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[]
[null,"Scenario Number",null,null,1]
[]
[null,null,null,null,null,null,null,1,2,3,4,5,6,7,8,9,10]
[null,"Timing",null,null,null,{"$f":"INDEX(H5:Q5,$E$2)","v":"Base Case"},null,"Base Case","+ Inflation","+ Inflation","+ Var OM","- Var OM","+ Int Rate","- Int Rate","- Life","+ Life","Rev Share Pay"]
[null,null,"Acquistion Date",null,"Date",{"$f":"INDEX(H6:Q6,$E$2)","v":"2024-12-31"},null,"2024-12-31","2024-12-31","2024-12-31","2024-12-31","2024-12-31","2024-12-31","2024-12-31","2024-12-31","2024-12-31","2024-12-31"]
[null,null,"Life of Road",null,"Years",{"$f":"INDEX(H7:Q7,$E$2)","v":25},null,25,25,25,25,25,25,25,23,27,25]
[null,null,"End of Life",null,"Date",{"$f":"INDEX(H8:Q8,$E$2)","v":"2049-12-31"},null,{"$f":"EDATE(H6,(H7)*12)","v":"2049-12-31"},{"$f":"EDATE(I6,(I7)*12)","v":"2049-12-31"},{"$f":"EDATE(J6,(J7)*12)","v":"2049-12-31"},{"$f":"EDATE(K6,(K7)*12)","v":"2049-12-31"},{"$f":"EDATE(L6,(L7)*12)","v":"2049-12-31"},{"$f":"EDATE(M6,(M7)*12)","v":"2049-12-31"},{"$f":"EDATE(N6,(N7)*12)","v":"2049-12-31"},{"$f":"EDATE(O6,(O7)*12)","v":"2047-12-31"},{"$f":"EDATE(P6,(P7)*12)","v":"2051-12-31"},{"$f":"EDATE(Q6,(Q7)*12)","v":"2049-12-31"}]
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[null,null,"Sale Date",null,"Date",{"$f":"INDEX(H10:Q10,$E$2)","v":"2030-12-31"},null,"2030-12-31","2030-12-31","2030-12-31","2030-12-31","2030-12-31","2030-12-31","2030-12-31","2030-12-31","2030-12-31","2030-12-31"]
[]
[null,"Capacity and Volumes"]
[null,null,"Capacity of Road",null,"km",{"$f":"INDEX(H13:Q13,$E$2)","v":50},null,50,50,50,50,50,50,50,50,50,50]
[]
[null,null,"Intial Car Traffic",null,"Cars/day",{"$f":"INDEX(H15:Q15,$E$2)","v":3500},null,3500,3500,3500,3500,3500,3500,3500,3500,3500,3500]
[null,null,"Initial Trucks Traffic",null,"Cars/day",{"$f":"INDEX(H16:Q16,$E$2)","v":1500},null,1500,1500,1500,1500,1500,1500,1500,1500,1500,1500]
[]
[null,null,"Car volume Increase",null,"% p.a.",{"$f":"INDEX(H18:Q18,$E$2)","v":0.03},null,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,"Truck Volume Increase",null,"% p.a.",{"$f":"INDEX(H19:Q19,$E$2)","v":0.02},null,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[]
[null,null,"Revernue Share Payable to Government",null,"Flag",{"$f":"INDEX(H21:Q21,$E$2)","v":false},null,false,false,false,false,false,false,false,false,false,true]
[null,null,"Car Traffic Limit",null,"Cars/day",{"$f":"INDEX(H22:Q22,$E$2)","v":5000},null,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000]
[]
[null,"Cap Exp, Revenues and Op Exp"]
[null,null,"Initial Cap Exp",null,"USD",{"$f":"INDEX(H25:Q25,$E$2)","v":100000000},null,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000]
[]
[null,null,"Marco - Inflation"]
[null,null,null,"Inflation rate","% p.a.",{"$f":"INDEX(H28:Q28,$E$2)","v":0.02},null,0.02,2.5000000000000001E-2,1.4999999999999999E-2,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[null,null,null,"Start of Inflation","Date",{"$f":"INDEX(H29:Q29,$E$2)","v":"2026-01-01"},null,"2026-01-01","2026-01-01","2026-01-01","2026-01-01","2026-01-01","2026-01-01","2026-01-01","2026-01-01","2026-01-01","2026-01-01"]
[]
[null,null,"Initial Toll Rates - Car",null,"USD/Car",{"$f":"INDEX(H31:Q31,$E$2)","v":5},null,5,5,5,5,5,5,5,5,5,5]
[null,null,"Initial Toll Rates - Car",null,"USD/Car",{"$f":"INDEX(H32:Q32,$E$2)","v":3},null,3,3,3,3,3,3,3,3,3,3]
[null,null,"Initial Toll Rates - Truck",null,"USD/Truck",{"$f":"INDEX(H33:Q33,$E$2)","v":10},null,10,10,10,10,10,10,10,10,10,10]
[]
[null,null,"Variable O&M",null,"USD/Vehicle",{"$f":"INDEX(H35:Q35,$E$2)","v":2},null,2,2,2,{"$f":"H35*1.1","v":2.2000000000000002},{"$f":"H35*0.9","v":1.8},2,2,2,2,2]
[null,null,"Fixed - Real 2025",null,"USD/km - year",{"$f":"INDEX(H36:Q36,$E$2)","v":10000},null,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000]
[]
[null,"Working Capital"]
[null,null,"A/R Days",null,"Days",{"$f":"INDEX(H39:Q39,$E$2)","v":30},null,30,30,30,30,30,30,30,30,30,30]
[null,null,"A/R Pct of Revenues",null,"%",{"$f":"INDEX(H40:Q40,$E$2)","v":8.2191780821917804E-2},null,{"$f":"H39/365","v":8.2191780821917804E-2},{"$f":"I39/365","v":8.2191780821917804E-2},{"$f":"J39/365","v":8.2191780821917804E-2},{"$f":"K39/365","v":8.2191780821917804E-2},{"$f":"L39/365","v":8.2191780821917804E-2},{"$f":"M39/365","v":8.2191780821917804E-2},{"$f":"N39/365","v":8.2191780821917804E-2},{"$f":"O39/365","v":8.2191780821917804E-2},{"$f":"P39/365","v":8.2191780821917804E-2},{"$f":"Q39/365","v":8.2191780821917804E-2}]
[]
[null,null,"A/P Days",null,"Days",{"$f":"INDEX(H42:Q42,$E$2)","v":60},null,60,60,60,60,60,60,60,60,60,60]
[null,null,"A/P as Perent of Cost",null,"%",null,null,{"$f":"H42/365","v":0.16438356164383561},{"$f":"I42/365","v":0.16438356164383561},{"$f":"J42/365","v":0.16438356164383561},{"$f":"K42/365","v":0.16438356164383561},{"$f":"L42/365","v":0.16438356164383561},{"$f":"M42/365","v":0.16438356164383561},{"$f":"N42/365","v":0.16438356164383561},{"$f":"O42/365","v":0.16438356164383561},{"$f":"P42/365","v":0.16438356164383561},{"$f":"Q42/365","v":0.16438356164383561}]
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[null,"Tax and Depreciation"]
[null,null,"Corporate Tax Rate",null,"%",{"$f":"INDEX(H46:Q46,$E$2)","v":0.2},null,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[null,null,"Depreciation Life",null,"Years",{"$f":"INDEX(H47:Q47,$E$2)","v":20},null,20,20,20,20,20,20,20,20,20,20]
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[null,"Financing and Valuation"]
[null,null,"DSCR Minimum",null,"x",{"$f":"INDEX(H50:Q50,$E$2)","v":1.35},null,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35]
[null,null,"Max Debt to Capital",null,"%",{"$f":"INDEX(H51:Q51,$E$2)","v":0.8},null,0.8,0.8,0.8,0.8,0.8,0.8,0.8,0.8,0.8,0.8]
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[null,null,"Tenure",null,"Years",{"$f":"INDEX(H53:Q53,$E$2)","v":15},null,15,15,15,15,15,15,15,15,15,15]
[null,null,"Interest Rate",null,"% p.a.",{"$f":"INDEX(H54:Q54,$E$2)","v":0.03},null,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,"Fees",null,"%",{"$f":"INDEX(H55:Q55,$E$2)","v":0.01},null,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
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[null,null,"Target IRR",null,"%",{"$f":"INDEX(H57:Q57,$E$2)","v":0.08},null,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08]

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[null,"Capacity and Volumes"]
[null,null,"Road Capacity",null,"km",{"$f":"InputC!F13","v":50},null,"km",null,null,{"$f":"$F11*K$6","v":0},{"$f":"$F11*L$6","v":50},50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F11*BX$6","v":0},0,0,0,0]
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[null,null,"Car Volumes - Base",null,"Cars/Day",{"$f":"InputC!F15","v":3500},null,"Cars/Period",null,null,{"$f":"$F$13*K6*K8","v":0},{"$f":"$F$13*L6*L8","v":633500},644000,633500,644000,633500,644000,637000,644000,633500,644000,633500,644000,633500,644000,637000,644000,633500,644000,633500,644000,633500,644000,637000,644000,633500,644000,633500,644000,633500,644000,637000,644000,633500,644000,633500,644000,633500,644000,637000,644000,633500,644000,633500,644000,633500,644000,637000,644000,633500,644000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$13*BX6*BX8","v":0},0,0,0,0]
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[null,null,"Growth Index",null,"% p.a.",{"$f":"InputC!F18","v":0.03},{"$f":"(1+F15)^(1/2)-1","v":1.4889156509221957E-2},"index",null,1,{"$f":"J15*(1+$G$15*K14)","v":1},{"$f":"K15*(1+$G$15*L14)","v":1},1,1.014889156509222,1.03,1.0453358312044987,1.0609000000000002,1.0766959061406338,1.0927270000000002,1.1089967833248529,1.1255088100000004,1.1422666868245985,1.1592740743000005,1.1765346874293365,1.1940522965290004,1.2118307280522165,1.2298738654248704,1.2481856498937831,1.2667700813876166,1.2856312193905965,1.3047731838292451,1.3242001559723147,1.3439163793441227,1.3639261606514843,1.3842338707244464,1.4048439454710289,1.42576088684618,1.4469892638351598,1.4685337134515652,1.4903989417502146,1.5125897248551123,1.5351109100027212,1.5579674166007658,1.5811642373028028,1.6047064390987889,1.6285991644218869,1.6528476322717525,1.6774571393545434,1.702433061239905,1.7277808535351797,1.7535060530771021,1.779614279141235,1.806111234669415,1.833002707515472,1.8602945717094974,1.8879927887409362,1.9161034088607825,1.9446325724031643,1.973586511126606,2.0029715495752591,2.032794106460404,2.0630606960625171,2.0937779296542165,2.124952516944393,2.1565912675438432,2.188701092452725,2.2212890055701586,2.2543621252263066,2.2879276757372633,2.3219929889830957,2.3565655060093813,2.3916527786525887,2.4272624711896627,2.4634023620121663,2.5000803453253524,{"$f":"BW15*(1+$G$15*BX14)","v":2.5373044328725314},2.5750827556851132,2.6134235658587075,2.6523352383556666,2.6918262728344686]
[null,null,"Car Volumes with Growth",null,"Cars/Day",null,null,"Cars/Period",null,null,{"$f":"K15*K13","v":0},{"$f":"L15*L13","v":633500},644000,642932.28064859216,663320,662220.24906804995,683219.60000000009,685855.2922115837,703716.1880000002,702549.46223629429,724827.67364000028,723625.9461033832,746572.50384920032,745334.72448648466,768969.67896467622,771936.17376926192,792038.7693336166,790725.60920771165,815799.93241362507,814447.3774839429,840273.93038603384,838880.79880846129,865482.148297615,868820.96433499549,891446.61274654348,889968.6394558968,918190.01112893992,916667.69863957376,945735.71146280807,944167.72959876095,974107.7828066923,977865.64967173338,1003331.0162908932,1001667.5443313256,1033430.94677962,1031717.5706612654,1064433.8751830086,1062669.0977811033,1096366.8914384989,1100596.4037019096,1129257.8981816538,1127385.6458359724,1163135.6351271032,1161207.2152110515,1198029.7041809163,1196043.4316673831,1233970.5953063439,1238730.9486208158,1270989.7131655342,1268882.4766559266,1309119.4045605003,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX15*BX13","v":0},0,0,0,0]
[]
[null,null,"Truck Volumes - Base",null,"Trucks/Day",{"$f":"InputC!F16","v":1500},null,"Trucks/Period",null,null,{"$f":"$F$18*K6*K8","v":0},{"$f":"$F$18*L6*L8","v":271500},276000,271500,276000,271500,276000,273000,276000,271500,276000,271500,276000,271500,276000,273000,276000,271500,276000,271500,276000,271500,276000,273000,276000,271500,276000,271500,276000,271500,276000,273000,276000,271500,276000,271500,276000,271500,276000,273000,276000,271500,276000,271500,276000,271500,276000,273000,276000,271500,276000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$18*BX6*BX8","v":0},0,0,0,0]
[null,null,"Growth Index",null,"% p.a.",{"$f":"InputC!F19","v":0.02},{"$f":"(1+F19)^(1/2)-1","v":9.9504938362078299E-3},"index",null,1,{"$f":"J19*(1+$G$19*K14)","v":1},{"$f":"K19*(1+$G$19*L14)","v":1},1,1.0099504938362078,1.02,1.030149503712932,1.0404,1.0507524937871906,1.0612080000000002,1.0717675436629346,1.0824321600000002,1.0932028945361933,1.1040808032000002,1.1150669524269172,1.1261624192640003,1.1373682914754557,1.1486856676492805,1.1601156573049649,1.1716593810022662,1.1833179704510643,1.1950925686223117,1.2069843298600857,1.218994419994758,1.2311240164572876,1.2433743083946533,1.2557464967864336,1.2682417945625466,1.2808614267221623,1.2936066304537976,1.3064786552566057,1.3194787630628737,1.332608228361738,1.3458683383241312,1.3592603929289728,1.372785705090614,1.3864456007875525,1.4002414191924266,1.4141745128033039,1.4282462475762754,1.4424580030593701,1.456811172527801,1.4713071631205576,1.4859473959783571,1.5007333063829689,1.5156663438979243,1.5307479725106283,1.5459796707758831,1.5613629319608411,1.5768992641914008,1.5925901906000579,1.6084372494752288,1.6244419944120592,1.6406059944647335,1.6569308343003004,1.6734181143540283,1.6900694509863066,1.7068864766411089,1.7238708400060327,1.7410242061739312,1.7583482568061535,1.7758446902974099,1.7935152219422767,1.8113615841033583,1.8293855263811225,1.8475888157854257,{"$f":"BW19*(1+$G$19*BX14)","v":1.8659732369087452},1.8845405921011344,1.9032927016469203,1.9222314039431574,1.9413585556798589]
[null,null,"Truck Volumes with Growth",null,"Trucks/Day",null,null,"Trucks/Period",null,null,{"$f":"K19*K18","v":0},{"$f":"L19*L18","v":271500},276000,274201.55907653045,281520,279685.59025806101,287150.40000000002,286855.43080390303,292893.40800000005,290984.88810448674,298751.27616000007,296804.58586657647,304726.30168320006,302740.67758390802,310820.82771686406,310501.54357279942,317037.24427120143,314971.40095829795,323377.98915662547,321270.828977464,329845.54893975804,327696.24555701326,336442.45991855318,336096.85649283952,343171.3091169243,340935.1738775167,350034.73529926286,347753.87735506706,357035.43000524817,354708.95490216842,364176.13860535313,363802.04634275445,371459.66137746023,369039.19668021612,378888.85460500949,376419.98061382049,386466.63169710973,383948.38022609701,394195.96433105203,393791.03483520803,402079.88361767307,399459.8947872314,410121.48129002657,407449.09268297604,418323.91091582709,415598.0745366356,426690.38913414371,426252.0804253096,435224.19691682665,432388.23674791574,443928.68085516314,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX19*BX18","v":0},0,0,0,0]
[]
[null,null,"Total Vehicles per Period",null,"Vehicles",null,null,null,null,null,{"$f":"K20+K16","v":0},{"$f":"L20+L16","v":905000},920000,917133.83972512255,944840,941905.8393261109,970370.00000000012,972710.72301548673,996609.59600000025,993534.35034078103,1023578.9498000003,1020430.5319699596,1051298.8055324005,1048075.4020703926,1079790.5066815403,1082437.7173420615,1109076.0136048179,1105697.0101660097,1139177.9215702505,1135718.2064614068,1170119.4793257918,1166577.0443654745,1201924.6082161681,1204917.820827835,1234617.9218634679,1230903.8133334136,1268224.7464282028,1264421.5759946408,1302771.1414680562,1298876.6845009294,1338283.9214120454,1341667.6960144879,1374790.6776683535,1370706.7410115418,1412319.8013846294,1408137.5512750859,1450900.5068801183,1446617.4780072004,1490562.8557695509,1494387.4385371176,1531337.7817993269,1526845.5406232039,1573257.1164171298,1568656.3078940276,1616353.6150967435,1611641.5062040186,1660660.9844404876,1664983.0290461252,1706213.9100823607,1701270.7134038424,1753048.0854156634,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX20+BX16","v":0},0,0,0,0]
[]
[null,null,"Total Car Volumes",null,"Cars",null,null,"Cars/Period",null,null,{"$f":"K16","v":0},{"$f":"L16","v":633500},644000,642932.28064859216,663320,662220.24906804995,683219.60000000009,685855.2922115837,703716.1880000002,702549.46223629429,724827.67364000028,723625.9461033832,746572.50384920032,745334.72448648466,768969.67896467622,771936.17376926192,792038.7693336166,790725.60920771165,815799.93241362507,814447.3774839429,840273.93038603384,838880.79880846129,865482.148297615,868820.96433499549,891446.61274654348,889968.6394558968,918190.01112893992,916667.69863957376,945735.71146280807,944167.72959876095,974107.7828066923,977865.64967173338,1003331.0162908932,1001667.5443313256,1033430.94677962,1031717.5706612654,1064433.8751830086,1062669.0977811033,1096366.8914384989,1100596.4037019096,1129257.8981816538,1127385.6458359724,1163135.6351271032,1161207.2152110515,1198029.7041809163,1196043.4316673831,1233970.5953063439,1238730.9486208158,1270989.7131655342,1268882.4766559266,1309119.4045605003,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX16","v":0},0,0,0,0]
[null,null,"Maximum Volumes",null,"Cars",{"$f":"InputC!F22","v":5000},null,"Cars/Day",null,null,{"$f":"$F$25","v":5000},{"$f":"$F$25","v":5000},5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,5000,{"$f":"$F$25","v":5000},5000,5000,5000,5000]
[null,null,"Volumes Capped",null,"Cars",null,null,"Cars/Period",null,null,{"$f":"K25*K8*K6","v":0},{"$f":"L25*L8*L6","v":905000},920000,905000,920000,905000,920000,910000,920000,905000,920000,905000,920000,905000,920000,910000,920000,905000,920000,905000,920000,905000,920000,910000,920000,905000,920000,905000,920000,905000,920000,910000,920000,905000,920000,905000,920000,905000,920000,910000,920000,905000,920000,905000,920000,905000,920000,910000,920000,905000,920000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX25*BX8*BX6","v":0},0,0,0,0]
[null,null,"Volumes at Rev Share",null,"Cars",{"$f":"InputC!F21","v":false},null,"Cars/Period",null,null,{"$f":"IF($F$27,MAX(K24-K26,0),0)","v":0},{"$f":"IF($F$27,MAX(L24-L26,0),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF($F$27,MAX(BX24-BX26,0),0)","v":0},0,0,0,0]
[null,null,"Volumes without Cap",null,"Cars",null,null,"Cars/Period",null,null,{"$f":"K24-K27","v":0},{"$f":"L24-L27","v":633500},644000,642932.28064859216,663320,662220.24906804995,683219.60000000009,685855.2922115837,703716.1880000002,702549.46223629429,724827.67364000028,723625.9461033832,746572.50384920032,745334.72448648466,768969.67896467622,771936.17376926192,792038.7693336166,790725.60920771165,815799.93241362507,814447.3774839429,840273.93038603384,838880.79880846129,865482.148297615,868820.96433499549,891446.61274654348,889968.6394558968,918190.01112893992,916667.69863957376,945735.71146280807,944167.72959876095,974107.7828066923,977865.64967173338,1003331.0162908932,1001667.5443313256,1033430.94677962,1031717.5706612654,1064433.8751830086,1062669.0977811033,1096366.8914384989,1100596.4037019096,1129257.8981816538,1127385.6458359724,1163135.6351271032,1161207.2152110515,1198029.7041809163,1196043.4316673831,1233970.5953063439,1238730.9486208158,1270989.7131655342,1268882.4766559266,1309119.4045605003,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX24-BX27","v":0},0,0,0,0]
[]
[null,"Revenues, Expensea and Cap Exp"]
[null,null,"Cap Exp/headline Investment",null,"USD",147385583.68026432,"headline",null,{"$f":"SUM(J31:XFD31)","v":147385583.68026432},{"$f":"$F$31*J5","v":0},{"$f":"$F$31*K5","v":147385583.68026432},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$31*BW5","v":0},0,0,0,0,0]
[]
[null,null,"Car Tolls"]
[null,null,null,"Real Toll Rate","USD/Car",5,null,null,null,null,{"$f":"$F$34","v":5},{"$f":"$F$34","v":5},5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,{"$f":"$F$34","v":5},5,5,5,5]
[null,null,null,"Inflation Applied","Date",{"$f":"InputC!F29","v":"2026-01-01"},null,"Flag",null,null,{"$f":"(K3>=$F$35)*1","v":0},{"$f":"(L3>=$F$35)*1","v":0},0,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"(BX3>=$F$35)*1","v":1},1,1,1,1]
[null,null,null,"Inflation Index","% p.a.",{"$f":"InputC!F28","v":0.02},{"$f":"(1+F36)^(1/2)-1","v":9.9504938362078299E-3},"Index",null,1,{"$f":"J36*(1+$G$36*K35)","v":1},{"$f":"K36*(1+$G$36*L35)","v":1},1,1.0099504938362078,1.02,1.030149503712932,1.0404,1.0507524937871906,1.0612080000000002,1.0717675436629346,1.0824321600000002,1.0932028945361933,1.1040808032000002,1.1150669524269172,1.1261624192640003,1.1373682914754557,1.1486856676492805,1.1601156573049649,1.1716593810022662,1.1833179704510643,1.1950925686223117,1.2069843298600857,1.218994419994758,1.2311240164572876,1.2433743083946533,1.2557464967864336,1.2682417945625466,1.2808614267221623,1.2936066304537976,1.3064786552566057,1.3194787630628737,1.332608228361738,1.3458683383241312,1.3592603929289728,1.372785705090614,1.3864456007875525,1.4002414191924266,1.4141745128033039,1.4282462475762754,1.4424580030593701,1.456811172527801,1.4713071631205576,1.4859473959783571,1.5007333063829689,1.5156663438979243,1.5307479725106283,1.5459796707758831,1.5613629319608411,1.5768992641914008,1.5925901906000579,1.6084372494752288,1.6244419944120592,1.6406059944647335,1.6569308343003004,1.6734181143540283,1.6900694509863066,1.7068864766411089,1.7238708400060327,1.7410242061739312,1.7583482568061535,1.7758446902974099,1.7935152219422767,1.8113615841033583,1.8293855263811225,1.8475888157854257,{"$f":"BW36*(1+$G$36*BX35)","v":1.8659732369087452},1.8845405921011344,1.9032927016469203,1.9222314039431574,1.9413585556798589]
[null,null,null,"Inflated Toll Rate","USD/Car",null,null,null,null,null,{"$f":"K34*K36","v":5},{"$f":"L34*L36","v":5},5,5.0497524691810387,5.0999999999999996,5.1507475185646605,5.202,5.2537624689359532,5.3060400000000012,5.3588377183146729,5.4121608000000005,5.4660144726809667,5.5204040160000014,5.5753347621345863,5.6308120963200015,5.6868414573772785,5.7434283382464022,5.800578286524825,5.8582969050113309,5.9165898522553215,5.9754628431115586,6.0349216493004292,6.0949720999737895,6.155620082286438,6.2168715419732665,6.2787324839321679,6.3412089728127334,6.4043071336108115,6.4680331522689887,6.5323932762830283,6.5973938153143683,6.6630411418086899,6.7293416916206557,6.7963019646448641,6.86392852545307,6.9322280039377624,7.0012070959621333,7.0708725640165193,7.1412312378813771,7.2122900152968503,7.2840558626390051,7.356535815602788,7.4297369798917856,7.5036665319148446,7.578331719489622,7.6537398625531416,7.729898353879415,7.8068146598042052,7.8844963209570036,7.9629509530002895,8.0421862473761436,8.1222099720602952,8.2030299723236677,8.2846541715015025,8.3670905717701416,8.4503472549315326,8.5344323832055444,8.6193542000301644,8.7051210308696554,8.7917412840307669,8.8792234514870501,8.9675761097113842,9.0568079205167926,9.1469276319056121,9.2379440789271285,{"$f":"BX34*BX36","v":9.3298661845437252},9.4227029605056725,9.516463508234601,9.6111570197157867,9.7067927783992953]
[null,null,null,"Capped Toll Rate","USD/Car",{"$f":"InputC!F32","v":3},null,null,null,null,{"$f":"$F$38*K36","v":3},{"$f":"$F$38*L36","v":3},3,3.0298514815086235,3.06,3.090448511138796,3.1212,3.1522574813615716,3.1836240000000005,3.2153026309888038,3.2472964800000006,3.27960868360858,3.3122424096000005,3.3452008572807514,3.3784872577920009,3.4121048744263671,3.4460570029478417,3.4803469719148947,3.5149781430067986,3.5499539113531933,3.5852777058669352,3.6209529895802572,3.656983259984274,3.6933720493718631,3.7301229251839603,3.7672394903593007,3.8047253836876398,3.8425842801664869,3.8808198913613929,3.919435965769817,3.9584362891886213,3.9978246850852139,4.0376050149723941,4.0777811787869185,4.1183571152718423,4.1593368023626578,4.2007242575772796,4.2425235384099116,4.2847387427288259,4.3273740091781105,4.370433517583403,4.4139214893616732,4.4578421879350714,4.5021999191489064,4.5469990316937725,4.592243917531885,4.6379390123276494,4.6840887958825235,4.7306977925742029,4.7777705718001737,4.8253117484256869,4.8733259832361773,4.9218179833942006,4.9707925029009008,5.020254343062085,5.0702083529589199,5.120659429923327,5.1716125200180985,5.2230726185217939,5.2750447704184609,5.3275340708922299,5.3805456658268298,5.434084752310075,5.488156579143368,5.5427664473562768,{"$f":"$F$38*BX36","v":5.5979197107262353},5.6536217763034031,5.7098781049407608,5.7666942118294724,5.824075667039577]
[]
[null,null,null,"Volumes with witout Cap","Cars/Period",null,"Cars/Period",null,null,null,{"$f":"K28","v":0},{"$f":"L28","v":633500},644000,642932.28064859216,663320,662220.24906804995,683219.60000000009,685855.2922115837,703716.1880000002,702549.46223629429,724827.67364000028,723625.9461033832,746572.50384920032,745334.72448648466,768969.67896467622,771936.17376926192,792038.7693336166,790725.60920771165,815799.93241362507,814447.3774839429,840273.93038603384,838880.79880846129,865482.148297615,868820.96433499549,891446.61274654348,889968.6394558968,918190.01112893992,916667.69863957376,945735.71146280807,944167.72959876095,974107.7828066923,977865.64967173338,1003331.0162908932,1001667.5443313256,1033430.94677962,1031717.5706612654,1064433.8751830086,1062669.0977811033,1096366.8914384989,1100596.4037019096,1129257.8981816538,1127385.6458359724,1163135.6351271032,1161207.2152110515,1198029.7041809163,1196043.4316673831,1233970.5953063439,1238730.9486208158,1270989.7131655342,1268882.4766559266,1309119.4045605003,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX28","v":0},0,0,0,0]
[null,null,null,"Volumes at Capped Rate","Cars/Period",null,"Cars/Period",null,null,null,{"$f":"K27","v":0},{"$f":"L27","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX27","v":0},0,0,0,0]
[]
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[null,null,"Net Working Capital",null,"USD",null,null,"USD",null,null,{"$f":"K66-K67","v":0},{"$f":"L66-L67","v":483493.15068493149},491506.84931506845,494461.55110039102,514063.23287671228,517159.64586004353,537667.48938082193,543900.93584205373,562368.8646036298,565769.60094915121,588218.94358322117,591782.97682340757,615271.76282217808,619007.00105317682,643583.92791864928,651076.00574622699,673214.73689046816,677317.67160981218,704226.30946991383,708526.56508971716,736683.72266034828,741190.86799928197,770655.15286024148,779663.0872449287,806212.02487511386,811163.54864484712,843429.16815365653,848619.18546737905,882384.98060081585,887825.0722680795,923161.60033795994,933995.7583098223,965845.08579844108,971822.36172471894,1010525.6045659509,1016791.2079889041,1057297.6313831119,1063865.5811183979,1106260.1557787566,1119295.130186439,1157516.8997844262,1164734.3775934675,1211176.5462337621,1218742.6814667813,1267352.9781627725,1275284.7443885149,1326165.5298544501,1341853.5542234669,1387739.250097991,1396456.5674374141,1452205.1782609441,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX66-BX67","v":0},0,0,0,0]
[]
[null,null,"Change in Working Capital",null,"USD",null,null,"USD",null,null,null,{"$f":"L68-K68","v":483493.15068493149},{"$f":"M68-L68","v":8013.6986301369616},2954.7017853225698,19601.68177632126,3096.4129833312472,20507.843520778406,6233.446461231797,18467.92876157607,3400.7363455214072,22449.342634069966,3564.0332401863998,23488.785998770501,3735.2382309987443,24576.926865472458,7492.077827577712,22138.731144241174,4102.934719344019,26908.637860101648,4300.2556198033271,28157.157570631127,4507.1453389336821,29464.284860959509,9007.9343846872216,26548.937630185159,4951.5237697332632,32265.61950880941,5190.0173137225211,33765.795133436797,5440.0916672636522,35336.528069880442,10834.157971862354,31849.327488618786,5977.2759262778563,38703.242841231986,6265.6034229531651,40506.423394207843,6567.9497352859471,42394.574660358718,13034.974407682428,38221.769597987179,7217.4778090412728,46442.168640294578,7566.1352330192458,48610.296695991186,7931.766225742409,50880.785465935245,15688.024369016755,45885.69587452407,8717.3173394231126,55748.610823530005,-1452205.1782609441,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BY68-BX68","v":0},0,0,0]
[]
[null,null,"Pre-tax Cash Flow"]
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[null,null,null,"Less: WC Change","USD",null,null,"USD",null,null,{"$f":"K68","v":0},{"$f":"L68","v":483493.15068493149},491506.84931506845,494461.55110039102,514063.23287671228,517159.64586004353,537667.48938082193,543900.93584205373,562368.8646036298,565769.60094915121,588218.94358322117,591782.97682340757,615271.76282217808,619007.00105317682,643583.92791864928,651076.00574622699,673214.73689046816,677317.67160981218,704226.30946991383,708526.56508971716,736683.72266034828,741190.86799928197,770655.15286024148,779663.0872449287,806212.02487511386,811163.54864484712,843429.16815365653,848619.18546737905,882384.98060081585,887825.0722680795,923161.60033795994,933995.7583098223,965845.08579844108,971822.36172471894,1010525.6045659509,1016791.2079889041,1057297.6313831119,1063865.5811183979,1106260.1557787566,1119295.130186439,1157516.8997844262,1164734.3775934675,1211176.5462337621,1218742.6814667813,1267352.9781627725,1275284.7443885149,1326165.5298544501,1341853.5542234669,1387739.250097991,1396456.5674374141,1452205.1782609441,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX68","v":0},0,0,0,0]
[null,null," ","Less: Cap Exp","USD",null,null,"USD",null,null,{"$f":"K31","v":147385583.68026432},{"$f":"L31","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX31","v":0},0,0,0,0]
[null,null,null,"Free Cash Flow Before Tax","USD",null,null,"USD",null,null,{"$f":"K73-K74-K75","v":-147385583.68026432},{"$f":"L73-L74-L75","v":4244006.8493150687},4318493.1506849313,4342739.9228176968,4521635.9671232877,4547108.1699161474,4734280.6834191792,4788794.1088474048,4956873.5785885639,4984980.7878069663,5189882.0564500904,5219404.9063380025,5433795.6544322409,5464803.86248683,5689127.1009728005,5754876.3207620727,5956413.4238697886,5990615.3382544545,6236217.1120583573,6272134.7211481733,6529127.3334091827,6566845.0647366727,6835761.2112707794,6915053.5363755217,7156765.1626114752,7198353.1841963548,7492816.3007564601,7536483.3905650787,7844623.9058620548,7890472.3124018032,8212930.9664231371,8308549.8325998746,8598515.7952712141,8649053.8909827117,9002193.7236898988,9055250.9757434409,9424818.8774524834,9480519.1271143742,9867286.0387726091,9982589.9992611371,10330532.598354943,10391914.978115981,10815540.601937968,10879975.182259014,11323338.895936606,11390975.684508316,11855005.377018398,11994047.838608671,12411669.350684375,12486190.405678988,12994514.004174616,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX73-BX74-BX75","v":0},0,0,0,0]
[]
[null,null,null,"Pre-tax Project IRR","%",{"$f":"XIRR(K76:CB76,K4:CB4)","v":7.5919172167778035E-2}]
[]
[null,"Tax and Deprecation"]
[null,null,"Tax Basis",null,"USD",{"$f":"InputC!F25","v":100000000},null,"USD",null,null,{"$f":"$F$81","v":100000000},{"$f":"K81+L31","v":100000000},100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,100000000,{"$f":"BW81+BX31","v":100000000},100000000,100000000,100000000,100000000]
[null,null,"Tax Depreciation Period",null,"Date",{"$f":"F5+1","v":"2025-01-01"},{"$f":"EDATE(F82,InputC!F47*12)","v":"2045-01-01"},"Flag",{"$f":"SUM(K82:XFD82)","v":40},null,{"$f":"(AND(K3>=$F$82,K3<$G$82))*1","v":0},{"$f":"(AND(L3>=$F$82,L3<$G$82))*1","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AND(BX3>=$F$82,BX3<$G$82))*1","v":0},0,0,0,0]
[null,null,"Tax Depreciation ",null,"%",{"$f":"1/I82","v":2.5000000000000001E-2},null,"USD",{"$f":"SUM(K83:XFD83)","v":100000000},null,{"$f":"K81*K82*$F$83","v":0},{"$f":"L81*L82*$F$83","v":2500000},2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX81*BX82*$F$83","v":0},0,0,0,0]
[]
[null,null,"EBITDA",null,"USD",null,null,"USD",null,null,{"$f":"K73","v":0},{"$f":"L73","v":4727500},4810000,4837201.4739180878,5035699.2,5064267.8157761907,5271948.1728000008,5332695.0446894588,5519242.4431921942,5550750.3887561178,5778101.0000333115,5811187.8831614098,6049067.4172544191,6083810.8635400068,6332711.0288914498,6405952.3265082994,6629628.1607602565,6667933.009864267,6940443.4215282714,6980661.2862378908,7265811.0560695315,7308035.9327359544,7606416.3641310204,7694716.6236204505,7962977.187486589,8009516.7328412021,8336245.4689101167,8385102.5760324579,8727008.886462871,8778297.3846698832,9136092.5667610969,9242545.5909096971,9564360.8810696546,9620876.2527074311,10012719.328255849,10072042.183732346,10482116.508835595,10544384.708232772,10973546.194551365,11101885.129447576,11488049.498139368,11556649.355709448,12026717.14817173,12098717.863725794,12590691.874099379,12666260.428896831,13181170.906872848,13335901.392832138,13799408.600782365,13882646.973116402,14446719.182435561,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX73","v":0},0,0,0,0]
[null,null,"Less: Depreciation ",null,"USD",null,null,"USD",null,null,{"$f":"K83","v":0},{"$f":"L83","v":2500000},2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX83","v":0},0,0,0,0]
[null,null,"EBIT ",null,"USD",null,null,"USD",null,null,{"$f":"K85-K86","v":0},{"$f":"L85-L86","v":2227500},2310000,2337201.4739180878,2535699.2000000002,2564267.8157761907,2771948.1728000008,2832695.0446894588,3019242.4431921942,3050750.3887561178,3278101.0000333115,3311187.8831614098,3549067.4172544191,3583810.8635400068,3832711.0288914498,3905952.3265082994,4129628.1607602565,4167933.009864267,4440443.4215282714,4480661.2862378908,4765811.0560695315,4808035.9327359544,5106416.3641310204,5194716.6236204505,5462977.187486589,5509516.7328412021,5836245.4689101167,5885102.5760324579,6227008.886462871,6278297.3846698832,6636092.5667610969,6742545.5909096971,7064360.8810696546,7120876.2527074311,7512719.328255849,7572042.1837323457,7982116.5088355951,8044384.7082327716,8473546.1945513655,8601885.1294475757,8988049.4981393684,11556649.355709448,12026717.14817173,12098717.863725794,12590691.874099379,12666260.428896831,13181170.906872848,13335901.392832138,13799408.600782365,13882646.973116402,14446719.182435561,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX85-BX86","v":0},0,0,0,0]
[]
[null,null,"NOL Balance"]
[null,null,"Opening Balance",null,null,null,null,null,null,null,{"$f":"J93","v":0},{"$f":"K93","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW93","v":0},0,0,0,0]
[null,null,"Add: Negative Income Carried Forward",null,null,null,null,null,null,null,{"$f":"MAX(-K87,0)","v":0},{"$f":"MAX(-L87,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MAX(-BX87,0)","v":0},0,0,0,0]
[null,null,"Less: NOL Used",null,null,null,null,null,null,null,{"$f":"MIN(K90,MAX(K87,0))","v":0},{"$f":"MIN(L90,MAX(L87,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN(BX90,MAX(BX87,0))","v":0},0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,null,null,null,{"$f":"K90+K91-K92","v":0},{"$f":"L90+L91-L92","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX90+BX91-BX92","v":0},0,0,0,0]
[]
[null,null,"EBIT after NOL",null,"USD",null,null,"USD",null,null,{"$f":"K87+K91-K92","v":0},{"$f":"L87+L91-L92","v":2227500},{"$f":"M87+M91-M92","v":2310000},{"$f":"N87+N91-N92","v":2337201.4739180878},{"$f":"O87+O91-O92","v":2535699.2000000002},{"$f":"P87+P91-P92","v":2564267.8157761907},{"$f":"Q87+Q91-Q92","v":2771948.1728000008},{"$f":"R87+R91-R92","v":2832695.0446894588},{"$f":"S87+S91-S92","v":3019242.4431921942},{"$f":"T87+T91-T92","v":3050750.3887561178},{"$f":"U87+U91-U92","v":3278101.0000333115},{"$f":"V87+V91-V92","v":3311187.8831614098},{"$f":"W87+W91-W92","v":3549067.4172544191},{"$f":"X87+X91-X92","v":3583810.8635400068},{"$f":"Y87+Y91-Y92","v":3832711.0288914498},{"$f":"Z87+Z91-Z92","v":3905952.3265082994},{"$f":"AA87+AA91-AA92","v":4129628.1607602565},{"$f":"AB87+AB91-AB92","v":4167933.009864267},{"$f":"AC87+AC91-AC92","v":4440443.4215282714},{"$f":"AD87+AD91-AD92","v":4480661.2862378908},{"$f":"AE87+AE91-AE92","v":4765811.0560695315},{"$f":"AF87+AF91-AF92","v":4808035.9327359544},{"$f":"AG87+AG91-AG92","v":5106416.3641310204},{"$f":"AH87+AH91-AH92","v":5194716.6236204505},{"$f":"AI87+AI91-AI92","v":5462977.187486589},{"$f":"AJ87+AJ91-AJ92","v":5509516.7328412021},{"$f":"AK87+AK91-AK92","v":5836245.4689101167},{"$f":"AL87+AL91-AL92","v":5885102.5760324579},{"$f":"AM87+AM91-AM92","v":6227008.886462871},{"$f":"AN87+AN91-AN92","v":6278297.3846698832},{"$f":"AO87+AO91-AO92","v":6636092.5667610969},{"$f":"AP87+AP91-AP92","v":6742545.5909096971},{"$f":"AQ87+AQ91-AQ92","v":7064360.8810696546},{"$f":"AR87+AR91-AR92","v":7120876.2527074311},{"$f":"AS87+AS91-AS92","v":7512719.328255849},{"$f":"AT87+AT91-AT92","v":7572042.1837323457},{"$f":"AU87+AU91-AU92","v":7982116.5088355951},{"$f":"AV87+AV91-AV92","v":8044384.7082327716},{"$f":"AW87+AW91-AW92","v":8473546.1945513655},{"$f":"AX87+AX91-AX92","v":8601885.1294475757},{"$f":"AY87+AY91-AY92","v":8988049.4981393684},{"$f":"AZ87+AZ91-AZ92","v":11556649.355709448},{"$f":"BA87+BA91-BA92","v":12026717.14817173},{"$f":"BB87+BB91-BB92","v":12098717.863725794},{"$f":"BC87+BC91-BC92","v":12590691.874099379},{"$f":"BD87+BD91-BD92","v":12666260.428896831},{"$f":"BE87+BE91-BE92","v":13181170.906872848},{"$f":"BF87+BF91-BF92","v":13335901.392832138},{"$f":"BG87+BG91-BG92","v":13799408.600782365},{"$f":"BH87+BH91-BH92","v":13882646.973116402},{"$f":"BI87+BI91-BI92","v":14446719.182435561},{"$f":"BJ87+BJ91-BJ92","v":0},{"$f":"BK87+BK91-BK92","v":0},{"$f":"BL87+BL91-BL92","v":0},{"$f":"BM87+BM91-BM92","v":0},{"$f":"BN87+BN91-BN92","v":0},{"$f":"BO87+BO91-BO92","v":0},{"$f":"BP87+BP91-BP92","v":0},{"$f":"BQ87+BQ91-BQ92","v":0},{"$f":"BR87+BR91-BR92","v":0},{"$f":"BS87+BS91-BS92","v":0},{"$f":"BT87+BT91-BT92","v":0},{"$f":"BU87+BU91-BU92","v":0},{"$f":"BV87+BV91-BV92","v":0},{"$f":"BW87+BW91-BW92","v":0},{"$f":"BX87+BX91-BX92","v":0},{"$f":"BY87+BY91-BY92","v":0},{"$f":"BZ87+BZ91-BZ92","v":0},{"$f":"CA87+CA91-CA92","v":0},{"$f":"CB87+CB91-CB92","v":0}]
[null,null,"Taxes on EBIT",null,"Rate",{"$f":"InputC!F46","v":0.2},null,"USD",null,null,{"$f":"K95*$F$96","v":0},{"$f":"L95*$F$96","v":445500},462000,467440.2947836176,507139.84000000008,512853.56315523817,554389.63456000015,566539.00893789181,603848.48863843887,610150.07775122358,655620.2000066624,662237.576632282,709813.48345088388,716762.17270800145,766542.20577829005,781190.46530165989,825925.63215205132,833586.60197285342,888088.68430565437,896132.25724757824,953162.2112139063,961607.18654719088,1021283.2728262041,1038943.3247240902,1092595.4374973178,1101903.3465682406,1167249.0937820233,1177020.5152064916,1245401.7772925743,1255659.4769339766,1327218.5133522195,1348509.1181819395,1412872.1762139311,1424175.2505414863,1502543.8656511698,1514408.4367464692,1596423.3017671192,1608876.9416465545,1694709.2389102732,1720377.0258895152,1797609.8996278737,2311329.8711418896,2405343.4296343462,2419743.5727451588,2518138.3748198762,2533252.0857793665,2636234.1813745699,2667180.2785664275,2759881.7201564731,2776529.3946232805,2889343.8364871126,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX95*$F$96","v":0},0,0,0,0]
[]
[null,null,"Pre-tax Cash Flow",null,"USD",null,null,"USD",null,null,{"$f":"K76","v":-147385583.68026432},{"$f":"L76","v":4244006.8493150687},{"$f":"M76","v":4318493.1506849313},{"$f":"N76","v":4342739.9228176968},{"$f":"O76","v":4521635.9671232877},{"$f":"P76","v":4547108.1699161474},{"$f":"Q76","v":4734280.6834191792},{"$f":"R76","v":4788794.1088474048},{"$f":"S76","v":4956873.5785885639},{"$f":"T76","v":4984980.7878069663},{"$f":"U76","v":5189882.0564500904},{"$f":"V76","v":5219404.9063380025},{"$f":"W76","v":5433795.6544322409},{"$f":"X76","v":5464803.86248683},{"$f":"Y76","v":5689127.1009728005},{"$f":"Z76","v":5754876.3207620727},{"$f":"AA76","v":5956413.4238697886},{"$f":"AB76","v":5990615.3382544545},{"$f":"AC76","v":6236217.1120583573},{"$f":"AD76","v":6272134.7211481733},{"$f":"AE76","v":6529127.3334091827},{"$f":"AF76","v":6566845.0647366727},{"$f":"AG76","v":6835761.2112707794},{"$f":"AH76","v":6915053.5363755217},{"$f":"AI76","v":7156765.1626114752},{"$f":"AJ76","v":7198353.1841963548},{"$f":"AK76","v":7492816.3007564601},{"$f":"AL76","v":7536483.3905650787},{"$f":"AM76","v":7844623.9058620548},{"$f":"AN76","v":7890472.3124018032},{"$f":"AO76","v":8212930.9664231371},{"$f":"AP76","v":8308549.8325998746},{"$f":"AQ76","v":8598515.7952712141},{"$f":"AR76","v":8649053.8909827117},{"$f":"AS76","v":9002193.7236898988},{"$f":"AT76","v":9055250.9757434409},{"$f":"AU76","v":9424818.8774524834},{"$f":"AV76","v":9480519.1271143742},{"$f":"AW76","v":9867286.0387726091},{"$f":"AX76","v":9982589.9992611371},{"$f":"AY76","v":10330532.598354943},{"$f":"AZ76","v":10391914.978115981},{"$f":"BA76","v":10815540.601937968},{"$f":"BB76","v":10879975.182259014},{"$f":"BC76","v":11323338.895936606},{"$f":"BD76","v":11390975.684508316},{"$f":"BE76","v":11855005.377018398},{"$f":"BF76","v":11994047.838608671},{"$f":"BG76","v":12411669.350684375},{"$f":"BH76","v":12486190.405678988},{"$f":"BI76","v":12994514.004174616},{"$f":"BJ76","v":0},{"$f":"BK76","v":0},{"$f":"BL76","v":0},{"$f":"BM76","v":0},{"$f":"BN76","v":0},{"$f":"BO76","v":0},{"$f":"BP76","v":0},{"$f":"BQ76","v":0},{"$f":"BR76","v":0},{"$f":"BS76","v":0},{"$f":"BT76","v":0},{"$f":"BU76","v":0},{"$f":"BV76","v":0},{"$f":"BW76","v":0},{"$f":"BX76","v":0},{"$f":"BY76","v":0},{"$f":"BZ76","v":0},{"$f":"CA76","v":0},{"$f":"CB76","v":0}]
[null,null,"Less: Taxes",null,"USD",null,null,"USD",null,null,{"$f":"K96","v":0},{"$f":"L96","v":445500},462000,467440.2947836176,507139.84000000008,512853.56315523817,554389.63456000015,566539.00893789181,603848.48863843887,610150.07775122358,655620.2000066624,662237.576632282,709813.48345088388,716762.17270800145,766542.20577829005,781190.46530165989,825925.63215205132,833586.60197285342,888088.68430565437,896132.25724757824,953162.2112139063,961607.18654719088,1021283.2728262041,1038943.3247240902,1092595.4374973178,1101903.3465682406,1167249.0937820233,1177020.5152064916,1245401.7772925743,1255659.4769339766,1327218.5133522195,1348509.1181819395,1412872.1762139311,1424175.2505414863,1502543.8656511698,1514408.4367464692,1596423.3017671192,1608876.9416465545,1694709.2389102732,1720377.0258895152,1797609.8996278737,2311329.8711418896,2405343.4296343462,2419743.5727451588,2518138.3748198762,2533252.0857793665,2636234.1813745699,2667180.2785664275,2759881.7201564731,2776529.3946232805,2889343.8364871126,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX96","v":0},0,0,0,0]
[null,null,"After Tax Free Cash Flow",null,"USD",null,null,"USD",null,null,{"$f":"K98-K99","v":-147385583.68026432},{"$f":"L98-L99","v":3798506.8493150687},3856493.1506849313,3875299.6280340794,4014496.1271232879,4034254.6067609093,4179891.048859179,4222255.0999095133,4353025.0899501247,4374830.7100557424,4534261.8564434275,4557167.3297057208,4723982.1709813569,4748041.689778829,4922584.89519451,4973685.8554604128,5130487.791717737,5157028.7362816008,5348128.4277527034,5376002.463900595,5575965.1221952764,5605237.8781894818,5814477.9384445753,5876110.2116514314,6064169.7251141574,6096449.837628114,6325567.2069744365,6359462.8753585871,6599222.12856948,6634812.8354678266,6885712.4530709181,6960040.7144179353,7185643.6190572828,7224878.6404412258,7499649.8580387291,7540842.5389969721,7828395.5756853642,7871642.1854678197,8172576.7998623364,8262212.9733716222,8532922.6987270694,8080585.1069740914,8410197.1723036226,8460231.6095138546,8805200.5211167298,8857723.5987289492,9218771.1956438273,9326867.5600422435,9651787.6305279024,9709661.0110557079,10105170.167687504,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX98-BX99","v":0},0,0,0,0]
[]
[null,null,"Project IRR after Tax",null,"%",{"$f":"XIRR(K100:CB100,K4:CB4,7)","v":6.0434313956648111E-2}]
[]
[null,"Debt Sizing"]
[null,null,"Debt Size"]
[null,null,null,"Tenure Input","Year",{"$f":"InputC!F53","v":15}]
[null,null,null,"Repayment Period","Year",{"$f":"F82","v":"2025-01-01"},{"$f":"EDATE(F82,F106*12)","v":"2040-01-01"},null,{"$f":"SUM(K107:XFD107)","v":30},null,{"$f":"(AND(K3>=$F$107,K3<$G$107))*1","v":0},{"$f":"(AND(L3>=$F$107,L3<$G$107))*1","v":1},{"$f":"(AND(M3>=$F$107,M3<$G$107))*1","v":1},{"$f":"(AND(N3>=$F$107,N3<$G$107))*1","v":1},{"$f":"(AND(O3>=$F$107,O3<$G$107))*1","v":1},{"$f":"(AND(P3>=$F$107,P3<$G$107))*1","v":1},{"$f":"(AND(Q3>=$F$107,Q3<$G$107))*1","v":1},{"$f":"(AND(R3>=$F$107,R3<$G$107))*1","v":1},{"$f":"(AND(S3>=$F$107,S3<$G$107))*1","v":1},{"$f":"(AND(T3>=$F$107,T3<$G$107))*1","v":1},{"$f":"(AND(U3>=$F$107,U3<$G$107))*1","v":1},{"$f":"(AND(V3>=$F$107,V3<$G$107))*1","v":1},{"$f":"(AND(W3>=$F$107,W3<$G$107))*1","v":1},{"$f":"(AND(X3>=$F$107,X3<$G$107))*1","v":1},{"$f":"(AND(Y3>=$F$107,Y3<$G$107))*1","v":1},{"$f":"(AND(Z3>=$F$107,Z3<$G$107))*1","v":1},{"$f":"(AND(AA3>=$F$107,AA3<$G$107))*1","v":1},{"$f":"(AND(AB3>=$F$107,AB3<$G$107))*1","v":1},{"$f":"(AND(AC3>=$F$107,AC3<$G$107))*1","v":1},{"$f":"(AND(AD3>=$F$107,AD3<$G$107))*1","v":1},{"$f":"(AND(AE3>=$F$107,AE3<$G$107))*1","v":1},{"$f":"(AND(AF3>=$F$107,AF3<$G$107))*1","v":1},{"$f":"(AND(AG3>=$F$107,AG3<$G$107))*1","v":1},{"$f":"(AND(AH3>=$F$107,AH3<$G$107))*1","v":1},{"$f":"(AND(AI3>=$F$107,AI3<$G$107))*1","v":1},{"$f":"(AND(AJ3>=$F$107,AJ3<$G$107))*1","v":1},{"$f":"(AND(AK3>=$F$107,AK3<$G$107))*1","v":1},{"$f":"(AND(AL3>=$F$107,AL3<$G$107))*1","v":1},{"$f":"(AND(AM3>=$F$107,AM3<$G$107))*1","v":1},{"$f":"(AND(AN3>=$F$107,AN3<$G$107))*1","v":1},{"$f":"(AND(AO3>=$F$107,AO3<$G$107))*1","v":1},{"$f":"(AND(AP3>=$F$107,AP3<$G$107))*1","v":0},{"$f":"(AND(AQ3>=$F$107,AQ3<$G$107))*1","v":0},{"$f":"(AND(AR3>=$F$107,AR3<$G$107))*1","v":0},{"$f":"(AND(AS3>=$F$107,AS3<$G$107))*1","v":0},{"$f":"(AND(AT3>=$F$107,AT3<$G$107))*1","v":0},{"$f":"(AND(AU3>=$F$107,AU3<$G$107))*1","v":0},{"$f":"(AND(AV3>=$F$107,AV3<$G$107))*1","v":0},{"$f":"(AND(AW3>=$F$107,AW3<$G$107))*1","v":0},{"$f":"(AND(AX3>=$F$107,AX3<$G$107))*1","v":0},{"$f":"(AND(AY3>=$F$107,AY3<$G$107))*1","v":0},{"$f":"(AND(AZ3>=$F$107,AZ3<$G$107))*1","v":0},{"$f":"(AND(BA3>=$F$107,BA3<$G$107))*1","v":0},{"$f":"(AND(BB3>=$F$107,BB3<$G$107))*1","v":0},{"$f":"(AND(BC3>=$F$107,BC3<$G$107))*1","v":0},{"$f":"(AND(BD3>=$F$107,BD3<$G$107))*1","v":0},{"$f":"(AND(BE3>=$F$107,BE3<$G$107))*1","v":0},{"$f":"(AND(BF3>=$F$107,BF3<$G$107))*1","v":0},{"$f":"(AND(BG3>=$F$107,BG3<$G$107))*1","v":0},{"$f":"(AND(BH3>=$F$107,BH3<$G$107))*1","v":0},{"$f":"(AND(BI3>=$F$107,BI3<$G$107))*1","v":0},{"$f":"(AND(BJ3>=$F$107,BJ3<$G$107))*1","v":0},{"$f":"(AND(BK3>=$F$107,BK3<$G$107))*1","v":0},{"$f":"(AND(BL3>=$F$107,BL3<$G$107))*1","v":0},{"$f":"(AND(BM3>=$F$107,BM3<$G$107))*1","v":0},{"$f":"(AND(BN3>=$F$107,BN3<$G$107))*1","v":0},{"$f":"(AND(BO3>=$F$107,BO3<$G$107))*1","v":0},{"$f":"(AND(BP3>=$F$107,BP3<$G$107))*1","v":0},{"$f":"(AND(BQ3>=$F$107,BQ3<$G$107))*1","v":0},{"$f":"(AND(BR3>=$F$107,BR3<$G$107))*1","v":0},{"$f":"(AND(BS3>=$F$107,BS3<$G$107))*1","v":0},{"$f":"(AND(BT3>=$F$107,BT3<$G$107))*1","v":0},{"$f":"(AND(BU3>=$F$107,BU3<$G$107))*1","v":0},{"$f":"(AND(BV3>=$F$107,BV3<$G$107))*1","v":0},{"$f":"(AND(BW3>=$F$107,BW3<$G$107))*1","v":0},{"$f":"(AND(BX3>=$F$107,BX3<$G$107))*1","v":0},{"$f":"(AND(BY3>=$F$107,BY3<$G$107))*1","v":0},{"$f":"(AND(BZ3>=$F$107,BZ3<$G$107))*1","v":0},{"$f":"(AND(CA3>=$F$107,CA3<$G$107))*1","v":0},{"$f":"(AND(CB3>=$F$107,CB3<$G$107))*1","v":0}]
[]
[null,null,"Taxes with Interes"]
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[null,null,null,"Less: Depreciation",null,null,null,null,null,null,{"$f":"K83","v":0},{"$f":"L83","v":2500000},2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,2500000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX83","v":0},0,0,0,0]
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[]
[null,null,null,"NOL Balance"]
[null,null,null,"Opening Balance",null,null,null,null,null,null,{"$f":"J120","v":0},{"$f":"K120","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1.5991920112405333E-42,8.114903791896477E-39,1.1928817091843004E-35,8.214626171323514E-33,3.2424594299854623E-30,8.1974751774471384E-28,1.4227553276532726E-25,1.7758094010502931E-23,1.6462114464781292E-21,1.1593642801360848E-19,6.2998849662809244E-18,2.6672949938512191E-16,8.8404043189313647E-15,{"$f":"BW120","v":2.2927882549871861E-13},4.6244098652916667E-12,7.1542304282220006E-11,8.2785883148318905E-10,6.8524058110601768E-9]
[null,null,null,"Add: Negative Income Carried Forward",null,null,null,null,null,null,{"$f":"MAX(-K114,0)","v":0},{"$f":"MAX(-L114,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1.1984951370775921E-45,1.6804118294391971E-41,3.9087731316545624E-38,3.6027201800373315E-35,1.7535149516916796E-32,5.2077221564263606E-30,1.0284815861337962E-27,1.4283742196004599E-25,1.4493170321677568E-23,1.1033442098370435E-21,6.418911795438942E-20,2.8882325125015018E-18,1.0118442838047373E-16,2.764582428862448E-15,{"$f":"MAX(-BX114,0)","v":5.8702199613954003E-14},9.5950896802553239E-13,1.1865224165948266E-11,1.0786211362544995E-10,6.8767866684501601E-10]
[null,null,null,"Less: NOL Used",null,null,null,null,null,null,{"$f":"MIN(K117,MAX(K114,0))","v":0},{"$f":"MIN(L117,MAX(L114,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN(BX117,MAX(BX114,0))","v":0},0,0,0,0]
[null,null,null,"Closing Balance",null,null,null,null,null,null,{"$f":"K117+K118-K119","v":0},{"$f":"L117+L118-L119","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1.1984951370775921E-45,1.8403310305632504E-41,4.7202635108442098E-38,4.7956018892216316E-35,2.5749775688240308E-32,8.4501815864118229E-30,1.8482291038785101E-27,2.8511295472537325E-25,3.2251264332180499E-23,2.7495556563151727E-21,1.8012554596799791E-19,9.1881174787824254E-18,3.6791392776559564E-16,1.1604986747793812E-14,{"$f":"BX117+BX118-BX119","v":2.879810251126726E-13},5.5839188333171989E-12,8.3407528448168272E-11,9.3572094510863893E-10,7.5400844779051924E-9]
[]
[null,null,null,"Adjusted EBT",null,null,null,null,null,null,{"$f":"K117+K118-K119","v":0},{"$f":"L117+L118-L119","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1.1984951370775921E-45,1.8403310305632504E-41,4.7202635108442098E-38,4.7956018892216316E-35,2.5749775688240308E-32,8.4501815864118229E-30,1.8482291038785101E-27,2.8511295472537325E-25,3.2251264332180499E-23,2.7495556563151727E-21,1.8012554596799791E-19,9.1881174787824254E-18,3.6791392776559564E-16,1.1604986747793812E-14,{"$f":"BX117+BX118-BX119","v":2.879810251126726E-13},5.5839188333171989E-12,8.3407528448168272E-11,9.3572094510863893E-10,7.5400844779051924E-9]
[null,null,null,"Taxes Paid",null,{"$f":"InputC!F46","v":0.2},null,null,null,null,{"$f":"$F$123*K122","v":0},{"$f":"$F$123*L122","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,2.3969902741551841E-46,3.6806620611265009E-42,9.4405270216884199E-39,9.5912037784432633E-36,5.1499551376480619E-33,1.6900363172823647E-30,3.6964582077570202E-28,5.7022590945074654E-26,6.4502528664360998E-24,5.4991113126303458E-22,3.6025109193599583E-20,1.8376234957564852E-18,7.3582785553119138E-17,2.3209973495587626E-15,{"$f":"$F$123*BX122","v":5.7596205022534522E-14},1.1167837666634399E-12,1.6681505689633654E-11,1.8714418902172781E-10,1.5080168955810386E-9]
[]
[null,null,"CFADS"]
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[null,null,null,"CFADS over Debt Repayment",null,null,null,"USD",null,null,{"$f":"K129*K107","v":0},{"$f":"L129*L107","v":4244006.8493150687},4318493.1506849313,4342739.9228176968,4521635.9671232877,4547108.1699161474,4734280.6834191792,4788794.1088474048,4956873.5785885639,4984980.7878069663,5189882.0564500904,5219404.9063380025,5433795.6544322409,5464803.86248683,5689127.1009728005,5754876.3207620727,5956413.4238697886,5990615.3382544545,6236217.1120583573,6272134.7211481733,6529127.3334091827,6566845.0647366727,6835761.2112707794,6915053.5363755217,7156765.1626114752,7198353.1841963548,7492816.3007564601,7536483.3905650787,7844623.9058620548,7890472.3124018032,8212930.9664231371,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX129*BX107","v":0},0,0,0,0]
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[null,null,null,"Debt Service over Repayment","x",{"$f":"InputC!F50","v":1.35},null,"USD",null,null,{"$f":"K131/$F$135","v":0},{"$f":"L131/$F$135","v":3143708.7772704209},3198883.815322171,3216844.3872723677,3349359.9756468795,3368228.2740119607,3506874.580310503,3547254.8954425217,3671758.2063618992,3692578.3613384934,3844357.0788519187,3866225.8565466683,4025033.818097956,4048002.8611013554,4214168.2229428152,4262871.3487126464,4412158.0917553985,4437492.8431514474,4619420.0830061901,4646025.7193690166,4836390.6173401354,4864329.6775827203,5063526.8231635401,5122261.8787966827,5301307.5278603518,5332113.469775077,5550234.2968566371,5582580.2893074658,5810832.5228607813,5844794.3054828169,6083652.5677208416,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BX131/$F$135","v":0},0,0,0,0]
[null,null,null,"PV of Debt Service with Sumproduct","USD",{"$f":"SUMPRODUCT(K135:CB135/K133:CB133)","v":103377418.25969307}]
[]
[null,null,null,"Max Debt to Capital","%",{"$f":"InputC!F51","v":0.8}]
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[null,null,null,"Debt Applied","USD",{"$f":"MIN(F139,F136)","v":103377418.25969307}]
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[null,"Uses and Sources of Funds"]
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[null,null,"Sources of Funds"]
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[null,"Debt Account"]
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[null,null,"Debt Balance"]
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[null,null,null,"Closing Balance",null,null,null,null,null,null,{"$f":"K157+K158-K159","v":103377418.25969307},{"$f":"L157+L158-L159","v":101784370.75631805},100112252.50234064,98397091.902603388,96523688.30549556,94603315.356066033,92515490.506096527,90355967.968245447,88039549.281407222,85667564.159289837,83108220.542827263,80488617.994423002,77670913.446241394,74787974.286833659,71695625.678193346,68508188.714653596,65123653.453618005,61663015.412270829,57968540.560448699,54192042.949486412,50168532.976388574,46056731.293451682,41684055.439689919,37187054.392488584,32443552.680515561,27598092.500948217,22461829.591605805,17216176.746172428,11663586.874504233,5993746.3721389789,5.5879354476928711E-8,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1.1984951370775921E-45,1.8483209981437677E-41,4.7309247909191468E-38,4.8023596342363656E-35,2.5776831600629091E-32,8.4578553372234912E-30,1.8498680725411681E-27,2.8538647617934364E-25,3.2287788851675497E-23,2.7535193722891128E-21,1.8047859336881145E-19,9.2140699964048066E-18,3.6949136332694944E-16,1.1684138335541737E-14,{"$f":"BX157+BX158-BX159","v":2.9124270602089523E-13},5.6932648249079118E-12,8.634578939129206E-11,9.9759493420870168E-10,8.5264404773101838E-9]
[null,null,null,"Interest Cost",null,{"$f":"G133","v":1.4999999999999999E-2},null,null,null,null,{"$f":"K157*$F$161","v":0},{"$f":"L157*$F$161","v":1550661.2738953959},1526765.5613447707,1501683.7875351096,1475956.3785390507,1447855.3245824333,1419049.7303409905,1387732.3575914479,1355339.5195236816,1320593.2392211084,1285013.4623893476,1246623.308142409,1207329.2699163449,1165063.7016936208,1121819.6143025048,1075434.3851729,1027622.8307198039,976854.80180427001,924945.23118406243,869528.10840673046,812880.64424229611,752527.99464582861,690850.96940177516,625260.83159534878,557805.8158873287,486653.2902077334,413971.38751422323,336927.44387408707,258242.6511925864,174953.80311756348,89906.195582083164,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,2.5186375305685594E-44,1.2332274888968767E-40,1.7994591812985514E-37,1.2362523125568445E-34,4.875199771195697E-32,1.232079729611058E-29,2.1382358132894649E-27,2.6691927794996896E-25,2.4752627436781039E-23,1.7443421312163303E-21,9.4887562258549583E-20,4.0246040241971355E-18,1.3379333860018934E-16,{"$f":"BX157*$F$161","v":3.4881075961041184E-15},7.1006337853235693E-14,1.1172084783801568E-12,1.3345992308748777E-11,1.1758142715697753E-10]
[null,null,null,"Debt Fees",null,{"$f":"InputC!F55","v":0.01},null,null,null,null,{"$f":"K158*$F$162*K5","v":1033774.1825969308},{"$f":"L158*$F$162*L5","v":0},{"$f":"M158*$F$162*M5","v":0},{"$f":"N158*$F$162*N5","v":0},{"$f":"O158*$F$162*O5","v":0},{"$f":"P158*$F$162*P5","v":0},{"$f":"Q158*$F$162*Q5","v":0},{"$f":"R158*$F$162*R5","v":0},{"$f":"S158*$F$162*S5","v":0},{"$f":"T158*$F$162*T5","v":0},{"$f":"U158*$F$162*U5","v":0},{"$f":"V158*$F$162*V5","v":0},{"$f":"W158*$F$162*W5","v":0},{"$f":"X158*$F$162*X5","v":0},{"$f":"Y158*$F$162*Y5","v":0},{"$f":"Z158*$F$162*Z5","v":0},{"$f":"AA158*$F$162*AA5","v":0},{"$f":"AB158*$F$162*AB5","v":0},{"$f":"AC158*$F$162*AC5","v":0},{"$f":"AD158*$F$162*AD5","v":0},{"$f":"AE158*$F$162*AE5","v":0},{"$f":"AF158*$F$162*AF5","v":0},{"$f":"AG158*$F$162*AG5","v":0},{"$f":"AH158*$F$162*AH5","v":0},{"$f":"AI158*$F$162*AI5","v":0},{"$f":"AJ158*$F$162*AJ5","v":0},{"$f":"AK158*$F$162*AK5","v":0},{"$f":"AL158*$F$162*AL5","v":0},{"$f":"AM158*$F$162*AM5","v":0},{"$f":"AN158*$F$162*AN5","v":0},{"$f":"AO158*$F$162*AO5","v":0},{"$f":"AP158*$F$162*AP5","v":0},{"$f":"AQ158*$F$162*AQ5","v":0},{"$f":"AR158*$F$162*AR5","v":0},{"$f":"AS158*$F$162*AS5","v":0},{"$f":"AT158*$F$162*AT5","v":0},{"$f":"AU158*$F$162*AU5","v":0},{"$f":"AV158*$F$162*AV5","v":0},{"$f":"AW158*$F$162*AW5","v":0},{"$f":"AX158*$F$162*AX5","v":0},{"$f":"AY158*$F$162*AY5","v":0},{"$f":"AZ158*$F$162*AZ5","v":0},{"$f":"BA158*$F$162*BA5","v":0},{"$f":"BB158*$F$162*BB5","v":0},{"$f":"BC158*$F$162*BC5","v":0},{"$f":"BD158*$F$162*BD5","v":0},{"$f":"BE158*$F$162*BE5","v":0},{"$f":"BF158*$F$162*BF5","v":0},{"$f":"BG158*$F$162*BG5","v":0},{"$f":"BH158*$F$162*BH5","v":0},{"$f":"BI158*$F$162*BI5","v":0},{"$f":"BJ158*$F$162*BJ5","v":0},{"$f":"BK158*$F$162*BK5","v":0},{"$f":"BL158*$F$162*BL5","v":0},{"$f":"BM158*$F$162*BM5","v":0},{"$f":"BN158*$F$162*BN5","v":0},{"$f":"BO158*$F$162*BO5","v":0},{"$f":"BP158*$F$162*BP5","v":0},{"$f":"BQ158*$F$162*BQ5","v":0},{"$f":"BR158*$F$162*BR5","v":0},{"$f":"BS158*$F$162*BS5","v":0},{"$f":"BT158*$F$162*BT5","v":0},{"$f":"BU158*$F$162*BU5","v":0},{"$f":"BV158*$F$162*BV5","v":0},{"$f":"BW158*$F$162*BW5","v":0},{"$f":"BX158*$F$162*BX5","v":0},{"$f":"BY158*$F$162*BY5","v":0},{"$f":"BZ158*$F$162*BZ5","v":0},{"$f":"CA158*$F$162*CA5","v":0},{"$f":"CB158*$F$162*CB5","v":0}]
[]
[null,null,null,"Check of Closing Balance",null,{"$f":"F106*2+1","v":31},{"$f":"LOOKUP(F164,2:2,160:160)","v":5.5879354476928711E-8},{"$f":"ROUND(G164,0)=0","v":true}]
[]
[null,"Cash Flow Waterfall"]
[null,null,"Equity Cash Flow"]
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[null,null,null,"Less: Debt Servcice",null,null,null,null,null,null,{"$f":"K161+K159","v":0},{"$f":"L161+L159","v":3143708.7772704209},3198883.815322171,3216844.3872723677,3349359.9756468795,3368228.2740119607,3506874.580310503,3547254.8954425217,3671758.2063618992,3692578.3613384934,3844357.0788519187,3866225.8565466683,4025033.818097956,4048002.8611013554,4214168.2229428152,4262871.3487126464,4412158.0917553985,4437492.8431514474,4619420.0830061901,4646025.7193690166,4836390.6173401354,4864329.6775827203,5063526.8231635401,5122261.8787966827,5301307.5278603509,5332113.469775077,5550234.2968566371,5582580.2893074658,5810832.5228607822,5844794.3054828178,6083652.5677209049,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-1.1984951370775921E-45,-1.6778931919086285E-41,-3.8964408567655938E-38,-3.5847255882243459E-35,-1.741152428566111E-32,-5.1589701587144035E-30,-1.0161607888376856E-27,-1.4069918614675652E-25,-1.42262510437276E-23,-1.0785915824002624E-21,-6.2444775823173089E-20,-2.7933449502429524E-18,-9.7159824356276588E-17,-2.6307890902622588E-15,{"$f":"BX161+BX159","v":-5.5214092017849885E-14},-8.8850263017229666E-13,-1.0748015687568109E-11,-9.4516121316701171E-11,-5.7009723968803848E-10]
[null,null,null,"Cash to Equity",null,null,null,null,null,null,{"$f":"K168-K169","v":0},{"$f":"L168-L169","v":1100298.0720446478},1119609.3353627604,1125895.5355453291,1172275.9914764082,1178879.8959041866,1227406.1031086762,1241539.2134048832,1285115.3722266648,1292402.4264684729,1345524.9775981717,1353179.0497913342,1408761.8363342849,1416801.0013854746,1474958.8780299854,1492004.9720494263,1544255.3321143901,1553122.4951030072,1616797.0290521672,1626109.0017791567,1692736.7160690473,1702515.3871539524,1772234.3881072393,1792791.657578839,1855457.6347511243,1866239.7144212779,1942582.0038998229,1953903.1012576129,2033791.3830012726,2045678.0069189854,2129278.3987022322,8308549.8325998746,8598515.7952712141,8649053.8909827117,9002193.7236898988,9055250.9757434409,9424818.8774524834,9480519.1271143742,9867286.0387726091,9982589.9992611371,10330532.598354943,10391914.978115981,10815540.601937968,10879975.182259014,11323338.895936606,11390975.684508316,11855005.377018398,11994047.838608671,12411669.350684375,12486190.405678988,12994514.004174616,9.5879610966207365E-46,1.3098269857959785E-41,2.9523881545967519E-38,2.6256052103800196E-35,1.2261569148013048E-32,3.4689338414320392E-30,6.465149680619836E-28,8.3676595201681864E-26,7.7759981772915003E-24,5.2868045113722783E-22,2.6419666629573507E-20,9.5572145448646722E-19,2.357703880315745E-17,3.0979174070349623E-16,{"$f":"BX168-BX169","v":-2.3821130046846377E-15},-2.2828113649114324E-13,-5.9334900020655451E-12,-9.2628067705026635E-11,-9.3791965589300001E-10]
[]
[null,null,null,"Total Expenditure",null,null,null,null,null,null,{"$f":"K31","v":147385583.68026432}]
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[]
[null,null,null,"Target IRR",null,{"$f":"InputC!F57","v":0.08}]
[null,null,null,"NPV at Target IRR",null,{"$f":"XNPV(F180,K177:CB177,K4:CB4)","v":26079652.311181176},"NPV"]