Scenario'!G34","v":1}]
[]
[null,null,null,"Cash Cost of PV Modules"]
[null,null,null,null,"Base Cost","USD/kW",null,null,null,null,null,null,null,null,null,null,1100,1100,1100,1150,1150,1200,1200,1250,1300,1300,1300,1300]
[null,null,null,null,"Reduced Costs","USD/kW",null,null,null,null,null,null,null,null,null,null,1100,1150,1100,1100,1200,1200,1250,1250,1250,1250,1250,1250]
[null,null,null,null,"Increased Costs","USD/kW",null,null,null,null,null,null,null,null,null,null,1100,1150,1200,1250,1250,1300,1300,1300,1350,1350,1350,1350]
[null,null,null,null,"Flat Costs","USD/kW",null,null,null,null,null,null,null,null,null,null,1100,1100,1100,1100,1100,1100,1100,1100,1100,1100,1100,1100]
[]
[null,null,null,null,{"$f":"IF('Financial Model'!E6,E112,INDEX(E116:E119,$F$113))","v":"Base Cost"},null,{"$f":"IF('Financial Model'!G6,G112,INDEX(G116:G119,$F$113))","v":1389.9999792873862},{"$f":"IF('Financial Model'!H6,H112,INDEX(H116:H119,$F$113))","v":1329.104055764645},{"$f":"IF('Financial Model'!I6,I112,INDEX(I116:I119,$F$113))","v":2042.9875021319224},{"$f":"IF('Financial Model'!J6,J112,INDEX(J116:J119,$F$113))","v":2349.523830136277},{"$f":"IF('Financial Model'!K6,K112,INDEX(K116:K119,$F$113))","v":2860.4459012482084},{"$f":"IF('Financial Model'!L6,L112,INDEX(L116:L119,$F$113))","v":2873.7459171514656},{"$f":"IF('Financial Model'!M6,M112,INDEX(M116:M119,$F$113))","v":3044.6235719131723},{"$f":"IF('Financial Model'!N6,N112,INDEX(N116:N119,$F$113))","v":1731.8915958266455},{"$f":"IF('Financial Model'!O6,O112,INDEX(O116:O119,$F$113))","v":1396.8722430453399},{"$f":"IF('Financial Model'!P6,P112,INDEX(P116:P119,$F$113))","v":1233.296920072544},{"$f":"IF('Financial Model'!Q6,Q112,INDEX(Q116:Q119,$F$113))","v":1100},{"$f":"IF('Financial Model'!R6,R112,INDEX(R116:R119,$F$113))","v":1100},{"$f":"IF('Financial Model'!S6,S112,INDEX(S116:S119,$F$113))","v":1100},{"$f":"IF('Financial Model'!T6,T112,INDEX(T116:T119,$F$113))","v":1150},{"$f":"IF('Financial Model'!U6,U112,INDEX(U116:U119,$F$113))","v":1150},{"$f":"IF('Financial Model'!V6,V112,INDEX(V116:V119,$F$113))","v":1200},{"$f":"IF('Financial Model'!W6,W112,INDEX(W116:W119,$F$113))","v":1200},{"$f":"IF('Financial Model'!X6,X112,INDEX(X116:X119,$F$113))","v":1250},{"$f":"IF('Financial Model'!Y6,Y112,INDEX(Y116:Y119,$F$113))","v":1300},{"$f":"IF('Financial Model'!Z6,Z112,INDEX(Z116:Z119,$F$113))","v":1300},{"$f":"IF('Financial Model'!AA6,AA112,INDEX(AA116:AA119,$F$113))","v":1300},{"$f":"IF('Financial Model'!AB6,AB112,INDEX(AB116:AB119,$F$113))","v":1300}]
[]
[null,null,null,"Cost of Goods Sold as Percent of Other Revenues",null,"Percent",{"$f":"'Historic Financial Statements'!G21/'Historic Financial Statements'!G14","v":15.683908045977018},{"$f":"'Historic Financial Statements'!H21/'Historic Financial Statements'!H14","v":0.35772690106295996},{"$f":"'Historic Financial Statements'!I21/'Historic Financial Statements'!I14","v":0.72602711987341484},{"$f":"'Historic Financial Statements'!J21/'Historic Financial Statements'!J14","v":0.6475850713836393},{"$f":"'Historic Financial Statements'!K21/'Historic Financial Statements'!K14","v":0.72519666411712791},{"$f":"'Historic Financial Statements'!L21/'Historic Financial Statements'!L14","v":0.99999414010795074},{"$f":"'Historic Financial Statements'!M21/'Historic Financial Statements'!M14","v":0.96151082676292821},{"$f":"'Historic Financial Statements'!N21/'Historic Financial Statements'!N14","v":1.099999964922324},{"$f":"'Historic Financial Statements'!O21/'Historic Financial Statements'!O14","v":1.0833344586139784},{"$f":"'Historic Financial Statements'!P21/'Historic Financial Statements'!P14","v":1.0090490536335683},0.95,{"$f":"Q123","v":0.95},0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95,0.95]
[]
[null,null,"Other Costs"]
[null,null,null,"Historic Costs"]
[null,null,null,null,"Selling Expenses",null,{"$f":"'Historic Financial Statements'!G25","v":0.157},{"$f":"'Historic Financial Statements'!H25","v":0.55900000000000005},{"$f":"'Historic Financial Statements'!I25","v":1.7000000476837158},{"$f":"'Historic Financial Statements'!J25","v":3.7000000476837158},{"$f":"'Historic Financial Statements'!K25","v":9},{"$f":"'Historic Financial Statements'!L25","v":36.200000762939453},{"$f":"'Historic Financial Statements'!M25","v":66.199996948242187},{"$f":"'Historic Financial Statements'!N25","v":82.099998474121094},{"$f":"'Historic Financial Statements'!O25","v":118},{"$f":"'Historic Financial Statements'!P25","v":162.60000610351562}]
[null,null,null,null,"G&A Expenses",null,{"$f":"'Historic Financial Statements'!G26","v":0.98},{"$f":"'Historic Financial Statements'!H26","v":1.234},{"$f":"'Historic Financial Statements'!I26","v":2.7999999523162842},{"$f":"'Historic Financial Statements'!J26","v":17.5},{"$f":"'Historic Financial Statements'!K26","v":26.799999237060547},{"$f":"'Historic Financial Statements'!L26","v":44.5},{"$f":"'Historic Financial Statements'!M26","v":85.800003051757812},{"$f":"'Historic Financial Statements'!N26","v":76.900001525878906},{"$f":"'Historic Financial Statements'!O26","v":133.10000610351562},{"$f":"'Historic Financial Statements'!P26","v":248.80000305175781}]
[null,null,null,null,"R&D Expenses",null,{"$f":"'Historic Financial Statements'!G27","v":6.2E-2},{"$f":"'Historic Financial Statements'!H27","v":0.14799999999999999},{"$f":"'Historic Financial Statements'!I27","v":0.5},{"$f":"'Historic Financial Statements'!J27","v":3.4000000953674316},{"$f":"'Historic Financial Statements'!K27","v":8.3999996185302734},{"$f":"'Historic Financial Statements'!L27","v":15},{"$f":"'Historic Financial Statements'!M27","v":15.300000190734863},{"$f":"'Historic Financial Statements'!N27","v":29},{"$f":"'Historic Financial Statements'!O27","v":40.200000762939453},{"$f":"'Historic Financial Statements'!P27","v":38.599998474121094}]
[]
[null,null,null,"Prospecitve Assumptions"]
[null,null,null,null,"Selling Expense as Percent of Revenue",null,{"$f":"G127/'Historic Financial Statements'!G15","v":5.1900826446280995E-2},{"$f":"H127/'Historic Financial Statements'!H15","v":4.025057603686636E-2},{"$f":"I127/'Historic Financial Statements'!I15","v":1.9929659869439866E-2},{"$f":"J127/'Historic Financial Statements'!J15","v":1.6371681626919096E-2},{"$f":"K127/'Historic Financial Statements'!K15","v":1.5027549896671327E-2},{"$f":"L127/'Historic Financial Statements'!L15","v":2.6848623786969884E-2},{"$f":"M127/'Historic Financial Statements'!M15","v":3.4416426799190117E-2},{"$f":"N127/'Historic Financial Statements'!N15","v":4.8485204102450531E-2},{"$f":"O127/'Historic Financial Statements'!O15","v":4.0663015255866013E-2},{"$f":"P127/'Historic Financial Statements'!P15","v":5.1674823955109035E-2},{"$f":"'Master Scenario'!H34","v":0.05},{"$f":"Q132","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,null,null,"G&A as Percent of Revenue",null,{"$f":"'Historic Financial Statements'!G26/'Historic Financial Statements'!G15","v":0.32396694214876032},{"$f":"'Historic Financial Statements'!H26/'Historic Financial Statements'!H15","v":8.8853686635944701E-2},{"$f":"'Historic Financial Statements'!I26/'Historic Financial Statements'!I15","v":3.2825320658163605E-2},{"$f":"'Historic Financial Statements'!J26/'Historic Financial Statements'!J15","v":7.7433628318584066E-2},{"$f":"'Historic Financial Statements'!K26/'Historic Financial Statements'!K15","v":4.4748702862853429E-2},{"$f":"'Historic Financial Statements'!L26/'Historic Financial Statements'!L15","v":3.3004523020433899E-2},{"$f":"'Historic Financial Statements'!M26/'Historic Financial Statements'!M15","v":4.4606188225504453E-2},{"$f":"'Historic Financial Statements'!N26/'Historic Financial Statements'!N15","v":4.5414279400215432E-2},{"$f":"'Historic Financial Statements'!O26/'Historic Financial Statements'!O15","v":4.5866504904602673E-2},{"$f":"'Historic Financial Statements'!P26/'Historic Financial Statements'!P15","v":7.9069470326743108E-2},{"$f":"'Master Scenario'!I34","v":4.4999999999999998E-2},{"$f":"Q133","v":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-2,4.4999999999999998E-2]
[null,null,null,null,"Growth in G&A",null,null,{"$f":"H128/G128-1","v":0.25918367346938775},1.2690437214880745,5.2500001064368673,0.53142852783203121,0.66044780846347551,0.92808995621927659,-0.10372961782425683,0.73081929079967467,0.86927116185298314]
[null,null,null,null,"R&D Growth",null,null,{"$f":"H129/G129-1","v":1.3870967741935485},2.3783783783783785,5.8000001907348633,1.4705880537990108,0.78571436680904427,2.0000012715657656E-2,0.89542481297231413,0.38620692285998115,-3.9801051205287763E-2,0,{"$f":"Q135","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Other Income and Expense"]
[null,null,null,"Other Income (Expense)",null,null,{"$f":"'Historic Financial Statements'!G35","v":0.16800000000000001},{"$f":"'Historic Financial Statements'!H35","v":9.2999999999999999E-2},{"$f":"'Historic Financial Statements'!I35","v":0.10000000149011612},{"$f":"'Historic Financial Statements'!J35","v":0},{"$f":"'Historic Financial Statements'!K35","v":0.60000002384185791},{"$f":"'Historic Financial Statements'!L35","v":0.20000000298023224},{"$f":"'Historic Financial Statements'!M35","v":-62.299999237060547},{"$f":"'Historic Financial Statements'!N35","v":2.5999999046325684},{"$f":"'Historic Financial Statements'!O35","v":-47.700000762939453},{"$f":"'Historic Financial Statements'!P35","v":-133.10000610351562},-10,{"$f":"Q138","v":-10},-10,-10,-10,-10,-10,-10,-10,-10,-10,-10]
[null,null,null,"Income on Non-controlling Interest",null,null,{"$f":"-'Historic Financial Statements'!G39","v":0},{"$f":"'Historic Financial Statements'!H39","v":0},{"$f":"'Historic Financial Statements'!I39","v":0},{"$f":"'Historic Financial Statements'!J39","v":0},{"$f":"'Historic Financial Statements'!K39","v":0},{"$f":"'Historic Financial Statements'!L39","v":-0.69999998807907104},{"$f":"'Historic Financial Statements'!M39","v":0.30000001192092896},{"$f":"'Historic Financial Statements'!N39","v":-3.2999999523162842},{"$f":"'Historic Financial Statements'!O39","v":250.80000305175781},{"$f":"'Historic Financial Statements'!P39","v":-98.699996948242188},0,{"$f":"Q139","v":0},0,0,0,0,0,0,0,0,0,0]
[null,"Working Capital"]
[null,null,"Current Asset Ratios"]
[null,null,null,"Current Assets"]
[null,null,null,null,"Inventories as Percent of CGS",null,{"$f":"'Historic Financial Statements'!G73/'Historic Financial Statements'!G22","v":0.42154811715481172},{"$f":"'Historic Financial Statements'!H73/'Historic Financial Statements'!H22","v":0.33427847484322271},{"$f":"'Historic Financial Statements'!I73/'Historic Financial Statements'!I22","v":0.30014455930294848},{"$f":"'Historic Financial Statements'!J73/'Historic Financial Statements'!J22","v":0.26387831026557262},{"$f":"'Historic Financial Statements'!K73/'Historic Financial Statements'!K22","v":0.45676600070988888},{"$f":"'Historic Financial Statements'!L73/'Historic Financial Statements'!L22","v":0.16817791055177037},{"$f":"'Historic Financial Statements'!M73/'Historic Financial Statements'!M22","v":0.15145972646745315},{"$f":"'Historic Financial Statements'!N73/'Historic Financial Statements'!N22","v":0.22144043997426693},{"$f":"'Historic Financial Statements'!O73/'Historic Financial Statements'!O22","v":0.24560015754622391},{"$f":"'Historic Financial Statements'!P73/'Historic Financial Statements'!P22","v":0.19725787130832387},0.2,{"$f":"Q143","v":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,null,"Accounts Receivable as Percent of Revenues",null,{"$f":"'Historic Financial Statements'!G79/'Historic Financial Statements'!G15","v":0.54743801652892565},{"$f":"'Historic Financial Statements'!H79/'Historic Financial Statements'!H15","v":0.17914746543778801},{"$f":"'Historic Financial Statements'!I79/'Historic Financial Statements'!I15","v":6.431289336146101E-2},{"$f":"'Historic Financial Statements'!J79/'Historic Financial Statements'!J15","v":1.7996991150442482E-2},{"$f":"'Historic Financial Statements'!K79/'Historic Financial Statements'!K15","v":0.17390803765937268},{"$f":"'Historic Financial Statements'!L79/'Historic Financial Statements'!L15","v":0.19899132029228067},{"$f":"'Historic Financial Statements'!M79/'Historic Financial Statements'!M15","v":0.18762672489762214},{"$f":"'Historic Financial Statements'!N79/'Historic Financial Statements'!N15","v":0.35977084720168251},{"$f":"'Historic Financial Statements'!O79/'Historic Financial Statements'!O15","v":0.20331508416663988},{"$f":"'Historic Financial Statements'!P79/'Historic Financial Statements'!P15","v":0.17434690974907116},{"$f":"'Master Scenario'!J34","v":0.2},{"$f":"Q144","v":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,null,"Advances to Suppliers as Percent of CGS",null,{"$f":"'Historic Financial Statements'!G80/'Historic Financial Statements'!G22","v":0},{"$f":"'Historic Financial Statements'!H80/'Historic Financial Statements'!H22","v":0},{"$f":"'Historic Financial Statements'!I80/'Historic Financial Statements'!I22","v":3.7710663107507848E-2},{"$f":"'Historic Financial Statements'!J80/'Historic Financial Statements'!J22","v":0.15665938095945331},{"$f":"'Historic Financial Statements'!K80/'Historic Financial Statements'!K22","v":0.1811711227215157},{"$f":"'Historic Financial Statements'!L80/'Historic Financial Statements'!L22","v":5.8604563810129184E-2},{"$f":"'Historic Financial Statements'!M80/'Historic Financial Statements'!M22","v":3.7162824035925669E-2},{"$f":"'Historic Financial Statements'!N80/'Historic Financial Statements'!N22","v":3.8580125192160593E-2},{"$f":"'Historic Financial Statements'!O80/'Historic Financial Statements'!O22","v":3.7134814078021432E-2},{"$f":"'Historic Financial Statements'!P80/'Historic Financial Statements'!P22","v":3.2233426213773786E-2},0.03,{"$f":"Q145","v":0.03},0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,null,null,"Other Assets as Percent of Revenues",null,{"$f":"'Historic Financial Statements'!G83/'Historic Financial Statements'!G15","v":0},{"$f":"'Historic Financial Statements'!H83/'Historic Financial Statements'!H15","v":0},{"$f":"'Historic Financial Statements'!I83/'Historic Financial Statements'!I15","v":1.4333340636085764E-2},{"$f":"'Historic Financial Statements'!J83/'Historic Financial Statements'!J15","v":1.4999911504424779E-3},{"$f":"'Historic Financial Statements'!K83/'Historic Financial Statements'!K15","v":4.3777523678765737E-2},{"$f":"'Historic Financial Statements'!L83/'Historic Financial Statements'!L15","v":5.3845580245451587E-2},{"$f":"'Historic Financial Statements'!M83/'Historic Financial Statements'!M15","v":4.2318688202499261E-2},{"$f":"'Historic Financial Statements'!N83/'Historic Financial Statements'!N15","v":2.8287957946587516E-2},{"$f":"'Historic Financial Statements'!O83/'Historic Financial Statements'!O15","v":4.369551236048716E-2},{"$f":"'Historic Financial Statements'!P83/'Historic Financial Statements'!P15","v":5.3613423804090385E-2},0.05,{"$f":"Q146","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[]
[null,null,null,"Current Liabilities"]
[null,null,null,null,"Accounts payable and advances to CGS",null,{"$f":"'Historic Financial Statements'!G113/'Historic Financial Statements'!G22","v":0},{"$f":"'Historic Financial Statements'!H113/'Historic Financial Statements'!H22","v":0},{"$f":"'Historic Financial Statements'!I113/'Historic Financial Statements'!I22","v":6.2650326580513727E-2},{"$f":"'Historic Financial Statements'!J113/'Historic Financial Statements'!J22","v":8.6339551094106876E-2},{"$f":"'Historic Financial Statements'!K113/'Historic Financial Statements'!K22","v":0.119856886816174},{"$f":"'Historic Financial Statements'!L113/'Historic Financial Statements'!L22","v":8.8002291883870321E-2},{"$f":"'Historic Financial Statements'!M113/'Historic Financial Statements'!M22","v":0.13617660049666555},{"$f":"'Historic Financial Statements'!N113/'Historic Financial Statements'!N22","v":0.28176142002137616},{"$f":"'Historic Financial Statements'!O113/'Historic Financial Statements'!O22","v":0.3038982905111145},{"$f":"'Historic Financial Statements'!P113/'Historic Financial Statements'!P22","v":0.32344179513118393},{"$f":"'Master Scenario'!K34","v":0.3},{"$f":"Q149","v":0.3},0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3,0.3]
[null,null,null,null,"Payables in respect of property/Cap Exp",null,{"$f":"IF(G68,'Historic Financial Statements'!G114/G68)","v":false},{"$f":"IF(H68,'Historic Financial Statements'!H114/H68)","v":0},{"$f":"IF(I68,'Historic Financial Statements'!I114/I68)","v":8.091998681442952E-3},{"$f":"IF(J68,'Historic Financial Statements'!J114/J68)","v":1.8163066260441875E-2},{"$f":"IF(K68,'Historic Financial Statements'!K114/K68)","v":5.7811991077159695E-2},{"$f":"IF(L68,'Historic Financial Statements'!L114/L68)","v":0.22880372952457884},{"$f":"IF(M68,'Historic Financial Statements'!M114/M68)","v":0.20916687945882639},{"$f":"IF(N68,'Historic Financial Statements'!N114/N68)","v":0.47432432280699638},{"$f":"IF(O68,'Historic Financial Statements'!O114/O68)","v":0.34246089278356046},{"$f":"IF(P68,'Historic Financial Statements'!P114/P68)","v":0.25490731491728885},0.25,{"$f":"Q150","v":0.25},0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25]
[null,null,null,null,"Government grants",null,{"$f":"'Historic Financial Statements'!G115","v":0.03},{"$f":"'Historic Financial Statements'!H115","v":7.0000000000000007E-2},{"$f":"'Historic Financial Statements'!I115","v":2.0600489999999998},{"$f":"'Historic Financial Statements'!J115","v":4.1064439999999998},{"$f":"'Historic Financial Statements'!K115","v":4.8202540000000003},{"$f":"'Historic Financial Statements'!L115","v":2.7999999523162842},{"$f":"'Historic Financial Statements'!M115","v":3.4000000953674316},{"$f":"'Historic Financial Statements'!N115","v":6.3000001907348633},{"$f":"'Historic Financial Statements'!O115","v":17.5},{"$f":"'Historic Financial Statements'!P115","v":13.5},{"$f":"P151","v":13.5},{"$f":"Q151","v":13.5},13.5,13.5,13.5,13.5,13.5,13.5,13.5,13.5,13.5,13.5]
[null,null,null,null,"Other current liabilities",null,{"$f":"'Historic Financial Statements'!G119","v":0.76500000000000012},{"$f":"'Historic Financial Statements'!H119","v":2.996999999999999},{"$f":"'Historic Financial Statements'!I119","v":0},{"$f":"'Historic Financial Statements'!J119","v":1.8984350000000001},{"$f":"'Historic Financial Statements'!K119","v":7.6583420000000011},{"$f":"'Historic Financial Statements'!L119","v":22.500000476837158},{"$f":"'Historic Financial Statements'!M119","v":43.699999809265137},{"$f":"'Historic Financial Statements'!N119","v":60.800002098083496},{"$f":"'Historic Financial Statements'!O119","v":164.69999694824219},{"$f":"'Historic Financial Statements'!P119","v":81.599999904632568},81.599999999999994,{"$f":"Q152","v":81.599999999999994},81.599999999999994,81.599999999999994,81.599999999999994,81.599999999999994,81.599999999999994,81.599999999999994,81.599999999999994,81.599999999999994,81.599999999999994,81.599999999999994]
[]
[null,"Depreciation and Tax"]
[null,null,null,"Depreciation Expense to Net Plant",null,null,{"$f":"'Historic Financial Statements'!G29/'Historic Financial Statements'!G85","v":0},{"$f":"'Historic Financial Statements'!H29/'Historic Financial Statements'!H85","v":0.17106336805555555},{"$f":"'Historic Financial Statements'!I29/'Historic Financial Statements'!I85","v":0.15037271751114534},{"$f":"'Historic Financial Statements'!J29/'Historic Financial Statements'!J85","v":0.10558896554280131},{"$f":"'Historic Financial Statements'!K29/'Historic Financial Statements'!K85","v":0.10109902574312174},{"$f":"'Historic Financial Statements'!L29/'Historic Financial Statements'!L85","v":7.1331058040820697E-2},{"$f":"'Historic Financial Statements'!M29/'Historic Financial Statements'!M85","v":6.2235205951966535E-2},{"$f":"'Historic Financial Statements'!N29/'Historic Financial Statements'!N85","v":8.5390951145343272E-2},{"$f":"'Historic Financial Statements'!O29/'Historic Financial Statements'!O85","v":6.4846934637366155E-2},{"$f":"'Historic Financial Statements'!P29/'Historic Financial Statements'!P85","v":9.0237070169272598E-2},7.0000000000000007E-2,{"$f":"Q155","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,null,"Income Tax Rate",null,null,{"$f":"'Historic Financial Statements'!G41/-'Historic Financial Statements'!G40","v":6.3674321503131487E-2},{"$f":"'Historic Financial Statements'!H41/-'Historic Financial Statements'!H40","v":-0.48237179487179543},{"$f":"'Historic Financial Statements'!I41/-'Historic Financial Statements'!I40","v":-3.1249999066252171E-2},{"$f":"'Historic Financial Statements'!J41/-'Historic Financial Statements'!J40","v":0.11078716557744683},{"$f":"'Historic Financial Statements'!K41/-'Historic Financial Statements'!K40","v":6.4981928259064126E-2},{"$f":"'Historic Financial Statements'!L41/-'Historic Financial Statements'!L40","v":8.4398950228565098E-2},{"$f":"'Historic Financial Statements'!M41/-'Historic Financial Statements'!M40","v":4.9079818201431889E-2},{"$f":"'Historic Financial Statements'!N41/-'Historic Financial Statements'!N40","v":2.8344645595386839E-2},{"$f":"'Historic Financial Statements'!O41/-'Historic Financial Statements'!O40","v":9.0943825631165126E-2},{"$f":"'Historic Financial Statements'!P41/-'Historic Financial Statements'!P40","v":4.4905343760793255E-2},0.05,0.05,0.1,0.15,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[]
[null,"Financial Inputs"]
[null,null,"Long-term Debt Repayment",null,null,null,null,null,null,null,null,null,null,null,null,null,0.4,533.5,130.30000305175781,0.30000001192092896,49.700000762939453]
[null,null,"Repayment Percent",null,null,null,null,null,null,null,null,null,null,null,null,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[null,null,"Interest Rate on Debt",null,null,null,{"$f":"-'Historic Financial Statements'!G31/AVERAGE('Historic Financial Statements'!F107:G107,'Historic Financial Statements'!F124:G124)","v":0},{"$f":"-'Historic Financial Statements'!H31/AVERAGE('Historic Financial Statements'!G107:H107,'Historic Financial Statements'!G124:H124)","v":4.1845429362880882E-2},{"$f":"-'Historic Financial Statements'!I31/AVERAGE('Historic Financial Statements'!H107:I107,'Historic Financial Statements'!H124:I124)","v":7.1884854688692448E-2},{"$f":"-'Historic Financial Statements'!J31/AVERAGE('Historic Financial Statements'!I107:J107,'Historic Financial Statements'!I124:J124)","v":9.9803816394032505E-2},{"$f":"-'Historic Financial Statements'!K31/AVERAGE('Historic Financial Statements'!J107:K107,'Historic Financial Statements'!J124:K124)","v":6.3779800802876208E-2},{"$f":"-'Historic Financial Statements'!L31/AVERAGE('Historic Financial Statements'!K107:L107,'Historic Financial Statements'!K124:L124)","v":0.13707433781334483},{"$f":"-'Historic Financial Statements'!M31/AVERAGE('Historic Financial Statements'!L107:M107,'Historic Financial Statements'!L124:M124)","v":9.0293819967505184E-2},{"$f":"-'Historic Financial Statements'!N31/AVERAGE('Historic Financial Statements'!M107:N107,'Historic Financial Statements'!M124:N124)","v":0.14802263401565255},{"$f":"-'Historic Financial Statements'!O31/AVERAGE('Historic Financial Statements'!N107:O107,'Historic Financial Statements'!N124:O124)","v":0.10425341125065557},{"$f":"-'Historic Financial Statements'!P31/AVERAGE('Historic Financial Statements'!O107:P107,'Historic Financial Statements'!O124:P124)","v":8.9759022870827154E-2}]
[null,null,"Interest Rate Assumptions"]
[null,null,null,"Long Term Debt",null,"Year","Rate"]
[null,null,null,null,null,2010,0.09]
[null,null,null,null,null,2014,0.08]
[null,null,null,null,null,2016,7.4999999999999997E-2]
[]
[null,null,null,"Short-term Debt",null,"Year","Rate"]
[null,null,null,null,null,2012,0.08]
[null,null,null,null,null,2014,7.0000000000000007E-2]
[null,null,null,null,null,2016,0.06]
[]
[null,null,null,"Interest Income Rate",null,"Year","Rate"]
[null,null,null,null,null,2012,0.02]
[null,null,null,null,null,2014,0.03]
[null,null,null,null,null,2016,0.04]
[]
[null,null,null,"Minority Interest",null,null,{"$f":"'Historic Financial Statements'!G45+'Historic Financial Statements'!G46","v":0},{"$f":"'Historic Financial Statements'!H45+'Historic Financial Statements'!H46","v":0},{"$f":"'Historic Financial Statements'!I45+'Historic Financial Statements'!I46","v":0},{"$f":"'Historic Financial Statements'!J45","v":0.10000000149011612},{"$f":"'Historic Financial Statements'!K45+'Historic Financial Statements'!K46","v":1},{"$f":"'Historic Financial Statements'!L45+'Historic Financial Statements'!L46","v":2.7000000476837158},{"$f":"'Historic Financial Statements'!M45+'Historic Financial Statements'!M46","v":1.3999999761581421},{"$f":"'Historic Financial Statements'!N45+'Historic Financial Statements'!N46","v":-0.10000000149011612},{"$f":"'Historic Financial Statements'!O45+'Historic Financial Statements'!O46","v":-1},{"$f":"'Historic Financial Statements'!P45+'Historic Financial Statements'!P46","v":-0.60000002384185791},{"$f":"'Historic Financial Statements'!Q45+'Historic Financial Statements'!Q46","v":0},{"$f":"'Historic Financial Statements'!R45+'Historic Financial Statements'!R46","v":0},{"$f":"'Historic Financial Statements'!S45+'Historic Financial Statements'!S46","v":0},{"$f":"'Historic Financial Statements'!T45+'Historic Financial Statements'!T46","v":0},{"$f":"'Historic Financial Statements'!U45+'Historic Financial Statements'!U46","v":0},{"$f":"'Historic Financial Statements'!V45+'Historic Financial Statements'!V46","v":0},{"$f":"'Historic Financial Statements'!W45+'Historic Financial Statements'!W46","v":0},{"$f":"'Historic Financial Statements'!X45+'Historic Financial Statements'!X46","v":0},{"$f":"'Historic Financial Statements'!Y45+'Historic Financial Statements'!Y46","v":0},{"$f":"'Historic Financial Statements'!Z45+'Historic Financial Statements'!Z46","v":0},{"$f":"'Historic Financial Statements'!AA45+'Historic Financial Statements'!AA46","v":0},{"$f":"'Historic Financial Statements'!AB45+'Historic Financial Statements'!AB46","v":0}]
[null,null,null,"Minority Interest Percent",null,null,{"$f":"-G178/'Historic Financial Statements'!G44","v":0},{"$f":"-H178/'Historic Financial Statements'!H44","v":0},{"$f":"-I178/'Historic Financial Statements'!I44","v":0},{"$f":"-J178/'Historic Financial Statements'!J44","v":-3.2786884004471981E-3},{"$f":"-K178/'Historic Financial Statements'!K44","v":-9.6525065403735635E-3},{"$f":"-L178/'Historic Financial Statements'!L44","v":-1.88547426811091E-2},{"$f":"-M178/'Historic Financial Statements'!M44","v":-4.5161350423494936E-2},{"$f":"-N178/'Historic Financial Statements'!N44","v":1.16686007602452E-3},{"$f":"-O178/'Historic Financial Statements'!O44","v":4.203446799436945E-3},{"$f":"-P178/'Historic Financial Statements'!P44","v":-5.8939106449727805E-4},1E-3,{"$f":"Q179","v":1E-3},1E-3,1E-3,1E-3,1E-3,1E-3,1E-3,1E-3,1E-3,1E-3,1E-3]
[]
[null,"Inflation Rate"]
[null,null,null,null,null,"Year","Rate"]
[null,null,null,null,null,2012,0.01]
[null,null,null,null,null,2014,1.4999999999999999E-2]
[null,null,null,null,null,2016,0.02]
[null,"Vauation Parameters"]
[null,null,null,"Beta",null,null,2]
[null,null,null,"Risk Free Rate",null,null,0.04]
[null,null,null,"Equity Market Risk Premium",null,null,0.05]
[null,null,null,"Cost of Equity",null,null,{"$f":"G187*G189+G188","v":0.14000000000000001}]
[null,null,null,"WACC",null,null,{"$f":"'Master Scenario'!L34","v":0.12}]
[null,null,null,"Terminal Growth",null,null,{"$f":"'Master Scenario'!M34","v":0.05}]
[null,null,null,"ROIC/WACC Spread",null,null,{"$f":"'Master Scenario'!N34","v":0.01}]
[null,null,null,"Terminal EV/EBITDA Ratio",null,null,{"$f":"'EV to EBITDA and Stable Ratios'!O13","v":6.1735610150270075}]
[null,null,null,"Terminal P/E Ratio",null,null,15]
[null,null,null,"Ratio of Cap Exp to Depreciation",null,null,1.1000000000000001]
[null,null,null,"Ratio of WC Changes to EBITDA",null,null,{"$f":"'EV to EBITDA and Stable Ratios'!O9","v":7.2088997169015123E-2}]

{"sheet":"Financial Model","index":10,"n_rows":298,"n_cols":28,"rows_kept":298,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,null,null,null,2002,2003,2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023]
["Operations"]
[]
["Timings"]
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[]
[null,"Industry Demand and Capacity"]
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[]
[null,null,"Industry Capacity",null,null,"MW"]
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[]
[null,"Suntech Capacity and Demand",null,null,null,"MW"]
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[]
[null,null,"Suntech Capacity",null,null,"MW"]
[null,null,null,"Opening Balance",null,null,null,{"$f":"G29","v":0},30,60,150,270,540,1000,1100,1800,2400,2400,2400,2400,3258,3258,3258,3258,3258,3258,3564.5891118626269,3921.0480230488902]
[null,null,null,"Add: New Capacity",null,null,null,{"$f":"IF(H10,H24,'Financial Model Assumptions'!H43)","v":30},{"$f":"IF(I10,I24,'Financial Model Assumptions'!I43)","v":30},{"$f":"IF(J10,J24,'Financial Model Assumptions'!J43)","v":90},{"$f":"IF(K10,K24,'Financial Model Assumptions'!K43)","v":120},{"$f":"IF(L10,L24,'Financial Model Assumptions'!L43)","v":270},{"$f":"IF(M10,M24,'Financial Model Assumptions'!M43)","v":460},{"$f":"IF(N10,N24,'Financial Model Assumptions'!N43)","v":100},{"$f":"IF(O10,O24,'Financial Model Assumptions'!O43)","v":700},{"$f":"IF(P10,P24,'Financial Model Assumptions'!P43)","v":600},{"$f":"IF(Q10,Q24,'Financial Model Assumptions'!Q43)","v":0},{"$f":"IF(R10,R24,'Financial Model Assumptions'!R43)","v":0},{"$f":"IF(S10,S24,'Financial Model Assumptions'!S43)","v":0},{"$f":"IF(T10,T24,'Financial Model Assumptions'!T43)","v":858},{"$f":"IF(U10,U24,'Financial Model Assumptions'!U43)","v":0},{"$f":"IF(V10,V24,'Financial Model Assumptions'!V43)","v":0},{"$f":"IF(W10,W24,'Financial Model Assumptions'!W43)","v":0},{"$f":"IF(X10,X24,'Financial Model Assumptions'!X43)","v":0},{"$f":"IF(Y10,Y24,'Financial Model Assumptions'!Y43)","v":0},{"$f":"IF(Z10,Z24,'Financial Model Assumptions'!Z43)","v":306.58911186262685},{"$f":"IF(AA10,AA24,'Financial Model Assumptions'!AA43)","v":356.45891118626332},{"$f":"IF(AB10,AB24,'Financial Model Assumptions'!AB43)","v":392.10480230488884}]
[null,null,null,"Closing Balance",null,null,null,{"$f":"IF(H6,'Financial Model Assumptions'!H42,H27+H28)","v":30},{"$f":"IF(I6,'Financial Model Assumptions'!I42,I27+I28)","v":60},{"$f":"IF(J6,'Financial Model Assumptions'!J42,J27+J28)","v":150},{"$f":"IF(K6,'Financial Model Assumptions'!K42,K27+K28)","v":270},{"$f":"IF(L6,'Financial Model Assumptions'!L42,L27+L28)","v":540},{"$f":"IF(M6,'Financial Model Assumptions'!M42,M27+M28)","v":1000},{"$f":"IF(N6,'Financial Model Assumptions'!N42,N27+N28)","v":1100},{"$f":"IF(O6,'Financial Model Assumptions'!O42,O27+O28)","v":1800},{"$f":"IF(P6,'Financial Model Assumptions'!P42,P27+P28)","v":2400},{"$f":"IF(Q6,'Financial Model Assumptions'!Q42,Q27+Q28)","v":2400},{"$f":"IF(R6,'Financial Model Assumptions'!R42,R27+R28)","v":2400},{"$f":"IF(S6,'Financial Model Assumptions'!S42,S27+S28)","v":2400},{"$f":"IF(T6,'Financial Model Assumptions'!T42,T27+T28)","v":3258},{"$f":"IF(U6,'Financial Model Assumptions'!U42,U27+U28)","v":3258},{"$f":"IF(V6,'Financial Model Assumptions'!V42,V27+V28)","v":3258},{"$f":"IF(W6,'Financial Model Assumptions'!W42,W27+W28)","v":3258},{"$f":"IF(X6,'Financial Model Assumptions'!X42,X27+X28)","v":3258},{"$f":"IF(Y6,'Financial Model Assumptions'!Y42,Y27+Y28)","v":3258},{"$f":"IF(Z6,'Financial Model Assumptions'!Z42,Z27+Z28)","v":3564.5891118626269},{"$f":"IF(AA6,'Financial Model Assumptions'!AA42,AA27+AA28)","v":3921.0480230488902},{"$f":"IF(AB6,'Financial Model Assumptions'!AB42,AB27+AB28)","v":4313.152825353779}]
[]
[null,null,"Suntech Market Share",null,null,null,null,{"$f":"IF(H6,'Financial Model Assumptions'!H57,H29/H19)","v":false},{"$f":"IF(I6,'Financial Model Assumptions'!I57,I29/I19)","v":false},{"$f":"IF(J6,'Financial Model Assumptions'!J57,J29/J19)","v":false},{"$f":"IF(K6,'Financial Model Assumptions'!K57,K29/K19)","v":7.123529322007123E-2},{"$f":"IF(L6,'Financial Model Assumptions'!L57,L29/L19)","v":0.11574193154611893},{"$f":"IF(M6,'Financial Model Assumptions'!M57,M29/M19)","v":7.6566665649414056E-2},{"$f":"IF(N6,'Financial Model Assumptions'!N57,N29/N19)","v":8.3345675998263896E-2},{"$f":"IF(O6,'Financial Model Assumptions'!O57,O29/O19)","v":8.4550001356336807E-2},{"$f":"IF(P6,'Financial Model Assumptions'!P57,P29/P19)","v":9.5933332170758931E-2},{"$f":"IF(Q6,'Financial Model Assumptions'!Q57,Q29/Q19)","v":5.183585313174946E-2},{"$f":"IF(R6,'Financial Model Assumptions'!R57,R29/R19)","v":4.6783625730994149E-2},{"$f":"IF(S6,'Financial Model Assumptions'!S57,S29/S19)","v":4.4198895027624308E-2},{"$f":"IF(T6,'Financial Model Assumptions'!T57,T29/T19)","v":0.06},{"$f":"IF(U6,'Financial Model Assumptions'!U57,U29/U19)","v":0.06},{"$f":"IF(V6,'Financial Model Assumptions'!V57,V29/V19)","v":0.06},{"$f":"IF(W6,'Financial Model Assumptions'!W57,W29/W19)","v":0.06},{"$f":"IF(X6,'Financial Model Assumptions'!X57,X29/X19)","v":0.06},{"$f":"IF(Y6,'Financial Model Assumptions'!Y57,Y29/Y19)","v":0.06},{"$f":"IF(Z6,'Financial Model Assumptions'!Z57,Z29/Z19)","v":0.06},{"$f":"IF(AA6,'Financial Model Assumptions'!AA57,AA29/AA19)","v":0.06},{"$f":"IF(AB6,'Financial Model Assumptions'!AB57,AB29/AB19)","v":0.06}]
[]
[null,null,"Suntech Production",null,null,"MW",{"$f":"IF(G6,'Financial Model Assumptions'!G50,G31*G14)","v":0.10000000149011612},{"$f":"IF(H6,'Financial Model Assumptions'!H50,H31*H14)","v":4.9000000953674316},{"$f":"IF(I6,'Financial Model Assumptions'!I50,I31*I14)","v":25.899999618530273},{"$f":"IF(J6,'Financial Model Assumptions'!J50,J31*J14)","v":49.799999237060547},{"$f":"IF(K6,'Financial Model Assumptions'!K50,K31*K14)","v":121.09999847412109},{"$f":"IF(L6,'Financial Model Assumptions'!L50,L31*L14)","v":358.79998779296875},{"$f":"IF(M6,'Financial Model Assumptions'!M50,M31*M14)","v":459.39999389648437},{"$f":"IF(N6,'Financial Model Assumptions'!N50,N31*N14)","v":675.0999755859375},{"$f":"IF(O6,'Financial Model Assumptions'!O50,O31*O14)","v":1521.9000244140625},{"$f":"IF(P6,'Financial Model Assumptions'!P50,P31*P14)","v":2014.5999755859375},{"$f":"IF(Q6,'Financial Model Assumptions'!Q50,Q31*Q14)","v":1142.9805615550756},{"$f":"IF(R6,'Financial Model Assumptions'!R50,R31*R14)","v":1134.7368421052633},{"$f":"IF(S6,'Financial Model Assumptions'!S50,S31*S14)","v":1232.8508287292818},{"$f":"IF(T6,'Financial Model Assumptions'!T50,T31*T14)","v":1924.6342500000001},{"$f":"IF(U6,'Financial Model Assumptions'!U50,U31*U14)","v":2213.3293874999999},{"$f":"IF(V6,'Financial Model Assumptions'!V50,V31*V14)","v":2434.6623262500002},{"$f":"IF(W6,'Financial Model Assumptions'!W50,W31*W14)","v":2678.1285588750006},{"$f":"IF(X6,'Financial Model Assumptions'!X50,X31*X14)","v":2945.9414147625012},{"$f":"IF(Y6,'Financial Model Assumptions'!Y50,Y31*Y14)","v":3240.5355562387513},{"$f":"IF(Z6,'Financial Model Assumptions'!Z50,Z31*Z14)","v":3564.5891118626269},{"$f":"IF(AA6,'Financial Model Assumptions'!AA50,AA31*AA14)","v":3921.0480230488902},{"$f":"IF(AB6,'Financial Model Assumptions'!AB50,AB31*AB14)","v":4313.152825353779}]
[]
[null,"Revenues"]
[null,null,"Price of PV Cells - Real",null,null,"USD/kW",null,{"$f":"'Financial Model Assumptions'!H98","v":0},{"$f":"'Financial Model Assumptions'!I98","v":3011.5830559392957},{"$f":"'Financial Model Assumptions'!J98","v":3415.6628254911557},{"$f":"'Financial Model Assumptions'!K98","v":3896.7795197563837},{"$f":"'Financial Model Assumptions'!L98","v":3711.5384517244729},{"$f":"'Financial Model Assumptions'!M98","v":3887.244389538489},{"$f":"'Financial Model Assumptions'!N98","v":2379.3513656017744},{"$f":"'Financial Model Assumptions'!O98","v":1817.6621357852737},{"$f":"'Financial Model Assumptions'!P98","v":1496.0786441603086},{"$f":"'Financial Model Assumptions'!Q98","v":1250},{"$f":"'Financial Model Assumptions'!R98","v":1350},{"$f":"'Financial Model Assumptions'!S98","v":1375},{"$f":"'Financial Model Assumptions'!T98","v":1400},{"$f":"'Financial Model Assumptions'!U98","v":1450},{"$f":"'Financial Model Assumptions'!V98","v":1500},{"$f":"'Financial Model Assumptions'!W98","v":1550},{"$f":"'Financial Model Assumptions'!X98","v":1600},{"$f":"'Financial Model Assumptions'!Y98","v":1650},{"$f":"'Financial Model Assumptions'!Z98","v":1650},{"$f":"'Financial Model Assumptions'!AA98","v":1650},{"$f":"'Financial Model Assumptions'!AB98","v":1650}]
[null,null,"Inflation Rate",null,null,"Percent",null,{"$f":"LOOKUP('Financial Model Assumptions'!H2,'Financial Model Assumptions'!$F$183:$G$185)","v":{"$error":"#N/A"}},{"$f":"LOOKUP('Financial Model Assumptions'!I2,'Financial Model Assumptions'!$F$183:$G$185)","v":{"$error":"#N/A"}},{"$f":"LOOKUP('Financial Model Assumptions'!J2,'Financial Model Assumptions'!$F$183:$G$185)","v":{"$error":"#N/A"}},{"$f":"LOOKUP('Financial Model Assumptions'!K2,'Financial Model Assumptions'!$F$183:$G$185)","v":{"$error":"#N/A"}},{"$f":"LOOKUP('Financial Model Assumptions'!L2,'Financial Model Assumptions'!$F$183:$G$185)","v":{"$error":"#N/A"}},{"$f":"LOOKUP('Financial Model Assumptions'!M2,'Financial Model Assumptions'!$F$183:$G$185)","v":{"$error":"#N/A"}},{"$f":"LOOKUP('Financial Model Assumptions'!N2,'Financial Model Assumptions'!$F$183:$G$185)","v":{"$error":"#N/A"}},{"$f":"LOOKUP('Financial Model Assumptions'!O2,'Financial Model Assumptions'!$F$183:$G$185)","v":{"$error":"#N/A"}},{"$f":"LOOKUP('Financial Model Assumptions'!P2,'Financial Model Assumptions'!$F$183:$G$185)","v":{"$error":"#N/A"}},{"$f":"LOOKUP('Financial Model Assumptions'!Q2,'Financial Model Assumptions'!$F$183:$G$185)","v":0.01},{"$f":"LOOKUP('Financial Model Assumptions'!R2,'Financial Model Assumptions'!$F$183:$G$185)","v":0.01},{"$f":"LOOKUP('Financial Model Assumptions'!S2,'Financial Model Assumptions'!$F$183:$G$185)","v":1.4999999999999999E-2},{"$f":"LOOKUP('Financial Model Assumptions'!T2,'Financial Model Assumptions'!$F$183:$G$185)","v":1.4999999999999999E-2},{"$f":"LOOKUP('Financial Model Assumptions'!U2,'Financial Model Assumptions'!$F$183:$G$185)","v":0.02},{"$f":"LOOKUP('Financial Model Assumptions'!V2,'Financial Model Assumptions'!$F$183:$G$185)","v":0.02},{"$f":"LOOKUP('Financial Model Assumptions'!W2,'Financial Model Assumptions'!$F$183:$G$185)","v":0.02},{"$f":"LOOKUP('Financial Model Assumptions'!X2,'Financial Model Assumptions'!$F$183:$G$185)","v":0.02},{"$f":"LOOKUP('Financial Model Assumptions'!Y2,'Financial Model Assumptions'!$F$183:$G$185)","v":0.02},{"$f":"LOOKUP('Financial Model Assumptions'!Z2,'Financial Model Assumptions'!$F$183:$G$185)","v":0.02},{"$f":"LOOKUP('Financial Model Assumptions'!AA2,'Financial Model Assumptions'!$F$183:$G$185)","v":0.02},{"$f":"LOOKUP('Financial Model Assumptions'!AB2,'Financial Model Assumptions'!$F$183:$G$185)","v":0.02}]
[null,null,"Inflation Index",null,null,"Index",1,{"$f":"IFERROR(G38*(1+H37),1)","v":1},1,1,1,1,1,1,1,1,1.01,1.0201,1.0354014999999999,1.0509325224999997,1.0719511729499998,1.0933901964089998,1.1152580003371799,1.1375631603439236,1.1603144235508021,1.1835207120218181,1.2071911262622546,1.2313349487874996]
[null,null,"Nominal Price",null,null,null,null,{"$f":"H38*H36","v":0},3011.5830559392957,3415.6628254911557,3896.7795197563837,3711.5384517244729,3887.244389538489,2379.3513656017744,1817.6621357852737,1496.0786441603086,1262.5,1377.135,1423.6770624999999,1471.3055314999995,1554.3292007774996,1640.0852946134996,1728.649900522629,1820.1010565502777,1914.5187988588234,1952.8091748359998,1991.86535833272,2031.7026654993745]
[]
[null,null,"Revenue from PV Cells",null,null,"USD Millions",{"$f":"IF(G6,'Historic Financial Statements'!G10,G33*G39/1000)","v":2.851},{"$f":"IF(H6,'Historic Financial Statements'!H10,H33*H39/1000)","v":4.1040000000000001},{"$f":"IF(I6,'Historic Financial Statements'!I10,I33*I39/1000)","v":78},{"$f":"IF(J6,'Historic Financial Statements'!J10,J33*J39/1000)","v":170.10000610351562},{"$f":"IF(K6,'Historic Financial Statements'!K10,K33*K39/1000)","v":471.89999389648437},{"$f":"IF(L6,'Historic Financial Statements'!L10,L33*L39/1000)","v":1331.699951171875},{"$f":"IF(M6,'Historic Financial Statements'!M10,M33*M39/1000)","v":1785.800048828125},{"$f":"IF(N6,'Historic Financial Statements'!N10,N33*N39/1000)","v":1606.300048828125},{"$f":"IF(O6,'Historic Financial Statements'!O10,O33*O39/1000)","v":2766.300048828125},{"$f":"IF(P6,'Historic Financial Statements'!P10,P33*P39/1000)","v":3014},{"$f":"IF(Q6,'Historic Financial Statements'!Q10,Q33*Q39/1000)","v":1443.0129589632829},{"$f":"IF(R6,'Historic Financial Statements'!R10,R33*R39/1000)","v":1562.6858210526318},{"$f":"IF(S6,'Historic Financial Statements'!S10,S33*S39/1000)","v":1755.1814463459946},{"$f":"IF(T6,'Historic Financial Statements'!T10,T33*T39/1000)","v":2831.7250181393529},{"$f":"IF(U6,'Historic Financial Statements'!U10,U33*U39/1000)","v":3440.2424979302277},{"$f":"IF(V6,'Historic Financial Statements'!V10,V33*V39/1000)","v":3993.0538786321199},{"$f":"IF(W6,'Historic Financial Statements'!W10,W33*W39/1000)","v":4629.5466668860818},{"$f":"IF(X6,'Historic Financial Statements'!X10,X33*X39/1000)","v":5361.9110815444483},{"$f":"IF(Y6,'Historic Financial Statements'!Y10,Y33*Y39/1000)","v":6204.0662407895234},{"$f":"IF(Z6,'Historic Financial Statements'!Z10,Z33*Z39/1000)","v":6960.9623221658458},{"$f":"IF(AA6,'Historic Financial Statements'!AA10,AA33*AA39/1000)","v":7810.1997254700809},{"$f":"IF(AB6,'Historic Financial Statements'!AB10,AB33*AB39/1000)","v":8763.0440919774301}]
[]
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[null,null,"Other Revenues",null,null,"USD Millions",{"$f":"G43*G41","v":0.17399999999999999},9.7839999999999989,7.3000001907348624,55.900000810623169,127.00000000000001,16.600000381469727,137.69999694824219,87,135.60000610351562,132.60000610351562,72.150647948164149,78.134291052631596,87.75907231729974,141.58625090696765,172.01212489651141,199.652693931606,231.4773333443041,268.0955540772224,310.2033120394762,348.04811610829233,390.50998627350407,438.15220459887155]
[null,null,null,"Total Revenues",null,"USD Millions",{"$f":"G41+G44","v":3.0249999999999999},13.887999999999998,85.300000190734863,226.00000691413879,598.89999389648437,1348.2999515533447,1923.5000457763672,1693.300048828125,2901.9000549316406,3146.6000061035156,1515.163606911447,1640.8201121052634,1842.9405186632944,2973.3112690463204,3612.2546228267393,4192.7065725637258,4861.0240002303863,5630.0066356216703,6514.2695528289996,7309.0104382741383,8200.7097117435842,9201.1962965763014]
[]
[null,"Expenses"]
[null,null,"Cost of Goods Sold"]
[null,null,null,"Cost of Production per Unit - Real",null,"USD/kW",{"$f":"'Financial Model Assumptions'!G121","v":1389.9999792873862},{"$f":"'Financial Model Assumptions'!H121","v":1329.104055764645},{"$f":"'Financial Model Assumptions'!I121","v":2042.9875021319224},{"$f":"'Financial Model Assumptions'!J121","v":2349.523830136277},{"$f":"'Financial Model Assumptions'!K121","v":2860.4459012482084},{"$f":"'Financial Model Assumptions'!L121","v":2873.7459171514656},{"$f":"'Financial Model Assumptions'!M121","v":3044.6235719131723},{"$f":"'Financial Model Assumptions'!N121","v":1731.8915958266455},{"$f":"'Financial Model Assumptions'!O121","v":1396.8722430453399},{"$f":"'Financial Model Assumptions'!P121","v":1233.296920072544},{"$f":"'Financial Model Assumptions'!Q121","v":1100},{"$f":"'Financial Model Assumptions'!R121","v":1100},{"$f":"'Financial Model Assumptions'!S121","v":1100},{"$f":"'Financial Model Assumptions'!T121","v":1150},{"$f":"'Financial Model Assumptions'!U121","v":1150},{"$f":"'Financial Model Assumptions'!V121","v":1200},{"$f":"'Financial Model Assumptions'!W121","v":1200},{"$f":"'Financial Model Assumptions'!X121","v":1250},{"$f":"'Financial Model Assumptions'!Y121","v":1300},{"$f":"'Financial Model Assumptions'!Z121","v":1300},{"$f":"'Financial Model Assumptions'!AA121","v":1300},{"$f":"'Financial Model Assumptions'!AB121","v":1300}]
[null,null,null,"Nominal Cost of Production",null,"USD/kW",{"$f":"G49*G38","v":1389.9999792873862},1329.104055764645,2042.9875021319224,2349.523830136277,2860.4459012482084,2873.7459171514656,3044.6235719131723,1731.8915958266455,1396.8722430453399,1233.296920072544,1111,1122.1099999999999,1138.9416499999998,1208.5724008749996,1232.7438488924997,1312.0682356907998,1338.3096004046158,1421.9539504299046,1508.4087506160427,1538.5769256283636,1569.3484641409309,1600.7354334237496]
[null,null,null,"Total Suntech Production",null,"MW",{"$f":"G33","v":0.10000000149011612},4.9000000953674316,25.899999618530273,49.799999237060547,121.09999847412109,358.79998779296875,459.39999389648437,675.0999755859375,1521.9000244140625,2014.5999755859375,1142.9805615550756,1134.7368421052633,1232.8508287292818,1924.6342500000001,2213.3293874999999,2434.6623262500002,2678.1285588750006,2945.9414147625012,3240.5355562387513,3564.5891118626269,3921.0480230488902,4313.152825353779]
[null,null,null,"Cost of Goods Sold - PV Modules",null,"USD Millions",{"$f":"G50*G51/1000","v":0.13900000000000001},6.5126100000000005,52.913375525878905,117.00628494824217,346.39999427646399,1031.0999999940398,1398.7000503540039,1169.1999740600586,2125.8999007940292,2484.5999450683589,1269.851403887689,1273.2995578947371,1404.1451570767954,2326.059836328754,2728.4681880136291,3194.4431029056964,3584.1651614601919,4188.9930324566003,4888.0521897129574,5484.3945568579402,6153.4906927946085,6904.2165573155517]
[null,null,null,"Other Cost of Goods Sold",null,"USD Millions",{"$f":"'Financial Model Assumptions'!G123*G44","v":2.729000000000001},{"$f":"'Financial Model Assumptions'!H123*H44","v":3.5},{"$f":"'Financial Model Assumptions'!I123*I44","v":5.2999981135546115},{"$f":"'Financial Model Assumptions'!J123*J44","v":36.2000060152929},{"$f":"'Financial Model Assumptions'!K123*K44","v":92.099976342875252},{"$f":"'Financial Model Assumptions'!L123*L44","v":16.599903107259472},{"$f":"'Financial Model Assumptions'!M123*M44","v":132.40003791095702},{"$f":"'Financial Model Assumptions'!N123*N44","v":95.699996948242188},{"$f":"'Financial Model Assumptions'!O123*O44","v":146.90015920020426},{"$f":"'Financial Model Assumptions'!P123*P44","v":133.79991067055784},{"$f":"'Financial Model Assumptions'!Q123*Q44","v":68.543115550755942},{"$f":"'Financial Model Assumptions'!R123*R44","v":74.227576500000012},{"$f":"'Financial Model Assumptions'!S123*S44","v":83.371118701434753},{"$f":"'Financial Model Assumptions'!T123*T44","v":134.50693836161926},{"$f":"'Financial Model Assumptions'!U123*U44","v":163.41151865168584},{"$f":"'Financial Model Assumptions'!V123*V44","v":189.67005923502569},{"$f":"'Financial Model Assumptions'!W123*W44","v":219.90346667708889},{"$f":"'Financial Model Assumptions'!X123*X44","v":254.69077637336127},{"$f":"'Financial Model Assumptions'!Y123*Y44","v":294.69314643750238},{"$f":"'Financial Model Assumptions'!Z123*Z44","v":330.64571030287772},{"$f":"'Financial Model Assumptions'!AA123*AA44","v":370.98448695982887},{"$f":"'Financial Model Assumptions'!AB123*AB44","v":416.24459436892795}]
[null,null,null,null,"Total Cost of Goods Sold",null,{"$f":"G52+G53","v":2.8680000000000012},10.01261,58.213373639433513,153.20629096353508,438.49997061933925,1047.6999031012992,1531.100088264961,1264.8999710083008,2272.8000599942334,2618.3998557389168,1338.3945194384451,1347.527134394737,1487.5162757782302,2460.5667746903732,2891.8797066653151,3384.1131621407221,3804.0686281372809,4443.6838088299619,5182.7453361504595,5815.0402671608181,6524.4751797544377,7320.4611516844798]
[]
[null,null,"Selling Expense"]
[null,null,null,"Selling Expense as Percent of Revenues",null,"Percent",{"$f":"'Financial Model Assumptions'!G132","v":5.1900826446280995E-2},{"$f":"'Financial Model Assumptions'!H132","v":4.025057603686636E-2},{"$f":"'Financial Model Assumptions'!I132","v":1.9929659869439866E-2},{"$f":"'Financial Model Assumptions'!J132","v":1.6371681626919096E-2},{"$f":"'Financial Model Assumptions'!K132","v":1.5027549896671327E-2},{"$f":"'Financial Model Assumptions'!L132","v":2.6848623786969884E-2},{"$f":"'Financial Model Assumptions'!M132","v":3.4416426799190117E-2},{"$f":"'Financial Model Assumptions'!N132","v":4.8485204102450531E-2},{"$f":"'Financial Model Assumptions'!O132","v":4.0663015255866013E-2},{"$f":"'Financial Model Assumptions'!P132","v":5.1674823955109035E-2},{"$f":"'Financial Model Assumptions'!Q132","v":0.05},{"$f":"'Financial Model Assumptions'!R132","v":0.05},{"$f":"'Financial Model Assumptions'!S132","v":0.05},{"$f":"'Financial Model Assumptions'!T132","v":0.05},{"$f":"'Financial Model Assumptions'!U132","v":0.05},{"$f":"'Financial Model Assumptions'!V132","v":0.05},{"$f":"'Financial Model Assumptions'!W132","v":0.05},{"$f":"'Financial Model Assumptions'!X132","v":0.05},{"$f":"'Financial Model Assumptions'!Y132","v":0.05},{"$f":"'Financial Model Assumptions'!Z132","v":0.05},{"$f":"'Financial Model Assumptions'!AA132","v":0.05},{"$f":"'Financial Model Assumptions'!AB132","v":0.05}]
[null,null,null,"Selling Expenses",null,"USD Millions",{"$f":"G57*G45","v":0.157},0.55899999999999994,1.6999999906645016,3.7000001608797946,8.9999995413955727,36.199998151245474,66.199998523701183,82.099998474121094,118.00000620468373,162.6000013725442,75.758180345572356,82.04100560526318,92.147025933164727,148.66556345231604,180.61273114133698,209.6353286281863,243.05120001151931,281.5003317810835,325.71347764145003,365.45052191370695,410.03548558717921,460.05981482881509]
[]
[null,null,"G&A Expenses"]
[null,null,null,"G&A as Percent of Revenues",null,"Percent",{"$f":"'Financial Model Assumptions'!G133","v":0.32396694214876032},{"$f":"'Financial Model Assumptions'!H133","v":8.8853686635944701E-2},{"$f":"'Financial Model Assumptions'!I133","v":3.2825320658163605E-2},{"$f":"'Financial Model Assumptions'!J133","v":7.7433628318584066E-2},{"$f":"'Financial Model Assumptions'!K133","v":4.4748702862853429E-2},{"$f":"'Financial Model Assumptions'!L133","v":3.3004523020433899E-2},{"$f":"'Financial Model Assumptions'!M133","v":4.4606188225504453E-2},{"$f":"'Financial Model Assumptions'!N133","v":4.5414279400215432E-2},{"$f":"'Financial Model Assumptions'!O133","v":4.5866504904602673E-2},{"$f":"'Financial Model Assumptions'!P133","v":7.9069470326743108E-2},{"$f":"'Financial Model Assumptions'!Q133","v":4.4999999999999998E-2},{"$f":"'Financial Model Assumptions'!R133","v":4.4999999999999998E-2},{"$f":"'Financial Model Assumptions'!S133","v":4.4999999999999998E-2},{"$f":"'Financial Model Assumptions'!T133","v":4.4999999999999998E-2},{"$f":"'Financial Model Assumptions'!U133","v":4.4999999999999998E-2},{"$f":"'Financial Model Assumptions'!V133","v":4.4999999999999998E-2},{"$f":"'Financial Model Assumptions'!W133","v":4.4999999999999998E-2},{"$f":"'Financial Model Assumptions'!X133","v":4.4999999999999998E-2},{"$f":"'Financial Model Assumptions'!Y133","v":4.4999999999999998E-2},{"$f":"'Financial Model Assumptions'!Z133","v":4.4999999999999998E-2},{"$f":"'Financial Model Assumptions'!AA133","v":4.4999999999999998E-2},{"$f":"'Financial Model Assumptions'!AB133","v":4.4999999999999998E-2}]
[null,null,null,"G&A Expenses",null,"USD Millions",{"$f":"G61*G45","v":0.98},1.2339999999999998,2.7999998584022885,17.500000535386853,26.79999787143851,44.499996789492279,85.800005093667068,76.900001525878906,133.10001310218885,248.79999581273162,68.182362311015112,73.836905044736852,82.932323339848239,133.79900710708441,162.55145802720327,188.67179576536765,218.74608001036736,253.35029860297516,293.14212987730497,328.90546972233619,369.0319370284613,414.05383334593353]
[]
[null,null,"R&D Expenses"]
[null,null,null,"R&D Expense Growth",null,"Percent",{"$f":"'Financial Model Assumptions'!G135","v":0},{"$f":"'Financial Model Assumptions'!H135","v":1.3870967741935485},{"$f":"'Financial Model Assumptions'!I135","v":2.3783783783783785},{"$f":"'Financial Model Assumptions'!J135","v":5.8000001907348633},{"$f":"'Financial Model Assumptions'!K135","v":1.4705880537990108},{"$f":"'Financial Model Assumptions'!L135","v":0.78571436680904427},{"$f":"'Financial Model Assumptions'!M135","v":2.0000012715657656E-2},{"$f":"'Financial Model Assumptions'!N135","v":0.89542481297231413},{"$f":"'Financial Model Assumptions'!O135","v":0.38620692285998115},{"$f":"'Financial Model Assumptions'!P135","v":-3.9801051205287763E-2},{"$f":"'Financial Model Assumptions'!Q135","v":0},{"$f":"'Financial Model Assumptions'!R135","v":0},{"$f":"'Financial Model Assumptions'!S135","v":0},{"$f":"'Financial Model Assumptions'!T135","v":0},{"$f":"'Financial Model Assumptions'!U135","v":0},{"$f":"'Financial Model Assumptions'!V135","v":0},{"$f":"'Financial Model Assumptions'!W135","v":0},{"$f":"'Financial Model Assumptions'!X135","v":0},{"$f":"'Financial Model Assumptions'!Y135","v":0},{"$f":"'Financial Model Assumptions'!Z135","v":0},{"$f":"'Financial Model Assumptions'!AA135","v":0},{"$f":"'Financial Model Assumptions'!AB135","v":0}]
[null,null,null,"Total R&D Expenses",null,"USD Millions",{"$f":"IF(G6,'Historic Financial Statements'!G27,F66*(1+G65))","v":6.2E-2},{"$f":"IF(H6,'Historic Financial Statements'!H27,G66*(1+H65))","v":0.14799999999999999},{"$f":"IF(I6,'Historic Financial Statements'!I27,H66*(1+I65))","v":0.5},{"$f":"IF(J6,'Historic Financial Statements'!J27,I66*(1+J65))","v":3.4000000953674316},{"$f":"IF(K6,'Historic Financial Statements'!K27,J66*(1+K65))","v":8.3999996185302734},{"$f":"IF(L6,'Historic Financial Statements'!L27,K66*(1+L65))","v":15},{"$f":"IF(M6,'Historic Financial Statements'!M27,L66*(1+M65))","v":15.300000190734863},{"$f":"IF(N6,'Historic Financial Statements'!N27,M66*(1+N65))","v":29},{"$f":"IF(O6,'Historic Financial Statements'!O27,N66*(1+O65))","v":40.200000762939453},{"$f":"IF(P6,'Historic Financial Statements'!P27,O66*(1+P65))","v":38.599998474121094},{"$f":"IF(Q6,'Historic Financial Statements'!Q27,P66*(1+Q65))","v":38.599998474121094},{"$f":"IF(R6,'Historic Financial Statements'!R27,Q66*(1+R65))","v":38.599998474121094},{"$f":"IF(S6,'Historic Financial Statements'!S27,R66*(1+S65))","v":38.599998474121094},{"$f":"IF(T6,'Historic Financial Statements'!T27,S66*(1+T65))","v":38.599998474121094},{"$f":"IF(U6,'Historic Financial Statements'!U27,T66*(1+U65))","v":38.599998474121094},{"$f":"IF(V6,'Historic Financial Statements'!V27,U66*(1+V65))","v":38.599998474121094},{"$f":"IF(W6,'Historic Financial Statements'!W27,V66*(1+W65))","v":38.599998474121094},{"$f":"IF(X6,'Historic Financial Statements'!X27,W66*(1+X65))","v":38.599998474121094},{"$f":"IF(Y6,'Historic Financial Statements'!Y27,X66*(1+Y65))","v":38.599998474121094},{"$f":"IF(Z6,'Historic Financial Statements'!Z27,Y66*(1+Z65))","v":38.599998474121094},{"$f":"IF(AA6,'Historic Financial Statements'!AA27,Z66*(1+AA65))","v":38.599998474121094},{"$f":"IF(AB6,'Historic Financial Statements'!AB27,AA66*(1+AB65))","v":38.599998474121094}]
[]
[null,null,null,"Total Operating Expenses",null,null,{"$f":"G54+G58+G62+G66","v":4.0670000000000011},11.953609999999999,63.213373488500302,177.80629175516916,482.69996765070363,1143.399898042037,1698.4000920730641,1452.8999710083008,2564.1000800640454,3068.3998513983138,1520.9350605691536,1542.005043518858,1701.1956235253642,2781.6313437238946,3273.6438943079766,3821.0202850083974,4304.4659066332888,5017.1344376881416,5840.2009421433349,6547.9962572709828,7342.1426008441995,8233.1747983333498]
[]
[null,null,null,"EBITDA",null,null,{"$f":"G45-G68","v":-1.0420000000000011},1.9343899999999987,22.086626702234561,48.193715158969638,116.20002624578075,204.90005351130776,225.09995370330307,240.40007781982422,337.79997486759521,78.20015470520184,-5.7714536577066156,98.815068586405459,141.74489513793014,191.67992532242579,338.6107285187627,371.68628755532836,556.55809359709747,612.8721979335287,674.06861068566468,761.0141810031555,858.56711089938472,968.02149824295157]
[]
[null,"Other Income and Expense"]
[null,null,null,"Other Income",null,"USD Millions",{"$f":"'Financial Model Assumptions'!G138","v":0.16800000000000001},{"$f":"'Financial Model Assumptions'!H138","v":9.2999999999999999E-2},{"$f":"'Financial Model Assumptions'!I138","v":0.10000000149011612},{"$f":"'Financial Model Assumptions'!J138","v":0},{"$f":"'Financial Model Assumptions'!K138","v":0.60000002384185791},{"$f":"'Financial Model Assumptions'!L138","v":0.20000000298023224},{"$f":"'Financial Model Assumptions'!M138","v":-62.299999237060547},{"$f":"'Financial Model Assumptions'!N138","v":2.5999999046325684},{"$f":"'Financial Model Assumptions'!O138","v":-47.700000762939453},{"$f":"'Financial Model Assumptions'!P138","v":-133.10000610351562},{"$f":"'Financial Model Assumptions'!Q138","v":-10},{"$f":"'Financial Model Assumptions'!R138","v":-10},{"$f":"'Financial Model Assumptions'!S138","v":-10},{"$f":"'Financial Model Assumptions'!T138","v":-10},{"$f":"'Financial Model Assumptions'!U138","v":-10},{"$f":"'Financial Model Assumptions'!V138","v":-10},{"$f":"'Financial Model Assumptions'!W138","v":-10},{"$f":"'Financial Model Assumptions'!X138","v":-10},{"$f":"'Financial Model Assumptions'!Y138","v":-10},{"$f":"'Financial Model Assumptions'!Z138","v":-10},{"$f":"'Financial Model Assumptions'!AA138","v":-10},{"$f":"'Financial Model Assumptions'!AB138","v":-10}]
[null,null,null,"Income on Non-controlling Interest",null,"USD Millions",{"$f":"'Financial Model Assumptions'!G139","v":0},{"$f":"'Financial Model Assumptions'!H139","v":0},{"$f":"'Financial Model Assumptions'!I139","v":0},{"$f":"'Financial Model Assumptions'!J139","v":0},{"$f":"'Financial Model Assumptions'!K139","v":0},{"$f":"'Financial Model Assumptions'!L139","v":-0.69999998807907104},{"$f":"'Financial Model Assumptions'!M139","v":0.30000001192092896},{"$f":"'Financial Model Assumptions'!N139","v":-3.2999999523162842},{"$f":"'Financial Model Assumptions'!O139","v":250.80000305175781},{"$f":"'Financial Model Assumptions'!P139","v":-98.699996948242188},{"$f":"'Financial Model Assumptions'!Q139","v":0},{"$f":"'Financial Model Assumptions'!R139","v":0},{"$f":"'Financial Model Assumptions'!S139","v":0},{"$f":"'Financial Model Assumptions'!T139","v":0},{"$f":"'Financial Model Assumptions'!U139","v":0},{"$f":"'Financial Model Assumptions'!V139","v":0},{"$f":"'Financial Model Assumptions'!W139","v":0},{"$f":"'Financial Model Assumptions'!X139","v":0},{"$f":"'Financial Model Assumptions'!Y139","v":0},{"$f":"'Financial Model Assumptions'!Z139","v":0},{"$f":"'Financial Model Assumptions'!AA139","v":0},{"$f":"'Financial Model Assumptions'!AB139","v":0}]
[null,null,null,"Foreign Currency and Other Non-Cash",null,"USD Millions",{"$f":"'Historic Financial Statements'!G34-'Historic Financial Statements'!G37-'Historic Financial Statements'!G38-'Historic Financial Statements'!G36","v":0},{"$f":"'Historic Financial Statements'!H34-'Historic Financial Statements'!H37-'Historic Financial Statements'!H38-'Historic Financial Statements'!H36","v":0},{"$f":"'Historic Financial Statements'!I34-'Historic Financial Statements'!I37-'Historic Financial Statements'!I38-'Historic Financial Statements'!I36","v":0},{"$f":"'Historic Financial Statements'!J34-'Historic Financial Statements'!J37-'Historic Financial Statements'!J38-'Historic Financial Statements'!J36","v":-2.0999999046325684},{"$f":"'Historic Financial Statements'!K34-'Historic Financial Statements'!K37-'Historic Financial Statements'!K38-'Historic Financial Statements'!K36","v":0},{"$f":"'Historic Financial Statements'!L34-'Historic Financial Statements'!L37-'Historic Financial Statements'!L38-'Historic Financial Statements'!L36","v":-8.8999996185302734},{"$f":"'Historic Financial Statements'!M34-'Historic Financial Statements'!M37-'Historic Financial Statements'!M38-'Historic Financial Statements'!M36","v":-14.399999618530273},{"$f":"'Historic Financial Statements'!N34-'Historic Financial Statements'!N37-'Historic Financial Statements'!N38-'Historic Financial Statements'!N36","v":8.6000003814697266},{"$f":"'Historic Financial Statements'!O34-'Historic Financial Statements'!O37-'Historic Financial Statements'!O38-'Historic Financial Statements'!O36","v":-101.29999923706055},{"$f":"'Historic Financial Statements'!P34-'Historic Financial Statements'!P37-'Historic Financial Statements'!P38-'Historic Financial Statements'!P36","v":-620.00000381469727},{"$f":"'Historic Financial Statements'!Q34-'Historic Financial Statements'!Q37-'Historic Financial Statements'!Q38-'Historic Financial Statements'!Q36","v":0},{"$f":"'Historic Financial Statements'!R34-'Historic Financial Statements'!R37-'Historic Financial Statements'!R38-'Historic Financial Statements'!R36","v":0},{"$f":"'Historic Financial Statements'!S34-'Historic Financial Statements'!S37-'Historic Financial Statements'!S38-'Historic Financial Statements'!S36","v":0},{"$f":"'Historic Financial Statements'!T34-'Historic Financial Statements'!T37-'Historic Financial Statements'!T38-'Historic Financial Statements'!T36","v":0},{"$f":"'Historic Financial Statements'!U34-'Historic Financial Statements'!U37-'Historic Financial Statements'!U38-'Historic Financial Statements'!U36","v":0},{"$f":"'Historic Financial Statements'!V34-'Historic Financial Statements'!V37-'Historic Financial Statements'!V38-'Historic Financial Statements'!V36","v":0},{"$f":"'Historic Financial Statements'!W34-'Historic Financial Statements'!W37-'Historic Financial Statements'!W38-'Historic Financial Statements'!W36","v":0},{"$f":"'Historic Financial Statements'!X34-'Historic Financial Statements'!X37-'Historic Financial Statements'!X38-'Historic Financial Statements'!X36","v":0},{"$f":"'Historic Financial Statements'!Y34-'Historic Financial Statements'!Y37-'Historic Financial Statements'!Y38-'Historic Financial Statements'!Y36","v":0},{"$f":"'Historic Financial Statements'!Z34-'Historic Financial Statements'!Z37-'Historic Financial Statements'!Z38-'Historic Financial Statements'!Z36","v":0},{"$f":"'Historic Financial Statements'!AA34-'Historic Financial Statements'!AA37-'Historic Financial Statements'!AA38-'Historic Financial Statements'!AA36","v":0},{"$f":"'Historic Financial Statements'!AB34-'Historic Financial Statements'!AB37-'Historic Financial Statements'!AB38-'Historic Financial Statements'!AB36","v":0}]
[]
[null,"Capital Expenditures"]
[null,null,"Maintenance Capital Expenditure per MW - Real",null,null,"USD/MW",null,{"$f":"'Financial Model Assumptions'!H64","v":0.03},{"$f":"'Financial Model Assumptions'!I64","v":0.03},{"$f":"'Financial Model Assumptions'!J64","v":0.03},{"$f":"'Financial Model Assumptions'!K64","v":0.03},{"$f":"'Financial Model Assumptions'!L64","v":0.03},{"$f":"'Financial Model Assumptions'!M64","v":0.03},{"$f":"'Financial Model Assumptions'!N64","v":0.03},{"$f":"'Financial Model Assumptions'!O64","v":0.03},{"$f":"'Financial Model Assumptions'!P64","v":0.03},{"$f":"'Financial Model Assumptions'!Q64","v":0.03},{"$f":"'Financial Model Assumptions'!R64","v":0.03},{"$f":"'Financial Model Assumptions'!S64","v":0.03},{"$f":"'Financial Model Assumptions'!T64","v":0.03},{"$f":"'Financial Model Assumptions'!U64","v":0.03},{"$f":"'Financial Model Assumptions'!V64","v":0.03},{"$f":"'Financial Model Assumptions'!W64","v":0.03},{"$f":"'Financial Model Assumptions'!X64","v":0.03},{"$f":"'Financial Model Assumptions'!Y64","v":0.03},{"$f":"'Financial Model Assumptions'!Z64","v":0.03},{"$f":"'Financial Model Assumptions'!AA64","v":0.03},{"$f":"'Financial Model Assumptions'!AB64","v":0.03}]
[null,null,"Infation Index",null,null,"Index",{"$f":"G38","v":1},1,1,1,1,1,1,1,1,1,1.01,1.0201,1.0354014999999999,1.0509325224999997,1.0719511729499998,1.0933901964089998,1.1152580003371799,1.1375631603439236,1.1603144235508021,1.1835207120218181,1.2071911262622546,1.2313349487874996]
[null,null,"Maintenance Capital Expenditure per MW - Nominal",null,null,"USD/MW",{"$f":"G79*G78","v":0},0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,3.0300000000000001E-2,3.0602999999999998E-2,3.1062044999999996E-2,3.1527975674999986E-2,3.2158535188499988E-2,3.2801705892269994E-2,3.3457740010115394E-2,3.4126894810317707E-2,3.4809432706524063E-2,3.5505621360654542E-2,3.6215733787867632E-2,3.6940048463624989E-2]
[null,null,"Total Suntech Capacity",null,null,null,{"$f":"G29","v":0},30,60,150,270,540,1000,1100,1800,2400,2400,2400,2400,3258,3258,3258,3258,3258,3258,3564.5891118626269,3921.0480230488902,4313.152825353779]
[null,null,"Total Maintenance Capital Expenditures",null,null,null,{"$f":"G81*G80","v":0},0.89999999999999991,1.7999999999999998,4.5,8.1,16.2,30,33,54,72,72.72,73.447199999999995,74.548907999999997,102.71814474914996,104.77250764413296,106.86795779701565,109.00531695295595,111.18542329201509,113.40913175785539,126.56295131210629,142.00363137218326,159.32807439958964]
[]
[null,null,"Capital Expenditure per MW New Plant - Real",null,null,"USD/kW",null,{"$f":"'Financial Model Assumptions'!H78","v":62.939533333333337},{"$f":"'Financial Model Assumptions'!I78","v":252.56390000000002},{"$f":"'Financial Model Assumptions'!J78","v":286.51501111111111},{"$f":"'Financial Model Assumptions'!K78","v":451.66666030883789},{"$f":"'Financial Model Assumptions'!L78","v":577.77776647497114},{"$f":"'Financial Model Assumptions'!M78","v":793.26084644898117},{"$f":"'Financial Model Assumptions'!N78","v":1149.9999403953552},{"$f":"'Financial Model Assumptions'!O78","v":324.57142857568607},{"$f":"'Financial Model Assumptions'!P78","v":491.33331298828125},{"$f":"'Financial Model Assumptions'!Q78","v":650},{"$f":"'Financial Model Assumptions'!R78","v":650},{"$f":"'Financial Model Assumptions'!S78","v":650},{"$f":"'Financial Model Assumptions'!T78","v":650},{"$f":"'Financial Model Assumptions'!U78","v":650},{"$f":"'Financial Model Assumptions'!V78","v":650},{"$f":"'Financial Model Assumptions'!W78","v":650},{"$f":"'Financial Model Assumptions'!X78","v":650},{"$f":"'Financial Model Assumptions'!Y78","v":650},{"$f":"'Financial Model Assumptions'!Z78","v":650},{"$f":"'Financial Model Assumptions'!AA78","v":650},{"$f":"'Financial Model Assumptions'!AB78","v":650}]
[null,null,"Capital Expenditure per MW New Plant - Nominal",null,null,"USD/kW",null,{"$f":"H84*H38","v":62.939533333333337},252.56390000000002,286.51501111111111,451.66666030883789,577.77776647497114,793.26084644898117,1149.9999403953552,324.57142857568607,491.33331298828125,656.5,663.06500000000005,673.01097499999992,683.10613962499974,696.76826241749984,710.70362766584992,724.91770021916693,739.4160542235503,754.20437530802133,769.2884628141818,784.67423207046545,800.36771671187478]
[null,null,"New Suntech Capacity",null,null,"KW",null,{"$f":"H28*1000","v":30000},30000,90000,120000,270000,460000,100000,700000,600000,0,0,0,858000,0,0,0,0,0,306589.11186262686,356458.91118626331,392104.80230488884]
[null,null,"Capital Expenditures for New Plant",null,null,"USD Millions",null,{"$f":"H85*H86/1000000","v":1.8881859999999999},7.5769170000000008,25.786351,54.199999237060545,155.99999694824223,364.89998936653132,114.99999403953552,227.20000000298026,294.79998779296875,0,0,0,586.10506779824971,0,0,0,0,0,235.85546658036546,279.70412239975542,313.82802533252493]
[]
[null,null,null,"Total Capital Expenditures",null,"USD Millions",null,{"$f":"H87+H82","v":2.7881859999999996},9.3769170000000006,30.286351,62.299999237060547,172.19999694824222,394.89998936653132,147.99999403953552,281.20000000298023,366.79998779296875,72.72,73.447199999999995,74.548907999999997,688.82321254739963,104.77250764413296,106.86795779701565,109.00531695295595,111.18542329201509,113.40913175785539,362.41841789247178,421.70775377193866,473.15609973211457]
[]
["Working Capital"]
[]
[null,null,"A/R"]
[null,null,null,"A/R as Pct of Sales",null,null,{"$f":"'Financial Model Assumptions'!G144","v":0.54743801652892565},{"$f":"'Financial Model Assumptions'!H144","v":0.17914746543778801},{"$f":"'Financial Model Assumptions'!I144","v":6.431289336146101E-2},{"$f":"'Financial Model Assumptions'!J144","v":1.7996991150442482E-2},{"$f":"'Financial Model Assumptions'!K144","v":0.17390803765937268},{"$f":"'Financial Model Assumptions'!L144","v":0.19899132029228067},{"$f":"'Financial Model Assumptions'!M144","v":0.18762672489762214},{"$f":"'Financial Model Assumptions'!N144","v":0.35977084720168251},{"$f":"'Financial Model Assumptions'!O144","v":0.20331508416663988},{"$f":"'Financial Model Assumptions'!P144","v":0.17434690974907116},{"$f":"'Financial Model Assumptions'!Q144","v":0.2},{"$f":"'Financial Model Assumptions'!R144","v":0.2},{"$f":"'Financial Model Assumptions'!S144","v":0.2},{"$f":"'Financial Model Assumptions'!T144","v":0.2},{"$f":"'Financial Model Assumptions'!U144","v":0.2},{"$f":"'Financial Model Assumptions'!V144","v":0.2},{"$f":"'Financial Model Assumptions'!W144","v":0.2},{"$f":"'Financial Model Assumptions'!X144","v":0.2},{"$f":"'Financial Model Assumptions'!Y144","v":0.2},{"$f":"'Financial Model Assumptions'!Z144","v":0.2},{"$f":"'Financial Model Assumptions'!AA144","v":0.2},{"$f":"'Financial Model Assumptions'!AB144","v":0.2}]
[null,null,null,"Total Level of Sales",null,null,{"$f":"G45","v":3.0249999999999999},13.887999999999998,85.300000190734863,226.00000691413879,598.89999389648437,1348.2999515533447,1923.5000457763672,1693.300048828125,2901.9000549316406,3146.6000061035156,1515.163606911447,1640.8201121052634,1842.9405186632944,2973.3112690463204,3612.2546228267393,4192.7065725637258,4861.0240002303863,5630.0066356216703,6514.2695528289996,7309.0104382741383,8200.7097117435842,9201.1962965763014]
[null,null,null,"Total Level of A/R",null,null,{"$f":"G94*G95","v":1.6560000000000001},2.4879999999999995,5.485889815999335,4.0673201244336958,104.15352269274787,268.29998750961812,360.90001392944606,609.19999313354492,590.00005391160335,548.59998728055643,303.03272138228942,328.16402242105272,368.58810373265891,594.66225380926414,722.45092456534792,838.5413145127452,972.20480004607725,1126.001327124334,1302.8539105658001,1461.8020876548278,1640.1419423487168,1840.2392593152604]
[]
[null,null,"Inventories"]
[null,null,null,"Inventories as Percent of CGS",null,null,{"$f":"'Financial Model Assumptions'!G143","v":0.42154811715481172},{"$f":"'Financial Model Assumptions'!H143","v":0.33427847484322271},{"$f":"'Financial Model Assumptions'!I143","v":0.30014455930294848},{"$f":"'Financial Model Assumptions'!J143","v":0.26387831026557262},{"$f":"'Financial Model Assumptions'!K143","v":0.45676600070988888},{"$f":"'Financial Model Assumptions'!L143","v":0.16817791055177037},{"$f":"'Financial Model Assumptions'!M143","v":0.15145972646745315},{"$f":"'Financial Model Assumptions'!N143","v":0.22144043997426693},{"$f":"'Financial Model Assumptions'!O143","v":0.24560015754622391},{"$f":"'Financial Model Assumptions'!P143","v":0.19725787130832387},{"$f":"'Financial Model Assumptions'!Q143","v":0.2},{"$f":"'Financial Model Assumptions'!R143","v":0.2},{"$f":"'Financial Model Assumptions'!S143","v":0.2},{"$f":"'Financial Model Assumptions'!T143","v":0.2},{"$f":"'Financial Model Assumptions'!U143","v":0.2},{"$f":"'Financial Model Assumptions'!V143","v":0.2},{"$f":"'Financial Model Assumptions'!W143","v":0.2},{"$f":"'Financial Model Assumptions'!X143","v":0.2},{"$f":"'Financial Model Assumptions'!Y143","v":0.2},{"$f":"'Financial Model Assumptions'!Z143","v":0.2},{"$f":"'Financial Model Assumptions'!AA143","v":0.2},{"$f":"'Financial Model Assumptions'!AB143","v":0.2}]
[null,null,null,"Total CGS",null,null,{"$f":"G54","v":2.8680000000000012},10.01261,58.213373639433513,153.20629096353508,438.49997061933925,1047.6999031012992,1531.100088264961,1264.8999710083008,2272.8000599942334,2618.3998557389168,1338.3945194384451,1347.527134394737,1487.5162757782302,2460.5667746903732,2891.8797066653151,3384.1131621407221,3804.0686281372809,4443.6838088299619,5182.7453361504595,5815.0402671608181,6524.4751797544377,7320.4611516844798]
[null,null,null,"Total Level of Inventories",null,null,{"$f":"G99*G100","v":1.2090000000000005},3.3470000000000004,17.472427376545649,40.427817181513305,200.29187789119936,176.19998058886878,231.90000056290435,280.10000610351562,558.2000528056509,516.49998177708108,267.67890388768905,269.50542687894739,297.50325515564606,492.11335493807468,578.375941333063,676.82263242814452,760.81372562745628,888.73676176599247,1036.5490672300919,1163.0080534321637,1304.8950359508876,1464.0922303368961]
[]
[null,null,"Advances to Suppliers"]
[null,null,null,"Advances as Pct of CGS",null,null,{"$f":"'Financial Model Assumptions'!G145","v":0},{"$f":"'Financial Model Assumptions'!H145","v":0},{"$f":"'Financial Model Assumptions'!I145","v":3.7710663107507848E-2},{"$f":"'Financial Model Assumptions'!J145","v":0.15665938095945331},{"$f":"'Financial Model Assumptions'!K145","v":0.1811711227215157},{"$f":"'Financial Model Assumptions'!L145","v":5.8604563810129184E-2},{"$f":"'Financial Model Assumptions'!M145","v":3.7162824035925669E-2},{"$f":"'Financial Model Assumptions'!N145","v":3.8580125192160593E-2},{"$f":"'Financial Model Assumptions'!O145","v":3.7134814078021432E-2},{"$f":"'Financial Model Assumptions'!P145","v":3.2233426213773786E-2},{"$f":"'Financial Model Assumptions'!Q145","v":0.03},{"$f":"'Financial Model Assumptions'!R145","v":0.03},{"$f":"'Financial Model Assumptions'!S145","v":0.03},{"$f":"'Financial Model Assumptions'!T145","v":0.03},{"$f":"'Financial Model Assumptions'!U145","v":0.03},{"$f":"'Financial Model Assumptions'!V145","v":0.03},{"$f":"'Financial Model Assumptions'!W145","v":0.03},{"$f":"'Financial Model Assumptions'!X145","v":0.03},{"$f":"'Financial Model Assumptions'!Y145","v":0.03},{"$f":"'Financial Model Assumptions'!Z145","v":0.03},{"$f":"'Financial Model Assumptions'!AA145","v":0.03},{"$f":"'Financial Model Assumptions'!AB145","v":0.03}]
[null,null,null,"Total CGS",null,null,{"$f":"G100","v":2.8680000000000012},10.01261,58.213373639433513,153.20629096353508,438.49997061933925,1047.6999031012992,1531.100088264961,1264.8999710083008,2272.8000599942334,2618.3998557389168,1338.3945194384451,1347.527134394737,1487.5162757782302,2460.5667746903732,2891.8797066653151,3384.1131621407221,3804.0686281372809,4443.6838088299619,5182.7453361504595,5815.0402671608181,6524.4751797544377,7320.4611516844798]
[null,null,null,"Total Level of Advances",null,null,{"$f":"G104*G105","v":0},0,2.1952649216681555,24.00120270144129,79.443531990457345,61.399995825166258,56.900003161581004,48.799999237060547,84.400007664401812,84.399998548116301,40.15183558315335,40.425814031842108,44.625488273346903,73.817003240711188,86.756391199959452,101.52339486422166,114.12205884411843,133.31051426489884,155.48236008451377,174.45120801482454,195.73425539263312,219.61383455053439]
[]
[null,null,"Other Current Assets"]
[null,null,null,"Other Assets as Percent of Revenues",null,null,{"$f":"'Financial Model Assumptions'!G146","v":0},{"$f":"'Financial Model Assumptions'!H146","v":0},{"$f":"'Financial Model Assumptions'!I146","v":1.4333340636085764E-2},{"$f":"'Financial Model Assumptions'!J146","v":1.4999911504424779E-3},{"$f":"'Financial Model Assumptions'!K146","v":4.3777523678765737E-2},{"$f":"'Financial Model Assumptions'!L146","v":5.3845580245451587E-2},{"$f":"'Financial Model Assumptions'!M146","v":4.2318688202499261E-2},{"$f":"'Financial Model Assumptions'!N146","v":2.8287957946587516E-2},{"$f":"'Financial Model Assumptions'!O146","v":4.369551236048716E-2},{"$f":"'Financial Model Assumptions'!P146","v":5.3613423804090385E-2},{"$f":"'Financial Model Assumptions'!Q146","v":0.05},{"$f":"'Financial Model Assumptions'!R146","v":0.05},{"$f":"'Financial Model Assumptions'!S146","v":0.05},{"$f":"'Financial Model Assumptions'!T146","v":0.05},{"$f":"'Financial Model Assumptions'!U146","v":0.05},{"$f":"'Financial Model Assumptions'!V146","v":0.05},{"$f":"'Financial Model Assumptions'!W146","v":0.05},{"$f":"'Financial Model Assumptions'!X146","v":0.05},{"$f":"'Financial Model Assumptions'!Y146","v":0.05},{"$f":"'Financial Model Assumptions'!Z146","v":0.05},{"$f":"'Financial Model Assumptions'!AA146","v":0.05},{"$f":"'Financial Model Assumptions'!AB146","v":0.05}]
[null,null,null,"Total Revenues",null,null,{"$f":"G95","v":3.0249999999999999},13.887999999999998,85.300000190734863,226.00000691413879,598.89999389648437,1348.2999515533447,1923.5000457763672,1693.300048828125,2901.9000549316406,3146.6000061035156,1515.163606911447,1640.8201121052634,1842.9405186632944,2973.3112690463204,3612.2546228267393,4192.7065725637258,4861.0240002303863,5630.0066356216703,6514.2695528289996,7309.0104382741383,8200.7097117435842,9201.1962965763014]
[null,null,null,"Total Level of Other Assets",null,null,{"$f":"G109*G110","v":0},0,1.2226339589919835,0.33899801037114702,26.218358664016002,72.599993236304115,81.399998694703143,47.90000057220459,126.80000971916387,168.69999966918118,75.758180345572356,82.04100560526318,92.147025933164727,148.66556345231604,180.61273114133698,209.6353286281863,243.05120001151931,281.5003317810835,325.71347764145003,365.45052191370695,410.03548558717921,460.05981482881509]
[]
[null,null,null,"Total Non-Financial Current Assets",null,null,{"$f":"G96+G101+G106+G111","v":2.8650000000000007},5.835,26.376216073205125,68.835338017759426,410.1072912384206,578.49995715995726,731.10001634863465,985.99999904632568,1359.4001241008198,1318.199967274935,686.62164119870408,720.13626893710546,802.86387309481665,1309.2581754403661,1568.1959882397073,1826.5226704332977,2090.1917845291709,2429.5489349363088,2820.5988155218561,3164.7118710155228,3550.8067192794169,3984.0051390315057]
[]
[null,null,"Verification"]
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[null,null,null,"Current Asset Check",null,null,{"$f":"IF(G6,ROUND(G113-G116,1)=0,TRUE)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,null,null,"Aggregate Check",null,{"$f":"AND(G117:AB117)","v":true}]
[]
[null,null,"Accounts Payable"]
[null,null,null,"A/P and Advances",null,null,{"$f":"'Financial Model Assumptions'!G149","v":0},{"$f":"'Financial Model Assumptions'!H149","v":0},{"$f":"'Financial Model Assumptions'!I149","v":6.2650326580513727E-2},{"$f":"'Financial Model Assumptions'!J149","v":8.6339551094106876E-2},{"$f":"'Financial Model Assumptions'!K149","v":0.119856886816174},{"$f":"'Financial Model Assumptions'!L149","v":8.8002291883870321E-2},{"$f":"'Financial Model Assumptions'!M149","v":0.13617660049666555},{"$f":"'Financial Model Assumptions'!N149","v":0.28176142002137616},{"$f":"'Financial Model Assumptions'!O149","v":0.3038982905111145},{"$f":"'Financial Model Assumptions'!P149","v":0.32344179513118393},{"$f":"'Financial Model Assumptions'!Q149","v":0.3},{"$f":"'Financial Model Assumptions'!R149","v":0.3},{"$f":"'Financial Model Assumptions'!S149","v":0.3},{"$f":"'Financial Model Assumptions'!T149","v":0.3},{"$f":"'Financial Model Assumptions'!U149","v":0.3},{"$f":"'Financial Model Assumptions'!V149","v":0.3},{"$f":"'Financial Model Assumptions'!W149","v":0.3},{"$f":"'Financial Model Assumptions'!X149","v":0.3},{"$f":"'Financial Model Assumptions'!Y149","v":0.3},{"$f":"'Financial Model Assumptions'!Z149","v":0.3},{"$f":"'Financial Model Assumptions'!AA149","v":0.3},{"$f":"'Financial Model Assumptions'!AB149","v":0.3}]
[null,null,null,"Total Expense",null,null,{"$f":"G105","v":2.8680000000000012},10.01261,58.213373639433513,153.20629096353508,438.49997061933925,1047.6999031012992,1531.100088264961,1264.8999710083008,2272.8000599942334,2618.3998557389168,1338.3945194384451,1347.527134394737,1487.5162757782302,2460.5667746903732,2891.8797066653151,3384.1131621407221,3804.0686281372809,4443.6838088299619,5182.7453361504595,5815.0402671608181,6524.4751797544377,7320.4611516844798]
[null,null,null,"Total Level of A/P",null,null,{"$f":"G121*G122","v":0},0,3.6470868698639785,13.227762386584741,52.557241347417772,92.19999267942319,208.50000504006695,356.40001201629639,690.70005290580605,846.89994971142823,401.51835583153348,404.25814031842111,446.25488273346906,738.17003240711199,867.56391199959455,1015.2339486422165,1141.2205884411842,1333.1051426489885,1554.8236008451379,1744.5120801482453,1957.3425539263312,2196.1383455053438]
[]
[null,null,"Payables for Property"]
[null,null,null,"Payable Percent",null,null,{"$f":"'Financial Model Assumptions'!G150","v":false},{"$f":"'Financial Model Assumptions'!H150","v":0},{"$f":"'Financial Model Assumptions'!I150","v":8.091998681442952E-3},{"$f":"'Financial Model Assumptions'!J150","v":1.8163066260441875E-2},{"$f":"'Financial Model Assumptions'!K150","v":5.7811991077159695E-2},{"$f":"'Financial Model Assumptions'!L150","v":0.22880372952457884},{"$f":"'Financial Model Assumptions'!M150","v":0.20916687945882639},{"$f":"'Financial Model Assumptions'!N150","v":0.47432432280699638},{"$f":"'Financial Model Assumptions'!O150","v":0.34246089278356046},{"$f":"'Financial Model Assumptions'!P150","v":0.25490731491728885},{"$f":"'Financial Model Assumptions'!Q150","v":0.25},{"$f":"'Financial Model Assumptions'!R150","v":0.25},{"$f":"'Financial Model Assumptions'!S150","v":0.25},{"$f":"'Financial Model Assumptions'!T150","v":0.25},{"$f":"'Financial Model Assumptions'!U150","v":0.25},{"$f":"'Financial Model Assumptions'!V150","v":0.25},{"$f":"'Financial Model Assumptions'!W150","v":0.25},{"$f":"'Financial Model Assumptions'!X150","v":0.25},{"$f":"'Financial Model Assumptions'!Y150","v":0.25},{"$f":"'Financial Model Assumptions'!Z150","v":0.25},{"$f":"'Financial Model Assumptions'!AA150","v":0.25},{"$f":"'Financial Model Assumptions'!AB150","v":0.25}]
[null,null,null,"Total Capital Expenditure",null,null,{"$f":"G89","v":0},2.7881859999999996,9.3769170000000006,30.286351,62.299999237060547,172.19999694824222,394.89998936653132,147.99999403953552,281.20000000298023,366.79998779296875,72.72,73.447199999999995,74.548907999999997,688.82321254739963,104.77250764413296,106.86795779701565,109.00531695295595,111.18542329201509,113.40913175785539,362.41841789247178,421.70775377193866,473.15609973211457]
[null,null,null,"Total Level of Cap Exp A/P",null,null,{"$f":"G126*G127","v":0},0,7.5878000000000001E-2,0.55009300000000005,3.6016870000000001,39.400001525878913,82.59999847412108,70.199996948242188,96.300003051757813,93.499999999999986,18.18,18.361799999999999,18.637226999999999,172.20580313684991,26.193126911033239,26.716989449253912,27.251329238238988,27.796355823003772,28.352282939463848,90.604604473117945,105.42693844298466,118.28902493302864]
[]
[null,null,"Government Grant",null,null,null,{"$f":"'Financial Model Assumptions'!G151","v":0.03},{"$f":"'Financial Model Assumptions'!H151","v":7.0000000000000007E-2},{"$f":"'Financial Model Assumptions'!I151","v":2.0600489999999998},{"$f":"'Financial Model Assumptions'!J151","v":4.1064439999999998},{"$f":"'Financial Model Assumptions'!K151","v":4.8202540000000003},{"$f":"'Financial Model Assumptions'!L151","v":2.7999999523162842},{"$f":"'Financial Model Assumptions'!M151","v":3.4000000953674316},{"$f":"'Financial Model Assumptions'!N151","v":6.3000001907348633},{"$f":"'Financial Model Assumptions'!O151","v":17.5},{"$f":"'Financial Model Assumptions'!P151","v":13.5},{"$f":"'Financial Model Assumptions'!Q151","v":13.5},{"$f":"'Financial Model Assumptions'!R151","v":13.5},{"$f":"'Financial Model Assumptions'!S151","v":13.5},{"$f":"'Financial Model Assumptions'!T151","v":13.5},{"$f":"'Financial Model Assumptions'!U151","v":13.5},{"$f":"'Financial Model Assumptions'!V151","v":13.5},{"$f":"'Financial Model Assumptions'!W151","v":13.5},{"$f":"'Financial Model Assumptions'!X151","v":13.5},{"$f":"'Financial Model Assumptions'!Y151","v":13.5},{"$f":"'Financial Model Assumptions'!Z151","v":13.5},{"$f":"'Financial Model Assumptions'!AA151","v":13.5},{"$f":"'Financial Model Assumptions'!AB151","v":13.5}]
[null,null,"Other current Liabilities",null,null,null,{"$f":"'Financial Model Assumptions'!G152","v":0.76500000000000012},{"$f":"'Financial Model Assumptions'!H152","v":2.996999999999999},{"$f":"'Financial Model Assumptions'!I152","v":0},{"$f":"'Financial Model Assumptions'!J152","v":1.8984350000000001},{"$f":"'Financial Model Assumptions'!K152","v":7.6583420000000011},{"$f":"'Financial Model Assumptions'!L152","v":22.500000476837158},{"$f":"'Financial Model Assumptions'!M152","v":43.699999809265137},{"$f":"'Financial Model Assumptions'!N152","v":60.800002098083496},{"$f":"'Financial Model Assumptions'!O152","v":164.69999694824219},{"$f":"'Financial Model Assumptions'!P152","v":81.599999904632568},{"$f":"'Financial Model Assumptions'!Q152","v":81.599999999999994},{"$f":"'Financial Model Assumptions'!R152","v":81.599999999999994},{"$f":"'Financial Model Assumptions'!S152","v":81.599999999999994},{"$f":"'Financial Model Assumptions'!T152","v":81.599999999999994},{"$f":"'Financial Model Assumptions'!U152","v":81.599999999999994},{"$f":"'Financial Model Assumptions'!V152","v":81.599999999999994},{"$f":"'Financial Model Assumptions'!W152","v":81.599999999999994},{"$f":"'Financial Model Assumptions'!X152","v":81.599999999999994},{"$f":"'Financial Model Assumptions'!Y152","v":81.599999999999994},{"$f":"'Financial Model Assumptions'!Z152","v":81.599999999999994},{"$f":"'Financial Model Assumptions'!AA152","v":81.599999999999994},{"$f":"'Financial Model Assumptions'!AB152","v":81.599999999999994}]
[]
[null,null,null,"Total Non-Debt Current Liabilities",null,null,{"$f":"G130+G131+G128+G123","v":0.79500000000000015},3.0669999999999988,5.7830138698639786,19.782734386584742,68.637524347417781,156.89999463445554,338.20000341882064,493.70001125335693,969.20005290580605,1035.4999496160608,514.79835583153351,517.7199403184211,559.99210973346908,1005.4758355439619,988.85703891062781,1137.0509380914705,1263.5719176794232,1456.0014984719924,1678.2758837846018,1930.2166846213634,2157.869492369316,2409.5273704383726]
[null,null,null,"Historic Non-Debt Current Liabilities",null,null,{"$f":"'Historic Financial Statements'!G120-'Historic Financial Statements'!G107","v":0.79500000000000037},{"$f":"'Historic Financial Statements'!H120-'Historic Financial Statements'!H107","v":3.0669999999999993},{"$f":"'Historic Financial Statements'!I120-'Historic Financial Statements'!I107","v":5.7830140000000014},{"$f":"'Historic Financial Statements'!J120-'Historic Financial Statements'!J107","v":19.782733999999998},{"$f":"'Historic Financial Statements'!K120-'Historic Financial Statements'!K107","v":68.637527000000034},{"$f":"'Historic Financial Statements'!L120-'Historic Financial Statements'!L107","v":156.90000319480896},{"$f":"'Historic Financial Statements'!M120-'Historic Financial Statements'!M107","v":338.19999742507935},{"$f":"'Historic Financial Statements'!N120-'Historic Financial Statements'!N107","v":493.70001125335693},{"$f":"'Historic Financial Statements'!O120-'Historic Financial Statements'!O107","v":969.20000267028809},{"$f":"'Historic Financial Statements'!P120-'Historic Financial Statements'!P107","v":1035.4999794960022},{"$f":"'Historic Financial Statements'!Q120-'Historic Financial Statements'!Q107","v":0},{"$f":"'Historic Financial Statements'!R120-'Historic Financial Statements'!R107","v":0},{"$f":"'Historic Financial Statements'!S120-'Historic Financial Statements'!S107","v":0},{"$f":"'Historic Financial Statements'!T120-'Historic Financial Statements'!T107","v":0},{"$f":"'Historic Financial Statements'!U120-'Historic Financial Statements'!U107","v":0},{"$f":"'Historic Financial Statements'!V120-'Historic Financial Statements'!V107","v":0},{"$f":"'Historic Financial Statements'!W120-'Historic Financial Statements'!W107","v":0},{"$f":"'Historic Financial Statements'!X120-'Historic Financial Statements'!X107","v":0},{"$f":"'Historic Financial Statements'!Y120-'Historic Financial Statements'!Y107","v":0},{"$f":"'Historic Financial Statements'!Z120-'Historic Financial Statements'!Z107","v":0},{"$f":"'Historic Financial Statements'!AA120-'Historic Financial Statements'!AA107","v":0},{"$f":"'Historic Financial Statements'!AB120-'Historic Financial Statements'!AB107","v":0}]
[]
[null,null,"Total Level of Working Capital",null,null,null,{"$f":"G113-G133","v":2.0700000000000003},2.7680000000000011,20.593202203341146,49.052603631174684,341.46976689100279,421.59996252550172,392.90001292981401,492.29998779296875,390.20007119501372,282.70001765887423,171.82328536717057,202.41632861868436,242.87176336134758,303.78233989640421,579.33894932907947,689.47173234182719,826.61986684974772,973.54743646431643,1142.3229317372543,1234.4951863941594,1392.9372269101009,1574.4777685931331]
[null,null,"Change in Working Capital",null,null,null,null,{"$f":"H136-G136","v":0.69800000000000084},17.825202203341146,28.459401427833537,292.4171632598281,80.130195634498932,-28.699949595687713,99.399974863154739,-102.09991659795503,-107.50005353613949,-110.87673229170366,30.593043251513791,40.455434742663215,60.910576535056634,275.55660943267526,110.13278301274772,137.14813450792053,146.92756961456871,168.77549527293786,92.172254656905125,158.44204051594147,181.54054168303219]
[]
["Fixed and Other Long-term Assets"]
[]
[null,"Net Plant"]
[null,null,"Opening Balance",null,null,null,{"$f":"F145","v":0},5.367,6.9119999999999999,13.211346000000001,39.717331999999999,113.74985599999999,293,684.5,777.5999755859375,1326.199951171875,1569.199951171875,1532.0759545898438,1498.2778377685547,1467.9472971247558,2054.0141988734226,2015.0057125964158,1980.8232705116823,1951.1709585288204,1925.7744147238179,1904.379337451006,2133.4912017219071,2405.8545713733124]
[null,null,"Add: Capital Expenditures",null,null,null,{"$f":"G89","v":0},2.7881859999999996,9.3769170000000006,30.286351,62.299999237060547,172.19999694824222,394.89998936653132,147.99999403953552,281.20000000298023,366.79998779296875,72.72,73.447199999999995,74.548907999999997,688.82321254739963,104.77250764413296,106.86795779701565,109.00531695295595,111.18542329201509,113.40913175785539,362.41841789247178,421.70775377193866,473.15609973211457]
[null,null,"Less: Deprecation Expense",null,null,null,{"$f":"G148","v":0},1.1823900000000001,1.986626,4.1937119999999997,11.49999962002039,20.900000005960464,42.599998474121094,66.400001525878906,86.000001549720764,141.60000610351562,109.84399658203127,107.24531682128908,104.87944864379884,102.75631079873291,143.78099392113961,141.05039988174912,138.65762893581777,136.58196709701744,134.80420903066727,133.30655362157043,149.3443841205335,168.40981999613189]
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[]
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[]
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[]
["Debt and Liabilities"]
[]
[null,null,"Long-term Debt"]
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[]
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[]
[null,null,null,"Accrued Warranty Costs",null,null,{"$f":"IF(G6,'Historic Financial Statements'!G125,F182)","v":0},{"$f":"IF(H6,'Historic Financial Statements'!H125,G182)","v":0},{"$f":"IF(I6,'Historic Financial Statements'!I125,H182)","v":0.84758},{"$f":"IF(J6,'Historic Financial Statements'!J125,I182)","v":2.6191040000000001},{"$f":"IF(K6,'Historic Financial Statements'!K125,J182)","v":8.8453560000000007},{"$f":"IF(L6,'Historic Financial Statements'!L125,K182)","v":22.5},{"$f":"IF(M6,'Historic Financial Statements'!M125,L182)","v":41.400001525878906},{"$f":"IF(N6,'Historic Financial Statements'!N125,M182)","v":55.200000762939453},{"$f":"IF(O6,'Historic Financial Statements'!O125,N182)","v":81},{"$f":"IF(P6,'Historic Financial Statements'!P125,O182)","v":94.099998474121094},{"$f":"IF(Q6,'Historic Financial Statements'!Q125,P182)","v":94.099998474121094},{"$f":"IF(R6,'Historic Financial Statements'!R125,Q182)","v":94.099998474121094},{"$f":"IF(S6,'Historic Financial Statements'!S125,R182)","v":94.099998474121094},{"$f":"IF(T6,'Historic Financial Statements'!T125,S182)","v":94.099998474121094},{"$f":"IF(U6,'Historic Financial Statements'!U125,T182)","v":94.099998474121094},{"$f":"IF(V6,'Historic Financial Statements'!V125,U182)","v":94.099998474121094},{"$f":"IF(W6,'Historic Financial Statements'!W125,V182)","v":94.099998474121094},{"$f":"IF(X6,'Historic Financial Statements'!X125,W182)","v":94.099998474121094},{"$f":"IF(Y6,'Historic Financial Statements'!Y125,X182)","v":94.099998474121094},{"$f":"IF(Z6,'Historic Financial Statements'!Z125,Y182)","v":94.099998474121094},{"$f":"IF(AA6,'Historic Financial Statements'!AA125,Z182)","v":94.099998474121094},{"$f":"IF(AB6,'Historic Financial Statements'!AB125,AA182)","v":94.099998474121094}]
[null,null,null,"Deferred tax liabilities",null,null,{"$f":"IF(G$6,'Historic Financial Statements'!G128,F183)","v":0},{"$f":"IF(H$6,'Historic Financial Statements'!H128,G183)","v":0},{"$f":"IF(I$6,'Historic Financial Statements'!I128,H183)","v":0},{"$f":"IF(J$6,'Historic Financial Statements'!J128,I183)","v":0},{"$f":"IF(K$6,'Historic Financial Statements'!K128,J183)","v":4.7747109999999999},{"$f":"IF(L$6,'Historic Financial Statements'!L128,K183)","v":22.100000381469727},{"$f":"IF(M$6,'Historic Financial Statements'!M128,L183)","v":38.799999237060547},{"$f":"IF(N$6,'Historic Financial Statements'!N128,M183)","v":33.099998474121094},{"$f":"IF(O$6,'Historic Financial Statements'!O128,N183)","v":15.600000381469727},{"$f":"IF(P$6,'Historic Financial Statements'!P128,O183)","v":0},{"$f":"IF(Q$6,'Historic Financial Statements'!Q128,P183)","v":0},{"$f":"IF(R$6,'Historic Financial Statements'!R128,Q183)","v":0},{"$f":"IF(S$6,'Historic Financial Statements'!S128,R183)","v":0},{"$f":"IF(T$6,'Historic Financial Statements'!T128,S183)","v":0},{"$f":"IF(U$6,'Historic Financial Statements'!U128,T183)","v":0},{"$f":"IF(V$6,'Historic Financial Statements'!V128,U183)","v":0},{"$f":"IF(W$6,'Historic Financial Statements'!W128,V183)","v":0},{"$f":"IF(X$6,'Historic Financial Statements'!X128,W183)","v":0},{"$f":"IF(Y$6,'Historic Financial Statements'!Y128,X183)","v":0},{"$f":"IF(Z$6,'Historic Financial Statements'!Z128,Y183)","v":0},{"$f":"IF(AA$6,'Historic Financial Statements'!AA128,Z183)","v":0},{"$f":"IF(AB$6,'Historic Financial Statements'!AB128,AA183)","v":0}]
[null,null,null,"Retirement benefit obligations",null,null,{"$f":"IF(G$6,'Historic Financial Statements'!G129,F184)","v":0},{"$f":"IF(H$6,'Historic Financial Statements'!H129,G184)","v":0},{"$f":"IF(I$6,'Historic Financial Statements'!I129,H184)","v":0},{"$f":"IF(J$6,'Historic Financial Statements'!J129,I184)","v":0},{"$f":"IF(K$6,'Historic Financial Statements'!K129,J184)","v":3.718394},{"$f":"IF(L$6,'Historic Financial Statements'!L129,K184)","v":3.5999999046325684},{"$f":"IF(M$6,'Historic Financial Statements'!M129,L184)","v":5},{"$f":"IF(N$6,'Historic Financial Statements'!N129,M184)","v":3.5},{"$f":"IF(O$6,'Historic Financial Statements'!O129,N184)","v":0},{"$f":"IF(P$6,'Historic Financial Statements'!P129,O184)","v":0},{"$f":"IF(Q$6,'Historic Financial Statements'!Q129,P184)","v":0},{"$f":"IF(R$6,'Historic Financial Statements'!R129,Q184)","v":0},{"$f":"IF(S$6,'Historic Financial Statements'!S129,R184)","v":0},{"$f":"IF(T$6,'Historic Financial Statements'!T129,S184)","v":0},{"$f":"IF(U$6,'Historic Financial Statements'!U129,T184)","v":0},{"$f":"IF(V$6,'Historic Financial Statements'!V129,U184)","v":0},{"$f":"IF(W$6,'Historic Financial Statements'!W129,V184)","v":0},{"$f":"IF(X$6,'Historic Financial Statements'!X129,W184)","v":0},{"$f":"IF(Y$6,'Historic Financial Statements'!Y129,X184)","v":0},{"$f":"IF(Z$6,'Historic Financial Statements'!Z129,Y184)","v":0},{"$f":"IF(AA$6,'Historic Financial Statements'!AA129,Z184)","v":0},{"$f":"IF(AB$6,'Historic Financial Statements'!AB129,AA184)","v":0}]
[null,null,null,"Other long-term liabilities",null,null,{"$f":"IF(G$6,'Historic Financial Statements'!G132,F185)","v":0},{"$f":"IF(H$6,'Historic Financial Statements'!H132,G185)","v":0},{"$f":"IF(I$6,'Historic Financial Statements'!I132,H185)","v":0},{"$f":"IF(J$6,'Historic Financial Statements'!J132,I185)","v":0},{"$f":"IF(K$6,'Historic Financial Statements'!K132,J185)","v":33.132421000000001},{"$f":"IF(L$6,'Historic Financial Statements'!L132,K185)","v":4.0999999046325684},{"$f":"IF(M$6,'Historic Financial Statements'!M132,L185)","v":91.899998664855957},{"$f":"IF(N$6,'Historic Financial Statements'!N132,M185)","v":106.09999847412109},{"$f":"IF(O$6,'Historic Financial Statements'!O132,N185)","v":155.80000305175781},{"$f":"IF(P$6,'Historic Financial Statements'!P132,O185)","v":167.30000305175781},{"$f":"IF(Q$6,'Historic Financial Statements'!Q132,P185)","v":167.30000305175781},{"$f":"IF(R$6,'Historic Financial Statements'!R132,Q185)","v":167.30000305175781},{"$f":"IF(S$6,'Historic Financial Statements'!S132,R185)","v":167.30000305175781},{"$f":"IF(T$6,'Historic Financial Statements'!T132,S185)","v":167.30000305175781},{"$f":"IF(U$6,'Historic Financial Statements'!U132,T185)","v":167.30000305175781},{"$f":"IF(V$6,'Historic Financial Statements'!V132,U185)","v":167.30000305175781},{"$f":"IF(W$6,'Historic Financial Statements'!W132,V185)","v":167.30000305175781},{"$f":"IF(X$6,'Historic Financial Statements'!X132,W185)","v":167.30000305175781},{"$f":"IF(Y$6,'Historic Financial Statements'!Y132,X185)","v":167.30000305175781},{"$f":"IF(Z$6,'Historic Financial Statements'!Z132,Y185)","v":167.30000305175781},{"$f":"IF(AA$6,'Historic Financial Statements'!AA132,Z185)","v":167.30000305175781},{"$f":"IF(AB$6,'Historic Financial Statements'!AB132,AA185)","v":167.30000305175781}]
[null,null,null,null,"Total Other Liabilities",null,{"$f":"SUM(G182:G185)","v":0},0,0.84758,2.6191040000000001,50.470882000000003,52.300000190734863,177.09999942779541,197.89999771118164,252.40000343322754,261.40000152587891,261.40000152587891,261.40000152587891,261.40000152587891,261.40000152587891,261.40000152587891,261.40000152587891,261.40000152587891,261.40000152587891,261.40000152587891,261.40000152587891,261.40000152587891,261.40000152587891]
[]
[]
["Profit and Loss"]
[]
[null,null,"Revenues",null,null,null,{"$f":"G45","v":3.0249999999999999},13.887999999999998,85.300000190734863,226.00000691413879,598.89999389648437,1348.2999515533447,1923.5000457763672,1693.300048828125,2901.9000549316406,3146.6000061035156,1515.163606911447,1640.8201121052634,1842.9405186632944,2973.3112690463204,3612.2546228267393,4192.7065725637258,4861.0240002303863,5630.0066356216703,6514.2695528289996,7309.0104382741383,8200.7097117435842,9201.1962965763014]
[null,null,"Less: Total Cash Expense",null,null,null,{"$f":"G68","v":4.0670000000000011},11.953609999999999,63.213373488500302,177.80629175516916,482.69996765070363,1143.399898042037,1698.4000920730641,1452.8999710083008,2564.1000800640454,3068.3998513983138,1520.9350605691536,1542.005043518858,1701.1956235253642,2781.6313437238946,3273.6438943079766,3821.0202850083974,4304.4659066332888,5017.1344376881416,5840.2009421433349,6547.9962572709828,7342.1426008441995,8233.1747983333498]
[null,null,null,"EBITDA",null,null,{"$f":"G191-G192","v":-1.0420000000000011},1.9343899999999987,22.086626702234561,48.193715158969638,116.20002624578075,204.90005351130776,225.09995370330307,240.40007781982422,337.79997486759521,78.20015470520184,-5.7714536577066156,98.815068586405459,141.74489513793014,191.67992532242579,338.6107285187627,371.68628755532836,556.55809359709747,612.8721979335287,674.06861068566468,761.0141810031555,858.56711089938472,968.02149824295157]
[null,null,"Less: Depreciation",null,null,null,{"$f":"G148","v":0},1.1823900000000001,1.986626,4.1937119999999997,11.49999962002039,20.900000005960464,42.599998474121094,66.400001525878906,86.000001549720764,141.60000610351562,109.84399658203127,107.24531682128908,104.87944864379884,102.75631079873291,143.78099392113961,141.05039988174912,138.65762893581777,136.58196709701744,134.80420903066727,133.30655362157043,149.3443841205335,168.40981999613189]
[null,null,null,"EBIT",null,null,{"$f":"G193-G194","v":-1.0420000000000011},0.75199999999999867,20.10000070223456,44.000003158969641,104.70002662576036,184.0000535053473,182.49995522918198,174.00007629394531,251.79997331787445,-63.399851398313785,-115.61545023973788,-8.4302482348836207,36.865446494131305,88.923614523692876,194.82973459762309,230.63588767357925,417.90046466127967,476.29023083651123,539.26440165499741,627.7076273815851,709.22272677885121,799.61167824681968]
[null,null,"Less: Interest on Long-term Debt",null,null,null,{"$f":"G166","v":0},0.22659299999999999,0.997946,2.2543709999999999,5.8000001907348633,39.400001525878906,55.700000762939453,122.30000305175781,98.900001525878906,98.800003051757812,64.278002471923827,64.242002471923826,14.424002197265628,4.0000019531250022,3.7275018301606195,1.7729401605492966E-6,1.7729401605492966E-6,1.7729401605492966E-6,1.7729401605492966E-6,1.7729401605492966E-6,1.7729401605492966E-6,1.7729401605492966E-6]
[null,null,"Less: Short-term Debt",null,null,null,{"$f":"G180","v":0},0,0,0,0,0,0,0,0,0,125.87200195312501,75.446606011165528,113.65132908163078,129.85729462361451,152.94451901697073,168.76783619206364,170.83519026173286,165.90580652715926,158.77921579398546,149.8387520377656,146.65809324203175,145.98331552740635]
[null,null,"Add: Interest Income",null,null,null,{"$f":"G179","v":-8.4000000000000005E-2},5.5929999999999869E-3,-2.0540000000000003E-3,-5.3456289046325685,11.300000190734863,21.200000762939453,-17.799999237060547,28.600006103515625,7,-37.099990844726562,15.362000045776368,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Other Income",null,null,null,{"$f":"G73","v":0.16800000000000001},9.2999999999999999E-2,0.10000000149011612,0,0.60000002384185791,0.20000000298023224,-62.299999237060547,2.5999999046325684,-47.700000762939453,-133.10000610351562,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10]
[null,null,"Add: Non-Controlling Interest",null,null,null,{"$f":"G74","v":0},0,0,0,0,-0.69999998807907104,0.30000001192092896,-3.2999999523162842,250.80000305175781,-98.699996948242188,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Other Non-Cash",null,null,null,{"$f":"G75","v":0},0,0,-2.0999999046325684,0,-8.8999996185302734,-14.399999618530273,8.6000003814697266,-101.29999923706055,-620.00000381469727,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBT",null,null,{"$f":"G195-G196-G197+G198+G199+G200+G201","v":-0.95800000000000118},0.62399999999999856,19.200000703724676,34.300003349704504,110.80002664960222,156.40005313877873,32.599956385512087,88.200079679489136,261.69997484375335,-1051.0998521612532,-300.40345461901035,-158.11885671797296,-101.20988478476511,-54.933682053046638,28.157713750491723,51.868049708575455,237.06527262660666,300.38442253641182,370.48518408807172,467.86887357087926,552.56463176387922,643.62836094647309]
[null,null,"Less: Taxes",null,null,null,{"$f":"G202*'Financial Model Assumptions'!G156","v":-6.100000000000004E-2},{"$f":"H202*'Financial Model Assumptions'!H156","v":-0.30099999999999966},{"$f":"I202*'Financial Model Assumptions'!I156","v":-0.60000000406343712},{"$f":"J202*'Financial Model Assumptions'!J156","v":3.8000001504106939},{"$f":"K202*'Financial Model Assumptions'!K156","v":7.199999382846844},{"$f":"L202*'Financial Model Assumptions'!L156","v":13.200000300604723},{"$f":"M202*'Financial Model Assumptions'!M156","v":1.5999999327755419},{"$f":"N202*'Financial Model Assumptions'!N156","v":2.5},{"$f":"O202*'Financial Model Assumptions'!O156","v":23.799996879870605},{"$f":"P202*'Financial Model Assumptions'!P156","v":-47.200000188220045},{"$f":"Q202*'Financial Model Assumptions'!Q156","v":-15.020172730950518},{"$f":"R202*'Financial Model Assumptions'!R156","v":-7.9059428358986485},{"$f":"S202*'Financial Model Assumptions'!S156","v":-10.120988478476512},{"$f":"T202*'Financial Model Assumptions'!T156","v":-8.2400523079569954},{"$f":"U202*'Financial Model Assumptions'!U156","v":5.6315427500983448},{"$f":"V202*'Financial Model Assumptions'!V156","v":10.373609941715092},{"$f":"W202*'Financial Model Assumptions'!W156","v":47.413054525321336},{"$f":"X202*'Financial Model Assumptions'!X156","v":60.076884507282365},{"$f":"Y202*'Financial Model Assumptions'!Y156","v":74.097036817614352},{"$f":"Z202*'Financial Model Assumptions'!Z156","v":93.573774714175855},{"$f":"AA202*'Financial Model Assumptions'!AA156","v":110.51292635277585},{"$f":"AB202*'Financial Model Assumptions'!AB156","v":128.72567218929461}]
[null,null,"Less: Discontinued",null,null,null,{"$f":"-'Historic Financial Statements'!G43","v":0},{"$f":"-'Historic Financial Statements'!H43","v":0},{"$f":"-'Historic Financial Statements'!I43","v":0},{"$f":"-'Historic Financial Statements'!J43","v":0},{"$f":"-'Historic Financial Statements'!K43","v":0},{"$f":"-'Historic Financial Statements'!L43","v":0},{"$f":"-'Historic Financial Statements'!M43","v":0},{"$f":"-'Historic Financial Statements'!N43","v":0},{"$f":"-'Historic Financial Statements'!O43","v":0},{"$f":"-'Historic Financial Statements'!P43","v":14.100000381469727}]
[null,null,null,"Earnings Before Minority ",null,null,{"$f":"G202-G203-G204","v":-0.89700000000000113},0.92499999999999827,19.800000707788111,30.500003199293811,103.60002726675538,143.200052838174,30.999956452736544,85.700079679489136,237.89997796388275,-1017.9998523545029,{"$f":"Q202-Q203","v":-285.38328188805986},-150.2129138820743,-91.088896306288603,-46.693629745089645,22.526171000393379,41.494439766860367,189.65221810128531,240.30753802912946,296.38814727045735,374.29509885670342,442.0517054111034,514.90268875717845]
[null,null,"Less: Minority Interest",null,null,null,{"$f":"G205*'Financial Model Assumptions'!G179","v":0},{"$f":"H205*'Financial Model Assumptions'!H179","v":0},{"$f":"I205*'Financial Model Assumptions'!I179","v":0},{"$f":"J205*'Financial Model Assumptions'!J179","v":-0.10000000670312705},{"$f":"K205*'Financial Model Assumptions'!K179","v":-0.9999999407752358},{"$f":"L205*'Financial Model Assumptions'!L179","v":-2.7000001481849978},{"$f":"M205*'Financial Model Assumptions'!M179","v":-1.3999998964751181},{"$f":"N205*'Financial Model Assumptions'!N179","v":0.10000000149011612},{"$f":"O205*'Financial Model Assumptions'!O179","v":0.99999990095840263},{"$f":"P205*'Financial Model Assumptions'!P179","v":0.6000000166372923},{"$f":"Q205*'Financial Model Assumptions'!Q179","v":-0.28538328188805984},{"$f":"R205*'Financial Model Assumptions'!R179","v":-0.15021291388207431},{"$f":"S205*'Financial Model Assumptions'!S179","v":-9.1088896306288608E-2},{"$f":"T205*'Financial Model Assumptions'!T179","v":-4.6693629745089643E-2},{"$f":"U205*'Financial Model Assumptions'!U179","v":2.2526171000393381E-2},{"$f":"V205*'Financial Model Assumptions'!V179","v":4.1494439766860368E-2},{"$f":"W205*'Financial Model Assumptions'!W179","v":0.18965221810128532},{"$f":"X205*'Financial Model Assumptions'!X179","v":0.24030753802912946},{"$f":"Y205*'Financial Model Assumptions'!Y179","v":0.29638814727045737},{"$f":"Z205*'Financial Model Assumptions'!Z179","v":0.37429509885670342},{"$f":"AA205*'Financial Model Assumptions'!AA179","v":0.44205170541110339},{"$f":"AB205*'Financial Model Assumptions'!AB179","v":0.51490268875717848}]
[null,null,null,"Earnings to Common",null,null,{"$f":"G205-G206","v":-0.89700000000000113},0.92499999999999827,19.800000707788111,30.600003205996938,104.60002720753062,145.90005298635901,32.399956349211664,85.60007967799902,236.89997806292433,-1018.5998523711402,-285.09789860617178,-150.06270096819222,-90.997807409982315,-46.646936115344552,22.503644829392986,41.452945327093509,189.46256588318403,240.06723049110033,296.09175912318688,373.92080375784673,441.60965370569227,514.38778606842129]
[]
[null,null,"Verification"]
[null,null,null,"Historic Earnings",null,null,{"$f":"'Historic Financial Statements'!G47","v":-0.89700000000000046},{"$f":"'Historic Financial Statements'!H47","v":0.92499999999999916},{"$f":"'Historic Financial Statements'!I47","v":19.800001360476017},{"$f":"'Historic Financial Statements'!J47","v":30.600001610815532},{"$f":"'Historic Financial Statements'!K47","v":104.60003340244293},{"$f":"'Historic Financial Statements'!L47","v":145.90004755556583},{"$f":"'Historic Financial Statements'!M47","v":32.399958193302155},{"$f":"'Historic Financial Statements'!N47","v":85.60007967799902},{"$f":"'Historic Financial Statements'!O47","v":236.90000152587891},{"$f":"'Historic Financial Statements'!P47","v":-1018.5998646020889},{"$f":"'Historic Financial Statements'!Q47","v":0},{"$f":"'Historic Financial Statements'!R47","v":0},{"$f":"'Historic Financial Statements'!S47","v":0},{"$f":"'Historic Financial Statements'!T47","v":0},{"$f":"'Historic Financial Statements'!U47","v":0},{"$f":"'Historic Financial Statements'!V47","v":0},{"$f":"'Historic Financial Statements'!W47","v":0},{"$f":"'Historic Financial Statements'!X47","v":0},{"$f":"'Historic Financial Statements'!Y47","v":0},{"$f":"'Historic Financial Statements'!Z47","v":0},{"$f":"'Historic Financial Statements'!AA47","v":0},{"$f":"'Historic Financial Statements'!AB47","v":0}]
[null,null,null,"Difference",null,null,{"$f":"ROUND(G207-G210,0)","v":0},0,0,0,0,0,0,0,0,0,-285,-150,-91,-47,23,41,189,240,296,374,442,514]
[null,null,null,"Test",null,null,{"$f":"IF(G6,ROUND(G211,0)=0,TRUE)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
["Share Balance"]
[null,null,"Assumed P/E Ratio",null,null,null,{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15}]
[null,null,"Assumed Share Price from Prior Year EPS",null,null,null,{"$f":"MAX(F223,1)","v":1},1,1,1,1,1,1,1,1,1.3045152538590039,1,1,1,1,1,1,1,1.049654104615978,1.3300123572914146,1.6403975574691794,2.0715834003204803,2.446590879255913]
[]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G220","v":90},90,90,116.80000305175781,156.10000610351562,160.19999694824219,160.30000305175781,172.5,181.60000610351562,180.5,180.5,180.5,180.5,180.5,180.5,180.5,180.5,180.5,180.5,180.5,180.5]
[null,null,"Add: New Shares"]
[null,null,"Closing Balance",null,null,null,{"$f":"IF(G6,G222,G218+G221)","v":90},90,90,116.80000305175781,156.10000610351562,160.19999694824219,160.30000305175781,172.5,181.60000610351562,180.5,180.5,180.5,180.5,180.5,180.5,180.5,180.5,180.5,180.5,180.5,180.5,180.5]
[]
[null,null,"Weighted Shares",null,null,null,{"$f":"IF(G6,'Historic Financial Statements'!G53,F222)","v":90},{"$f":"IF(H6,'Historic Financial Statements'!H53,G222)","v":90},{"$f":"IF(I6,'Historic Financial Statements'!I53,H222)","v":90},{"$f":"IF(J6,'Historic Financial Statements'!J53,I222)","v":116.80000305175781},{"$f":"IF(K6,'Historic Financial Statements'!K53,J222)","v":156.10000610351562},{"$f":"IF(L6,'Historic Financial Statements'!L53,K222)","v":160.19999694824219},{"$f":"IF(M6,'Historic Financial Statements'!M53,L222)","v":160.30000305175781},{"$f":"IF(N6,'Historic Financial Statements'!N53,M222)","v":172.5},{"$f":"IF(O6,'Historic Financial Statements'!O53,N222)","v":181.60000610351562},{"$f":"IF(P6,'Historic Financial Statements'!P53,O222)","v":180.5},{"$f":"IF(Q6,'Historic Financial Statements'!Q53,P222)","v":180.5},{"$f":"IF(R6,'Historic Financial Statements'!R53,Q222)","v":180.5},{"$f":"IF(S6,'Historic Financial Statements'!S53,R222)","v":180.5},{"$f":"IF(T6,'Historic Financial Statements'!T53,S222)","v":180.5},{"$f":"IF(U6,'Historic Financial Statements'!U53,T222)","v":180.5},{"$f":"IF(V6,'Historic Financial Statements'!V53,U222)","v":180.5},{"$f":"IF(W6,'Historic Financial Statements'!W53,V222)","v":180.5},{"$f":"IF(X6,'Historic Financial Statements'!X53,W222)","v":180.5},{"$f":"IF(Y6,'Historic Financial Statements'!Y53,X222)","v":180.5},{"$f":"IF(Z6,'Historic Financial Statements'!Z53,Y222)","v":180.5},{"$f":"IF(AA6,'Historic Financial Statements'!AA53,Z222)","v":180.5},{"$f":"IF(AB6,'Historic Financial Statements'!AB53,AA222)","v":180.5}]
[null,null,"Earnings per Share",null,null,null,{"$f":"G207/G222","v":-9.9666666666666792E-3},1.0277777777777759E-2,0.22000000786431234,0.26198632197327171,0.67008342804398424,0.91073692737645162,0.2021207469269376,0.49623234595941462,1.3045152538590039,-5.6432124785104723,-1.5794897429704808,-0.83137230453292088,-0.50414297734062219,-0.25843177903237979,0.12467393257281432,0.22965620679830198,1.049654104615978,1.3300123572914146,1.6403975574691794,2.0715834003204803,2.446590879255913,2.8497938286339131]
[]
["Cash Flow"]
[]
[null,null,"EBTIDA",null,null,null,{"$f":"G193","v":-1.0420000000000011},1.9343899999999987,22.086626702234561,48.193715158969638,116.20002624578075,204.90005351130776,225.09995370330307,240.40007781982422,337.79997486759521,78.20015470520184,-5.7714536577066156,98.815068586405459,141.74489513793014,191.67992532242579,338.6107285187627,371.68628755532836,556.55809359709747,612.8721979335287,674.06861068566468,761.0141810031555,858.56711089938472,968.02149824295157]
[null,null,"Less: Taxes",null,null,null,{"$f":"G203","v":-6.100000000000004E-2},-0.30099999999999966,-0.60000000406343712,3.8000001504106939,7.199999382846844,13.200000300604723,1.5999999327755419,2.5,23.799996879870605,-47.200000188220045,-15.020172730950518,-7.9059428358986485,-10.120988478476512,-8.2400523079569954,5.6315427500983448,10.373609941715092,47.413054525321336,60.076884507282365,74.097036817614352,93.573774714175855,110.51292635277585,128.72567218929461]
[null,null,"Less: WC Changes",null,null,null,{"$f":"G137","v":0},0.69800000000000084,17.825202203341146,28.459401427833537,292.4171632598281,80.130195634498932,-28.699949595687713,99.399974863154739,-102.09991659795503,-107.50005353613949,-110.87673229170366,30.593043251513791,40.455434742663215,60.910576535056634,275.55660943267526,110.13278301274772,137.14813450792053,146.92756961456871,168.77549527293786,92.172254656905125,158.44204051594147,181.54054168303219]
[null,null,"Add: Other Income",null,null,null,{"$f":"G199+G200+G201","v":0.16800000000000001},9.2999999999999999E-2,0.10000000149011612,-2.0999999046325684,0.60000002384185791,-9.3999996036291122,-76.399998843669891,7.9000003337860107,101.80000305175781,-851.80000686645508,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10]
[null,null,null,"Cash From Operations",null,null,{"$f":"G227-G228-G229+G230","v":-0.81300000000000106},1.6303899999999976,4.9614245044469669,13.834313676092837,-182.81713637305234,102.16985797257499,175.79990452254535,146.40010329045549,517.89989763743745,-618.89979843689366,110.12545136494757,66.127968170790311,101.41044887374343,129.00940109532615,47.422576335989106,241.17989460086557,361.99690456385559,395.86774381167766,421.19607859511245,565.26815163207448,579.61214403066742,647.75528437062474]
[null,null,"Less: Capital Expenditures",null,null,null,{"$f":"G89","v":0},2.7881859999999996,9.3769170000000006,30.286351,62.299999237060547,172.19999694824222,394.89998936653132,147.99999403953552,281.20000000298023,366.79998779296875,72.72,73.447199999999995,74.548907999999997,688.82321254739963,104.77250764413296,106.86795779701565,109.00531695295595,111.18542329201509,113.40913175785539,362.41841789247178,421.70775377193866,473.15609973211457]
[null,null,null,"Cash Before Finanancing",null,null,{"$f":"G231-G232","v":-0.81300000000000106},-1.157796000000002,-4.4154924955530337,-16.452037323907163,-245.11713561011288,-70.030138975667228,-219.10008484398597,-1.599890749080032,236.69989763445722,-985.69978622986241,37.405451364947567,-7.3192318292096843,26.861540873743436,-559.81381145207342,-57.349931308143852,134.3119368038499,252.99158761089964,284.68232051966254,307.78694683725706,202.8497337396027,157.90439025872877,174.59918463851017]
[null,null,"Less: Net Interest",null,null,null,{"$f":"G196+G197-G198","v":8.4000000000000005E-2},0.221,1,7.5999999046325684,-5.5,18.200000762939453,73.5,93.699996948242188,91.900001525878906,135.89999389648437,174.78800437927248,139.68860848308935,128.07533127889641,133.85729657673951,156.67202084713136,168.76783796500379,170.83519203467301,165.90580830009941,158.77921756692561,149.83875381070575,146.65809501497191,145.9833173003465]
[null,null,"Less: Repayments",null,null,null,{"$f":"G162","v":0},0,0,0,0,0,0,0,0,0,0.4,533.5,130.30000305175781,0.30000001192092896,49.700000762939453,0,0,0,0,0,0,0]
[null,null,"Less: Dividends - Common"]
[null,null,"Less: Dividends - Minority"]
[null,null,null,"Net Cash Flow",null,null,{"$f":"G233-G234-G235-G236-G237","v":-0.89700000000000102},-1.3787960000000021,-5.4154924955530337,-24.052037228539731,-239.61713561011288,-88.230139738606681,-292.600084843986,-95.29988769732222,144.79989610857831,-1121.5997801263468,-137.78255301432492,-680.50784031229909,-231.51379345691078,-693.97110804073384,-263.7219529182147,-34.455901161153889,82.156395576226629,118.77651221956313,149.00772927033145,53.010979928896944,11.246295243756862,28.615867338163667]
[]
["Balance Sheet"]
[]
[null,null,"Equity Balance"]
[null,null,null,"Opening Balance",null,null,{"$f":"F246","v":0},5.8330000000000002,6.7590000000000003,27.395796000000001,401.92310400000002,652.46278400000006,888,1074.4000244140625,1598.1000490188549,1867.69995117187,946.39998769760052,661.3020890914288,511.23938812323661,420.24158071325428,373.59464459790973,396.09828942730275,437.55123475439626,627.01380063758029,867.08103112868059,1163.1727902518674,1537.093594009714,1978.7032477154062]
[null,null,null,"Add: Income",null,null,{"$f":"G207","v":-0.89700000000000113},0.92499999999999827,19.800000707788111,30.600003205996938,104.60002720753062,145.90005298635901,32.399956349211664,85.60007967799902,236.89997806292433,-1018.5998523711402,-285.09789860617178,-150.06270096819222,-90.997807409982315,-46.646936115344552,22.503644829392986,41.452945327093509,189.46256588318403,240.06723049110033,296.09175912318688,373.92080375784673,441.60965370569227,514.38778606842129]
[null,null,null,"Less: Dividends",null,null,{"$f":"G236","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance",null,null,{"$f":"IF(G6,'Historic Financial Statements'!G143,G243+G244-G245)","v":5.8330000000000002},{"$f":"IF(H6,'Historic Financial Statements'!H143,H243+H244-H245)","v":6.7590000000000003},{"$f":"IF(I6,'Historic Financial Statements'!I143,I243+I244-I245)","v":27.395796000000001},{"$f":"IF(J6,'Historic Financial Statements'!J143,J243+J244-J245)","v":401.92310400000002},{"$f":"IF(K6,'Historic Financial Statements'!K143,K243+K244-K245)","v":652.46278400000006},{"$f":"IF(L6,'Historic Financial Statements'!L143,L243+L244-L245)","v":888},{"$f":"IF(M6,'Historic Financial Statements'!M143,M243+M244-M245)","v":1074.4000244140625},{"$f":"IF(N6,'Historic Financial Statements'!N143,N243+N244-N245)","v":1598.1000490188549},{"$f":"IF(O6,'Historic Financial Statements'!O143,O243+O244-O245)","v":1867.69995117187},{"$f":"IF(P6,'Historic Financial Statements'!P143,P243+P244-P245)","v":946.39998769760052},{"$f":"IF(Q6,'Historic Financial Statements'!Q143,Q243+Q244-Q245)","v":661.3020890914288},{"$f":"IF(R6,'Historic Financial Statements'!R143,R243+R244-R245)","v":511.23938812323661},{"$f":"IF(S6,'Historic Financial Statements'!S143,S243+S244-S245)","v":420.24158071325428},{"$f":"IF(T6,'Historic Financial Statements'!T143,T243+T244-T245)","v":373.59464459790973},{"$f":"IF(U6,'Historic Financial Statements'!U143,U243+U244-U245)","v":396.09828942730275},{"$f":"IF(V6,'Historic Financial Statements'!V143,V243+V244-V245)","v":437.55123475439626},{"$f":"IF(W6,'Historic Financial Statements'!W143,W243+W244-W245)","v":627.01380063758029},{"$f":"IF(X6,'Historic Financial Statements'!X143,X243+X244-X245)","v":867.08103112868059},{"$f":"IF(Y6,'Historic Financial Statements'!Y143,Y243+Y244-Y245)","v":1163.1727902518674},{"$f":"IF(Z6,'Historic Financial Statements'!Z143,Z243+Z244-Z245)","v":1537.093594009714},{"$f":"IF(AA6,'Historic Financial Statements'!AA143,AA243+AA244-AA245)","v":1978.7032477154062},{"$f":"IF(AB6,'Historic Financial Statements'!AB143,AB243+AB244-AB245)","v":2493.0910337838277}]
[]
[null,null,"Minority Interest"]
[null,null,null,"Opening Balance",null,null,{"$f":"F252","v":0},0,0,0,1.4291020000000001,18.542864000000002,17.899999618530273,8.5,14.699999809265137,12.5,6.4000000953674316,6.1146168134793717,5.964403899597297,5.8733150032910082,5.8266213735459189,5.8491475445463124,5.8906419843131728,6.0802942024144579,6.3206017404435872,6.6169898877140447,6.991284986570748,7.4333366919818511]
[null,null,null,"Add: Income",null,null,{"$f":"G206","v":0},0,0,-0.10000000670312705,-0.9999999407752358,-2.7000001481849978,-1.3999998964751181,0.10000000149011612,0.99999990095840263,0.6000000166372923,-0.28538328188805984,-0.15021291388207431,-9.1088896306288608E-2,-4.6693629745089643E-2,2.2526171000393381E-2,4.1494439766860368E-2,0.18965221810128532,0.24030753802912946,0.29638814727045737,0.37429509885670342,0.44205170541110339,0.51490268875717848]
[null,null,null,"Less: Dividends",null,null,{"$f":"G237","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance",null,null,{"$f":"IF(G6,'Historic Financial Statements'!G142,G249+G250-G251)","v":0},{"$f":"IF(H6,'Historic Financial Statements'!H142,H249+H250-H251)","v":0},{"$f":"IF(I6,'Historic Financial Statements'!I142,I249+I250-I251)","v":0},{"$f":"IF(J6,'Historic Financial Statements'!J142,J249+J250-J251)","v":1.4291020000000001},{"$f":"IF(K6,'Historic Financial Statements'!K142,K249+K250-K251)","v":18.542864000000002},{"$f":"IF(L6,'Historic Financial Statements'!L142,L249+L250-L251)","v":17.899999618530273},{"$f":"IF(M6,'Historic Financial Statements'!M142,M249+M250-M251)","v":8.5},{"$f":"IF(N6,'Historic Financial Statements'!N142,N249+N250-N251)","v":14.699999809265137},{"$f":"IF(O6,'Historic Financial Statements'!O142,O249+O250-O251)","v":12.5},{"$f":"IF(P6,'Historic Financial Statements'!P142,P249+P250-P251)","v":6.4000000953674316},{"$f":"IF(Q6,'Historic Financial Statements'!Q142,Q249+Q250-Q251)","v":6.1146168134793717},{"$f":"IF(R6,'Historic Financial Statements'!R142,R249+R250-R251)","v":5.964403899597297},{"$f":"IF(S6,'Historic Financial Statements'!S142,S249+S250-S251)","v":5.8733150032910082},{"$f":"IF(T6,'Historic Financial Statements'!T142,T249+T250-T251)","v":5.8266213735459189},{"$f":"IF(U6,'Historic Financial Statements'!U142,U249+U250-U251)","v":5.8491475445463124},{"$f":"IF(V6,'Historic Financial Statements'!V142,V249+V250-V251)","v":5.8906419843131728},{"$f":"IF(W6,'Historic Financial Statements'!W142,W249+W250-W251)","v":6.0802942024144579},{"$f":"IF(X6,'Historic Financial Statements'!X142,X249+X250-X251)","v":6.3206017404435872},{"$f":"IF(Y6,'Historic Financial Statements'!Y142,Y249+Y250-Y251)","v":6.6169898877140447},{"$f":"IF(Z6,'Historic Financial Statements'!Z142,Z249+Z250-Z251)","v":6.991284986570748},{"$f":"IF(AA6,'Historic Financial Statements'!AA142,AA249+AA250-AA251)","v":7.4333366919818511},{"$f":"IF(AB6,'Historic Financial Statements'!AB142,AB249+AB250-AB251)","v":7.9482393807390297}]
[]
[null,null,"Assets",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"COLUMN()","v":20},{"$f":"COLUMN()","v":21}]
[null,null,null,"Cash and Financial Assets",null,null,{"$f":"G173","v":0.28699999999999998},1.5589999999999999,25.382766,367.32151300000004,305.90695600000004,677.29999542236328,583.59998464584351,1159.2000167965889,1030.3999996185303,768.10000228881836,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Other Current Assets",null,null,{"$f":"G113","v":2.8650000000000007},5.835,26.376216073205125,68.835338017759426,410.1072912384206,578.49995715995726,731.10001634863465,985.99999904632568,1359.4001241008198,1318.199967274935,686.62164119870408,720.13626893710546,802.86387309481665,1309.2581754403661,1568.1959882397073,1826.5226704332977,2090.1917845291709,2429.5489349363088,2820.5988155218561,3164.7118710155228,3550.8067192794169,3984.0051390315057]
[null,null,null,"Net Plant",null,null,{"$f":"G145","v":5.367},6.9119999999999999,13.211346000000001,39.717331999999999,113.74985599999999,293,684.5,777.5999755859375,1326.199951171875,1569.199951171875,1532.0759545898438,1498.2778377685547,1467.9472971247558,2054.0141988734226,2015.0057125964158,1980.8232705116823,1951.1709585288204,1925.7744147238179,1904.379337451006,2133.4912017219071,2405.8545713733124,2710.600851109295]
[null,null,null,"Goodwill",null,null,{"$f":"G150","v":0},0,0,0.13534299999999999,28.551652000000001,29.799999237060547,87.599998474121094,86.099998474121094,278,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Intangible Assets",null,null,{"$f":"G151","v":0},0,2.4127540000000001,2.9229889999999998,75.751431999999994,86,176.69999694824219,166.69999694824219,156,23,23,23,23,23,23,23,23,23,23,23,23,23]
[]
[null,null,null,"Affililates",null,null,{"$f":"G153","v":0},0,6.9402000000000005E-2,1.0591029999999999,26.236511,104.60000306367874,637.60000610351562,553.5,746.60002136230469,531.40001106262207,531.40001106262207,531.40001106262207,531.40001106262207,531.40001106262207,531.40001106262207,531.40001106262207,531.40001106262207,531.40001106262207,531.40001106262207,531.40001106262207,531.40001106262207,531.40001106262207]
[null,null,null,"Deferred taxes",null,null,{"$f":"G154","v":0},0,0.97335799999999995,1.672849,4.0984340000000001,1.7000000476837158,7.1999998092651367,10.800000190734863,22.600000381469727,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367,70.999998092651367]
[null,null,null,"Prepayments",null,null,{"$f":"G155","v":1.73},2.7250000000000001,4.2233E-2,0,133.552999,186.09999656677246,315.50000238418579,243.80000686645508,297.90000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617,256.40000534057617]
[null,null,null,null,"Total",null,{"$f":"SUM(G255:G263)","v":10.249000000000001},17.031000000000002,68.468075073205128,481.66446701775936,1097.9551312384206,1956.9999514975161,3223.800004713808,3983.6999939084053,5217.1001019755759,4537.2999352314782,3100.4976102843975,3100.2141212015099,3152.611184715422,4245.0723888096381,4465.0017153319732,4689.1459554408293,4923.1627575538405,5237.1233641559766,5606.7781674687121,6180.0030872332791,6838.4613051485794,7576.4060046366503]
[]
[null,null,"Liabilities and Equity"]
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[null,null,null,"Long-term Debt",null,null,{"$f":"G163","v":0},0,0,3.7173600000000002,19.656140000000001,520.70000076293945,987.10001230239868,878.9000244140625,714.50001525878906,714.20002746582031,713.80002746582034,180.30002746582034,50.000024414062523,49.700024402141594,2.3639202140657289E-5,2.3639202140657289E-5,2.3639202140657289E-5,2.3639202140657289E-5,2.3639202140657289E-5,2.3639202140657289E-5,2.3639202140657289E-5,2.3639202140657289E-5]
[null,null,null,"Accrued Warranty Costs",null,null,{"$f":"G182","v":0},0,0.84758,2.6191040000000001,8.8453560000000007,22.5,41.400001525878906,55.200000762939453,81,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094,94.099998474121094]
[null,null,null,"Deferred tax liabilities",null,null,{"$f":"G183","v":0},0,0,0,4.7747109999999999,22.100000381469727,38.799999237060547,33.099998474121094,15.600000381469727,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Retirement benefit obligations",null,null,{"$f":"G184","v":0},0,0,0,3.718394,3.5999999046325684,5,3.5,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"Minority Interest",null,null,{"$f":"G252","v":0},0,0,1.4291020000000001,18.542864000000002,17.899999618530273,8.5,14.699999809265137,12.5,6.4000000953674316,6.1146168134793717,5.964403899597297,5.8733150032910082,5.8266213735459189,5.8491475445463124,5.8906419843131728,6.0802942024144579,6.3206017404435872,6.6169898877140447,6.991284986570748,7.4333366919818511,7.9482393807390297]
[null,null,null,"Equity",null,null,{"$f":"G246","v":5.8330000000000002},6.7590000000000003,27.395796000000001,401.92310400000002,652.46278400000006,888,1074.4000244140625,1598.1000490188549,1867.69995117187,946.39998769760052,661.3020890914288,511.23938812323661,420.24158071325428,373.59464459790973,396.09828942730275,437.55123475439626,627.01380063758029,867.08103112868059,1163.1727902518674,1537.093594009714,1978.7032477154062,2493.0910337838277]
[]
[null,null,null,"Total Assets - Total Liabilities",null,null,{"$f":"SUM(G267:G275)","v":10.252000000000001},17.032,68.468077869863976,481.6644523865848,1097.955186347418,1957.0000074136915,3223.800039563077,3983.7001066207836,5217.1000715978171,4537.2999908147904,3100.4976658677097,3100.2141767848216,3152.6112402987342,4245.0724443929503,4465.0017709152844,4689.1460110241424,4923.1628131371535,5237.1234197392887,5606.7782230520243,6180.0031428165921,6838.4613607318915,7576.4060602199634]
[]
[null,null,null,"Difference",null,null,{"$f":"G277-G264","v":3.0000000000001137E-3},9.9999999999766942E-4,2.7966588476147081E-6,-1.4631174565238325E-5,5.5108997457864461E-5,5.5916175369929988E-5,3.4849269013648154E-5,1.1271237826804281E-4,-3.0377758776012342E-5,5.5583312132512219E-5,5.5583312132512219E-5,5.5583311677764868E-5,5.5583312132512219E-5,5.5583312132512219E-5,5.5583311223017517E-5,5.5583313042006921E-5,5.5583313042006921E-5,5.5583312132512219E-5,5.5583312132512219E-5,5.5583313042006921E-5,5.5583312132512219E-5,5.5583313042006921E-5]
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[null,null,null,"Aggregate Test",null,null,{"$f":"AND(G280:AB280)","v":true}]
[]
["Data to Be Transferred to Acquistion Model"]
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[null,null,null,"Working Capital Changes",null,null,{"$f":"G137","v":0},0.69800000000000084,17.825202203341146,28.459401427833537,292.4171632598281,80.130195634498932,-28.699949595687713,99.399974863154739,-102.09991659795503,-107.50005353613949,-110.87673229170366,30.593043251513791,40.455434742663215,60.910576535056634,275.55660943267526,110.13278301274772,137.14813450792053,146.92756961456871,168.77549527293786,92.172254656905125,158.44204051594147,181.54054168303219]
[null,null,null,"Capital Expenditures",null,null,{"$f":"G232","v":0},2.7881859999999996,9.3769170000000006,30.286351,62.299999237060547,172.19999694824222,394.89998936653132,147.99999403953552,281.20000000298023,366.79998779296875,72.72,73.447199999999995,74.548907999999997,688.82321254739963,104.77250764413296,106.86795779701565,109.00531695295595,111.18542329201509,113.40913175785539,362.41841789247178,421.70775377193866,473.15609973211457]
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[null,null,null,"Other Income",null,null,{"$f":"G230","v":0.16800000000000001},9.2999999999999999E-2,0.10000000149011612,-2.0999999046325684,0.60000002384185791,-9.3999996036291122,-76.399998843669891,7.9000003337860107,101.80000305175781,-851.80000686645508,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10,-10]
[null,null,null,"Revenues",null,null,{"$f":"G191","v":3.0249999999999999},13.887999999999998,85.300000190734863,226.00000691413879,598.89999389648437,1348.2999515533447,1923.5000457763672,1693.300048828125,2901.9000549316406,3146.6000061035156,1515.163606911447,1640.8201121052634,1842.9405186632944,2973.3112690463204,3612.2546228267393,4192.7065725637258,4861.0240002303863,5630.0066356216703,6514.2695528289996,7309.0104382741383,8200.7097117435842,9201.1962965763014]
[null,null,null,"Current Assets to Revenues",null,null,{"$f":"G256/G292","v":0.94710743801652919},0.42014688940092171,0.30921706933442733,0.30458113235328849,0.68476756623461366,0.42905879844724537,0.38008838001017387,0.58229490971118947,0.4684517379537535,0.41892835591368438,0.45316666666666666,0.43888800705467379,0.43564285714285716,0.44033673469387763,0.43413218390804598,0.43564285714285722,0.42999001536098302,0.4315357142857143,0.43298773448773453,0.43298773448773453,0.43298773448773453,0.43298773448773453]
[null,null,null,"Expenses",null,null,{"$f":"G192","v":4.0670000000000011},11.953609999999999,63.213373488500302,177.80629175516916,482.69996765070363,1143.399898042037,1698.4000920730641,1452.8999710083008,2564.1000800640454,3068.3998513983138,1520.9350605691536,1542.005043518858,1701.1956235253642,2781.6313437238946,3273.6438943079766,3821.0202850083974,4304.4659066332888,5017.1344376881416,5840.2009421433349,6547.9962572709828,7342.1426008441995,8233.1747983333498]
[null,null,null,"Current Liabilites to Expenses",null,null,{"$f":"G268/G294","v":0.19547578067371527},0.25657521033394926,9.1484025463631005E-2,0.1112600358024711,0.14219500507007696,0.13722232694189651,0.19912858283351501,0.33980316684205941,0.37798838681897223,0.33747229818961455,0.33847490874389424,0.33574464784951896,0.32917561154607555,0.36146983956468015,0.30206615955693761,0.29757783347883265,0.29354905929960501,0.29020579706508864,0.28736611983228783,0.29477974769426979,0.29390187710617394,0.29266078146745234]
[null,null,null,"Operatining Margin",null,null,{"$f":"(G292-G294)/G292","v":-0.34446280991735578},0.13928499423963125,0.25892880015061914,0.21324652072811326,0.19402242015361432,0.1519691914809069,0.11702622737003771,0.1419713405112088,0.11640648143395575,2.4852270562993585E-2,-3.8091290150977903E-3,6.022297499731414E-2,7.6912354849487663E-2,6.4466820987735499E-2,9.3739440840907753E-2,8.8650679727403939E-2,0.11449400240992837,0.10885816617973751,0.10347570133829233,0.10412000193871009,0.10469424489808474,0.10520604789217956]
[null,null,null,"Depreciation Rate",null,null,{"$f":"'Financial Model Assumptions'!G155","v":0},{"$f":"'Financial Model Assumptions'!H155","v":0.17106336805555555},{"$f":"'Financial Model Assumptions'!I155","v":0.15037271751114534},{"$f":"'Financial Model Assumptions'!J155","v":0.10558896554280131},{"$f":"'Financial Model Assumptions'!K155","v":0.10109902574312174},{"$f":"'Financial Model Assumptions'!L155","v":7.1331058040820697E-2},{"$f":"'Financial Model Assumptions'!M155","v":6.2235205951966535E-2},{"$f":"'Financial Model Assumptions'!N155","v":8.5390951145343272E-2},{"$f":"'Financial Model Assumptions'!O155","v":6.4846934637366155E-2},{"$f":"'Financial Model Assumptions'!P155","v":9.0237070169272598E-2},{"$f":"'Financial Model Assumptions'!Q155","v":7.0000000000000007E-2},{"$f":"'Financial Model Assumptions'!R155","v":7.0000000000000007E-2},{"$f":"'Financial Model Assumptions'!S155","v":7.0000000000000007E-2},{"$f":"'Financial Model Assumptions'!T155","v":7.0000000000000007E-2},{"$f":"'Financial Model Assumptions'!U155","v":7.0000000000000007E-2},{"$f":"'Financial Model Assumptions'!V155","v":7.0000000000000007E-2},{"$f":"'Financial Model Assumptions'!W155","v":7.0000000000000007E-2},{"$f":"'Financial Model Assumptions'!X155","v":7.0000000000000007E-2},{"$f":"'Financial Model Assumptions'!Y155","v":7.0000000000000007E-2},{"$f":"'Financial Model Assumptions'!Z155","v":7.0000000000000007E-2},{"$f":"'Financial Model Assumptions'!AA155","v":7.0000000000000007E-2},{"$f":"'Financial Model Assumptions'!AB155","v":7.0000000000000007E-2}]
[null,null,null,"Working Capital Changes as Percent of EBITDA",null,null,{"$f":"G288/G285","v":0},0.36083726652846704,0.80705860807335161,0.59052101158747827,2.516498254839644,0.39106966670497628,-0.12749869168572189,0.41347729902838609,-0.30224962757316465,-1.3746782719470583,19.211231496877755,0.30959896794245251,0.2854101708798511,0.31777233026671226,0.81378582018970624,0.29630574680900384,0.24642195681948803,0.23973606587144336,0.25038325861407329,0.12111765714458209,0.18454240618414425,0.18753771689218168]

{"sheet":"Valuation and ROIC","index":11,"n_rows":145,"n_cols":28,"rows_kept":145,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,null,null,null,2002,2003,2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023]
[]
["Valuation"]
[]
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[null,null,"Transaction Period",null,null,null,{"$f":"'Financial Model'!G7","v":false},{"$f":"'Financial Model'!H7","v":false},{"$f":"'Financial Model'!I7","v":false},{"$f":"'Financial Model'!J7","v":false},{"$f":"'Financial Model'!K7","v":false},{"$f":"'Financial Model'!L7","v":false},{"$f":"'Financial Model'!M7","v":false},{"$f":"'Financial Model'!N7","v":false},{"$f":"'Financial Model'!O7","v":false},{"$f":"'Financial Model'!P7","v":false},{"$f":"'Financial Model'!Q7","v":false},{"$f":"'Financial Model'!R7","v":true},{"$f":"'Financial Model'!S7","v":false},{"$f":"'Financial Model'!T7","v":false},{"$f":"'Financial Model'!U7","v":false},{"$f":"'Financial Model'!V7","v":false},{"$f":"'Financial Model'!W7","v":false},{"$f":"'Financial Model'!X7","v":false},{"$f":"'Financial Model'!Y7","v":false},{"$f":"'Financial Model'!Z7","v":false},{"$f":"'Financial Model'!AA7","v":false},{"$f":"'Financial Model'!AB7","v":false}]
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[]
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[]
[null,null,"Free Cash Flow"]
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[]
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[null,null,null,"PV Factor",null,1,{"$f":"F21*(1+G20*G6)","v":1},1,1,1,1,1,1,1,1,1,1,1,1.1200000000000001,1.2544000000000002,1.4049280000000004,1.5735193600000006,1.7623416832000007,1.9738226851840011,2.2106814074060814,2.2106814074060814,2.2106814074060814,2.2106814074060814]
[null,null,null,"Discount Factor",null,{"$f":"1/F21","v":1},1,1,1,1,1,1,1,1,1,1,1,1,0.89285714285714279,0.79719387755102034,0.71178024781341087,0.6355180784048311,0.56742685571859919,0.50663112117732056,0.45234921533689337,0.45234921533689337,0.45234921533689337,0.45234921533689337]
[]
[null,null,null,"PV of Free Cash Flow over Explicit Period",null,{"$f":"SUMPRODUCT(G22:AB22*G18:AB18)","v":3.8822330113381156}]
[]
[null,null,null,"Terminal Growth Rate",null,{"$f":"'Financial Model Assumptions'!G192","v":0.05}]
[null,null,null,"PV of Terminal Value",null,{"$f":"SUMPRODUCT(G27:AB27*G22:AB22)","v":2506.047472621955},{"$f":"(1+$F$26)*G18/(G20-$F$26)*G8","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,5540.0725538023562,0,0,0]
[]
[null,null,null,"Bridge between Equity Value and Enterprise Value",null,"Mkt Value","Book Value"]
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[null,null,null,null,"Less: Long-term Debt Market",-180.30002746582034,{"$f":"-SUMPRODUCT(G7:AB7*'Financial Model'!G269:AB269)","v":-180.30002746582034}]
[null,null,null,null,"Less: Retirement Obligations",0,{"$f":"-SUMPRODUCT(G7:AB7*'Financial Model'!G272:AB272)","v":0}]
[null,null,null,null,"Add: Cash Balance",0,{"$f":"SUMPRODUCT(G7:AB7*'Financial Model'!G255:AB255)","v":0}]
[null,null,null,null,"Add: Associates Market",531.40001106262207,{"$f":"SUMPRODUCT(G7:AB7*'Financial Model'!G261:AB261)","v":531.40001106262207}]
[null,null,null,null,"Less: Warranty Obligations Market",-94.099998474121094,{"$f":"-SUMPRODUCT(G7:AB7*'Financial Model'!G270:AB270)","v":-94.099998474121094}]
[null,null,null,null,"Less: Minorities Market",-5.964403899597297,{"$f":"-SUMPRODUCT(G7:AB7*'Financial Model'!G274:AB274)","v":-5.964403899597297}]
[null,null,null,null,"Total Bridge",-1372.5548342287846,{"$f":"SUM(G30:G36)","v":-1372.5548342287846}]
[]
[null,null,null,"Equity  Value",null,{"$f":"F24+F27+G37","v":1137.3748714045084}]
[]
[null,null,null,"Number of Shares",null,{"$f":"SUMPRODUCT(G7:AB7*'Financial Model'!G222:AB222)","v":180.5}]
[]
[null,null,null,"Equity Value per Share",null,{"$f":"F39/F41","v":6.3012458249557257}]
[]
[null,"Method 2: Value Drivers"]
[]
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[null,null,null,null,"ROIC WACC Spread",null,{"$f":"'Financial Model Assumptions'!$G$193","v":0.01},{"$f":"'Financial Model Assumptions'!$G$193","v":0.01},{"$f":"'Financial Model Assumptions'!$G$193","v":0.01},{"$f":"'Financial Model Assumptions'!$G$193","v":0.01},{"$f":"'Financial Model Assumptions'!$G$193","v":0.01},{"$f":"'Financial Model Assumptions'!$G$193","v":0.01},{"$f":"'Financial Model Assumptions'!$G$193","v":0.01},{"$f":"'Financial Model Assumptions'!$G$193","v":0.01},{"$f":"'Financial Model Assumptions'!$G$193","v":0.01},{"$f":"'Financial Model Assumptions'!$G$193","v":0.01},{"$f":"'Financial Model Assumptions'!$G$193","v":0.01},{"$f":"'Financial Model Assumptions'!$G$193","v":0.01},{"$f":"'Financial Model Assumptions'!$G$193","v":0.01},{"$f":"'Financial Model Assumptions'!$G$193","v":0.01},{"$f":"'Financial Model Assumptions'!$G$193","v":0.01},{"$f":"'Financial Model Assumptions'!$G$193","v":0.01},{"$f":"'Financial Model Assumptions'!$G$193","v":0.01},{"$f":"'Financial Model Assumptions'!$G$193","v":0.01},{"$f":"'Financial Model Assumptions'!$G$193","v":0.01},{"$f":"'Financial Model Assumptions'!$G$193","v":0.01},{"$f":"'Financial Model Assumptions'!$G$193","v":0.01},{"$f":"'Financial Model Assumptions'!$G$193","v":0.01}]
[null,null,null,null,"ROIC",null,{"$f":"G48+G20","v":0.13},0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13]
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[null,null,null,null,"Terminal Value",{"$f":"SUMPRODUCT(G51:AB51*$G$22:$AB$22)","v":1715.592643149063},{"$f":"G50*G47*G8","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,3792.6287588922896,0,0,0]
[]
[null,null,null,null,"PV of Explicit Cash flow",{"$f":"F24","v":3.8822330113381156}]
[null,null,null,null,"Enterprise Value",{"$f":"F51+F53","v":1719.474876160401}]
[]
[null,null,null,null,"Bridge from EV to Equity Value",{"$f":"F37","v":-1372.5548342287846}]
[]
[null,null,null,null,"Equity Value",{"$f":"F54+F56","v":346.92004193161642}]
[null,null,null,null,"Shares",{"$f":"F41","v":180.5}]
[null,null,null,null,"Equity Value per Share",{"$f":"F58/F59","v":1.9219946921419193}]
[]
[null,"Method 3: EV/EBITDA"]
[]
[null,null,null,null,"EBITDA",null,{"$f":"G14","v":0},0,0,0,0,0,0,0,0,0,0,0,141.74489513793014,191.67992532242579,338.6107285187627,371.68628755532836,556.55809359709747,612.8721979335287,674.06861068566468,0,0,0]
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[null,null,null,null,"Terminal Value",{"$f":"SUMPRODUCT(G66:AB66*$G$22:$AB$22)","v":1882.4076967586427},{"$f":"G64*G65*G8","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,4161.4036963824365,0,0,0]
[]
[null,null,null,null,"PV of Explicit Cash Flow",{"$f":"F53","v":3.8822330113381156}]
[null,null,null,null,"Enterprise Value",{"$f":"F66+F68","v":1886.2899297699807}]
[]
[null,null,null,null,"Bridge from EV to Equity Value",{"$f":"F56","v":-1372.5548342287846}]
[]
[null,null,null,null,"Equity Value",{"$f":"F69+F71","v":513.73509554119619}]
[null,null,null,null,"Shares",{"$f":"F59","v":180.5}]
[null,null,null,null,"Equity Value per Share",{"$f":"F73/F74","v":2.8461778146326657}]
[]
[null,"Method 4: P/E Ratio"]
[]
[null,null,null,null,"Earnings Per Share",null,{"$f":"'Financial Model'!G223","v":-9.9666666666666792E-3},{"$f":"'Financial Model'!H223","v":1.0277777777777759E-2},{"$f":"'Financial Model'!I223","v":0.22000000786431234},{"$f":"'Financial Model'!J223","v":0.26198632197327171},{"$f":"'Financial Model'!K223","v":0.67008342804398424},{"$f":"'Financial Model'!L223","v":0.91073692737645162},{"$f":"'Financial Model'!M223","v":0.2021207469269376},{"$f":"'Financial Model'!N223","v":0.49623234595941462},{"$f":"'Financial Model'!O223","v":1.3045152538590039},{"$f":"'Financial Model'!P223","v":-5.6432124785104723},{"$f":"'Financial Model'!Q223","v":-1.5794897429704808},{"$f":"'Financial Model'!R223","v":-0.83137230453292088},{"$f":"'Financial Model'!S223","v":-0.50414297734062219},{"$f":"'Financial Model'!T223","v":-0.25843177903237979},{"$f":"'Financial Model'!U223","v":0.12467393257281432},{"$f":"'Financial Model'!V223","v":0.22965620679830198},{"$f":"'Financial Model'!W223","v":1.049654104615978},{"$f":"'Financial Model'!X223","v":1.3300123572914146},{"$f":"'Financial Model'!Y223","v":1.6403975574691794},{"$f":"'Financial Model'!Z223","v":2.0715834003204803},{"$f":"'Financial Model'!AA223","v":2.446590879255913},{"$f":"'Financial Model'!AB223","v":2.8497938286339131}]
[null,null,null,null,"P/E Ratio",null,{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15},{"$f":"'Financial Model Assumptions'!$G$195","v":15}]
[null,null,null,null,"Target Share Price",null,{"$f":"G79*G80*G8","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,24.605963362037691,0,0,0]
[]
[null,null,null,null,"Cost of Equity",null,{"$f":"'Financial Model Assumptions'!$G$190","v":0.14000000000000001},{"$f":"'Financial Model Assumptions'!$G$190","v":0.14000000000000001},{"$f":"'Financial Model Assumptions'!$G$190","v":0.14000000000000001},{"$f":"'Financial Model Assumptions'!$G$190","v":0.14000000000000001},{"$f":"'Financial Model Assumptions'!$G$190","v":0.14000000000000001},{"$f":"'Financial Model Assumptions'!$G$190","v":0.14000000000000001},{"$f":"'Financial Model Assumptions'!$G$190","v":0.14000000000000001},{"$f":"'Financial Model Assumptions'!$G$190","v":0.14000000000000001},{"$f":"'Financial Model Assumptions'!$G$190","v":0.14000000000000001},{"$f":"'Financial Model Assumptions'!$G$190","v":0.14000000000000001},{"$f":"'Financial Model Assumptions'!$G$190","v":0.14000000000000001},{"$f":"'Financial Model Assumptions'!$G$190","v":0.14000000000000001},{"$f":"'Financial Model Assumptions'!$G$190","v":0.14000000000000001},{"$f":"'Financial Model Assumptions'!$G$190","v":0.14000000000000001},{"$f":"'Financial Model Assumptions'!$G$190","v":0.14000000000000001},{"$f":"'Financial Model Assumptions'!$G$190","v":0.14000000000000001},{"$f":"'Financial Model Assumptions'!$G$190","v":0.14000000000000001},{"$f":"'Financial Model Assumptions'!$G$190","v":0.14000000000000001},{"$f":"'Financial Model Assumptions'!$G$190","v":0.14000000000000001},{"$f":"'Financial Model Assumptions'!$G$190","v":0.14000000000000001},{"$f":"'Financial Model Assumptions'!$G$190","v":0.14000000000000001},{"$f":"'Financial Model Assumptions'!$G$190","v":0.14000000000000001}]
[null,null,null,null,"Compound Factor",1,{"$f":"F84*(1+G83*G6)","v":1},1,1,1,1,1,1,1,1,1,1,1,1.1400000000000001,1.2996000000000003,1.4815440000000004,1.6889601600000006,1.9254145824000009,2.194972623936001,2.5022687912870416,2.5022687912870416,2.5022687912870416,2.5022687912870416]
[null,null,null,null,"Discount Factor",{"$f":"1/F84","v":1},1,1,1,1,1,1,1,1,1,1,1,1,0.8771929824561403,0.76946752847029842,0.67497151620201612,0.59208027737018953,0.51936866435981532,0.45558654768404849,0.39963732252986706,0.39963732252986706,0.39963732252986706,0.39963732252986706]
[]
[null,null,null,null,"Equity Value - PV of Target Price",{"$f":"SUMPRODUCT(G85:AB85*G81:AB81)","v":9.8334613162727482}]
[]
["Summary of Valuation"]
[null,null,null,null,"Growth Rate",{"$f":"F43","v":6.3012458249557257}]
[null,null,null,null,"Value Drivers",{"$f":"F60","v":1.9219946921419193}]
[null,null,null,null,"Calculated EV/EBITDA",{"$f":"F75","v":2.8461778146326657}]
[null,null,null,null,"P/E Ratio and EPS",{"$f":"F87","v":9.8334613162727482}]
[]
[]
["Return on Invested Capital"]
[]
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[null,null,null,"Tax Rate",null,null,{"$f":"'Financial Model Assumptions'!G156","v":6.3674321503131487E-2},{"$f":"'Financial Model Assumptions'!H156","v":-0.48237179487179543},{"$f":"'Financial Model Assumptions'!I156","v":-3.1249999066252171E-2},{"$f":"'Financial Model Assumptions'!J156","v":0.11078716557744683},{"$f":"'Financial Model Assumptions'!K156","v":6.4981928259064126E-2},{"$f":"'Financial Model Assumptions'!L156","v":8.4398950228565098E-2},{"$f":"'Financial Model Assumptions'!M156","v":4.9079818201431889E-2},{"$f":"'Financial Model Assumptions'!N156","v":2.8344645595386839E-2},{"$f":"'Financial Model Assumptions'!O156","v":9.0943825631165126E-2},{"$f":"'Financial Model Assumptions'!P156","v":4.4905343760793255E-2},{"$f":"'Financial Model Assumptions'!Q156","v":0.05},{"$f":"'Financial Model Assumptions'!R156","v":0.05},{"$f":"'Financial Model Assumptions'!S156","v":0.1},{"$f":"'Financial Model Assumptions'!T156","v":0.15},{"$f":"'Financial Model Assumptions'!U156","v":0.2},{"$f":"'Financial Model Assumptions'!V156","v":0.2},{"$f":"'Financial Model Assumptions'!W156","v":0.2},{"$f":"'Financial Model Assumptions'!X156","v":0.2},{"$f":"'Financial Model Assumptions'!Y156","v":0.2},{"$f":"'Financial Model Assumptions'!Z156","v":0.2},{"$f":"'Financial Model Assumptions'!AA156","v":0.2},{"$f":"'Financial Model Assumptions'!AB156","v":0.2}]
[null,null,null,"NOPLAT",null,null,{"$f":"G98*(1-G99)","v":-0.97565135699373806},1.1147435897435882,20.72812570541106,39.125367523588686,97.896417006843095,168.47064214749616,173.54289060476427,169.06810579782316,228.90032045052166,-60.552859276889293,-109.83467772775099,-8.008735823139439,33.178901844718176,75.58507234513894,155.86378767809848,184.50871013886342,334.32037172902375,381.03218466920902,431.41152132399793,502.16610190526808,567.37818142308095,639.68934259745583]
[]
[null,null,null,"Invested Capital - Capital"]
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[]
[null,null,null,"Invested Capital - Assets Supporting EBITDA"]
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["Graph Data"]
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{"sheet":"EV to EBITDA and Stable Ratios","index":12,"n_rows":130,"n_cols":305,"rows_kept":130,"cut":false,"hidden":false,"merged":[]}
["Inputs"]
[null,"Growth Rate",null,null,{"$f":"'Financial Model Assumptions'!G192","v":0.05},null,null,null,null,"Outputs"]
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["Plant Ratios"]
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[null,null,"Closing 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[]
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[]
[null,"Accumulated Depreciation"]
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[null,null,"Depreciation Rate on Net 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[]
[null,"Plant Balance for Tax Purposes"]
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[null,null,"Add: Capital 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[null,null,"Deferred Tax 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[null,null,"Accumulated Deferred 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[]
["Working Capital Analyisis"]
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[]
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[null,null,"Closing Plant 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[]
[null,null,"Deferred Tax as Percent of 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[null,null,"Accumulated Deferred 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[null,null,"Deferred Tax 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[null,null,"Opening Balance of Invested Capital"]
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[]
[null,null,"PV of Free Cash Flow",null,{"$f":"NPV(F118,F116:KS116)","v":2873.7318261761716}]
[]
[null,null,"EV/EBITDA Ratio",null,{"$f":"E122/F111","v":6.1735610150270075}]
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[]
[]
[]
[null,null,null,null,null,"Holding period",null,5]
[null,null,null,null,null,100,150,200,250,300,200]

{"sheet":"PE Ratio","index":13,"n_rows":66,"n_cols":305,"rows_kept":66,"cut":false,"hidden":false,"merged":[]}
[]
[]
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[null,null,null,"Cost of Equity",0.12,null,"Market to Book",null,{"$f":"I6/E9","v":1.2999999999991505}]
[null,null,null,"Dividend Payout Ratio",{"$f":"1-E7/E4","v":0.8666666666666667},null,"Value per Share",null,{"$f":"E21","v":15.014999999990188},null,"p = payout x EPS/(k-g)"]
[null,null,null,"Growth Rate in Earnings",0.02,null,null,null,null,null,"P/E = payout/(k-g)"]
[null,null,null,null,null,null,"g= roe x (1-payout)",null,null,null,"P/E = (1-g/ROE)/(k-g)"]
[null,null,null,"Book Value per Share",11.55,null,"g/roe = 1- payout",null,null,null,{"$f":"(1-E7/E4)/(E5-E7)","v":8.6666666666666679}]
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[]
[null,null,null,"Book Value per Share"]
[null,null,null,"Opening 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[null,null,null,"Add: 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[null,null,null,"NPV",{"$f":"SUMPRODUCT(F30:KS30*F32:KS32)","v":2059.9986262491143}]
[]
[null,null,null,"Alternative Calc",{"$f":"E30*(1+E25)/(E26-E25)","v":2060},"value = cf1/(wacc-g)"]
[]
[]
[null,null,null,"Economic Growth",0.02]
[]
[null,null,null,"Internet Business as Pct of Economy",0.05]
[null,null,null,"Growth Rate of Internet Business",0.5]
[]
[null,null,null,"Years until there nothing but internet"]
[]
[]
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[]
[null,null,null,"Years to 100%",{"$f":"MATCH(100%,E48:KS48)","v":8}]
[null,null,null,"Years to 50%",{"$f":"MATCH(0.5,E48:KS48)","v":6}]
[]
[]
[null,null,null,"Cash 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[null,null,null,"Accumulated Cash 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[]
[null,null,null,"Payback",{"$f":"MATCH(0,E55:KS55)","v":4}]
[]
[]
[null,null,null,null,null,100,200,300]
[null,null,null,null,null,3,4,5]
[null,null,null,null,null,20,40,60]
[]
[null,null,null,null,{"$f":"OFFSET(F60,1,1)","v":4}]
[null,null,null,null,{"$f":"OFFSET(F60,0,0)","v":100}]
[null,null,null,null,{"$f":"OFFSET(H62,-1,-2)","v":3}]

{"sheet":"Verification","index":14,"n_rows":17,"n_cols":3,"rows_kept":17,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,"Corporate Model"]
[]
[null,null,"Historic Income Statement"]
[null,null,"Historic Balance Sheet"]
[null,null,"Working Capital"]
[null,null,"Projected Balance Sheet"]
[]
[]
[]
[null,"Acquistion Model"]
[]
[null,null,"Sources and Uses"]
[null,null,"Pro-forma Adjustments"]
[null,null,"Pro-forma Balance Sheet"]
[null,null,"Debt Balance "]

{"sheet":"Shipments and Capacity","index":15,"n_rows":122,"n_cols":22,"rows_kept":122,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
["s"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,2003,2004,2005,2006,2007,2008,2009,2010,2011,2012,null,2003,2004,2005,2006,2007,2008,2009,2010,2011,2012]
["PV Shipments",6,30,68,160,364,496,704,1572,2096,2100,"Cell Capacity",30,60,150,270,540,1000,1100,1800,2400,2400]
[null,null,null,null,null,null,null,null,null,null,2500,"Wafer Capacity",null,null,null,null,null,null,null,500,1600,1600]
[]
[null,null,null,null,null,null,null,"High ","Low"]
[null,"Capital Expenditures for Equipment Upgrades",null,null,null,null,null,120000000,150000000]
[]
[null,"Capacity MW",null,null,null,null,null,{"$f":"I37","v":2400},2400]
[]
[null,"Maintenance per MW",null,null,null,null,null,{"$f":"H35/H37","v":50000},{"$f":"I35/I37","v":62500}]
[]
[null,"Maintenance per MW Millions",null,null,null,null,null,{"$f":"H39/1000000","v":0.05},{"$f":"I39/1000000","v":6.25E-2}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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[]
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[]
[]
[]
[]
[]
[]
[]
[]
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[]
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[]
[]
[]
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[]
[]
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[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,2006,{"$f":"E101+1","v":2007},2008,2009,2010,2011,2012]
[null,null,"Capacity",null,1.7,3.1,6,8.1,18,29,39]
[null,null,"Demand",null,2.9,5.4,9.6999999999999993,13.6,26.1,36.299999999999997]
[null,null,null,null,{"$f":"E103*1000","v":2900},5400,9700,13600,26100,36300]
[null,null,"Surplus  ",null,{"$f":"E103-E102","v":1.2},2.3000000000000003,3.6999999999999993,5.5,8.1000000000000014,7.2999999999999972]
[null,null,"Surplus Pct",null,{"$f":"E103/E102-1","v":0.70588235294117641},0.74193548387096775,0.61666666666666647,0.67901234567901247,0.45000000000000018,0.25172413793103443]
[null,null,"Capacity",null,{"$f":"E102*1000","v":1700},3100,6000,8100,18000,29000,39000]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,2010,13807,{"$f":"K119/K120-1","v":0.86530667387192661}]
[null,null,null,null,null,null,null,null,null,{"$f":"J119-1","v":2009},7402,{"$f":"K120/K121-1","v":0.25415113520840382}]
[null,null,null,null,null,null,null,null,null,{"$f":"J120-1","v":2008},5902,{"$f":"K121/K122-1","v":1.5029686174724342}]
[null,null,null,null,null,null,null,null,null,{"$f":"J121-1","v":2007},2358]

{"sheet":"Simple Scenario","index":16,"n_rows":21,"n_cols":18,"rows_kept":21,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,null,null,null,null,null,null,"Purchase Price",null,1000]
[null,null,null,null,null,null,"Scenario Number",null,3]
[null,null,"Growth Rate",{"$f":"J9","v":0.03},null,null,null,null,null,null,null,null,"IRR","NPV",null,null,"comment1",false]
[null,null,null,null,null,null,null,"Cash","TV","Growth Rate",null,null,{"$f":"D13","v":0.29536329211331136},{"$f":"D15","v":590.78025652617475}]
[null,null,"Purchase",{"$f":"-N1","v":-1000},null,null,"Base",200,4,0.02,null,1,0.16983748012286881,92.518951341324041]
[null,null,"Cash Flow",{"$f":"H9","v":250},null,null,"Low",150,3,-0.01,null,2,3.9131875606198685E-2,-260.50776585464922]
[null,null,null,{"$f":"D6*(1+$D$3)","v":257.5},null,null,"High",250,6,0.03,null,3,0.29536329211331136,590.78025652617475]
[null,null,null,{"$f":"D7*(1+$D$3)","v":265.22500000000002}]
[null,null,null,{"$f":"D8*(1+$D$3)","v":273.18175000000002},null,null,{"$f":"INDEX(G5:G7,$I$2)","v":"High"},{"$f":"INDEX(H5:H7,$I$2)","v":250},{"$f":"INDEX(I5:I7,$I$2)","v":6},{"$f":"INDEX(J5:J7,$I$2)","v":0.03}]
[null,null,null,{"$f":"D9*(1+$D$3)","v":281.37720250000001}]
[null,"Multiple",{"$f":"I9","v":6},{"$f":"D10*C11","v":1688.2632149999999},null,null,"Two Way Table"]
[null,null,null,null,null,null,{"$f":"D13","v":0.29536329211331136},4,5,6]
[null,null,"IRR",{"$f":"IRR(D5:D11)","v":0.29536329211331136},null,null,150,-4.2292981480561717E-3,1.99913927181108E-2,4.1283629283994865E-2]
[null,null,"Disc Rate",0.14000000000000001,null,null,200,6.4466788663407326E-2,8.8890603547087679E-2,0.1104550243772847]
[null,null,"NPV",{"$f":"NPV(D14,D5:D11)","v":590.78025652617475},null,null,250,0.12394035526093997,0.14837430900297277,0.17003337385980402]
[null,null,null,null,null,null,"One Way Table"]
[null,null,"Target IRR",{"$f":"K9","v":0},null,null,null,"IRR","NPV"]
[null,null,"Difference",{"$f":"D13-D17","v":0.29536329211331136},null,null,null,{"$f":"D13","v":0.29536329211331136},{"$f":"D15","v":590.78025652617475}]
[null,null,null,null,null,null,150,4.1283629283994865E-2,-434.5454087062995]
[null,null,null,null,null,null,200,0.1104550243772847,-140.95076090983659]
[null,null,null,null,null,null,250,0.17003337385980402,152.64388688662655]

{"sheet":"Basic Model","index":17,"n_rows":334,"n_cols":20,"rows_kept":334,"cut":false,"hidden":false,"merged":[]}
["Year",null,null,null,null,2012,{"$f":"F1+1","v":2013},{"$f":"G1+1","v":2014},2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026]
[null,null,null,null,{"$f":"F334","v":" Balance Sheet"}]
["Assumptions"]
[]
[null,"Operating Assumptions"]
[]
[null,null,"Industry Demand",null,"Units",1000]
[]
[null,null,"Industry Growth"]
[null,null,null,"Scenario Number",1]
[null,null,null,"Base Case",null,null,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[null,null,null,"Sudden Drop in Demand",null,null,0.02,0.02,0.02,-0.2,-0.03,0.01,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[null,null,null,"Fall off of Demand",null,null,0.02,0.02,0.02,-0.2,-0.03,0,0,0,0,0,0,0,0,0]
[null,null,null,"Upside Case",null,null,-0.02,0.1,0.15,0.15,0.1,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[]
[null,null,null,{"$f":"INDEX(D11:D14,$E$10)","v":"Base Case"},null,null,{"$f":"INDEX(G11:G14,$E$10)","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[]
[null,null,"Capacity of Company",null,"Units",200]
[]
[null,null,"Market Share",null,"Pct",null,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25]
[]
[null,null,"Price of Product",null,"Euro/Unit"]
[null,null,null,"Price Scenario",{"$f":"E10","v":1}]
[null,null,null,null,"Year","Price",null,"Base","Drop off","Decline","Upside"]
[null,null,null,null,2012,{"$f":"INDEX(H25:K25,$E$23)","v":30},null,30,30,30,30]
[null,null,null,null,2014,{"$f":"INDEX(H26:K26,$E$23)","v":32},null,32,28,28,34]
[null,null,null,null,2016,33,null,33,30,27,35]
[null,null,null,null,2019,35,null,35,33,30,36]
[]
[null,null,null,"Variable Cost","Euro/Unit",20]
[]
[null,null,null,"Fixed Cost","Euro",600]
[]
[null,null,null,"Cap Exp per Unit","Euro/Unit",50]
[null,null,null,"Depreciation Rate","Percent",0.1]
[null,"Financing Assumptions"]
[]
[null,null,"Entry EV/EBITDA Ratio",null,"Times",8]
[null,null,"Intial Cash Balance Required",null,"Euros",1500]
[]
[null,null,"Holding Period",null,"Years",7]
[]
[null,null,"Exit EV/EBITDA",null,"Times",7]
[]
[null,null,"Debt to EBITDA",null,"Times",5]
[null,null,"Interest Rate",null,"Pct",0.06]
[null,null,"Debt Tenor",null,"Years",5.5]
[]
[null,null,"Interest Rate on Short-term",null,null,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,"Interest Earnings on Cash",null,null,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[]
[null,null,"Divdend Payout Ratio",null,"Percent",null,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4]
[]
[null,null,"Initial EBITDA",null,"Euros",1700]
[]
["Valuation Assumptions"]
[]
[null,null,"Equity Cost of Captial",null,"Percent",0.12]
[null,null,"Debt Cost of Capital",null,"Percent",7.0000000000000007E-2]
[null,null,"WACC",null,"Percent",0.08]
[null,null,"Terminal Growth Rate",null,"Percent",0.02]
[null,null,"ROIC/WACC Spread",null,"Percent",0.01]
[null,null,"Long-term ROIC",null,"Percent",{"$f":"F60+F62","v":0.09}]
[null,null,"EV/EBITDA",null,"Times",8]
[]
["Operations"]
[]
[null,"Industry Demand"]
[null,null,"Growth Rate",null,null,null,{"$f":"G16","v":0.02},{"$f":"H16","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]
[null,null,"Level of Demand",null,null,{"$f":"F7","v":1000},{"$f":"F70*(1+G69)","v":1020},{"$f":"G70*(1+H69)","v":1040.4000000000001},1061.2080000000001,1082.4321600000001,1104.0808032,1126.1624192639999,1148.68566764928,1171.6593810022657,1195.0925686223111,1218.9944199947574,1243.3743083946526,1268.2417945625457,1293.6066304537967,1319.4787630628728]
[]
[null,null,"Market Share",null,null,null,{"$f":"G20","v":0.25},{"$f":"H20","v":0.25},0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25]
[null,null,null,null,null,null,{"$f":"G1","v":2013},{"$f":"H1","v":2014},2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026]
[null,null,"Company Demand",null,null,null,{"$f":"G70*G72","v":255},{"$f":"H70*H72","v":260.10000000000002},265.30200000000002,270.60804000000002,276.0202008,281.54060481599998,287.17141691232001,292.91484525056643,298.77314215557777,304.74860499868936,310.84357709866316,317.06044864063642,323.40165761344917,329.86969076571819]
[]
[null,null,"Company Capacity"]
[null,null,null,"Opening Balance",null,null,{"$f":"F79","v":200},{"$f":"G79","v":255},260.10000000000002,265.30200000000002,270.60804000000002,276.0202008,281.54060481599998,287.17141691232001,292.91484525056643,298.77314215557777,304.74860499868936,310.84357709866316,317.06044864063642,323.40165761344917]
[null,null,null,"Add: New Capacity",null,null,{"$f":"MAX(G74-G77,0)","v":55},{"$f":"MAX(H74-H77,0)","v":5.1000000000000227},5.2019999999999982,5.3060399999999959,5.412160799999981,5.5204040159999863,5.6308120963200281,5.7434283382464173,5.8582969050113434,5.9754628431115862,6.094972099973802,6.2168715419732621,6.3412089728127512,6.4680331522690153]
[null,null,null,"Closing Balance",null,{"$f":"F18","v":200},{"$f":"SUM(G77:G78)","v":255},{"$f":"SUM(H77:H78)","v":260.10000000000002},265.30200000000002,270.60804000000002,276.0202008,281.54060481599998,287.17141691232001,292.91484525056643,298.77314215557777,304.74860499868936,310.84357709866316,317.06044864063642,323.40165761344917,329.86969076571819]
[]
[null,null,"Capital Expenditures"]
[null,null,null,"Cap Exp per Unit",null,null,{"$f":"$F$34","v":50},{"$f":"$F$34","v":50},50,50,50,50,50,50,50,50,50,50,50,50]
[null,null,null,"Total Capital Expenditures",null,null,{"$f":"G78*G82","v":2750},{"$f":"H82*H78","v":255.00000000000114},260.09999999999991,265.30199999999979,270.60803999999905,276.02020079999932,281.54060481600141,287.17141691232086,292.91484525056717,298.77314215557931,304.7486049986901,310.8435770986631,317.06044864063756,323.40165761345077]
[]
[null,null,"Revenues"]
[null,null,null,"Price","Euro/Unit",null,{"$f":"LOOKUP(G1,$E$25:$F$28)","v":30},{"$f":"LOOKUP(H1,$E$25:$F$28)","v":32},32,33,33,33,35,35,35,35,35,35,35,35]
[null,null,null,"Company Demand","Units",null,{"$f":"G74","v":255},{"$f":"H74","v":260.10000000000002},265.30200000000002,270.60804000000002,276.0202008,281.54060481599998,287.17141691232001,292.91484525056643,298.77314215557777,304.74860499868936,310.84357709866316,317.06044864063642,323.40165761344917,329.86969076571819]
[null,null,null,"Revenues","Euros ",null,{"$f":"G86*G87","v":7650},{"$f":"H86*H87","v":8323.2000000000007},8489.6640000000007,8930.0653199999997,9108.6666263999996,9290.8399589279998,10050.9995919312,10252.019583769825,10457.059975445221,10666.201174954127,10879.525198453211,11097.115702422274,11319.058016470721,11545.439176800137]
[]
[null,null,null,"Variable Cost per Unit","Euro/Unit",null,{"$f":"$F$30","v":20},{"$f":"$F$30","v":20},20,20,20,20,20,20,20,20,20,20,20,20]
[null,null,null,"Total Variable Cost","Euros",null,{"$f":"G90*G87","v":5100},{"$f":"H90*H87","v":5202},5306.0400000000009,5412.1608000000006,5520.4040160000004,5630.8120963199999,5743.4283382464,5858.2969050113288,5975.4628431115552,6094.9720999737874,6216.8715419732634,6341.2089728127285,6468.033152268983,6597.3938153143636]
[]
[null,null,null,"Fixed Cost","Euros",null,{"$f":"$F$32","v":600},{"$f":"$F$32","v":600},600,600,600,600,600,600,600,600,600,600,600,600]
[]
[null,null,null,"Total Operating Costs","Euros",null,{"$f":"G91+G93","v":5700},{"$f":"H91+H93","v":5802},5906.0400000000009,6012.1608000000006,6120.4040160000004,6230.8120963199999,6343.4283382464,6458.2969050113288,6575.4628431115552,6694.9720999737874,6816.8715419732634,6941.2089728127285,7068.033152268983,7197.3938153143636]
[]
[null,null,null,"EBITDA","Euros",null,{"$f":"G88-G95","v":1950},{"$f":"H88-H95","v":2521.2000000000007},2583.6239999999998,2917.9045199999991,2988.2626103999992,3060.0278626079999,3707.5712536848005,3793.7226787584959,3881.5971323336662,3971.2290749803396,4062.653656479948,4155.9067296095454,4251.0248642017377,4348.0453614857734]
[]
["Sources and Uses of Funds"]
[null,"Uses of Funds"]
[null,null,"Acquistion Price",null,"Euros",{"$f":"F54*F38","v":13600}]
[null,null,"Initial Cash",null,"Euros",{"$f":"F39","v":1500}]
[null,null,null,"Total Uses",null,{"$f":"SUM(F101:F102)","v":15100}]
[]
[null,"Sources of Funds"]
[null,null,"Debt Financing",null,"Euros",{"$f":"F54*F45","v":8500}]
[null,null,"Equity Financing",null,"Euros",{"$f":"F103-F106","v":6600}]
[null,null,null,"Total","Euros",{"$f":"SUM(F106:F107)","v":15100}]
[]
[null,null,null,"Test",null,{"$f":"F103=F108","v":true}]
[]
["Model Period",null,null,null,null,0,{"$f":"F112+1","v":1},{"$f":"G112+1","v":2},3,4,5,6,7,8,9,10,11,12,13,14]
[]
[null,"Switch for Holding Period",null,null,null,null,{"$f":"G112<=$F$41","v":true},{"$f":"H112<=$F$41","v":true},true,true,true,true,true,false,false,false,false,false,false,false]
[null,"Terminal Switch",null,null,null,null,{"$f":"G112=$F$41","v":false},{"$f":"H112=$F$41","v":false},false,false,false,false,true,false,false,false,false,false,false,false]
[]
["Working Capital"]
[]
["Tangible Fixed assets"]
[]
[null,null,"Opening Balance",null,null,null,{"$f":"F123","v":13600},{"$f":"G123","v":16350},16605,16865.099999999999,17130.401999999998,17401.010039999997,17677.030240799995,17958.570845615995,18245.742262528318,18538.657107778887,18837.430249934467,19142.178854933158,19453.022432031819,19770.082880672457]
[null,null,"Add: Capital Expenditures",null,null,null,{"$f":"G83","v":2750},{"$f":"H83","v":255.00000000000114},260.09999999999991,265.30199999999979,270.60803999999905,276.02020079999932,281.54060481600141,287.17141691232086,292.91484525056717,298.77314215557931,304.7486049986901,310.8435770986631,317.06044864063756,323.40165761345077]
[null,null,"Closing Balance",null,null,{"$f":"F101","v":13600},{"$f":"SUM(G121:G122)","v":16350},{"$f":"SUM(H121:H122)","v":16605},16865.099999999999,17130.401999999998,17401.010039999997,17677.030240799995,17958.570845615995,18245.742262528318,18538.657107778887,18837.430249934467,19142.178854933158,19453.022432031819,19770.082880672457,20093.484538285906]
[]
[null,null,"Depreciation Rate",null,null,{"$f":"$F$35","v":0.1},{"$f":"$F$35","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[null,null,"Depreciation Expense",null,null,{"$f":"F125*F121","v":0},{"$f":"G125*G121","v":1360},1635,1660.5,1686.51,1713.0401999999999,1740.1010039999999,1767.7030240799995,1795.8570845615995,1824.574226252832,1853.8657107778888,1883.7430249934469,1914.2178854933159,1945.3022432031821,1977.0082880672458]
[]
[null,null,"Accumulated Depreciation",null,null,null,{"$f":"F128+G126","v":1360},{"$f":"G128+H126","v":2995},4655.5,6342.01,8055.0501999999997,9795.1512039999998,11562.854228079999,13358.711312641599,15183.28553889443,17037.151249672319,18920.894274665767,20835.112160159082,22780.414403362265,24757.42269142951]
[]
[null,null,"EBIT",null,null,null,{"$f":"G88-G95-G126","v":590}]
[null,null,"Invested Capital",null,null,null,{"$f":"G123-G128","v":14990}]
[]
[]
[]
[]
["Debt Schedule"]
[null,"Opening Balance",null,null,null,null,{"$f":"F139","v":8500},{"$f":"G139","v":6954.545454545454},5409.0909090909081,3863.6363636363626,2318.1818181818171,772.72727272727161,0,0,0,0,0,0,0,0]
[null,"Less: Repayment of Debt",null,null,null,null,{"$f":"MIN($F$139/$F$47,G137)","v":1545.4545454545455},{"$f":"MIN($F$139/$F$47,H137)","v":1545.4545454545455},1545.4545454545455,1545.4545454545455,1545.4545454545455,772.72727272727161,0,0,0,0,0,0,0,0]
[null,"Closing Balance",null,null,null,{"$f":"F106","v":8500},{"$f":"G137-G138","v":6954.545454545454},{"$f":"H137-H138","v":5409.0909090909081},3863.6363636363626,2318.1818181818171,772.72727272727161,0,0,0,0,0,0,0,0,0]
[]
[null,"Test of Debt Balance",null,null,null,null,{"$f":"G139>=0","v":true},{"$f":"H139>=0","v":true},true,true,true,true,true,true,true,true,true,true,true,true]
[null,"Aggregate Test",null,null,null,{"$f":"AND(G141:T141)","v":true}]
[]
[null,"Interest Rate",null,null,null,null,{"$f":"$F$46","v":0.06},{"$f":"$F$46","v":0.06},0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06,0.06]
[null,"Interest Expense",null,null,null,null,{"$f":"G144*G137","v":510},{"$f":"H144*H137","v":417.27272727272725},324.54545454545445,231.81818181818176,139.09090909090901,46.363636363636296,0,0,0,0,0,0,0,0]
[]
[null,"Cash Net of Short-term Debt"]
[null,null,"Opening Balance",null,null,null,{"$f":"F150","v":1500},{"$f":"G150","v":-1360.4545454545455},-1285.3663636363642,-1109.8347727272733,-667.63055845454642,-109.0029598772735,1343.2184151457554,29970.478479438862,29710.800854390003,29422.786107336691,29105.45091158777,28757.784775401749,28378.74936371249,27967.277803859892]
[null,null,"Add: Net Cash Flow",null,null,null,{"$f":"G186","v":-2860.4545454545455},{"$f":"H186","v":75.088181818181312},175.53159090909094,442.20421427272686,558.62759857727292,1452.2213750230289,28627.260064293107,-259.677625048859,-288.01474705331373,-317.33519574891989,-347.66613618602071,-379.03541168926051,-411.47155985259747,-445.00382889793309]
[null,null,"Closing Balance",null,null,{"$f":"F152-F153","v":1500},{"$f":"SUM(G148:G149)","v":-1360.4545454545455},{"$f":"SUM(H148:H149)","v":-1285.3663636363642},-1109.8347727272733,-667.63055845454642,-109.0029598772735,1343.2184151457554,29970.478479438862,29710.800854390003,29422.786107336691,29105.45091158777,28757.784775401749,28378.74936371249,27967.277803859892,27522.273974961958]
[]
[null,null,"Cash Balance",null,null,{"$f":"F102","v":1500},{"$f":"MAX(G150,0)","v":0},{"$f":"MAX(H150,0)","v":0},0,0,0,1343.2184151457554,29970.478479438862,29710.800854390003,29422.786107336691,29105.45091158777,28757.784775401749,28378.74936371249,27967.277803859892,27522.273974961958]
[null,null,"Short-term Balance",null,null,0,{"$f":"MAX(-G150,0)","v":1360.4545454545455},{"$f":"MAX(-H150,0)","v":1285.3663636363642},1109.8347727272733,667.63055845454642,109.0029598772735,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Short-term debt Interest Rate",null,null,{"$f":"F49","v":0.05},{"$f":"G49","v":0.05},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,"Short-term Debt Interest  ",null,null,null,{"$f":"G155*F153","v":0},{"$f":"H155*G153","v":68.02272727272728},64.268318181818216,55.491738636363664,33.381527922727322,5.4501479938636752,0,0,0,0,0,0,0,0]
[]
[null,null,"Interest Eanings Rate",null,null,{"$f":"F50","v":0.03},{"$f":"G50","v":0.03},0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,"Interest Income",null,null,null,{"$f":"G158*F152","v":45},{"$f":"H158*G152","v":0},0,0,0,0,40.296552454372659,899.11435438316585,891.32402563170001,882.68358322010067,873.16352734763302,862.73354326205242,851.36248091137463,839.01833411579673]
[]
[]
["Income Statement"]
[]
[null,"Revenues",null,null,null,null,{"$f":"G88","v":7650},{"$f":"H88","v":8323.2000000000007},8489.6640000000007,8930.0653199999997,9108.6666263999996,9290.8399589279998,10050.9995919312,10252.019583769825,10457.059975445221,10666.201174954127,10879.525198453211,11097.115702422274,11319.058016470721,11545.439176800137]
[null,"Less: Operating Expense",null,null,null,null,{"$f":"G95","v":5700},{"$f":"H95","v":5802},5906.0400000000009,6012.1608000000006,6120.4040160000004,6230.8120963199999,6343.4283382464,6458.2969050113288,6575.4628431115552,6694.9720999737874,6816.8715419732634,6941.2089728127285,7068.033152268983,7197.3938153143636]
[null,null,"EBITDA",null,null,null,{"$f":"G164-G165","v":1950},{"$f":"H164-H165","v":2521.2000000000007},2583.6239999999998,2917.9045199999991,2988.2626103999992,3060.0278626079999,3707.5712536848005,3793.7226787584959,3881.5971323336662,3971.2290749803396,4062.653656479948,4155.9067296095454,4251.0248642017377,4348.0453614857734]
[null,"Less: Depreciation Expense",null,null,null,null,{"$f":"G126","v":1360},{"$f":"H126","v":1635},1660.5,1686.51,1713.0401999999999,1740.1010039999999,1767.7030240799995,1795.8570845615995,1824.574226252832,1853.8657107778888,1883.7430249934469,1914.2178854933159,1945.3022432031821,1977.0082880672458]
[null,null,"EBIT ",null,null,null,{"$f":"G166-G167","v":590},{"$f":"H166-H167","v":886.20000000000073},923.1239999999998,1231.3945199999991,1275.2224103999993,1319.926858608,1939.8682296048009,1997.8655941968964,2057.0229060808342,2117.3633642024506,2178.9106314865012,2241.6888441162296,2305.7226209985556,2371.0370734185276]
[null,"Less: Interest",null,null,null,null,{"$f":"G145","v":510},{"$f":"H145","v":417.27272727272725},324.54545454545445,231.81818181818176,139.09090909090901,46.363636363636296,0,0,0,0,0,0,0,0]
[null,"Less: Interest on Short-term",null,null,null,null,{"$f":"G156","v":0},{"$f":"H156","v":68.02272727272728},64.268318181818216,55.491738636363664,33.381527922727322,5.4501479938636752,0,0,0,0,0,0,0,0]
[null,"Add: Interest Income",null,null,null,null,{"$f":"G159","v":45},{"$f":"H159","v":0},0,0,0,0,40.296552454372659,899.11435438316585,891.32402563170001,882.68358322010067,873.16352734763302,862.73354326205242,851.36248091137463,839.01833411579673]
[null,null,"Earnings",null,null,null,{"$f":"G168-G169-G170+G171","v":125},{"$f":"H168-H169-H170+H171","v":400.90454545454622},534.31022727272705,944.08459954545378,1102.7499733863629,1268.1130742504999,1980.1647820591736,2896.9799485800622,2948.3469317125341,3000.0469474225511,3052.0741588341343,3104.4223873782821,3157.08510190993,3210.0554075343243]
[]
[]
["Cash Flow Statement"]
[null,"Revenues",null,null,null,null,{"$f":"G88*G114","v":7650},{"$f":"H88*H114","v":8323.2000000000007},8489.6640000000007,8930.0653199999997,9108.6666263999996,9290.8399589279998,10050.9995919312,0,0,0,0,0,0,0]
[null,"Less: Expenses",null,null,null,null,{"$f":"G95*G114","v":5700},{"$f":"H95*H114","v":5802},5906.0400000000009,6012.1608000000006,6120.4040160000004,6230.8120963199999,6343.4283382464,0,0,0,0,0,0,0]
[null,null,"EBITDA",null,null,null,{"$f":"G176-G177","v":1950},{"$f":"H176-H177","v":2521.2000000000007},2583.6239999999998,2917.9045199999991,2988.2626103999992,3060.0278626079999,3707.5712536848005,0,0,0,0,0,0,0]
[null,"Less: Captial Expenditures",null,null,null,null,{"$f":"G83*G114","v":2750},{"$f":"H83*H114","v":255.00000000000114},260.09999999999991,265.30199999999979,270.60803999999905,276.02020079999932,281.54060481600141,0,0,0,0,0,0,0]
[null,"Add: Proceeds from Exit",null,null,null,null,{"$f":"G178*$F$43*G115","v":0},0,0,0,0,0,25952.998775793603,0,0,0,0,0,0,0]
[null,"Less: Interest Expense",null,null,null,null,{"$f":"G169+G170-G171","v":465},{"$f":"H169+H170-H171","v":485.2954545454545},388.81377272727264,287.30992045454542,172.47243701363632,51.813784357499969,-40.296552454372659,-899.11435438316585,-891.32402563170001,-882.68358322010067,-873.16352734763302,-862.73354326205242,-851.36248091137463,-839.01833411579673]
[null,null,"Cash Flow Avaiable for Repayment",null,null,null,{"$f":"G178-G179+G180-G181","v":-1265},{"$f":"H178-H179+H180-H181","v":1780.9045454545453},1934.7102272727273,2365.2925995454539,2545.1821333863636,2732.1938774505006,29419.325977116776,899.11435438316585,891.32402563170001,882.68358322010067,873.16352734763302,862.73354326205242,851.36248091137463,839.01833411579673]
[null,"Less: Repayment",null,null,null,null,{"$f":"G138","v":1545.4545454545455},{"$f":"H138","v":1545.4545454545455},1545.4545454545455,1545.4545454545455,1545.4545454545455,772.72727272727161,0,0,0,0,0,0,0,0]
[null,"Less: Dividends",null,null,null,null,{"$f":"MAX(G172*G52,0)","v":50},{"$f":"MAX(H172*H52,0)","v":160.36181818181851},213.72409090909082,377.63383981818151,441.09998935454519,507.24522970020001,792.06591282366946,1158.7919794320248,1179.3387726850137,1200.0187789690206,1220.8296635336537,1241.7689549513129,1262.8340407639721,1284.0221630137298]
[null,"Add: Equity Capital"]
[null,null,"Net Cash Flow",null,null,null,{"$f":"G182-G183-G184+G185","v":-2860.4545454545455},{"$f":"H182-H183-H184+H185","v":75.088181818181312},175.53159090909094,442.20421427272686,558.62759857727292,1452.2213750230289,28627.260064293107,-259.677625048859,-288.01474705331373,-317.33519574891989,-347.66613618602071,-379.03541168926051,-411.47155985259747,-445.00382889793309]
[]
[]
["Balance Sheet"]
[]
[null,"Equity"]
[null,null,"Opening ",null,null,null,{"$f":"F196","v":6600},{"$f":"G196","v":6675},6915.5427272727284,7236.1288636363652,7802.5796233636374,8464.2296073954549,9225.0974519457541,10413.196321181258,12151.384290329295,13920.392449356816,15720.420617810345,17551.665113110823,19414.318545537793,21308.569606683752]
[null,null,"Add: Income",null,null,null,{"$f":"G172","v":125},{"$f":"H172","v":400.90454545454622},534.31022727272705,944.08459954545378,1102.7499733863629,1268.1130742504999,1980.1647820591736,2896.9799485800622,2948.3469317125341,3000.0469474225511,3052.0741588341343,3104.4223873782821,3157.08510190993,3210.0554075343243]
[null,null,"Less: Dividends",null,null,null,{"$f":"G184","v":50},{"$f":"H184","v":160.36181818181851},213.72409090909082,377.63383981818151,441.09998935454519,507.24522970020001,792.06591282366946,1158.7919794320248,1179.3387726850137,1200.0187789690206,1220.8296635336537,1241.7689549513129,1262.8340407639721,1284.0221630137298]
[null,null,"Add: Equity Capital",null,null,null,{"$f":"G185","v":0},{"$f":"H185","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,{"$f":"F107","v":6600},{"$f":"G192+G193-G194+G195","v":6675},{"$f":"H192+H193-H194+H195","v":6915.5427272727284},7236.1288636363652,7802.5796233636374,8464.2296073954549,9225.0974519457541,10413.196321181258,12151.384290329295,13920.392449356816,15720.420617810345,17551.665113110823,19414.318545537793,21308.569606683752,23234.602851204345]
[]
[null,"Assets"]
[null,null,"Cash",null,null,{"$f":"F152","v":1500},{"$f":"G152","v":0},0,0,0,0,1343.2184151457554,29970.478479438862,29710.800854390003,29422.786107336691,29105.45091158777,28757.784775401749,28378.74936371249,27967.277803859892,27522.273974961958]
[null,null,"Plant Assets",null,null,{"$f":"F123","v":13600},{"$f":"G123","v":16350},16605,16865.099999999999,17130.401999999998,17401.010039999997,17677.030240799995,17958.570845615995,18245.742262528318,18538.657107778887,18837.430249934467,19142.178854933158,19453.022432031819,19770.082880672457,20093.484538285906]
[null,null,"Less: Accumulated Depreciation",null,null,{"$f":"F128","v":0},{"$f":"G128","v":1360},2995,4655.5,6342.01,8055.0501999999997,9795.1512039999998,11562.854228079999,13358.711312641599,15183.28553889443,17037.151249672319,18920.894274665767,20835.112160159082,22780.414403362265,24757.42269142951]
[null,null,null,"Total Assets",null,{"$f":"F200-F201+F199","v":15100},{"$f":"G200-G201+G199","v":14990},13610,12209.599999999999,10788.391999999998,9345.9598399999977,9225.0974519457504,36366.195096974858,34597.831804276721,32778.157676221148,30905.729911849918,28979.06935566914,26996.659635585227,24956.946281170083,22858.335821818353]
[]
[null,"Liabilities and Capital"]
[null,null,"Short-term Debt",null,null,{"$f":"F153","v":0},{"$f":"G153","v":1360.4545454545455},1285.3663636363642,1109.8347727272733,667.63055845454642,109.0029598772735,0,0,0,0,0,0,0,0,0]
[null,null,"Debt",null,null,{"$f":"F139","v":8500},{"$f":"G139","v":6954.545454545454},5409.0909090909081,3863.6363636363626,2318.1818181818171,772.72727272727161,0,0,0,0,0,0,0,0,0]
[null,null,"Equity",null,null,{"$f":"F196","v":6600},{"$f":"G196","v":6675},6915.5427272727284,7236.1288636363652,7802.5796233636374,8464.2296073954549,9225.0974519457541,10413.196321181258,12151.384290329295,13920.392449356816,15720.420617810345,17551.665113110823,19414.318545537793,21308.569606683752,23234.602851204345]
[null,null,null,"Total",null,{"$f":"SUM(F205:F207)","v":15100},{"$f":"SUM(G205:G207)","v":14990},13610,12209.600000000002,10788.392,9345.9598399999995,9225.0974519457541,10413.196321181258,12151.384290329295,13920.392449356816,15720.420617810345,17551.665113110823,19414.318545537793,21308.569606683752,23234.602851204345]
[]
[null,null,"Difference",null,null,{"$f":"F202-F208","v":0},{"$f":"G202-G208","v":0},0,0,0,0,0,25952.9987757936,22446.447513947423,18857.765226864332,15185.309294039573,11427.404242558317,7582.3410900474337,3648.3766744863315,-376.26702938599192]
[null,null,"Check",null,null,{"$f":"ROUND(F202-F208,0)=0","v":true},{"$f":"ROUND(G202-G208,0)=0","v":true},true,true,true,true,true,false,false,false,false,false,false,false,false]
[null,null,"aggregate Check",null,null,{"$f":"AND(F211:T211)","v":false}]
[]
["Return on Invested Captial"]
[]
[null,"Profit Before Financing"]
[null,null,"EBIT",null,null,null,{"$f":"G168","v":590},{"$f":"H168","v":886.20000000000073},923.1239999999998,1231.3945199999991,1275.2224103999993,1319.926858608,1939.8682296048009,1997.8655941968964,2057.0229060808342,2117.3633642024506,2178.9106314865012,2241.6888441162296,2305.7226209985556,2371.0370734185276]
[null,null,"Capital Invested",null,null,null,{"$f":"AVERAGE(F208:G208)","v":15045},{"$f":"AVERAGE(G208:H208)","v":14300},12909.800000000001,11498.996000000001,10067.17592,9285.5286459728777,9819.146886563507,11282.290305755276,13035.888369843055,14820.40653358358,16636.042865460586,18482.99182932431,20361.444076110773,22271.586228944048]
[null,null,null,"ROIC",null,null,{"$f":"G217/G218","v":3.9215686274509803E-2},{"$f":"H217/H218","v":6.197202797202802E-2},7.1505677857131772E-2,0.10708713352017855,0.126671314828876,0.14214881122362921,0.19755975259513747,0.17707978965740256,0.1577969101698897,0.14286810280166257,0.13097529557406415,0.12128387356421721,0.11323964117573386,0.10646017975752167]
[]
["Model Period",null,null,null,null,0,{"$f":"F221+1","v":1},{"$f":"G221+1","v":2},{"$f":"H221+1","v":3},{"$f":"I221+1","v":4},{"$f":"J221+1","v":5},{"$f":"K221+1","v":6},{"$f":"L221+1","v":7},{"$f":"M221+1","v":8},{"$f":"N221+1","v":9},{"$f":"O221+1","v":10},{"$f":"P221+1","v":11},{"$f":"Q221+1","v":12},{"$f":"R221+1","v":13},{"$f":"S221+1","v":14}]
[]
[null,"Switch for Holding Period",null,null,null,null,{"$f":"G221<=$F$41","v":true},{"$f":"H221<=$F$41","v":true},true,true,true,true,true,false,false,false,false,false,false,false]
[null,"Terminal Switch",null,null,null,null,{"$f":"G221=$F$41","v":false},{"$f":"H221=$F$41","v":false},false,false,false,false,true,false,false,false,false,false,false,false]
[]
["Valuation"]
[]
[null,"Target Debt to Capital Ratio",null,null,null,null,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6]
[null,"Difference",null,null,null,null,{"$f":"G228-G248","v":-0.24458467431933872},{"$f":"H228-H248","v":-0.24488043370926871},-0.23147584200012339,-0.21805187002838289,-0.20665581135096478,-0.19556342315915487,-0.18487717107298274,-5.8193063575870552,-6.5749937470811011,-7.5850115496958619,-9.0019941600620896,-11.131206804568469,-14.684930289496426,-21.799999999999983]
[]
[null,"Equity Cash Flow",null,null,null,null,{"$f":"G184-G195","v":50},{"$f":"H184-H195","v":160.36181818181851},213.72409090909082,377.63383981818151,441.09998935454519,507.24522970020001,792.06591282366946,1158.7919794320248,1179.3387726850137,1200.0187789690206,1220.8296635336537,1241.7689549513129,1262.8340407639721,1284.0221630137298]
[]
[null,"Net Debt Cash Flow",null,null,null,null,{"$f":"G181+G183+G186","v":-850},{"$f":"H181+H183+H186","v":2105.8381818181815},2109.7999090909088,2274.9686801818179,2276.5545810454551,2276.7624321078006,28586.963511838734,-1158.7919794320248,-1179.3387726850137,-1200.0187789690206,-1220.8296635336537,-1241.7689549513129,-1262.8340407639721,-1284.0221630137298]
[]
[null,"Free Cash Flow"]
[null,null,"EBITDA",null,null,null,{"$f":"G178","v":1950},{"$f":"H178","v":2521.2000000000007},2583.6239999999998,2917.9045199999991,2988.2626103999992,3060.0278626079999,3707.5712536848005,0,0,0,0,0,0,0]
[null,null,"Less: WC Change"]
[null,null,"Less: Capital Expenditures",null,null,null,{"$f":"G179","v":2750},{"$f":"H179","v":255.00000000000114},260.09999999999991,265.30199999999979,270.60803999999905,276.02020079999932,281.54060481600141,0,0,0,0,0,0,0]
[null,null,"Less: Taxes"]
[null,null,null,"Total Free Cash Flow",null,null,{"$f":"G236-G237-G238-G239","v":-800},{"$f":"H236-H237-H238-H239","v":2266.1999999999998},2323.5239999999999,2652.6025199999995,2717.6545704,2784.0076618080006,3426.0306488687993,0,0,0,0,0,0,0]
[]
[null,"Equity Cash Plus Debt",null,null,null,null,{"$f":"G231+G233","v":-800},{"$f":"H231+H233","v":2266.1999999999998},2323.5239999999994,2652.6025199999995,2717.6545704,2784.0076618080006,29379.029424662403,0,0,0,0,0,0,0]
[]
[null,"Value of Equity",null,null,null,null,{"$f":"NPV($F$58,G231:T231)","v":3931.6764490602309},{"$f":"NPV($F$58,H231:U231)","v":4353.4776229474601},{"$f":"NPV($F$58,I231:V231)","v":4715.5331195193367},{"$f":"NPV($F$58,J231:W231)","v":5067.673002952567},5298.1599234886953,5492.839124952794,5644.7345902469297,5530.0368282528916,5034.8492682112137,4459.6924077115464,3794.8367176679112,3029.3874602544079,2151.1450005336237,1146.4483598336872]
[null,"Value of Net Debt",null,null,null,null,{"$f":"NPV($F$59,G233:T233)","v":21366.191903632469},{"$f":"NPV($F$59,H233:U233)","v":23711.825336886741},23265.814928650638,22784.622064565279,22104.576928903025,21375.342732880785,20594.854292074637,-6550.4694193188707,-5850.2102992391674,-5080.3862475008955,-4235.9945058569374,-3311.6844577332695,-2301.7334148232853,-1200.0207130969436]
[null,"Total Enterprise Value",null,null,null,null,{"$f":"SUM(G244:G245)","v":25297.868352692698},{"$f":"SUM(H244:H245)","v":28065.3029598342},27981.348048169973,27852.295067517847,27402.736852391721,26868.181857833581,26239.588882321565,-1020.4325910659791,-815.36103102795369,-620.69383978934911,-441.15778818902618,-282.29699747886161,-150.58841428966161,-53.572353263256446]
[]
[null,"Percent of Debt",null,null,null,null,{"$f":"G245/G246","v":0.8445846743193387},{"$f":"H245/H246","v":0.84488043370926869},0.83147584200012337,0.81805187002838287,0.80665581135096476,0.79556342315915485,0.78487717107298272,6.4193063575870548,7.1749937470811007,8.1850115496958615,9.6019941600620893,11.731206804568469,15.284930289496426,22.399999999999984]
[null,"Percent of Equity",null,null,null,null,{"$f":"G244/G246","v":0.15541532568066133},{"$f":"H244/H246","v":0.15511956629073134},0.16852415799987663,0.18194812997161711,0.19334418864903524,0.20443657684084507,0.2151228289270174,-5.4193063575870548,-6.1749937470811007,-7.1850115496958624,-8.6019941600620893,-10.731206804568469,-14.284930289496426,-21.399999999999984]
[]
[null,"Cost of Equity",null,null,null,null,{"$f":"$F$58","v":0.12},{"$f":"$F$58","v":0.12},0.12,0.12,0.12,0.12,0.12,0.12,0.12,0.12,0.12,0.12,0.12,0.12]
[null,"Cost of Debt",null,null,null,null,{"$f":"$F$59","v":7.0000000000000007E-2},{"$f":"$F$59","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[]
[null,"WACC",null,null,null,null,{"$f":"G248*G252+G249*G251","v":7.7770766284033066E-2},{"$f":"H248*H252+H249*H251","v":7.7755978314536567E-2},7.8426207899993841E-2,7.9097406498580852E-2,7.9667209432451772E-2,8.022182884204225E-2,8.0756141446350876E-2,-0.20096531787935273,-0.238749687354055,-0.2892505774847931,-0.36009970800310442,-0.4665603402284233,-0.64424651447482129,-0.99999999999999889]
[]
[null,"PV of Cash Flows at WACC",null,null,null,null,{"$f":"NPV(G254,G240:T240)","v":10703.814342497279},{"$f":"NPV(H254,H240:U240)","v":12336.851003002002},11009.255343793347,9534.2739645698457,7627.6412037358841,5513.3183448091368,3170.0311638144585,0,0,0,0,0,0,0]
[]
[]
["Model 1: Tradtional Growth rate"]
[]
[null,null,"Depreciation Expense",null,null,null,{"$f":"G126","v":1360},{"$f":"H126","v":1635},1660.5,1686.51,1713.0401999999999,1740.1010039999999,1767.7030240799995,1795.8570845615995,1824.574226252832,1853.8657107778888,1883.7430249934469,1914.2178854933159,1945.3022432031821,1977.0082880672458]
[]
[null,null,"Free Cash Flow over Expicit Period"]
[null,null,null,"EBITDA",null,null,{"$f":"G236","v":1950},{"$f":"H236","v":2521.2000000000007},2583.6239999999998,2917.9045199999991,2988.2626103999992,3060.0278626079999,3707.5712536848005,0,0,0,0,0,0,0]
[null,null,null,"Less: WC Changes"]
[null,null,null,"Less: Capital Expenditures",null,null,{"$f":"IF(G224,G261,G238)","v":2750},{"$f":"IF(H224,H261,H238)","v":255.00000000000114},260.09999999999991,265.30199999999979,270.60803999999905,276.02020079999932,1767.7030240799995,0,0,0,0,0,0,0]
[null,null,null,"Less: Taxes"]
[null,null,null,"Free Cash Flow",null,null,{"$f":"G264-G265-G266-G267","v":-800},{"$f":"H264-H265-H266-H267","v":2266.1999999999998},2323.5239999999999,2652.6025199999995,2717.6545704,2784.0076618080006,1939.8682296048009,0,0,0,0,0,0,0]
[]
[null,null,null,"WACC",null,{"$f":"F60","v":0.08}]
[null,null,null,"PV of Cash Flow of Explicit Period",null,{"$f":"NPV(F270,G268:T268)","v":9732.2723831004441}]
[]
[null,null,null,"Add: Terminal Value",null,{"$f":"NPV(F270,G273:T273)","v":19242.206160825539},{"$f":"G268*(1+$F$61)/($F$60-$F$61)*G224","v":0},{"$f":"H268*(1+$F$61)/($F$60-$F$61)*H224","v":0},0,0,0,0,32977.759903281622,0,0,0,0,0,0,0]
[null,null,null,"Impled EV/EBTIDA",null,null,null,null,null,null,null,null,{"$f":"M273/M264","v":8.894706978458311}]
[null,null,null,"Enterprise Value of Company",null,{"$f":"F271+F273","v":28974.478543925983}]
[]
[null,null,null,"Less: Debt Market Value",null,{"$f":"-F205-F206","v":-8500},null,{"$f":"F283","v":21974.478543925983},0,0.02,0.04]
[null,null,null,"Add: Cash",null,{"$f":"+F199","v":1500},null,0.06,25099.759213411613,36495.847176111274,70684.111064210243]
[null,null,null,"Add: Investments in Associates",null,null,null,7.0000000000000007E-2,20410.765199427107,27797.142971003472,45032.024438014982]
[null,null,null,"Less: Retirement Obligations",null,null,null,0.08,16880.953383707456,21974.478543925983,32161.528864363034]
[null,null,null,"Total Bridge between EV and Equuity",null,null,null,0.09,14125.129890249125,17797.130029183638,24406.730279265761]
[]
[null,null,null,"Total Equity",null,{"$f":"SUM(F275:F282)","v":21974.478543925983}]
[]
["Model 2: Value Driver Method"]
[]
[null,null,null,"PV of Cash Flow of Explicit Period",null,{"$f":"F271","v":9732.2723831004441}]
[]
[null,null,null,"NOPLAT = EBIT x (1-t)",null,null,{"$f":"G217","v":590},{"$f":"H217","v":886.20000000000073},{"$f":"I217","v":923.1239999999998},1231.3945199999991,1275.2224103999993,1319.926858608,1939.8682296048009,1997.8655941968964,2057.0229060808342,2117.3633642024506,2178.9106314865012,2241.6888441162296,2305.7226209985556,2371.0370734185276]
[null,null,null,"Value Driver Multiple",null,null,{"$f":"(1-$F$61/$F$63)/($F$60-$F$61)","v":12.962962962962964},{"$f":"(1-$F$61/$F$63)/($F$60-$F$61)","v":12.962962962962964},12.962962962962964,12.962962962962964,12.962962962962964,12.962962962962964,12.962962962962964,12.962962962962964,12.962962962962964,12.962962962962964,12.962962962962964,12.962962962962964,12.962962962962964,12.962962962962964]
[null,null,null,"Add: Terminal Value Driven by ROIC and Growth",null,{"$f":"NPV(F270,G291:T291)","v":14672.706222851717},{"$f":"G289*G290*G224","v":0},{"$f":"H289*H290*H224","v":0},0,0,0,0,25146.440013395568,0,0,0,0,0,0,0]
[null,null,null,"Total Enterprise Value",null,{"$f":"F287+F291","v":24404.978605952161}]
[null,null,null,null,null,null,null,{"$f":"F296","v":17404.978605952161},0,0.02,0.04]
[null,null,null,"Less: Bridge between Equity and EV",null,{"$f":"F277+F278","v":-7000},null,0.06,25099.759213411617,26635.620124826659,31243.202859071796]
[null,null,null,null,null,null,null,7.0000000000000007E-2,20410.765199427107,21273.659798910328,23287.080531037842]
[null,null,null,"Equity Value",null,{"$f":"F292+F294","v":17404.978605952161},null,0.08,16880.953383707456,17404.978605952161,18453.029050441572]
[null,null,null,null,null,null,null,0.09,14125.129890249125,14462.010636940366,15068.395980984595]
[]
[]
["Model 3: EV to EBTIDA Ratio"]
[]
[null,null,null,"PV of Cash Flow of Explicit Period",null,{"$f":"F287","v":9732.2723831004441}]
[]
[null,null,null,"Terminal EV/EBITDA",null,{"$f":"F64","v":8},{"$f":"F304","v":8},{"$f":"G304","v":8},8,8,8,8,8,8,8,8,8,8,8,8]
[null,null,null,"Add: Terminal Value funtion of EV/EBTIDA",null,{"$f":"NPV(F270,G305:T305)","v":17306.657730200557},{"$f":"G304*G264*G224","v":0},{"$f":"H304*H264*H224","v":0},0,0,0,0,29660.570029478404,0,0,0,0,0,0,0]
[null,null,null,"Total Enterprise Value",null,{"$f":"F302+F305","v":27038.930113301001}]
[]
[null,null,null,"Less: Bridge between Equity and EV",null,{"$f":"F294","v":-7000}]
[null,null,null,null,null,null,null,{"$f":"F310","v":20038.930113301001},7,7.5,8,8.5]
[null,null,null,"Equity Value",null,{"$f":"F306+F308","v":20038.930113301001},null,0.06,20857.932909274263,22090.806227536643,23323.679545799019,24556.552864061399]
[null,null,null,null,null,null,null,7.0000000000000007E-2,19315.096498519277,20469.541019144744,21623.985539770216,22778.430060395687]
["Model 4: EV to EBTIDA Simulated Ratio",null,null,null,null,null,null,0.08,17875.597897025931,18957.264005163463,20038.930113301001,21120.596221438533]
[null,null,null,null,null,null,null,0.09,16531.482842791527,17545.567063272654,18559.651283753781,19573.735504234912]
[null,null,null,"PV of Cash Flow of Explicit Period"]
[]
[null,null,null,"Add: Terminal Value funtion of EV/EBTIDA"]
[null,null,null,"Total Enterprise Value"]
[]
[null,null,null,"Less: Bridge between Equity and EV"]
[]
[null,null,null,"Equity Value"]
[]
[]
[]
[null,"Equity Cash Flow",null,null,null,{"$f":"-F107","v":-6600},{"$f":"G184","v":50},{"$f":"H184","v":160.36181818181851},213.72409090909082,377.63383981818151,441.09998935454519,507.24522970020001,792.06591282366946,1158.7919794320248,1179.3387726850137,1200.0187789690206,1220.8296635336537,1241.7689549513129,1262.8340407639721,1284.0221630137298]
[null,"Equity IRR",null,null,null,{"$f":"IRR(F325:T325)","v":5.6405182503258766E-2}]
[]
[]
[null,null,null,"Sources and Uses",{"$f":"F110","v":true},{"$f":"IF(E329,\"\",D329)","v":""}]
[null,null,null," Debt Balance",{"$f":"F142","v":true},{"$f":"IF(E330,\"\",D330)","v":""}]
[null,null,null," Balance Sheet",{"$f":"F212","v":false},{"$f":"IF(E331,\"\",D331)","v":" Balance Sheet"}]
[]
[null,null,null,"Aggregate Check",{"$f":"AND(E329:E331)","v":false},{"$f":"F329&F330&F331","v":" Balance Sheet"}]
[null,null,null,null,null,{"$f":"IF(F333=\"\",\"Model OK\",F333)","v":" Balance Sheet"}]

{"sheet":"Stock Prices","index":19,"n_rows":335,"n_cols":10,"rows_kept":335,"cut":false,"hidden":false,"merged":[]}
["Date","Open","High","Low","Close","Volume","Adj Close"]
["2005-12-14",20.350000000000001,21.3,19,20.95,8020900,20.95]
["2005-12-19",21.9,23.45,20.83,22.08,1211500,22.08,null,null,"ROIC = NOPLAT/(Plant + WC)"]
["2005-12-27",22.25,28.3,22.25,27.25,1547000,27.25,null,null,"WC = Inv x Ratio"]
["2006-01-03",27.3,28.2,25.5,26.68,1082400,26.68,null,null,"WC = Plant + WC x Ratio"]
["2006-01-09",26.7,36.47,26.68,35.21,2240100,35.21,null,null,"WC - WC x Ratio = Plant"]
["2006-01-17",35.65,40.69,34.479999999999997,40.130000000000003,1934300,40.130000000000003,null,null,"WC x (1-Ratio) = Plant"]
["2006-01-23",40.4,45.95,35.700000000000003,37.299999999999997,2797400,37.299999999999997]
["2006-01-30",37.950000000000003,44.25,36.770000000000003,41.35,1782700,41.35]
["2006-02-06",42,42.8,36.6,37.479999999999997,1258300,37.479999999999997]
["2006-02-13",37.5,39.35,30.2,37.700000000000003,2739400,37.700000000000003]
["2006-02-21",39.15,39.700000000000003,35.9,36.6,1015400,36.6]
["2006-02-27",36.85,39,36.799999999999997,37.409999999999997,546500,37.409999999999997]
["2006-03-06",37.51,37.57,32.9,33.9,695600,33.9]
["2006-03-13",33.72,36.9,33.61,35.06,439200,35.06]
["2006-03-20",35.049999999999997,35.340000000000003,31.51,34.21,879000,34.21]
["2006-03-27",34.43,37.89,34.22,36.99,603300,36.99]
["2006-04-03",37,37,32.35,33.4,1200200,33.4]
["2006-04-10",33.4,34.5,32.1,34.049999999999997,525700,34.049999999999997]
["2006-04-17",34.700000000000003,41.5,34.700000000000003,37.85,1438700,37.85]
["2006-04-24",38,38.75,33.67,34.29,784900,34.29]
["2006-05-01",34.5,37.17,34.1,36.28,500800,36.28]
["2006-05-08",36.700000000000003,36.85,32,32.79,872800,32.79]
["2006-05-15",32.79,33.549999999999997,27.34,31.12,1933100,31.12]
["2006-05-22",31.13,31.4,26.91,31.16,1491600,31.16]
["2006-05-30",31.1,31.1,27.52,28,1119700,28]
["2006-06-05",28.22,28.45,23,23.57,1411400,23.57]
["2006-06-12",23.75,25.35,21.4,23.8,3206800,23.8]
["2006-06-19",24.02,27.1,22.71,26.6,2141900,26.6]
["2006-06-26",26.6,28.4,26.1,28.25,1271100,28.25]
["2006-07-03",28.32,30.85,26.78,26.78,1248200,26.78]
["2006-07-10",26.9,27.01,22.41,22.62,1532600,22.62]
["2006-07-17",22.41,25.5,21.57,23.61,1366600,23.61]
["2006-07-24",23.96,25.66,23.6,25.52,1249800,25.52]
["2006-07-31",25.7,29.27,25.4,28.01,1591100,28.01]
["2006-08-07",28.15,28.79,27.53,27.74,741000,27.74]
["2006-08-14",28,32.71,27.76,30.48,2653600,30.48]
["2006-08-21",30.31,30.31,26.85,26.91,1508800,26.91]
["2006-08-28",27.05,29.24,26.46,27.88,1211800,27.88]
["2006-09-05",27.88,28.25,26.15,26.48,1019500,26.48]
["2006-09-11",26.4,27.84,24.95,26.8,1144600,26.8]
["2006-09-18",26.7,26.75,23.29,23.64,1261700,23.64]
["2006-09-25",23.45,26.15,23.44,25.83,961700,25.83]
["2006-10-02",25.95,27.04,23.15,23.43,1729200,23.43]
["2006-10-09",23.35,27.5,23.35,26.86,1868100,26.86]
["2006-10-16",26.96,27.59,25.68,25.95,1331200,25.95]
["2006-10-23",26,27.2,25.8,26.6,1325600,26.6]
["2006-10-30",26.62,26.82,23.78,24.44,1411100,24.44]
["2006-11-06",24.6,26.18,24.58,25.91,1213000,25.91]
["2006-11-13",25.9,29,25.81,27,4213800,27]
["2006-11-20",27.79,29.2,26.49,28.95,3082500,28.95]
["2006-11-27",29,30.49,27.28,29.93,2312200,29.93]
["2006-12-04",30,32.4,29.55,32.380000000000003,2259500,32.380000000000003]
["2006-12-11",32.630000000000003,32.869999999999997,29.25,32.67,3346500,32.67]
["2006-12-18",33,34.75,31.5,32.619999999999997,2296200,32.619999999999997]
["2006-12-26",32.630000000000003,34.950000000000003,32.61,34.01,2394400,34.01]
["2007-01-03",34.299999999999997,34.99,31.61,33.33,2098300,33.33]
["2007-01-08",34.24,36.299999999999997,33.200000000000003,35.58,2271200,35.58]
["2007-01-16",36,37.270000000000003,33.75,35,2326800,35]
["2007-01-22",35.51,36.93,34.270000000000003,36.22,2111600,36.22]
["2007-01-29",36.6,38.24,35.520000000000003,35.880000000000003,2398600,35.880000000000003]
["2007-02-05",36.5,39.89,36.450000000000003,37.090000000000003,3713600,37.090000000000003]
["2007-02-12",37.5,39.299999999999997,36.81,38.72,2036000,38.72]
["2007-02-20",39.35,39.880000000000003,38.69,39.53,1374900,39.53]
["2007-02-26",39.78,40.49,33,34.630000000000003,3319000,34.630000000000003]
["2007-03-05",32.450000000000003,39.71,32.450000000000003,39.299999999999997,2440200,39.299999999999997]
["2007-03-12",38.25,39,34.82,35.08,3313200,35.08]
["2007-03-19",35.5,37.1,34.229999999999997,35.659999999999997,1960900,35.659999999999997]
["2007-03-26",35.700000000000003,36.54,34.51,34.61,1536600,34.61]
["2007-04-02",34.479999999999997,36.409999999999997,34.049999999999997,35.57,1130100,35.57]
["2007-04-09",36.15,36.619999999999997,34.9,36.270000000000003,2181100,36.270000000000003]
["2007-04-16",36.5,37.74,33.93,34.42,3131800,34.42]
["2007-04-23",34.61,39.19,34.54,37.729999999999997,3527900,37.729999999999997]
["2007-04-30",37.51,38.880000000000003,35.200000000000003,38.1,2026000,38.1]
["2007-05-07",38.5,39.58,37.22,38.549999999999997,1663300,38.549999999999997]
["2007-05-14",38.85,39.19,34.01,34.5,2436100,34.5]
["2007-05-21",34.5,35.979999999999997,33.799999999999997,35.26,2215900,35.26]
["2007-05-29",36.409999999999997,36.9,32.799999999999997,33.9,3885700,33.9]
["2007-06-04",33.5,34.5,31.41,31.7,2556200,31.7]
["2007-06-11",32.1,34.700000000000003,31.54,34.200000000000003,2781600,34.200000000000003]
["2007-06-18",34.700000000000003,34.79,32.9,33.75,1747700,33.75]
["2007-06-25",33.85,37.049999999999997,32.85,36.47,2861600,36.47]
["2007-07-02",36.99,38.71,36.53,37.99,1645900,37.99]
["2007-07-09",38.869999999999997,43.76,38.4,43.16,4803800,43.16]
["2007-07-16",43.41,44.94,41.25,42.34,2339300,42.34]
["2007-07-23",42.2,43.45,38.799999999999997,39.479999999999997,2518800,39.479999999999997]
["2007-07-30",39.75,41.43,38.03,38.159999999999997,1711300,38.159999999999997]
["2007-08-06",38.299999999999997,44.13,36.6,40.799999999999997,3593200,40.799999999999997]
["2007-08-13",41.3,41.75,31.76,34.65,3435200,34.65]
["2007-08-20",35.47,37,33.840000000000003,35,2114700,35]
["2007-08-27",35.299999999999997,36.380000000000003,33.200000000000003,35.75,1690900,35.75]
["2007-09-04",36.5,37.96,34.81,34.94,1560800,34.94]
["2007-09-10",35.24,38.26,33.85,37.76,2047600,37.76]
["2007-09-17",37.99,41.65,36.97,41.48,2879400,41.48]
["2007-09-24",42.2,43.53,39.5,39.9,2992400,39.9]
["2007-10-01",40.15,43.36,39.6,40.97,3040000,40.97]
["2007-10-08",40,42.73,37.520000000000003,42.08,3184900,42.08]
["2007-10-15",42.5,48,40.56,46.47,4097200,46.47]
["2007-10-22",45.87,56.24,44.5,55.16,6404900,55.16]
["2007-10-29",55.36,62.18,54.63,57,4443500,57]
["2007-11-05",56.23,75.64,54.68,61.55,6278600,61.55]
["2007-11-12",60.05,70.180000000000007,55.5,69.42,6396700,69.42]
["2007-11-19",72,73.2,58,68.05,4746800,68.05]
["2007-11-26",68.94,84.94,64.260000000000005,79.17,5640200,79.17]
["2007-12-03",79.319999999999993,82.15,73.5,80.31,4380000,80.31]
["2007-12-10",82.5,84.94,75.3,82.73,4160100,82.73]
["2007-12-17",83.48,88.32,76.2,85.16,3559600,85.16]
["2007-12-24",85.41,88.65,81.790000000000006,81.790000000000006,2126900,81.790000000000006]
["2007-12-31",81.709999999999994,90,81.25,81.84,3172100,81.84]
["2008-01-07",82.46,82.91,64.55,66.81,6096600,66.81]
["2008-01-14",68.58,70.760000000000005,51.8,56.96,7905100,56.96]
["2008-01-22",50.5,58,46,51.7,10225000,51.7]
["2008-01-28",51.01,57.38,48.33,55.08,6398600,55.08]
["2008-02-04",56.27,58.9,43.23,44.68,6326700,44.68]
["2008-02-11",46.07,54.34,45.36,48.5,7298000,48.5]
["2008-02-19",49.99,50.3,34.9,38.67,17421500,38.67]
["2008-02-25",38.700000000000003,40.840000000000003,36,37.17,8332400,37.17]
["2008-03-03",36.79,39.29,32.22,34.07,5509100,34.07]
["2008-03-10",34.5,34.68,28.91,32.17,11385900,32.17]
["2008-03-17",30.23,33,28.19,30.7,5974000,30.7]
["2008-03-24",31.79,41.49,31.79,40.97,8322200,40.97]
["2008-03-31",41.04,50.18,40.21,49.02,10277900,49.02]
["2008-04-07",50.81,51.75,43.63,44.39,7128800,44.39]
["2008-04-14",44.07,49.28,43.15,47.05,6808800,47.05]
["2008-04-21",47.25,50.58,42.5,44.9,5965400,44.9]
["2008-04-28",45.01,46.8,42.17,43.3,3667400,43.3]
["2008-05-05",42.85,46.44,41.1,42.97,4179300,42.97]
["2008-05-12",42.96,49.1,41.56,46.1,6944500,46.1]
["2008-05-19",46.86,49.6,44.05,46.89,9312500,46.89]
["2008-05-27",48,48.2,40.33,42.54,7999900,42.54]
["2008-06-02",42.47,42.98,38.69,40.24,7063900,40.24]
["2008-06-09",40.79,41.27,37.26,41.1,5368000,41.1]
["2008-06-16",41.96,43.6,40.75,41.31,3845600,41.31]
["2008-06-23",42.02,42.69,35.799999999999997,36.53,3709500,36.53]
["2008-06-30",36.78,37.619999999999997,32.020000000000003,34.51,5078700,34.51]
["2008-07-07",34.96,36,32.01,34.24,3808700,34.24]
["2008-07-14",35.24,38.03,33.450000000000003,36.24,3672700,36.24]
["2008-07-21",36.61,37.49,31.57,33.29,3373500,33.29]
["2008-07-28",33.58,35.619999999999997,32.659999999999997,33.51,2796800,33.51]
["2008-08-04",33.96,34.869999999999997,31.78,33.01,1986500,33.01]
["2008-08-11",33.299999999999997,38.15,32.1,37.380000000000003,2927900,37.380000000000003]
["2008-08-18",37.99,47,35.39,46.75,7137800,46.75]
["2008-08-25",46.1,48.64,42.25,47.81,5043800,47.81]
["2008-09-02",46.55,47.13,38.51,43.27,6342200,43.27]
["2008-09-08",44.42,44.95,36.520000000000003,41.1,6504000,41.1]
["2008-09-15",38.479999999999997,44.9,35.229999999999997,43.53,6454900,43.53]
["2008-09-22",43.51,44.99,37.659999999999997,38.479999999999997,4370800,38.479999999999997]
["2008-09-29",37.49,37.54,29.79,33.47,6016600,33.47]
["2008-10-06",31.32,31.92,18.5,21.9,7047000,21.9]
["2008-10-13",24.51,29.78,20.11,21.75,4730800,21.75]
["2008-10-20",23.09,23.96,13.58,14.64,4742300,14.64]
["2008-10-27",13.72,18.28,11.5,17.5,6238400,17.5]
["2008-11-03",17.3,21.43,12.01,14.6,10508500,14.6]
["2008-11-10",15.34,15.44,9.5299999999999994,10.75,6264100,10.75]
["2008-11-17",10.68,11.44,5.36,6.05,6964500,6.05]
["2008-11-24",6.44,9.11,5.8,8.5399999999999991,6493600,8.5399999999999991]
["2008-12-01",8.11,8.5,6.6,8.5,4097000,8.5]
["2008-12-08",9.07,10.58,8.4499999999999993,9.5,4789500,9.5]
["2008-12-15",9.84,11.75,9,11.75,3642800,11.75]
["2008-12-22",11.42,11.42,10.02,10.29,1876400,10.29]
["2008-12-29",10.6,13.29,10.45,12.9,3467000,12.9]
["2009-01-05",13.27,14.18,11.51,12.71,3450000,12.71]
["2009-01-12",12.5,12.5,9.25,10.81,3723400,10.81]
["2009-01-20",10.62,10.62,8.06,8.9,3843300,8.9]
["2009-01-26",9.2799999999999994,10.029999999999999,8.82,9.41,2170900,9.41]
["2009-02-02",9.2899999999999991,10.199999999999999,8.85,9.9,2045300,9.9]
["2009-02-09",9.99,10.64,9.16,9.4600000000000009,2263400,9.4600000000000009]
["2009-02-17",9.06,9.4,6.71,6.86,3713700,6.86]
["2009-02-23",7.39,7.5,6,6.09,3136100,6.09]
["2009-03-02",5.94,6.06,5.09,5.34,2901300,5.34]
["2009-03-09",5.17,7.19,5.17,6.88,2615500,6.88]
["2009-03-16",7.18,7.85,6.4,6.91,3042200,6.91]
["2009-03-23",7.44,11.99,7.33,11.65,9217700,11.65]
["2009-03-30",10.9,14.59,10.31,14,9573700,14]
["2009-04-06",13.41,14.57,12.44,14.4,5194200,14.4]
["2009-04-13",14.28,15.45,13.82,14.75,4305800,14.75]
["2009-04-20",14.29,14.29,12.03,13.16,3858300,13.16]
["2009-04-27",12.77,16.16,12.05,14.58,5377900,14.58]
["2009-05-04",15.26,19.309999999999999,15.18,16.45,6464400,16.45]
["2009-05-11",15.62,17.14,13.07,14.34,4688200,14.34]
["2009-05-18",14.72,17.41,12.45,12.48,11647500,12.48]
["2009-05-26",12.55,16.899999999999999,12.35,16.34,13381400,16.34]
["2009-06-01",17.149999999999999,18.28,15.6,17.11,7752300,17.11]
["2009-06-08",16.760000000000002,20.190000000000001,16.100000000000001,18.170000000000002,9012100,18.170000000000002]
["2009-06-15",17.649999999999999,19.059999999999999,16.82,18.04,5751400,18.04]
["2009-06-22",17.510000000000002,18.899999999999999,15.45,18.010000000000002,7146100,18.010000000000002]
["2009-06-29",18.59,19.28,17.5,18.37,6742600,18.37]
["2009-07-06",17.809999999999999,17.989999999999998,14.16,14.35,6875000,14.35]
["2009-07-13",15.38,16.100000000000001,14.08,15.95,5587500,15.95]
["2009-07-20",16.489999999999998,20.5,16.079999999999998,20.49,8018500,20.49]
["2009-07-27",21.2,21.38,17.87,18.39,7191300,18.39]
["2009-08-03",18.86,20.88,17.760000000000002,18.22,7413900,18.22]
["2009-08-10",18.22,19.149999999999999,16.95,17.64,5778400,17.64]
["2009-08-17",16.71,17.5,14.94,15.3,8618500,15.3]
["2009-08-24",15.55,15.58,14.4,15.05,6268100,15.05]
["2009-08-31",14.99,15,12.79,14.85,7035300,14.85]
["2009-09-08",15.81,16.7,14.85,15.97,6618100,15.97]
["2009-09-14",15.61,17.68,15.36,16.96,4546100,16.96]
["2009-09-21",16.68,17.649999999999999,15.57,15.75,3775200,15.75]
["2009-09-28",15.41,15.88,13.82,13.98,4740400,13.98]
["2009-10-05",14.12,15.55,13.76,15.55,4155000,15.55]
["2009-10-12",15.67,16.25,14.36,14.89,4763200,14.89]
["2009-10-19",14.88,15.27,13.6,13.64,4025000,13.64]
["2009-10-26",13.94,14.2,12.11,12.67,5512300,12.67]
["2009-11-02",12.76,13.4,12.01,12.7,4048500,12.7]
["2009-11-09",12.94,13.89,12.77,13.72,3698100,13.72]
["2009-11-16",14.55,16.38,14.37,15.18,9782600,15.18]
["2009-11-23",15.65,15.79,13.78,14.18,3822300,14.18]
["2009-11-30",14.3,16,14.3,15.39,3903200,15.39]
["2009-12-07",15.89,17.41,15.81,16.97,6189900,16.97]
["2009-12-14",17.14,18.2,16.63,16.98,4605200,16.98]
["2009-12-21",17.05,17.68,16.559999999999999,16.71,2288400,16.71]
["2009-12-28",16.760000000000002,16.920000000000002,15.9,16.63,1805800,16.63]
["2010-01-04",16.920000000000002,18.78,16.760000000000002,18.03,4428100,18.03]
["2010-01-11",18.34,18.649999999999999,15.28,15.57,5990700,15.57]
["2010-01-19",15.51,15.88,13.01,13.02,7907400,13.02]
["2010-01-25",13.32,14.1,13.06,13.51,4795100,13.51]
["2010-02-01",13.69,14.23,12.58,13.01,3905100,13.01]
["2010-02-08",12.97,13.72,12.6,13.48,2681500,13.48]
["2010-02-16",13.63,14.57,13.28,13.44,3455000,13.44]
["2010-02-22",13.32,13.59,12.75,13.26,3321200,13.26]
["2010-03-01",13.34,14.86,13.22,14.86,4964300,14.86]
["2010-03-08",15.17,15.2,13.85,14.26,4507600,14.26]
["2010-03-15",14.15,15.17,14.1,14.24,3160300,14.24]
["2010-03-22",14.1,14.39,13.65,14.13,3116000,14.13]
["2010-03-29",14.24,14.48,13.95,14.2,2318400,14.2]
["2010-04-05",14.21,15.25,13.99,14.7,4024400,14.7]
["2010-04-12",14.88,15.55,14.42,14.43,3735700,14.43]
["2010-04-19",14.35,14.67,13.62,14.08,3450700,14.08]
["2010-04-26",14.16,14.26,12.92,13.56,4017700,13.56]
["2010-05-03",13.73,13.94,10,10.49,6705800,10.49]
["2010-05-10",11.93,12.17,10.37,10.62,4579900,10.62]
["2010-05-17",10.59,10.62,9.0500000000000007,10.11,5867700,10.11]
["2010-05-24",10.14,10.35,9.1999999999999993,10.1,3571400,10.1]
["2010-06-01",9.81,10.15,9.02,9.06,4159500,9.06]
["2010-06-07",9.09,9.99,8.43,9.91,3610800,9.91]
["2010-06-14",10.07,10.35,9.73,10.130000000000001,2761400,10.130000000000001]
["2010-06-21",10.33,10.5,9.01,9.5399999999999991,3285400,9.5399999999999991]
["2010-06-28",9.4700000000000006,9.7799999999999994,8.75,9.39,3694000,9.39]
["2010-07-06",9.6,11.41,9.4499999999999993,11.37,3596700,11.37]
["2010-07-12",10.97,11.2,10.35,10.64,3246000,10.64]
["2010-07-19",10.77,11.1,10.42,11.07,3235800,11.07]
["2010-07-26",11.09,11.18,9.8800000000000008,9.94,2148700,9.94]
["2010-08-02",10.3,10.43,9.43,9.52,3137000,9.52]
["2010-08-09",9.5399999999999991,9.5399999999999991,8.5299999999999994,8.75,3337000,8.75]
["2010-08-16",8.84,9.3800000000000008,8.1199999999999992,8.18,4277600,8.18]
["2010-08-23",8.31,8.44,7.53,7.91,3008700,7.91]
["2010-08-30",8.01,8.99,7.61,8.91,3509800,8.91]
["2010-09-07",8.85,9.19,8.67,8.9700000000000006,2607100,8.9700000000000006]
["2010-09-13",9.0399999999999991,9.18,8.75,8.91,2239800,8.91]
["2010-09-20",9.02,9.5,8.81,9.5,2851400,9.5]
["2010-09-27",9.32,9.7799999999999994,8.9,9.25,3368600,9.25]
["2010-10-04",9.1,9.23,8.66,9.0500000000000007,2643300,9.0500000000000007]
["2010-10-11",9.23,10.44,9.11,9.42,8110400,9.42]
["2010-10-18",9.4,9.52,8.26,8.6999999999999993,6718300,8.6999999999999993]
["2010-10-25",8.8000000000000007,8.9700000000000006,8.42,8.49,2648400,8.49]
["2010-11-01",8.6199999999999992,9.3000000000000007,8.1,9.3000000000000007,3496900,9.3000000000000007]
["2010-11-08",9.31,9.5399999999999991,8.42,8.4700000000000006,3405100,8.4700000000000006]
["2010-11-15",8.66,8.75,7.23,7.48,6973400,7.48]
["2010-11-22",7.48,7.49,7.1,7.32,2703600,7.32]
["2010-11-29",7.29,8.32,7.05,8.2799999999999994,3962200,8.2799999999999994]
["2010-12-06",8.65,9.18,8.1199999999999992,8.27,5384100,8.27]
["2010-12-13",8.34,8.5299999999999994,8.0299999999999994,8.23,2392700,8.23]
["2010-12-20",8.3000000000000007,8.35,8.06,8.2100000000000009,2454800,8.2100000000000009]
["2010-12-27",8.1,8.24,7.67,8.01,2730600,8.01]
["2011-01-03",8.1,8.7799999999999994,8.02,8.2799999999999994,3199200,8.2799999999999994]
["2011-01-10",8.5,9.48,8.4,8.94,5591500,8.94]
["2011-01-18",8.92,9.57,8.8000000000000007,8.94,4959100,8.94]
["2011-01-24",9.01,9.39,8.3000000000000007,8.3000000000000007,4504600,8.3000000000000007]
["2011-01-31",8.4700000000000006,9.2200000000000006,8.35,8.91,3135200,8.91]
["2011-02-07",8.9700000000000006,9.24,8.5299999999999994,8.91,2763800,8.91]
["2011-02-14",8.9600000000000009,10.83,8.9,10.71,7837200,10.71]
["2011-02-22",10.48,10.7,9.5,9.98,6561200,9.98]
["2011-02-28",10.11,10.15,9.25,9.43,6667800,9.43]
["2011-03-07",9.4600000000000009,9.6199999999999992,7.97,8.0399999999999991,9098400,8.0399999999999991]
["2011-03-14",8.41,9.2200000000000006,8.17,8.5399999999999991,9218200,8.5399999999999991]
["2011-03-21",8.67,9,8.4700000000000006,8.91,3261100,8.91]
["2011-03-28",9.15,9.98,9.11,9.3699999999999992,5100000,9.3699999999999992]
["2011-04-04",9.4700000000000006,9.74,9,9.42,3713600,9.42]
["2011-04-11",9.5,9.52,8.98,9.0299999999999994,3135300,9.0299999999999994]
["2011-04-18",8.9499999999999993,9.1,8.49,8.6999999999999993,4189700,8.6999999999999993]
["2011-04-25",8.85,9.5,8.5,8.9700000000000006,3851600,8.9700000000000006]
["2011-05-02",8.9700000000000006,8.9700000000000006,8.15,8.64,4075700,8.64]
["2011-05-09",8.7200000000000006,8.74,8.42,8.52,2018300,8.52]
["2011-05-16",8.51,8.51,7.68,7.7,2158400,7.7]
["2011-05-23",7.6,8.1,7.28,8.0399999999999991,3838900,8.0399999999999991]
["2011-05-31",8.39,8.5,7.6,7.62,3169100,7.62]
["2011-06-06",7.7,7.83,7.06,7.16,2148500,7.16]
["2011-06-13",7.29,8.18,7.18,8.11,2874100,8.11]
["2011-06-20",8.0299999999999994,8.08,7.44,7.6,2505300,7.6]
["2011-06-27",7.64,8,7.45,7.9,2140800,7.9]
["2011-07-05",7.86,8.0399999999999991,7.65,7.98,2617200,7.98]
["2011-07-11",7.88,7.89,7.24,7.35,2150100,7.35]
["2011-07-18",7.34,7.63,7.2,7.5,1851900,7.5]
["2011-07-25",7.36,7.53,6.88,7.34,2660500,7.34]
["2011-08-01",7.56,7.77,5.88,6.09,3672900,6.09]
["2011-08-08",5.6,6.69,5.45,6.28,3689800,6.28]
["2011-08-15",6.3,6.71,5.0999999999999996,5.0999999999999996,3115400,5.0999999999999996]
["2011-08-22",5.32,5.45,4.8,5.17,4042300,5.17]
["2011-08-29",5.21,5.44,4.5999999999999996,4.62,2480200,4.62]
["2011-09-06",4.75,4.8,4.04,4.1100000000000003,3358900,4.1100000000000003]
["2011-09-12",4.0999999999999996,4.33,3.5,3.68,4475600,3.68]
["2011-09-19",3.53,3.62,2.57,2.64,6303000,2.64]
["2011-09-26",2.76,2.92,2.31,2.31,4782500,2.31]
["2011-10-03",2.33,2.83,1.7,2.34,7808200,2.34]
["2011-10-10",2.48,2.5499999999999998,2.23,2.4,3683200,2.4]
["2011-10-17",2.46,2.48,1.97,2.0699999999999998,4057800,2.0699999999999998]
["2011-10-24",2.12,3.44,2.12,3.08,8370300,3.08]
["2011-10-31",3,3,2.4300000000000002,2.74,5134000,2.74]
["2011-11-07",2.74,2.81,2.57,2.74,2228900,2.74]
["2011-11-14",2.7,2.75,2.3199999999999998,2.34,1884700,2.34]
["2011-11-21",2.3199999999999998,2.63,2.13,2.29,3088000,2.29]
["2011-11-28",2.5099999999999998,2.62,2.23,2.59,3168500,2.59]
["2011-12-05",2.63,2.9,2.5,2.72,2804700,2.72]
["2011-12-12",2.71,2.74,2.2200000000000002,2.33,1878200,2.33]
["2011-12-19",2.2400000000000002,2.4500000000000002,2.15,2.31,1925400,2.31]
["2011-12-27",2.2799999999999998,2.2999999999999998,2.0499999999999998,2.21,2275400,2.21]
["2012-01-03",2.2799999999999998,2.4300000000000002,2.25,2.2999999999999998,1466200,2.2999999999999998]
["2012-01-09",2.31,3.31,2.29,2.96,5360200,2.96]
["2012-01-17",3.09,4.12,3.03,3.24,7258000,3.24]
["2012-01-23",3.34,3.49,3.03,3.49,3315900,3.49]
["2012-01-30",3.42,3.55,3.15,3.44,3669600,3.44]
["2012-02-06",3.49,4.4000000000000004,3.39,4.03,5971700,4.03]
["2012-02-13",4.1500000000000004,4.29,3.31,3.65,5176500,3.65]
["2012-02-21",3.75,3.88,3.05,3.06,4483300,3.06]
["2012-02-27",3.02,3.33,2.96,3.08,3356200,3.08]
["2012-03-05",3.08,3.16,2.74,2.84,2879000,2.84]
["2012-03-12",2.85,3.31,2.67,3.15,2978200,3.15]
["2012-03-19",3.24,3.68,2.95,3.19,4077900,3.19]
["2012-03-26",3.21,3.3,2.87,3.06,2385700,3.06]
["2012-04-02",3.06,3.09,2.68,2.68,1952400,2.68]
["2012-04-09",2.67,2.85,2.52,2.73,1852800,2.73]
["2012-04-16",2.77,2.96,2.61,2.61,1192600,2.61]
["2012-04-23",2.59,2.72,2.42,2.69,1198000,2.69]
["2012-04-30",2.58,2.81,2.5,2.5099999999999998,1920000,2.5099999999999998]

{"sheet":"NOL","index":20,"n_rows":40,"n_cols":13,"rows_kept":40,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,null,"Tax Rate",null,0.25]
[]
[]
[null,null,null,"EBT",null,200,-300,-150,-20,40,70,250,500]
[]
[null,null,null,"Taxes Booked",null,{"$f":"F6*$F$3","v":50},{"$f":"G6*$F$3","v":-75},-37.5,-5,10,17.5,62.5,125]
[]
[null,null,null,"Wrong Way",null,{"$f":"MAX(F8,0)","v":50},{"$f":"MAX(G8,0)","v":0},0,0,{"$f":"MAX(J8,0)","v":10},17.5,62.5,125]
[]
[null,null,null,"NOL Balance"]
[null,null,null,"Opening Balance",null,{"$f":"E16","v":0},{"$f":"F16","v":0},300,450,470,430,360,110]
[null,null,null,"Add: Negative Taxable Income",null,{"$f":"MAX(-F6,0)","v":0},{"$f":"MAX(-G6,0)","v":300},150,20,0,0,0,0]
[null,null,null,"Less: NOL Used",null,{"$f":"MIN(F13,MAX(F6,0))","v":0},{"$f":"MIN(G13,MAX(G6,0))","v":0},0,0,40,70,250,110]
[null,null,null,"Closing Balance",0,{"$f":"F13+F14-F15","v":0},300,450,470,430,360,110,0]
[]
[null,null,null,"Adjusted EBT for NOL",null,{"$f":"F6+F14-F15","v":200},0,0,0,0,0,0,390]
[null,null,null,"Taxes Paid",null,{"$f":"F18*$F$3","v":50},{"$f":"G18*$F$3","v":0},0,0,0,0,0,97.5]
[]
[null,null,null,"Change in Deferred Tax",null,{"$f":"F8-F19","v":0},-75,-37.5,-5,10,17.5,62.5,27.5]
[]
[null,null,null,"Accumulated Deferred Tax"]
[null,null,null,"Opening Balance",null,{"$f":"E26","v":0},{"$f":"F26","v":0},-75,-112.5,-117.5,-107.5,-90,-27.5]
[null,null,null,"Add: Deferred Tax Change",null,{"$f":"F21","v":0},{"$f":"G21","v":-75},-37.5,-5,10,17.5,62.5,27.5]
[null,null,null,"Closing Balance",0,{"$f":"SUM(F24:F25)","v":0},{"$f":"SUM(G24:G25)","v":-75},-112.5,-117.5,-107.5,-90,-27.5,0]
[]
[null,null,null,"Free Cash  Flow"]
[null,null,null,"EBITDA"]
[null,null,null,"Less: EBIT x Tax",null,{"$f":"F8","v":50},{"$f":"G8","v":-75},-37.5,-5,10,17.5,62.5,125]
[null,null,null,"Add: Change in Def Tax",null,{"$f":"F25","v":0},-75,-37.5,-5,10,17.5,62.5,27.5]
[null,null,null,"Free Cash Flow",null,{"$f":"F29-F30+F31","v":-50},0,0,0,0,0,0,-97.5]
[]
[null,null,null,"EV = PV of Free Cash Flow",{"$f":"NPV(10%,F32:M32)","v":-90.939015024994433}]
[]
[null,null,null,"Add: Deferred Tax Asset"]
[]
[null,null,null,"EBTIDA"]
[null,null,null,"Less: Actual Tax"]
[null,null,null,"Free Cash"]

{"sheet":"Advertising","index":21,"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":22,"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":23,"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"]